Sphere Entertainment Co.
SPHR
$140.63
+5.50%
Sphere Entertainment Co. is a live entertainment and media company that creates, produces, and tours shows and events, operating through two reportable segments: Sphere, a next-generation entertainment medium featuring the iconic Las Vegas venue, and MSG Networks, which operates regional sports and entertainment networks along with direct-to-consumer streaming products. The company holds a distinct competitive position as the owner of the world's largest spherical venue, offering immersive experiences that have captured global attention and driven significant brand recognition. The current investor narrative centers on the company's explosive growth trajectory, fueled by the Sphere's commercial success and expanding content pipeline, alongside ongoing debates about the sustainability of its momentum, the scalability of the Sphere concept to other cities, and the financial performance of its MSG Networks segment amid cord-cutting pressures. Recent headlines highlight strong quarterly results, analyst upgrades, and a stock that has more than tripled over the past year, positioning Sphere as a high-growth, high-volatility story in the entertainment sector.…
SPHR
Sphere Entertainment Co.
$140.63
SPHR 12-Month Price Forecast
Wall Street consensus
Most Wall Street analysts maintain a constructive view on Sphere Entertainment Co.'s 12-month outlook, with a consensus price target around $179.92 and implied upside of +27.9% versus the current price.
Average Target
$179.92
0 analysts
Implied Upside
+27.9%
vs. current price
Analyst Count
—
covering this stock
Price Range
$158 - $208
Analyst target range
Analyst coverage is substantial, with 13 analysts providing ratings, and the consensus recommendation is 'Strong Buy' with a mean rating of 1.46 (where 1 is Strong Buy and 5 is Sell). The average target price is $178.77, implying approximately 26.2% upside from the current price of $141.68. The distribution shows a bullish tilt, with 10 Buy ratings, 2 Hold, and 1 Sell, indicating strong conviction in the company's growth story. The high target of $200 suggests that some analysts see further upside driven by the Sphere's expansion and content monetization, while the low target of $158 still implies 11.5% upside, reflecting a relatively tight range that signals moderate uncertainty. Recent rating actions have been positive, with upgrades from BTIG, Seaport Global, and Morgan Stanley, and a downgrade from Benchmark (Hold from Sell), indicating improving sentiment. The wide spread between the low and high targets (42 points) reflects the high uncertainty surrounding the scalability of the Sphere concept and the company's ability to sustain its growth trajectory, but the overall bullish consensus suggests that analysts believe the risk-reward is favorable at current levels.
SPHR Technical Analysis
Sphere Entertainment's stock is in a powerful, sustained uptrend, with a 1-year price change of +211.38% and a year-to-date gain of +50.24%. The current price of $141.68 sits at approximately 78% of its 52-week range (between $44.059 low and $181.63 high), indicating the stock is trading closer to its highs but has pulled back from the peak. This positioning suggests strong momentum but also potential overextension, as the stock has more than tripled in a year, and the recent pullback from the high may signal profit-taking or consolidation after a parabolic move.
Beta
1.63
1.63x market volatility
Max Drawdown
-24.4%
Largest decline past year
52-Week Range
$47-$182
Price range past year
Annual Return
+205.8%
Cumulative gain past year
| Period | SPHR Return | S&P 500 |
|---|---|---|
| 1m | -4.5% | +1.0% |
| 3m | -1.1% | +1.1% |
| 6m | +24.6% | +13.8% |
| 1y | +205.8% | +19.5% |
| ytd | +49.1% | +12.2% |
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SPHR Fundamental Analysis
Revenue growth has been robust, with the most recent quarter (Q2 FY2026, ended December 31, 2025) reporting revenue of $394.283 million, a 27.89% year-over-year increase. This growth is accelerating, as the prior quarter (Q1 FY2026) saw revenue of $262.511 million, and the company has consistently grown revenue from $227.913 million in Q1 FY2025 to $394.283 million in Q2 FY2026, a 73% increase over four quarters. The growth is driven by the Sphere segment, with ticketing and venue license fee revenues of $560.807 million and food, beverage, and merchandise revenues of $100.399 million, while MSG Networks revenue of $438.633 million remains a stable but slower-growing contributor. The revenue trajectory indicates strong demand for the Sphere experience, but the sustainability of this growth is a key question as the novelty effect may fade and expansion plans are still unconfirmed.
Quarterly Revenue
$394283000.0B
2025-12
Revenue YoY Growth
+27.9%
YoY Comparison
Gross Margin
58.6%
Latest Quarter
Free Cash Flow
$190999000.0B
Last 12 Months
Revenue & Net Income Trends (2 Years)
Revenue Breakdown
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Valuation Analysis: Is SPHR Overvalued?
Given that the trailing twelve-month net income is positive (EPS of $0.0054 and net income of $64.739 million in the latest quarter), the PE ratio is the primary valuation metric. The trailing PE is 186.05x, while the forward PE is -69.11x (negative due to expected losses), indicating that the market is pricing in significant future earnings growth, but the negative forward PE suggests analysts expect losses in the near term, which is a red flag. The PS ratio of 5.12x and EV/Sales of 4.17x are also elevated, reflecting a premium valuation for a company with thin margins and a capital-intensive business model. The PEG ratio of -1.60 is not meaningful due to negative earnings growth expectations, but the high PE and PS ratios imply that the market is betting on the Sphere's long-term potential rather than current profitability.
PE
186.1x
Latest Quarter
vs. Historical
High-End
5-Year PE Range 0x~13x
vs. Industry Avg
N/A
Industry PE ~N/A*
EV/EBITDA
14.4x
Enterprise Value Multiple