Vivid Seats Inc. Class A Common Stock (SEAT)

FairStock Score: 14/100 — RISKY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach Vivid Seats with caution. It operates online ticket marketplaces, a business that can have network effects: more buyers attract more sellers and vice versa. Yet the filed numbers do not show the steady, predictable earnings I seek. Revenue fell from $647.9 million in fiscal 2024, ended 2024-12-31, to $450.5 million in fiscal 2025, ended 2025-12-31. Net income swung from $13.4 million in fiscal 2024 to $806.1 million in fiscal 2025, then fiscal first quarter 2026, ended 2026-03-31, showed $97.5 million of revenue and a $14.6 million net loss. Fiscal third quarter 2025, ended 2025-09-30, had $104.8 million of revenue and a $30.2 million net loss. These swings are not the owner earnings Graham prized. Financial health looks poor. FairStock calculates trailing free cash flow of -$7.0 million, a -22.4% FCF yield on the $31.4 million market cap at the 2026-10-13 close. FairStock's Altman Z-Score is -2.87, ROE is -395.99%, and Piotroski F-Score is 5/9. The FairStock Score is 14/100. Valuation on negative earnings is meaningless: FairStock's P/E is -0.06. The stock sits near its 52-week low of $2.75 against a high of $13.98, which can signal distress rather than opportunity. There may be asset value or turnaround potential, but I see no margin of safety without sustainable positive cash flow. I would need evidence that ticket demand and cost discipline can stabilize revenue and produce cash. Until then, this is speculative, not a durable compounder.

In plain English: Vivid Seats runs online ticket marketplaces for live events in the United States, Canada, and Japan. The business looks weak right now because reported results show falling revenue, recent losses, and negative cash flow over the past year. At the October 13, 2026 close of $2.79, the price looks very cheap compared with sales, but the weak profits and cash flow make it a risky situation rather than a safe one.

The full AI analysis, bull and bear case and key monitorables are in FairStock Pro.

Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer