11 years of historical data (2015–2025) · Communication Services · Entertainment
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Sphere Entertainment Co. currently has a negative P/E ratio, indicating the company is operating at a loss on a trailing-twelve-month basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $817M | $1.4B | $1.2B | $957M | $832M | $1.3B | $832M | — | — | — | — |
| Enterprise Value | $1.8B | $2.4B | $2.2B | $2.1B | $1.2B | $1.8B | $187M | — | — | — | — |
| P/E Ratio → | -20.95 | — | — | 1.90 | — | — | 43.30 | — | — | — | — |
| P/S Ratio | 0.80 | 1.41 | 1.21 | 1.67 | 1.36 | 2.04 | 0.58 | — | — | — | — |
| P/B Ratio | 1.77 | 0.60 | 0.51 | 0.37 | 0.39 | 0.57 | 0.29 | — | — | — | — |
| P/FCF | — | — | — | — | — | — | — | — | — | — | — |
| P/OCF | — | — | — | 6.23 | 5.89 | — | 2.70 | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
Sphere Entertainment Co.'s enterprise value stands at 53.0x EBITDA, 44% above its 5-year average of 36.7x. The Communication Services sector median is 7.5x, placing the stock at a 609% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.34 | 2.13 | 3.74 | 1.92 | 2.81 | 0.13 | — | — | — | — |
| EV / EBITDA | 53.03 | 71.80 | 40.49 | — | 24.80 | 9.74 | 0.55 | — | — | — | — |
| EV / EBIT | — | — | — | 7.79 | — | — | 0.65 | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Sphere Entertainment Co. earns an operating margin of -21.7%. Operating margins have expanded from -47.6% to -21.7% over the past 3 years, signaling improving operational efficiency. A negative ROE of -8.3% indicates the company is currently destroying shareholder equity.
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 21.7% | 21.7% | 21.7% | 40.4% | 47.5% | 59.4% | 45.0% | 36.1% | 35.8% | 27.3% | 33.8% |
| Operating Margin | -21.7% | -21.7% | -21.7% | -47.6% | -17.1% | 10.0% | 16.4% | -4.3% | -3.2% | -13.8% | -5.3% |
| Net Profit Margin | -19.5% | -19.5% | -19.5% | 87.6% | -31.9% | -22.9% | 12.7% | -0.8% | 0.7% | -15.3% | -6.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -8.3% | -8.3% | -8.0% | 21.2% | -8.7% | -5.7% | 6.6% | -0.3% | 0.3% | -4.3% | -3.0% |
| ROA | -4.1% | -4.1% | -4.0% | 9.6% | -3.6% | -3.3% | 5.2% | -0.2% | 0.2% | -3.0% | -2.2% |
| ROIC | -5.0% | -5.0% | -4.7% | -6.5% | -2.9% | 1.9% | 9.1% | -2.2% | -1.7% | -5.9% | -3.9% |
| ROCE | -6.3% | -6.3% | -5.6% | -6.2% | -2.3% | 1.7% | 7.8% | -1.6% | -1.1% | -3.3% | -2.0% |
Solvency and debt-coverage ratios — lower is generally safer
Sphere Entertainment Co. carries a Debt/EBITDA ratio of 45.3x, which is highly leveraged (1209% above the sector average of 3.5x). Net debt stands at $959M ($1.5B total debt minus $560M cash).
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.63 | 0.63 | 0.63 | 0.51 | 0.50 | 0.87 | 0.09 | 0.02 | 0.04 | 0.04 | — |
| Debt / EBITDA | 45.34 | 45.34 | 28.17 | — | 23.00 | 10.79 | 0.77 | 0.86 | 1.31 | — | — |
| Net Debt / Equity | — | 0.40 | 0.39 | 0.46 | 0.16 | 0.21 | -0.22 | -0.39 | -0.44 | -0.45 | -0.56 |
| Net Debt / EBITDA | 28.63 | 28.63 | 17.54 | — | 7.18 | 2.65 | -1.90 | -16.12 | -13.86 | — | -32.94 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | -20.79 | -11.48 |
| Interest Coverage | -2.79 | -2.79 | -2.79 | — | -5.10 | 3.19 | 6.43 | -8.16 | -2.57 | -51.09 | — |
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.63x is below 1.0, meaning current liabilities exceed current assets. The current ratio has declined from 0.90x to 0.63x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.63 | 0.63 | 0.63 | 0.90 | 1.27 | 2.57 | 2.80 | 2.84 | 2.80 | 1.90 | 2.61 |
| Quick Ratio | 0.62 | 0.62 | 0.62 | 0.43 | 0.92 | 2.43 | 2.64 | 2.77 | 2.76 | 1.90 | 2.61 |
| Cash Ratio | 0.41 | 0.41 | 0.42 | 0.19 | 0.78 | 2.08 | 2.44 | 2.51 | 2.53 | 1.62 | 2.35 |
| Asset Turnover | — | 0.21 | 0.20 | 0.12 | 0.11 | 0.12 | 0.38 | 0.32 | 0.30 | 0.19 | 0.31 |
| Inventory Turnover | 63.92 | 63.92 | 67.63 | 1.05 | 0.94 | 2.59 | 9.90 | 19.68 | 34.56 | — | — |
| Days Sales Outstanding | — | 64.11 | 85.83 | 80.37 | 75.60 | 110.82 | 15.51 | 30.59 | 30.42 | 52.40 | 24.87 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Sphere Entertainment Co. returns 4.2% to shareholders annually primarily through share buybacks.
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | 9.8% | 12.7% | 0.3% | 0.1% | — | — | — | — | — |
| Payout Ratio | — | — | — | 24.2% | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 52.5% | — | — | 2.3% | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 4.2% | 2.4% | 1.3% | 1.7% | 2.0% | 0.6% | 35.3% | — | — | — | — |
| Total Shareholder Yield | 4.2% | 2.4% | 11.2% | 14.4% | 2.3% | 0.8% | 35.3% | — | — | — | — |
| Shares Outstanding | — | $36M | $35M | $35M | $34M | $34M | $24M | $24M | $24M | $24M | $25M |
Compare SPHR with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| SPHRYou | $817M | -21.0 | 53.0 | — | 21.7% | -21.7% | -8.3% | -5.0% | 45.3 |
| LYV | $38B | -675.6 | 17.8 | 114.4 | — | 5.0% | 34.9% | 343.5% | 1.4 |
| TKO | $26B | 99.1 | 22.1 | 20.2 | -43.0% | 17.6% | 5.9% | 5.3% | 3.1 |
| FWONK | $20B | — | — | 22.5 | — | — | — | — | — |
| LLYVK | $6B | — | — | 7.0 | — | — | — | -29.8% | — |
| MSGE | $3B | 82.0 | 20.6 | 27.4 | 43.2% | 13.0% | — | 8.5% | 6.7 |
| BATRA | $3B | -130.8 | 35.1 | — | 19.9% | 2.3% | -4.3% | 1.0% | 9.1 |
| BATRK | $2B | -118.1 | 32.2 | — | 19.9% | 2.3% | -4.3% | 1.0% | 9.1 |
| MSGS | $2B | -356.6 | 140.6 | 17.1 | 27.0% | 1.4% | — | 1.5% | 65.7 |
| MANU | $1B | -70.5 | 6.8 | 26.8 | 82.3% | -2.8% | -19.5% | -2.0% | 3.3 |
| TDIC | $6M | 6.3 | 12.0 | — | 26.1% | 1.7% | 112.5% | 12.2% | 3.8 |
| Communication Services Median | — | 15.1 | 7.5 | 10.5 | 51.2% | -0.7% | 2.4% | 1.7% | 3.5 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 11 years · Updated daily
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Start ComparisonSphere Entertainment Co.'s current P/E ratio is -21.0x. The historical average is 22.6x.
Sphere Entertainment Co.'s current EV/EBITDA is 53.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 29.5x.
Sphere Entertainment Co.'s return on equity (ROE) is -8.3%. The historical average is -1.2%.
Based on historical data, Sphere Entertainment Co. is trading at a P/E of -21.0x. Compare with industry peers and growth rates for a complete picture.
Sphere Entertainment Co. has 21.7% gross margin and -21.7% operating margin.
Sphere Entertainment Co.'s Debt/EBITDA ratio is 45.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.