Vivid Seats Inc. is a US-listed company in the interactive media & services industry. Its financial year ends in December.
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Vivid Seats Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months to June 2026 was $404m, down 28.7% on a year earlier, a smaller fall than the 33.4% decline a quarter earlier. Free-cash-flow margin rose to 1.8% from -5.5% a year earlier. It passes 0 of our 4 financial-health checks.
Our model value for Vivid Seats is under review, so past values are not shown until it is resolved.
Source: 10-Q filed August 4, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Vivid Seats Inc.'s trailing-twelve-month revenue fell 28.7% year on year, with a free-cash-flow margin of 1.8%.
Current signal Net margin expanding: TTM net margin reached 278.1%, up 339.1pp year over year.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Nothing in Vivid Seats Inc.'s latest figures clears our strength thresholds.
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Company announcements, filed results and changes that matter to shareholders.
| At fiscal year end | 2023 | 2024 |
|---|---|---|
| Share price | $126.40 | $92.60 |
| Market value | $1.3bn | $968m |
| + Net debt (− = net cash) | $148m | $150m |
| Enterprise value | $1.4bn | $1.1bn |
| Multiples | ||
| Price / sales | 2.1x | 1.5x |
| Price / earnings | 18.1x | 72.1x |
| Price / free cash flow | 8.6x | 19.5x |
| EV / EBITDA | — | — |
Weak moat
How hard Vivid Seats's competitive advantage looks for rivals to wear away, judged from 5 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median 1.6% of total assets over 5 years.
Net margin has been a median 4.1%; its worst year was -60.9%.
Free cash flow was positive in 3 of 5 years, at a median 1.8% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (12 before it).
Next results: November 9, 2026, before the open. Analysts expect revenue of $129m for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$4.64 | +92% | $510m | −11% |
| Next | −$3.43 | +26% | $520m | +2% |
The consensus EPS forecast for the current fiscal year is −9.6% on 90 days ago. In the last 30 days, 1 analyst raised Vivid Seats Inc.'s forecast and 1 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | −$5.13 | −$3.59 |
| 60 days ago | −$4.64 | −$3.43 |
| 30 days ago | −$4.64 | −$3.43 |
| 7 days ago | −$4.64 | −$3.43 |
| Now | −$4.64 | −$3.43 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$1.19 | −$0.62 | +47.9% |
| Mar 2026 | −$1.15 | −$0.77 | +32.9% |
| Dec 2025 | −$1.75 | −$1.43 | +18.2% |
| Sept 2025 | −$1.47 | −$1.62 | −10.3% |
Adjusted EPS as companies report it, against the average analyst estimate.
Last 12 months −78.6%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $566m | $404m | −28.7% |
| P/S multiple | 0.1x | 0.0x | −60.9% |
| Share count | 6m | 7m | −23.4% |
Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.
Last 3 years −97.9%
| Part | Then | Now | Effect |
|---|---|---|---|
| Revenue (last 12 months) | $508m | $404m | −20.6% |
| Net margin | 20.2% | 278.1% | +1275.8% |
| P/E multiple | 6.6x | 0.0x | −99.7% |
| Share count | 5m | 7m | −25.3% |
Biggest factor: p/e multiple.
| Calendar year | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|
| Return | |||||
| SEAT | −33% | −13% | −27% | −92% | −63% |
| Industry peers (median) | −54% | −2% | −19% | −7% | −22% |
| S&P 500 | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | |||||
| SEAT | 25% | 42% | 33% | 8% | 46% |
| S&P 500 | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | |||||
| SEAT | −47% | −41% | −49% | −94% | −78% |
| S&P 500 | −25% | −10% | −8% | −19% | −9% |
Worst fall since October 20, 2021: 99% from October 28, 2021 to October 27, 2026. Getting back needed a 12423% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 4, 2026 | +0.8% | +1.6% | −5.7% | −23.1% |
| May 5, 2026 | +18.7% | +2.2% | +35.0% | +40.0% |
| March 12, 2026 | −3.3% | −2.1% | −0.2% | +8.2% |
| November 6, 2025 | −11.4% | −1.0% | −25.5% | −38.5% |
| August 5, 2025 | −2.4% | +0.3% | −33.4% | −41.3% |
| May 6, 2025 | −36.9% | −0.4% | −25.4% | −41.2% |
| March 12, 2025 | −25.5% | −0.8% | −23.6% | −28.1% |
| November 7, 2024 | −13.0% | +1.2% | −13.4% | −18.0% |
| August 6, 2024 | −11.4% | +0.2% | −7.9% | +10.7% |
| May 7, 2024 | −2.6% | +0.1% | −4.9% | −4.2% |
| March 5, 2024 | −13.6% | −0.5% | −3.4% | −4.9% |
| November 7, 2023 | +17.3% | +0.4% | +21.8% | +8.2% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY23 Q3 | $505.9M |
| FY23 Q4 | $597.4M |
| FY24 Q1 | $620.8M |
| FY24 Q2 | $651.7M |
| FY24 Q3 | $650M |
| FY24 Q4 | $647.9M |
| FY25 Q1 | $621.6M |
| FY25 Q2 | $566.1M |
| FY25 Q3 | $518.2M |
| FY25 Q4 | $450.5M |
| FY26 Q1 | $414.3M |
| FY26 Q2 | $403.8M |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY23 Q3 | -7.3% |
| FY23 Q4 | 16.9% |
| FY24 Q1 | 20.1% |
| FY24 Q2 | 28.2% |
| FY24 Q3 | 28.5% |
| FY24 Q4 | 8.5% |
| FY25 Q1 | 0.1% |
| FY25 Q2 | -13.1% |
| FY25 Q3 | -20.3% |
| FY25 Q4 | -30.5% |
| FY26 Q1 | -33.4% |
| FY26 Q2 | -28.7% |
Source: SEC EDGAR filings. Retrieved October 29, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY23 Q3 | 24.9% |
| FY23 Q4 | 24.5% |
| FY24 Q1 | 19.4% |
| FY24 Q2 | 13.7% |
| FY24 Q3 | 5.9% |
| FY24 Q4 | 7.7% |
| FY25 Q1 | -2.7% |
| FY25 Q2 | -5.5% |
| FY25 Q3 | -2.1% |
| FY25 Q4 | -20.8% |
| FY26 Q1 | -5.0% |
| FY26 Q2 | 1.8% |
| Fiscal year | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 404 | 23 | 390 | 511 | 597 | 648 | 451 | 404 |
| Net income | −54 | −774 | −5 | 71 | 69 | 13 | 806 | 1,123 |
| Diluted EPS | — | — | — | — | $5.15 | $1.12 | — | — |
| Growth (year on year) | ||||||||
| Revenue | — | −94.2% | +>999% | +31.2% | +16.9% | +8.5% | −30.5% | −28.7% |
| Net income | — | — | — | — | −1.9% | −80.7% | +>999% | — |
| Diluted EPS | — | — | — | — | — | −78.3% | — | — |
| Margins | ||||||||
| Net margin | −13.3% | <−999% | −1.3% | 13.9% | 11.6% | 2.1% | 178.9% | 278.1% |
| Free-cash-flow margin | 18.6% | −147.0% | 44.8% | 2.1% | 24.5% | 7.7% | −20.8% | 1.8% |
| Cash flow | ||||||||
| Cash from operations | 76 | −34 | 176 | 14 | 147 | 54 | −92 | 8 |
| Capital spending | 1 | 0 | 1 | 4 | 1 | 4 | 2 | 0 |
| Free cash flow | 75 | −34 | 175 | 11 | 146 | 50 | −94 | 7 |
| Stock-based pay | 5 | 4 | 6 | 19 | 28 | 50 | 37 | 24 |
| Free cash flow after stock pay | 70 | −39 | 169 | −8 | 119 | −1 | −130 | −16 |
| Balance sheet | ||||||||
| Cash | 81 | 285 | 490 | 252 | 125 | 243 | 103 | 137 |
| Total debt | 0 | 894 | 466 | 273 | 273 | 393 | 390 | 388 |
| Net debt (negative = net cash) | −81 | 609 | −24 | 21 | 148 | 150 | 287 | 251 |
| Diluted shares | — | — | — | — | 10m | 10m | — | — |
| Returned to shareholders | ||||||||
| Buybacks | — | — | 0 | 32 | 20 | 23 | 18 | 2 |
| Total returned | — | — | 0 | 32 | 20 | 23 | 18 | 2 |
| Quarter | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 153 | 165 | 134 | 114 | 105 | 97 | 98 | 104 |
| Net income | 11 | −10 | −11 | −335 | −30 | 1,182 | −15 | −14 |
| Diluted EPS | — | — | −$0.94 | — | — | — | −$1.35 | — |
| Growth (year on year) | ||||||||
| Revenue | −1.1% | −1.2% | −16.4% | −32.7% | −31.3% | −41.0% | −27.1% | −9.2% |
| Net income | +59.2% | −224.4% | −182.0% | — | −384.5% | — | — | — |
| Margins | ||||||||
| Net margin | 7.0% | −5.8% | −7.9% | −293.0% | −28.9% | >999% | −15.0% | −13.8% |
| Free-cash-flow margin | −12.8% | 26.8% | −20.3% | −25.2% | 0.5% | −39.3% | 47.2% | −0.8% |
| Cash flow | ||||||||
| Cash from operations | −19 | 48 | −25 | −29 | 1 | −38 | 46 | −1 |
| Capital spending | 0 | 3 | 2 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | −20 | 44 | −27 | −29 | 1 | −38 | 46 | −1 |
| Stock-based pay | 11 | 12 | 11 | 12 | 12 | 3 | 4 | 5 |
| Free cash flow after stock pay | −30 | 32 | −38 | −41 | −11 | −41 | 42 | −6 |
| Last 12 months unless stated | SEAT | CCG | ZH | SOGP | ZIP | SCOR | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $404m | $419m | $383m | $432m | $452m | $347m | $600m |
| Revenue growth, last 12 months | −28.7% | −13.2% | −23.5% | 52.9% | 0.4% | −3.2% | 2.2% |
| Revenue growth, 3-year average | −7.4% | — | — | — | −17.0% | −2.7% | 3.9% |
| Revenue growth, latest quarter | −9.2% | — | — | — | 5.2% | −11.3% | 1.4% |
| Gross margin | — | 5.3% | 59.9% | 29.2% | 89.1% | 38.9% | 60.4% |
| Operating margin | — | −0.7% | −18.5% | 7.0% | 0.3% | −2.4% | 0.3% |
| Operating margin, 3-year average | — | — | — | −10.9% | 1.6% | −8.8% | −0.4% |
| Net margin | 278.1% | −0.6% | −7.0% | 7.3% | 6.2% | −5.1% | 3.9% |
| Cash from operations / revenue | 1.9% | −1.3% | −13.2% | 9.0% | 4.9% | 6.0% | 10.8% |
| Free-cash-flow margin | 1.8% | −1.3% | −13.3% | 8.9% | 4.7% | 5.7% | 7.4% |
| Free-cash-flow margin, 3-year average | 3.3% | — | — | −0.9% | 8.5% | 5.5% | 6.7% |
| Stock pay / revenue | 5.9% | 0.8% | 3.2% | 0.1% | 8.0% | 0.3% | 3.8% |
| Change in share count | — | 5.8% | −12.3% | −8.1% | −11.5% | 103.3% | 2.0% |
| Line of business | Revenue | YoY |
|---|---|---|
| Owned Properties | $394M | ▼ 26.2% |
| Concerts | $186M | ▼ 34.3% |
| Sports | $143M | ▼ 29.5% |
| Theater | $102M | ▼ 25.9% |
| Private Label | $57M | ▼ 50.4% |
| Other | $19.7M | ▼ 20.5% |
These categories overlap or exclude eliminations, so shares aren't shown.
From Vivid Seats Inc.'s 10-K filed March 12, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Gtcr LLC | $24.6M | 3.8M | 41.8% | 0.0% |
| Security Benefit Life Insurance Co | $14.3M | 2.2M | 24.3% | 0.0% |
| Blackbarn Capital Partners LP | $3.3M | 500K | 5.5% | 0.0% |
| Sun Life Financial Inc | $2.7M | 416K | 4.6% | 0.0% |
| Emeth Value Capital, LLC | $1.6M | 244K | 2.7% | ▼ 67.3% |
| Vanguard Capital Management LLC | $1.5M | 233K | 2.6% | ▲ 1.3% |
| Marshall Wace, LLP | $1.3M | 201K | 2.2% | New |
| Quantinno Capital Management LP | $1.2M | 191K | 2.1% | ▲ 48.9% |
| AQR Capital Management LLC | $1.2M | 189K | 2.1% | ▲ 381.5% |
| Blackrock, Inc. | $651,608 | 100K | 1.1% | ▼ 67.6% |
| Bank Of America Corp | $588,697 | 90K | 1.0% | ▼ 4.4% |
| Geode Capital Management, LLC | $566,768 | 87K | 1.0% | ▼ 47.7% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Vivid Seats Inc.'s complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Arnett Austin General Counsel | September 14, 2026 | Sell | 64 | $4.86 | $311 |
| Arnett Austin General Counsel | August 13, 2026 | Sell | 11 | $7.22 | $79 |
| Arnett Austin General Counsel | June 12, 2026 | Sell | 62 | $8.36 | $518 |
| Arnett Austin General Counsel | May 13, 2026 | Sell | 10 | $8.53 | $85 |
| Arnett Austin General Counsel | March 12, 2026 | Sell | 247 | $5.08 | $1,255 |
| Arnett Austin General Counsel | February 13, 2026 | Sell | 12 | $6.83 | $82 |
| Arnett Austin General Counsel | December 12, 2025 | Sell | 22 | $7.56 | $166 |
| Epstein Emily T General Counsel | November 14, 2025 | Sell | 298 | $8.33 | $2,482 |
| Epstein Emily T General Counsel | November 13, 2025 | Sell | 71 | $9.39 | $667 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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