Madison Square Garden Sports vs Sphere Entertainment
Madison Square Garden Sports and Sphere Entertainment are similar in size: $1.15bn and $1.22bn of revenue in their latest fiscal years. Sphere Entertainment grew faster (18.8% against 11.0%). Sphere Entertainment kept more of each dollar of sales as profit: a net margin of 2.7% against 0.7%.
| Latest fiscal year | Madison Square Garden SportsMSGS, 2026 | Sphere EntertainmentSPHR, 2025 |
|---|---|---|
| Revenue | $1.15bn | $1.22bn |
| Revenue growth | 11.0% | 18.8% |
| Net income | $7.8m | $33.4m |
| Operating margin | 2.5% | -18.8% |
| Net margin | 0.7% | 2.7% |
| Return on equity | — | 1.4% |
| Free cash flow | $61.3m | $243m |
| Cash | $165m | $508m |
| Total debt | $259m | $830m |
| Debt to equity | — | 37.2% |
| Dividend per share | — | — |
| Dividend yield | 0.0% | — |
| Share buybacks | — | $50.0m |
| Employees | — | — |
| Market value | $7.60bn | $3.81bn |
| Price vs our value range | Above our value range | — |
| Moat score | 27 (Weak) | 16 (Weak) |
| Insider trades, 12 months | 0 buys, 4 sales | 0 buys, 0 sales |