Vivid Seats (SEAT)
NASDAQ:SEAT
Want to see SEAT full AI Analyst Report?
Top Page
Vivid Seats
(NASDAQ:SEAT)
Select Model
Select Model
Rating:48Neutral
Price Target:
$6.50
▼(-19.15% Downside)
Action:ReiteratedDate:05/06/26
SEAT scores low primarily due to deteriorated financial performance (losses, negative equity, and negative free cash flow). Technicals remain weak versus long-term averages, and valuation support is limited with negative earnings and no dividend. The main offset is a more positive earnings-call tone with reaffirmed guidance, improved sequential EBITDA, and higher cash, but corporate financing uncertainty remains a headwind.
Positive Factors
Strong gross margins
Low-70% gross margins indicate resilient unit economics that can absorb marketing and mix pressure. This structural profitability at the transaction level means incremental GOV growth should flow strongly to EBITDA once fixed costs stabilize, supporting durable margin recovery as scale returns.
Negative Factors
Negative equity
Book equity turning negative materially weakens financial flexibility and creditor confidence. Negative equity limits borrowing capacity, can trigger covenant sensitivity, and elevates insolvency risk if losses persist, creating a structural constraint until profitability and retained earnings are rebuilt.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong gross margins
Low-70% gross margins indicate resilient unit economics that can absorb marketing and mix pressure. This structural profitability at the transaction level means incremental GOV growth should flow strongly to EBITDA once fixed costs stabilize, supporting durable margin recovery as scale returns.
Read all positive factors
Vivid Seats (SEAT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$83.83M
Dividend YieldN/A
Average Volume (3M)104.51K
Price to Earnings (P/E)―
Beta (1Y)1.58
Revenue Growth-26.41%
EPS Growth-4283.11%
CountryUS
Employees768
SectorCommunication Services
Sector Strength97
IndustryInternet Content & Information
Share Statistics
EPS (TTM)-61.01
Shares Outstanding10,765,756
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-0.56
Enterprise Value/Market Cap-0.82
Enterprise Value/Revenue-0.12
Enterprise Value/Gross Profit-0.20
Enterprise Value/Ebitda0.40
Forecast
1Y Price Target
$10.19Price Target Upside26.71% Upside
Rating ConsensusHold
Number of Analyst Covering8
EPS Forecast (FY)-4.26
Revenue Forecast (FY)$505.08M
Vivid Seats Business Overview & Revenue Model
Company Description
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...
How the Company Makes Money
Vivid Seats primarily makes money by earning marketplace economics on ticket transactions it facilitates. Its core revenue stream is commissions/fees collected when a ticket is sold through its platform—generally consisting of amounts charged to b...
Vivid Seats Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Positive
The call skewed positive overall: management delivered Q1 results at or above guidance with sequential GOV growth (+5.5%), a large sequential adjusted EBITDA improvement (+$8.5M), a >$40M increase in cash, strong app momentum (app GOV +20% YoY and >40% share) and a new private label win. Key challenges include flat consolidated revenue, a decline in take rate (15.9% vs 16.8%), lingering private label year-over-year pressure from a prior large customer loss, event cancellations and competitive pricing dynamics. Management reaffirmed FY2026 guidance and emphasized operating efficiency and return‑to‑growth expectations in H2, so positive operational progress and financial discipline outweigh the near-term headwinds.Positive Updates
Sequential GOV Growth
Marketplace GOV of $612M in Q1 2026 vs $581M in Q4 2025, a sequential increase of $31M or 5.5%, notable because Q4 is typically the highest GOV quarter.
Negative Updates
Flat Consolidated Revenue
Consolidated revenue was $126M in Q1 2026 vs $127M in Q4 2025 — essentially flat quarter-to-quarter, indicating limited near-term top-line acceleration outside GOV improvements.
Read all updates
Q1-2026 Updates
Positive
Negative
Sequential GOV Growth
Marketplace GOV of $612M in Q1 2026 vs $581M in Q4 2025, a sequential increase of $31M or 5.5%, notable because Q4 is typically the highest GOV quarter.
Read all positive updates
Company Guidance
Vivid Seats reaffirmed its FY2026 outlook calling for marketplace GOV of $2.2–$2.6 billion and adjusted EBITDA of $30–$40 million, with consolidated take rates expected to remain around ~16%; management said Q1 results (marketplace GOV $612M, up 5.5% sequentially from Q4’25’s $581M; consolidated revenue $126M vs $127M in Q4; private label revenue +20% q/q; marketplace take rate 15.9% vs 16.8% in Q4; adjusted EBITDA $9.5M vs $1M in Q4; cash up >$40M to $144M) support the outlook and the company’s confidence in returning to year‑over‑year growth in H2, noted app GOV +20% YoY with app share >40%, and reiterated capital and cash assumptions (net interest roughly $20M, CapEx/capitalized software in the low‑to‑mid teens, modest international taxes), stating that at mid‑to‑high guide EBITDA levels the business would be cash‑flow positive (with working capital expected to be a source of cash).Vivid Seats Financial Statement Overview
Summary
Income Statement
28
Negative
Balance Sheet
34
Negative
Cash Flow
22
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 570.78M | 775.59M | 712.88M | 600.27M | 443.04M |
| Gross Profit | 347.95M | 573.73M | 530.70M | 459.77M | 352.42M |
| EBITDA | 9.11M | 91.83M | 102.44M | 91.95M | 41.68M |
| Net Income | -429.30M | 9.43M | 74.54M | 28.66M | -16.12M |
Balance Sheet | |||||
| Total Assets | 636.87M | 1.64B | 1.55B | 1.15B | 1.41B |
| Cash, Cash Equivalents and Short-Term Investments | 102.70M | 243.48M | 125.48M | 251.54M | 489.53M |
| Total Debt | 20.38M | 407.64M | 284.78M | 282.56M | 460.13M |
| Total Liabilities | 722.00M | 1.02B | 963.34M | 671.27M | 983.46M |
| Stockholders Equity | -85.13M | 261.11M | 105.02M | -382.70M | -860.68M |
Cash Flow | |||||
| Free Cash Flow | -93.76M | 49.70M | 134.54M | -1.03M | 166.14M |
| Operating Cash Flow | -91.60M | 53.92M | 147.32M | 14.38M | 175.79M |
| Investing Cash Flow | -20.17M | -26.74M | -225.64M | -15.41M | -9.35M |
| Financing Cash Flow | -29.37M | 86.08M | -43.43M | -236.48M | 38.03M |
Vivid Seats Technical Analysis
Positive
8.04
Price Trends
6.47
Positive
6.75
Positive
12.91
Negative
Market Momentum
0.34
Negative
65.64
Neutral
85.58
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SEAT, the sentiment is Positive. The current price of 8.04 is above the 20-day moving average (MA) of 6.42, above the 50-day MA of 6.47, and below the 200-day MA of 12.91, indicating a neutral trend. The MACD of 0.34 indicates Negative momentum. The RSI at 65.64 is Neutral, neither overbought nor oversold. The STOCH value of 85.58 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
73 Outperform | $727.63M | 7.42 | 75.44% | ― | 24.49% | 181.60% | |
64 Neutral | $1.59B | 3.03 | 5.63% | ― | 24.49% | ― | |
63 Neutral | $404.81M | 10.52 | 5.27% | ― | 5.94% | 56.89% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
48 Neutral | $83.83M | -1.09 | -567.03% | ― | -26.41% | -4283.11% | |
| ― | $48.28M | -0.02 | 73.03% | ― | -21.31% | 87.27% |
* Communication Services Sector Average
SEAT
Vivid Seats
7.63
-27.57
-78.32%
TRVG
trivago
3.19
-1.42
-30.80%
EVER
EverQuote
20.57
-2.33
-10.17%
FVRR
Fiverr International
11.26
-17.87
-61.35%
ILLR
Triller Group
0.24
-0.89
-78.41%
Vivid Seats Corporate Events
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...
Business Operations and StrategyExecutive/Board ChangesFinancial DisclosuresRegulatory Filings and Compliance
Vivid Seats Faces Steep Revenue Declines Amid Event Weakness
Negative
Mar 12, 2026
On March 6, 2026, Vivid Seats’ board determined that directors Todd Boehly, Jane DeFlorio, Craig Dixon, Julie Masino, and Adam Stewart qualify as independent, restoring the company’s compliance with Nasdaq’s requirement that a ma...
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.