Comprehensive Stock Comparison
Compare Sphere Entertainment Co. (SPHR) vs Warner Bros. Discovery, Inc. (WBD) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | WBD | -4.8% revenue growth vs SPHR's -9.9% |
| Quality / Margins | WBD | 1.3% net margin vs SPHR's -9.5% |
| Stability / Safety | SPHR | Beta 1.65 vs WBD's 1.73, lower leverage |
| Dividends | Tie | Neither pays a meaningful dividend |
| Momentum (1Y) | SPHR | +172.8% vs WBD's +145.8% |
| Efficiency (ROA) | WBD | 0.5% ROA vs SPHR's -2.4%, ROIC -9.7% vs -5.0% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Sphere Entertainment Co. is a live entertainment company that produces concerts, sporting events, and theatrical shows across iconic venues like Madison Square Garden and Radio City Music Hall. It generates revenue primarily from ticket sales and event hosting at its venues — roughly 70% from live events — supplemented by its global network of dining and nightlife venues under brands like Tao and Hakkasan. The company's moat lies in its ownership of legendary, irreplaceable entertainment venues in prime locations and its portfolio of exclusive content like the Radio City Rockettes Christmas Spectacular.
Warner Bros. Discovery is a global media and entertainment conglomerate that produces and distributes content across film, television, and streaming platforms. It generates revenue primarily through three segments: Studios (film and TV production), Networks (cable and broadcast channels), and Direct-to-Consumer (streaming services like Max and discovery+). The company's key advantage is its massive content library and iconic franchises — including DC, Harry Potter, HBO originals, and Discovery's unscripted programming — which create a deep moat in an increasingly competitive streaming landscape.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
SPHR leads in 4 of 6 categories (Valuation Metrics, Profitability & Efficiency). WBD leads in 1 (Analyst Outlook). 1 tied.
Financial Metrics (TTM)
WBD is the larger business by revenue, generating $37.9B annually — 35.7x SPHR's $1.1B. WBD is the more profitable business, keeping 1.3% of every revenue dollar as net income compared to SPHR's -9.5%. On growth, SPHR holds the edge at +15.2% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | SPHRSphere Entertainm… | WBDWarner Bros. Disc… |
|---|---|---|
| RevenueTrailing 12 months | $1.1B | $37.9B |
| EBITDAEarnings before interest/tax | $24M | $16.4B |
| Net IncomeAfter-tax profit | -$101M | $485M |
| Free Cash FlowCash after capex | $173M | $4.1B |
| Gross MarginGross profit ÷ Revenue | +24.5% | +44.0% |
| Operating MarginEBIT ÷ Revenue | -22.1% | +1.5% |
| Net MarginNet income ÷ Revenue | -9.5% | +1.3% |
| FCF MarginFCF ÷ Revenue | +16.3% | +10.9% |
| Rev. Growth (YoY)Latest quarter vs prior year | +15.2% | -6.0% |
| EPS Growth (YoY)Latest quarter vs prior year | +5.1% | -2.1% |
Valuation Metrics
On an enterprise value basis, WBD's 10.1x EV/EBITDA is more attractive than SPHR's 53.0x.
| Metric | SPHRSphere Entertainm… | WBDWarner Bros. Disc… |
|---|---|---|
| Market CapShares × price | $817M | $76.3B |
| Enterprise ValueMkt cap + debt − cash | $1.8B | $110.5B |
| Trailing P/EPrice ÷ TTM EPS | -20.95x | -6.10x |
| Forward P/EPrice ÷ next-FY EPS est. | — | — |
| PEG RatioP/E ÷ EPS growth rate | — | — |
| EV / EBITDAEnterprise value multiple | 53.03x | 10.09x |
| Price / SalesMarket cap ÷ Revenue | 0.80x | 1.94x |
| Price / BookPrice ÷ Book value/share | 1.77x | 1.98x |
| Price / FCFMarket cap ÷ FCF | — | 17.23x |
Profitability & Efficiency
WBD delivers a 1.3% return on equity — every $100 of shareholder capital generates $1 in annual profit, vs $-5 for SPHR. SPHR carries lower financial leverage with a 0.63x debt-to-equity ratio, signaling a more conservative balance sheet compared to WBD's 1.13x. On the Piotroski fundamental quality scale (0–9), WBD scores 4/9 vs SPHR's 2/9, reflecting mixed financial health.
| Metric | SPHRSphere Entertainm… | WBDWarner Bros. Disc… |
|---|---|---|
| ROE (TTM)Return on equity | -4.7% | +1.3% |
| ROA (TTM)Return on assets | -2.4% | +0.5% |
| ROICReturn on invested capital | -5.0% | -9.7% |
| ROCEReturn on capital employed | -6.3% | -10.2% |
| Piotroski ScoreFundamental quality 0–9 | 2 | 4 |
| Debt / EquityFinancial leverage | 0.63x | 1.13x |
| Net DebtTotal debt minus cash | $959M | $34.2B |
| Cash & Equiv.Liquid assets | $560M | $5.3B |
| Total DebtShort + long-term debt | $1.5B | $39.5B |
| Interest CoverageEBIT ÷ Interest expense | -2.48x | 1.85x |
Total Returns (with DRIP)
A $10,000 investment in SPHR five years ago would be worth $23,473 today (with dividends reinvested), compared to $4,842 for WBD. Over the past 12 months, SPHR leads with a +172.8% total return vs WBD's +145.8%. The 3-year compound annual growth rate (CAGR) favors SPHR at 62.1% vs WBD's 21.7% — a key indicator of consistent wealth creation.
| Metric | SPHRSphere Entertainm… | WBDWarner Bros. Disc… |
|---|---|---|
| YTD ReturnYear-to-date | +26.2% | -1.2% |
| 1-Year ReturnPast 12 months | +172.8% | +145.8% |
| 3-Year ReturnCumulative with dividends | +325.6% | +80.3% |
| 5-Year ReturnCumulative with dividends | +134.7% | -51.6% |
| 10-Year ReturnCumulative with dividends | +191.1% | +12.7% |
| CAGR (3Y)Annualised 3-year return | +62.1% | +21.7% |
Risk & Volatility
SPHR is the less volatile stock with a 1.65 beta — it tends to amplify market swings less than WBD's 1.73 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. SPHR currently trades 99.0% from its 52-week high vs WBD's 93.9% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | SPHRSphere Entertainm… | WBDWarner Bros. Disc… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.65x | 1.73x |
| 52-Week HighHighest price in past year | $120.27 | $30.00 |
| 52-Week LowLowest price in past year | $23.89 | $7.52 |
| % of 52W HighCurrent price vs 52-week peak | +99.0% | +93.9% |
| RSI (14)Momentum oscillator 0–100 | 69.5 | 58.5 |
| Avg Volume (50D)Average daily shares traded | 639K | 20.9M |
Analyst Outlook
Wall Street rates SPHR as "Buy" and WBD as "Hold". Consensus price targets imply 2.2% upside for SPHR (target: $122) vs -9.2% for WBD (target: $26).
| Metric | SPHRSphere Entertainm… | WBDWarner Bros. Disc… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Hold |
| Price TargetConsensus 12-month target | $121.67 | $25.59 |
| # AnalystsCovering analysts | 12 | 31 |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | 0 | 1 |
| Dividend / ShareAnnual DPS | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | +4.2% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Apr 20 | Feb 26 | Change |
|---|---|---|---|
| Sphere Entertainmen… (SPHR) | 100 | 231.46 | +131.5% |
| Warner Bros. Discov… (WBD) | 100 | 127 | +27.0% |
Sphere Entertainmen… (SPHR) returned +135% over 5 years vs Warner Bros. Discov… (WBD)'s -52%. A $10,000 investment in SPHR 5 years ago would be worth $23,473 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Sphere Entertainmen… (SPHR) | $1.1B | $1.0B | -7.9% |
| Warner Bros. Discov… (WBD) | $6.5B | $39.3B | +505.2% |
Sphere Entertainment Co.'s revenue grew from $1.1B (2016) to $1.0B (2025) — a -0.9% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Sphere Entertainmen… (SPHR) | -6.9% | -19.5% | -182.0% |
| Warner Bros. Discov… (WBD) | 18.4% | -28.8% | -256.5% |
Sphere Entertainment Co.'s net margin went from -7% (2016) to -20% (2025).
Chart 4P/E Ratio History — 4 Years
| Stock | 2018 | 2021 | Change |
|---|---|---|---|
| Warner Bros. Discov… (WBD) | 28.8 | 15.3 | -46.9% |
Warner Bros. Discovery, Inc. has traded in a 11x–29x P/E range over 4 years; current trailing P/E is ~-6x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Sphere Entertainmen… (SPHR) | -3.12 | -5.68 | -82.1% |
| Warner Bros. Discov… (WBD) | 1.96 | -4.62 | -335.7% |
Sphere Entertainment Co.'s EPS grew from $-3.12 (2016) to $-5.68 (2025).
Chart 6Free Cash Flow — 5 Years
Sphere Entertainment Co. generated $-309M FCF in 2025 (+40% vs 2021). Warner Bros. Discovery, Inc. generated $4B FCF in 2024 (+83% vs 2021).
SPHR vs WBD: Frequently Asked Questions
7 questions · data-driven answers · updated daily
01Is SPHR or WBD a better buy right now?
Analysts rate Sphere Entertainment Co. (SPHR) a "Buy" — based on 12 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which is the better long-term investment — SPHR or WBD?
Over the past 5 years, Sphere Entertainment Co. (SPHR) delivered a total return of +134.7%, compared to -51.6% for Warner Bros. Discovery, Inc. (WBD). A $10,000 investment in SPHR five years ago would be worth approximately $23K today (assuming dividends reinvested). Over 10 years, the gap is even starker: SPHR returned +191.1% versus WBD's +12.7%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
03Which is safer — SPHR or WBD?
By beta (market sensitivity over 5 years), Sphere Entertainment Co. (SPHR) is the lower-risk stock at 1.65β versus Warner Bros. Discovery, Inc.'s 1.73β — meaning WBD is approximately 5% more volatile than SPHR relative to the S&P 500. On balance sheet safety, Sphere Entertainment Co. (SPHR) carries a lower debt/equity ratio of 63% versus 113% for Warner Bros. Discovery, Inc. — giving it more financial flexibility in a downturn.
04Which has better profit margins — SPHR or WBD?
Sphere Entertainment Co. (SPHR) is the more profitable company, earning -19.5% net margin versus -28.8% for Warner Bros. Discovery, Inc. — meaning it keeps -19.5% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: SPHR leads at -21.7% versus -25.5% for WBD. At the gross margin level — before operating expenses — WBD leads at 41.6%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
05Which pays a better dividend — SPHR or WBD?
None of the stocks in this comparison currently pay a material dividend. All are effectively zero-yield and should be held for capital appreciation rather than income.
06Is SPHR or WBD better for a retirement portfolio?
For long-horizon retirement investors, Sphere Entertainment Co. (SPHR) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (+191.1% 10Y return). Warner Bros. Discovery, Inc. (WBD) carries a higher beta of 1.73 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (SPHR: +191.1%, WBD: +12.7%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
07What are the main differences between SPHR and WBD?
Both stocks operate in the Communication Services sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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- Sector: Communication Services
- Market Cap > $100B
- Revenue Growth > 7%
- Gross Margin > 14%