Lionsgate Studios vs Sphere Entertainment
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KIRAβs take AI analyst
I put Lionsgate Studios and Sphere Entertainment side by side, using each oneβs latest annual report. Here is what stands out:
- Lionsgate Studios is the larger business, with $2.6B of revenue in fiscal 2026 against $1.2B for Sphere Entertainment, about 2.2 times as much.
- Sphere Entertainment grew revenue faster (18.8%, against 1.8%).
- Lionsgate Studios kept more of each dollar of sales as operating profit (3.7% operating margin, against β18.8%).
- Lionsgate Studios earned a higher return on the capital invested in it (8.3%, against β4.8%).
Who comes out ahead
Of the 7 measures where higher (or lower) is clearly better, how many each company leads.
Lionsgate Studios
LION
3/7
Operating marginReturn on capitalShare count change
Sphere Entertainment
SPHR
4/7
Revenue growthNet marginPiotroski F-scoreNet debt / EBITDA
Side by side
Best in the row
| Latest fiscal year | LION FY26 | SPHR FY25 |
|---|---|---|
| Size | ||
| Market cap | $3.5B | $3.9B |
| Revenue | $2.6B | $1.2B |
| Free cash flow | $11.4M | β |
| Net income | β$198M | $33.4M |
| Growth | ||
| Revenue growth | 1.8% | 18.8% |
| 5-year growth | β | β3.2% |
| Share count change | 14.7% | 28.3% |
| Profitability | ||
| Gross margin | β | β |
| Operating margin | 3.7% | β18.8% |
| Net margin | β7.5% | 2.7% |
| FCF margin | 0.4% | β |
| Return on capital | 8.3% | β4.8% |
| Return on equity | β | 1.4% |
| Balance sheet | ||
| Net debt | $1.6B | $171M |
| Net debt / EBITDA | 13.9x | 1.6x |
| Dividends and buybacks | $0.0M | $50.0M |
| Valuation & quality | ||
| P/E | β | β |
| Piotroski F-score | 5 | 7 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.