Madison Square Garden Sports vs Sphere Entertainment
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The short version
- Sphere Entertainment is the larger business, with $1.2B of revenue in fiscal 2025 against $1.2B for Madison Square Garden Sports.
- Sphere Entertainment grew revenue faster (18.8%, against 11.0%).
- Madison Square Garden Sports kept more of each dollar of sales as operating profit (2.5% operating margin, against β18.8%).
| Latest fiscal year | MSGS Β· FY26 | SPHR Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $9.4B | $3.9B |
| Revenue | $1.2B | $1.2B |
| Free cash flow | $61.3M | β |
| Net income | $7.8M | $33.4M |
| Growth | ||
| Revenue growth | 11.0% | 18.8% |
| 5-year growth | 22.7% | β3.2% |
| Share count change | 0.7% | 28.3% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | 2.5% | β18.8% |
| Net margin | 0.7% | 2.7% |
| FCF margin | 5.3% | β |
| Return on capital | β | β4.8% |
| Return on equity | β | 1.4% |
| Balance sheet | ||
| Net debt | $94.0M | $171M |
| Net debt / EBITDA | 2.9x | 1.6x |
| Dividends and buybacks | $0.5M | $50.0M |
| Valuation & quality | ||
| P/E | β | β |
| Piotroski F-score | 7 | 7 |
Revenue
FY17
MSGS $1.3B
SPHR β
FY18
MSGS $1.6B
SPHR $989M
FY19
MSGS $1.6B
SPHR $1.0B
FY20
MSGS $603M
SPHR $1.4B
FY21
MSGS $416M
SPHR $648M
FY22
MSGS $821M
SPHR $610M
FY23
MSGS $887M
SPHR $574M
FY24
MSGS $1.0B
SPHR $1.0B
FY25
MSGS $1.0B
SPHR $1.2B
FY26
MSGS $1.2B
SPHR β
MSGS
SPHR
Operating margin
FY17
MSGS β4.3%
SPHR β
FY18
MSGS β1.2%
SPHR β3.2%
FY19
MSGS β3.6%
SPHR β4.4%
FY20
MSGS β15.6%
SPHR 16.4%
FY21
MSGS β18.9%
SPHR β29.1%
FY22
MSGS 10.5%
SPHR β27.2%
FY23
MSGS 9.6%
SPHR β47.6%
FY24
MSGS 14.2%
SPHR β33.2%
FY25
MSGS 1.4%
SPHR β18.8%
FY26
MSGS 2.5%
SPHR β
MSGS
SPHR
Free cash flow
FY17
MSGS $179M
SPHR β
FY18
MSGS $25.7M
SPHR β$43.0M
FY19
MSGS β$27.6M
SPHR β$82.6M
FY20
MSGS β$359M
SPHR β$147M
FY21
MSGS β$35.8M
SPHR β$515M
FY22
MSGS $177M
SPHR β$615M
FY23
MSGS $151M
SPHR β
FY24
MSGS $90.7M
SPHR β
FY25
MSGS $88.0M
SPHR β
FY26
MSGS $61.3M
SPHR β
MSGS
SPHR
Return on capital
FY17
MSGS β
SPHR β
FY18
MSGS β0.6%
SPHR β
FY19
MSGS β1.8%
SPHR β
FY20
MSGS β
SPHR 13.4%
FY21
MSGS β
SPHR β8.6%
FY22
MSGS β
SPHR β5.7%
FY23
MSGS β
SPHR β5.8%
FY24
MSGS β
SPHR β7.8%
FY25
MSGS β
SPHR β4.8%
FY26
MSGS β
SPHR β
MSGS
SPHR
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.