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Side-by-side financial comparison of Madison Square Garden Sports Corp. (MSGS) and Varex Imaging Corp (VREX). 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 $209.6M, roughly 1.9× Varex Imaging Corp). Madison Square Garden Sports Corp. runs the higher net margin — 2.0% vs 1.1%, a 0.9% gap on every dollar of revenue. On growth, Madison Square Garden Sports Corp. posted the faster year-over-year revenue change (12.8% vs 4.9%). Madison Square Garden Sports Corp. produced more free cash flow last quarter ($31.6M vs $-26.8M). Over the past eight quarters, Varex Imaging Corp's revenue compounded faster (0.8% CAGR vs -3.1%).
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
Varex Imaging Corp is a global supplier of advanced imaging components and solutions, including X-ray tubes, digital flat panel detectors, and image processing software. Its products serve medical imaging, radiation oncology, and industrial non-destructive testing segments, with customers across key global markets.
MSGS vs VREX — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $403.4M | $209.6M |
| Net Profit | $8.2M | $2.3M |
| Gross Margin | — | 33.3% |
| Operating Margin | 5.5% | 7.3% |
| Net Margin | 2.0% | 1.1% |
| Revenue YoY | 12.8% | 4.9% |
| Net Profit YoY | 641.9% | 866.7% |
| EPS (diluted) | $0.34 | $0.05 |
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 | — | $209.6M | ||
| Q4 25 | $403.4M | $228.9M | ||
| Q3 25 | $39.5M | $203.0M | ||
| Q2 25 | $204.0M | $212.9M | ||
| Q1 25 | $424.2M | $199.8M | ||
| Q4 24 | $357.8M | — | ||
| Q3 24 | $53.3M | $205.7M | ||
| Q2 24 | $227.3M | $209.1M |
| Q1 26 | — | $2.3M | ||
| Q4 25 | $8.2M | $12.2M | ||
| Q3 25 | $-8.8M | $-89.1M | ||
| Q2 25 | $-1.8M | $6.9M | ||
| Q1 25 | $-14.2M | $-300.0K | ||
| Q4 24 | $1.1M | — | ||
| Q3 24 | $-7.5M | $-51.1M | ||
| Q2 24 | $25.5M | $1.4M |
| Q1 26 | — | 33.3% | ||
| Q4 25 | — | 34.0% | ||
| Q3 25 | — | 33.3% | ||
| Q2 25 | — | 36.0% | ||
| Q1 25 | — | 34.3% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 32.6% | ||
| Q2 24 | — | 32.0% |
| Q1 26 | — | 7.3% | ||
| Q4 25 | 5.5% | 8.6% | ||
| Q3 25 | -69.5% | -39.8% | ||
| Q2 25 | -11.1% | 10.4% | ||
| Q1 25 | 7.6% | 5.6% | ||
| Q4 24 | 3.7% | — | ||
| Q3 24 | -15.5% | 5.3% | ||
| Q2 24 | 23.0% | 4.4% |
| Q1 26 | — | 1.1% | ||
| Q4 25 | 2.0% | 5.3% | ||
| Q3 25 | -22.3% | -43.9% | ||
| Q2 25 | -0.9% | 3.2% | ||
| Q1 25 | -3.4% | -0.2% | ||
| Q4 24 | 0.3% | — | ||
| Q3 24 | -14.1% | -24.8% | ||
| Q2 24 | 11.2% | 0.7% |
| Q1 26 | — | $0.05 | ||
| Q4 25 | $0.34 | $0.29 | ||
| Q3 25 | $-0.37 | $-2.15 | ||
| Q2 25 | $-0.08 | $0.17 | ||
| Q1 25 | $-0.59 | $-0.01 | ||
| Q4 24 | $0.05 | — | ||
| Q3 24 | $-0.31 | $-1.25 | ||
| Q2 24 | $1.07 | $0.03 |
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 | $125.6M |
| Total DebtLower is stronger | — | $367.6M |
| Stockholders' EquityBook value | $-282.1M | $476.9M |
| Total Assets | $1.5B | $1.1B |
| Debt / EquityLower = less leverage | — | 0.77× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $125.6M | ||
| Q4 25 | $81.3M | $155.1M | ||
| Q3 25 | $48.6M | $152.6M | ||
| Q2 25 | $144.6M | $223.0M | ||
| Q1 25 | $96.5M | $212.6M | ||
| Q4 24 | $107.8M | — | ||
| Q3 24 | $52.3M | $200.5M | ||
| Q2 24 | $89.1M | $190.0M |
| Q1 26 | — | $367.6M | ||
| Q4 25 | — | $367.5M | ||
| Q3 25 | — | $367.5M | ||
| Q2 25 | — | $567.2M | ||
| Q1 25 | — | $567.0M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $443.4M | ||
| Q2 24 | — | $443.1M |
| Q1 26 | — | $476.9M | ||
| Q4 25 | $-282.1M | $472.6M | ||
| Q3 25 | $-294.2M | $455.3M | ||
| Q2 25 | $-281.4M | $549.7M | ||
| Q1 25 | $-283.4M | $540.2M | ||
| Q4 24 | $-273.1M | — | ||
| Q3 24 | $-277.5M | $529.1M | ||
| Q2 24 | $-266.3M | $581.2M |
| Q1 26 | — | $1.1B | ||
| Q4 25 | $1.5B | $1.1B | ||
| Q3 25 | $1.5B | $1.1B | ||
| Q2 25 | $1.5B | $1.4B | ||
| Q1 25 | $1.5B | $1.3B | ||
| Q4 24 | $1.4B | — | ||
| Q3 24 | $1.4B | $1.2B | ||
| Q2 24 | $1.3B | $1.3B |
| Q1 26 | — | 0.77× | ||
| Q4 25 | — | 0.78× | ||
| Q3 25 | — | 0.81× | ||
| Q2 25 | — | 1.03× | ||
| Q1 25 | — | 1.05× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | 0.84× | ||
| Q2 24 | — | 0.76× |
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 | $-16.1M |
| Free Cash FlowOCF − Capex | $31.6M | $-26.8M |
| FCF MarginFCF / Revenue | 7.8% | -12.8% |
| Capex IntensityCapex / Revenue | 0.2% | 5.1% |
| Cash ConversionOCF / Net Profit | 3.94× | -7.00× |
| TTM Free Cash FlowTrailing 4 quarters | $-480.0K | $-13.3M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $-16.1M | ||
| Q4 25 | $32.4M | $7.9M | ||
| Q3 25 | $-85.0M | $7.7M | ||
| Q2 25 | $49.7M | $16.6M | ||
| Q1 25 | $6.3M | $9.5M | ||
| Q4 24 | $61.8M | — | ||
| Q3 24 | $-26.2M | $25.9M | ||
| Q2 24 | $108.4M | $8.0M |
| Q1 26 | — | $-26.8M | ||
| Q4 25 | $31.6M | $2.3M | ||
| Q3 25 | $-85.3M | $1.4M | ||
| Q2 25 | $49.4M | $9.8M | ||
| Q1 25 | $3.9M | $5.3M | ||
| Q4 24 | $61.2M | — | ||
| Q3 24 | $-26.5M | $19.9M | ||
| Q2 24 | $108.0M | $3.3M |
| Q1 26 | — | -12.8% | ||
| Q4 25 | 7.8% | 1.0% | ||
| Q3 25 | -216.3% | 0.7% | ||
| Q2 25 | 24.2% | 4.6% | ||
| Q1 25 | 0.9% | 2.7% | ||
| Q4 24 | 17.1% | — | ||
| Q3 24 | -49.7% | 9.7% | ||
| Q2 24 | 47.5% | 1.6% |
| Q1 26 | — | 5.1% | ||
| Q4 25 | 0.2% | 2.4% | ||
| Q3 25 | 0.9% | 3.1% | ||
| Q2 25 | 0.2% | 3.2% | ||
| Q1 25 | 0.6% | 2.1% | ||
| Q4 24 | 0.1% | — | ||
| Q3 24 | 0.7% | 2.9% | ||
| Q2 24 | 0.2% | 2.2% |
| Q1 26 | — | -7.00× | ||
| Q4 25 | 3.94× | 0.65× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 2.41× | ||
| Q1 25 | — | — | ||
| Q4 24 | 55.61× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 4.25× | 5.71× |
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% |
VREX
| Medical Segment | $144.8M | 69% |
| Industrial Segment | $64.8M | 31% |
