Vivid Seats Inc.

Online ticket marketplace whose GOV and revenue fell sharply in 2025 amid a large net loss and goodwill impairment.

Strengths

• Asset-light Marketplace model with Skybox ERP and a diversified live-events mix
• Reported net margin/ROA at 100th pct are distorted by impairment-driven tax/accounting noise

Risks

• Revenue fell 26% to $571M; Marketplace GOV down to $2.7B; adjusted EBITDA collapsed to $42M from $151M
• $721M net loss; negative FCF (-$94M, 8th pct); current ratio 0.59; negative equity
• Exposure to search-algorithm/AI disruption and intense ticketing competition

Notable findings

• Exec changeRecent 8-K item 5.02 8-K ↗
• Negative equityNegative book equity (debt/equity -4.50)
• Cash burnNegative free cash flow (-93.8M)
• Weak liquidityCurrent ratio 0.59 (<1)
• Material weakness• We previously identified and remediated a material weakness in our internal control over financial reporting (“ ICFR ”), and we may identify additional material weaknesses in the future or otherwise