Is Sphere Entertainment (SPHR) overvalued or fairly valued?

MarketChacha shows Sphere Entertainment's valuation in context — a forward P/E of about -39.8, a price-to-book of about 1.8 — alongside its revenue and profit growth and whether reported profit converts into operating cash, so you can judge value for yourself. MarketChacha does not issue ratings, price targets, or buy/sell advice.

Does Sphere Entertainment's reported profit turn into cash?

Over 3 years, operating cash flow fully covered reported profit — earnings are backed by real cash. MarketChacha computes this cash-conversion check (1.12×) from reported figures — education, not a rating.

What is Sphere Entertainment's revenue?

Sphere Entertainment reported revenue of $1.2B for FY2025, with net profit of $33.4M, per official filings.

What is the share price of Sphere Entertainment (SPHR)?

Sphere Entertainment last traded at $112.84 (+9.7% on the day), as of 10/20/2026 — a delayed quote shown for education, not investment advice.

Sphere Entertainment

SPHR · NYSE · Communication Services · United States

Snapshot

TickerSPHR

ExchangeNYSE

SectorCommunication Services

IndustryEntertainment

CountryUnited States

Employees1,100

HeadquartersNew York, United States

Websitewww.sphereentertainmentco.com

Filings tracked16

About Sphere Entertainment

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.

Who owns it

Insiders6.7%
Institutions93.3%
Public & other0.0%

530 institutional holders

Ownership breakdown from public market data.

Top holders

Blackrock Inc.14.05%
Jericho Capital Asset Management, LP8.97%
Morgan Stanley8.52%
Ariel Investments, LLC5.73%
Vanguard Portfolio Management LLC5.22%
Sands Capital Management, LLC4.68%
Vanguard Capital Management LLC4.08%
State Street Corporation3.72%

Largest institutional holders — last updated 6/30/2026.

Forensic scorecard

Latest ROE of 1.5% is on the low side — the business earns a modest return on shareholder capital.

Cash conversion1.12×

Over 3 years, operating cash flow fully covered reported profit — earnings are backed by real cash.

Net margin trend-19.6% → 2.7%

Margin has expanded by about 22.3 points — the business is getting more profitable.

Return on equity1.5%

Latest ROE of 1.5% is on the low side — the business earns a modest return on shareholder capital.

Growth qualityrev 46% · PAT -74%

Profit growth is broadly tracking revenue growth — the earnings trend looks operational rather than one-off.

One-off items1 of last 3 yrs

Recent reported profit includes sizeable one-off / non-operating items — the underlying operating trend may differ from the headline.

Computed by MarketChacha from reported figures (SEC XBRL). Education, not a rating or recommendation.

What's expected next

Next quarter

Rev $375.9M · EPS 0.21

Est. earnings growth -86.2%

Next fiscal year

Rev $1.4B · EPS -2.84

Est. earnings growth -16.7%

Analyst consensus estimates — not the company's own guidance.

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Financials at a glance

Source: SEC XBRL

Annual

Quarterly · last 8

Revenue (FY2025)

$1.2B

Net margin

2.7%

ROE

1.5%

Revenue CAGR (2y)

+46.0%

Profit CAGR (2y)

-74.2%

EPS (FY2025)

0.74

Net profit (FY2025)

$33.4M

Ask MarketChacha about SPHR

Get a cited, plain-English answer — the “why”, not just data. Finance research only, never buy/sell advice.

Financials

Yearly

Period	Revenue	Net profit	EPS	Net margin	ROE
FY2025	$1.2B	$33.4M	0.74	2.7%	1.5%
FY2024	$1.0B	$-200.6M	-5.68	-19.6%	-8.3%
FY2023	$571.2M	$502.8M*	14.40	—	19.5%

* Net profit includes one-off / non-operating items (e.g. a settlement or accounting gain), so it doesn’t reflect operating performance — net margin is hidden for that period.

Quarterly

Period	Revenue	Net profit	EPS	Net margin
2026Q2	$313.2M	$-38.3M	-1.07	-12.2%
2026Q1	$386.0M	$4.5M	-0.04	1.2%
2025Q3	$262.1M	$-101.2M	-2.80	-38.6%
2025Q2	$282.2M	$151.8M	3.39	53.8%
2025Q1	$280.1M	$-82.0M	-2.27	-29.3%
2024Q3	$227.1M	$-105.3M	-2.95	-46.4%
2024Q2	$272.6M	$-46.6M	-1.31	-17.1%
2024Q1	$320.6M	$-47.2M	-1.33	-14.7%
2023Q4	$313.4M	$-173.2M	-4.91	-55.3%
2023Q3	$117.3M	$66.4M	1.89	56.6%
2023Q2	$129.1M	$536.8M*	—	—
2023Q1	$161.4M	$-56.8M	-1.64	-35.2%

* Net profit includes one-off / non-operating items (e.g. a settlement or accounting gain), so it doesn’t reflect operating performance — net margin is hidden for that period.

Figures as reported, in reporting currency. Source: SEC XBRL.

Filings & announcements

2026

10-Q filing
SEC7/30/2026
8-K — Results of operations, Exhibits
SEC7/30/2026material
8-K — Shareholder vote results
SEC6/12/2026material
8-K — Results of operations, Exhibits
SEC5/5/2026material
10-Q filing
SEC5/5/2026
8-K — Results of operations, Exhibits
SEC2/12/2026material
10-K filing
SEC2/12/2026
8-K — Material agreement, Material financial obligation, Exhibits
SEC2/3/2026material

2025

8-K — Executive/director change, Exhibits
SEC11/21/2025material
8-K — Results of operations, Exhibits
SEC11/4/2025material
10-Q filing
SEC11/4/2025
8-K — Executive/director change
SEC9/26/2025material
8-K — Executive/director change
SEC9/8/2025material
8-K — Results of operations, Exhibits
SEC8/11/2025material
10-Q filing
SEC8/11/2025
8-K — Reg FD disclosure
SEC7/28/2025material

In the news

Education and discussion only — not investment advice. Financials from official filings (SEC/BSE) and reported company statements; market figures (delayed market data) are delayed and shown for reference only. Verify with the linked sources before acting.