Recent News
On August 28, 2025 Sphere premiered “The Wizard of Oz at Sphere,” an immersive reimagining of the 1939 film, produced with Warner Bros. Discovery, Google, and Magnopus, employing AI-enhanced visuals, 4D effects and a re-recorded soundtrack.
On August 6, 2025 Lenovo announced Tech World CES 2026 will stage its keynote and major product showcases at Sphere in Las Vegas, naming Lenovo an official technology partner of Sphere Studios.
On August 1, 2025 Sphere and The Venetian launched a public activation tied to The Wizard of Oz at Sphere experience.
On September 15, 2025 Sphere reported cumulative ticket sales for The Wizard of Oz at Sphere exceeding 500,000 tickets and generating over $65 million in ticket revenue.
Technical Analysis
ADX registers 55.59, indicating very strong trend strength; that strength magnifies directional signals and increases the potential magnitude of near-term moves.
DI+ sits at 36.03 and trends decreasing, a bearish directional development that reduces upside bias relative to recent price levels.
DI- at 9.33 shows a dip & reversal, which signals a bearish shift as DI- increases from earlier lows.
MACD registers 3.63 with a MACD signal at 3.65 and the MACD trend labeled peak & reversal; momentum momentum has peaked and now carries a bearish bias, with MACD below its signal line.
MRO reads 33.81 with an increasing trend; the positive oscillator indicates price trading above the modeled target and therefore raises the probability of corrective pressure toward valuation-based levels.
RSI at 62.53 with a peak & reversal trend signals near-term momentum exhaustion rather than fresh strength; the level remains below overbought extremes but shows topping characteristics.
Price sits at $58.98, above the 12-day EMA $57.44 (increasing) and well above the 200-day average $40.22, implying medium-term bullish bias while short-term momentum shows signs of topping.
Bollinger bands (upper ~ $60.97, lower ~ $55.31) contain the current price; proximity to the upper band suggests limited immediate upside without renewed momentum.
Volume at 894,045 lags the 10-day average of 1,307,953 and the 50-day average of 1,065,596, indicating recent price moves lack robust participation compared with prior weeks.
Support levels appear near the SuperTrend lower at $55.29 and the 20-day average at $58.14; elevated ADX combined with mixed momentum suggests a higher-probability consolidation or pullback toward those technical supports.
Fundamental Analysis
Revenue registers $282,677,000 with YoY revenue growth at -105.03% and recent quarter-over-quarter revenue growth near 0.75%, reflecting divergent period comparisons; gross profit totals $151,359,000 and gross margin registers 53.545%, which sits above the industry peer mean gross margin of 38.364%.
EBIT posts $299,617,000 and EBITDA $383,524,000; EBIT margin registers 105.993%, which stands well above the industry peer mean EBIT margin of 18.368% and above the industry peer median of 15.429%.
Operating margin reads -16.121% with an operating loss of $45,571,000; the operating margin contracted QoQ by -40.541% and YoY by -33.483%, signaling operating cost pressure despite strong headline EBIT driven by non-operating components.
Net income totals $151,816,000 and EPS came in at $3.73 versus an estimate of -$1.41, producing an EPS surprise of 364.54% and an absolute surprise of $5.14 per share—an outsized beats magnitude that materially outperformed expectations for the reported period.
Cash and short-term investments total $355,661,000 while net debt equals $533,673,000, producing a debt-to-EBITDA ratio of 2.66x; interest coverage registers 11.59x, above the industry peer mean interest coverage of 8.02x, indicating capacity to service interest despite significant leverage.
Free cash flow reads -$73,711,000 and free cash flow yield at -4.97%, while operating cash flow registers -$59,059,000; negative free cash metrics create pressure on liquidity unless operating cash reverses to positive in coming periods.
Return on equity registers 6.562% and return on invested capital 7.39%; return on assets sits at 3.512%, slightly above the industry peer mean return on assets of 2.546%.
Liquidity metrics show a current ratio of 1.13 and quick ratio of 1.11, both roughly in line with the industry peer mean current ratio of 1.10, providing near-term working-capital coverage but limited cushion given total debt levels.
Valuation context: EV/Revenue and other multiples produce an enterprise multiple of 5.60 and a price-to-earnings ratio of 10.9x. WMDST values the stock as over-valued, reflecting stretched price levels relative to the company’s negative free cash flow and the structural adjustments within the networks business.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-08-11 |
| NEXT REPORT DATE: | 2025-11-11 |
| CASH FLOW | Begin Period Cash Flow | $ 478.2 M |
| Operating Cash Flow | $ -59.06 M | |
| Capital Expenditures | $ -14.65 M | |
| Change In Working Capital | $ -81.04 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -109.28 M | |
| End Period Cash Flow | $ 368.9 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 282.7 M | |
| Forward Revenue | $ -25.89 M | |
| COSTS | ||
| Cost Of Revenue | $ 131.3 M | |
| Depreciation | $ 82.3 M | |
| Depreciation and Amortization | $ 83.9 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 328.2 M | |
| PROFITABILITY | ||
| Gross Profit | $ 151.4 M | |
| EBITDA | $ 383.5 M | |
| EBIT | $ 299.6 M | |
| Operating Income | $ -45.57 M | |
| Interest Income | $ 4.1 M | |
| Interest Expense | $ 25.9 M | |
| Net Interest Income | $ -21.78 M | |
| Income Before Tax | $ 273.8 M | |
| Tax Provision | $ 121.9 M | |
| Tax Rate | 21.0 % | |
| Net Income | $ 151.8 M | |
| Net Income From Continuing Operations | $ 151.8 M | |
| EARNINGS | ||
| EPS Estimate | $ -1.41 | |
| EPS Actual | $ 3.73 | |
| EPS Difference | $ 5.14 | |
| EPS Surprise | 364.539 % | |
| Forward EPS | $ -1.54 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 4.2 B | |
| Intangible Assets | $ 435.3 M | |
| Net Tangible Assets | $ 1.9 B | |
| Total Current Assets | $ 595.4 M | |
| Cash and Short-Term Investments | $ 355.7 M | |
| Cash | $ 355.7 M | |
| Net Receivables | $ 151.2 M | |
| Inventory | $ 12.8 M | |
| Long-Term Investments | $ 190.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 14.8 M | |
| Short-Term Debt | $ 58.8 M | |
| Total Current Liabilities | $ 526.9 M | |
| Net Debt | $ 533.7 M | |
| Total Debt | $ 1.0 B | |
| Total Liabilities | $ 1.9 B | |
| EQUITY | ||
| Total Equity | $ 2.3 B | |
| Retained Earnings | $ -149.98 M | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 64.27 | |
| Shares Outstanding | 35.999 M | |
| Revenue Per-Share | $ 7.85 | |
| VALUATION | Market Capitalization | $ 1.5 B |
| Enterprise Value | $ 2.1 B | |
| Enterprise Multiple | 5.597 | |
| Enterprise Multiple QoQ | -97.888 % | |
| Enterprise Multiple YoY | -94.73 % | |
| Enterprise Multiple IPRWA | high: 93.343 median: 49.238 mean: 47.084 SPHR: 5.597 low: -186.007 |
|
| EV/R | 7.594 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 1.815 | |
| Asset To Liability | 2.227 | |
| Debt To Capital | 0.306 | |
| Debt To Assets | 0.243 | |
| Debt To Assets QoQ | -26.196 % | |
| Debt To Assets YoY | 36.734 % | |
| Debt To Assets IPRWA | high: 0.821 mean: 0.248 SPHR: 0.243 median: 0.215 low: 0.052 |
|
| Debt To Equity | 0.44 | |
| Debt To Equity QoQ | -35.489 % | |
| Debt To Equity YoY | 25.196 % | |
| Debt To Equity IPRWA | high: 5.795 SPHR: 0.44 mean: 0.41 median: 0.387 low: -4.209 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 0.641 | |
| Price To Book QoQ | 17.928 % | |
| Price To Book YoY | 9.267 % | |
| Price To Book IPRWA | high: 5.639 median: 1.909 mean: 1.821 SPHR: 0.641 low: -16.988 |
|
| Price To Earnings (P/E) | 10.865 | |
| Price To Earnings QoQ | -175.572 % | |
| Price To Earnings YoY | -135.502 % | |
| Price To Earnings IPRWA | high: 154.782 mean: 72.695 median: 71.746 SPHR: 10.865 low: -45.988 |
|
| PE/G Ratio | -0.033 | |
| Price To Sales (P/S) | 5.248 | |
| Price To Sales QoQ | 26.428 % | |
| Price To Sales YoY | 1.222 % | |
| Price To Sales IPRWA | high: 23.442 mean: 10.211 median: 8.81 SPHR: 5.248 low: 0.515 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | -23.697 | |
| Forward PE/G | 0.071 | |
| Forward P/S | -57.303 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -658.895 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.065 | |
| Asset Turnover Ratio QoQ | — | |
| Asset Turnover Ratio YoY | 15.472 % | |
| Asset Turnover Ratio IPRWA | high: 0.24 mean: 0.122 median: 0.121 SPHR: 0.065 low: 0.012 |
|
| Receivables Turnover | 1.804 | |
| Receivables Turnover Ratio QoQ | — | |
| Receivables Turnover Ratio YoY | 34.23 % | |
| Receivables Turnover Ratio IPRWA | high: 10.057 mean: 3.287 median: 1.821 SPHR: 1.804 low: 0.522 |
|
| Inventory Turnover | 10.108 | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | -54.106 % | |
| Inventory Turnover Ratio IPRWA | high: 32.888 SPHR: 10.108 median: 7.125 mean: 6.95 low: 0.88 |
|
| Days Sales Outstanding (DSO) | 50.592 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 44.063 | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | -1.028 % | |
| Cash Conversion Cycle Days IPRWA | high: 190.646 median: 96.783 SPHR: 44.063 mean: -11.918 low: -217.211 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 4.128 | |
| CapEx To Revenue | -0.052 | |
| CapEx To Depreciation | -0.178 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 3.1 B | |
| Net Invested Capital | $ 3.2 B | |
| Invested Capital | $ 3.2 B | |
| Net Tangible Assets | $ 1.9 B | |
| Net Working Capital | $ 68.5 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.675 | |
| Current Ratio | 1.13 | |
| Current Ratio QoQ | 112.297 % | |
| Current Ratio YoY | 79.303 % | |
| Current Ratio IPRWA | high: 2.845 SPHR: 1.13 mean: 1.105 median: 0.722 low: 0.163 |
|
| Quick Ratio | 1.106 | |
| Quick Ratio QoQ | 111.513 % | |
| Quick Ratio YoY | 77.884 % | |
| Quick Ratio IPRWA | high: 2.058 SPHR: 1.106 mean: 0.698 median: 0.659 low: 0.151 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 2.656 | |
| Cost Of Debt | 1.647 % | |
| Interest Coverage Ratio | 11.585 | |
| Interest Coverage Ratio QoQ | -499.104 % | |
| Interest Coverage Ratio YoY | -570.693 % | |
| Interest Coverage Ratio IPRWA | SPHR: 11.585 high: 10.286 median: 8.331 mean: 8.016 low: -4.435 |
|
| Operating Cash Flow Ratio | 0.433 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 14.017 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -5.589 % | |
| Revenue Growth | 0.75 % | |
| Revenue Growth QoQ | — | |
| Revenue Growth YoY | -105.027 % | |
| Revenue Growth IPRWA | high: 561.795 % mean: 48.414 % SPHR: 0.75 % median: 0.123 % low: -51.919 % |
|
| Earnings Growth | -333.125 % | |
| Earnings Growth QoQ | 845.196 % | |
| Earnings Growth YoY | 22049.269 % | |
| Earnings Growth IPRWA | high: 100.0 % median: 11.034 % mean: -1.342 % low: -296.875 % SPHR: -333.125 % |
|
| MARGINS | ||
| Gross Margin | 53.545 % | |
| Gross Margin QoQ | 22.889 % | |
| Gross Margin YoY | 18.175 % | |
| Gross Margin IPRWA | high: 94.732 % SPHR: 53.545 % median: 38.554 % mean: 38.364 % low: 19.303 % |
|
| EBIT Margin | 105.993 % | |
| EBIT Margin QoQ | -490.931 % | |
| EBIT Margin YoY | -537.337 % | |
| EBIT Margin IPRWA | SPHR: 105.993 % high: 37.584 % mean: 18.368 % median: 15.429 % low: -10.851 % |
|
| Return On Sales (ROS) | -16.121 % | |
| Return On Sales QoQ | -40.541 % | |
| Return On Sales YoY | -33.483 % | |
| Return On Sales IPRWA | high: 21.104 % mean: 15.662 % median: 15.412 % SPHR: -16.121 % low: -31.277 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -73.71 M | |
| Free Cash Flow Yield | -4.968 % | |
| Free Cash Flow Yield QoQ | 419.122 % | |
| Free Cash Flow Yield YoY | 13.321 % | |
| Free Cash Flow Yield IPRWA | high: 7.703 % mean: 0.962 % median: 0.907 % low: -1.643 % SPHR: -4.968 % |
|
| Free Cash Growth | 561.441 % | |
| Free Cash Growth QoQ | — | |
| Free Cash Growth YoY | -418.635 % | |
| Free Cash Growth IPRWA | SPHR: 561.441 % high: 209.793 % median: -61.378 % mean: -61.663 % low: -305.995 % |
|
| Free Cash To Net Income | -0.486 | |
| Cash Flow Margin | 80.651 % | |
| Cash Flow To Earnings | 1.502 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 3.512 % | |
| Return On Assets QoQ | — | |
| Return On Assets YoY | -463.938 % | |
| Return On Assets IPRWA | SPHR: 3.512 % high: 3.109 % median: 2.682 % mean: 2.546 % low: -8.698 % |
|
| Return On Capital Employed (ROCE) | 8.159 % | |
| Return On Equity (ROE) | 0.066 | |
| Return On Equity QoQ | -271.511 % | |
| Return On Equity YoY | -440.176 % | |
| Return On Equity IPRWA | high: 0.347 SPHR: 0.066 median: 0.048 mean: 0.046 low: -0.26 |
|
| DuPont ROE | 6.814 % | |
| Return On Invested Capital (ROIC) | 7.39 % | |
| Return On Invested Capital QoQ | -520.843 % | |
| Return On Invested Capital YoY | -142.272 % | |
| Return On Invested Capital IPRWA | SPHR: 7.39 % high: 4.377 % mean: 2.252 % median: 1.904 % low: -2.034 % |
|