SPHERE ENTERTAINMENT CO. vs Tencent Music Entertainment Group, two Entertainment stocks. A side-by-side on valuation, growth, margins, returns, and what each price is betting.
Sphere Entertainment runs the Las Vegas Sphere and MSG Networks; Tencent Music leads China's music-streaming market as an ADR. The digital platform keeps far more of each dollar, a 25.03% net margin against Sphere's 9.04%, and converts better to cash, a 10.63% free cash yield against Sphere's 6.13%. Tencent carries no net debt; Sphere a light 0.36 times equity. Returns on equity favor Tencent, 10.2% to 5.33%. On price to book Sphere sits higher at 2.71 against Tencent's 1.34. By size they are near each other, $6.1 billion and $12.9 billion. A single physical-venue bet against a light streaming leader abroad.
Comparison updated 2026-07-11.
| Metric | SPHR | TME |
|---|---|---|
| Price | $148.34 | $8.89 |
| Market cap | $5.3B | $13.7B |
| Sector | Entertainment | Entertainment |
| Stage | Mature | Mature |
| P/E | 50.0 | — |
| P/B | 2.37 | 1.43 |
| P/S | 4.01 | 3.50 |
| EV/EBITDA | 28.6 | 9.9 |
| Revenue growth | +10.9% | -0.5% |
| Gross margin | — | 42.3% |
| Operating margin | 1.9% | 30.7% |
| Net margin | 9.0% | 25.0% |
| Return on equity | 5.3% | 10.2% |
| Return on assets | 2.8% | 7.9% |
| Return on invested capital | -3.7% | 10.2% |
| FCF yield | 7.0% | 10.0% |
| Debt / equity | 0.36 | 0.00 |
| Current ratio | 1.22 | 2.09 |
| Altman Z (solvency) | 1.92 | 4.06 |
| Piotroski F (quality) | 7 / 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.