SPHR
Sphere Entertainment Co.
Last earnings +0.1% on 2026-05-05
$161.35▲ +318.66%
over 1Y
L $38.54EODHDH $161.35
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today—
1W+2.6%
1M+20.3%
3M+48.9%
YTD+71.1%
1Y+318.7%
Hold
Conviction
Horizon
Long (>12mo)
Street · 18 analysts
Buy
Sphere's novel venue is growing revenue 19% and cash flow turned sharply positive, but operating losses and a 213x P/E warn of speculation.
Sphere Entertainment owns the eponymous Las Vegas Sphere venue plus the MSG Networks business, and its FY2025 numbers show a unique-but-unproven economic model. Revenue grew 19.0% to $1.22B and reported net income turned positive at $33.4M (from -$201M), but the underlying operating line remains deeply negative: operating income of -$230M (-18.8% margin), weighed down by $336M of depreciation/amortization on the capital-intensive venue. The positive net income is therefore driven by non-operating items rather than operating profitability, making the 212.6x P/E meaningless as a valuation anchor.
Sources: SEC EDGAR (CIK 0001795250, latest 10-Q filed 2026-05-05) · analysis by claude-code · as of 6/21/2026, 8:56:51 PM.
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