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Side-by-side financial comparison of Madison Square Garden Sports Corp. (MSGS) and UL Solutions Inc. (ULS). Click either name above to swap in a different company.
UL Solutions Inc. is the larger business by last-quarter revenue ($789.0M vs $403.4M, roughly 2.0× Madison Square Garden Sports Corp.). UL Solutions Inc. runs the higher net margin — 8.5% vs 2.0%, a 6.4% gap on every dollar of revenue. On growth, Madison Square Garden Sports Corp. posted the faster year-over-year revenue change (12.8% vs 6.8%). UL Solutions Inc. produced more free cash flow last quarter ($86.0M vs $31.6M). Over the past eight quarters, UL Solutions Inc.'s revenue compounded faster (8.5% CAGR vs -3.1%).
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
The UL enterprise is a global private safety company headquartered in Northbrook, Illinois, composed of three organizations, UL Research Institutes, UL Standards & Engagement and UL Solutions.
MSGS vs ULS — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $403.4M | $789.0M |
| Net Profit | $8.2M | $67.0M |
| Gross Margin | — | 49.7% |
| Operating Margin | 5.5% | 15.0% |
| Net Margin | 2.0% | 8.5% |
| Revenue YoY | 12.8% | 6.8% |
| Net Profit YoY | 641.9% | -17.3% |
| EPS (diluted) | $0.34 | $0.33 |
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.
| Q4 25 | $403.4M | $789.0M | ||
| Q3 25 | $39.5M | $783.0M | ||
| Q2 25 | $204.0M | $776.0M | ||
| Q1 25 | $424.2M | $705.0M | ||
| Q4 24 | $357.8M | $739.0M | ||
| Q3 24 | $53.3M | $731.0M | ||
| Q2 24 | $227.3M | $730.0M | ||
| Q1 24 | $430.0M | $670.0M |
| Q4 25 | $8.2M | $67.0M | ||
| Q3 25 | $-8.8M | $100.0M | ||
| Q2 25 | $-1.8M | $91.0M | ||
| Q1 25 | $-14.2M | $67.0M | ||
| Q4 24 | $1.1M | $81.0M | ||
| Q3 24 | $-7.5M | $88.0M | ||
| Q2 24 | $25.5M | $101.0M | ||
| Q1 24 | $37.9M | $56.0M |
| Q4 25 | — | 49.7% | ||
| Q3 25 | — | 50.3% | ||
| Q2 25 | — | 49.4% | ||
| Q1 25 | — | 48.4% | ||
| Q4 24 | — | 47.4% | ||
| Q3 24 | — | 49.0% | ||
| Q2 24 | — | 50.1% | ||
| Q1 24 | — | 47.6% |
| Q4 25 | 5.5% | 15.0% | ||
| Q3 25 | -69.5% | 19.9% | ||
| Q2 25 | -11.1% | 17.9% | ||
| Q1 25 | 7.6% | 15.5% | ||
| Q4 24 | 3.7% | 15.6% | ||
| Q3 24 | -15.5% | 17.8% | ||
| Q2 24 | 23.0% | 17.3% | ||
| Q1 24 | 18.5% | 13.6% |
| Q4 25 | 2.0% | 8.5% | ||
| Q3 25 | -22.3% | 12.8% | ||
| Q2 25 | -0.9% | 11.7% | ||
| Q1 25 | -3.4% | 9.5% | ||
| Q4 24 | 0.3% | 11.0% | ||
| Q3 24 | -14.1% | 12.0% | ||
| Q2 24 | 11.2% | 13.8% | ||
| Q1 24 | 8.8% | 8.4% |
| Q4 25 | $0.34 | $0.33 | ||
| Q3 25 | $-0.37 | $0.49 | ||
| Q2 25 | $-0.08 | $0.45 | ||
| Q1 25 | $-0.59 | $0.33 | ||
| Q4 24 | $0.05 | $0.40 | ||
| Q3 24 | $-0.31 | $0.44 | ||
| Q2 24 | $1.07 | $0.50 | ||
| Q1 24 | $1.57 | $0.28 |
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 | $295.0M |
| Total DebtLower is stronger | — | $491.0M |
| Stockholders' EquityBook value | $-282.1M | $1.3B |
| Total Assets | $1.5B | $2.9B |
| Debt / EquityLower = less leverage | — | 0.39× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $81.3M | $295.0M | ||
| Q3 25 | $48.6M | $255.0M | ||
| Q2 25 | $144.6M | $272.0M | ||
| Q1 25 | $96.5M | $267.0M | ||
| Q4 24 | $107.8M | $298.0M | ||
| Q3 24 | $52.3M | $327.0M | ||
| Q2 24 | $89.1M | $295.0M | ||
| Q1 24 | $40.0M | $344.0M |
| Q4 25 | — | $491.0M | ||
| Q3 25 | — | $544.0M | ||
| Q2 25 | — | $608.0M | ||
| Q1 25 | — | $653.0M | ||
| Q4 24 | — | $742.0M | ||
| Q3 24 | — | $797.0M | ||
| Q2 24 | — | $810.0M | ||
| Q1 24 | — | $879.0M |
| Q4 25 | $-282.1M | $1.3B | ||
| Q3 25 | $-294.2M | $1.2B | ||
| Q2 25 | $-281.4M | $1.1B | ||
| Q1 25 | $-283.4M | $970.0M | ||
| Q4 24 | $-273.1M | $904.0M | ||
| Q3 24 | $-277.5M | $872.0M | ||
| Q2 24 | $-266.3M | $769.0M | ||
| Q1 24 | $-294.0M | $671.0M |
| Q4 25 | $1.5B | $2.9B | ||
| Q3 25 | $1.5B | $2.9B | ||
| Q2 25 | $1.5B | $2.9B | ||
| Q1 25 | $1.5B | $2.9B | ||
| Q4 24 | $1.4B | $2.8B | ||
| Q3 24 | $1.4B | $2.9B | ||
| Q2 24 | $1.3B | $2.7B | ||
| Q1 24 | $1.4B | $2.8B |
| Q4 25 | — | 0.39× | ||
| Q3 25 | — | 0.46× | ||
| Q2 25 | — | 0.56× | ||
| Q1 25 | — | 0.67× | ||
| Q4 24 | — | 0.82× | ||
| Q3 24 | — | 0.91× | ||
| Q2 24 | — | 1.05× | ||
| Q1 24 | — | 1.31× |
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 | $144.0M |
| Free Cash FlowOCF − Capex | $31.6M | $86.0M |
| FCF MarginFCF / Revenue | 7.8% | 10.9% |
| Capex IntensityCapex / Revenue | 0.2% | 7.4% |
| Cash ConversionOCF / Net Profit | 3.94× | 2.15× |
| TTM Free Cash FlowTrailing 4 quarters | $-480.0K | $403.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $32.4M | $144.0M | ||
| Q3 25 | $-85.0M | $155.0M | ||
| Q2 25 | $49.7M | $147.0M | ||
| Q1 25 | $6.3M | $154.0M | ||
| Q4 24 | $61.8M | $130.0M | ||
| Q3 24 | $-26.2M | $150.0M | ||
| Q2 24 | $108.4M | $103.0M | ||
| Q1 24 | $4.0M | $141.0M |
| Q4 25 | $31.6M | $86.0M | ||
| Q3 25 | $-85.3M | $109.0M | ||
| Q2 25 | $49.4M | $105.0M | ||
| Q1 25 | $3.9M | $103.0M | ||
| Q4 24 | $61.2M | $72.0M | ||
| Q3 24 | $-26.5M | $84.0M | ||
| Q2 24 | $108.0M | $47.0M | ||
| Q1 24 | $3.9M | $84.0M |
| Q4 25 | 7.8% | 10.9% | ||
| Q3 25 | -216.3% | 13.9% | ||
| Q2 25 | 24.2% | 13.5% | ||
| Q1 25 | 0.9% | 14.6% | ||
| Q4 24 | 17.1% | 9.7% | ||
| Q3 24 | -49.7% | 11.5% | ||
| Q2 24 | 47.5% | 6.4% | ||
| Q1 24 | 0.9% | 12.5% |
| Q4 25 | 0.2% | 7.4% | ||
| Q3 25 | 0.9% | 5.9% | ||
| Q2 25 | 0.2% | 5.4% | ||
| Q1 25 | 0.6% | 7.2% | ||
| Q4 24 | 0.1% | 7.8% | ||
| Q3 24 | 0.7% | 9.0% | ||
| Q2 24 | 0.2% | 7.7% | ||
| Q1 24 | 0.0% | 8.5% |
| Q4 25 | 3.94× | 2.15× | ||
| Q3 25 | — | 1.55× | ||
| Q2 25 | — | 1.62× | ||
| Q1 25 | — | 2.30× | ||
| Q4 24 | 55.61× | 1.60× | ||
| Q3 24 | — | 1.70× | ||
| Q2 24 | 4.25× | 1.02× | ||
| Q1 24 | 0.11× | 2.52× |
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% |
ULS
| Industrial | $352.0M | 45% |
| Ongoing Certification Services | $259.0M | 33% |
| Software And Advisory | $102.0M | 13% |
| Software | $75.0M | 10% |
