Vivid Seats Inc
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Vivid Seats Inc AI Insights
Informational only. Not investment advice.Snapshot
- Goodwill of 648.6M is 238% of equity (272M) - any impairment would wipe out book value entirely[Goodwill]
- Gross profit TTM down 32% YoY despite 71% gross margin - severe demand destruction in ticketing[Gross Profit 1Y Growth]
- Tangible book value is -565.6M with 405M debt at 1.49x D/E - balance sheet stress evident[Tangible Book Value]
Watch Triggers
- Cash and Equivalents: Falls below 100M — At -30M FCF burn, sub-100M cash signals 3-year runway and potential dilutive raise
- Goodwill: Any impairment charge announced — 648M goodwill vs 272M equity means even 42% write-down eliminates all equity
- Gross Profit 1Y Growth: Returns to positive territory — Would signal demand stabilization and validate turnaround thesis
Bull Case
Trading at 0.12x P/S vs industry median 1.38x - 91% discount implies near-zero going concern value, turnaround creates asymmetric upside
71% gross margin preserved despite revenue decline shows pricing power intact; cost cuts could restore profitability quickly
Bear Case
Goodwill at 238% of equity from acquisitions now faces impairment risk given -32% gross profit decline - write-down would trigger negative equity
Revenue shrinking -4.5% 3Y CAGR while competitors grow; market share loss in ticketing may be structural not cyclical
Bull vs Bear Balance
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Forward Thesis
Continued cash burn threatens liquidity within 18 months without turnaround or capital raise
- FCF of -30.4M TTM with only 145M cash
- Operating loss of -35.5M TTM widening
- 405M debt load with 24M interest expense
Valuation Context
Caveats
Public Strategies Rankings
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SEAT Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$65.63M | — | ||
$325.76M | — | ||
0.00 | — | ||
$643.77M | -16.8% | — | |
$-28.60 | — | ||
-5.52% | -11.9% | — | |
-24.1% | -28.6% | — | |
$-30.43M | — | ||
-51.5% | — | ||
Beta 5Y (Monthly) | unknown | — |
SEAT Dividend History
2021
$4.6000SEAT Stock Splits
SEAT SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
11/06/25 | 09/30/25 | 10-Q | |
08/05/25 | 06/30/25 | 10-Q | |
05/06/25 | 03/31/25 | 10-Q | |
03/12/25 | 12/31/24 | 10-K | |
11/07/24 | 09/30/24 | 10-Q | |
08/06/24 | 06/30/24 | 10-Q | |
05/07/24 | 03/31/24 | 10-Q | |
03/08/24 | 12/31/23 | 10-K | |
11/07/23 | 09/30/23 | 10-Q | |
08/08/23 | 06/30/23 | 10-Q | |
05/09/23 | 03/31/23 | 10-Q | |
03/07/23 | 12/31/22 | 10-K | |
11/08/22 | 09/30/22 | 10-Q | |
08/09/22 | 06/30/22 | 10-Q | |
05/10/22 | 03/31/22 | 10-Q | |
03/15/22 | 12/31/21 | 10-K | |
11/15/21 | 09/30/21 | 10-Q | |
09/24/21 | 06/30/21 | Quarterly | -- |
05/10/22 | 03/31/21 | 10-Q | |
09/24/21 | 12/31/20 | Annual | -- |
11/15/21 | 09/30/20 | 10-Q | |
09/24/21 | 06/30/20 | Quarterly | -- |