Vivid Seats Inc. (SEAT) Market Cap
Vivid Seats Inc. has a market capitalization of $53.5M.
Financials based on reported quarter end 2025-12-31
Price: $7.38
▲ 0.66 (9.85%)
Market Cap: 53.53M
NASDAQ · time unavailable
CEO: Lawrence C. Fey
Sector: Communication Services
Industry: Internet Content & Information
IPO Date: 2021-10-20
Website: https://www.vividseats.com
Vivid Seats Inc. (SEAT) - Company Information
Market Cap: 53.53M · Sector: Communication Services
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 sellers; processes ticket sales on its website and mobile applications through its distribution partners; and sells tickets for live sports, concerts, and theater shows, and other live events. This segment offers Skybox, a proprietary enterprise resource planning tool that helps ticket sellers manage ticket inventories, adjust pricing, and fulfill orders across multiple ticket resale marketplaces. The Resale segment acquires tickets to resell on secondary ticket marketplaces; and provides internal research and development support for Skybox and to deliver seller software and tools. The company was founded in 2001 and is headquartered in Chicago, Illinois.
Analyst Sentiment
Based on 13 ratings
Analyst 1Y Forecast: $6.97
Average target (based on 2 sources)
Consensus Price Target
Low
$6
Median
$9
High
$12
Average
$9
Potential Upside: 16.6%
Price & Moving Averages
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Fundamentals Overview
Management’s tone is cautiously constructive: they reaffirm 2026 GOV ($2.2B–$2.6B) and EBITDA ($30M–$40M) and point to early Q1 momentum (app GOV +20% YoY; app share of GOV +500 bps). However, the Q&A and Q4 bridge reveal the real pressure points: Q4 marketplace GOV fell to $581M (vs $994M), orders -32%, and EBITDA was only $1M due to negative operating leverage—driven by industry volume declines (double-digit) from less content on sale and an especially difficult World Series comparison, plus the loss of a large private label customer in early Q3 2025. Mitigation is concrete: achieving the expanded $60M annualized cost takeout in Q4 (full benefit in Q1 2026) and tax simplification (TRAs terminated, dual-class collapsed). On competition, they expect continued aggression but claim moderation at the margin (notably StubHub), and they’re betting AI becomes a funnel disruption over time—still small today (~1% of direct traffic).
Growth Catalysts
- Enhanced app value proposition (launched Q3 2024) driving app GOV up >20% YoY through first 2 months of 2026
- App share of GOV increased by >500 basis points since launch of enhanced app value proposition
- Reinvesting selectively after achieving $60M annualized cost savings to support product/app growth
- Product/pipeline enhancements expected to start coming out over the next couple months to support back-half 2026 contribution
Business Development
- AI partnership path: Vivid Seats app within ChatGPT (built on earlier 2023 ChatGPT live events plug-in)
- No named retailer/brand partners disclosed in Q&A; competitive discussion referenced StubHub intensity moderation rather than a partnership
Financial Highlights
- Q4 2025 marketplace GOV: $581M vs $994M prior year (material YoY decline)
- Q4 2025 total marketplace orders: down 32% YoY; average order size down to $329 from $380 in Q4 2024
- Q4 2025 revenues: $127M vs $200M prior year
- Marketplace take rate: 16.8% in Q4 2025 vs 16.6% in Q4 2024 (slight increase)
- Q4 2025 adjusted EBITDA: $1M (reflecting lower volume and negative operating leverage)
- Industry/volume headwind: Q4 industry volumes down double digits per SkyBox due to less content on sale and difficult World Series comparison
- Execution hit: loss of a large private label customer occurred in early Q3 2025 and pressured Q4 results
- Cost actions: achieved $60M annualized cost reduction target in Q4; full benefit expected starting Q1 2026
- Balance sheet: cash $103M; debt $390M; net debt $287M at end of Q4
Capital Funding
- Cash guidance end of Q1 2026: $125M to $135M (supported by Q1 seasonally stronger cash inflow)
- No explicit buyback amount disclosed in the provided transcript
Strategy & Ops
- Cost reduction program: increased fixed cost savings target from $25M to $60M; achieved $60M annualized savings with reductions spanning marketing, G&A, and stock-based compensation
- Corporate simplification: terminated tax receivable agreement and collapsed dual-class share structure (stated to reduce complexity and improve tax profile)
- Near-term take rate expectation: stay in the ~16% range
- App funnel focus: renewed focus on core customer funnel and onboarding experience for app users; targeting database-based personalized messaging
Market Outlook
- Reaffirmed 2026 outlook: marketplace GOV $2.2B to $2.6B; adjusted EBITDA $30M to $40M
- Q1 2026 guidance: marketplace GOV $570M to $620M; adjusted EBITDA $8M to $10M; cash balance $125M to $135M by end of Q1 2026
- World Cup 2026 resale/GOV contribution framing (not formal guidance, but quantified investor view): described as 'a couple of hundred basis points of GOV' best guess; typical tour benchmark ~1% of GOV for the year; Taylor Swift mid- to high single digits
Risks & Headwinds
- Competitive intensity: competitors prioritize GOV/volume over unit economics and profitability; tension between volume and profitability acknowledged
- Private label customer loss: loss of a large private label customer in early Q3 2025 contributed to Q4 pressure
- Industry volume and comp headwinds: Q4 industry volumes down double digits due to less content on sale and difficult World Series comparison; also cited 'softer Q4 industry backdrop'
- Operating leverage: adjusted EBITDA $1M in Q4 due to lower volume and negative operating leverage
- World series comp called out as a specific calendar headwind for sports comps
- Regulatory/DOJ and 'live now' term sheet: management declined detailed commentary due to 'devil in the details' (risk of future industry dynamics/capital reshaping not assessed in detail)
Sentiment: MIXED
Note: This summary was synthesized by AI from the SEAT Q4 2025 earnings transcript. Financial data is complex; please verify all metrics against official SEC filings before making investment decisions.