Vivid Seats (SEAT)
Market Price (4/16/2026): $7.29 | Market Cap: $68.1 MilSector: Communication Services | Industry: Interactive Media & Services
Vivid Seats (SEAT)
Market Price (4/16/2026): $7.29Market Cap: $68.1 MilSector: Communication ServicesIndustry: Interactive Media & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -27% Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, and Experience Economy & Premiumization. Themes include Online Marketplaces, Travel & Leisure Tech, Show more. | Weak multi-year price returns2Y Excs Rtn is -130%, 3Y Excs Rtn is -166% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -56 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -9.9% Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 434% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -26%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.4%, Rev Chg QQuarterly Revenue Change % is -37% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -19% 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 -623% High stock price volatilityVol 12M is 101% Key risksSEAT key risks include [1] intense competition from established players that pressures market share and profitability, Show more. |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -27% |
| Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, and Experience Economy & Premiumization. Themes include Online Marketplaces, Travel & Leisure Tech, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -130%, 3Y Excs Rtn is -166% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -56 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -9.9% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 434% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -26%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.4%, Rev Chg QQuarterly Revenue Change % is -37% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -19% |
| 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 -623% |
| High stock price volatilityVol 12M is 101% |
| Key risksSEAT key risks include [1] intense competition from established players that pressures market share and profitability, Show more. |
Qualitative Assessment
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Vivid Seats (SEAT) stock has gained about 5% since 12/31/2025 because of the following key factors:
1. Significant Miss in Q4 2025 Earnings and Conservative 2026 Outlook. Vivid Seats reported its Q4 2025 financial results on March 12, 2026, revealing a substantial miss on analyst expectations. The company posted an earnings per share (EPS) of -$2.53 (or -$10.39 by another measure), significantly missing estimates of -$1.77 (or -$1.81) by 42.71% (or 474.03%). Revenue declined by 37% year-over-year to $126.8 million, falling short of analyst expectations of approximately $137.18 million. Furthermore, Marketplace Gross Order Value (GOV) decreased by 42% to $580.6 million from $994.4 million in Q4 2024. The company also reported a net loss of $428.7 million, a stark increase from a $4.4 million net loss in Q4 2024, and Adjusted EBITDA plummeted to $0.8 million from $34.2 million in Q4 2024. For the full year 2026, Vivid Seats provided conservative guidance, projecting Marketplace GOV between $2.2 billion and $2.6 billion, down from $2.7 billion in 2025, and Adjusted EBITDA between $30 million and $40 million, lower than $41.8 million in 2025.
2. Heightened Competitive Pressures and Broader Industry Headwinds. The secondary ticketing market faced significant competitive pressures and a challenging operating environment throughout late 2025 and early 2026. The industry experienced a difficult 2025 marked by tough comparisons and a shift to all-in pricing models. Vivid Seats specifically cited ongoing competitive dynamics and lost a private label customer, contributing to declines in key operational metrics such as gross order value and revenue. Deutsche Bank, in January 2026, lowered its price target for Vivid Seats, reflecting a cautious near-term view amid a challenging discretionary spending backdrop for live events and ticketing platforms.
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1. Significant Miss in Q4 2025 Earnings and Conservative 2026 Outlook. Vivid Seats reported its Q4 2025 financial results on March 12, 2026, revealing a substantial miss on analyst expectations. The company posted an earnings per share (EPS) of -$2.53 (or -$10.39 by another measure), significantly missing estimates of -$1.77 (or -$1.81) by 42.71% (or 474.03%). Revenue declined by 37% year-over-year to $126.8 million, falling short of analyst expectations of approximately $137.18 million. Furthermore, Marketplace Gross Order Value (GOV) decreased by 42% to $580.6 million from $994.4 million in Q4 2024. The company also reported a net loss of $428.7 million, a stark increase from a $4.4 million net loss in Q4 2024, and Adjusted EBITDA plummeted to $0.8 million from $34.2 million in Q4 2024. For the full year 2026, Vivid Seats provided conservative guidance, projecting Marketplace GOV between $2.2 billion and $2.6 billion, down from $2.7 billion in 2025, and Adjusted EBITDA between $30 million and $40 million, lower than $41.8 million in 2025.
2. Heightened Competitive Pressures and Broader Industry Headwinds. The secondary ticketing market faced significant competitive pressures and a challenging operating environment throughout late 2025 and early 2026. The industry experienced a difficult 2025 marked by tough comparisons and a shift to all-in pricing models. Vivid Seats specifically cited ongoing competitive dynamics and lost a private label customer, contributing to declines in key operational metrics such as gross order value and revenue. Deutsche Bank, in January 2026, lowered its price target for Vivid Seats, reflecting a cautious near-term view amid a challenging discretionary spending backdrop for live events and ticketing platforms.
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Stock Movement Drivers
Fundamental Drivers
The 2.9% change in SEAT stock from 12/31/2025 to 4/15/2026 was primarily driven by a 67.2% change in the company's P/S Multiple.| (LTM values as of) | 12312025 | 4152026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.21 | 7.42 | 2.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 644 | 571 | -11.3% |
| P/S Multiple | 0.1 | 0.1 | 67.2% |
| Shares Outstanding (Mil) | 6 | 9 | -30.6% |
| Cumulative Contribution | 2.9% |
Market Drivers
12/31/2025 to 4/15/2026| Return | Correlation | |
|---|---|---|
| SEAT | 2.9% | |
| Market (SPY) | -5.4% | 22.5% |
| Sector (XLC) | -0.3% | 29.2% |
Fundamental Drivers
The -55.4% change in SEAT stock from 9/30/2025 to 4/15/2026 was primarily driven by a -30.2% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 9302025 | 4152026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.62 | 7.42 | -55.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 694 | 571 | -17.8% |
| P/S Multiple | 0.2 | 0.1 | -22.3% |
| Shares Outstanding (Mil) | 7 | 9 | -30.2% |
| Cumulative Contribution | -55.4% |
Market Drivers
9/30/2025 to 4/15/2026| Return | Correlation | |
|---|---|---|
| SEAT | -55.4% | |
| Market (SPY) | -2.9% | 21.7% |
| Sector (XLC) | -0.5% | 29.6% |
Fundamental Drivers
The -87.5% change in SEAT stock from 3/31/2025 to 4/15/2026 was primarily driven by a -75.9% change in the company's P/S Multiple.| (LTM values as of) | 3312025 | 4152026 | Change |
|---|---|---|---|
| Stock Price ($) | 59.20 | 7.42 | -87.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 776 | 571 | -26.4% |
| P/S Multiple | 0.5 | 0.1 | -75.9% |
| Shares Outstanding (Mil) | 7 | 9 | -29.4% |
| Cumulative Contribution | -87.5% |
Market Drivers
3/31/2025 to 4/15/2026| Return | Correlation | |
|---|---|---|
| SEAT | -87.5% | |
| Market (SPY) | 16.3% | 29.4% |
| Sector (XLC) | 22.8% | 30.4% |
Fundamental Drivers
The -95.1% change in SEAT stock from 3/31/2023 to 4/15/2026 was primarily driven by a -88.1% change in the company's P/S Multiple.| (LTM values as of) | 3312023 | 4152026 | Change |
|---|---|---|---|
| Stock Price ($) | 152.60 | 7.42 | -95.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 600 | 571 | -4.9% |
| P/S Multiple | 1.0 | 0.1 | -88.1% |
| Shares Outstanding (Mil) | 4 | 9 | -56.9% |
| Cumulative Contribution | -95.1% |
Market Drivers
3/31/2023 to 4/15/2026| Return | Correlation | |
|---|---|---|
| SEAT | -95.1% | |
| Market (SPY) | 63.3% | 24.8% |
| Sector (XLC) | 108.5% | 23.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SEAT Return | 10% | -33% | -13% | -27% | -92% | -6% | -97% |
| Peers Return | 35% | -47% | 79% | 21% | 48% | -33% | 54% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 2% | 85% |
Monthly Win Rates [3] | |||||||
| SEAT Win Rate | 50% | 25% | 42% | 33% | 8% | 50% | |
| Peers Win Rate | 60% | 31% | 67% | 50% | 48% | 30% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| SEAT Max Drawdown | -3% | -40% | -22% | -48% | -93% | -26% | |
| Peers Max Drawdown | -18% | -54% | -10% | -22% | -22% | -45% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: Z, ZIP, WSHP, GOOGL, META.
[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 4/15/2026 (YTD)
How Low Can It Go
| Event | SEAT | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -58.4% | -25.4% |
| % Gain to Breakeven | 140.3% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
Compare to Z, ZIP, WSHP, GOOGL, META
In The Past
Vivid Seats's stock fell -58.4% during the 2022 Inflation Shock from a high on 10/28/2021. A -58.4% loss requires a 140.3% gain to breakeven.
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About Vivid Seats (SEAT)
Vivid Seats Inc. operates as an online secondary marketplace for tickets in the United States and Canada. The company operates in two segments, Marketplace and Resale. The Marketplace segment acts as an intermediary between event ticket buyers and sellers; processes ticket sales on its website and mobile applications through its distribution partners; and sells tickets for live sports, concerts, and theater shows, and other live events. This segment offers Skybox, a proprietary enterprise resource planning tool that helps ticket sellers manage ticket inventories, adjust pricing, and fulfill orders across multiple ticket resale marketplaces. The Resale segment acquires tickets to resell on secondary ticket marketplaces; and provides internal research and development support for Skybox and to deliver seller software and tools. The company was founded in 2001 and is headquartered in Chicago, Illinois.
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```html- Online Ticket Marketplace: A digital platform connecting buyers and sellers of secondary market tickets for live sports, concerts, theater shows, and other events.
- Skybox ERP Tool: A proprietary enterprise resource planning tool designed for ticket sellers to manage inventory, adjust pricing, and fulfill orders across multiple ticket resale marketplaces.
- Direct Ticket Resale: The company's service of acquiring tickets directly and reselling them on various secondary ticket marketplaces.
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Vivid Seats Inc. primarily sells to individuals who are seeking to purchase tickets for live events. Based on the company's description, the major categories of customers it serves include:
- Sports Fans: Individuals who purchase tickets to attend various live sporting events, ranging from professional leagues (e.g., NFL, NBA, MLB, NHL) to college sports and other athletic competitions.
- Concert-Goers / Music Enthusiasts: Individuals who purchase tickets to attend live music concerts, festivals, and other musical performances by a wide array of artists and genres.
- Theater & Live Performance Enthusiasts: Individuals who purchase tickets for theatrical productions, Broadway shows, musicals, comedy performances, and other live entertainment and performing arts events.
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Lawrence Fey, Chief Executive OfficerLawrence Fey was appointed Chief Executive Officer of Vivid Seats in November 2025. He previously served as Chief Financial Officer for Vivid Seats, a position he held since April 2020. Prior to joining Vivid Seats, Mr. Fey was a Managing Director at the private equity firm GTCR from 2005 to 2020. During his tenure at GTCR, he served on the boards of directors for numerous portfolio companies, including Six3 Systems, CAMP Systems, Zayo Group, Cision, Park Place Technologies, GreatCall, and Simpli.fi, indicating a pattern of involvement with private equity-backed companies.
Joseph Thomas, Chief Financial Officer
Joseph Thomas was appointed Chief Financial Officer of Vivid Seats, effective January 14, 2026. Before joining Vivid Seats, he served as CFO of Reliable Parts, a distributor and e-commerce retailer of appliance parts and accessories, from August 2023 to January 2026. Mr. Thomas has a background in private equity, having been a Managing Member of Fountain Square Industries since 2016 and a Principal of Svoboda Capital Partners from 2010 to 2016, where he focused on distribution and technology-enabled service investments. He began his career as an investment banking analyst specializing in mergers and acquisitions.
Stefano Langenbacher, Chief Technology Officer
Stefano Langenbacher was appointed Chief Technology Officer of Vivid Seats in March 2024. Prior to joining Vivid Seats, Mr. Langenbacher served as Chief Technology Officer at Suitsupply BV from 2018 to 2024 and as Senior Vice President-Technology at home24 SE.
Geoff Lester, Chief Commercial Officer
Geoff Lester joined Vivid Seats as Chief Commercial Officer in January 2018. He is responsible for leading partnerships, business development, and growth opportunities. Mr. Lester has extensive experience in business development, partnerships, and strategic alliances within the sports and entertainment industry, with previous roles at Fox Networks Group, StubHub, and NASCAR.
Justiana Guerin, Head of People
Justiana Guerin serves as the Head of People at Vivid Seats. She has a strong background in human resources, with prior experience as an Associate Director at FCB Chicago from 2019 to 2020, and as Director of Human Resources at Phusion Projects from 2017 to 2019. She also worked as a Human Resources Business Partner at Combined Insurance, a Chubb company, from 2015 to 2017.
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Key Risks to Vivid Seats (SEAT)
- Intense Competition and Evolving Strategies by Primary Ticket Market Participants: Vivid Seats operates in a highly competitive online secondary ticketing market against numerous established players. Additionally, primary ticket sellers and event organizers are increasingly implementing strategies, such as non-transferable tickets, proprietary fan-to-fan resale platforms, and dynamic pricing models, that aim to limit or circumvent the traditional secondary market. These initiatives could reduce the inventory available to Vivid Seats, increase operational challenges, and negatively impact its market share and profitability.
- Dependence on the Health of the Live Events Industry and Discretionary Consumer Spending: The company's revenue is directly tied to the volume and pricing of tickets sold for live sports, concerts, and theater shows. Factors such as pandemics (e.g., COVID-19), economic recessions, shifts in consumer entertainment preferences, or a decrease in the availability of popular events could significantly reduce consumer demand for tickets and adversely affect Vivid Seats' financial performance.
- Regulatory and Legislative Changes Impacting the Secondary Ticketing Market: The secondary ticket market frequently faces scrutiny and potential regulation concerning pricing practices, transparency, and consumer protection. New laws or amendments to existing regulations could impose restrictions on resale activities, dictate pricing structures, or increase compliance costs, thereby adversely affecting Vivid Seats' business model and profitability.
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- Increased adoption of direct-to-fan ticketing strategies and anti-resale measures by primary ticket sellers, artists, and venues. These initiatives include non-transferable tickets, artist-controlled resale platforms, and verified fan programs aimed at limiting the supply and profitability of the traditional secondary market.
- Growing regulatory and legislative pressure across various jurisdictions to control or restrict the secondary ticket market. This includes proposals for price caps on resales, mandatory disclosure of original face values, and stricter enforcement against speculative buying, which could fundamentally alter the business model and profitability of companies like Vivid Seats.
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Vivid Seats Inc. operates within the North American online secondary marketplace for tickets, primarily focusing on live sports, concerts, and theater shows in the United States and Canada.
The addressable market sizes for Vivid Seats' main products and services are significant within the North American region:
- Overall North American Secondary Ticket Market: The secondary tickets market in North America was valued at approximately USD 8.7 billion in 2024. Another source estimates the North American secondary tickets market size to be USD 7.1 billion in 2025. This market is projected to grow significantly, with forecasts indicating an increase of USD 18.74 billion during 2025-2030, accelerating at a Compound Annual Growth Rate (CAGR) of 16.0% during this period. The United States alone represented approximately 41% of global resale transactions in 2024.
- Online Secondary Ticket Market (North America): Online platforms dominate the secondary tickets market, capturing nearly 68% of the total market share and accounting for USD 8.7 billion in 2025. In the US, the online platform segment for secondary tickets was valued at USD 3.4 billion in 2025. For Canada, the online platform segment reached USD 910 million in 2025.
- Secondary Market for Sporting Events (North America): Sporting events constitute a substantial portion of the secondary ticket market. In 2025, sporting events held the largest share, accounting for USD 5.9 billion with a 46% market share globally, and an expected CAGR of 6.8%. The North American sports events segment alone was valued at USD 6.05 billion in 2024.
- Secondary Market for Concerts (US & Canada): Concerts accounted for 37% of global secondary ticket sales in 2024, translating to 46 million transactions annually. In key US markets, secondary activity represented roughly 25%–30% of concert ticket pools in 2023.
- Secondary Market for Theater Shows (US & Canada): Theaters contribute around 18% of the global secondary tickets market, with a value of USD 2.3 billion in 2025. The theater segment globally saw 24 million tickets exchanged through secondary channels in 2024, accounting for 21% of total secondary ticket sales. Specifically for the US, the secondary market for theater tickets is anticipated to grow from 2.9% in 2018 to 6.8% by 2025, within a total US theater tickets market that is expected to reach USD 22.07 billion by 2025. For Canada, secondary theater tickets reached USD 280 million in 2025.
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Expected Drivers of Future Revenue Growth for Vivid Seats (SEAT)
Over the next 2-3 years, Vivid Seats (SEAT) anticipates revenue growth driven by several strategic initiatives and market tailwinds:
- International Expansion: Vivid Seats is actively pursuing international expansion, with platform investments underway and a launch scheduled for late 2024. This geographic expansion is expected to contribute to future revenue growth, potentially sooner than initially anticipated.
- Enhanced Mobile Application and AI-Driven Personalization: The company is heavily focused on improving its mobile application and leveraging artificial intelligence to create a more personalized, intuitive, and efficient event discovery and purchasing experience. This app-driven strategy, including a dedicated Vivid Seats app within ChatGPT, aims to increase app share of Gross Order Value (GOV) and enhance user engagement.
- Growth in Repeat Buyers and Customer Retention: Vivid Seats has observed consistent growth in its repeat buyer base, which constituted 63% of its order mix in fiscal 2025, up from 48% in 2018. The company is focused on improving lifetime value through its app ecosystem and other initiatives to further strengthen customer loyalty and retention.
- Overall Live Event Industry Growth and Key Events: The North American live event market is expected to continue experiencing healthy growth and secular trends. The secondary ticketing industry is projected to return to growth in 2026, with the 2026 World Cup specifically identified as a significant event that will support this growth.
- Optimization of Marketplace through Strategic Initiatives: Vivid Seats is driving revenue synergies through the integration of strategic acquisitions like Vegas.com by optimizing ticket listings across its platforms. Additionally, the company's commitment to enhancing the seller side through tools like Skybox Drive is expected to increase adoption rates and overall marketplace activity.
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Share Repurchases
- Vivid Seats repurchased approximately 4.1 million shares of Class A common stock for $22.8 million in 2023 under its 2024 Share Repurchase Program, with $77.2 million remaining authorized for future repurchases.
- In December 2023, the company purchased an additional 2,000,000 shares of Class A common stock for $6.24 per share from underwriters in a secondary offering.
- A new share repurchase program was authorized by the company in March 2024.
Share Issuance
- Vivid Seats went public on October 19, 2021, following a merger with Horizon Acquisition Corporation (a SPAC).
- In December 2023, a secondary offering involved the sale of 20,500,000 shares of Class A common stock by a selling stockholder to the public.
- The company's corporate simplification agreement included the elimination of its dual-class Up-C structure and the related issuance of Class A common stock.
Inbound Investments
- In connection with its 2021 merger and public listing, Eldridge Industries made a private placement PIPE investment in Vivid Seats, committing approximately $150 million as part of a total $305 million investment in the deal.
Outbound Investments
- In December 2021, Vivid Seats acquired Betcha Sports, Inc., which was later rebranded as Vivid Picks in August 2022.
- In 2023, Vivid Seats acquired Vegas.com and WD Holdings Co., Ltd. (Wavedash), an online ticket marketplace in Japan, for a total of $240 million in a cash-and-stock deal. The acquisition of Wavedash alone was for approximately $61 million in cash.
- These 2023 acquisitions expanded the company's geographical footprint and contributed to increased marketplace orders in 2024.
Capital Expenditures
- Vivid Seats management expects annual capital expenditures and capitalized software to be approximately $15 million for 2026.
- In 2023, the company focused on enhancing its technology platform, including the development of Skybox, a proprietary enterprise resource planning (ERP) tool for ticket sellers, to improve operational efficiency.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Vivid Seats Earnings Notes | 12/16/2025 | |
| Vivid Seats Stock Drop Looks Sharp, But How Deep Can It Go? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
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Research & Analysis
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Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 25.86 |
| Mkt Cap | 10.5 |
| Rev LTM | 2,583 |
| Op Inc LTM | -19 |
| FCF LTM | 101 |
| FCF 3Y Avg | 182 |
| CFO LTM | 368 |
| CFO 3Y Avg | 383 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 15.1% |
| Rev Chg 3Y Avg | 9.9% |
| Rev Chg Q | 18.0% |
| QoQ Delta Rev Chg LTM | 4.0% |
| Op Inc Chg LTM | 14.8% |
| Op Inc Chg 3Y Avg | -50.6% |
| Op Mgn LTM | -1.2% |
| Op Mgn 3Y Avg | 2.8% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 14.2% |
| CFO/Rev 3Y Avg | 17.2% |
| FCF/Rev LTM | 3.9% |
| FCF/Rev 3Y Avg | 8.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 10.5 |
| P/S | 4.1 |
| P/Op Inc | -1.2 |
| P/EBIT | 19.5 |
| P/E | 28.0 |
| P/CFO | 21.0 |
| Total Yield | 0.2% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 3.0% |
| D/E | 0.0 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 4.9% |
| 3M Rtn | -3.7% |
| 6M Rtn | -37.8% |
| 12M Rtn | -41.0% |
| 3Y Rtn | -38.8% |
| 1M Excs Rtn | 0.0% |
| 3M Excs Rtn | -6.5% |
| 6M Excs Rtn | -41.9% |
| 12M Excs Rtn | -70.5% |
| 3Y Excs Rtn | -108.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Marketplace | 648 | 597 | 511 | 390 | 23 |
| Resale | 128 | 115 | 89 | 53 | 12 |
| Total | 776 | 713 | 600 | 443 | 35 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Marketplace | 263 | 229 | 190 | 157 | -29 |
| Resale | 25 | 28 | 22 | 14 | 1 |
| Depreciation and amortization | -44 | -17 | -8 | -2 | -48 |
| General and administrative | -202 | -159 | -128 | -92 | -66 |
| Change in fair value of contingent consideration | 1 | 2 | |||
| Impairment charges | -574 | ||||
| Total | 42 | 81 | 78 | 77 | -716 |
Price Behavior
Price Behavior
| Market Price | $7.42 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 10/12/2020 | |
| Distance from 52W High | -87.4% | |
| 50 Days | 200 Days | |
| DMA Price | $6.42 | $13.19 |
| DMA Trend | down | down |
| Distance from DMA | 15.5% | -43.7% |
| 3M | 1YR | |
| Volatility | 92.2% | 101.2% |
| Downside Capture | 0.08 | 1.89 |
| Upside Capture | 151.80 | 27.99 |
| Correlation (SPY) | 19.5% | 22.7% |
SEAT Betas & Captures as of 3/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.52 | 1.13 | 1.38 | 1.46 | 1.57 | 1.21 |
| Up Beta | 0.00 | 2.12 | 2.18 | 1.93 | 1.57 | 1.21 |
| Down Beta | -2.76 | -0.77 | 1.06 | 1.57 | 1.13 | 1.23 |
| Up Capture | 18% | 124% | 141% | -10% | 36% | 14% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 10 | 20 | 31 | 57 | 110 | 344 |
| Down Capture | 53% | 191% | 145% | 198% | 171% | 112% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 12 | 22 | 31 | 68 | 139 | 398 |
[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 SEAT | |
|---|---|---|---|---|
| SEAT | -87.0% | 100.9% | -1.51 | - |
| Sector ETF (XLC) | 29.9% | 13.9% | 1.64 | 25.4% |
| Equity (SPY) | 22.0% | 12.9% | 1.36 | 23.9% |
| Gold (GLD) | 49.0% | 27.5% | 1.44 | -6.4% |
| Commodities (DBC) | 25.0% | 16.1% | 1.38 | 6.6% |
| Real Estate (VNQ) | 17.3% | 13.7% | 0.92 | 14.8% |
| Bitcoin (BTCUSD) | -10.4% | 42.6% | -0.14 | 11.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SEAT | |
|---|---|---|---|---|
| SEAT | -49.0% | 66.2% | -0.73 | - |
| Sector ETF (XLC) | 9.9% | 20.7% | 0.39 | 31.6% |
| Equity (SPY) | 10.9% | 17.0% | 0.50 | 32.0% |
| Gold (GLD) | 21.9% | 17.8% | 1.01 | 0.4% |
| Commodities (DBC) | 11.5% | 18.8% | 0.50 | 8.0% |
| Real Estate (VNQ) | 4.0% | 18.8% | 0.12 | 24.4% |
| Bitcoin (BTCUSD) | 5.1% | 56.5% | 0.31 | 18.5% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SEAT | |
|---|---|---|---|---|
| SEAT | -28.6% | 63.3% | -0.69 | - |
| Sector ETF (XLC) | 9.7% | 22.3% | 0.52 | 30.5% |
| Equity (SPY) | 13.8% | 17.9% | 0.67 | 31.2% |
| Gold (GLD) | 14.3% | 15.9% | 0.75 | 0.6% |
| Commodities (DBC) | 8.7% | 17.6% | 0.41 | 7.8% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.22 | 23.6% |
| Bitcoin (BTCUSD) | 67.8% | 66.9% | 1.07 | 17.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/12/2026 | -7.4% | 4.3% | -0.7% |
| 11/6/2025 | -11.3% | -20.6% | -38.5% |
| 8/5/2025 | -22.4% | -34.1% | -41.2% |
| 3/12/2025 | -23.1% | -27.9% | -26.0% |
| 11/7/2024 | -9.0% | -8.5% | -17.8% |
| 8/6/2024 | 2.1% | -10.5% | 10.2% |
| 3/5/2024 | -10.4% | -3.2% | -3.9% |
| 11/7/2023 | 15.8% | 21.6% | 30.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 4 | 4 | 4 |
| # Negative | 10 | 10 | 10 |
| Median Positive | 9.0% | 9.0% | 15.7% |
| Median Negative | -9.1% | -7.7% | -13.8% |
| Max Positive | 18.0% | 21.6% | 30.2% |
| Max Negative | -23.1% | -34.1% | -41.2% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 03/12/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/06/2025 | 10-Q |
| 12/31/2024 | 03/12/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/06/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 03/08/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/07/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Arnett, Austin | General Counsel | Direct | Sell | 12152025 | 7.56 | 22 | 166 | 3,546 | Form |
| 2 | Epstein, Emily T | General Counsel | Direct | Sell | 11142025 | 9.39 | 71 | 667 | 102,492 | Form |
| 3 | Epstein, Emily T | General Counsel | Direct | Sell | 11142025 | 8.33 | 298 | 2,482 | 88,440 | Form |
| 4 | Bakal, Riva | Chief Supply/Customer Officer | Direct | Sell | 10212025 | 11.03 | 87 | 960 | 227,714 | Form |
| 5 | Pickus, Edward | Chief Accounting Officer | Direct | Sell | 10212025 | 11.03 | 28 | 309 | 64,150 | 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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