Sphere Entertainment vs TKO Group
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The short version
- TKO Group is the larger business, with $4.7B of revenue in fiscal 2025 against $1.2B for Sphere Entertainment, about 3.9 times as much.
- Sphere Entertainment grew revenue faster (18.8%, against β3.1%).
- TKO Group kept more of each dollar of sales as operating profit (17.6% operating margin, against β18.8%).
- TKO Group earned a higher return on the capital invested in it (5.9%, against β4.8%).
| Latest fiscal year | SPHR Β· FY25 | TKO Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $3.9B | $13.1B |
| Revenue | $1.2B | $4.7B |
| Free cash flow | β | β |
| Net income | $33.4M | $195M |
| Growth | ||
| Revenue growth | 18.8% | β3.1% |
| 5-year growth | β3.2% | β |
| Share count change | 28.3% | 12.9% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | β18.8% | 17.6% |
| Net margin | 2.7% | 4.1% |
| FCF margin | β | β |
| Return on capital | β4.8% | 5.9% |
| Return on equity | 1.4% | 5.0% |
| Balance sheet | ||
| Net debt | $171M | $3.2B |
| Net debt / EBITDA | 1.6x | 2.4x |
| Dividends and buybacks | $50.0M | $1.1B |
| Valuation & quality | ||
| P/E | β | β |
| Piotroski F-score | 7 | 5 |
Revenue
FY18
SPHR $989M
TKO β
FY19
SPHR $1.0B
TKO β
FY20
SPHR $1.4B
TKO β
FY21
SPHR $648M
TKO $1.0B
FY22
SPHR $610M
TKO $1.1B
FY23
SPHR $574M
TKO $3.2B
FY24
SPHR $1.0B
TKO $4.9B
FY25
SPHR $1.2B
TKO $4.7B
SPHR
TKO
Operating margin
FY18
SPHR β3.2%
TKO β
FY19
SPHR β4.4%
TKO β
FY20
SPHR 16.4%
TKO β
FY21
SPHR β29.1%
TKO 37.9%
FY22
SPHR β27.2%
TKO 47.8%
FY23
SPHR β47.6%
TKO 11.7%
FY24
SPHR β33.2%
TKO 0.6%
FY25
SPHR β18.8%
TKO 17.6%
SPHR
TKO
Free cash flow
FY18
SPHR β$43.0M
TKO β
FY19
SPHR β$82.6M
TKO β
FY20
SPHR β$147M
TKO β
FY21
SPHR β$515M
TKO β
FY22
SPHR β$615M
TKO β
FY23
SPHR β
TKO β
FY24
SPHR β
TKO β
FY25
SPHR β
TKO β
SPHR
TKO
Return on capital
FY18
SPHR β
TKO β
FY19
SPHR β
TKO β
FY20
SPHR 13.4%
TKO β
FY21
SPHR β8.6%
TKO β
FY22
SPHR β5.7%
TKO β
FY23
SPHR β5.8%
TKO 3.4%
FY24
SPHR β7.8%
TKO 0.2%
FY25
SPHR β4.8%
TKO 5.9%
SPHR
TKO
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.