SPHR - Sphere Entertainment Co.
Price:
--
--
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CONSENSUS:
Buy
DETAILS
|
PRICE TARGET:
$182.86
DETAILS
HIGH:
$190.00
LOW:
$170.00
MEDIAN:
$188.00
CONSENSUS:
$182.86
UPSIDE:
32.30%
| Metric | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | |||||||||||
| Revenue | 1,220.0 | 1,026.9 | 1,026.9 | 573.8 | 610.1 | 647.5 | 1,436.0 | 1,048.9 | 989.0 | 711.0 | 1,115.3 |
| Cost of Revenue | 590.0 | 804.3 | 547.8 | 342.2 | 320.3 | 262.9 | 790.5 | 670.6 | 635.2 | 517.1 | 737.9 |
| Gross Profit | 630.1 | 222.6 | 479.1 | 231.6 | 289.8 | 384.7 | 645.5 | 378.3 | 353.8 | 193.9 | 377.5 |
| Operating Expenses | |||||||||||
| R&D Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| SG&A Expenses | 441.9 | 380.8 | 432.9 | 452.1 | 419.8 | 301.9 | 433.2 | 314.5 | 273.0 | 194.3 | 333.6 |
| Other Expenses | 336.4 | 64.8 | 387.5 | 52.5 | 35.7 | 18.3 | (22.9) | 109.3 | 112.1 | 98.1 | 0 |
| Operating Expenses | 778.3 | 445.6 | 820.3 | 504.7 | 455.5 | 320.1 | 410.3 | 423.9 | 385.1 | 292.4 | 459.2 |
| Operating Income | |||||||||||
| Operating Income | (148.3) | (223) | (341.2) | (273.0) | (165.7) | 64.5 | 235.2 | (45.6) | (31.3) | (98.4) | (58.6) |
| Interest Expense | 70.5 | 79.9 | 79.9 | 0 | 20.4 | 20.2 | 36.6 | 5.6 | 12.2 | 1.9 | 0 |
| Interest Income | 13.5 | 25.7 | 25.7 | 11.6 | 3.2 | 3.2 | 22.2 | 30.2 | 21.3 | 11.8 | 4.8 |
| Profitability | |||||||||||
| EBITDA | 464.2 | (23.9) | (23.9) | 378.8 | (43.1) | 185.7 | 400.1 | 94.9 | 95.3 | (20.4) | 43.9 |
| EBIT | 127.8 | (280.4) | (280.4) | 275.4 | (167.7) | 63.7 | 288.1 | (14.4) | (16.8) | (118.5) | (58.6) |
| Income Before Tax | 57.2 | (360.2) | (360.2) | 275.4 | (167.7) | 43.5 | 251.5 | (20.0) | (28.9) | (120.4) | (77.0) |
| Income Tax Expense | 23.8 | (135.6) | (135.6) | 103.4 | (29.8) | 38.9 | 101.7 | 0.4 | (30.8) | (7.8) | 0.3 |
| Net Income | 33.4 | (200.6) | (200.6) | 502.8 | (194.4) | (148.2) | 181.7 | (8.2) | 6.9 | (108.5) | (77.3) |
| Per Share Data | |||||||||||
| EPS (Basic) | 0.93 | -5.68 | -5.68 | 14.51 | -5.77 | -0.12 | 0.72 | -0.34 | 0.29 | -4.57 | -3.12 |
| EPS (Diluted) | 0.74 | -5.68 | -5.68 | 14.40 | -5.77 | -0.13 | 0.72 | -0.34 | 0.29 | -4.57 | -3.12 |
| Shares Outstanding | 36.1 | 35.9 | 35.3 | 34.7 | 34.3 | 24.2 | 24.0 | 24.0 | 24.0 | 23.8 | 24.8 |
| Metric | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Assets | |||||||||||
| Cash & Cash Equivalents | 521.3 | 559.8 | 559.8 | 132.0 | 747.3 | 1,517.0 | 906.6 | 1,082.1 | 1,225.6 | 1,238.1 | 1,444.3 |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 337.2 | 108.4 | 0 | 0 | 0 |
| Net Receivables | 206.9 | 180.4 | 241.5 | 160.2 | 126.4 | 216.5 | 84.1 | 89.6 | 82.4 | 102.1 | 76.0 |
| Inventory | 14.5 | 12.6 | 11.9 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Assets | 11.4 | 80.6 | 21.7 | 308.3 | 329.8 | 23.0 | 36.5 | 42.6 | 33.6 | 86.2 | 56.5 |
| Total Current Assets | 792.5 | 865.7 | 865.7 | 623.9 | 1,218.7 | 1,872.7 | 1,426.5 | 1,346.7 | 1,353.3 | 1,449.7 | 1,603.9 |
| Non-Current Assets | |||||||||||
| Property, Plant & Equipment | 2,802.0 | 3,129.7 | 3,264.9 | 3,392.1 | 2,223.7 | 2,436.9 | 1,880.8 | 1,349.1 | 1,225.0 | 1,159.3 | 1,160.6 |
| Goodwill | 344.8 | 410.2 | 470.2 | 456.8 | 456.8 | 502.2 | 74.3 | 165.6 | 165.6 | 380.1 | 277.2 |
| Intangible Assets | 21.8 | 28.4 | 31.9 | 17.9 | 21.0 | 262.1 | 214.2 | 279.8 | 297.9 | 423.8 | 182.6 |
| Long-Term Investments | 38.7 | 36.8 | 30.7 | 395.6 | 40.3 | 49.2 | 52.6 | 84.6 | 210.0 | 242.3 | 263.5 |
| Other Non-Current Assets | 210.0 | 317.2 | 124.5 | 86.7 | 1,561.6 | 166.8 | 85.1 | 90.0 | 36.0 | 57.6 | 56.2 |
| Total Non-Current Assets | 3,638.5 | 3,922.2 | 3,922.2 | 4,349.1 | 4,303.5 | 3,417.1 | 2,307.0 | 1,969.0 | 1,934.4 | 2,263.0 | 1,940.1 |
| Total Assets | 4,431.0 | 4,787.9 | 4,787.9 | 4,973.0 | 5,522.2 | 5,289.9 | 3,733.5 | 3,315.8 | 3,287.8 | 3,712.8 | 3,543.9 |
| Current Liabilities | |||||||||||
| Account Payables | 24.6 | 14.8 | 18.9 | 39.7 | 2.0 | 26.6 | 17.3 | 24.0 | 28.3 | 24.1 | 13.9 |
| Short-Term Debt | 80.2 | 849.4 | 849.4 | 82.5 | 66 | 54.0 | 5.4 | 6.0 | 4.4 | 0 | 0 |
| Deferred Revenue | 192.8 | 80.4 | 80.4 | 27.3 | 4.3 | 209.7 | 189.3 | 186.9 | 216.3 | 0 | 0 |
| Other Current Liabilities | 382.2 | 264.7 | 0 | 0 | 607.6 | 0 | 68.8 | 82.4 | 70.2 | 407.8 | 347.7 |
| Total Current Liabilities | 743.4 | 1,373.7 | 1,373.7 | 692.1 | 961.1 | 729.9 | 510.0 | 474.0 | 483.9 | 762.0 | 614.8 |
| Non-Current Liabilities | |||||||||||
| Long-Term Debt | 767.4 | 522.7 | 522.7 | 1,118.4 | 929.5 | 1,650.6 | 28.1 | 48.6 | 101.3 | 105.4 | 0 |
| Deferred Tax Liabilities | 393.2 | 225.2 | 225.2 | 379.6 | 144.4 | 200.3 | 12.4 | 23.0 | 23.3 | 0 | 0 |
| Other Non-Current Liabilities | 179.9 | 122.7 | 122.7 | 88.8 | 1,243.1 | 157.3 | 120.0 | 116.7 | 112.9 | 344.8 | 0 |
| Total Non-Current Liabilities | 1,454.4 | 998.7 | 998.7 | 1,697.0 | 2,401.5 | 2,241.8 | 334.8 | 188.2 | 237.6 | 450.2 | 0 |
| Total Liabilities | 2,197.8 | 2,372.3 | 2,372.3 | 2,389.2 | 3,362.6 | 2,971.6 | 844.8 | 662.3 | 721.5 | 1,212.3 | 614.8 |
| Stockholders' Equity | |||||||||||
| Common Stock | 0.4 | 0.4 | 0.4 | 0.3 | 0.3 | 0.3 | 0.2 | 2,619.0 | 2,525.0 | 0.2 | 0.2 |
| Retained Earnings | (186.4) | 11.4 | 11.4 | 212.0 | (290.7) | (96.3) | 142.3 | 0 | (46.9) | (148.4) | (75.7) |
| Accumulated Other Comprehensive Income | (0.8) | (6.6) | (6.6) | (4.9) | (48.4) | (30.3) | (51.9) | (46.9) | (46.9) | (34.1) | (42.6) |
| Total Stockholders' Equity | 2,233.2 | 2,415.6 | 2,415.6 | 2,583.9 | 1,963.2 | 2,168.5 | 2,856.0 | 2,572.0 | 2,478.1 | 2,408.2 | 2,586.4 |
| Total Liabilities & Equity | 4,431.0 | 4,787.9 | 4,787.9 | 4,973.0 | 5,522.2 | 5,289.9 | 3,733.5 | 3,315.8 | 3,287.8 | 3,712.8 | 3,201.2 |
| Debt Metrics | |||||||||||
| Total Debt | 961.5 | 1,518.7 | 1,518.7 | 1,321.3 | 1,086.5 | 2,011.6 | 261.2 | 54.6 | 105.7 | 105.4 | 0 |
| Net Debt | 440.2 | 959.0 | 959.0 | 1,189.3 | 339.2 | 494.6 | (645.4) | (1,027.5) | (1,119.9) | (1,132.7) | (1,444.3) |
| Metric | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Activities | |||||||||||
| Net Income | 33.4 | (462.5) | (200.6) | 505.7 | (190.1) | (166.5) | 149.8 | (20.5) | 1.9 | (112.6) | (77.3) |
| Depreciation & Amortization | 336.4 | 365.4 | 256.5 | 103.4 | 124.6 | 122.0 | 112.1 | 109.3 | 112.1 | 98.1 | 102.5 |
| Stock-Based Compensation | 59.0 | 68.2 | 48.0 | 62.7 | 77.1 | 70.6 | 61.4 | 35.4 | 27.3 | 22.2 | 24.5 |
| Change in Working Capital | 42.2 | (159.5) | (159.5) | 127.4 | 63.2 | 3.0 | (12.4) | (23.1) | 28.0 | 24.6 | 0 |
| Other Non-Cash Items | (248.6) | 168.7 | 168.5 | (769.0) | 97.8 | (16.4) | (11.5) | 0.6 | 6.4 | 71.9 | 76.1 |
| Operating Cash Flow | 243.3 | (19.7) | (19.7) | 153.6 | 141.3 | (58.7) | 308.1 | 101.4 | 144.4 | 96.3 | 125.8 |
| Investing Activities | |||||||||||
| Capital Expenditure | (52.3) | (289.8) | (289.8) | (1,175.0) | (805.2) | (456.0) | (457.3) | (193.7) | (187.4) | (41.8) | 0 |
| Acquisitions | 48.8 | (2.5) | 246.3 | 516.7 | 1.1 | 0.2 | 227.5 | 73.0 | (17.4) | (199.5) | 0 |
| Purchases of Investments | 0 | 0 | 0 | 0 | 0 | 0 | (443.2) | (112.7) | 0 | (23.2) | 0 |
| Sales/Maturities of Investments | 0 | 0 | 0 | 4.4 | 0 | 361.2 | 215.9 | 0 | 0 | 0 | 0 |
| Other Investing Activities | (0.3) | 55.2 | (1.8) | 0 | 0 | (28.6) | 62.6 | (4.4) | 35.1 | 4.5 | (115.7) |
| Investing Cash Flow | (3.9) | (45.2) | (45.2) | (653.9) | (804.2) | (123.2) | (394.5) | (237.7) | (169.6) | (260.1) | (115.7) |
| Financing Activities | |||||||||||
| Net Debt Issuance | (165.3) | 232.8 | 232.8 | 227.8 | 24.1 | 598.8 | 43.8 | (54.9) | (0.7) | 0 | 0 |
| Stock Repurchased | (50.0) | (34.6) | 0 | 0 | 0 | 0 | (293.5) | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | (121.5) | (2.3) | (1.8) | 0 | 0 | 0 | 0 | 0 |
| Other Financing Activities | (24.5) | 11.5 | (31.9) | (20.7) | (52.2) | (4.3) | 135.9 | 46.2 | 16.0 | (38.6) | 1,420.0 |
| Financing Cash Flow | (233.3) | 209.7 | 209.7 | 85.5 | (30.4) | 592.7 | (113.9) | (8.6) | 15.4 | (38.6) | 1,420.0 |
| Cash Position | |||||||||||
| Net Change in Cash | 5.6 | 144.1 | 144.1 | (416.9) | (694.0) | 418.8 | (197.3) | (140.3) | (9.6) | (202.4) | 1,430.1 |
| Cash at Beginning | 515.6 | 429.1 | 429.1 | 846.0 | 1,540.0 | 1,121.1 | 1,318.5 | 1,232.4 | 1,241.9 | 1,444.3 | 14.2 |
| Cash at End | 521.3 | 573.2 | 573.2 | 429.1 | 846.0 | 1,540.0 | 1,121.1 | 1,092.1 | 1,232.4 | 1,241.9 | 1,444.3 |
| Free Cash Flow | 191.0 | (309.4) | (309.4) | (1,021.4) | (663.9) | (514.7) | (149.2) | (92.3) | (43.0) | 54.5 | 125.8 |
| Key Metrics | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||
| Revenue | 1,220.0 | 1,026.9 | 1,026.9 | 573.8 | 610.1 | 647.5 | 1,436.0 | 1,048.9 | 989.0 | 711.0 | 1,115.3 |
| Gross Profit | 630.1 | 222.6 | 479.1 | 231.6 | 289.8 | 384.7 | 645.5 | 378.3 | 353.8 | 193.9 | 377.5 |
| Operating Income | (148.3) | (223) | (341.2) | (273.0) | (165.7) | 64.5 | 235.2 | (45.6) | (31.3) | (98.4) | (58.6) |
| Net Income | 33.4 | (200.6) | (200.6) | 502.8 | (194.4) | (148.2) | 181.7 | (8.2) | 6.9 | (108.5) | (77.3) |
| EPS (Diluted) | 0.74 | -5.68 | -5.68 | 14.40 | -5.77 | -0.13 | 0.72 | -0.34 | 0.29 | -4.57 | -3.12 |
| Balance Sheet | |||||||||||
| Cash & Equivalents | 521.3 | 559.8 | 559.8 | 132.0 | 747.3 | 1,517.0 | 906.6 | 1,082.1 | 1,225.6 | 1,238.1 | 1,444.3 |
| Total Assets | 4,431.0 | 4,787.9 | 4,787.9 | 4,973.0 | 5,522.2 | 5,289.9 | 3,733.5 | 3,315.8 | 3,287.8 | 3,712.8 | 3,543.9 |
| Total Debt | 961.5 | 1,518.7 | 1,518.7 | 1,321.3 | 1,086.5 | 2,011.6 | 261.2 | 54.6 | 105.7 | 105.4 | 0 |
| Stockholders' Equity | 2,233.2 | 2,415.6 | 2,415.6 | 2,583.9 | 1,963.2 | 2,168.5 | 2,856.0 | 2,572.0 | 2,478.1 | 2,408.2 | 2,586.4 |
| Cash Flow | |||||||||||
| Operating Cash Flow | 243.3 | (19.7) | (19.7) | 153.6 | 141.3 | (58.7) | 308.1 | 101.4 | 144.4 | 96.3 | 125.8 |
| Capital Expenditure | (52.3) | (289.8) | (289.8) | (1,175.0) | (805.2) | (456.0) | (457.3) | (193.7) | (187.4) | (41.8) | 0 |
| Free Cash Flow | 191.0 | (309.4) | (309.4) | (1,021.4) | (663.9) | (514.7) | (149.2) | (92.3) | (43.0) | 54.5 | 125.8 |