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Sphere Entertainment Co

Sphere Entertainment Co

SPHR
$159.85USD↑+1.61%+2.54 today

MARKET CAP

5.7B

P/E (TTM)

74.0x

FWD P/E

—

DAY RANGE

$157 – $164

52W RANGE

$42
$182

AI Summary

Stalk
Sell NowMedium

After the blow-off top in early August, SPHR has entered a Stage 3 topping phase with medium-term bearish control. Price has broken below the 9- and 20-day EMAs and is now testing the 50-day SMA, with declining EMAs and neutral RSI offering conditions to sell into rallies around the EMAs. The long-term uptrend remains intact above the 200-day SMA but does not outweigh current distribution dynamics.

  • ↑Q4’25 revenue $394.3M (+60% YoY), Wizard of Oz sold 2.2M tickets ($290M)
  • ↑Proven Las Vegas business model to scale internationally via new venues
  • ↓2028 debt maturities and complex credit facilities heighten financing risk
Full analysis →

The case for & against

Bull & Bear analysis

Bullish

Sphere Entertainment Co. (NYSE: SPHR) is a leading player in the immersive entertainment sector, primarily known for its innovative Sphere venues, including its successful flagship location in Las Vegas. The company capitalizes on cutting-edge technology to create unique audience experiences through live events and productions like "The Wizard of Oz." Sphere is on a growth trajectory, expanding internationally and leveraging diverse content offerings to engage audiences worldwide.

Bull says

  • ↑Q4’25 revenue $394.3M (+60% YoY), Wizard of Oz sold 2.2M tickets ($290M)
  • ↑Proven Las Vegas business model to scale internationally via new venues
  • ↑6,000-seat National Harbor project backed by $200M in public incentives
  • ↑Exosphere advertising growth driving recurring sponsorship revenue with major brands
  • ↑$596M cash vs. $534M net debt supports expansion plans
  • ↑High momentum and strong institutional ownership underline investor confidence

Bear says

  • ↓2028 debt maturities and complex credit facilities heighten financing risk
  • ↓Revenue tied to Wizard of Oz could falter if attendance declines
  • ↓SG&A rose to $125.6M (+30% YoY), risking margin erosion
  • ↓Las Vegas tourism downturns expose attendance and revenue volatility
  • ↓Negative profitability metrics and analyst downgrades signal future headwinds
  • ↓Rate sensitivity and high short interest reflect market skepticism

Investment themes with SPHR

Streaming Services↑ +0.15%

Providers of video and audio streaming platforms

NFLX · DIS · SPOT
Most Shorted Stocks↑ +0.54%

Stocks with highest short interest

LITE · FSLY · SPHR
SA Strong Buy Stocks With Short Squeeze Potential↓ -0.67%

LITE · FSLY · SPHR

Earnings Call · Q2 2025 · Mgmt. Guidance

Updated 08-03-2026bullish

Transcript signals

Bull points

  • business model is designed along a franchise kind of approach, so we are out in the marketplace now, right, beginning to expose potential investors to the business model and looking at different locations for small spheres.
  • we're continuing to make progress on our evolving go-to-market approach and establishing this recurring book of business when we think about sponsors and advertisers on the Exosphere.
  • We've seen some early successes with our new packages, including 60-second spots that gives our advertisers even more exposure.

Bear points

  • The decrease in revenues stems from lower distribution revenue driven by an approximately 13% decrease in subscribers, partially offset by the impact of higher affiliation rates.
  • Direct operating expenses include the impact of reduction in media rights fees as a result of these amendments, including retroactive adjustments for the 2024-25 season recorded in this second quarter.
Read full transcript analysis ›