Sphere Entertainment vs Telephone and Data Systems
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The short version
- Telephone and Data Systems is the larger business, with $1.2B of revenue in fiscal 2025 against $1.2B for Sphere Entertainment.
- Sphere Entertainment grew revenue faster (18.8%, against β5.3%).
- Telephone and Data Systems kept more of each dollar of sales as operating profit (β7.9% operating margin, against β18.8%).
- Telephone and Data Systems earned a higher return on the capital invested in it (β1.5%, against β4.8%).
| Latest fiscal year | SPHR Β· FY25 | TDS Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $3.9B | $4.1B |
| Revenue | $1.2B | $1.2B |
| Free cash flow | β | $199M |
| Net income | $33.4M | β$6.2M |
| Growth | ||
| Revenue growth | 18.8% | β5.3% |
| 5-year growth | β3.2% | β25.1% |
| Share count change | 28.3% | 4.3% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | β18.8% | β7.9% |
| Net margin | 2.7% | β0.5% |
| FCF margin | β | 16.2% |
| Return on capital | β4.8% | β1.5% |
| Return on equity | 1.4% | β0.1% |
| Balance sheet | ||
| Net debt | $171M | $62.6M |
| Net debt / EBITDA | 1.6x | 0.3x |
| Dividends and buybacks | $50.0M | $196M |
| Valuation & quality | ||
| P/E | β | 11.7x |
| Piotroski F-score | 7 | 5 |
Revenue
FY16
SPHR β
TDS $5.2B
FY17
SPHR β
TDS $5.0B
FY18
SPHR $989M
TDS $5.1B
FY19
SPHR $1.0B
TDS $5.2B
FY20
SPHR $1.4B
TDS $5.2B
FY21
SPHR $648M
TDS $5.3B
FY22
SPHR $610M
TDS $5.4B
FY23
SPHR $574M
TDS $1.4B
FY24
SPHR $1.0B
TDS $1.3B
FY25
SPHR $1.2B
TDS $1.2B
SPHR
TDS
Operating margin
FY16
SPHR β
TDS 2.1%
FY17
SPHR β
TDS β2.1%
FY18
SPHR β3.2%
TDS 4.0%
FY19
SPHR β4.4%
TDS 3.5%
FY20
SPHR 16.4%
TDS 5.0%
FY21
SPHR β29.1%
TDS 4.9%
FY22
SPHR β27.2%
TDS 2.3%
FY23
SPHR β47.6%
TDS β50.4%
FY24
SPHR β33.2%
TDS β14.8%
FY25
SPHR β18.8%
TDS β7.9%
SPHR
TDS
Free cash flow
FY16
SPHR β
TDS $146M
FY17
SPHR β
TDS $91.0M
FY18
SPHR β$43.0M
TDS $241M
FY19
SPHR β$82.6M
TDS $59.0M
FY20
SPHR β$147M
TDS $194M
FY21
SPHR β$515M
TDS β$28.0M
FY22
SPHR β$615M
TDS β$6.0M
FY23
SPHR β
TDS $498M
FY24
SPHR β
TDS $780M
FY25
SPHR β
TDS $199M
SPHR
TDS
Return on capital
FY16
SPHR β
TDS 1.0%
FY17
SPHR β
TDS β1.3%
FY18
SPHR β
TDS 2.4%
FY19
SPHR β
TDS 1.8%
FY20
SPHR 13.4%
TDS 3.3%
FY21
SPHR β8.6%
TDS 2.6%
FY22
SPHR β5.7%
TDS 0.7%
FY23
SPHR β5.8%
TDS β5.4%
FY24
SPHR β7.8%
TDS β1.7%
FY25
SPHR β4.8%
TDS β1.5%
SPHR
TDS
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.