Sphere Entertainment Co. (SPHR) intrinsic value & 10-year financials
Sphere Entertainment Co. (SPHR) has a Graham intrinsic value of $23.89 per share. At $103.53 on Oct 17, 2026, the stock trades 333% above that value. Over the last 9 fiscal years revenue grew 3.0% a year to $1.2B, with an average return on invested capital of -6.1%.
- Graham intrinsic value
- $23.89
- Share price (Oct 17, 2026)
- $103.53
- Price vs Graham value
- 333% above
- Market cap
- $4.7B
- Revenue (FY2025)
- $1.2B
- Revenue growth (9-yr CAGR)
- 3.0%
- ROIC (10-yr avg)
- -6.1%
- Free cash flow (FY2025)
- —
SPHR 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $1.2B | $33.4M | $0.74 | — | -18.8% | -4.5% |
| FY2024 | $1.0B | -$200.6M | -$5.68 | — | -33.3% | -5.7% |
| FY2023 | $571.2M | $502.8M | $14.40 | — | -47.8% | -7.6% |
| FY2022 | $1.7B | -$194.4M | -$5.77 | -$615.4M | -6.2% | -3.3% |
| FY2021 | $156.1M | -$412.1M | -$17.39 | -$741.6M | -288.4% | -16.4% |
| FY2020 | $762.9M | $17.2M | $0.72 | -$356.4M | -7.8% | -2.5% |
| FY2019 | $1.0B | -$17.9M | -$0.75 | -$92.3M | -4.3% | -3.0% |
| FY2018 | $989.0M | $6.9M | — | -$43.0M | -3.2% | — |
| FY2017 | — | — | — | — | — | — |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Sphere Entertainment Co. revenue growth over the past decade is N/A; insufficient history prevents a reliable 10-year CAGR calculation.
Sphere Entertainment Co. has historically struggled to out-earn its cost of capital, averaging just -6.1% ROIC.
Sphere Entertainment Co. capital allocation metrics are N/A for the decade; share count and net debt history are incomplete.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Sphere Entertainment Co. is modeled at 14.5% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $23.89 per share.