vs
Madison Square Garden Sports Corp.（MSGS）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 Sports Corp.的1.5倍（$614.5M vs $403.4M），Madison Square Garden Sports Corp.净利率更高（2.0% vs -2.0%，领先4.0%），Cloudflare, Inc.同比增速更快（33.6% vs 12.8%），Cloudflare, Inc.自由现金流更多（$105.2M vs $31.6M），过去两年Cloudflare, Inc.的营收复合增速更高（27.4% vs -3.1%）
麦迪逊广场花园体育公司是总部位于美国纽约市的专业体育控股企业，深耕职业体育俱乐部运营、体育IP开发管理等核心业务，在北美体育产业领域拥有深厚的行业积累与较高的市场知名度。
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。
MSGS vs NET — 直观对比
营收规模更大
NET
是对方的1.5倍
$403.4M
营收增速更快
NET
高出20.8%
12.8%
净利率更高
MSGS
高出4.0%
-2.0%
自由现金流更多
NET
多$73.6M
$31.6M
两年增速更快
NET
近两年复合增速
-3.1%
损益表 — Q2 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $403.4M | $614.5M |
| 净利润 | $8.2M | $-12.1M |
| 毛利率 | — | 73.6% |
| 营业利润率 | 5.5% | -8.0% |
| 净利率 | 2.0% | -2.0% |
| 营收同比 | 12.8% | 33.6% |
| 净利润同比 | 641.9% | 6.0% |
| 每股收益（稀释后） | $0.34 | $-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MSGSNET
| Q4 25 | $403.4M | $614.5M | ||
| Q3 25 | $39.5M | $562.0M | ||
| Q2 25 | $204.0M | $512.3M | ||
| Q1 25 | $424.2M | $479.1M | ||
| Q4 24 | $357.8M | $459.9M | ||
| Q3 24 | $53.3M | $430.1M | ||
| Q2 24 | $227.3M | $401.0M | ||
| Q1 24 | $430.0M | $378.6M |
净利润MSGSNET
| Q4 25 | $8.2M | $-12.1M | ||
| Q3 25 | $-8.8M | $-1.3M | ||
| Q2 25 | $-1.8M | $-50.4M | ||
| Q1 25 | $-14.2M | $-38.5M | ||
| Q4 24 | $1.1M | $-12.8M | ||
| Q3 24 | $-7.5M | $-15.3M | ||
| Q2 24 | $25.5M | $-15.1M | ||
| Q1 24 | $37.9M | $-35.5M |
毛利率MSGSNET
| 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MSGSNET
| Q4 25 | 5.5% | -8.0% | ||
| Q3 25 | -69.5% | -6.7% | ||
| Q2 25 | -11.1% | -13.1% | ||
| Q1 25 | 7.6% | -11.1% | ||
| Q4 24 | 3.7% | -7.5% | ||
| Q3 24 | -15.5% | -7.2% | ||
| Q2 24 | 23.0% | -8.7% | ||
| Q1 24 | 18.5% | -14.4% |
净利率MSGSNET
| Q4 25 | 2.0% | -2.0% | ||
| Q3 25 | -22.3% | -0.2% | ||
| Q2 25 | -0.9% | -9.8% | ||
| Q1 25 | -3.4% | -8.0% | ||
| Q4 24 | 0.3% | -2.8% | ||
| Q3 24 | -14.1% | -3.6% | ||
| Q2 24 | 11.2% | -3.8% | ||
| Q1 24 | 8.8% | -9.4% |
每股收益（稀释后）MSGSNET
| Q4 25 | $0.34 | $-0.03 | ||
| Q3 25 | $-0.37 | $0.00 | ||
| Q2 25 | $-0.08 | $-0.15 | ||
| Q1 25 | $-0.59 | $-0.11 | ||
| Q4 24 | $0.05 | $-0.05 | ||
| Q3 24 | $-0.31 | $-0.04 | ||
| Q2 24 | $1.07 | $-0.04 | ||
| Q1 24 | $1.57 | $-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 | $81.3M | $943.5M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $-282.1M | $1.5B |
| 总资产 | $1.5B | $6.0B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资MSGSNET
| Q4 25 | $81.3M | $943.5M | ||
| Q3 25 | $48.6M | $1.1B | ||
| Q2 25 | $144.6M | $1.5B | ||
| Q1 25 | $96.5M | $204.5M | ||
| Q4 24 | $107.8M | $147.7M | ||
| Q3 24 | $52.3M | $182.9M | ||
| Q2 24 | $89.1M | $157.0M | ||
| Q1 24 | $40.0M | $254.4M |
股东权益MSGSNET
| Q4 25 | $-282.1M | $1.5B | ||
| Q3 25 | $-294.2M | $1.3B | ||
| Q2 25 | $-281.4M | $1.2B | ||
| Q1 25 | $-283.4M | $1.4B | ||
| Q4 24 | $-273.1M | $1.0B | ||
| Q3 24 | $-277.5M | $973.1M | ||
| Q2 24 | $-266.3M | $881.5M | ||
| Q1 24 | $-294.0M | $797.2M |
总资产MSGSNET
| Q4 25 | $1.5B | $6.0B | ||
| Q3 25 | $1.5B | $5.8B | ||
| Q2 25 | $1.5B | $5.6B | ||
| Q1 25 | $1.5B | $3.7B | ||
| Q4 24 | $1.4B | $3.3B | ||
| Q3 24 | $1.4B | $3.1B | ||
| Q2 24 | $1.3B | $2.9B | ||
| Q1 24 | $1.4B | $2.8B |
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 | $32.4M | $190.4M |
| 自由现金流经营现金流 - 资本支出 | $31.6M | $105.2M |
| 自由现金流率自由现金流/营收 | 7.8% | 17.1% |
| 资本支出强度资本支出/营收 | 0.2% | 13.9% |
| 现金转化率经营现金流/净利润 | 3.94× | — |
| 过去12个月自由现金流最近4个季度 | $-480.0K | $287.5M |
8季度趋势，按日历期对齐
经营现金流MSGSNET
| Q4 25 | $32.4M | $190.4M | ||
| Q3 25 | $-85.0M | $167.1M | ||
| Q2 25 | $49.7M | $99.8M | ||
| Q1 25 | $6.3M | $145.8M | ||
| Q4 24 | $61.8M | $127.3M | ||
| Q3 24 | $-26.2M | $104.7M | ||
| Q2 24 | $108.4M | $74.8M | ||
| Q1 24 | $4.0M | $73.6M |
自由现金流MSGSNET
| Q4 25 | $31.6M | $105.2M | ||
| Q3 25 | $-85.3M | $82.5M | ||
| Q2 25 | $49.4M | $39.9M | ||
| Q1 25 | $3.9M | $59.9M | ||
| Q4 24 | $61.2M | $54.2M | ||
| Q3 24 | $-26.5M | $54.5M | ||
| Q2 24 | $108.0M | $45.2M | ||
| Q1 24 | $3.9M | $41.5M |
自由现金流率MSGSNET
| Q4 25 | 7.8% | 17.1% | ||
| Q3 25 | -216.3% | 14.7% | ||
| Q2 25 | 24.2% | 7.8% | ||
| Q1 25 | 0.9% | 12.5% | ||
| Q4 24 | 17.1% | 11.8% | ||
| Q3 24 | -49.7% | 12.7% | ||
| Q2 24 | 47.5% | 11.3% | ||
| Q1 24 | 0.9% | 11.0% |
资本支出强度MSGSNET
| Q4 25 | 0.2% | 13.9% | ||
| Q3 25 | 0.9% | 15.1% | ||
| Q2 25 | 0.2% | 11.7% | ||
| Q1 25 | 0.6% | 17.9% | ||
| Q4 24 | 0.1% | 15.9% | ||
| Q3 24 | 0.7% | 11.7% | ||
| Q2 24 | 0.2% | 7.4% | ||
| Q1 24 | 0.0% | 8.5% |
现金转化率MSGSNET
| Q4 25 | 3.94× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 55.61× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 4.25× | — | ||
| Q1 24 | 0.11× | — |
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
MSGS
| Event Related | $167.2M | 41% |
| Media Rights | $122.3M | 30% |
| Sponsorship Signage And Suite Licenses | $98.5M | 24% |
| League Distribution | $15.4M | 4% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
