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Side-by-side financial comparison of Madison Square Garden Sports Corp. (MSGS) and Vital Farms, Inc. (VITL). Click either name above to swap in a different company.
Madison Square Garden Sports Corp. is the larger business by last-quarter revenue ($403.4M vs $213.6M, roughly 1.9× Vital Farms, Inc.). Vital Farms, Inc. runs the higher net margin — 7.6% vs 2.0%, a 5.6% gap on every dollar of revenue. On growth, Vital Farms, Inc. posted the faster year-over-year revenue change (28.7% vs 12.8%). Madison Square Garden Sports Corp. produced more free cash flow last quarter ($31.6M vs $-32.1M). Over the past eight quarters, Vital Farms, Inc.'s revenue compounded faster (20.2% CAGR vs -3.1%).
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
Vital Tomosi Dairy Limited is a dairy processing company in Uganda. The company is a joint venture between Vital Capital Fund, "an impact investing fund primarily focused on Sub-Saharan Africa", and "Tomosi Dairy Farms, a Ugandan producer of dairy products".
MSGS vs VITL — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $403.4M | $213.6M |
| Net Profit | $8.2M | $16.3M |
| Gross Margin | — | 35.8% |
| Operating Margin | 5.5% | 10.0% |
| Net Margin | 2.0% | 7.6% |
| Revenue YoY | 12.8% | 28.7% |
| Net Profit YoY | 641.9% | 54.3% |
| EPS (diluted) | $0.34 | $0.35 |
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 | $213.6M | ||
| Q3 25 | $39.5M | $198.9M | ||
| Q2 25 | $204.0M | $184.8M | ||
| Q1 25 | $424.2M | $162.2M | ||
| Q4 24 | $357.8M | $166.0M | ||
| Q3 24 | $53.3M | $145.0M | ||
| Q2 24 | $227.3M | $147.4M | ||
| Q1 24 | $430.0M | $147.9M |
| Q4 25 | $8.2M | $16.3M | ||
| Q3 25 | $-8.8M | $16.4M | ||
| Q2 25 | $-1.8M | $16.6M | ||
| Q1 25 | $-14.2M | $16.9M | ||
| Q4 24 | $1.1M | $10.6M | ||
| Q3 24 | $-7.5M | $7.4M | ||
| Q2 24 | $25.5M | $16.3M | ||
| Q1 24 | $37.9M | $19.0M |
| Q4 25 | — | 35.8% | ||
| Q3 25 | — | 37.7% | ||
| Q2 25 | — | 38.9% | ||
| Q1 25 | — | 38.5% | ||
| Q4 24 | — | 36.1% | ||
| Q3 24 | — | 36.9% | ||
| Q2 24 | — | 39.1% | ||
| Q1 24 | — | 39.8% |
| Q4 25 | 5.5% | 10.0% | ||
| Q3 25 | -69.5% | 10.8% | ||
| Q2 25 | -11.1% | 12.9% | ||
| Q1 25 | 7.6% | 13.4% | ||
| Q4 24 | 3.7% | 7.8% | ||
| Q3 24 | -15.5% | 6.4% | ||
| Q2 24 | 23.0% | 11.6% | ||
| Q1 24 | 18.5% | 16.3% |
| Q4 25 | 2.0% | 7.6% | ||
| Q3 25 | -22.3% | 8.3% | ||
| Q2 25 | -0.9% | 9.0% | ||
| Q1 25 | -3.4% | 10.4% | ||
| Q4 24 | 0.3% | 6.4% | ||
| Q3 24 | -14.1% | 5.1% | ||
| Q2 24 | 11.2% | 11.1% | ||
| Q1 24 | 8.8% | 12.9% |
| Q4 25 | $0.34 | $0.35 | ||
| Q3 25 | $-0.37 | $0.36 | ||
| Q2 25 | $-0.08 | $0.36 | ||
| Q1 25 | $-0.59 | $0.37 | ||
| Q4 24 | $0.05 | $0.23 | ||
| Q3 24 | $-0.31 | $0.16 | ||
| Q2 24 | $1.07 | $0.36 | ||
| Q1 24 | $1.57 | $0.43 |
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 | $48.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-282.1M | $351.3M |
| Total Assets | $1.5B | $518.7M |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $81.3M | $48.8M | ||
| Q3 25 | $48.6M | $93.8M | ||
| Q2 25 | $144.6M | $108.2M | ||
| Q1 25 | $96.5M | $156.3M | ||
| Q4 24 | $107.8M | $150.6M | ||
| Q3 24 | $52.3M | $149.5M | ||
| Q2 24 | $89.1M | $133.2M | ||
| Q1 24 | $40.0M | $113.8M |
| Q4 25 | $-282.1M | $351.3M | ||
| Q3 25 | $-294.2M | $331.2M | ||
| Q2 25 | $-281.4M | $309.8M | ||
| Q1 25 | $-283.4M | $288.9M | ||
| Q4 24 | $-273.1M | $269.3M | ||
| Q3 24 | $-277.5M | $253.4M | ||
| Q2 24 | $-266.3M | $238.4M | ||
| Q1 24 | $-294.0M | $213.3M |
| Q4 25 | $1.5B | $518.7M | ||
| Q3 25 | $1.5B | $481.5M | ||
| Q2 25 | $1.5B | $430.8M | ||
| Q1 25 | $1.5B | $376.9M | ||
| Q4 24 | $1.4B | $359.3M | ||
| Q3 24 | $1.4B | $344.7M | ||
| Q2 24 | $1.3B | $320.5M | ||
| Q1 24 | $1.4B | $300.2M |
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 | $5.8M |
| Free Cash FlowOCF − Capex | $31.6M | $-32.1M |
| FCF MarginFCF / Revenue | 7.8% | -15.1% |
| Capex IntensityCapex / Revenue | 0.2% | 17.8% |
| Cash ConversionOCF / Net Profit | 3.94× | 0.35× |
| TTM Free Cash FlowTrailing 4 quarters | $-480.0K | $-48.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $32.4M | $5.8M | ||
| Q3 25 | $-85.0M | $23.4M | ||
| Q2 25 | $49.7M | $-761.0K | ||
| Q1 25 | $6.3M | $5.3M | ||
| Q4 24 | $61.8M | $14.8M | ||
| Q3 24 | $-26.2M | $10.0M | ||
| Q2 24 | $108.4M | $16.1M | ||
| Q1 24 | $4.0M | $23.9M |
| Q4 25 | $31.6M | $-32.1M | ||
| Q3 25 | $-85.3M | $-10.6M | ||
| Q2 25 | $49.4M | $-7.6M | ||
| Q1 25 | $3.9M | $2.1M | ||
| Q4 24 | $61.2M | $-3.4M | ||
| Q3 24 | $-26.5M | $6.4M | ||
| Q2 24 | $108.0M | $10.5M | ||
| Q1 24 | $3.9M | $22.6M |
| Q4 25 | 7.8% | -15.1% | ||
| Q3 25 | -216.3% | -5.3% | ||
| Q2 25 | 24.2% | -4.1% | ||
| Q1 25 | 0.9% | 1.3% | ||
| Q4 24 | 17.1% | -2.0% | ||
| Q3 24 | -49.7% | 4.4% | ||
| Q2 24 | 47.5% | 7.2% | ||
| Q1 24 | 0.9% | 15.3% |
| Q4 25 | 0.2% | 17.8% | ||
| Q3 25 | 0.9% | 17.1% | ||
| Q2 25 | 0.2% | 3.7% | ||
| Q1 25 | 0.6% | 1.9% | ||
| Q4 24 | 0.1% | 10.9% | ||
| Q3 24 | 0.7% | 2.5% | ||
| Q2 24 | 0.2% | 3.8% | ||
| Q1 24 | 0.0% | 0.9% |
| Q4 25 | 3.94× | 0.35× | ||
| Q3 25 | — | 1.43× | ||
| Q2 25 | — | -0.05× | ||
| Q1 25 | — | 0.31× | ||
| Q4 24 | 55.61× | 1.40× | ||
| Q3 24 | — | 1.34× | ||
| Q2 24 | 4.25× | 0.99× | ||
| Q1 24 | 0.11× | 1.26× |
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% |
VITL
| Eggs And Egg Related Products | $205.8M | 96% |
| Butter And Butter Related Products | $7.7M | 4% |
