Sphere Entertainment (SPHR)
Market Price (9/6/2026): $142.49 | Market Cap: $5.2 BilSector: Communication Services | Industry: Movies & Entertainment
Sphere Entertainment (SPHR)
Market Price (9/6/2026): $142.49Market Cap: $5.2 BilSector: Communication ServicesIndustry: Movies & Entertainment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 27% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 29%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 26% Attractive yieldFCF Yield is 7.0% Megatrend and thematic driversMegatrends include Experience Economy & Premiumization. Themes include Experiential Retail, and Travel & Leisure Tech. | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 18% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -77 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -5.7% Stock price has recently run up significantly12M Rtn12 month market price return is 191% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.7% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 27% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 29%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 26% |
| Attractive yieldFCF Yield is 7.0% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization. Themes include Experiential Retail, and Travel & Leisure Tech. |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 18% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -77 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -5.7% |
| Stock price has recently run up significantly12M Rtn12 month market price return is 191% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -5.7% |
Qualitative Assessment
AI Analysis | Feedback
Sphere Entertainment (SPHR) stock has gained about 5% since 5/31/2026 because of the following key factors:
1. Continued strength in the Sphere segment, particularly in fiscal Q2 2026, provided underlying support. Sphere Entertainment reported better-than-expected fiscal Q2 2026 (ended June 30, 2026) results on July 30, 2026, with an adjusted EPS loss of -$1.07, surpassing analyst estimates of a -$1.51 loss. Revenue for the quarter reached $313.6 million, exceeding expectations and representing an 11% increase year-over-year. The Sphere segment was a primary driver, with its revenue growing by 29% to $226.4 million. By mid-June 2026, "The Wizard of Oz at Sphere" had already surpassed $400 million in ticket sales. This strong operational performance in its core immersive entertainment business likely counteracted potential downward pressures.
2. Strategic global expansion plans and new content announcements maintained long-term investor interest. In May, Sphere Entertainment announced Yas Island in Abu Dhabi as the location for Sphere Abu Dhabi, with completion anticipated by the end of 2029. The company also continued discussions for additional Sphere venues globally, including National Harbor, and announced "The Rocky Horror Picture Show at Sphere" is expected to open in 2027. Furthermore, in July, a new five-year partnership agreement with Formula 1 Las Vegas Grand Prix was announced, extending through 2030. These forward-looking initiatives and content pipeline news provided a counterbalance to current financial metrics, suggesting future growth potential.
Show more
Sphere Entertainment (SPHR) stock has gained about 5% since 5/31/2026 because of the following key factors:
1. Continued strength in the Sphere segment, particularly in fiscal Q2 2026, provided underlying support. Sphere Entertainment reported better-than-expected fiscal Q2 2026 (ended June 30, 2026) results on July 30, 2026, with an adjusted EPS loss of -$1.07, surpassing analyst estimates of a -$1.51 loss. Revenue for the quarter reached $313.6 million, exceeding expectations and representing an 11% increase year-over-year. The Sphere segment was a primary driver, with its revenue growing by 29% to $226.4 million. By mid-June 2026, "The Wizard of Oz at Sphere" had already surpassed $400 million in ticket sales. This strong operational performance in its core immersive entertainment business likely counteracted potential downward pressures.
2. Strategic global expansion plans and new content announcements maintained long-term investor interest. In May, Sphere Entertainment announced Yas Island in Abu Dhabi as the location for Sphere Abu Dhabi, with completion anticipated by the end of 2029. The company also continued discussions for additional Sphere venues globally, including National Harbor, and announced "The Rocky Horror Picture Show at Sphere" is expected to open in 2027. Furthermore, in July, a new five-year partnership agreement with Formula 1 Las Vegas Grand Prix was announced, extending through 2030. These forward-looking initiatives and content pipeline news provided a counterbalance to current financial metrics, suggesting future growth potential.
3. Persistent underperformance of the MSG Networks segment and overall operating losses tempered enthusiasm. While the Sphere segment showed robust growth, the MSG Networks segment continued to be a drag on overall performance, with its revenue decreasing by 18% to $87.3 million in fiscal Q2 2026 compared to the prior year quarter. This decline was primarily attributed to lower subscribers and weaker advertising revenue. The company also reported an overall operating loss of $61.3 million for fiscal Q2 2026, an increase of 22% compared to the prior year. These factors likely offset some of the positive momentum from the Sphere segment, leading to overall stock stability rather than significant upward movement.
4. Positive analyst sentiment and elevated price targets provided a floor against downward pressure. Throughout the period, Wall Street analysts largely maintained a "Moderate Buy" or "Strong Buy" consensus rating for SPHR. The average analyst price target ranged from $164.93 to $178.77, suggesting a significant upside from its trading levels during this period. For instance, Guggenheim raised its price target to $208 from $193 on September 2, 2026, while Citizens reiterated a Market Outperform rating and a $200 price target on September 1, 2026. This sustained analyst confidence likely helped to stabilize the stock.
5. Concerns regarding valuation likely limited sustained upward momentum. Despite positive developments, some valuation metrics suggested the stock might be trading above its intrinsic value. As of September 1, 2026, GuruFocus' GF Value™ indicated that SPHR was trading at $134.59 per share, which was 77.4% above its intrinsic value estimate of $75.85, categorizing it as "Significantly Overvalued." This perceived overvaluation, especially for a company still reporting operating losses, could have capped the stock's appreciation, contributing to its trend of remaining largely at the same level.
Show less
Stock Movement Drivers
Fundamental Drivers
The 2.8% change in SPHR stock from 5/31/2026 to 9/5/2026 was primarily driven by a 2.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 5312026 | 9052026 | Change |
|---|---|---|---|
| Stock Price ($) | 138.48 | 142.42 | 2.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,326 | 1,357 | 2.3% |
| P/S Multiple | 3.7 | 3.8 | 1.3% |
| Shares Outstanding (Mil) | 36 | 36 | -0.8% |
| Cumulative Contribution | 2.8% |
Market Drivers
5/31/2026 to 9/5/2026| Return | Correlation | |
|---|---|---|
| SPHR | 2.8% | |
| Market (SPY) | 1.8% | 31.6% |
| Sector (XLC) | -3.2% | 14.8% |
Fundamental Drivers
The 19.7% change in SPHR stock from 2/28/2026 to 9/5/2026 was primarily driven by a 11.2% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282026 | 9052026 | Change |
|---|---|---|---|
| Stock Price ($) | 119.01 | 142.42 | 19.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,220 | 1,357 | 11.2% |
| P/S Multiple | 3.5 | 3.8 | 9.0% |
| Shares Outstanding (Mil) | 36 | 36 | -1.3% |
| Cumulative Contribution | 19.7% |
Market Drivers
2/28/2026 to 9/5/2026| Return | Correlation | |
|---|---|---|
| SPHR | 19.7% | |
| Market (SPY) | 12.6% | 47.0% |
| Sector (XLC) | -4.8% | 30.6% |
Fundamental Drivers
The 214.3% change in SPHR stock from 8/31/2025 to 9/5/2026 was primarily driven by a 145.7% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9052026 | Change |
|---|---|---|---|
| Stock Price ($) | 45.31 | 142.42 | 214.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,065 | 1,357 | 27.5% |
| P/S Multiple | 1.5 | 3.8 | 145.7% |
| Shares Outstanding (Mil) | 36 | 36 | 0.4% |
| Cumulative Contribution | 214.3% |
Market Drivers
8/31/2025 to 9/5/2026| Return | Correlation | |
|---|---|---|
| SPHR | 214.3% | |
| Market (SPY) | 20.4% | 32.4% |
| Sector (XLC) | 1.6% | 24.8% |
Fundamental Drivers
The 306.2% change in SPHR stock from 8/31/2023 to 9/5/2026 was primarily driven by a 136.5% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 8312023 | 9052026 | Change |
|---|---|---|---|
| Stock Price ($) | 35.06 | 142.42 | 306.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 574 | 1,357 | 136.5% |
| P/S Multiple | 2.1 | 3.8 | 78.5% |
| Shares Outstanding (Mil) | 35 | 36 | -3.8% |
| Cumulative Contribution | 306.2% |
Market Drivers
8/31/2023 to 9/5/2026| Return | Correlation | |
|---|---|---|
| SPHR | 306.2% | |
| Market (SPY) | 77.1% | 44.8% |
| Sector (XLC) | 70.6% | 37.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SPHR Return | -33% | -36% | -24% | 19% | 136% | 50% | 36% |
| Peers Return | 10% | -15% | -17% | 37% | 29% | 4% | 43% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| SPHR Win Rate | 33% | 42% | 50% | 42% | 75% | 56% | |
| Peers Win Rate | 44% | 17% | 33% | 58% | 56% | 51% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| SPHR Max Drawdown | -48% | -52% | -65% | -36% | -50% | -24% | |
| Peers Max Drawdown | -30% | -21% | -41% | -22% | -25% | -21% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MSGE, LYV, FOXA, PARA, SBGI.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/4/2026 (YTD)
How Low Can It Go
| Event | SPHR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -49.3% | -18.8% |
| % Gain to Breakeven | 97.4% | 23.1% |
| Time to Breakeven | 135 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -27.3% | -9.5% |
| % Gain to Breakeven | 37.5% | 10.5% |
| Time to Breakeven | 64 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -64.2% | -6.7% |
| % Gain to Breakeven | 179.2% | 7.1% |
| Time to Breakeven | 853 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -41.2% | -24.5% |
| % Gain to Breakeven | 69.9% | 32.4% |
| Time to Breakeven | 1134 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -27.4% | -33.7% |
| % Gain to Breakeven | 37.8% | 50.9% |
| Time to Breakeven | 251 days | 140 days |
In The Past
Sphere Entertainment's stock fell -49.3% during the 2025 US Tariff Shock. Such a loss loss requires a 97.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | SPHR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -49.3% | -18.8% |
| % Gain to Breakeven | 97.4% | 23.1% |
| Time to Breakeven | 135 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -27.3% | -9.5% |
| % Gain to Breakeven | 37.5% | 10.5% |
| Time to Breakeven | 64 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -64.2% | -6.7% |
| % Gain to Breakeven | 179.2% | 7.1% |
| Time to Breakeven | 853 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -41.2% | -24.5% |
| % Gain to Breakeven | 69.9% | 32.4% |
| Time to Breakeven | 1134 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -27.4% | -33.7% |
| % Gain to Breakeven | 37.8% | 50.9% |
| Time to Breakeven | 251 days | 140 days |
In The Past
Sphere Entertainment's stock fell -49.3% during the 2025 US Tariff Shock. Such a loss loss requires a 97.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Sphere Entertainment (SPHR)
Sphere Entertainment (SPHR) is a diversified entertainment company renowned for its portfolio of iconic live entertainment venues and events. The company produces, presents, and hosts a wide array of live performances, including concerts, family shows, and special events, alongside various sporting events such as professional boxing, college basketball, and mixed martial arts. Its esteemed venues include Madison Square Garden, Radio City Music Hall, the Beacon Theatre, and The Chicago Theatre. A signature offering is the Radio City Rockettes, starring in the popular Christmas Spectacular at Radio City Music Hall, attracting a broad audience seeking premier live entertainment experiences.
Complementing its venue-based entertainment, Sphere Entertainment operates a significant global entertainment dining and nightlife business. This segment encompasses 61 venues across 23 markets on five continents, featuring prominent brands like Tao, Marquee, Lavo, Beauty & Essex, Cathédrale, Hakkasan, and Omnia. These establishments cater to an upscale clientele seeking premium dining, clubbing, and hospitality experiences. The company also manages New England's premier music festival, further broadening its footprint within the live event and hospitality sectors.
AI Analysis | Feedback
AI Analysis | Feedback
AI Analysis | Feedback
AI Analysis | Feedback
- Live Nation Entertainment (NYSE: LYV)
- Sysco Corp (NYSE: SYY)
AI Analysis | Feedback
James L. Dolan, Executive Chairman and Chief Executive Officer
James L. Dolan is the Executive Chairman and Chief Executive Officer of Sphere Entertainment Co.. He is also recognized as the founder of Sphere Entertainment. Prior to his current role, he served as the CEO of Madison Square Garden Entertainment, which subsequently spun off Sphere Entertainment. The Dolan family maintains control over Sphere Entertainment.
Robert Langer, Executive Vice President, Chief Financial Officer and Treasurer
Robert Langer has served as Executive Vice President, Chief Financial Officer and Treasurer of Sphere Entertainment Co. since January 2025. Before joining Sphere Entertainment, he spent 25 years at The Walt Disney Company (1999–2024), where his most recent position was Global Leader of Enterprise-Wide Financial Planning and Corporate Strategy. In this role, his responsibilities included overseeing key finance processes, forecasts, annual budgets, long-range plans, and directing the corporate strategy group, which involved M&A activities and exploring strategic alternatives. Earlier in his career, he worked at Boston Consulting Group.
Jennifer Koester, President and Chief Operating Officer of Sphere
Jennifer Koester is the President and Chief Operating Officer of Sphere.
Laura Franco, Executive Vice President and General Counsel
Laura Franco holds the position of Executive Vice President and General Counsel.
Glenn Derry, Executive Vice President, MSG Ventures
Glenn Derry is the Executive Vice President of MSG Ventures. He is an Academy Award-winning technologist with over 30 years of experience in entertainment technology. In his role, Mr. Derry oversees various technology initiatives within MSG Ventures, a subsidiary of Sphere Entertainment focused on developing advanced technologies for live entertainment, including Sphere Studios and the broader Sphere platform.
AI Analysis | Feedback
AI Analysis | Feedback
AI Analysis | Feedback
Sphere Entertainment Co. (SPHR) primarily operates in two distinct segments: its state-of-the-art Sphere venue, which focuses on immersive live entertainment and digital out-of-home advertising, and MSG Networks, dedicated to regional sports and entertainment broadcasting. The addressable markets for these main products and services are substantial and growing globally.
Sphere Segment (Immersive Live Entertainment and Digital Out-of-Home Advertising)
- Live Entertainment Market: The global live entertainment market is projected to grow from USD 202.90 billion in 2025 to USD 270.29 billion by 2030, demonstrating a Compound Annual Growth Rate (CAGR) of 5.9%. This growth is significantly driven by an increasing preference for immersive and experiential live entertainment.
- Immersive Entertainment Market: The global immersive entertainment market was valued at USD 92.61 billion in 2023 and is anticipated to reach USD 661.10 billion by 2032, expanding at a robust CAGR of 24.5% during the 2024-2032 forecast period. North America held the largest revenue share in the global immersive entertainment industry in 2025, accounting for 44% of the market. The U.S. immersive entertainment market alone was valued at USD 26.57 billion in 2023 and is expected to grow to USD 168.25 billion by 2032.
- Digital Out-of-Home (DOOH) Advertising Market: The global digital out-of-home advertising market size was estimated at USD 28,254.5 million in 2024 and is projected to reach USD 42,484.3 million by 2031, with a CAGR of 6.00% from 2024. North America represents a significant portion of this market, holding more than 40% of the global revenue with a market size of USD 11,301.80 million in 2024, and is expected to grow at a CAGR of 4.2% from 2024 to 2031. Another estimate values the global DOOH market at approximately USD 21.94 billion in 2024, with a projection to reach USD 81.46 billion by 2034.
- Immersive Content Creation Market: The global immersive content creation market, vital for generating experiences within the Sphere, was estimated at USD 15,681.0 million in 2024 and is projected to grow to USD 56,267.1 million by 2030, exhibiting a CAGR of 24.5% from 2025 to 2030. North America dominated this market in 2024, holding over 32% of the revenue share.
MSG Networks Segment (Regional Sports and Entertainment Networks, Direct-to-Consumer Streaming)
- Virtual Event Platform Market: Given the direct-to-consumer streaming aspect of MSG Networks, the global virtual event platform market, which encompasses online events and content delivery, is a relevant addressable market. This market is valued at USD 15.99 billion in 2025 and is predicted to grow to approximately USD 41.12 billion by 2035, with a CAGR of 9.91% from 2026 to 2035. North America accounted for over 38% of this market share in 2025.
- Digital Content Creation Market: More broadly, the digital content creation market, which includes the development and dissemination of digital media across various formats for platforms like streaming services, was valued at USD 32.28 billion globally in 2024 and is projected to reach USD 69.80 billion by 2033, with a CAGR of 13.9% from 2025 to 2033. North America is set to remain the dominant player in this global market, with a projected market value of approximately USD 9.62 billion in 2025, representing around 45.4% of the global share.
AI Analysis | Feedback
Sphere Entertainment (SPHR) is expected to drive future revenue growth over the next 2-3 years through several key initiatives primarily centered around its unique Sphere venue and its strategic expansion.
-
Increased Content and Event Programming at the Las Vegas Sphere: A primary driver of revenue growth for Sphere Entertainment is the continuous expansion and diversification of content and events hosted at the flagship Sphere venue in Las Vegas. Successful immersive productions, such as "The Wizard of Oz" and "Postcard from Earth," have demonstrated significant revenue-generating potential through ticket sales. The company plans to introduce new content, including "The Wizard of Oz 2.0" and "From the Edge," slated for release in late 2026. By increasing the number of shows and attracting diverse artists for concert residencies, Sphere Entertainment aims to maximize the utilization and revenue potential of the venue.
-
Global Expansion of Sphere Venues, Including Smaller-Scale Models: Sphere Entertainment is actively pursuing a strategy of global expansion, which is anticipated to be a significant long-term revenue driver. The company has announced plans for a second U.S. Sphere in National Harbor, Maryland, projected to open within four years or less. Additionally, the pre-construction phase for a Sphere venue in Abu Dhabi is nearing completion, with the company actively engaged in discussions for various Sphere sizes (3,000, 6,000, and 18,000 seating capacities) in other international markets. This expansion often involves a "capital-free model," where partners fund the construction, enabling Sphere Entertainment to leverage its intellectual property for multi-venue growth.
-
Enhanced Monetization of the Exosphere and Premium Experiences: The exterior of the Las Vegas Sphere, known as the Exosphere, serves as a prominent revenue stream through advertising campaigns and sponsorship deals. Future growth is expected from maximizing the commercial potential of this unique LED-clad structure through increased advertising sales and new, high-value sponsorship agreements. Furthermore, the company can drive revenue through premium experiences and offerings within the existing Las Vegas venue.
AI Analysis | Feedback
Share Repurchases
- Sphere Entertainment repurchased 1,054,247 shares of its Class A common stock for an aggregate purchase price of $50 million in 2025, at an average price of $47.43 per share.
- The company has approximately $300 million remaining under its existing share repurchase authorization.
- Specific repurchases in 2025 include 425,219 shares for approximately $22.5 million between September 3 and September 11, and 629,028 shares for approximately $27.5 million between August 21 and August 29.
Share Issuance
- On March 11, 2026, Sphere Entertainment granted 1,273 Restricted Stock Units (RSUs) to its SVP, Controller & PAO, Christopher J. Winters, with vesting in three equal installments starting March 15, 2027.
- Executive Chairman and CEO James L. Dolan and Kristin A. Dolan each exercised 54,315 stock options on February 17, 2026, granted under the MSG Networks Inc. 2010 Employee Stock Plan, which Sphere assumed.
- An EVP was granted 7,527 RSUs by Sphere Entertainment on March 13, 2026.
Inbound Investments
- Ariel Investments, LLC reported a passive stake of 11.1% in Sphere Entertainment Co., holding 3,168,534 shares of Class A common stock as of December 31, 2025.
Outbound Investments
- In January 2023, Sphere Entertainment extended a three-year convertible loan of €18.8 million (approximately $20.5 million) to Holoplot, a Berlin-based company, which is a partner in creating the Sphere's audio system.
- The company plans global expansion of Sphere venues, including a new 6,000-seat venue in National Harbor, Maryland, supported by $200 million in public and private incentives.
- Sphere Entertainment is engaged in discussions for international market expansion, including plans for a Sphere Abu Dhabi venue.
Capital Expenditures
- Sphere Entertainment invested $289.7 million in capital expenditures in Q4 2023 for long-term assets and infrastructure.
- The development and opening of the Sphere in Las Vegas was a costly endeavor, contributing to the company's "substantial indebtedness" and "highly leveraged" status as of its 2024 10-K filing.
- The company anticipates exploring new capital investment opportunities, particularly in expanding the Sphere network, with a focus on generating positive cash flow from the Sphere to fund operations and service debt.
Peer Outperformance in Movies & Entertainment
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Wireless Telecommunication Services | 3 | -5.5% | 42.3% | 40.4% | ECHO 242% · TMUS 40% · SHEN -57% |
| Publishing | 5 | 22.7% | -5.3% | 20.1% | NWSA 41% · NYT 37% · SCHL 20% |
| Integrated Telecommunication Services | 21 | -9.1% | 13.2% | -11.0% | IQST 1369% · AD 160% · GSAT 150% |
| Movies & Entertainment ← | 23 | 4.0% | 70.9% | -15.7% | IMAX 239% · MSGS 122% · BATRA 118% |
| Alternative Carriers | 4 | 50.2% | 14.8% | -38.3% | IRDM 10% · UNIT -37% · LUMN -39% |
| Advertising | 18 | -11.4% | -14.9% | -58.9% | APP 311% · EVC 51% · OMC 34% |
| Broadcasting | 14 | -2.5% | -12.0% | -69.1% | FOXA 89% · NXST 41% · WBD 0% |
| Interactive Media & Services | 30 | -22.7% | -35.4% | -71.6% | GOOGL 138% · META 65% · EVER 24% |
| Interactive Home Entertainment | 8 | -46.2% | -61.1% | -89.0% | TTWO 34% · RBLX -48% · PINS -64% |
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 71.41 |
| Mkt Cap | 5.1 |
| Rev LTM | 2,306 |
| Op Inc LTM | 180 |
| FCF LTM | 341 |
| FCF 3Y Avg | 125 |
| CFO LTM | 375 |
| CFO 3Y Avg | 178 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 11.6% |
| Rev Chg 3Y Avg | 7.8% |
| Rev Chg Q | 10.2% |
| QoQ Delta Rev Chg LTM | 2.5% |
| Op Inc Chg LTM | -3.3% |
| Op Inc Chg 3Y Avg | 14.0% |
| Op Mgn LTM | 4.4% |
| Op Mgn 3Y Avg | 3.9% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 10.7% |
| CFO/Rev 3Y Avg | 8.5% |
| FCF/Rev LTM | 6.9% |
| FCF/Rev 3Y Avg | 3.1% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Sphere | 781 | 497 | 3 | 2 |
| Madison Square Garden (MSG) Networks | 439 | 530 | 571 | 608 |
| Total | 1,220 | 1,027 | 574 | 610 |
| $ Mil | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Madison Square Garden (MSG) Networks | 39 | 139 | 97 | 152 |
| Sphere | -268 | -480 | -370 | -318 |
| Total | -230 | -341 | -273 | -166 |
| $ Mil | 2024 | 2022 |
|---|---|---|
| Sphere | 3,679 | 4,707 |
| Madison Square Garden (MSG) Networks | 836 | 815 |
| Total | 4,515 | 5,522 |
Price Behavior
| Market Price | $142.42 | |
| Market Cap ($ Bil) | 5.1 | |
| First Trading Date | 04/09/2020 | |
| Distance from 52W High | -19.3% | |
| 50 Days | 200 Days | |
| DMA Price | $150.18 | $123.04 |
| DMA Trend | up | up |
| Distance from DMA | -5.2% | 15.7% |
| 3M | 1YR | |
| Volatility | 54.7% | 53.6% |
| Downside Capture | 200.83 | 97.45 |
| Upside Capture | 171.38 | 201.74 |
| Correlation (SPY) | 32.0% | 32.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.13 | 1.82 | 1.19 | 1.78 | 1.33 | 1.56 |
| Up Beta | 3.22 | 2.38 | 1.91 | 2.66 | 2.19 | 1.82 |
| Down Beta | 1.87 | -0.72 | -0.71 | 0.64 | 0.20 | 1.36 |
| Up Capture | 226% | 113% | 167% | 208% | 333% | 549% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 10 | 19 | 32 | 62 | 128 | 372 |
| Down Capture | 470% | 317% | 163% | 162% | 93% | 107% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 11 | 23 | 32 | 65 | 121 | 375 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SPHR | |
|---|---|---|---|---|
| SPHR | 195.3% | 53.5% | 2.20 | - |
| Sector ETF (XLC) | -0.8% | 15.3% | -0.26 | 24.1% |
| Equity (SPY) | 19.7% | 12.8% | 1.13 | 32.3% |
| Gold (GLD) | 24.6% | 29.2% | 0.75 | 13.7% |
| Commodities (DBC) | 43.8% | 20.3% | 1.67 | -20.9% |
| Real Estate (VNQ) | 9.1% | 13.6% | 0.39 | 22.5% |
| Bitcoin (BTCUSD) | -28.1% | 43.8% | -0.63 | 17.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SPHR | |
|---|---|---|---|---|
| SPHR | 33.3% | 51.8% | 0.74 | - |
| Sector ETF (XLC) | 6.8% | 20.9% | 0.24 | 38.1% |
| Equity (SPY) | 12.8% | 17.2% | 0.57 | 43.3% |
| Gold (GLD) | 19.1% | 18.8% | 0.82 | 6.5% |
| Commodities (DBC) | 10.7% | 19.5% | 0.43 | 6.2% |
| Real Estate (VNQ) | 1.7% | 18.9% | -0.01 | 31.7% |
| Bitcoin (BTCUSD) | 10.2% | 52.6% | 0.38 | 20.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SPHR | |
|---|---|---|---|---|
| SPHR | 14.2% | 51.2% | 0.60 | - |
| Sector ETF (XLC) | 9.2% | 22.1% | 0.46 | 34.1% |
| Equity (SPY) | 15.3% | 17.9% | 0.72 | 39.4% |
| Gold (GLD) | 12.4% | 16.3% | 0.62 | 4.7% |
| Commodities (DBC) | 7.9% | 18.1% | 0.35 | 8.0% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 29.7% |
| Bitcoin (BTCUSD) | 63.7% | 66.2% | 1.03 | 16.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/1/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | 5.8% | 14.6% | 5.1% |
| 5/5/2026 | 0.1% | -7.0% | 3.9% |
| 2/12/2026 | 22.1% | 21.6% | 11.5% |
| 11/4/2025 | 4.7% | 15.9% | 24.8% |
| 8/11/2025 | -3.9% | -1.0% | 28.6% |
| 5/8/2025 | 6.0% | 27.1% | 26.5% |
| 3/3/2025 | -13.6% | -18.8% | -25.0% |
| 11/12/2024 | -7.0% | -7.7% | -14.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 11 | 13 |
| # Negative | 13 | 13 | 11 |
| Median Positive | 6.0% | 13.8% | 6.2% |
| Median Negative | -4.5% | -7.2% | -6.8% |
| Max Positive | 22.1% | 27.1% | 34.3% |
| Max Negative | -13.6% | -18.8% | -25.0% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 7/30/2026 | 5.8% | 14.6% | 5.1% |
| 5/5/2026 | 0.1% | -7.0% | 3.9% |
| 2/12/2026 | 22.1% | 21.6% | 11.5% |
| 11/4/2025 | 4.7% | 15.9% | 24.8% |
| 8/11/2025 | -3.9% | -1.0% | 28.6% |
| 5/8/2025 | 6.0% | 27.1% | 26.5% |
| 3/3/2025 | -13.6% | -18.8% | -25.0% |
| 11/12/2024 | -7.0% | -7.7% | -14.2% |
| 8/14/2024 | 9.3% | 18.9% | 1.5% |
| 5/10/2024 | -4.8% | -9.4% | -11.3% |
| 2/5/2024 | 10.1% | 13.8% | 34.3% |
| 11/8/2023 | -4.5% | 9.0% | -4.0% |
| 8/22/2023 | 7.7% | -7.2% | -0.6% |
| 5/10/2023 | -5.5% | -11.6% | 1.7% |
| 2/9/2023 | -3.0% | 2.6% | -6.8% |
| 11/9/2022 | 6.6% | 5.3% | -1.1% |
| 8/19/2022 | -10.3% | -12.3% | -18.7% |
| 5/9/2022 | -1.3% | -1.3% | 5.7% |
| 2/9/2022 | -1.1% | 4.5% | -1.8% |
| 11/9/2021 | -5.9% | -7.4% | -14.9% |
| 8/23/2021 | 1.5% | 7.6% | 4.8% |
| 5/7/2021 | 4.1% | -2.0% | 6.2% |
| 2/12/2021 | -2.8% | -0.7% | 8.1% |
| 11/16/2020 | -2.2% | -1.1% | -0.9% |
| SUMMARY STATS | |||
| # Positive | 11 | 11 | 13 |
| # Negative | 13 | 13 | 11 |
| Median Positive | 6.0% | 13.8% | 6.2% |
| Median Negative | -4.5% | -7.2% | -6.8% |
| Max Positive | 22.1% | 27.1% | 34.3% |
| Max Negative | -13.6% | -18.8% | -25.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/12/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-KT |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-K |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 02/05/2024 | 10-Q |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/22/2023 | 10-K |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/09/2023 | 10-Q |
| 09/30/2022 | 11/09/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 07/30/2026 | 10-Q |
| 03/31/2026 | 05/05/2026 | 10-Q |
| 12/31/2025 | 02/12/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/03/2025 | 10-KT |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/14/2024 | 10-K |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 02/05/2024 | 10-Q |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/22/2023 | 10-K |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 02/09/2023 | 10-Q |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/19/2022 | 10-K |
| 03/31/2022 | 05/09/2022 | 10-Q |
| 12/31/2021 | 02/09/2022 | 10-Q |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 08/23/2021 | 10-K |
| 03/31/2021 | 05/07/2021 | 10-Q |
| 12/31/2020 | 02/12/2021 | 10-Q |
| 09/30/2020 | 11/16/2020 | 10-Q |
| 06/30/2020 | 08/31/2020 | 10-K |
| 03/31/2020 | 05/18/2020 | 10-Q |
| 12/31/2019 | 04/01/2020 | 10-12B/A |
Investor Activity (13F)
Updated Sep 6, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Islander Capital Partners, L.P. | $25.8 Mil | 10.2% | 15 | Hold | 13F |
| Luxor Capital Group, LP | $43.5 Mil | 6.9% | 38 | TRIM -51.2% | 13F |
| Carronade Capital Management, LP | $77.3 Mil | 5.6% | 25 | Hold | 13F |
| Jericho Capital Asset Management L.P. | $305.9 Mil | 4.5% | 23 | Hold | 13F |
| Shannon River Fund Management LLC | $8.6 Mil | 1.6% | 28 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Jericho Capital Asset Management L.P. | $305.9 Mil | 4.5% | 23 | Hold | 13F |
| Carronade Capital Management, LP | $77.3 Mil | 5.6% | 25 | Hold | 13F |
| Luxor Capital Group, LP | $43.5 Mil | 6.9% | 38 | TRIM -51.2% | 13F |
| Islander Capital Partners, L.P. | $25.8 Mil | 10.2% | 15 | Hold | 13F |
| Shannon River Fund Management LLC | $8.6 Mil | 1.6% | 28 | New | 13F |
Sphere Entertainment — Investor Video Playlist
Industry Resources
| Communication Services Resources |
| Variety |
| The Hollywood Reporter |
| Adweek |
| Movies & Entertainment Resources |
| Deadline |
| IndieWire |
| Screen Daily |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.