vs
Side-by-side financial comparison of Madison Square Garden Sports Corp. (MSGS) and VIRTUS INVESTMENT PARTNERS, INC. (VRTS). 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 $199.5M, roughly 2.0× VIRTUS INVESTMENT PARTNERS, INC.). VIRTUS INVESTMENT PARTNERS, INC. runs the higher net margin — 3.6% vs 2.0%, a 1.5% gap on every dollar of revenue. On growth, Madison Square Garden Sports Corp. posted the faster year-over-year revenue change (12.8% vs -4.1%). Over the past eight quarters, Madison Square Garden Sports Corp.'s revenue compounded faster (-3.1% CAGR vs -5.7%).
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
VIRTUS INVESTMENT PARTNERS, INC.VRTSEarnings & Financial Report
Virtus Investment Partners, Inc. is an American company which operates as a multi-manager asset management business, comprising a number of individual affiliated managers, each having its own investment process and brand, and the services of unaffiliated sub advisers.
MSGS vs VRTS — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $403.4M | $199.5M |
| Net Profit | $8.2M | $7.1M |
| Gross Margin | — | — |
| Operating Margin | 5.5% | 7.7% |
| Net Margin | 2.0% | 3.6% |
| Revenue YoY | 12.8% | -4.1% |
| Net Profit YoY | 641.9% | -78.1% |
| EPS (diluted) | $0.34 | $1.05 |
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 | — | $199.5M | ||
| Q4 25 | $403.4M | $208.0M | ||
| Q3 25 | $39.5M | $216.4M | ||
| Q2 25 | $204.0M | $210.5M | ||
| Q1 25 | $424.2M | $217.9M | ||
| Q4 24 | $357.8M | $233.5M | ||
| Q3 24 | $53.3M | $227.0M | ||
| Q2 24 | $227.3M | $224.4M |
| Q1 26 | — | $7.1M | ||
| Q4 25 | $8.2M | $33.9M | ||
| Q3 25 | $-8.8M | $31.3M | ||
| Q2 25 | $-1.8M | $42.7M | ||
| Q1 25 | $-14.2M | $28.1M | ||
| Q4 24 | $1.1M | $39.5M | ||
| Q3 24 | $-7.5M | $49.1M | ||
| Q2 24 | $25.5M | $26.0M |
| Q1 26 | — | 7.7% | ||
| Q4 25 | 5.5% | 19.1% | ||
| Q3 25 | -69.5% | 21.7% | ||
| Q2 25 | -11.1% | 21.5% | ||
| Q1 25 | 7.6% | 16.8% | ||
| Q4 24 | 3.7% | 21.7% | ||
| Q3 24 | -15.5% | 24.3% | ||
| Q2 24 | 23.0% | 19.7% |
| Q1 26 | — | 3.6% | ||
| Q4 25 | 2.0% | 16.3% | ||
| Q3 25 | -22.3% | 14.5% | ||
| Q2 25 | -0.9% | 20.3% | ||
| Q1 25 | -3.4% | 12.9% | ||
| Q4 24 | 0.3% | 16.9% | ||
| Q3 24 | -14.1% | 21.6% | ||
| Q2 24 | 11.2% | 11.6% |
| Q1 26 | — | $1.05 | ||
| Q4 25 | $0.34 | $5.15 | ||
| Q3 25 | $-0.37 | $4.65 | ||
| Q2 25 | $-0.08 | $6.12 | ||
| Q1 25 | $-0.59 | $4.05 | ||
| Q4 24 | $0.05 | $4.65 | ||
| Q3 24 | $-0.31 | $5.71 | ||
| Q2 24 | $1.07 | $2.43 |
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 | $136.6M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $-282.1M | $93.6B |
| Total Assets | $1.5B | — |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $136.6M | ||
| Q4 25 | $81.3M | — | ||
| Q3 25 | $48.6M | — | ||
| Q2 25 | $144.6M | — | ||
| Q1 25 | $96.5M | — | ||
| Q4 24 | $107.8M | — | ||
| Q3 24 | $52.3M | — | ||
| Q2 24 | $89.1M | — |
| Q1 26 | — | — | ||
| Q4 25 | — | $390.0M | ||
| Q3 25 | — | $390.6M | ||
| Q2 25 | — | $231.3M | ||
| Q1 25 | — | $231.7M | ||
| Q4 24 | — | $232.1M | ||
| Q3 24 | — | $237.5M | ||
| Q2 24 | — | $247.6M |
| Q1 26 | — | $93.6B | ||
| Q4 25 | $-282.1M | $934.0M | ||
| Q3 25 | $-294.2M | $918.7M | ||
| Q2 25 | $-281.4M | $896.4M | ||
| Q1 25 | $-283.4M | $893.7M | ||
| Q4 24 | $-273.1M | $897.5M | ||
| Q3 24 | $-277.5M | $889.0M | ||
| Q2 24 | $-266.3M | $868.7M |
| Q1 26 | — | — | ||
| Q4 25 | $1.5B | $4.3B | ||
| Q3 25 | $1.5B | $3.9B | ||
| Q2 25 | $1.5B | $3.7B | ||
| Q1 25 | $1.5B | $3.7B | ||
| Q4 24 | $1.4B | $4.0B | ||
| Q3 24 | $1.4B | $3.6B | ||
| Q2 24 | $1.3B | $3.6B |
| Q1 26 | — | — | ||
| Q4 25 | — | 0.42× | ||
| Q3 25 | — | 0.43× | ||
| Q2 25 | — | 0.26× | ||
| Q1 25 | — | 0.26× | ||
| Q4 24 | — | 0.26× | ||
| Q3 24 | — | 0.27× | ||
| Q2 24 | — | 0.29× |
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% | — |
| 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 | $-67.2M | ||
| Q3 25 | $-85.0M | $108.3M | ||
| Q2 25 | $49.7M | $75.8M | ||
| Q1 25 | $6.3M | $-3.8M | ||
| Q4 24 | $61.8M | $1.8M | ||
| Q3 24 | $-26.2M | $69.1M | ||
| Q2 24 | $108.4M | $70.0M |
| Q1 26 | — | — | ||
| Q4 25 | $31.6M | $-74.1M | ||
| Q3 25 | $-85.3M | $106.9M | ||
| Q2 25 | $49.4M | $74.2M | ||
| Q1 25 | $3.9M | $-6.8M | ||
| Q4 24 | $61.2M | $-3.8M | ||
| Q3 24 | $-26.5M | $68.7M | ||
| Q2 24 | $108.0M | $68.6M |
| Q1 26 | — | — | ||
| Q4 25 | 7.8% | -35.6% | ||
| Q3 25 | -216.3% | 49.4% | ||
| Q2 25 | 24.2% | 35.2% | ||
| Q1 25 | 0.9% | -3.1% | ||
| Q4 24 | 17.1% | -1.6% | ||
| Q3 24 | -49.7% | 30.3% | ||
| Q2 24 | 47.5% | 30.6% |
| Q1 26 | — | — | ||
| Q4 25 | 0.2% | 3.3% | ||
| Q3 25 | 0.9% | 0.7% | ||
| Q2 25 | 0.2% | 0.7% | ||
| Q1 25 | 0.6% | 1.4% | ||
| Q4 24 | 0.1% | 2.4% | ||
| Q3 24 | 0.7% | 0.2% | ||
| Q2 24 | 0.2% | 0.6% |
| Q1 26 | — | — | ||
| Q4 25 | 3.94× | -1.99× | ||
| Q3 25 | — | 3.45× | ||
| Q2 25 | — | 1.77× | ||
| Q1 25 | — | -0.13× | ||
| Q4 24 | 55.61× | 0.04× | ||
| Q3 24 | — | 1.41× | ||
| Q2 24 | 4.25× | 2.69× |
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% |
VRTS
| Investment management fees | $169.1M | 85% |
| Administration and shareholder service fees | $17.3M | 9% |
| Distribution and service fees | $11.6M | 6% |
