Madison Square Garden Sports
MSGS · Movies & Entertainment
$388.63
0.2%Sphere Entertainment
SPHR · Movies & Entertainment
$108.94
2.4%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 −18.8% operating margin).
| Latest fiscal year | MSGS · FY26 | SPHR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $9.4B | $3.9B |
| Revenue | $1.2B | $1.2B |
| Free cash flow | $61.3M | — |
| Net income | $7.8M | $33.4M |
| Growth | ||
| Revenue growth | 11.0% | 18.8% |
| 5-year growth | 22.7% | −3.2% |
| Share count change | 0.7% | 28.3% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 2.5% | −18.8% |
| Net margin | 0.7% | 2.7% |
| FCF margin | 5.3% | — |
| Return on capital | — | −4.8% |
| Return on equity | — | 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 | — | — |
| Piotroski F-score | 7 | 7 |
FY17
MSGS $1.3B
SPHR —
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 —
MSGS
SPHR
FY17
MSGS −4.3%
SPHR —
FY18
MSGS −1.2%
SPHR −3.2%
FY19
MSGS −3.6%
SPHR −4.4%
FY20
MSGS −15.6%
SPHR 16.4%
FY21
MSGS −18.9%
SPHR −29.1%
FY22
MSGS 10.5%
SPHR −27.2%
FY23
MSGS 9.6%
SPHR −47.6%
FY24
MSGS 14.2%
SPHR −33.2%
FY25
MSGS 1.4%
SPHR −18.8%
FY26
MSGS 2.5%
SPHR —
MSGS
SPHR
FY17
MSGS $179M
SPHR —
FY18
MSGS $25.7M
SPHR −$43.0M
FY19
MSGS −$27.6M
SPHR −$82.6M
FY20
MSGS −$359M
SPHR −$147M
FY21
MSGS −$35.8M
SPHR −$515M
FY22
MSGS $177M
SPHR −$615M
FY23
MSGS $151M
SPHR —
FY24
MSGS $90.7M
SPHR —
FY25
MSGS $88.0M
SPHR —
FY26
MSGS $61.3M
SPHR —
MSGS
SPHR
FY17
MSGS —
SPHR —
FY18
MSGS −0.6%
SPHR —
FY19
MSGS −1.8%
SPHR —
FY20
MSGS —
SPHR 13.4%
FY21
MSGS —
SPHR −8.6%
FY22
MSGS —
SPHR −5.7%
FY23
MSGS —
SPHR −5.8%
FY24
MSGS —
SPHR −7.8%
FY25
MSGS —
SPHR −4.8%
FY26
MSGS —
SPHR —
MSGS
SPHR
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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.