MADISON SQUARE GARDEN ENTERTAINMENT CORP. vs SPHERE ENTERTAINMENT CO., two Entertainment stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Two venue-based entertainment companies, and they share a lineage in Madison Square Garden's orbit. MSG Entertainment owns the arena and Radio City; Sphere Entertainment owns the Las Vegas Sphere and MSG Networks. MSG keeps a thinner 4.81% net margin against Sphere's 9.04%, but MSG converts noticeably better to cash, an 8.83% free cash yield versus Sphere's 6.13%. By market value they are close, $3.9 billion at MSG against $6.1 billion at Sphere. One runs established, iconic halls that reliably fill, the other a single next-generation venue still proving the economics of a new kind of show.
Comparison updated 2026-07-11.
| Metric | MSGE | SPHR |
|---|---|---|
| Price | $74.13 | $148.34 |
| Market cap | $3.6B | $5.3B |
| Sector | Entertainment | Entertainment |
| Stage | Mature | Mature |
| Implied growth (priced in) | +19.1% | — |
| P/E | 72.0 | 50.0 |
| P/B | 74.33 | 2.37 |
| P/S | 3.50 | 4.01 |
| EV/EBITDA | 21.0 | 28.6 |
| Revenue growth | +2.9% | +10.9% |
| Operating margin | 6.5% | 1.9% |
| Net margin | 4.8% | 9.0% |
| Return on equity | 102.1% | 5.3% |
| Return on assets | 2.5% | 2.8% |
| Return on invested capital | 15.7% | -3.7% |
| FCF yield | 9.6% | 7.0% |
| Debt / equity | 12.04 | 0.36 |
| Current ratio | 0.72 | 1.22 |
| Altman Z (solvency) | 1.70 | 1.92 |
| Piotroski F (quality) | 6 / 9 | 7 / 9 |
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The stronger value is highlighted per metric where one is strictly better on that single number; it is not an overall verdict on either company. For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.