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Sphere Entertainment Co. key statistics and ratios

In fiscal 2025, Sphere Entertainment Co. had return on equity of 1.4%, an operating margin of -18.8%, debt equal to 37.2% of equity and a current ratio of 1.09. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2018Jun 20182019Jun 20192020Jun 20202021Jun 20212022Jun 20222023Jun 20232024Jun 20242025Dec 2025LTMJun 2026
Operating margin−3.2%−4.3%16.4%−29.1%−27.2%−47.6%−33.2%−18.8%−11.4%
Net margin0.7%−0.8%12.7%−22.9%−31.9%87.6%−19.5%2.7%−5.2%
Free-cash-flow margin−4.3%−7.9%−10.2%−79.5%−100.9%26.8%−1.9%19.9%29.4%
Return on equity0.3%−0.3%6.7%−5.9%−9.4%22.1%−8.0%1.4%−3.2%
Return on assets—−0.2%5.2%−3.3%−3.6%9.6%−4.1%0.7%−1.7%
Asset turnover—0.320.410.140.110.110.210.270.33
Current ratio—2.842.802.571.270.900.631.091.22
Debt to equity0.0%2.1%1.2%78.6%81.7%46.7%57.3%37.2%35.0%
Interest cover (operating income ÷ interest)n/mn/m6.4xn/mn/m—n/m——
Effective tax rate——40.4%——37.5%—41.6%—
SG&A as % of revenue27.6%30.0%30.2%65.5%111.8%————
Capital spending as % of revenue18.9%17.5%31.7%70.4%124.0%0.0%0.0%0.0%0.0%
Free cash flow ÷ net income−623.0%—−81.0%——30.5%—728.5%—
Dividends and buybacks ÷ free cash flow—————0.0%—20.6%—

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

4 of 6 checks passed · June 30, 2026
What it owns · $4.0bn
Short-term assets $784mLonger-term assets $3.3bn
What it owes, and who funded it · $4.0bn
Short-term liabilities $640mLonger-term liabilities $1.2bnShareholders' equity $2.2bn
  • Short-term assets cover short-term liabilities $784m of assets due within a year against $640m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $784m short-term assets against $1.2bn of longer-dated liabilities.
  • More cash than debt $551m of cash against $780m of debt.
  • Debt below 40% of shareholders' equity Debt is 35% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 76% to 35% over five years.
  • A year's operating cash flow covers at least 20% of debt $399m of operating cash flow against $780m of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Sphere Entertainment Co.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

16 /100

Weak moat

How hard Sphere Entertainment's competitive advantage looks for rivals to wear away, judged from 8 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Net income has been a median -2.3% of total assets over 8 years.

  • Durability 10 / 20

    Operating margin has been a median -19.2%; its worst year was -47.6%.

  • Cash conversion 3 / 20

    Free cash flow was positive in 2 of 7 years, at a median -26.9% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (22 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Compare with peers

Head to head: MSGS vs SPHRMSGE vs SPHRMANU vs SPHR

More: Movies & Entertainment stocks compared, Communication Services sector, rankings of US companies

Figures from Sphere Entertainment Co.'s SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Sphere Entertainment Co.