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Owner-operator of the Sphere immersive entertainment venue in Las Vegas and MSG Networks' regional sports/entertainment cable channels.
Owner-operator of the Sphere immersive entertainment venue in Las Vegas and MSG Networks' regional sports/entertainment cable channels.
Earns ticket, concession and sponsorship income from shows at Sphere in Las Vegas and carriage fees from cable and satellite companies for MSG Networks, whose TV rights to New York sports teams are a large cost. Sphere Entertainment emerged from the 2023 spin-off of the Madison Square Garden venues.
Moat: narrow (scale, brand, installed base). Sphere is a unique, capital-intensive immersive venue with no direct like-for-like competitor yet.
Headquarters: New York, New York, USA · Founded: 2023 · Employees: 1,100
Size Sphere Entertainment (SPHR) is a United States Communication Services company (Media Conglomerates) with a market value of $4.31B, the 1297th largest of 3,117 United States companies the cockpit tracks. Shares closed at $120.02 on 6 Nov 2026.
Performance Over six months the shares fell 10.0%, against -0.9% for the median peer and -1.1% for the United States market (cap-weighted) — 9th lowest of 21 in its peer set.
Growth Revenue grew 17.2% over the last twelve months (peer median +5.8%); the operating margin is -1.5% (peer median 15.2%).
Valuation It trades at 3.4× enterprise value to sales against a peer median of 2.6× (6th most expensive of 21).
Price implies For today's price to make sense, revenue must grow about 7% a year for seven years (Req g). Recent delivered growth is +10%, so the hurdle is -3 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 12.7 points below its cost of capital (12.1% WACC).
Backlog Backlog (remaining performance obligations) was $385M at 30 Sep 2026, down 6% on a year earlier — 0.3 years of trailing revenue. Backlog detail →
Short interest Short interest is 25.5% of the free float (15 Oct 2026).
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.36B | $1.22B | $1.03B | $574M | $610M |
| Revenue growth | — | +19% | +79% | -6% | — |
| Gross profit | $399M | $294M | $223M | $201M | $267M |
| EBITDA | $358M | $278M | $53.9M | -$66.0M | $47.2M |
| Net income | -$76.8M | $33.4M | -$201M | $503M | -$194M |
| Free cash flow | $359M | $191M | -$309M | -$1.02B | -$664M |
| Capital expenditure | $39.6M | $52.3M | $265M | $1.06B | $757M |
| Total debt | $913M | $961M | $1.52B | $1.32B | $1.09B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g |
|---|---|---|---|---|---|---|
| Sphere Entertainment SPHR | $4.31B | -10% | +17% | -2% | 3.4× | 7.0% |
| Live Nation Entertainment LYV | $41.3B | +7% | +11% | 6% | 1.7× | 18.6% |
| Madison Square Garden Entertainment MSGE | $3.65B | +18% | +16% | 17% | 4.1× | 5.0% |
| IMAX IMAX | $2.61B | +35% | +15% | 23% | 6.8× | 12.2% |
Peer set: Sector in the same market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SPHR | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.9% | +0.2% | 7th highest of 21 |
| 6-month return | -10.0% | -0.9% | 9th lowest of 21 |
| Distance from 52-week high | -33.9% | -24.1% | 6th lowest of 21 |
| Revenue growth (TTM) | +17.2% | +5.8% | 3rd highest of 21 |
| Operating margin | -1.5% | 15.2% | 5th lowest of 21 |
| EV / Sales | 3.4× | 2.6× | 6th most expensive of 21 |
| Growth the price implies (Req g, 7 yrs) | 7.0% | 4.1% | 6th most demanding of 18 |
| Growth delivered (Del g) | +9.8% | +8.1% | 7th highest of 18 |
| Hurdle (Req g minus delivered) | -2.8 pp | -4.3 pp | 8th most demanding of 18 |
| ROIC minus cost of capital | -12.7 pp | -0.6 pp | lowest of 21 |
| EV / EBITDA | 13.1× | 8.2× | 5th most expensive of 19 |
| Net debt / EBITDA | 1.0× | 2.9× | 7th least indebted of 21 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | EV / Sales | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Sphere Entertainment SPHR | United States | $4.31B | -10% | +17% | -2% | 3.4× | 7.0% | +9.8% |
| Lionsgate Studios LION | United States | $4.24B | +16% | -8% | 6% | 2.7× | 18.6% | -8.0% |
| Cinemark CNK | United States | $4.51B | +44% | +13% | 15% | 1.9× | 2.4% | +35.3% |
| Lumen Technologies LUMN | United States | $4.12B | -59% | -8% | -3% | 1.3× | 5.1% | -9.7% |
| Versant Media VSNT | United States | $4.59B | -18% | -4% | 18% | 1.0× | -13.9% | -5.1% |
| Turkcell Iletisim Hizmetleri A.S. Sponsored ADR TKC | United States | $4.02B | -31% | +16% | 15% | 1.0× | -12.0% | +8.1% |
| Iridium Communications IRDM | United States | $4.68B | +6% | +4% | 19% | 7.4× | 21.0% | +8.4% |
| Manchester United MANU | United States | $3.90B | +15% | +5% | -2% | 5.2× | 18.3% | +6.5% |
| PLDT, Inc. Sponsored ADR PHI | United States | $3.88B | -11% | -2% | 22% | 2.6× | -2.9% | +0.8% |
| Telecom Argentina SA Sponsored ADR TEO | United States | $4.87B | -16% | +33% | 9% | 1.2× | 4.1% | +8.4% |
| VEON Ltd. Sponsored ADR VEON | United States | $4.95B | +57% | +15% | 23% | 1.8× | -4.8% | -9.1% |
| Madison Square Garden Entertainment MSGE | United States | $3.65B | +18% | +16% | 17% | 4.1× | 5.0% | +66.9% |
| Telephone and Data Systems TDS | United States | $3.54B | -29% | -74% | -3% | 3.1× | n/a | n/a |
| Liberty Global LBTYA | United States | $3.28B | -19% | -27% | -1% | 4.2× | n/a | n/a |
| Pattern PTRN | United States | $3.24B | +15% | +44% | 1% | 1.0× | 37.8% | +36.2% |
| Atlanta Braves BATRA | United States | $3.23B | +1% | +6% | -9% | 5.3× | n/a | n/a |
| Nexstar Media NXST | United States | $5.85B | -6% | +11% | 18% | 3.0× | 5.5% | +1.9% |
| Trade Desk (The) TTD | United States | $6.11B | -44% | +12% | 20% | 1.7× | -5.8% | +28.2% |
| CarGurus CARG | United States | $3.01B | -3% | +6% | 26% | 3.1× | 2.7% | +10.5% |
| Stagwell STGW | United States | $2.89B | +80% | +8% | 5% | 1.4× | 15.5% | +26.7% |
| IHS IHS | United States | $2.85B | +2% | -10% | 33% | 3.4× | -8.3% | +2.4% |
Sphere Entertainment reported $385M of remaining performance obligations at 30 Sep 2026, down 6% from a year earlier and up 11% from the previous quarter. That is 0.3 years of trailing revenue already under contract. Book-to-bill last quarter: 1.14.