Vivid Seats vs Zhihu
Vivid Seats is the larger business, with $451m of revenue in fiscal 2025 against $383m for Zhihu (1.2 times as much). Zhihu grew faster (-23.5% against -30.5%). Vivid Seats kept more of each dollar of sales as profit: a net margin of 178.9% against -7.0%.
| Latest fiscal year | Vivid SeatsSEAT, 2025 | ZhihuZH, 2025 |
|---|---|---|
| Revenue | $451m | $383m |
| Revenue growth | -30.5% | -23.5% |
| Net income | $806m | −$26.8m |
| Operating margin | — | -18.5% |
| Net margin | 178.9% | -7.0% |
| Return on equity | — | -4.8% |
| Free cash flow | −$93.8m | −$50.8m |
| Cash | $103m | $482m |
| Total debt | $390m | $5.0m |
| Debt to equity | — | 0.9% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | $18.3m | $23.2m |
| Employees | 565 | — |
| Market value | $30.0m | $207m |
| Price vs our value range | — | — |
| Moat score | 6 (Weak) | — |
| Insider trades, 12 months | 0 buys, 9 sales | 0 buys, 1 sales |