Sphere Entertainment Co. (SPHR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-230.9%

-$138.56

vs $105.85 price

Levered DCF

-$163.53

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.22

Distress zone

Rating

C-

Overall 1 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	186.05×	-7.36×	-6.1×	1.89×	-4.21×	-323.25×	48.11×	-120.24×
P/B	2.79×	0.62×	0.51×	0.37×	0.42×	0.43×	0.29×	0.38×
P/S	5.12×	1.46×	1.19×	1.65×	1.36×	1.45×	0.58×	0.94×
EV / EBITDA	14.39×	30.16×	-91.4×	5.65×	-27.21×	7.72×	0.46×	-0.49×
Gross margin	51.6%	21.7%	46.7%	40.4%	47.5%	59.4%	45.0%	36.1%
Operating margin	-12.2%	-21.7%	-33.2%	-47.6%	-27.2%	10.0%	16.4%	-4.3%
Net margin	2.7%	-19.5%	-19.5%	87.6%	-31.9%	-22.9%	12.7%	-0.8%
Current ratio	1.07×	0.63×	0.63×	0.9×	1.27×	2.57×	2.8×	2.84×
Debt / equity	0.43×	0.63×	0.63×	0.51×	0.55×	0.93×	0.09×	0.02×
Interest coverage	-2.1×	-2.79×	-4.27×	0×	-8.12×	3.19×	6.43×	-8.16×
Dividend yield	0.0%	0.0%	0.0%	12.8%	0.3%	0.2%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	24.2%	-1.2%	-1.2%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	1.5%	-8.3%	-8.3%	19.5%	-9.9%	-6.8%	6.4%	-0.3%
Return on invested capital	-2.3%	-3.2%	-5.0%	-3.9%	-2.9%	0.1%	4.3%	-1.6%
Return on assets	0.8%	-4.2%	-4.2%	10.1%	-3.5%	-2.8%	4.9%	-0.2%
Free cash flow yield	3.1%	-20.6%	-25.3%	-107.6%	-79.8%	-54.8%	-17.9%	-9.4%
Earnings yield	0.5%	-13.4%	-16.4%	53.0%	-23.4%	-15.8%	21.9%	-0.8%
Enterprise value	$6.7B	$2.5B	$2.2B	$2.1B	$1.2B	$1.4B	$185.9M	-$46.7M
Net debt / EBITDA	0.95×	11.77×	-40.19×	3.14×	-7.88×	2.66×	-1.61×	-10.83×
Cash conversion cycle (days)	56	63	81	60	73	85	13	18