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Sphere Entertainment Co.

SPHR Communication Services Entertainment

Sphere Entertainment Co.’s revenue for fiscal 2025 (year ended December 2025) was $1.2 billion, up 18.8% from fiscal 2024.

Revenue
+4.48%
EPS
−72.9%
Free cash flow
−48.7%
Total debt
−20.5%

Quarter to September 2026, against a year earlier

113.46 4.61 +4.24%
Market cap
$4.0B
P/E
0.0×
Fwd P/E
−41.1×
Dividend yield
—
F-score
n/a
Altman Z
1.11
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 25.36%

Capital & Financial Ratios $m

Size
Market Cap 4,030.00
Revenue ttm 1,368.59
Net income ttm (145.17)
Free cash flow ttm 339.69
Net debt Q 181.45
Valuation
P/E 0.00
Forward P/E (41.10) (negative: loss-making)
Price / sales 3.01
Forward P/S Powerpack
Price / FCF 13.74
Price / book 2.09
Financial health
Current ratio Q 1.17
Debt / equity Q 0.36 (at or below 0.5: strong)
Interest coverage Q (7.41)
Growth
Revenue growth Q +4.48% (above 0%: growing)
Operating income growth Q −85.46% (below 0%: shrinking)
EPS, this year −612.16% (below 0%: weak)
EPS, next year A +24.65% (at or above 15%: strong)
Revenue, next year A +9.83%
EPS, past 5 yrs —
EPS, next 5 yrs A −1.47% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.2×, against a ten-year median of 2.2×; over the ten years it ranged from −23.3× in 2023 to 29.3× in 2023.
P/S against its own 10 years 83.58%
10-year low 10-year high
P/B against its own 10 years 92.92%
10-year low 10-year high
EV/Sales against its own 10 years 68.93%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 429 573 521 527
Receivables 139 238 196 —
Inventory — — — —
Other — — — —
624 866 810 787
2023 2024 2025 Q'26
Payables 516 417 25 36
ST’ Debt 139 858 77 —
Other — — — —
692 1,374 743 671

Compound Annual Growth %

10y 5y 3y
Sales — (3.21%) 25.99%
Cash Flow 9.71% (4.61%) 19.85%
Earnings 17.09% (28.74%) 0.00%
Book Value 0.00% 0.48% (4.74%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate −1.52 Actual −1.07

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 −1.62 −1.37 Beat by 0.25
Q4 FY25 −0.12 1.23 Beat by 1.35
Q1 FY26 −0.31 0.01 Beat by 0.32
Q2 FY26 −1.52 −1.07 Beat by 0.45
Q3 FY26 −1.79 — Reports 5 November 2026

EPS $

Sep Dec Mar Jun Year
’26 (4.84) — (0.04) (1.07) —
’25 (2.95) 1.01 (2.27) 3.39 0.74
’24 1.89 (4.91) (1.33) (1.31) (5.68)
’23 (1.30) 1.95 (1.64) 15.24 14.48
’22 (2.55) 0.07 (0.51) (3.00) (5.55)
’21 (1.18) (1.77) (3.66) (4.87) (4.89)
’20 (2.36) 3.39 (5.36) 5.26 5.20
Fiscal quarters ending in the months shown.

Revenue $m

Sep Dec Mar Jun Year
’26 274 — 386 314 —
’25 228 394 281 283 1,220
’24 118 314 321 273 1,027
’23 123 160 162 129 574
’22 295 516 353 (553) 610
’21 171 169 214 94 648
’20 178 394 182 9 1,436
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Sep Dec Mar Jun Year
’26 57 — 136 (34) —
’25 34 180 6 (59) 243
’24 (95) 46 101 (72) (20)
’23 (81) 136 138 16 154
’22 7 126 106 35 141
’21 (191) (7) (114) 55 (59)
’20 — — 134 (38) 308
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Sep Dec Mar Jun Year
’26 57 — 131 (48) —
’25 16 165 (11) (25) 240
’24 (285) (19) 82 (87) (309)
’23 (372) (155) (686) (17) (703)
’22 (140) (61) (442) (221) (664)
’21 147 (123) (460) (90) (550)
’20 — — (192) (164) (149)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue — 989 989 1,049 1,436 648 610 574 1,027 1,220 1,369 +2.7% 1,340 1,332 1,386 +4.3%
Gross margin, % — 35.77 35.77 36.06 44.95 59.40 47.50 40.36 46.65 51.64 0.00 +15.9 pt
EBT — (29) (424) (410) 252 44 (168) 275 (360) 57 (288) n/m
EBT margin, % — (2.93) 0.00 0.00 17.51 6.72 (27.49) 48.00 (35.08) 4.69 (21.05) +7.6 pt
Net income — 0 0 0 150 (167) (190) 506 0 33 (145) n/m
Per share, $
Per share, $ Revenue — 0.00 41.22 43.72 41.19 19.00 17.81 16.56 29.09 33.83 37.67 n/m
Earnings — (4.52) 0.29 (0.35) 5.21 (4.89) (5.55) 14.59 (5.68) 0.93 (4.33) n/m
Cash flow — 4.01 0.00 0.00 8.84 (1.72) 4.13 4.43 (0.56) 6.75 9.35 +6.7%
Capex — 0.00 0.00 0.00 (13.12) (14.41) (23.51) (24.73) (8.21) (0.10) 0.00 n/m
Free cash flow — 4.01 0.00 0.00 (4.28) (16.13) (19.38) (20.30) (8.76) 6.65 9.35 +6.5%
Book value — 0.00 0.00 0.00 82.27 63.98 57.67 74.57 0.00 61.92 54.41 n/m
Shares, m — 24 24 24 35 34 34 35 35 36 36 +5.2%
Valuation, ×
Valuation, × P/E — 0.00 0.00 0.00 36.33 0.00 0.00 1.90 0.00 130.25 0.00 18.7
P/S — 0.00 0.00 0.00 1.08 2.02 1.35 1.65 1.20 2.81 3.01 1.1
P/B — 0.35 0.35 0.35 0.29 0.60 0.42 0.37 0.51 1.54 2.09 0.5
EV/Sales — 0.00 0.00 0.00 (0.51) 2.31 2.72 3.10 1.99 3.08 3.19 1.4
EV/FCF — 0.35 0.35 0.35 1.05 (2.84) (1.92) (1.45) (6.59) 15.65 14.55 0.5
Cash, $m
Cash, $m Operating cash flow — 96 142 78 308 (59) 141 154 (20) 243 340 +12.3%
Capex — (42) (187) (208) (457) (491) (805) (857) (290) (4) (40) (26.4%)
Free cash flow — 96 (45) (130) (149) (550) (664) (703) (309) 240 340 +12.1%
Balance, $m
Balance, $m Working capital — — 873 80 917 1,143 258 (68) (611) 67 116 (30.7%)
Net debt — — (1,152) (1,127) (1,210) 188 235 828 847 323 181 n/m
Shareholders’ equity — — 2,586 2,586 2,868 2,180 1,975 2,584 2,201 2,233 1,977 (2.1%)
Returns, %
Returns, % ROA — 0.00 (0.50) 10.70 5.16 (3.28) (3.60) 9.58 0.00 0.77 0.00 +0.8 pt
ROIC — 0.00 (18.47) 0.00 8.86 1.70 (4.69) (5.00) 0.00 (5.61) (7.69) (5.6) pt
ROE — 0.00 0.00 13.32 12.07 (5.87) (9.36) 22.06 0.00 1.51 0.00 +1.5 pt
People
People Employees — — — 11,300 7,600 5,800 10,900 1,100 3,100 3,300 — (18.5%)
Revenue/emp, $m — 0.00 0.00 0.09 0.19 0.11 0.06 0.52 0.33 0.37 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Sphere Entertainment Co. vs peers in Entertainment (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
CNK Cinemark Holdings Inc $4.6B 15.9× 14.8× +23.51% (above 0%: growing) +151.81% (above 0%: growing) +80.31% (above 0%: growing) 41.30% 19.51% Compare
VSNT Versant Media Group, Inc. $4.6B 7.8× 7.5× −4.15% (below 0%: shrinking) −83.80% (below 0%: shrinking) −19.47% (below 0%: shrinking) 44.86% 6.90% Compare
SPHR Sphere Entertainment Co. $4.0B — (loss-making) — (loss-making) +4.48% (above 0%: growing) n/m −48.68% (below 0%: shrinking) 0.00% (87.72%)
MANU Manchester United Ltd. $3.9B — (loss-making) — (loss-making) −3.71% (below 0%: shrinking) n/m +47.29% (above 0%: growing) 100.00% (9.47%) Compare
LION Lionsgate Studios Corp. $3.7B — (loss-making) 5.7× +47.67% (above 0%: growing) n/m +248.41% (above 0%: growing) 100.00% 3.30% Compare
MSGE Madison Square Garden Entertainment Corp. $3.6B 54.2× 33.4× +27.37% (above 0%: growing) n/m +33.34% (above 0%: growing) 38.63% (4.40%) Compare
BATRK Atlanta Braves Holdings, Inc. $3.2B — (loss-making) — (loss-making) +8.59% (above 0%: growing) n/m −417.66% (below 0%: shrinking) 18.43% 0.00% Compare
BATRA Atlanta Braves Holdings, Inc. $3.2B — (loss-making) — +4.20% (above 0%: growing) −68.75% (below 0%: shrinking) +33.76% (above 0%: growing) 0.00% 2.67% Compare
AMC AMC Entertainment Holdings, Inc. $2.8B — (loss-making) — (loss-making) +31.60% (above 0%: growing) n/m +319.93% (above 0%: growing) 0.00% 14.53% Compare
Median of peers $3.7B 15.9× 11.2× +16.05% −68.75% +40.53% 39.96% 2.99%

All 48 Entertainment stocks →

Pay and ownership Proxy statement filed 28 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 14.28m 215.58m 274.58
2024 18.00m 27.63m 116.44
2023 16.31m 12.08m 79.10
2022 19.24m 9.27m 70.16
2021 8.32m (741.45k) 111.96
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

Sphere Entertainment Co. (SPHR) Latest News

5 Nov

Impact 3 · · GuruFocus.com
Impact 3 · · The Motley Fool transcript
Impact 3 · · Business Wire

27 Oct

Impact 3 · · Zacks

20 Oct

Impact 3 · · StockStory

8 Oct

Impact 3 · · Simply Wall St.

5 Oct

Impact 4 · · Stocktwits
Impact 4 · · StockStory
Impact 3 · · TIKR

25 Sep

Impact 3 · · Business Wire

23 Sep

Impact 4 · · InvestorsHub
Impact 4 · · Business Wire

22 Sep

Impact 3 · · StockStory

2 Sep

Impact 4 ·

31 Aug

Impact 3 ·

12 Aug

Impact 4 ·

6 Aug

Impact 3 ·

31 Jul

Impact 3 · · MarketBeat transcript
Impact 3 ·

30 Jul

Impact 4 ·
Impact 4 ·
Impact 3 ·
Impact 3 ·
Impact 3 ·
Impact 3 ·
Impact 3 ·

29 Jul

Impact 4 ·

28 Jul

Impact 4 ·

26 Jun

Impact 3 ·

18 Jun

Impact 4 ·

SPHR metrics, ten years each

stockrow.com/SPHR · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com