Sphere Entertainment (SPHR) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Sphere Entertainment

NYSE•Communication Services•Entertainment

$144.43+0.31(<0.01%)Pre-market

Market Cap

$5.25B

P/S

3.7x

P/B

2.4x

Sphere Entertainment Co. operates as a live entertainment and media company in the United States. It operates through two segments, Sphere and MSG Networks. The Sphere segment offers entertainment medium powered by technologies to create multi-sensory experiences. The MSG Networks segment provides regional sports and entertainment networks; direct-to-consumer and authenticated streaming products, as well as sports content, including live local games and other programming. The company was formerly known as Madison Square Garden Entertainment Corp. and changed its name to Sphere Entertainment Co. in April 2023. Sphere Entertainment Co. was founded in 2006 and is based in New York, New York.

How this company scores

GoodMetricSide Score: 67/100

Strongest: Growth (23/25); weakest: Cash & Earnings Quality (12/25).

Profitability14/25

Growth23/25

Balance Sheet & Red Flags18/25

Cash & Earnings Quality12/25

Strengths

Growing revenueLong cash runwayRising earningsLow leverage

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 26.7x5y range 1.9x – 104.7x

Currently above its 6-quarter median.

P/S · 3.7x5y range 0.4x – 5.8x

Currently above its 18-quarter median.

P/B · 2.4x5y range 0.4x – 2.4x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Margin Pressure

Red Flag

Operating margins dropped 177.9% over recent quarters — a sharp decline suggesting serious cost or pricing challenges.

Earnings Quality

Watch

FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.

Price & Volume

Market Cap $5.25B

Metrics at a Glance

as of June 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $1.41B
Q. Revenue: $313.20M
TTM EBITDA: $221.10M
TTM Op. Income: $-115.85M
Q. Op. Income: $-61.26M
TTM Net Income: $-46.99M
Q. Net Income: $-38.33M
EPS: $-1.07
Shares Out.: $36.15M

$1.41B in TTM revenue grew 27.7% YoY, reaching $313.20M last quarter. TTM EBITDA of $221.10M and TTM operating income of $-115.85M show growth is flowing through to the bottom line. However, net income is negative at $46.99M — growth is not yet reaching the bottom line. Across the last 8 quarters, TTM revenue has risen for 3 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 55.6%
EBITDA Margin: 7.4%
Op. Margin: -19.6%
Net Margin: -12.2%

Op. margin of -19.6% is down 1.8% YoY — costs are rising relative to revenue. Net margin at -12.2% and gross margin of 55.6% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has fallen for 2 consecutive quarters — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: N/A
P/S Ratio: 3.7x
P/B Ratio: 2.4x

P/S of 3.7x and P/B of 2.4x. Over the past year, P/E is up 0% — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $4.04B
Cash: $550.97M
Long-Term Debt: $722.14M
Book Value: $2.23B
D/E Ratio: 0.3
Debt/EBITDA: 31.3

With $4.04B in assets and $722.14M in long-term debt, D/E is 0.3and book value is $2.23B — a conservative capital structure with a cushion to weather downturns. Across the last 8 quarters, debt/equity has fallen for 3 consecutive quarters — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $-33.66M
TTM Free Cash Flow: $359.07M
FCF Margin: 25.5%
FCF / Net Income: -7.6

TTM FCF of $359.07M on $-33.66M in operating cash flow. The FCF / Net Income ratio of -7.6x means the business consumes cash — it is not yet self-funding. Across the last 8 quarters, free cash flow has risen for 4 consecutive quarters — an improving trend.