Vivid Seats Inc.
- Open
- 6.70
- Day high
- 7.46
- Day low
- 6.46
- Prev close
- 6.89
- Volume
- 136K
- Mkt cap
- $79M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- -0.8
- P/S
- 0.1
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$604 over the last 3 months (0 open-market buys, 2 sales)
- 🏛Institutions accumulating (13F)
Vivid Seats Inc. (SEAT) is a Communication Services company listed on NASDAQ. The stock is down 81% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 2 sales (SEC Form 4).
Vivid Seats Inc. (SEAT) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 5 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SEAT earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 5, 2026 | $-1.03 | $-1.35 | -31.1% | $126M | +1.0% |
| Mar 12, 2026 | $-1.66 | $-10.39 | -525.5% | $127M | +1.2% |
| Nov 6, 2025 | $-1.68 | $-1.91 | -13.7% | $136M | -0.6% |
| Mar 12, 2025 | $0.03 | $-0.01 | -122.3% | $200M | +8.1% |
| Nov 7, 2024 | $0.02 | $0.04 | +66.7% | $187M | -4.1% |
| Mar 5, 2024 | $0.05 | $0.09 | +80.0% | $198M | +8.0% |
| Mar 7, 2023 | $0.13 | $0.13 | +0.0% | $165M | +6.8% |
| Mar 10, 2022 | $0.02 | $0.44 | +1870.4% | $164M | +9.2% |
| Nov 15, 2021 | $-0.09 | $-44.05 | -48844.4% | $140M | — |
| Aug 6, 2021 | — | $0.03 | — | $115M | — |
| May 24, 2021 | — | $-0.26 | — | $24M | — |
| Mar 31, 2021 | — | $-0.43 | — | $1M | — |
SEAT insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 15, 2026 | Langenbacher Stefanoofficer: Chief Technology Officer | Option | 38,226 | — |
| Jun 15, 2026 | Arnett Austinofficer: General Counsel | Option | 3,542 | — |
| Jun 15, 2026 | Fey Lawrencedirector, officer: Chief Executive Officer | Option | 7,414 | — |
| Jun 15, 2026 | Thomas Joseph D. Jr.officer: Chief Financial Officer | Option | 19,113 | — |
| Jun 15, 2026 | Thomas Joseph D. Jr.officer: Chief Financial Officer | Tax | 4,654 | $8.53 |
| Jun 15, 2026 | Arnett Austinofficer: General Counsel | Sell | 62 | $8.36 |
| Jun 15, 2026 | Langenbacher Stefanoofficer: Chief Technology Officer | Option | 44,491 | — |
| Jun 15, 2026 | Pickus Edwardofficer: Chief Accounting Officer | Option | 1,482 | — |
| Jun 15, 2026 | Arnett Austinofficer: General Counsel | Option | 3,345 | — |
| Jun 15, 2026 | Langenbacher Stefanoofficer: Chief Technology Officer | Tax | 19,708 | $8.53 |
| Jun 15, 2026 | Pickus Edwardofficer: Chief Accounting Officer | Tax | 4,497 | $8.53 |
| Jun 15, 2026 | Fey Lawrencedirector, officer: Chief Executive Officer | Option | 87,905 | — |
| Jun 15, 2026 | Pickus Edwardofficer: Chief Accounting Officer | Option | 808 | — |
| Jun 15, 2026 | Arnett Austinofficer: General Counsel | Option | 68 | — |
| Jun 15, 2026 | Arnett Austinofficer: General Counsel | Option | 129 | — |
Source: SEAT SEC Form 4 filings, latest Jun 15, 2026. For informational purposes only — not investment advice.
See the full SEAT insider & 13F page →Vivid Seats Inc. company profile
Overview
Vivid Seats Inc. (NASDAQ:SEAT) is a Chicago-based online secondary marketplace for event tickets that has been operating since 2001. The company went public in October 2021 and serves as an intermediary connecting ticket buyers and sellers across the United States and Canada. Vivid Seats has evolved from a traditional ticket reseller into a comprehensive platform that facilitates secondary market transactions while also developing technology tools for ticket sellers and expanding into adjacent markets like daily fantasy sports and travel experiences.
Business
Vivid Seats operates in the secondary ticket marketplace industry, which involves the resale of tickets after they have been initially sold by venues, teams, or primary ticket distributors like Ticketmaster. The secondary market exists because consumers often purchase tickets they later cannot use, while others are willing to pay premium prices for sold-out events or better seating options. The company operates through two main business segments: 1. Marketplace segment (approximately 85-90% of revenue): This is Vivid Seats' core business where the company acts as an intermediary between ticket buyers and sellers. Customers can browse and purchase tickets for live sports games, concerts, theater shows, and other live events through Vivid Seats' website and mobile applications. The company also partners with distribution partners to process ticket sales across multiple channels. A key component of this segment is Skybox, a proprietary enterprise resource planning tool that helps professional ticket sellers manage their inventories, adjust pricing dynamically, and fulfill orders across multiple ticket resale marketplaces simultaneously. 2. Resale segment (approximately 10-15% of revenue): In this segment, Vivid Seats directly acquires tickets to resell on secondary marketplaces, essentially acting as both a marketplace operator and a ticket seller. This segment also provides internal research and development support for Skybox and delivers additional seller software and tools. The secondary ticket market serves several purposes: it provides liquidity for ticket holders who can no longer attend events, offers consumers access to sold-out events, and creates price discovery mechanisms that can result in both premium and discounted pricing depending on demand and event proximity.
Revenue model
Vivid Seats generates revenue primarily through transaction fees charged to both buyers and sellers on its marketplace platform. The company's "take rate" - the percentage of gross order value (GOV) retained as revenue - has been steadily increasing, reaching approximately 16.6% in 2024, up from around 15% in previous years. The revenue model works as follows: when a ticket transaction occurs on the platform, Vivid Seats collects fees from both the buyer (service fees) and seller (commission fees). The company processes the payment, facilitates the ticket transfer, and provides customer service throughout the transaction. For its Resale segment, Vivid Seats purchases tickets directly and resells them at market prices, capturing the spread as revenue. Key factors that can increase margins include: higher take rates through improved pricing power and premium service offerings, increased repeat customer usage (which reduces customer acquisition costs), growth in higher-margin events like premium concerts and sports playoffs, and operational leverage as fixed costs are spread over larger transaction volumes. The company has been investing in loyalty programs and customer engagement tools like its Game Center feature to increase repeat usage, with repeat customers now representing approximately 61% of orders. Factors that can decrease margins include: increased marketing competition requiring higher customer acquisition spending, Google and other digital advertising platform changes that reduce marketing efficiency, economic downturns that reduce consumer discretionary spending on live events, and competitive pressure from other secondary marketplaces or primary ticket sellers expanding their resale capabilities. The company has experienced challenges with performance marketing channel volatility, particularly with Google's auction format changes affecting bidding efficiency.
Competitive moat
Vivid Seats' competitive moat is moderate but faces ongoing challenges. The company's primary advantages include its established marketplace with significant liquidity (connecting buyers and sellers), proprietary seller tools like Skybox that create switching costs for professional ticket resellers, and its growing customer loyalty program that increases repeat usage. The company has built network effects where more sellers attract more buyers and vice versa, though this advantage is not exclusive given the presence of competitors like StubHub, SeatGeek, and Ticketmaster's resale platform. Vivid Seats' focus on seller tools and technology differentiation through features like automated pricing (Skybox Drive) and customer engagement (Game Center) provides some defensive positioning. However, the moat faces significant threats. The secondary ticket market is highly competitive with well-funded competitors, and barriers to entry are relatively low for new digital platforms. Primary ticket sellers like Ticketmaster have been expanding their own resale capabilities, potentially disintermediating secondary marketplaces. Additionally, the company is vulnerable to changes in digital advertising platforms (particularly Google) that can significantly impact customer acquisition costs and effectiveness. The company's international expansion efforts and partnerships (like with United Airlines) represent attempts to strengthen its moat, but these initiatives are still in early stages. Overall, while Vivid Seats has built a solid market position, the competitive landscape remains intense and the company must continue investing heavily in technology and marketing to maintain its position.
Risks & safety
Vivid Seats presents a moderate margin of safety with mixed financial health indicators: • Liquidity concerns: Current ratio of 0.77 indicates potential short-term liquidity challenges, though the company maintains substantial cash reserves of $199 million as of Q1 2025 • Cash burn: Negative free cash flow of -$33 million in Q1 2025, though this improved from -$19 million in Q3 2024. The company generated positive free cash flow of $50 million for full year 2024 • Debt levels: Debt-to-equity ratio of 1.07 is manageable but elevated. Total liabilities of $999 million against total assets of $1.6 billion • Valuation metrics: EV/EBITDA of 10.4x appears reasonable for a growth company, though P/E ratios have been volatile due to inconsistent earnings • Revenue trends: Declining revenue trajectory with Q1 2025 revenue down 14% year-over-year, indicating cyclical headwinds in the live events industry • Market position: Strong brand recognition and established marketplace provide some downside protection, but competitive pressures remain intense
Recent development
Over the past few years, Vivid Seats has pursued several key strategic initiatives to diversify and strengthen its platform. The company has made significant investments in international expansion, starting with the UK market in 2024 and planning further European expansion, representing a major strategic pivot from its historically domestic focus. The company has also focused heavily on customer engagement and retention through the launch of its Vivid Seats Rewards loyalty program and the development of Game Center, an in-app engagement feature that has attracted over 400,000 lifetime users. These initiatives aim to increase repeat customer rates, which have grown from 47% in 2018 to 61% currently. Strategic acquisitions have been another key development, including the purchase of Vegas.com to expand into the Las Vegas entertainment market and Wavedash in Japan to establish an international presence. The company has also developed new technology offerings, particularly Skybox Drive, an automated pricing tool for ticket sellers that exited beta phase with over 100 users and represents a potential $10 million annual revenue opportunity. Partnership development has accelerated, with new relationships including United Airlines' loyalty program integration and partnerships with IM Athlete media platform. The company has also invested in social media presence and content creation, approaching 400,000 social media followers as part of its customer acquisition diversification strategy.
SEAT company profile · for informational purposes only — not investment advice.
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