Latest Ratios: P/E Ratio -27.5x · EV/EBITDA 196.9x · ROE -8.3%. (2015–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.6B | $1.5B | $1.2B | $957M | $832M | $939M | $832M | — | — | — | — |
| Enterprise Value | $6.6B | $2.5B | $2.2B | $2.1B | $1.2B | $1.4B | $187M | — | — | — | — |
| P/E Ratio → | -27.55 | — | — | 1.90 | — | — | 48.11 | — | — | — | — |
| P/S Ratio | 5.49 | 1.46 | 1.21 | 1.67 | 1.36 | 1.45 | 0.58 | — | — | — | — |
| P/B Ratio | 2.32 | 0.62 | 0.51 | 0.37 | 0.39 | 0.41 | 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
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.39 | 2.14 | 3.74 | 1.92 | 2.21 | 0.13 | — | — | — | — |
| EV / EBITDA | 196.87 | 73.38 | — | — | — | 7.69 | 0.54 | — | — | — | — |
| EV / EBIT | — | — | — | 7.79 | — | 22.49 | 0.65 | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
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% | 46.7% | 40.4% | 47.5% | 59.4% | 45.0% | 36.1% | 35.8% | 27.3% | 33.8% |
| Operating Margin | -21.7% | -21.7% | -33.2% | -47.6% | -27.2% | 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 | -4.2% | -4.2% | -4.1% | 9.6% | -3.6% | -3.3% | 5.2% | -0.2% | 0.2% | -3.0% | -2.2% |
| ROIC | -5.0% | -5.0% | -7.2% | -6.5% | -4.7% | 1.9% | 9.1% | -2.2% | -1.7% | -5.9% | -3.9% |
| ROCE | -6.5% | -6.5% | -8.9% | -6.2% | -3.6% | 1.7% | 7.8% | -1.6% | -1.1% | -3.3% | -2.0% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 | — | — | — | 10.79 | 0.75 | 0.86 | 1.31 | — | — |
| Net Debt / Equity | — | 0.40 | 0.40 | 0.46 | 0.16 | 0.21 | -0.22 | -0.39 | -0.44 | -0.45 | -0.56 |
| Net Debt / EBITDA | 28.63 | 28.63 | — | — | — | 2.65 | -1.86 | -16.12 | -13.86 | — | -32.94 |
| Debt / FCF | — | — | — | — | — | — | — | — | — | -20.79 | -11.48 |
| Interest Coverage | -3.51 | -3.51 | -3.51 | — | -8.21 | 3.15 | 7.88 | -2.58 | -1.38 | -61.52 | — |
Short-term solvency ratios and asset-utilisation metrics
| 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 | 0.90 | 1.27 | 2.57 | 2.80 | 2.84 | 2.80 | 1.90 | 2.61 |
| Cash Ratio | 0.41 | 0.41 | 0.41 | 0.19 | 0.78 | 2.08 | 2.44 | 2.51 | 2.53 | 1.62 | 2.35 |
| Asset Turnover | — | 0.21 | 0.21 | 0.12 | 0.11 | 0.12 | 0.38 | 0.32 | 0.30 | 0.19 | 0.31 |
| Inventory Turnover | 63.92 | 63.92 | 46.06 | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 64.11 | 85.83 | 101.88 | 75.60 | 122.06 | 21.38 | 31.19 | 30.42 | 52.40 | 24.87 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | — | — | — | 12.7% | 0.3% | 0.2% | — | — | — | — | — |
| 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 | — | — | — | 52.6% | — | — | 2.1% | — | — | — | — |
| FCF Yield | — | — | — | — | — | — | — | — | — | — | — |
| Buyback Yield | 0.6% | 2.3% | 0.0% | 0.0% | 0.0% | 0.0% | 35.3% | — | — | — | — |
| Total Shareholder Yield | 0.6% | 2.3% | 0.0% | 12.7% | 0.3% | 0.2% | 35.3% | — | — | — | — |
| Shares Outstanding | — | $36M | $35M | $35M | $34M | $24M | $24M | $24M | $24M | $24M | $25M |
High Fixed Cost Leverage
Based on current market data, SPHR trades at an EV/EBITDA multiple of 211.24, which appears to heavily discount the company's nascent operational phase while potentially overestimating the immediate scalability of the Sphere venue compared to more established entertainment peers like Live Nation.
The extreme valuation multiple suggests that investors are pricing in a significant growth inflection that has yet to materialize in consistent earnings. Given the lack of a meaningful forward P/E, the market appears to be valuing the company as a speculative technology play rather than a traditional venue operator, which warrants caution regarding potential multiple compression if growth targets are missed.
As reported in recent financial statements, SPHR's ROIC has struggled to maintain positive territory, hovering at a marginal 0.3% in 2026Q3, which underscores the difficulty of generating adequate returns on the massive $2.3 billion capital investment required for the Las Vegas facility.
The persistent inability to consistently compound returns on invested capital suggests that the current revenue throughput is insufficient to justify the asset base. Investors should monitor whether future operational improvements can drive ROIC toward a level that exceeds the company's cost of capital, as current trends indicate a significant gap between asset deployment and value creation.
According to quarterly filings, SPHR's cash conversion cycle has exhibited significant instability, fluctuating between 34 and 65 days over the last ten quarters, reflecting the inherent challenges in managing inventory and receivables for a business model that blends live events with media rights.
The variability in the cash conversion cycle suggests that the company lacks a stable working capital rhythm, likely due to the lumpy nature of event-based revenue and the secular decline of the RSN business. This inconsistency complicates the assessment of operational efficiency and may indicate that the company is still refining its processes for managing supplier and customer leverage.
Based on the latest balance sheet figures, the current ratio has recovered to 1.22 in 2026Q3 from a low of 0.53 in 2025Q3, indicating that the company is successfully building a more substantial liquidity buffer to meet its short-term obligations as venue throughput improves.
While the improvement in the current ratio is a positive development, the company's liquidity remains sensitive to the high fixed-cost nature of its operations. The reliance on consistent event-driven cash flow means that any disruption in the Las Vegas tourism calendar could rapidly erode this liquidity, warranting continued monitoring of the company's cash position.
The most commonly misapplied metric for SPHR is the traditional EV/EBITDA ratio, which obscures the company's true economic profile by failing to account for the massive non-cash depreciation charges inherent in its unique, capital-intensive technological infrastructure.
Using standard EBITDA multiples for SPHR is misleading because it treats the company as a conventional arena operator rather than a proprietary technology and content creator. Analysts should instead focus on cash-flow-based metrics or segment-level contribution margins to better understand the underlying earning power of the Sphere asset, as EBITDA significantly distorts the reality of the company's capital-heavy business model.
Includes 30+ ratios · 11 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
10-year return with dividends reinvested.
See how regular investing compounds over time.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying SPHR stock.
Sphere Entertainment Co.'s current P/E ratio is -27.5x. The historical average is 25.0x.
Sphere Entertainment Co.'s current EV/EBITDA is 196.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 27.2x.
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 -27.5x. 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.