Madison Square Garden Entertainment vs Sphere Entertainment
Sphere Entertainment is the larger business, with $1.22bn of revenue in fiscal 2025 against $1.06bn for Madison Square Garden Entertainment (1.2 times as much). Sphere Entertainment grew faster (18.8% against 12.5%). Madison Square Garden Entertainment kept more of each dollar of sales as profit: a net margin of 6.2% against 2.7%. Sphere Entertainment carries less debt relative to equity (37.2% against 1246.8%).
| Latest fiscal year | Madison Square Garden EntertainmentMSGE, 2026 | Sphere EntertainmentSPHR, 2025 |
|---|---|---|
| Revenue | $1.06bn | $1.22bn |
| Revenue growth | 12.5% | 18.8% |
| Net income | $66.2m | $33.4m |
| Operating margin | 13.3% | -18.8% |
| Net margin | 6.2% | 2.7% |
| Return on equity | — | 1.4% |
| Free cash flow | — | $243m |
| Cash | $294m | $508m |
| Total debt | $571m | $830m |
| Debt to equity | 1246.8% | 37.2% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $25.0m | $50.0m |
| Employees | — | — |
| Market value | $3.90bn | $3.81bn |
| Price vs our value range | Within our value range | — |
| Moat score | — | 16 (Weak) |
| Insider trades, 12 months | 0 buys, 2 sales | 0 buys, 0 sales |