Sphere Entertainment

SPHR

Entertainment · Communication Services

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Exceptional

Stability

Mixed

Valuation

Data not available

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Winston Score History

The full picture

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.

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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

-37.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-53.1% YoY

YoY Growth Rate

Earnings declining

Insider Activity

5.9%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$560M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

Sphere Entertainment's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

Profit per sale

Gross Margin

79.9%

Premium pricing power — 79.9% gross margin

Profit after running costs

Operating Margin

-32.9%

Losing money on operations — -32.9%

Return on the money invested

ROCE

-4.8%

Weak — -4.8% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+11.0%

Steady sales growth (+11.0% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

728%

Turns 728% of profit into real cash

Spare cash per sale

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

What it owes vs what it owns

Debt / Equity

0.38

Conservative — low debt load (0.38)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

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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