Venu (VENU)
Market Price (5/9/2026): $3.92 | Market Cap: $168.8 MilSector: Consumer Discretionary | Industry: Restaurants
Venu (VENU)
Market Price (5/9/2026): $3.92Market Cap: $168.8 MilSector: Consumer DiscretionaryIndustry: Restaurants
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 43% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -54% Megatrend and thematic driversMegatrends include Experience Economy & Premiumization. Themes include Travel & Leisure Tech, and Experiential Retail. | Weak multi-year price returns2Y Excs Rtn is -107%, 3Y Excs Rtn is -143% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -53 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -296% Expensive valuation multiplesP/SPrice/Sales ratio is 9.1x Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 86% Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -749% 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 -31% Key risksVENU key risks include [1] severe financial distress, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 43% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -54% |
| Megatrend and thematic driversMegatrends include Experience Economy & Premiumization. Themes include Travel & Leisure Tech, and Experiential Retail. |
| Weak multi-year price returns2Y Excs Rtn is -107%, 3Y Excs Rtn is -143% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -53 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -296% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 9.1x |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 86% |
| Not cash flow generativeFCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -749% |
| 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 -31% |
| Key risksVENU key risks include [1] severe financial distress, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Venu (VENU) stock has lost about 30% since 1/31/2026 because of the following key factors:
1. Shareholder Dilution from Public Offering.
Venu's stock experienced a significant decline due to a public offering that resulted in substantial shareholder dilution. While an initial proposed $75 million offering of common stock was terminated on January 28, 2026, citing unfavorable market conditions, the company later completed an underwritten public offering on March 10, 2026. This offering involved 18,750,000 shares of common stock and accompanying warrants, generating gross proceeds of $75 million at $4.00 per share. This event contributed to a significant increase in fully diluted shares outstanding, jumping from 17 million in Q4 2024 to 100 million by March 2026.
2. Persistent Operational Losses and Balance Sheet Deterioration.
The company has consistently reported substantial quarterly operational losses, approximately $10 million per quarter, which has led to a deteriorating balance sheet and increased leverage. Despite a 345% asset growth since FY23, Venu's revenues have remained flat, while operational losses have doubled, primarily due to higher General & Administrative (G&A) and share-based compensation expenses.
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1. Shareholder Dilution from Public Offering.
Venu's stock experienced a significant decline due to a public offering that resulted in substantial shareholder dilution. While an initial proposed $75 million offering of common stock was terminated on January 28, 2026, citing unfavorable market conditions, the company later completed an underwritten public offering on March 10, 2026. This offering involved 18,750,000 shares of common stock and accompanying warrants, generating gross proceeds of $75 million at $4.00 per share. This event contributed to a significant increase in fully diluted shares outstanding, jumping from 17 million in Q4 2024 to 100 million by March 2026.
2. Persistent Operational Losses and Balance Sheet Deterioration.
The company has consistently reported substantial quarterly operational losses, approximately $10 million per quarter, which has led to a deteriorating balance sheet and increased leverage. Despite a 345% asset growth since FY23, Venu's revenues have remained flat, while operational losses have doubled, primarily due to higher General & Administrative (G&A) and share-based compensation expenses.
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Stock Movement Drivers
Fundamental Drivers
The -30.8% change in VENU stock from 1/31/2026 to 5/8/2026 was primarily driven by a -29.0% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 5082026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.49 | 3.80 | -30.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 18 | 18 | 1.5% |
| P/S Multiple | 12.9 | 9.1 | -29.0% |
| Shares Outstanding (Mil) | 41 | 43 | -3.9% |
| Cumulative Contribution | -30.8% |
Market Drivers
1/31/2026 to 5/8/2026| Return | Correlation | |
|---|---|---|
| VENU | -30.8% | |
| Market (SPY) | 3.6% | 46.7% |
| Sector (XLY) | -0.6% | 52.7% |
Fundamental Drivers
The -72.6% change in VENU stock from 10/31/2025 to 5/8/2026 was primarily driven by a -69.3% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 5082026 | Change |
|---|---|---|---|
| Stock Price ($) | 13.88 | 3.80 | -72.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 18 | 18 | 1.1% |
| P/S Multiple | 29.8 | 9.1 | -69.3% |
| Shares Outstanding (Mil) | 38 | 43 | -11.8% |
| Cumulative Contribution | -72.6% |
Market Drivers
10/31/2025 to 5/8/2026| Return | Correlation | |
|---|---|---|
| VENU | -72.6% | |
| Market (SPY) | 5.5% | 29.6% |
| Sector (XLY) | 0.6% | 38.9% |
Fundamental Drivers
The -50.0% change in VENU stock from 4/30/2025 to 5/8/2026 was primarily driven by a -42.9% change in the company's P/S Multiple.| (LTM values as of) | 4302025 | 5082026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.60 | 3.80 | -50.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 18 | 18 | 0.4% |
| P/S Multiple | 16.0 | 9.1 | -42.9% |
| Shares Outstanding (Mil) | 38 | 43 | -12.7% |
| Cumulative Contribution | -50.0% |
Market Drivers
4/30/2025 to 5/8/2026| Return | Correlation | |
|---|---|---|
| VENU | -50.0% | |
| Market (SPY) | 30.4% | 23.8% |
| Sector (XLY) | 22.8% | 29.3% |
Fundamental Drivers
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Market Drivers
4/30/2023 to 5/8/2026| Return | Correlation | |
|---|---|---|
| VENU | ||
| Market (SPY) | 78.7% | 18.7% |
| Sector (XLY) | 66.6% | 24.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| VENU Return | - | - | - | -10% | -8% | -53% | -61% |
| Peers Return | 41% | 1% | 1% | 10% | -23% | 1% | 25% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 7% | 95% |
Monthly Win Rates [3] | |||||||
| VENU Win Rate | - | - | - | 50% | 50% | 40% | |
| Peers Win Rate | 56% | 48% | 46% | 46% | 50% | 56% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| VENU Max Drawdown | - | - | - | -13% | -20% | -63% | |
| Peers Max Drawdown | -6% | -29% | -15% | -23% | -37% | -12% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: BH, RICK, CCHH, MCD, SBUX.
[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 5/8/2026 (YTD)
How Low Can It Go
| Event | VENU | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.6% | -18.8% |
| % Gain to Breakeven | 34.4% | 23.1% |
| Time to Breakeven | 33 days | 79 days |
In The Past
Venu's stock fell -25.6% during the 2025 US Tariff Shock. Such a loss loss requires a 34.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | VENU | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -25.6% | -18.8% |
| % Gain to Breakeven | 34.4% | 23.1% |
| Time to Breakeven | 33 days | 79 days |
In The Past
Venu's stock fell -25.6% during the 2025 US Tariff Shock. Such a loss loss requires a 34.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Venu (VENU)
Venu is an entertainment and hospitality holding company based in Colorado Springs, Colorado. Through several subsidiary entities, Venu designs, develops, owns, and operates (whether directly or through third-party operators) up-scale music venues, outdoor amphitheaters, and full-service restaurants and bars where music, dining, and luxury experiences converge. Venu was founded in 2017. Since its inception, Venu has strived to set a new standard in the hospitality and entertainment industry through its entertainment-campus venue concept and to meet the growing demand for live entertainment by developing new venues in strategically selected, rapid-growth, entertainment-underserved markets. Venu takes pride in being a catalyst for memorable experiences, a champion of local entertainment, and a contributor to vibrant communities. To date, Venu has developed, or is in the process of developing, three restaurant concepts and one bar concept, as well as live music indoor venues that accommodate approximately 1,400 guests and outdoor amphitheaters that accommodate 8,000 or greater guests. Currently, Venu operates two indoor venues, three restaurants, and one outdoor amphitheater across Colorado and Georgia. To complement its first outdoor amphitheater, the Ford Amphitheater, which opened in Colorado in August 2024, Venu expects to open an associated mixed-use development adjacent to the Ford Amphitheater in May 2025, which will consist of a fine-dining restaurant, Roth’s Seafood & Chophouse (“Roth’s”), a rooftop bar, Brohan’s, and premier rental space framing either side of Roth’s called Notes Hospitality Collection (“NHC”). Venu is aiming to develop additional venues in Oklahoma, Texas, and potentially other locations through 2026. Venu forecasts meaningful economic and cultural impacts in communities targeted for expansion across the United States. Venu owns and operates, or will operate, a variety of restaurant, live entertainment, music venue, and hospitality concepts, including its indoor music venue concept, Bourbon Brothers Presents (“BBP”), its outdoor music amphitheater concept, The Sunset Amphitheater, various restaurants and bars, including Bourbon Brothers Smokehouse & Tavern (“BBST”), Notes Eatery (“Notes”), and Roth’s, and premier rental space, NHC. Music Venue Concepts Bourbon Brothers Presents (indoor music venues) BBP, which was originally known as “The Hall at Bourbon Brothers” or “Boot Barn Hall” but, as of August 2024, is now known as “Phil Long Music Hall at Bourbon Brothers” (“Phil Long Hall”), is the Company’s indoor intimate music and event venue known for promoting national-touring artists as well as upcoming artists and premier local bands and performers. This concept served as Venu’s entry into the live-entertainment venue business. Venu currently operates BBP venues in Colorado (“BBP CO”) and Georgia (“BBP GA”), each of which is designed to flexibly handle approximately 1,400 concertgoers for a general admission concert featuring national-touring artists or to comfortably accommodate roughly 500-700 people for fully seated events complete with eight-top tables for intimate concerts, dueling pianos, tribute bands, and other genres that consistently lure entertainment fans. Although Venu does not have current plans to develop and open new BBP venues, it may explore additional locations for this concept. To date, rather than engaging a third-party operator, Venu has directly operated and managed its BBP venues. Although live-entertainment promotion is the foundation of Venu’s BBP model, Venu also generates incremental revenue from each BBP location through event rentals, naming rights, and sponsorship sales. The Company charges varying rental rates depending on an array of factors, including the time, day, and date of the rental, the event purpose, and the number of attendees. BBP CO has been rented by a multitude of organizations and businesses for proms and homecomings, corporate functions, political events, and weddings. Venu’s current title sponsor for its BBP GA location is Boot Barn Holdings, Inc. (NYSE: BOOT) (“Boot Barn”), the nation’s leading and fastest growing retailer of western and work-related apparel and footwear. Beyond selling the naming rights to its venues, Venu has developed a menu of sponsorship inventory for each of its locations, which primarily offers table and show sponsorship opportunities. The Sunset Amphitheaters (Outdoor Amphitheaters) Having successfully implemented its indoor BBP music venue, Venu’s primary focus going forward is to develop significantly larger outdoor amphitheaters, capable of accommodating audiences of at least 8,000, that will attract major national-touring entertainers and will be managed by leading music and entertainment events presenters. In May 2023, the Company broke ground on its first development of The Sunset Amphitheater, now known as the “Ford Amphitheater” (“Ford Amphitheater”), an open-air, 8,000-person amphitheater located in Colorado Springs, Colorado that offers concertgoers unobstructed views of Pikes Peak, the Rocky Mountains, and the United States Air Force Academy. Ford Amphitheater had its grand opening in August 2024. The property is intended to rival Red Rocks Amphitheater in Morrison, Colorado, which is among the most attended music venues in the country. Ford Amphitheater is meant to complement BBP CO as a venue capable of hosting larger national-touring acts. Venu expects to host up to 50 concerts during Ford Amphitheater’s six-month peak concert season each year from May through October and for that amphitheater to generate up to $50 million in total full-season revenue, with that revenue being subject to a defined split between Venu and the third-party operator. For its initial shortened season of August through October 2024, 20 concerts were held. As further described in this prospectus, in July 2024, Venu entered into a Name and Sponsorship Rights Agreement and sold the naming rights to this venue, pursuant to which the venue is known as “Ford Amphitheater.” Venu has also entered into public-private partnerships to open Sunset Amphitheater venues in Broken Arrow, Oklahoma (“The Sunset BA”), McKinney, Texas (“The Sunset McKinney”), and El Paso, Texas (“The Sunset El Paso”). Restaurant Concepts Bourbon Brothers Smokehouse & Tavern BBST is the Company’s flagship full-service restaurant concept. BBST serves American classics and Southern staples out of a scratch kitchen, accompanied by a selection of rare bourbons, ryes, and whiskies, as well as local craft beers. Venu currently operates BBST restaurants in Colorado Springs, Colorado (“BBST CO”) and Gainesville, Georgia (“BBST GA”), both of which were designed with a unique blend of dining, bar, and patio or lounge areas that can comfortably accommodate up to 300 customers at one time. Notes Eatery “Notes Eatery” is the Company’s newest restaurant concept with a live music theme. Notes Eatery originally opened as “Notes” bar in fall 2022 in the Phil Long Hall-anchored development of the Polaris Pointe retail center in Colorado Springs, Colorado, but expanded to a full restaurant in May 2024. The live music and social bar uniquely serves breakfast, lunch, and dinner in a vibrant and eclectic atmosphere Roth’s Seafood & Chophouse and Notes Hospitality Collection Roth’s will be an upscale seafood and chophouse in a mixed-use development adjacent to Ford Amphitheater in Colorado Springs, Colorado. The property sits on a total of 4.97 acres and will be designed to capture views of the Rocky Mountains along with unobstructed views of the Ford Amphitheater’s stage. Roth’s will also feature a top-shelf bar and lounge named Brohan’s on the second floor of the mixed-use development, which will offer premium views of Ford Amphitheater that can be monetized during marquee shows. NHC will feature two, approximately 5,000-square-foot configurable hospitality spaces framing either side of Roth’s on the first floor, which the Company believes will be a premier venue rental location for hosting corporate events, weddings, trade shows, conventions, and other events. NHC’s second floor will consist of over 8,000 square feet that can be flexibly configured into corporate VIP suites, which will feature indoor and outdoor components and will overlook Ford Amphitheater and the Rocky Mountains. Each suite is expected to have a designated corporate sponsor and will be available to rent during Ford Amphitheater events. The Company was originally formed in Colorado on March 13, 2017 as Bourbon Bothers Restaurants, LLC, a Colorado limited liability company, prior to its conversion to a Colorado corporation and name change to Notes Live, Inc. on April 6, 2022. Our principal executive office is located at 1755 Telstar Drive, Suite 501, Colorado Springs, Colorado.
AI Analysis | Feedback
Here are 1-2 brief analogies for Venu:
- Like Live Nation Entertainment, but focused on developing, owning, and operating upscale live music venues with integrated fine dining and hospitality experiences.
- Think of it as a developer of high-end entertainment campuses, similar to a luxury version of Topgolf centered around live music concerts and fine dining.
AI Analysis | Feedback
- Live Music Venues (Indoor): Operates intimate indoor music halls for national and local artists, also generating revenue from event rentals and sponsorships.
- Live Music Venues (Outdoor Amphitheaters): Develops and operates large outdoor amphitheaters designed to host major national-touring entertainers and large-scale events.
- Full-Service Restaurants: Manages various dining concepts, including a smokehouse and tavern, a live music-themed eatery, and an upscale seafood and chophouse.
- Bars & Lounges: Operates distinct bar concepts, including rooftop bars that offer premium views of entertainment venues.
- Hospitality & Event Rental Spaces: Provides configurable luxury spaces adjacent to venues for corporate events, weddings, trade shows, and VIP suite rentals.
AI Analysis | Feedback
```htmlVenu primarily sells to individuals who are seeking entertainment and hospitality experiences. Based on the company description, Venu serves the following major categories of individual customers:
- Live Entertainment Enthusiasts: These customers attend concerts, music events, and other performances at Venu's indoor music venues (e.g., Phil Long Music Hall at Bourbon Brothers) and large outdoor amphitheaters (e.g., Ford Amphitheater, The Sunset Amphitheaters). This category includes fans of national-touring artists, local bands, tribute acts, and other live entertainment.
- Diners and Patrons of Upscale Hospitality: This category encompasses individuals who frequent Venu's various restaurant and bar concepts, such as Bourbon Brothers Smokehouse & Tavern, Notes Eatery, Roth’s Seafood & Chophouse, and Brohan’s. These customers are seeking a range of dining experiences, from American classics and Southern staples to upscale seafood and chophouse offerings, often complemented by unique beverage selections and a vibrant atmosphere.
- Event Attendees & Private Event Renters: Individuals or groups who attend or host private events. This includes attendees of proms, weddings, and other social gatherings held at Venu's adaptable venues, as well as individuals who might rent premium spaces like those offered by Notes Hospitality Collection (NHC) for personal celebrations or intimate group experiences.
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J.W. Roth, Founder, Chairman, and CEO
A fifth-generation Colorado native, J.W. Roth is the Founder, Chairman, and CEO of Venu (Notes Live, Inc.) since its inception in March 2017. He is a serial entrepreneur with over 40 years of experience and is also the Founder and Chairman of Roth Industries, LLC, a prepared foods plant in Colorado Springs. Mr. Roth is the sole manager and 50 percent shareholder of Centennial Standard Real Estate Company and co-manager of Touch 4 Partners, LLC, a venture capital investment fund. He was a co-founder of AspenBio Pharma, a Castle Rock-based biopharmaceutical company in the early 1990s, and has led the process of taking seven companies public, including AspenBio Pharmaceuticals and Where Food Comes From, Inc. He stepped away from the day-to-day operations of Roth Industries in 2019 to focus on Notes Live, which went public on the NYSE American as Venu in November 2024.
Heather Atkinson, Chief Financial Officer, Secretary, and Treasurer
Heather Atkinson is a seasoned finance executive with over 25 years of experience and has been with Venu since its inception. As CFO, Secretary, and Treasurer, she is crucial to the company's financial stewardship. Her extensive background includes accounting, finance, SEC reporting, mergers and acquisitions, and international accounting. Ms. Atkinson is a licensed CPA and holds a Bachelor of Science degree in Accounting from Evangel University.
Will Hodgson, President of Entertainment & Operations
Will Hodgson is responsible for driving Venu's strategic growth and overseeing all day-to-day operations. With over 25 years of experience in the live music industry, his career began in investment banking. He spent 13 years at Live Nation as Head of House of Blues Entertainment, where he oversaw operations for 20 venues, 17 restaurants, and seven high-end cocktail lounges.
Terri Liebler, President of Growth & Strategy
Terri Liebler leads initiatives focused on venue development, partnerships, and revenue for Venu's newly created Growth and Strategy Division. Prior to joining Venu, where she was formerly Chief Marketing Officer, she spent 22 years at Live Nation as Senior Vice President in the Media and Sponsorship Division. She has been instrumental in the opening of over 100 major sports and entertainment venues across the country.
Vic Sutter, Chief Operating Officer
Vic Sutter leads operations across Venu's premium portfolio, focusing on growth through elevated hospitality programs, enhanced amenities, and expanded premium services. He has two decades of industry experience, including 10 years at Live Nation, where he managed a national portfolio of brands such as Brooklyn Bowl and House of Blues, serving over three million fans annually.
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Here are the key risks to Venu's business:
- Reliance on Third-Party Management and Promoters for Large-Scale Venues: Venu's strategy for its significantly larger outdoor amphitheaters, including the Ford Amphitheater and future Sunset Amphitheater venues, explicitly relies on these venues being "managed by leading music and entertainment events presenters." Furthermore, the revenue generated by the Ford Amphitheater is "subject to a defined split between Venu and the third-party operator." This dependence on external parties for operational management, artist booking, and revenue generation for a core part of its growth strategy introduces risks related to the performance, stability, and terms of these third-party relationships, which could impact Venu's financial results and brand reputation.
- Intense Competition in the Live Entertainment and Hospitality Industry: Venu operates in highly competitive sectors, including live music venues, restaurants, and bars. The company explicitly states that its Ford Amphitheater "is intended to rival Red Rocks Amphitheater in Morrison, Colorado, which is among the most attended music venues in the country." Competing with established and highly successful venues like Red Rocks, as well as numerous other entertainment and dining options in its target markets, poses a significant risk to Venu's ability to attract top-tier artists, draw sufficient audiences, and achieve its revenue targets for both its venues and associated hospitality concepts.
- Risks Associated with Development and Expansion of New Venues and Concepts: Venu has an aggressive growth strategy focused on developing new outdoor amphitheaters in various states like Oklahoma and Texas, and expanding its hospitality offerings with concepts such as Roth’s Seafood & Chophouse, Brohan’s rooftop bar, and Notes Hospitality Collection. These development projects inherently carry risks such as construction delays, cost overruns, challenges in obtaining necessary permits and approvals, difficulties in securing financing, and uncertainties regarding market acceptance and operational success upon opening. These factors could lead to significant capital expenditures without corresponding returns, impacting Venu's financial health and growth trajectory.
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Venu (symbol: VENU), an entertainment and hospitality holding company, operates within several addressable markets in the United States, primarily focused on live music, dining, and event hospitality. The addressable markets for Venu's main products and services in the U.S. are as follows:- Live Music Venues (including indoor venues and outdoor amphitheaters): The U.S. live music market is estimated to be USD 19.7 billion in 2026.
- Full-Service Restaurants: The United States full-service restaurant market is estimated to grow to USD 405.28 billion in 2026.
- Bars and Nightclubs: The U.S. bars and nightclubs industry generates approximately $39.0 billion in annual revenue in 2026.
- Event Rental and Hospitality Spaces (for corporate events, weddings, etc.): The U.S. event services market, which includes location rental, was valued at $70.3 billion in 2022 and is projected to reach $153.1 billion by 2032.
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Here are 3-5 expected drivers of future revenue growth for Venu (symbol: VENU) over the next 2-3 years:
- Development and Operation of New Sunset Amphitheaters: Venu's primary focus going forward is to develop significantly larger outdoor amphitheaters, such as "The Sunset BA" in Broken Arrow, Oklahoma, "The Sunset McKinney" in McKinney, Texas, and "The Sunset El Paso" in El Paso, Texas, capable of accommodating audiences of at least 8,000. These new venues are expected to attract major national-touring entertainers and contribute substantially to future revenue.
- Full-Season Operation and Increased Concert Volume at Ford Amphitheater: Following its grand opening in August 2024, the Ford Amphitheater (formerly The Sunset Amphitheater) is expected to transition from an initial shortened season (20 concerts held from August-October 2024) to a full six-month peak concert season (May through October) each year, hosting up to 50 concerts. This ramp-up in concert volume is projected to generate up to $50 million in total full-season revenue.
- Opening and Operation of the Mixed-Use Development Adjacent to Ford Amphitheater: Venu expects to open an associated mixed-use development in May 2025, adjacent to the Ford Amphitheater. This development will include Roth’s Seafood & Chophouse, Brohan’s rooftop bar, and the Notes Hospitality Collection (NHC), which will offer premier rental space and corporate VIP suites overlooking the amphitheater, creating significant new revenue streams.
- Expansion of Entertainment Campuses into New Geographies: Venu is aiming to develop additional venues in Oklahoma, Texas, and potentially other locations through 2026, targeting rapid-growth, entertainment-underserved markets. This geographic expansion with new entertainment campuses, including additional outdoor amphitheaters, is expected to generate meaningful economic and cultural impacts and drive revenue growth.
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Capital Expenditures
- Venu's primary capital expenditure focus has been on the development of large outdoor amphitheaters, exemplified by the Ford Amphitheater in Colorado Springs, Colorado, which broke ground in May 2023 and had its grand opening in August 2024.
- Significant expected capital expenditures include the opening of an associated mixed-use development adjacent to the Ford Amphitheater in May 2025, comprising Roth’s Seafood & Chophouse, Brohan’s rooftop bar, and the Notes Hospitality Collection.
- The company is also undertaking capital expenditures for the development of additional Sunset Amphitheater venues in Broken Arrow, Oklahoma, McKinney, Texas, and El Paso, Texas, through public-private partnerships, with further expansion aimed through 2026.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Would You Still Hold Venu Stock If It Fell Another 30%? | 10/17/2025 |
| Title | |
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| ARTICLES |
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Peer Comparisons
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Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 65.14 |
| Mkt Cap | 0.4 |
| Rev LTM | 395 |
| Op Inc LTM | 36 |
| FCF LTM | 77 |
| FCF 3Y Avg | 48 |
| CFO LTM | 107 |
| CFO 3Y Avg | 77 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.8% |
| Rev Chg 3Y Avg | 3.4% |
| Rev Chg Q | 8.8% |
| QoQ Delta Rev Chg LTM | 2.0% |
| Op Inc Chg LTM | -18.5% |
| Op Inc Chg 3Y Avg | -14.1% |
| Op Mgn LTM | 9.3% |
| Op Mgn 3Y Avg | 12.2% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 27.1% |
| CFO/Rev 3Y Avg | 18.0% |
| FCF/Rev LTM | 11.8% |
| FCF/Rev 3Y Avg | 10.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 0.4 |
| P/S | 3.1 |
| P/Op Inc | 15.5 |
| P/EBIT | 11.7 |
| P/E | -3.7 |
| P/CFO | 18.6 |
| Total Yield | -0.3% |
| Dividend Yield | 1.1% |
| FCF Yield 3Y Avg | 6.6% |
| D/E | 0.7 |
| Net D/E | 0.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -3.4% |
| 3M Rtn | -20.2% |
| 6M Rtn | -10.9% |
| 12M Rtn | -24.8% |
| 3Y Rtn | -31.4% |
| 1M Excs Rtn | -11.0% |
| 3M Excs Rtn | -26.9% |
| 6M Excs Rtn | -21.7% |
| 12M Excs Rtn | -55.7% |
| 3Y Excs Rtn | -112.0% |
Price Behavior
Price Behavior
| Market Price | $3.80 | |
| Market Cap ($ Bil) | 0.2 | |
| First Trading Date | 11/27/2024 | |
| Distance from 52W High | -79.0% | |
| 50 Days | 200 Days | |
| DMA Price | $3.87 | $10.97 |
| DMA Trend | down | down |
| Distance from DMA | -1.7% | -65.4% |
| 3M | 1YR | |
| Volatility | 73.9% | 98.4% |
| Downside Capture | 2.27 | 1.76 |
| Upside Capture | 171.12 | 154.84 |
| Correlation (SPY) | 49.0% | 22.6% |
VENU Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.88 | 2.51 | 2.34 | 2.31 | 1.88 | 0.48 |
| Up Beta | 2.93 | 2.47 | 2.74 | 1.37 | 1.55 | 0.89 |
| Down Beta | 6.78 | 1.00 | 1.90 | -0.21 | 1.13 | -1.21 |
| Up Capture | 351% | 180% | 172% | 239% | 221% | 22% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 12 | 20 | 28 | 56 | 128 | 173 |
| Down Capture | 1227% | 337% | 250% | 279% | 193% | 103% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 10 | 23 | 36 | 67 | 120 | 176 |
[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 VENU | |
|---|---|---|---|---|
| VENU | -51.5% | 98.4% | -0.24 | - |
| Sector ETF (XLY) | 21.8% | 18.7% | 0.92 | 28.8% |
| Equity (SPY) | 29.0% | 12.5% | 1.83 | 22.9% |
| Gold (GLD) | 39.8% | 27.0% | 1.22 | 2.0% |
| Commodities (DBC) | 50.6% | 18.0% | 2.21 | -1.9% |
| Real Estate (VNQ) | 13.0% | 13.5% | 0.66 | 26.3% |
| Bitcoin (BTCUSD) | -17.9% | 42.1% | -0.35 | 14.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VENU | |
|---|---|---|---|---|
| VENU | -17.8% | 87.2% | -0.37 | - |
| Sector ETF (XLY) | 7.1% | 23.8% | 0.26 | 24.2% |
| Equity (SPY) | 12.8% | 17.1% | 0.59 | 18.7% |
| Gold (GLD) | 20.9% | 17.9% | 0.95 | 0.7% |
| Commodities (DBC) | 13.8% | 19.1% | 0.59 | 0.8% |
| Real Estate (VNQ) | 3.4% | 18.8% | 0.08 | 21.6% |
| Bitcoin (BTCUSD) | 6.9% | 56.0% | 0.34 | 12.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with VENU | |
|---|---|---|---|---|
| VENU | -9.3% | 87.2% | -0.37 | - |
| Sector ETF (XLY) | 12.9% | 22.0% | 0.54 | 24.2% |
| Equity (SPY) | 15.1% | 17.9% | 0.72 | 18.7% |
| Gold (GLD) | 13.4% | 15.9% | 0.69 | 0.7% |
| Commodities (DBC) | 9.3% | 17.8% | 0.44 | 0.8% |
| Real Estate (VNQ) | 5.8% | 20.7% | 0.24 | 21.6% |
| Bitcoin (BTCUSD) | 67.7% | 66.9% | 1.07 | 12.9% |
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 |
| 1/27/2026 | -40.2% | -34.9% | -38.0% |
| 11/17/2025 | -21.4% | -12.2% | -17.6% |
| 8/15/2025 | 2.2% | 12.8% | -20.4% |
| 4/1/2025 | -0.2% | -6.6% | -13.0% |
| 12/30/2024 | -1.3% | 5.4% | 7.6% |
| SUMMARY STATS | |||
| # Positive | 1 | 2 | 1 |
| # Negative | 4 | 3 | 4 |
| Median Positive | 2.2% | 9.1% | 7.6% |
| Median Negative | -11.4% | -12.2% | -19.0% |
| Max Positive | 2.2% | 12.8% | 7.6% |
| Max Negative | -40.2% | -34.9% | -38.0% |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 4/2/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2027 McKinney Venue Opening | |||||||
| 2026 Tulsa Venue Opening | |||||||
| 2026 Ford Amphitheater Shows | 35 | 0 | Affirmed | Guidance: 35 for 2026 | |||
Prior: Q4 2025 Earnings Reported 1/27/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Ford Amphitheater Shows | 35 | ||||||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Roth, Jay W | CEO & Chairman | Direct | Buy | 2232026 | 5.23 | 4,000 | 20,920 | 48,396,558 | Form |
| 2 | Roth, Jay W | CEO & Chairman | Direct | Buy | 2032026 | 5.55 | 5,000 | 27,750 | 51,335,524 | Form |
| 3 | Finke, Thomas M | Direct | Buy | 1052026 | 7.80 | 4,361 | 34,016 | 233,696 | Form | |
| 4 | Craddock, Matthew | Direct | Buy | 1022026 | 8.15 | 285 | 2,321 | 613,237 | Form | |
| 5 | Finke, Thomas M | Direct | Buy | 12302025 | 8.15 | 600 | 4,892 | 208,725 | 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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