vs
Madison Square Garden Entertainment Corp.（MSGE）与Cloudflare, Inc.（NET）财务数据对比。点击上方公司名可切换其他公司
Cloudflare, Inc.的季度营收约是Madison Square Garden Entertainment Corp.的1.4倍（$614.5M vs $424.8M），Madison Square Garden Entertainment Corp.净利率更高（21.8% vs -2.0%，领先23.8%），Cloudflare, Inc.同比增速更快（33.6% vs 12.5%），过去两年Madison Square Garden Entertainment Corp.的营收复合增速更高（48.9% vs 27.4%）
麦迪逊广场花园娱乐公司是总部位于美国纽约的体育控股企业，依托麦迪逊广场花园的核心资源，在体育赛事运营、体育IP管理及相关商业化领域拥有深厚行业积累与广泛影响力。
Cloudflare是总部位于美国加利福尼亚州旧金山的科技企业，提供内容分发网络（CDN）、云网络安全、DDoS防护等多元互联网服务，同时是ICANN认证的域名注册商。其服务作为网站访客与客户托管服务商之间的反向代理，可有效提升访问性能，抵御恶意流量。
MSGE vs NET — 直观对比
营收规模更大
NET
是对方的1.4倍
$424.8M
营收增速更快
NET
高出21.1%
12.5%
净利率更高
MSGE
高出23.8%
-2.0%
两年增速更快
MSGE
近两年复合增速
27.4%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $424.8M | $614.5M |
| 净利润 | $92.7M | $-12.1M |
| 毛利率 | — | 73.6% |
| 营业利润率 | 38.6% | -8.0% |
| 净利率 | 21.8% | -2.0% |
| 营收同比 | 12.5% | 33.6% |
| 净利润同比 | 22.2% | 6.0% |
| 每股收益（稀释后） | $1.94 | $-0.03 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收MSGENET
| Q4 25 | $424.8M | $614.5M | ||
| Q3 25 | $154.1M | $562.0M | ||
| Q2 25 | $145.1M | $512.3M | ||
| Q1 25 | $206.0M | $479.1M | ||
| Q4 24 | $377.6M | $459.9M | ||
| Q3 24 | $134.1M | $430.1M | ||
| Q2 24 | $177.6M | $401.0M | ||
| Q1 24 | $191.6M | $378.6M |
净利润MSGENET
| Q4 25 | $92.7M | $-12.1M | ||
| Q3 25 | $-21.7M | $-1.3M | ||
| Q2 25 | $-27.2M | $-50.4M | ||
| Q1 25 | $8.0M | $-38.5M | ||
| Q4 24 | $75.9M | $-12.8M | ||
| Q3 24 | $-19.3M | $-15.3M | ||
| Q2 24 | $66.9M | $-15.1M | ||
| Q1 24 | $2.8M | $-35.5M |
毛利率MSGENET
| Q4 25 | — | 73.6% | ||
| Q3 25 | — | 74.0% | ||
| Q2 25 | — | 74.9% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | — | 76.4% | ||
| Q3 24 | — | 77.7% | ||
| Q2 24 | — | 77.8% | ||
| Q1 24 | — | 77.5% |
营业利润率MSGENET
| Q4 25 | 38.6% | -8.0% | ||
| Q3 25 | -19.3% | -6.7% | ||
| Q2 25 | -17.7% | -13.1% | ||
| Q1 25 | 13.3% | -11.1% | ||
| Q4 24 | 36.8% | -7.5% | ||
| Q3 24 | -13.8% | -7.2% | ||
| Q2 24 | -5.0% | -8.7% | ||
| Q1 24 | 8.8% | -14.4% |
净利率MSGENET
| Q4 25 | 21.8% | -2.0% | ||
| Q3 25 | -14.0% | -0.2% | ||
| Q2 25 | -18.7% | -9.8% | ||
| Q1 25 | 3.9% | -8.0% | ||
| Q4 24 | 20.1% | -2.8% | ||
| Q3 24 | -14.4% | -3.6% | ||
| Q2 24 | 37.7% | -3.8% | ||
| Q1 24 | 1.5% | -9.4% |
每股收益（稀释后）MSGENET
| Q4 25 | $1.94 | $-0.03 | ||
| Q3 25 | $-0.46 | $0.00 | ||
| Q2 25 | $-0.56 | $-0.15 | ||
| Q1 25 | $0.17 | $-0.11 | ||
| Q4 24 | $1.56 | $-0.05 | ||
| Q3 24 | $-0.40 | $-0.04 | ||
| Q2 24 | $1.32 | $-0.04 | ||
| Q1 24 | $0.06 | $-0.10 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $157.1M | $943.5M |
| 总债务越低越好 | $554.6M | — |
| 股东权益账面价值 | $36.0M | $1.5B |
| 总资产 | $1.8B | $6.0B |
| 负债/权益比越低杠杆越低 | 15.40× | — |
8季度趋势，按日历期对齐
现金及短期投资MSGENET
| Q4 25 | $157.1M | $943.5M | ||
| Q3 25 | $29.9M | $1.1B | ||
| Q2 25 | $43.0M | $1.5B | ||
| Q1 25 | $89.0M | $204.5M | ||
| Q4 24 | $54.9M | $147.7M | ||
| Q3 24 | $37.3M | $182.9M | ||
| Q2 24 | $33.3M | $157.0M | ||
| Q1 24 | $28.0M | $254.4M |
总债务MSGENET
| Q4 25 | $554.6M | — | ||
| Q3 25 | $581.7M | — | ||
| Q2 25 | $568.8M | — | ||
| Q1 25 | $577.4M | — | ||
| Q4 24 | $584.7M | — | ||
| Q3 24 | $647.0M | — | ||
| Q2 24 | $599.2M | — | ||
| Q1 24 | $602.5M | — |
股东权益MSGENET
| Q4 25 | $36.0M | $1.5B | ||
| Q3 25 | $-65.8M | $1.3B | ||
| Q2 25 | $-13.3M | $1.2B | ||
| Q1 25 | $9.5M | $1.4B | ||
| Q4 24 | $10.3M | $1.0B | ||
| Q3 24 | $-48.7M | $973.1M | ||
| Q2 24 | $-23.2M | $881.5M | ||
| Q1 24 | $-94.6M | $797.2M |
总资产MSGENET
| Q4 25 | $1.8B | $6.0B | ||
| Q3 25 | $1.7B | $5.8B | ||
| Q2 25 | $1.7B | $5.6B | ||
| Q1 25 | $1.7B | $3.7B | ||
| Q4 24 | $1.6B | $3.3B | ||
| Q3 24 | $1.6B | $3.1B | ||
| Q2 24 | $1.6B | $2.9B | ||
| Q1 24 | $1.5B | $2.8B |
负债/权益比MSGENET
| Q4 25 | 15.40× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 60.61× | — | ||
| Q4 24 | 56.61× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $164.4M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | — | $105.2M |
| 自由现金流率自由现金流/营收 | — | 17.1% |
| 资本支出强度资本支出/营收 | — | 13.9% |
| 现金转化率经营现金流/净利润 | 1.77× | — |
| 过去12个月自由现金流最近4个季度 | — | $287.5M |
8季度趋势，按日历期对齐
经营现金流MSGENET
| Q4 25 | $164.4M | $190.4M | ||
| Q3 25 | $19.8M | $167.1M | ||
| Q2 25 | $-27.0M | $99.8M | ||
| Q1 25 | $56.8M | $145.8M | ||
| Q4 24 | $112.9M | $127.3M | ||
| Q3 24 | $-27.4M | $104.7M | ||
| Q2 24 | $212.0K | $74.8M | ||
| Q1 24 | $5.8M | $73.6M |
自由现金流MSGENET
| Q4 25 | — | $105.2M | ||
| Q3 25 | — | $82.5M | ||
| Q2 25 | — | $39.9M | ||
| Q1 25 | — | $59.9M | ||
| Q4 24 | — | $54.2M | ||
| Q3 24 | — | $54.5M | ||
| Q2 24 | — | $45.2M | ||
| Q1 24 | — | $41.5M |
自由现金流率MSGENET
| Q4 25 | — | 17.1% | ||
| Q3 25 | — | 14.7% | ||
| Q2 25 | — | 7.8% | ||
| Q1 25 | — | 12.5% | ||
| Q4 24 | — | 11.8% | ||
| Q3 24 | — | 12.7% | ||
| Q2 24 | — | 11.3% | ||
| Q1 24 | — | 11.0% |
资本支出强度MSGENET
| Q4 25 | — | 13.9% | ||
| Q3 25 | — | 15.1% | ||
| Q2 25 | — | 11.7% | ||
| Q1 25 | — | 17.9% | ||
| Q4 24 | — | 15.9% | ||
| Q3 24 | — | 11.7% | ||
| Q2 24 | — | 7.4% | ||
| Q1 24 | — | 8.5% |
现金转化率MSGENET
| Q4 25 | 1.77× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 7.07× | — | ||
| Q4 24 | 1.49× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 0.00× | — | ||
| Q1 24 | 2.08× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
MSGE
| Ticketing And Venue License Fee Revenues | $263.5M | 62% |
| Food Beverage And Merchandise Revenues | $64.3M | 15% |
| Related Party | $43.9M | 10% |
| Arena Licensing Fees And Other Leasing Revenue | $35.2M | 8% |
| Other | $15.9M | 4% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
