Vivid Seats Inc. (SEAT) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-6361.8%

-$165.94

vs $2.65 price

Levered DCF

$256.39

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

-4.49

Distress zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-0.12×	65.21×	11.49×	8.3×	-256×	-0.81×	-7.93×
P/B	-0.61×	2.35×	5.58×	-1.53×	-0.98×	-2.47×	1.46×
P/S	0.09×	0.79×	0.82×	0.98×	1.9×	19.1×	1.61×
EV / EBITDA	-0.61×	8.46×	7.27×	6.71×	19.53×	-1.89×	15.95×
Gross margin	69.6%	74.0%	74.4%	76.6%	79.5%	29.6%	77.4%
Operating margin	-9.9%	5.4%	11.4%	13.0%	17.3%	-2041.3%	-2.1%
Net margin	-75.2%	1.2%	10.5%	4.8%	-3.6%	-2207.1%	-11.5%
Current ratio	0.59×	0.81×	0.5×	0.88×	1.23×	1.23×	0.8×
Debt / equity	-4.74×	1.56×	2.71×	-0.74×	-0.53×	-3.23×	1.18×
Interest coverage	-2.38×	1.82×	6.02×	6.07×	1.32×	-12.46×	-0.24×
Dividend yield	0.0%	0.0%	0.0%	0.0%	2.1%	0.0%	1.1%
Payout ratio	0.0%	0.0%	0.0%	0.0%	-109.8%	-0.0%	-15.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	504.3%	3.6%	71.0%	-7.5%	1.9%	284.9%	-10.4%
Return on invested capital	-16.7%	2.2%	7.6%	10.1%	8.4%	-85.8%	-0.7%
Return on assets	-67.4%	0.6%	4.8%	2.5%	-1.1%	-66.8%	-3.6%
Free cash flow yield	-212.0%	8.1%	23.0%	-0.2%	19.7%	-6.2%	8.9%
Earnings yield	-821.0%	1.5%	12.7%	4.9%	-1.9%	-115.5%	-7.1%
Enterprise value	$353.4M	$776.9M	$745M	$616.9M	$813.8M	$1.3B	$1.3B
Net debt / EBITDA	-0.52×	1.79×	1.55×	0.34×	-0.71×	-0.89×	6.58×
Cash conversion cycle (days)	-265	-363	-444	-364	-693	-451	-256