Live Nation Entertainment (LYV)
Market Price (4/29/2026): $154.81 | Market Cap: $36.0 BilSector: Communication Services | Industry: Movies & Entertainment
Live Nation Entertainment (LYV)
Market Price (4/29/2026): $154.81Market Cap: $36.0 BilSector: Communication ServicesIndustry: Movies & Entertainment
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Low stock price volatilityVol 12M is 30% Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, and Social Media & Creator Economy. Themes include Travel & Leisure Tech, and Creator Economy Monetization. | Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 72x Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.5% Key risksLYV key risks include [1] significant regulatory and antitrust litigation that could force the divestiture of its Ticketmaster subsidiary and [2] a substantial debt load that restricts financial flexibility. |
| Low stock price volatilityVol 12M is 30% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization, and Social Media & Creator Economy. Themes include Travel & Leisure Tech, and Creator Economy Monetization. |
| Expensive valuation multiplesP/EPrice/Earnings or Price/(Net Income) is 72x |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.5% |
| Key risksLYV key risks include [1] significant regulatory and antitrust litigation that could force the divestiture of its Ticketmaster subsidiary and [2] a substantial debt load that restricts financial flexibility. |
Qualitative Assessment
AI Analysis | Feedback
1. Strong Q4 2025 Financial Performance and Optimistic 2026 Outlook.
Live Nation Entertainment reported a robust close to 2025, with fourth-quarter revenue reaching $6.31 billion, an 11.1% increase year-over-year, surpassing analyst estimates of $6.12 billion. For the full year 2025, total revenue climbed 9% to US$25.2 billion, and adjusted operating income (AOI) increased by 10% to US$2.4 billion. The company provided an encouraging outlook for 2026, projecting another year of double-digit operating income and AOI growth, supported by strong early ticket sales which were up double-digits to approximately 67 million fans by early February, and over 80% of large venue shows already booked or in progress.
2. Resolution of Department of Justice Antitrust Concerns.
The stock benefited from reduced regulatory uncertainty following Live Nation's settlement with the U.S. Department of Justice on March 9, 2026. This settlement, which included measures such as opening owned amphitheaters to all promoters and capping ticket service fees at 15% for those venues, effectively removed the significant "structural risk" concerns, including the potential forced divestiture of Ticketmaster. Analysts estimated the financial impact of the settlement to be a modest headwind of approximately $40 million, or about 2% of adjusted operating income, which was viewed as largely positive given the avoided breakup risk.
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Stock Movement Drivers
Fundamental Drivers
The 8.6% change in LYV stock from 12/31/2025 to 4/28/2026 was primarily driven by a 97.0% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 4282026 | Change |
|---|---|---|---|
| Stock Price ($) | 142.50 | 154.75 | 8.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 24,569 | 25,201 | 2.6% |
| Net Income Margin (%) | 3.7% | 2.0% | -46.2% |
| P/E Multiple | 36.8 | 72.5 | 97.0% |
| Shares Outstanding (Mil) | 232 | 232 | -0.1% |
| Cumulative Contribution | 8.6% |
Market Drivers
12/31/2025 to 4/28/2026| Return | Correlation | |
|---|---|---|
| LYV | 8.6% | |
| Market (SPY) | 5.2% | 39.3% |
| Sector (XLC) | -1.4% | 39.2% |
Fundamental Drivers
The -5.3% change in LYV stock from 9/30/2025 to 4/28/2026 was primarily driven by a -49.2% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 4282026 | Change |
|---|---|---|---|
| Stock Price ($) | 163.40 | 154.75 | -5.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 23,721 | 25,201 | 6.2% |
| Net Income Margin (%) | 3.9% | 2.0% | -49.2% |
| P/E Multiple | 41.2 | 72.5 | 75.9% |
| Shares Outstanding (Mil) | 232 | 232 | -0.2% |
| Cumulative Contribution | -5.3% |
Market Drivers
9/30/2025 to 4/28/2026| Return | Correlation | |
|---|---|---|
| LYV | -5.3% | |
| Market (SPY) | 8.0% | 29.1% |
| Sector (XLC) | -1.6% | 31.3% |
Fundamental Drivers
The 18.5% change in LYV stock from 3/31/2025 to 4/28/2026 was primarily driven by a 115.6% change in the company's P/E Multiple.| (LTM values as of) | 3312025 | 4282026 | Change |
|---|---|---|---|
| Stock Price ($) | 130.58 | 154.75 | 18.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 23,156 | 25,201 | 8.8% |
| Net Income Margin (%) | 3.9% | 2.0% | -49.2% |
| P/E Multiple | 33.6 | 72.5 | 115.6% |
| Shares Outstanding (Mil) | 231 | 232 | -0.7% |
| Cumulative Contribution | 18.5% |
Market Drivers
3/31/2025 to 4/28/2026| Return | Correlation | |
|---|---|---|
| LYV | 18.5% | |
| Market (SPY) | 29.3% | 49.8% |
| Sector (XLC) | 21.5% | 51.1% |
Fundamental Drivers
The 121.1% change in LYV stock from 3/31/2023 to 4/28/2026 was primarily driven by a 51.1% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312023 | 4282026 | Change |
|---|---|---|---|
| Stock Price ($) | 70.00 | 154.75 | 121.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 16,681 | 25,201 | 51.1% |
| Net Income Margin (%) | 1.6% | 2.0% | 23.2% |
| P/E Multiple | 59.6 | 72.5 | 21.6% |
| Shares Outstanding (Mil) | 227 | 232 | -2.3% |
| Cumulative Contribution | 121.1% |
Market Drivers
3/31/2023 to 4/28/2026| Return | Correlation | |
|---|---|---|
| LYV | 121.1% | |
| Market (SPY) | 81.5% | 50.6% |
| Sector (XLC) | 106.3% | 47.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| LYV Return | 63% | -42% | 34% | 38% | 10% | 10% | 113% |
| Peers Return | -2% | -17% | -20% | 8% | 0% | -12% | -39% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 5% | 91% |
Monthly Win Rates [3] | |||||||
| LYV Win Rate | 58% | 25% | 42% | 67% | 50% | 75% | |
| Peers Win Rate | 44% | 25% | 40% | 52% | 48% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| LYV Max Drawdown | -10% | -45% | -6% | -7% | -11% | -3% | |
| Peers Max Drawdown | -20% | -29% | -35% | -19% | -30% | -25% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: MSGE, TKO, SEAT, WMG, VENU. See LYV Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/28/2026 (YTD)
How Low Can It Go
| Event | LYV | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -48.2% | -25.4% |
| % Gain to Breakeven | 92.9% | 34.1% |
| Time to Breakeven | 600 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -61.2% | -33.9% |
| % Gain to Breakeven | 157.9% | 51.3% |
| Time to Breakeven | 307 days | 148 days |
| 2018 Correction | ||
| % Loss | -24.7% | -19.8% |
| % Gain to Breakeven | 32.7% | 24.7% |
| Time to Breakeven | 80 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -89.9% | -56.8% |
| % Gain to Breakeven | 894.0% | 131.3% |
| Time to Breakeven | 1,931 days | 1,480 days |
Compare to MSGE, TKO, SEAT, WMG, VENU
In The Past
Live Nation Entertainment's stock fell -48.2% during the 2022 Inflation Shock from a high on 2/25/2022. A -48.2% loss requires a 92.9% gain to breakeven.
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About Live Nation Entertainment (LYV)
AI Analysis | Feedback
Here are 1-3 brief analogies to describe Live Nation Entertainment:
- Live Nation is like the Amazon of live music, where they not only sell tickets but also own the venues and promote the concerts and festivals.
- Live Nation is like the Expedia or Booking.com for live events, but they also own many of the 'hotels' (venues) and produce the 'tours' (concerts and festivals) themselves.
AI Analysis | Feedback
- Live Event Promotion & Production: Live Nation promotes and produces a wide array of live music events, including concerts and festivals, utilizing its owned, operated, or rented venues.
- Ticketing Services: The company provides comprehensive ticketing solutions, encompassing primary ticket sales, ticketing software, and secondary ticket resale services for various live events.
- Sponsorship & Advertising: Live Nation sells international, national, and local sponsorships and advertising placements across its extensive network of venues, events, and digital platforms.
- Artist Management & Services: It offers management and various other services to musical artists, supporting their careers within the entertainment industry.
- Venue Operations: Live Nation owns, operates, or leases a significant portfolio of entertainment venues, managing the physical spaces where events take place.
AI Analysis | Feedback
Live Nation Entertainment (LYV) primarily sells to individuals who are consumers of live entertainment.
Based on the company description, its major customer categories among individuals are:
- Concert and Music Festival Attendees: Individuals who purchase tickets for a wide range of live music events, from individual artist concerts to large-scale music festivals promoted by Live Nation or other event organizers through Ticketmaster.
- Sports and Other Live Event Fans: Individuals who buy tickets for various non-music live events such as professional sports, college sports, performing arts, theatrical performances, and museum exhibitions, utilizing Live Nation's ticketing services.
- Resale Ticket Buyers: Individuals who purchase tickets in the secondary market through Live Nation's platforms (e.g., Ticketmaster's resale services), providing them access to events even after primary sales have concluded.
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- Visa (V)
- Mastercard (MA)
- Amazon (AMZN)
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Michael Rapino, President and Chief Executive Officer
Michael Rapino has served as the President and Chief Executive Officer of Live Nation Entertainment since 2005, and has also been a director since that time. He oversaw the merger of Live Nation and Ticketmaster in 2010, which formed Live Nation Entertainment. Under his leadership, the company has expanded its operations globally, investing in various music festivals and acquiring concert promoters. Before joining Live Nation, Mr. Rapino spent ten years at Labatt's Breweries of Canada in various marketing and entertainment roles. He currently serves on the Board of Directors for Sirius XM Holdings.
Joe Berchtold, President and Chief Financial Officer
Joe Berchtold is the President and Chief Financial Officer of Live Nation Entertainment. He joined the company in 2011, became President in 2017, and assumed the role of Chief Financial Officer in July 2021, succeeding Kathy Willard upon her retirement. Prior to becoming President and CFO, he was the Chief Operating Officer of Live Nation Entertainment. Mr. Berchtold holds a BA in Economics from Pomona College and an MBA from Harvard Business School.
John Hopmans, Executive Vice President, Mergers and Acquisitions and Strategic Finance
John Hopmans serves as the Executive Vice President of Mergers and Acquisitions and Strategic Finance for Live Nation Entertainment.
Michael Rowles, Executive Vice President, General Counsel and Secretary
Michael Rowles holds the positions of Executive Vice President, General Counsel, and Secretary at Live Nation Entertainment.
Brian Capo, Chief Accounting Officer and Senior Vice President
Brian Capo is the Chief Accounting Officer and Senior Vice President at Live Nation Entertainment.
AI Analysis | Feedback
The key risks to Live Nation Entertainment (LYV) primarily stem from its market dominance and the inherent nature of the live entertainment industry.
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Regulatory Scrutiny and Antitrust Challenges: Live Nation faces significant and ongoing regulatory scrutiny, including antitrust lawsuits from the U.S. Department of Justice (DOJ), the Federal Trade Commission (FTC), and numerous state attorneys general. These legal challenges allege monopolistic practices and anti-competitive behavior, particularly concerning its Ticketmaster ticketing segment. The potential remedies from these lawsuits could include the forced divestiture of Ticketmaster, mandated structural changes to its business model—such as opening its ticketing technology to rivals, limiting exclusivity contracts with venues, and capping service fees—and substantial financial damages. Even with a federal settlement, state actions continue, prolonging the uncertainty and potential for adverse impacts on the company's integrated business model and profitability.
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Economic Conditions and Consumer Spending Sensitivity: The company is susceptible to fluctuations in discretionary consumer spending, as live entertainment is often considered a luxury. Factors such as inflation, rising interest rates, and unemployment can impact consumers' disposable income, leading to reduced demand for concert tickets and related services. There are also growing signs of "fee fatigue" and price sensitivity among consumers, particularly for mid-tier concert markets, which could further pressure ticket sales and Live Nation's operating margins.
AI Analysis | Feedback
- Blockchain/NFT Ticketing Platforms: The emergence of decentralized ticketing solutions utilizing blockchain technology and non-fungible tokens (NFTs) presents a clear threat to Live Nation's dominant Ticketing segment (Ticketmaster). These platforms aim to offer greater transparency, combat scalping, reduce fees, and provide artists and venues with more direct control over ticket distribution and secondary markets, potentially disintermediating Live Nation's role as a primary ticketing service provider.
- Advanced Virtual and Augmented Reality (VR/AR) Live Experiences: While not a complete replacement for in-person events, the rapid advancement and increasing accessibility of VR/AR technologies could enable highly immersive and engaging virtual concert and festival experiences. As these technologies mature, they could offer a compelling alternative for consumers, potentially reducing the demand for physical attendance at Live Nation's events and venues, thereby impacting its Concerts segment.
AI Analysis | Feedback
Live Nation Entertainment (symbol: LYV) operates in several key segments, primarily Concerts, Ticketing, and Sponsorship & Advertising. The addressable markets for these main products and services are substantial both globally and in the United States.
Concerts
The global live music market, which encompasses concerts and festivals, was valued at approximately USD 34.84 billion in 2024 and is projected to reach USD 62.59 billion by 2034, growing at a compound annual growth rate (CAGR) of 8.78% between 2025 and 2034. Another estimate places the global live music market at US$ 41.0 billion in 2026, with an anticipated rise to US$ 67.1 billion by 2035, demonstrating a CAGR of 5.6% during that period. Goldman Sachs forecasts that global live music revenues will be worth $67.1 billion in 2035, up from an estimated $38.2 billion in 2025.
In the United States, the live music market was valued at approximately USD 18.51 billion in 2025 and is estimated to grow to USD 26.93 billion by 2031, with a CAGR of 6.45%. Concerts held the largest share of the U.S. live music market in 2025, at 45.21%. The U.S. concert and event promotion market specifically reached $60.2 billion in 2026.
The North American live entertainment market, a broader category including music concerts, stood at USD 82.43 billion in 2024 and is forecasted to reach USD 137.69 billion by 2033, with a CAGR of 5.93% between 2026 and 2033. Music Concerts were identified as the leading event type in this market in 2024.
Ticketing
The global online event ticketing market was valued at USD 29.8 billion in 2024 and is projected to reach USD 57.6 billion by 2030, exhibiting a CAGR of 8.9%. Other reports estimate the global online event ticketing market at USD 63.39 billion in 2024, expected to reach USD 117.04 billion by 2034 (CAGR of 6.3%), and at USD 55.40 billion in 2022, projected to reach USD 89.44 billion by 2030 (CAGR of 6.0%). The music segment accounted for the largest revenue share in the online event ticketing market in 2022, at approximately 36.0%. Specifically, music concerts and festivals captured 36.12% of the online event ticketing market share in 2025.
North America is a significant region for online ticketing, dominating the market with approximately 45% of the global market share. The online event ticketing market in the United States is expected to reach US$ 28.42 billion by 2033 from US$ 18.21 billion in 2024, with a CAGR of 5.07% from 2025 to 2033.
More broadly, the global ticket market (encompassing various live events beyond just music) saw over 10.5 billion event tickets issued in 2023. This market was valued at USD 146.08 billion in 2025 and is expected to reach USD 706.14 billion by 2034, growing at a CAGR of 19.14%.
Sponsorship & Advertising
Within the United States live music market, sponsorship is projected to grow at a CAGR of 9.95% through 2031, driven by brands' increasing focus on experiential engagement at venues.
AI Analysis | Feedback
Live Nation Entertainment (LYV) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market trends:
- Sustained Strong Global Demand for Live Events and Concert Growth: Live Nation anticipates continued robust global demand for live music events, with concerts projected to be the primary driver of double-digit growth in 2026. Fan attendance increased by 5% in 2025, reaching 159 million, propelled by growth in stadium activity and international markets. Early ticket sales for 2026 Live Nation concerts are already up double-digits, indicating an acceleration in fan growth globally.
- Strategic Expansion of Venue Portfolio (Venue Nation): The company is actively expanding its global venue footprint through new builds and acquisitions in both North America and international markets, particularly in Europe, Latin America, and Asia. These new large venues opening in 2026 are expected to add 5 to 7 million fans on a run-rate basis, significantly contributing to future adjusted operating income (AOI) and overall capacity.
- Growth in Sponsorship & Advertising Segment: The Sponsorship & Advertising segment is a consistent performer and is forecast to achieve double-digit growth. This growth is fueled by broad-based strength in both online and onsite advertising, as brand partners increasingly leverage Live Nation's global platform. Over 70% of 2026 sponsorship revenue is already booked and performing ahead of expectations.
- Ticketing Growth Driven by Concerts and Innovation: While navigating some challenges in the secondary market, the Ticketing segment is expected to achieve underlying mid-single-digit growth, primarily driven by strong concert ticket sales. Live Nation continues to enhance its ticketing systems to improve fan accessibility and combat scalping, which presents ongoing growth potential. The company also gained 27 million net new enterprise tickets in 2025, largely from international markets.
- Increased Penetration of International Markets: International markets are a significant growth area for Live Nation, with fan attendance in these regions surpassing that of the U.S. for the first time in 2025. The company aims to capture additional market share in international territories, especially where venue infrastructure is less developed, expanding its presence across all major venue types globally.
AI Analysis | Feedback
Share Repurchases
- Live Nation Entertainment made share repurchases totaling approximately $129.91 million in 2025.
- In 2024, the company's share repurchases amounted to approximately $59.69 million, and it also repurchased $316 million of its 2.0% convertible senior notes due 2025.
- Share repurchases were approximately $9.42 million in 2023 and $120.37 million in 2022.
Share Issuance
- In 2024, Live Nation Entertainment issued new 2.875% convertible senior notes due 2030.
- The company's share count is not expected to change materially from 2025 to 2026, implying no significant share issuances.
Outbound Investments
- In 2024, Live Nation Entertainment engaged in various acquisitions totaling $98.3 million to enhance its market presence.
- The company acquired Italy's ForumNet as part of its global pipeline expansion in 2025-2026.
Capital Expenditures
- Capital expenditures for Live Nation Entertainment reached over $1.0 billion in 2025.
- The company's capital expenditures are projected to be between $1.1 billion and $1.2 billion for 2026, with approximately $800 million to $850 million specifically allocated to venue expansion.
- A significant focus of capital expenditures includes building and refurbishing new venues, such as a $1 billion investment in 2025 to develop 18 new live music venues across the U.S., along with international expansion.
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| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 03272026 | META | Meta Platforms | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 8.8% | 8.8% | 0.0% |
| 03062026 | CARG | CarGurus | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 1.2% | 1.2% | -8.3% |
| 02132026 | YELP | Yelp | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 17.9% | 17.9% | -5.7% |
| 02132026 | TRIP | Tripadvisor | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 10.9% | 10.9% | -3.9% |
| 02062026 | OMC | Omnicom | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 8.9% | 8.9% | -3.7% |
| 12312022 | LYV | Live Nation Entertainment | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 30.6% | 34.2% | -6.3% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 46.71 |
| Mkt Cap | 8.8 |
| Rev LTM | 2,875 |
| Op Inc LTM | 500 |
| FCF LTM | 249 |
| FCF 3Y Avg | 314 |
| CFO LTM | 500 |
| CFO 3Y Avg | 436 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 3.0% |
| Rev Chg 3Y Avg | 6.0% |
| Rev Chg Q | 10.8% |
| QoQ Delta Rev Chg LTM | 2.5% |
| Op Inc Chg LTM | 19.5% |
| Op Inc Chg 3Y Avg | 14.0% |
| Op Mgn LTM | 9.8% |
| Op Mgn 3Y Avg | 7.3% |
| QoQ Delta Op Mgn LTM | -0.0% |
| CFO/Rev LTM | 16.3% |
| CFO/Rev 3Y Avg | 10.2% |
| FCF/Rev LTM | 4.1% |
| FCF/Rev 3Y Avg | 5.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 8.8 |
| P/S | 2.6 |
| P/Op Inc | 16.0 |
| P/EBIT | 20.7 |
| P/E | 54.1 |
| P/CFO | 16.7 |
| Total Yield | 1.5% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 2.9% |
| D/E | 0.3 |
| Net D/E | 0.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 17.9% |
| 3M Rtn | -3.7% |
| 6M Rtn | -5.3% |
| 12M Rtn | 7.5% |
| 3Y Rtn | 44.7% |
| 1M Excs Rtn | 5.8% |
| 3M Excs Rtn | -6.0% |
| 6M Excs Rtn | -11.3% |
| 12M Excs Rtn | -21.8% |
| 3Y Excs Rtn | -29.0% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Concerts | 19,024 | 18,741 | 13,494 | 4,722 | 1,468 |
| Ticketing | 2,989 | 2,959 | 2,239 | 1,134 | 188 |
| Sponsorship & Advertising | 1,195 | 1,095 | 968 | 412 | 204 |
| Corporate | 0 | 0 | 0 | ||
| Other & Eliminations | -52 | -69 | -20 | 0 | |
| Total | 23,156 | 22,726 | 16,681 | 6,268 | 1,860 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Ticketing | 1,124 | 1,140 | 828 | -612 | |
| Sponsorship & Advertising | 764 | 675 | 592 | 45 | |
| Concerts | 530 | 320 | 170 | -959 | |
| Gain on sale of operating assets | 11 | 14 | 32 | ||
| Other & Eliminations | -28 | -40 | -15 | ||
| Amortization of non-recoupable ticketing contract advance | -89 | -84 | -79 | ||
| Stock-based compensation expense | -110 | -116 | -110 | ||
| Acquisition expenses | -129 | -94 | -68 | ||
| Corporate | -243 | -215 | -168 | -114 | |
| Astroworld loss contingencies | -455 | 0 | |||
| Depreciation and amortization | -550 | -517 | -450 | ||
| Other | -13 | ||||
| Total | 825 | 1,085 | 732 | -1,653 |
Price Behavior
| Market Price | $154.75 | |
| Market Cap ($ Bil) | 35.9 | |
| First Trading Date | 12/21/2005 | |
| Distance from 52W High | -11.1% | |
| 50 Days | 200 Days | |
| DMA Price | $157.37 | $151.92 |
| DMA Trend | up | up |
| Distance from DMA | -1.7% | 1.9% |
| 3M | 1YR | |
| Volatility | 36.4% | 30.5% |
| Downside Capture | 0.64 | 0.43 |
| Upside Capture | 107.37 | 70.96 |
| Correlation (SPY) | 42.7% | 31.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.77 | 1.28 | 1.12 | 0.71 | 0.88 | 1.02 |
| Up Beta | 3.65 | 1.18 | -0.04 | 0.37 | 0.95 | 1.02 |
| Down Beta | 1.60 | 1.68 | 1.52 | 0.84 | 0.87 | 0.93 |
| Up Capture | 187% | 157% | 151% | 57% | 76% | 136% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 11 | 22 | 31 | 60 | 128 | 403 |
| Down Capture | 147% | 82% | 87% | 83% | 83% | 100% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 11 | 20 | 31 | 65 | 122 | 345 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LYV | |
|---|---|---|---|---|
| LYV | 18.0% | 30.4% | 0.56 | - |
| Sector ETF (XLC) | 24.3% | 13.2% | 1.39 | 33.7% |
| Equity (SPY) | 31.5% | 12.5% | 1.92 | 30.8% |
| Gold (GLD) | 38.6% | 27.2% | 1.18 | 6.5% |
| Commodities (DBC) | 45.9% | 18.0% | 1.95 | -0.1% |
| Real Estate (VNQ) | 14.4% | 13.4% | 0.75 | 28.7% |
| Bitcoin (BTCUSD) | -19.0% | 42.1% | -0.39 | 8.9% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LYV | |
|---|---|---|---|---|
| LYV | 14.0% | 35.4% | 0.45 | - |
| Sector ETF (XLC) | 9.9% | 20.7% | 0.39 | 52.6% |
| Equity (SPY) | 12.9% | 17.1% | 0.59 | 54.1% |
| Gold (GLD) | 20.2% | 17.8% | 0.92 | 4.4% |
| Commodities (DBC) | 14.8% | 19.1% | 0.63 | 13.7% |
| Real Estate (VNQ) | 3.4% | 18.8% | 0.09 | 43.1% |
| Bitcoin (BTCUSD) | 7.3% | 56.2% | 0.35 | 23.1% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LYV | |
|---|---|---|---|---|
| LYV | 21.7% | 38.3% | 0.63 | - |
| Sector ETF (XLC) | 9.6% | 22.3% | 0.51 | 52.9% |
| Equity (SPY) | 14.9% | 17.9% | 0.71 | 55.8% |
| Gold (GLD) | 13.4% | 15.9% | 0.70 | -0.2% |
| Commodities (DBC) | 9.9% | 17.7% | 0.46 | 21.7% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.23 | 48.5% |
| Bitcoin (BTCUSD) | 67.8% | 66.9% | 1.07 | 15.3% |
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Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/19/2026 | 3.3% | 0.3% | -5.5% |
| 11/4/2025 | -10.6% | -5.9% | -7.6% |
| 8/7/2025 | 3.3% | 9.0% | 14.3% |
| 5/1/2025 | 1.9% | 2.6% | 5.5% |
| 2/20/2025 | -1.9% | -7.5% | -19.2% |
| 11/12/2024 | 4.7% | 7.1% | 8.8% |
| 7/30/2024 | 1.7% | -4.9% | 2.5% |
| 5/2/2024 | 7.2% | 9.9% | 6.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 15 | 15 |
| # Negative | 9 | 9 | 9 |
| Median Positive | 3.5% | 6.9% | 10.3% |
| Median Negative | -2.8% | -5.3% | -7.6% |
| Max Positive | 15.1% | 15.9% | 45.0% |
| Max Negative | -10.6% | -11.0% | -19.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/19/2026 | 10-K |
| 09/30/2025 | 11/04/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/21/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/22/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/23/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 2/19/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Primary fee-bearing GTV Growth | 7.0% | Higher New | |||||
| 2026 Venue Nation Fans | 70.00 Mil | Higher New | |||||
| 2026 Capital Expenditures | 1.10 Bil | 1.15 Bil | 1.20 Bil | 15.0% | Higher New | Actual: 1.00 Bil for 2025 | |
| 2026 Depreciation and Amortization Expense Growth | 10.0% | Higher New | |||||
| 2026 Interest Expense | 280.00 Mil | -20.0% | Lower New | Actual: 350.00 Mil for 2025 | |||
| 2026 Tax Expense | 0.15 | 0.17 | 0.2 | 0 | Same New | Actual: 0.17 for 2025 | |
| 2026 Accretion Expense | 160.00 Mil | 170.00 Mil | 180.00 Mil | 325.0% | Higher New | Actual: 40.00 Mil for Q4 2025 | |
| 2026 Noncontrolling Interest Expense Growth | 20.0% | Higher New | |||||
Prior: Q3 2025 Earnings Reported 11/4/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Accretion Expense | 40.00 Mil | 14.3% | Raised | Guidance: 35.00 Mil for Q4 2025 | |||
| 2025 Operating Income Growth | 10.0% | Higher New | |||||
| 2025 AOI Growth | 10.0% | Higher New | |||||
| 2025 Capital Expenditures | 1.00 Bil | 5.3% | Raised | Guidance: 950.00 Mil for 2025 | |||
| 2025 Annual Interest Expense | 350.00 Mil | Higher New | |||||
| 2025 Tax Expense | 0.15 | 0.17 | 0.2 | Higher New | |||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Hinson, Jeffrey T | Direct | Sell | 3122026 | 165.87 | 944 | 156,581 | 7,966,736 | Form | |
| 2 | Hopmans, John | EVP, M&A and Strategic Finance | Direct | Sell | 5202025 | 147.38 | 34,808 | 5,130,003 | 27,922,025 | Form |
| 3 | Kahan, James S | Kahan Children's Trust of 2007 FBO Elliot Kahan | Sell | 5132025 | 139.52 | 3,410 | Form | |||
| 4 | Hinson, Jeffrey T | Direct | Sell | 5132025 | 135.66 | 3,977 | 539,520 | 6,582,495 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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