Artist residency announcements and booking calendar density - major acts (U2, Eagles-level) drive 30-50 consecutive sold-out shows
Venue utilization metrics - event days per quarter, average attendance rates, and revenue per available seat
International expansion announcements - London, Abu Dhabi, or Asia Sphere projects would validate replicability and asset-light licensing model
Corporate event and experiential content traction - Formula 1 activations, brand experiences, and original film content beyond music
high - Sphere targets discretionary entertainment spending in the $150-500+ ticket range, making it highly sensitive to consumer confidence and disposable income. Las Vegas tourism (40M+ visitors annually) correlates strongly with GDP growth, employment levels, and corporate travel budgets. Economic downturns reduce convention attendance and leisure travel, directly impacting venue utilization. The premium pricing model amplifies cyclicality versus mass-market entertainment.
Moderate sensitivity through two channels: (1) Higher rates increase debt service costs on construction financing, pressuring path to profitability, though most debt appears fixed-rate. (2) Rising rates reduce consumer discretionary spending and travel budgets, particularly for premium-priced experiences. Valuation multiples compress as growth stocks face higher discount rates, though operational impact is more significant than financing costs at current leverage levels.
Single-asset concentration risk - entire business depends on one venue in one city, exposed to local market disruptions, regulatory changes, or competitive venue openings in Las Vegas
Unproven replicability - unclear whether the Sphere concept can achieve similar economics in other markets given Las Vegas's unique tourist density and entertainment infrastructure
Technology obsolescence risk - rapid advancement in VR/AR and home entertainment could reduce willingness to pay premium prices for in-venue immersive experiences within 5-10 years
growth/momentum - Attracts speculative growth investors betting on transformative entertainment concept and international expansion potential. Recent 140%+ annual return and 187% six-month return indicate momentum-driven trading. Not suitable for value or income investors given negative earnings, no dividend, and 3.5x price/sales valuation. Appeals to thematic investors focused on experiential economy and live entertainment secular trends.
Trend
+7.5% vs SMA 50 · +52.7% vs SMA 200
Momentum
Distribution pattern detected. More selling days than accumulation over the past 20 sessions. Not a conducive environment for a squeeze.
Based on volume distribution analysis. Direct short interest data (short float %, days to cover) is not available in current data sources.
ANALYST ESTIMATES
Analyst consensus estimates · Actuals replace estimates as reported
| Year | Revenue Est. | Rev Gth | EPS Est. | EPS Gth | Range | Analysts |
|---|---|---|---|---|---|---|
FY2025 | $1.0B $1.0B–$1.0B | — | -$5.79 | — | ±2% | Moderate3 |
FY2026(current) | $1.3B $1.3B–$1.3B | ▲ +30.6% | -$2.62 | — | ±6% | Moderate4 |
FY2027 | $1.4B $1.3B–$1.4B | ▲ +2.2% | -$2.26 | — | ±35% | Moderate3 |
INSTITUTIONAL OWNERSHIP
SPHR News
About
the madison square garden company is a fully-integrated sports, media and entertainment business. the company is comprised of three business segments: msg sports, msg media and msg entertainment, which are strategically aligned to work together to drive the company’s overall business, which is built on a foundation of iconic venues and compelling content that the company creates, produces, presents and/or distributes through its programming networks and other media assets. more information is available at www.themadisonsquaregardencompany.com.
| Symbol | Price | Day % | Mkt Cap↓ | P/E | Rev Grw | Margin | ELO |
|---|---|---|---|---|---|---|---|
SPHR◀ | $134.33 | -0.38% | $4.8B | 40.2 | — | -1954.0% | 1500 |
| $396.78 | -1.07% | $4.8T | 30.0 | +1512.6% | 3280.0% | 1523 | |
| $393.32 | -0.97% | $4.8T | 30.0 | +1512.6% | 3280.0% | 1522 | |
| $614.23 | -0.68% | $1.6T | 22.1 | +2216.7% | 3008.4% | 1501 | |
| $87.02 | +0.09% | $366.4B | 27.5 | +1585.1% | 2430.4% | 1479 | |
| $185.22 | -1.58% | $200.4B | 19.3 | +848.8% | 1244.7% | 1485 | |
| $46.37 | -1.47% | $193.6B | 11.2 | +252.5% | 1242.8% | 1505 | |
| Sector avg | — | -0.86% | — | 25.8 | +1321.4% | 1790.3% | 1502 |