Last 41 quarters of trend data · Communication Services · Entertainment
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
EV/EBITDA has compressed 87.7% YoY to 11.9x, reflecting multiple compression or accelerating EBITDA.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | -27.68 | — | 17.22 | — | 3.08 | — | — | — | — | — | — | 4.92 | 0.45 |
| — | — | — | — | — | — | — | — | — | — | — | — | — | |
| P/S Ratio | 5.51 | 2.73 | 2.82 | 2.14 | 1.66 | 1.05 | 1.18 | 1.73 | 1.14 | 1.35 | 0.95 | 2.77 | — |
| — | +158.9% | +139.6% | +23.9% | +45.4% | -22.2% | +23.5% | -37.7% | — | -7.5% | -15.5% | +95.0% | — | |
| P/B Ratio | 2.33 | 1.87 | 2.00 | 1.04 | 0.81 | 0.55 | 0.66 | 0.68 | 0.52 | 0.71 | 0.49 | 0.50 | 0.37 |
| — | +239.7% | +202.1% | +53.3% | +56.9% | -22.5% | +35.8% | +37.1% | +38.2% | +63.2% | +49.1% | +49.2% | -3.3% | |
| P/FCF | — | 8.02 | 6.75 | 5.07 | — | — | 14.39 | 25.30 | — | 5.33 | — | — | — |
| — | — | -53.1% | -79.9% | — | — | — | — | — | — | — | — | — | |
| EV / EBITDA | 197.69 | 11.88 | 10.85 | — | 18.80 | 96.90 | — | — | 50.32 | 16.45 | — | — | — |
| — | -87.7% | — | — | -62.6% | +489.0% | — | — | — | — | — | — | — | |
| EV / EBIT | — | 104.81 | 38.93 | — | 2.12 | — | 17.61 | — | — | — | — | — | 1.68 |
| — | — | +121.0% | — | — | — | — | — | — | — | — | — | — |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Sphere Entertainment Co.'s operating margin was 2.8% in Q3 2026, down 4.5 pp QoQ and up 30.8 pp YoY. The trailing four-quarter average of -14.3% lags the current quarter, suggesting the recent improvement is above-trend. Gross margin contracted 21.4% YoY, suggesting cost inflation or competitive pricing pressure.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 21.7% | 34.3% | 58.6% | 47.8% | 53.5% | 43.6% | 47.0% | 38.7% | 45.3% | 52.1% | 49.1% | 28.4% | 44.0% |
| — | -21.4% | +24.5% | +23.5% | +18.2% | -16.3% | -4.3% | +36.3% | +3.0% | +23.4% | +13.4% | -26.7% | +18.2% | |
| Operating Margin | -21.7% | 2.8% | 7.3% | -49.4% | -17.7% | -28.0% | -46.4% | -51.6% | -26.1% | -12.6% | -50.8% | -59.1% | 38.3% |
| — | +110.0% | +115.8% | +4.2% | +32.0% | -122.9% | +8.8% | +12.7% | -168.2% | +80.0% | -63.0% | -42.6% | +406.1% | |
| Net Margin | -19.5% | 1.2% | 16.4% | -38.5% | 53.7% | -29.2% | -40.9% | -46.2% | -17.0% | -14.7% | -55.1% | 56.3% | -94.9% |
| — | +104.0% | +140.2% | +16.6% | +415.2% | -98.7% | +25.9% | -182.1% | +82.0% | +58.1% | -230.2% | +254.9% | -330.6% |
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -8.3% | 0.2% | 3.0% | -4.5% | 6.8% | -3.8% | -5.6% | -4.5% | -1.9% | -1.9% | -6.8% | 2.5% | 22.6% |
| — | +105.3% | +152.9% | -1.7% | +455.4% | -96.1% | +17.9% | -274.9% | -108.5% | +25.8% | -316.8% | +221.2% | +599.0% | |
| ROA | -4.2% | 0.1% | 1.6% | -2.4% | 3.5% | -1.8% | -2.8% | -2.2% | -1.0% | -1.0% | -3.6% | 1.4% | 9.7% |
| — | +105.8% | +156.1% | -8.1% | +464.0% | -88.8% | +22.2% | -266.2% | -109.9% | -1.4% | -396.5% | +265.2% | +641.0% | |
| ROIC | -5.0% | 0.3% | 0.8% | -3.4% | -1.2% | -1.9% | -3.3% | -2.7% | -1.6% | -0.9% | -3.5% | -1.4% | -4.1% |
| — | +116.6% | +124.0% | -27.5% | +23.3% | -105.7% | +4.2% | -85.1% | +60.5% | +49.4% | -281.6% | -19.9% | -182.4% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Sphere Entertainment Co.'s Debt/EBITDA ratio is 9.9x, up from 8.5x last quarter — elevated, raising questions about debt serviceability. The current ratio has improved 128.6% YoY to 1.22x, strengthening the short-term liquidity position. Debt/Equity has declined for 3 consecutive quarters, reflecting a deleveraging trend.
| Metric | TTM | Q3 '26 | Q2 '26 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.63 | 0.42 | 0.43 | 0.46 | 0.44 | 0.68 | 0.68 | 0.65 | 0.63 | 0.63 | 0.62 | 0.50 | 0.51 |
| — | -38.8% | -36.4% | -28.3% | -30.0% | +8.3% | +8.6% | +28.7% | +23.0% | -39.7% | -45.7% | -52.8% | +1.6% | |
| Debt / EBITDA | 45.34 | 9.86 | 8.50 | — | 30.18 | 260.11 | — | — | 138.57 | 39.01 | — | — | — |
| — | -96.2% | — | — | -78.2% | +566.7% | — | — | — | — | — | — | — | |
| Current Ratio | 0.63 | 1.22 | 1.09 | 0.96 | 1.13 | 0.53 | 0.55 | 0.56 | 0.63 | 0.65 | 0.63 | 1.05 | 0.90 |
| — | +128.6% | +96.4% | +70.8% | +79.3% | -18.7% | -11.7% | -46.6% | -30.1% | -22.9% | -33.9% | +14.7% | -28.9% | |
| Quick Ratio | 0.62 | 1.22 | 1.07 | 0.94 | 1.11 | 0.52 | 0.55 | 0.55 | 0.62 | 0.65 | 0.63 | 1.04 | 0.90 |
| — | +132.8% | +96.2% | +70.9% | +77.9% | -20.0% | -13.1% | -47.5% | -31.0% | -23.1% | -32.9% | +16.3% | -28.9% | |
| Interest Coverage | -3.51 | 1.34 | 3.47 | -13.54 | 11.59 | -2.90 | 1.14 | -4.13 | -2.46 | -1.33 | -6.00 | — | — |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 41 years · Updated daily
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Quick answers to the most common questions about buying SPHR stock.
Sphere Entertainment Co.'s current P/E is -27.7x. The average P/E over the last 2 quarters is 10.2x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Sphere Entertainment Co.'s current operating margin is -21.7%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Sphere Entertainment Co.'s business trajectory between earnings reports.