Sphere Entertainment Co. (SPHR)
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.
- Ticker
- SPHR
- Exchange
- NYSE
- Sector
- Communication Services
- Industry
- Entertainment
- Market cap
- $4.35B
- 52-week range
- $71.27 - $181.63
Valuation
- Share price
- $120.02 (close of Nov 6, 2026)
- P/E (TTM)
- -34.69x
- Price to book
- 2.20x
- Price to free cash flow
- 16.64x
- Enterprise value
- $4.73B
- Book value per share
- $54.49
Price performance
| Period | Change |
|---|---|
| 1 day | +6.85% |
| 5 days | +9.97% |
| 1 month | +13.89% |
| 3 months | -22.18% |
| 6 months | -16.62% |
| Year to date | +26.23% |
| 1 year | +64.25% |
| 3 years | +264.03% |
| 5 years | +227.12% |
| All time | +193.58% |
Short interest
- As of
- Oct 15, 2026
- Short % of float
- 36.46%
- Shares short
- 7.40M
- Days to cover
- 5.43
- Change since prior report
- +5.77%
- Source
- FINRA consolidated short interest
Members of Congress who disclosed SPHR trades
Gilbert Ray Cisneros · Jonathan Jackson
Super investors holding SPHR
John Rogers (Ariel Investments LLC) · Polen Capital Mgmt (Polen Capital Management LLC)
Profitability and growth
- Return on equity
- 1.50%
- Return on invested capital
- -7.19%
- Return on assets
- 0.79%
- Return on capital employed
- -6.62%
- Net margin
- 2.74%
- EBITDA margin
- 8.77%
Cash flow and balance sheet
- Free cash flow yield (TTM)
- 6.01%
- Current ratio
- 1.17x
- Net debt to EBITDA
- 4.78x
Latest reported year
- Period end
- Dec 31, 2025
- Fiscal year
- 2025
- Revenue
- $1.22B
- EBITDA
- $106.85M
- Net income
- $33.41M
- Earnings per share
- $0.93
- Shares outstanding
- 36.07M
Income statement by year
| Period end | Revenue | Gross profit | Net income | EPS |
|---|---|---|---|---|
| 2025-12-31 | $1.22B | - | $33.41M | $0.93 |
| 2024-06-30 | $1.02B | - | -$200.65M | -$5.68 |
| 2023-06-30 | $571.22M | - | $502.77M | $14.51 |
| 2022-06-30 | $610.05M | -$399.19M | -$194.40M | -$5.77 |
| 2021-06-30 | $789.89M | - | -$148.15M | -$4.60 |
| 2020-06-30 | $1.44B | - | $181.73M | $5.21 |
| 2019-06-30 | $1.05B | - | -$8.22M | -$0.35 |
| 2018-06-30 | $988.99M | - | $6.90M | $0.29 |
| 2017-06-30 | $711.02M | - | -$108.55M | - |
| 2016-06-30 | $1.12B | - | -$77.29M | - |
Margins and returns by year
| Period end | Gross margin | Net margin | Return on equity | Return on capital |
|---|---|---|---|---|
| 2025-12-31 | - | 2.74% | 1.50% | -7.19% |
| 2024-06-30 | - | -19.60% | -8.31% | -5.23% |
| 2023-06-30 | - | 88.02% | 19.46% | -6.99% |
| 2022-06-30 | -65.44% | -31.87% | -9.84% | -4.44% |
| 2021-06-30 | - | -18.76% | -6.79% | -4.49% |
| 2020-06-30 | - | 12.66% | 7.90% | 5.21% |
| 2019-06-30 | - | -0.78% | -0.38% | -2.07% |
| 2018-06-30 | - | 0.70% | 0.28% | -0.60% |
| 2017-06-30 | - | -15.27% | - | - |
| 2016-06-30 | - | -6.93% | - | - |
Cash and debt by year
| Period end | Cash | Debt |
|---|---|---|
| 2025-12-31 | $521.26M | $767.44M |
| 2024-06-30 | $573.23M | $522.74M |
| 2023-06-30 | $131.97M | $1.12B |
| 2022-06-30 | $747.31M | $929.53M |
| 2021-06-30 | $1.52B | $1.65B |
| 2020-06-30 | $1.24B | $28.13M |
| 2019-06-30 | $1.19B | $48.56M |
| 2018-06-30 | $1.23B | - |
| 2017-06-30 | $1.24B | - |
| 2016-06-30 | $1.44B | - |
Free cash flow by year
| Period end | Free cash flow | Stock-based compensation |
|---|---|---|
| 2025-12-31 | $191.00M | $59.01M |
| 2024-06-30 | -$284.36M | $48.01M |
| 2023-06-30 | $153.59M | $62.66M |
| 2022-06-30 | -$615.38M | $77.14M |
| 2021-06-30 | -$514.70M | $70.58M |
| 2020-06-30 | -$147.12M | $61.42M |
| 2019-06-30 | -$82.60M | $35.40M |
| 2018-06-30 | -$42.98M | $27.29M |
| 2017-06-30 | $54.48M | $22.18M |
| 2016-06-30 | $125.78M | $24.48M |
Investor relations
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|---|---|
| 2026-11-05 | Sep 2026 | -$1.79 |
| 2026-07-30 | Jun 2026 | -$1.52 |
| 2026-05-05 | Mar 2026 | -$0.31 |
| 2025-11-04 | Sep 2025 | -$1.62 |
| 2025-08-11 | Jun 2025 | -$1.57 |
| 2025-05-08 | Mar 2025 | -$2.48 |
| 2025-03-03 | Dec 2024 | -$2.15 |
| 2024-11-12 | Sep 2024 | -$3.32 |
Filings and sources
- Company website
- sphereentertainmentco.com
- SEC filings
- 10-K, 10-Q and 8-K on EDGAR
- Earnings calendar
- All upcoming reports
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Understanding these figures
Price-to-earnings ratio · Short interest · Discounted cash flow · Free cash flow · Earnings per share · Return on equity · Gross margin vs net margin · Reading a balance sheet · Debt and leverage · Dividend yield · Insider transactions and Form 4 · How to read a stock chart
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