SPHRSphere Entertainment Co.
Services-Amusement & Recreation Services
- Revenue
- $1.2B
- 19% YoY
- Operating margin
- -18.8%
- 43% YoY
- EBITDA
- $107M
- 226% YoY
- Market cap
- $3.9B
- Employees
- —
- Net debt / EBITDA
- 0.9×
- $98M net debt
- AI in 10-K
- 1.8
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 3 of 7
- TSR below peersYes5 of 5 years3+ of last 5 years
- High CEO pay despite TSRYes$16M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo728% of net incomeCash flow under 80% of net income
- Dilutive SBCNo5% of revenueOver 10% of revenue
- Payouts exceed cash flowNo21% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo9% of assetsOver 40% of assets
- Shareholder dissentYes62% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo1.8 per 10K words · 52nd pctBottom quartile of AI mentions in 10-Ks
- Net cashNo0.9× EBITDA net debtMore cash than debt, positive EBITDA
- Buyout-sizedYes$3.9B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$0 netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $790M | $608M | $571M | $1.0B | $1.2B | 19% |
| Operating income | −$188M | −$166M | −$273M | −$341M | −$230M | 33% |
| Net income | −$396M | −$190M | $506M | −$201M | $33M | 117% |
| Operating cash flow | −$59M | $141M | $154M | −$20M | $243M | 1338% |
| Capex | $456M | $757M | — | — | — | |
| Stock-based comp | $71M | $77M | $63M | $48M | $59M | 23% |
| Buybacks | $0 | $0 | $0 | $0 | $50M |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Oct 22, 2026 | DOLAN JAMES LAWRENCE | SCHEDULE 13D/A | 14.5% | Passive |
| Aug 14, 2026 | GAMCO INVESTORS, INC. ET AL | SCHEDULE 13D/A | 3.4% | Passive |
| Mar 9, 2026 | DOLAN JAMES LAWRENCE | SCHEDULE 13D/A | 3.3% | Passive |
| Feb 27, 2026 | DOLAN JAMES LAWRENCE | SCHEDULE 13D/A | 11.2% | Passive |
| Sep 10, 2025 | DOLAN JAMES LAWRENCE | SCHEDULE 13D/A | 3.3% | Passive |
| Feb 4, 2025 | DOLAN JAMES LAWRENCE | SCHEDULE 13D/A | 11.4% | Passive |
| Dec 31, 2024 | DOLAN CHARLES F | SCHEDULE 13D/A | 11.4% | Passive |
| Mar 1, 2024 | DOLAN CHARLES F | SC 13D/A | 24.1% | Passive |
| Jul 14, 2021 | DOLAN CHARLES F | SC 13D/A | 23.9% | Active |
| Mar 30, 2021 | DOLAN CHARLES F | SC 13D/A | 14.0% | Passive |
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $14M | $216M | 275 | 291 |
| FY2024 | $27M | $29M | 101 | 194 |
| FY2023 | $16M | $12M | 79 | 131 |
| FY2022 | $19M | $9M | 70 | 106 |
| FY2021 | $8M | −$741K | 112 | 157 |