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Side-by-side financial comparison of Madison Square Garden Sports Corp. (MSGS) and WillScot Holdings Corp (WSC). Click either name above to swap in a different company.
WillScot Holdings Corp is the larger business by last-quarter revenue ($566.0M vs $403.4M, roughly 1.4× Madison Square Garden Sports Corp.). Madison Square Garden Sports Corp. runs the higher net margin — 2.0% vs -33.1%, a 35.1% gap on every dollar of revenue. On growth, Madison Square Garden Sports Corp. posted the faster year-over-year revenue change (12.8% vs -6.1%). WillScot Holdings Corp produced more free cash flow last quarter ($149.7M vs $31.6M). Over the past eight quarters, WillScot Holdings Corp's revenue compounded faster (-1.8% CAGR vs -3.1%).
Madison Square Garden Sports Corp. is an American sports holding company based in New York City.
WillScot Holdings Corp is a leading provider of modular space solutions and portable storage services across North America. It serves a wide range of sectors including construction, commercial development, education, healthcare, government projects, and special events, offering flexible, scalable temporary and semi-permanent space solutions tailored to diverse client needs.
MSGS vs WSC — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $403.4M | $566.0M |
| Net Profit | $8.2M | $-187.3M |
| Gross Margin | — | 50.4% |
| Operating Margin | 5.5% | -32.5% |
| Net Margin | 2.0% | -33.1% |
| Revenue YoY | 12.8% | -6.1% |
| Net Profit YoY | 641.9% | -310.0% |
| EPS (diluted) | $0.34 | $-1.02 |
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 | $566.0M | ||
| Q3 25 | $39.5M | $566.8M | ||
| Q2 25 | $204.0M | $589.1M | ||
| Q1 25 | $424.2M | $559.6M | ||
| Q4 24 | $357.8M | $602.5M | ||
| Q3 24 | $53.3M | $601.4M | ||
| Q2 24 | $227.3M | $604.6M | ||
| Q1 24 | $430.0M | $587.2M |
| Q4 25 | $8.2M | $-187.3M | ||
| Q3 25 | $-8.8M | $43.3M | ||
| Q2 25 | $-1.8M | $47.9M | ||
| Q1 25 | $-14.2M | $43.1M | ||
| Q4 24 | $1.1M | $89.2M | ||
| Q3 24 | $-7.5M | $-70.5M | ||
| Q2 24 | $25.5M | $-46.9M | ||
| Q1 24 | $37.9M | $56.2M |
| Q4 25 | — | 50.4% | ||
| Q3 25 | — | 49.7% | ||
| Q2 25 | — | 50.3% | ||
| Q1 25 | — | 53.7% | ||
| Q4 24 | — | 55.8% | ||
| Q3 24 | — | 53.5% | ||
| Q2 24 | — | 54.1% | ||
| Q1 24 | — | 54.0% |
| Q4 25 | 5.5% | -32.5% | ||
| Q3 25 | -69.5% | 21.0% | ||
| Q2 25 | -11.1% | 21.5% | ||
| Q1 25 | 7.6% | 21.3% | ||
| Q4 24 | 3.7% | 28.9% | ||
| Q3 24 | -15.5% | -5.9% | ||
| Q2 24 | 23.0% | -0.9% | ||
| Q1 24 | 18.5% | 22.1% |
| Q4 25 | 2.0% | -33.1% | ||
| Q3 25 | -22.3% | 7.6% | ||
| Q2 25 | -0.9% | 8.1% | ||
| Q1 25 | -3.4% | 7.7% | ||
| Q4 24 | 0.3% | 14.8% | ||
| Q3 24 | -14.1% | -11.7% | ||
| Q2 24 | 11.2% | -7.7% | ||
| Q1 24 | 8.8% | 9.6% |
| Q4 25 | $0.34 | $-1.02 | ||
| Q3 25 | $-0.37 | $0.24 | ||
| Q2 25 | $-0.08 | $0.26 | ||
| Q1 25 | $-0.59 | $0.23 | ||
| Q4 24 | $0.05 | $0.48 | ||
| Q3 24 | $-0.31 | $-0.37 | ||
| Q2 24 | $1.07 | $-0.25 | ||
| Q1 24 | $1.57 | $0.29 |
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 | $14.6M |
| Total DebtLower is stronger | — | $3.6B |
| Stockholders' EquityBook value | $-282.1M | $856.3M |
| Total Assets | $1.5B | $5.8B |
| Debt / EquityLower = less leverage | — | 4.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $81.3M | $14.6M | ||
| Q3 25 | $48.6M | $14.8M | ||
| Q2 25 | $144.6M | $12.8M | ||
| Q1 25 | $96.5M | $10.7M | ||
| Q4 24 | $107.8M | $9.0M | ||
| Q3 24 | $52.3M | $11.0M | ||
| Q2 24 | $89.1M | $5.9M | ||
| Q1 24 | $40.0M | $13.1M |
| Q4 25 | — | $3.6B | ||
| Q3 25 | — | $3.6B | ||
| Q2 25 | — | $3.7B | ||
| Q1 25 | — | $3.6B | ||
| Q4 24 | — | $3.7B | ||
| Q3 24 | — | $3.6B | ||
| Q2 24 | — | $3.5B | ||
| Q1 24 | — | $3.5B |
| Q4 25 | $-282.1M | $856.3M | ||
| Q3 25 | $-294.2M | $1.1B | ||
| Q2 25 | $-281.4M | $1.0B | ||
| Q1 25 | $-283.4M | $1.0B | ||
| Q4 24 | $-273.1M | $1.0B | ||
| Q3 24 | $-277.5M | $1.1B | ||
| Q2 24 | $-266.3M | $1.2B | ||
| Q1 24 | $-294.0M | $1.3B |
| Q4 25 | $1.5B | $5.8B | ||
| Q3 25 | $1.5B | $6.1B | ||
| Q2 25 | $1.5B | $6.1B | ||
| Q1 25 | $1.5B | $6.0B | ||
| Q4 24 | $1.4B | $6.0B | ||
| Q3 24 | $1.4B | $6.0B | ||
| Q2 24 | $1.3B | $6.0B | ||
| Q1 24 | $1.4B | $6.2B |
| Q4 25 | — | 4.15× | ||
| Q3 25 | — | 3.39× | ||
| Q2 25 | — | 3.55× | ||
| Q1 25 | — | 3.56× | ||
| Q4 24 | — | 3.62× | ||
| Q3 24 | — | 3.42× | ||
| Q2 24 | — | 2.88× | ||
| Q1 24 | — | 2.63× |
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 | $158.9M |
| Free Cash FlowOCF − Capex | $31.6M | $149.7M |
| FCF MarginFCF / Revenue | 7.8% | 26.5% |
| Capex IntensityCapex / Revenue | 0.2% | 1.6% |
| Cash ConversionOCF / Net Profit | 3.94× | — |
| TTM Free Cash FlowTrailing 4 quarters | $-480.0K | $737.7M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $32.4M | $158.9M | ||
| Q3 25 | $-85.0M | $191.2M | ||
| Q2 25 | $49.7M | $205.3M | ||
| Q1 25 | $6.3M | $206.6M | ||
| Q4 24 | $61.8M | $178.9M | ||
| Q3 24 | $-26.2M | $-1.6M | ||
| Q2 24 | $108.4M | $175.6M | ||
| Q1 24 | $4.0M | $208.7M |
| Q4 25 | $31.6M | $149.7M | ||
| Q3 25 | $-85.3M | $186.9M | ||
| Q2 25 | $49.4M | $199.0M | ||
| Q1 25 | $3.9M | $202.0M | ||
| Q4 24 | $61.2M | $176.6M | ||
| Q3 24 | $-26.5M | $-4.9M | ||
| Q2 24 | $108.0M | $169.4M | ||
| Q1 24 | $3.9M | $202.1M |
| Q4 25 | 7.8% | 26.5% | ||
| Q3 25 | -216.3% | 33.0% | ||
| Q2 25 | 24.2% | 33.8% | ||
| Q1 25 | 0.9% | 36.1% | ||
| Q4 24 | 17.1% | 29.3% | ||
| Q3 24 | -49.7% | -0.8% | ||
| Q2 24 | 47.5% | 28.0% | ||
| Q1 24 | 0.9% | 34.4% |
| Q4 25 | 0.2% | 1.6% | ||
| Q3 25 | 0.9% | 0.7% | ||
| Q2 25 | 0.2% | 1.1% | ||
| Q1 25 | 0.6% | 0.8% | ||
| Q4 24 | 0.1% | 0.4% | ||
| Q3 24 | 0.7% | 0.6% | ||
| Q2 24 | 0.2% | 1.0% | ||
| Q1 24 | 0.0% | 1.1% |
| Q4 25 | 3.94× | — | ||
| Q3 25 | — | 4.41× | ||
| Q2 25 | — | 4.28× | ||
| Q1 25 | — | 4.80× | ||
| Q4 24 | 55.61× | 2.01× | ||
| Q3 24 | — | — | ||
| Q2 24 | 4.25× | — | ||
| Q1 24 | 0.11× | 3.71× |
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% |
WSC
| Modular Space Leasing | $249.8M | 44% |
| Value Added Product And Services | $101.0M | 18% |
| Portable Storage Leasing | $83.0M | 15% |
| Delivery Revenue | $48.2M | 9% |
| Installation Revenue | $45.0M | 8% |
| Rental Units | $19.7M | 3% |
| New Units | $15.5M | 3% |
| Value Added Services | $10.3M | 2% |
| Other Leasing Related Products And Services | $3.8M | 1% |
