What is Sphere Entertainment's EV / EBITDA?

Sphere Entertainment (SPHR) reported EV / EBITDA of 24× in Q1 2026.

What does EV / EBITDA mean?

Enterprise value (market cap plus total debt minus cash) at the quarter end divided by trailing-twelve-month EBITDA. A capital-structure-neutral valuation multiple.

Sphere Entertainment SPHR EV / EBITDA

EV / EBITDA at other companies

NetflixNFLX

28.7×-7.0×

Live Nation EntertainmentLYV

17.4×—

Walt DisneyDIS

14×-1.2×

Madison Square Garden SportsMSGS

892.5×+847×

Nexstar Media Group, Inc.NXST

12.5×—

Fox CorporationFOXA

11.3×+0.9×

Other financials

Income statement

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Revenue$386.4M+37.7%

Operating income$7.2M+109%

Net income$4.5M+105%

EPS (diluted)-$0.04+98.2%

Balance sheet

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Cash & equivalents$630.2M+31.8%

Total debt$938.4M-35.8%

Total equity$2.2B+4.9%

Total assets$4.2B-5.1%

Cash flow

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Operating cash flow$136.2M+2,046%

CapEx$4.9M-72.1%

Free cash flow$131.4M+1,279%

Valuation

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Market cap$5.63B+256%

Enterprise value$5.94B+108%

P/E47×—

P/S4.3×+2.6×

Profitability

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Operating margin-28.1%-4.3pp

Net margin9%+5.2pp

FCF margin25.2%+15.7pp

Returns & leverage

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Return on equity5.5%+3.2pp

Debt / equity0.4×-0.3×

Current ratio1.2×+0.7×

Where this comes from

Calculated from Sphere Entertainment’s reported figures.

enterprise value/ebitda=24×

Based on the most recent quarter.

The official record: Sphere Entertainment’s 10-Q, filed May 5, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Sphere Entertainment's EV / EBITDA?: Sphere Entertainment (SPHR) reported EV / EBITDA of 24× in Q1 2026.
What does EV / EBITDA mean?: Enterprise value (market cap plus total debt minus cash) at the quarter end divided by trailing-twelve-month EBITDA. A capital-structure-neutral valuation multiple.