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Vivid Seats
(NASDAQ:SEAT)
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Rating:52Neutral
Price Target:
$9.50
▲(35.52% Upside)
Action:Reiterated
Date:08/05/26
Overall score is held back primarily by weak financial performance (deep losses, negative equity, and negative free cash flow), despite improving momentum in the stock’s technical setup. The earnings call adds support due to raised FY2026 guidance and better sequential EBITDA, but reliance on episodic marquee events and take-rate/competitive pressures temper confidence. Valuation remains challenged due to losses (negative P/E) and no dividend yield provided.
Positive Factors
Path to Profitability
Management raised FY2026 adjusted EBITDA guidance and delivered sequential EBITDA growth, indicating operating leverage as GOV scales. If sustained, this suggests the business can convert improved top-line volumes into positive operating profit, reducing structural cash burn.
Negative Factors
Weak Balance Sheet
Negative equity signals an eroded capital base and constrains financial flexibility. This structural weakness limits the company’s ability to absorb shocks, raises refinancing and covenant risk, and can increase the cost or reduce availability of capital over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Path to Profitability
Management raised FY2026 adjusted EBITDA guidance and delivered sequential EBITDA growth, indicating operating leverage as GOV scales. If sustained, this suggests the business can convert improved top-line volumes into positive operating profit, reducing structural cash burn.
Read all positive factors
Vivid Seats (SEAT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$84.42M
Dividend YieldN/A
Average Volume (3M)104.51K
Price to Earnings (P/E)―
Beta (1Y)1.69
Revenue Growth-25.24%
EPS Growth-83.32%
CountryUS
Employees561
SectorCommunication Services
Sector Strength97
IndustryInternet Content & Information
Share Statistics
EPS (TTM)-41.37
Shares Outstanding11,241,195
10 Day Avg. Volume107,197
30 Day Avg. Volume104,514
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)-0.61
Price to Sales (P/S)0.09
P/FCF Ratio-0.47
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$11.33Price Target Upside61.55% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering8
EPS Forecast (FY)-4.59
Revenue Forecast (FY)$506.77M
Vivid Seats Business Overview & Revenue Model
Company Description
Vivid Seats Inc. operates an online platform for the secondary market of tickets, serving customers throughout the United States and Canada. The company's business model is divided into two main divisions: Marketplace and Resale. The Marketplace s...
How the Company Makes Money
Vivid Seats primarily makes money by facilitating ticket transactions on its marketplace and earning fees tied to the value of each order. The core revenue stream is marketplace revenue (often described as service or transaction revenue), generate...
Vivid Seats Earnings Call Summary
Earnings Call Date:Aug 04, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 10, 2026
Earnings Call Sentiment Positive
Overall the call conveyed a positive tone: management reported concrete sequential gains in GOV (+8% QoQ), revenue (+3% QoQ), and adjusted EBITDA (+33% QoQ), a strong cash position ($137M) and improved FY2026 guidance. These results were materially aided by the FIFA World Cup (mid‑teens % of Q2 GOV) and excellent operational execution (>99.7% World Cup fulfillment). Key risks include episodic event-driven demand, softer non-World Cup verticals (notably theater/Vegas), elevated competitive intensity and take‑rate pressure during marquee events, and regulatory uncertainty. On balance the tangible financial improvements, guidance upgrade, liquidity strength, product and seller platform progress, and World Cup execution outweigh the manageable headwinds and uncertainties described.Positive Updates
Sequential Growth in GOV
Marketplace GOV was $659M in Q2 2026 vs $612M in Q1 2026, an increase of $47M or 8% quarter-over-quarter, driven in large part by World Cup demand.
Negative Updates
Event Cycle Episodicity
Management cautioned that marquee events are episodic and that Q2's exceptional World Cup tailwind is not expected to repeat every quarter, creating variability in results.
Read all updates
Q2-2026 Updates
Positive
Negative
Sequential Growth in GOV
Marketplace GOV was $659M in Q2 2026 vs $612M in Q1 2026, an increase of $47M or 8% quarter-over-quarter, driven in large part by World Cup demand.
Read all positive updates
Company Guidance
Management updated FY2026 guidance to Marketplace GOV of $2.3–$2.6 billion and adjusted EBITDA of $34–$40 million, and said consolidated take rate should stay around 16% (Q2: 15.8% vs Q1: 15.9%). For context Q2 Marketplace GOV was $659M (up $47M or 8% sequentially from $612M), consolidated revenue was $130M (up $4M or 3% from $126M), private‑label revenue grew 16% QoQ, adjusted EBITDA was $12.6M (up $3.1M or 33% from $9.5M), cash totaled $137M, World Cup orders had >99.7% successful fulfillment, and the company estimates the World Cup drove a mid‑teens percentage of Q2 GOV; management also renewed its revolver through August 2029 and said cash conversion dynamics point to a high‑$30M to $40M range given the guided EBITDA and GOV path.Vivid Seats Financial Statement Overview
Summary
Income Statement
23
Negative
Balance Sheet
18
Very Negative
Cash Flow
34
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 518.83M | 570.78M | 775.59M | 712.88M | 600.27M | 443.04M |
| Gross Profit | 342.20M | 397.34M | 573.73M | 530.70M | 459.77M | 352.42M |
| EBITDA | -411.55M | -577.46M | 91.83M | 102.44M | 91.95M | 41.68M |
| Net Income | -312.64M | -429.30M | 9.43M | 74.54M | 28.66M | -16.12M |
Balance Sheet | ||||||
| Total Assets | 688.80M | 636.87M | 1.64B | 1.55B | 1.15B | 1.41B |
| Cash, Cash Equivalents and Short-Term Investments | 136.68M | 102.70M | 243.48M | 125.48M | 251.54M | 489.53M |
| Total Debt | 401.03M | 403.81M | 407.64M | 284.78M | 282.56M | 460.13M |
| Total Liabilities | 793.88M | 722.00M | 1.02B | 963.34M | 671.27M | 983.46M |
| Stockholders Equity | -105.08M | -85.13M | 261.11M | 105.02M | -382.70M | -860.68M |
Cash Flow | ||||||
| Free Cash Flow | -96.00K | -110.85M | 49.70M | 134.54M | -1.03M | 166.14M |
| Operating Cash Flow | 7.52M | -91.60M | 53.92M | 147.32M | 14.38M | 175.79M |
| Investing Cash Flow | -15.44M | -20.17M | -26.74M | -225.64M | -15.41M | -9.35M |
| Financing Cash Flow | -7.58M | -29.37M | 86.08M | -43.43M | -236.48M | 38.03M |
Vivid Seats Technical Analysis
Negative
7.01
Price Trends
7.55
Negative
7.43
Negative
7.51
Negative
Market Momentum
0.06
Positive
46.94
Neutral
6.53
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SEAT, the sentiment is Negative. The current price of 7.01 is below the 20-day moving average (MA) of 7.53, below the 50-day MA of 7.55, and below the 200-day MA of 7.51, indicating a bearish trend. The MACD of 0.06 indicates Positive momentum. The RSI at 46.94 is Neutral, neither overbought nor oversold. The STOCH value of 6.53 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SEAT.
Vivid Seats Risk Analysis
Vivid Seats disclosed 38 risk factors in its most recent earnings report. Vivid Seats reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Vivid Seats Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $884.17M | 7.74 | 50.29% | ― | 22.75% | 144.55% | |
70 Outperform | $2.61B | 23.98 | 5.70% | ― | 26.55% | ― | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
58 Neutral | $314.57M | 10.43 | 7.20% | ― | -0.18% | 63.89% | |
52 Neutral | $84.42M | -0.18 | 9301.18% | ― | -25.24% | -83.32% | |
39 Underperform | $23.28M | -0.13 | 52.42% | ― | -11.10% | 89.15% |
* Communication Services Sector Average
SEAT
Vivid Seats
7.26
-10.92
-60.07%
TRVG
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EVER
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24.60
0.50
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FVRR
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8.66
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ILLR
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1.19
-3.65
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Vivid Seats Corporate Events
Executive/Board ChangesShareholder Meetings
Vivid Seats Stockholders Back Board and Auditor at Meeting
Positive
Jun 15, 2026
Vivid Seats Inc. reported the outcomes of its 2026 Annual Meeting of Stockholders held on June 9, 2026, in which stockholders elected Craig Dixon and Adam Stewart as Class II directors to serve until the 2029 Annual Meeting. Shareholders also appr...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and FinancingRegulatory Filings and Compliance
Vivid Seats Reports Q1 2026 Results, Updates Credit Talks
Negative
May 5, 2026
Vivid Seats reported first-quarter 2026 results on May 5, 2026, posting marketplace gross order value of $612.4 million and revenue of $125.8 million, with a net loss of $14.6 million and adjusted EBITDA of $9.5 million, reflecting sequential gain...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.