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Side-by-side financial comparison of Madison Square Garden Sports Corp. (MSGS) and UDR, Inc. (UDR). Click either name above to swap in a different company.
UDR, Inc. is the larger business by last-quarter revenue ($425.8M vs $403.4M, roughly 1.1× Madison Square Garden Sports Corp.). UDR, Inc. runs the higher net margin — 44.6% vs 2.0%, a 42.5% gap on every dollar of revenue. On growth, Madison Square Garden Sports Corp. posted the faster year-over-year revenue change (12.8% vs 0.9%). Over the past eight quarters, UDR, Inc.'s revenue compounded faster (1.3% CAGR vs -3.1%).
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
UDR, Inc. is a leading U.S.-headquartered real estate investment trust specializing in owning, operating, and redeveloping high-quality multifamily residential apartment communities. It operates across major U.S. metropolitan markets, catering to a diverse tenant base including young professionals, families, and middle-to-high income households.
MSGS vs UDR — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $403.4M | $425.8M |
| Net Profit | $8.2M | $189.8M |
| Gross Margin | — | — |
| Operating Margin | 5.5% | 54.0% |
| Net Margin | 2.0% | 44.6% |
| Revenue YoY | 12.8% | 0.9% |
| Net Profit YoY | 641.9% | 147.2% |
| EPS (diluted) | $0.34 | $0.63 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $425.8M | ||
| Q4 25 | $403.4M | $433.1M | ||
| Q3 25 | $39.5M | $431.9M | ||
| Q2 25 | $204.0M | $425.4M | ||
| Q1 25 | $424.2M | $421.9M | ||
| Q4 24 | $357.8M | $422.7M | ||
| Q3 24 | $53.3M | $420.2M | ||
| Q2 24 | $227.3M | $415.3M |
| Q1 26 | — | $189.8M | ||
| Q4 25 | $8.2M | $222.9M | ||
| Q3 25 | $-8.8M | $40.4M | ||
| Q2 25 | $-1.8M | $37.7M | ||
| Q1 25 | $-14.2M | $76.7M | ||
| Q4 24 | $1.1M | $-5.0M | ||
| Q3 24 | $-7.5M | $22.6M | ||
| Q2 24 | $25.5M | $28.9M |
| Q1 26 | — | 54.0% | ||
| Q4 25 | 5.5% | 64.1% | ||
| Q3 25 | -69.5% | 17.7% | ||
| Q2 25 | -11.1% | 18.2% | ||
| Q1 25 | 7.6% | 29.0% | ||
| Q4 24 | 3.7% | 15.7% | ||
| Q3 24 | -15.5% | 16.6% | ||
| Q2 24 | 23.0% | 16.5% |
| Q1 26 | — | 44.6% | ||
| Q4 25 | 2.0% | 51.5% | ||
| Q3 25 | -22.3% | 9.4% | ||
| Q2 25 | -0.9% | 8.9% | ||
| Q1 25 | -3.4% | 18.2% | ||
| Q4 24 | 0.3% | -220.5% | ||
| Q3 24 | -14.1% | 5.4% | ||
| Q2 24 | 11.2% | 7.0% |
| Q1 26 | — | $0.63 | ||
| Q4 25 | $0.34 | $0.67 | ||
| Q3 25 | $-0.37 | $0.12 | ||
| Q2 25 | $-0.08 | $0.11 | ||
| Q1 25 | $-0.59 | $0.23 | ||
| Q4 24 | $0.05 | $-0.01 | ||
| Q3 24 | $-0.31 | $0.06 | ||
| Q2 24 | $1.07 | $0.08 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $81.3M | $1.3M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-282.1M | $3.3B |
| Total Assets | $1.5B | $10.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.3M | ||
| Q4 25 | $81.3M | $1.2M | ||
| Q3 25 | $48.6M | $1.2M | ||
| Q2 25 | $144.6M | $1.5M | ||
| Q1 25 | $96.5M | $1.3M | ||
| Q4 24 | $107.8M | $1.3M | ||
| Q3 24 | $52.3M | $2.3M | ||
| Q2 24 | $89.1M | $2.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | $5.8B | ||
| Q3 25 | — | $5.8B | ||
| Q2 25 | — | $5.8B | ||
| Q1 25 | — | $5.8B | ||
| Q4 24 | — | $5.8B | ||
| Q3 24 | — | $5.9B | ||
| Q2 24 | — | $5.8B |
| Q1 26 | — | $3.3B | ||
| Q4 25 | $-282.1M | $3.3B | ||
| Q3 25 | $-294.2M | $3.3B | ||
| Q2 25 | $-281.4M | $3.3B | ||
| Q1 25 | $-283.4M | $3.3B | ||
| Q4 24 | $-273.1M | $3.4B | ||
| Q3 24 | $-277.5M | $3.5B | ||
| Q2 24 | $-266.3M | $3.7B |
| Q1 26 | — | $10.3B | ||
| Q4 25 | $1.5B | $10.6B | ||
| Q3 25 | $1.5B | $10.6B | ||
| Q2 25 | $1.5B | $10.6B | ||
| Q1 25 | $1.5B | $10.7B | ||
| Q4 24 | $1.4B | $10.9B | ||
| Q3 24 | $1.4B | $11.1B | ||
| Q2 24 | $1.3B | $11.1B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.77× | ||
| Q3 25 | — | 1.78× | ||
| Q2 25 | — | 1.74× | ||
| Q1 25 | — | 1.74× | ||
| Q4 24 | — | 1.69× | ||
| Q3 24 | — | 1.67× | ||
| Q2 24 | — | 1.55× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $32.4M | — |
| Free Cash FlowOCF − Capex | $31.6M | — |
| FCF MarginFCF / Revenue | 7.8% | — |
| Capex IntensityCapex / Revenue | 0.2% | 4.9% |
| Cash ConversionOCF / Net Profit | 3.94× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-480.0K | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $32.4M | $902.9M | ||
| Q3 25 | $-85.0M | $234.9M | ||
| Q2 25 | $49.7M | $250.3M | ||
| Q1 25 | $6.3M | $156.2M | ||
| Q4 24 | $61.8M | $876.8M | ||
| Q3 24 | $-26.2M | $230.3M | ||
| Q2 24 | $108.4M | $238.5M |
| Q1 26 | — | — | ||
| Q4 25 | $31.6M | $650.0M | ||
| Q3 25 | $-85.3M | $164.6M | ||
| Q2 25 | $49.4M | $190.1M | ||
| Q1 25 | $3.9M | $103.2M | ||
| Q4 24 | $61.2M | $627.0M | ||
| Q3 24 | $-26.5M | $161.3M | ||
| Q2 24 | $108.0M | $171.1M |
| Q1 26 | — | — | ||
| Q4 25 | 7.8% | 150.1% | ||
| Q3 25 | -216.3% | 38.1% | ||
| Q2 25 | 24.2% | 44.7% | ||
| Q1 25 | 0.9% | 24.5% | ||
| Q4 24 | 17.1% | 148.3% | ||
| Q3 24 | -49.7% | 38.4% | ||
| Q2 24 | 47.5% | 41.2% |
| Q1 26 | — | 4.9% | ||
| Q4 25 | 0.2% | 58.4% | ||
| Q3 25 | 0.9% | 16.3% | ||
| Q2 25 | 0.2% | 14.2% | ||
| Q1 25 | 0.6% | 12.6% | ||
| Q4 24 | 0.1% | 59.1% | ||
| Q3 24 | 0.7% | 16.4% | ||
| Q2 24 | 0.2% | 16.2% |
| Q1 26 | — | — | ||
| Q4 25 | 3.94× | 4.05× | ||
| Q3 25 | — | 5.81× | ||
| Q2 25 | — | 6.64× | ||
| Q1 25 | — | 2.04× | ||
| Q4 24 | 55.61× | — | ||
| Q3 24 | — | 10.19× | ||
| Q2 24 | 4.25× | 8.26× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MSGS
| Event Related | $167.2M | 41% |
| Media Rights | $122.3M | 30% |
| Sponsorship Signage And Suite Licenses | $98.5M | 24% |
| League Distribution | $15.4M | 4% |
UDR
| Rental income | $423.3M | 99% |
| Joint venture management and other fees | $2.5M | 1% |
