Sphere Entertainment

SPHR

Entertainment · Communication Services

Price

$142.62

+4.08 (+2.94%)

Market Cap

$5.14B

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+32.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 34.3M (2022) → 45.3M (2026)

Sphere Entertainment Co. owns and operates large-scale live entertainment venues and media properties. Its flagship asset is the Sphere in Las Vegas, a massive spherical arena that opened in 2023 and features an immersive audio-visual experience using one of the largest LED screens ever built. The company also owns MSG Networks, a regional sports media business, and has previously been connected to the Madison Square Garden family of companies.

The company earns money through ticket sales, sponsorships, advertising on the Sphere's exterior LED display, and media rights fees from MSG Networks. It currently operates primarily in the United States, with the Las Vegas Sphere being its most prominent and capital-intensive asset. The key growth driver is expanding the Sphere concept to other cities like London and potentially more global markets, but the main risk is that building and operating these venues is extremely expensive, and the company is currently losing money at the operating level.

Winston Score History

Politician Trades

2 trades / 12mo

1 Congressional buy and 1 sell on SPHR in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+37.7% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+98.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (12%)

Research and development spending

Insider Activity

5.9%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$630M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Strong grower

Sphere Entertainment is growing revenue at 38% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

34.3%

Modest — 34.3% gross margin

Operating Margin

2.8%

Thin — 2.8% operating margin

ROCE

0.4%

Weak — 0.4% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+15.3%

Fast-growing sales (15.3% YoY)

EPS YoY

N/A

Data not available

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

190%

Turns 190% of profit into real cash

FCF Margin

15.7%

Converts sales into free cash efficiently (15.7%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.37

Conservative — low debt load (0.37)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

38.8x

Pricey — P/E 38.8

P/E over 35. The market is pricing in heavy, sustained growth.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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