Recent News
Aug 20, 2025 — Vivid Seats announced a multi-year partnership naming the company an Official Fan Experience Partner of the Chicago Bears, launching a Vivid Seats Fan Experience Skydeck at Soldier Field. Aug 14, 2025 — the company published a 2025 NFL Fan Loyalty Report highlighting fan behavior and engagement metrics. Jul 18, 2025 — management began winding down its Vivid Picks fantasy product, with the app moved to withdrawal-only status as part of cost-reduction actions.
Technical Analysis
Directional indicators present a short-term bullish tilt: DI+ shows a dip-and-reversal while DI- shows a peak-and-reversal, a combination that indicates directional strength skewed toward buyers despite near parity between DI+ (22.49) and DI- (23.52). ADX at 13.45 signals low trend strength, so bullish direction lacks conviction from trend momentum.
Momentum paints a cautiously constructive picture. MACD stands negative at -1.64 but trends higher and sits above its signal line (-2.31), which constitutes a bullish momentum crossover and supports upward pressure in the coming days.
MRO reads -32.76, indicating price trades below the model target and implying upward potential as mean-reversion pressure builds from current levels.
RSI at 39.29 shows a dip-and-reversal pattern, leaving room to climb before reaching overbought territory; the 12-day EMA at $16.82 moves higher and the price ($17.33) sits above both the 12-day EMA and the 20-day average ($16.48), supporting near-term follow-through. Overhead technical caps appear at the SuperTrend upper band $19.02 and the 50-day average $23.07; the 200-day average at $52.23 functions as a long-term ceiling.
Bollinger dynamics reflect constrained volatility: price crossed above the -1x standard-deviation band and trades just below the +1x band ($17.44), suggesting a compact range that could expand if momentum holds. Short-term volatility remains elevated (42-day beta 3.84) and average daily volume (~127k) aligns with the ten-day average, indicating normal participation rather than panic or thin trading.
Ichimoku shows the Chikou span below the cloud and Senkou lines at $27.43 (A) and $28.23 (B), which indicates longer-term resistance despite the short-term technical constructive signals.
Fundamental Analysis
Revenue and margin context. Total revenue reached $143,566,000. YoY revenue change reads -4.19% while quarterly revenue momentum shows a larger sequential drop; QoQ revenue contraction stands steeper. Gross margin measures 70.45%, above the industry peer mean of 65.29% and the industry peer median of 57.404%, signaling strong top-line unit economics despite volume pressure.
Profitability and cash flow. Net income registered a loss of $-139,675,000 and EBIT totaled $-181,528,000, producing an EBIT margin of -126.44%, which sits well below the industry peer mean (35.52%) and industry peer median (30.97%). QoQ improvement in EBIT margin registers +213.31% while YoY the figure reads -54.58%. Operating margin stands at -7.85% with operating cash flow at $-28,620,000 and free cash flow at $-32,860,000; free cash flow yield equals -17.59% (negative), indicating cash outflow pressure versus market capitalization.
Earnings per share and valuation signals. Reported EPS equaled -$12.29 versus an estimate of -$0.69, producing an EPS surprise of approximately -1,681%. Forward EPS equals $0.0525 with a forward P/E near 42.0x while trailing P/E shows a negative value due to losses; price-to-sales sits at 1.30x and enterprise-to-revenue about 3.07x. Market capitalization reached $186,835,816 while enterprise value measured $440,449,816. WMDST values the stock as over-valued.
Liquidity and leverage. Cash and short-term investments total $153,007,000, cash ratio equals 0.42, and current ratio reads 0.72, indicating constrained near-term liquidity relative to current liabilities. Total debt stands at $406,621,000 with net debt $235,941,000; debt-to-equity registers 187.09% and debt-to-assets equals 35.38%, reflecting elevated leverage that pressures flexibility. Interest coverage remains negative given operating losses.
Operational efficiency. Asset turnover equals 0.104, below the industry peer mean (0.1868), pointing to low revenue generation per asset dollar. Cash conversion cycle sits at -345.72 days, reflecting an unusual working-capital profile driven by long payables days (441.30) and relatively short receivables days (33.81).
Valuation summary: strong gross margins coexist with heavy operating losses, stretched liquidity and high leverage. Forward metrics imply market expectations for recovery, but WMDST’s current assessment classifies the equity as over-valued given present fundamentals.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-08-05 |
| NEXT REPORT DATE: | 2025-11-03 |
| CASH FLOW | Begin Period Cash Flow | $ 200.7 M |
| Operating Cash Flow | $ -28.62 M | |
| Capital Expenditures | $ -4.24 M | |
| Change In Working Capital | $ -38.66 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -46.71 M | |
| End Period Cash Flow | $ 154.0 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 143.6 M | |
| Forward Revenue | $ -87.92 K | |
| COSTS | ||
| Cost Of Revenue | $ 42.4 M | |
| Depreciation | $ 12.3 M | |
| Depreciation and Amortization | $ 12.3 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 154.8 M | |
| PROFITABILITY | ||
| Gross Profit | $ 101.1 M | |
| EBITDA | $ -169.19 M | |
| EBIT | $ -181.53 M | |
| Operating Income | $ -11.28 M | |
| Interest Income | — | |
| Interest Expense | $ 5.6 M | |
| Net Interest Income | $ -5.63 M | |
| Income Before Tax | $ -187.16 M | |
| Tax Provision | $ 76.2 M | |
| Tax Rate | 21.0 % | |
| Net Income | $ -139.68 M | |
| Net Income From Continuing Operations | $ -263.33 M | |
| EARNINGS | ||
| EPS Estimate | $ -0.69 | |
| EPS Actual | $ -12.29 | |
| EPS Difference | $ -11.60 | |
| EPS Surprise | -1681.159 % | |
| Forward EPS | $ 0.05 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 1.1 B | |
| Intangible Assets | $ 847.6 M | |
| Net Tangible Assets | $ -630.23 M | |
| Total Current Assets | $ 264.9 M | |
| Cash and Short-Term Investments | $ 153.0 M | |
| Cash | $ 153.0 M | |
| Net Receivables | $ 49.5 M | |
| Inventory | $ 32.6 M | |
| Long-Term Investments | $ 4.0 M | |
| LIABILITIES | ||
| Accounts Payable | $ 204.2 M | |
| Short-Term Debt | $ 4.0 M | |
| Total Current Liabilities | $ 367.1 M | |
| Net Debt | $ 235.9 M | |
| Total Debt | $ 406.6 M | |
| Total Liabilities | $ 803.1 M | |
| EQUITY | ||
| Total Equity | $ 217.3 M | |
| Retained Earnings | $ -1.08 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 33.35 | |
| Shares Outstanding | 6.517 M | |
| Revenue Per-Share | $ 22.03 | |
| VALUATION | Market Capitalization | $ 186.8 M |
| Enterprise Value | $ 440.4 M | |
| Enterprise Multiple | -2.603 | |
| Enterprise Multiple QoQ | -104.421 % | |
| Enterprise Multiple YoY | -108.541 % | |
| Enterprise Multiple IPRWA | high: 158.356 mean: 62.325 median: 57.644 SEAT: -2.603 low: -131.816 |
|
| EV/R | 3.068 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 5.288 | |
| Asset To Liability | 1.431 | |
| Debt To Capital | 0.652 | |
| Debt To Assets | 0.354 | |
| Debt To Assets QoQ | 39.246 % | |
| Debt To Assets YoY | 14703.766 % | |
| Debt To Assets IPRWA | high: 0.694 SEAT: 0.354 mean: 0.104 median: 0.071 low: 0.001 |
|
| Debt To Equity | 1.871 | |
| Debt To Equity QoQ | 74.599 % | |
| Debt To Equity YoY | 7280.355 % | |
| Debt To Equity IPRWA | high: 2.013 SEAT: 1.871 mean: 0.159 median: 0.098 low: -1.05 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 0.86 | |
| Price To Book QoQ | -21.902 % | |
| Price To Book YoY | -80.675 % | |
| Price To Book IPRWA | high: 12.172 mean: 6.994 median: 6.389 SEAT: 0.86 low: -6.612 |
|
| Price To Earnings (P/E) | -0.157 | |
| Price To Earnings QoQ | -99.901 % | |
| Price To Earnings YoY | -99.97 % | |
| Price To Earnings IPRWA | high: 257.071 mean: 82.044 median: 66.348 SEAT: -0.157 low: -196.621 |
|
| PE/G Ratio | 0.0 | |
| Price To Sales (P/S) | 1.301 | |
| Price To Sales QoQ | -49.064 % | |
| Price To Sales YoY | -62.764 % | |
| Price To Sales IPRWA | high: 35.986 mean: 26.696 median: 24.046 SEAT: 1.301 low: 0.003 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 42.005 | |
| Forward PE/G | -0.01 | |
| Forward P/S | -2125.042 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -1495.578 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.104 | |
| Asset Turnover Ratio QoQ | 2.994 % | |
| Asset Turnover Ratio YoY | -14.754 % | |
| Asset Turnover Ratio IPRWA | high: 0.603 median: 0.188 mean: 0.187 SEAT: 0.104 low: 0.021 |
|
| Receivables Turnover | 2.699 | |
| Receivables Turnover Ratio QoQ | -13.472 % | |
| Receivables Turnover Ratio YoY | -5.912 % | |
| Receivables Turnover Ratio IPRWA | high: 7.018 SEAT: 2.699 mean: 2.16 median: 1.819 low: 0.147 |
|
| Inventory Turnover | 1.408 | |
| Inventory Turnover Ratio QoQ | -25.292 % | |
| Inventory Turnover Ratio YoY | -13.743 % | |
| Inventory Turnover Ratio IPRWA | high: 261.505 mean: 31.801 median: 16.665 SEAT: 1.408 low: 0.851 |
|
| Days Sales Outstanding (DSO) | 33.811 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -345.722 | |
| Cash Conversion Cycle Days QoQ | 5.059 % | |
| Cash Conversion Cycle Days YoY | -21.657 % | |
| Cash Conversion Cycle Days IPRWA | high: 34.504 median: -0.155 mean: -29.907 SEAT: -345.722 low: -572.789 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -1.405 | |
| CapEx To Revenue | -0.03 | |
| CapEx To Depreciation | -0.344 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 602.3 M | |
| Net Invested Capital | $ 606.3 M | |
| Invested Capital | $ 606.3 M | |
| Net Tangible Assets | $ -630.23 M | |
| Net Working Capital | $ -102.15 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.417 | |
| Current Ratio | 0.722 | |
| Current Ratio QoQ | -6.05 % | |
| Current Ratio YoY | -8.6 % | |
| Current Ratio IPRWA | high: 8.003 mean: 1.916 median: 1.904 SEAT: 0.722 low: 0.138 |
|
| Quick Ratio | 0.633 | |
| Quick Ratio QoQ | -9.821 % | |
| Quick Ratio YoY | -12.737 % | |
| Quick Ratio IPRWA | high: 3.923 mean: 1.899 median: 1.537 SEAT: 0.633 low: 0.091 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | -2.403 | |
| Cost Of Debt | 1.093 % | |
| Interest Coverage Ratio | -32.22 | |
| Interest Coverage Ratio QoQ | 18756.493 % | |
| Interest Coverage Ratio YoY | -3765.372 % | |
| Interest Coverage Ratio IPRWA | high: 183.313 mean: 112.848 median: 64.63 SEAT: -32.22 low: -91.892 |
|
| Operating Cash Flow Ratio | -0.401 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 441.296 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -28.419 % | |
| Revenue Growth | -12.472 % | |
| Revenue Growth QoQ | -30.371 % | |
| Revenue Growth YoY | -418.895 % | |
| Revenue Growth IPRWA | high: 32.915 % mean: 8.272 % median: 5.951 % SEAT: -12.472 % low: -24.903 % |
|
| Earnings Growth | -4196.667 % | |
| Earnings Growth QoQ | 2697.778 % | |
| Earnings Growth YoY | 3257.334 % | |
| Earnings Growth IPRWA | high: 228.571 % mean: -9.562 % median: -18.182 % low: -233.333 % SEAT: -4196.667 % |
|
| MARGINS | ||
| Gross Margin | 70.446 % | |
| Gross Margin QoQ | -3.305 % | |
| Gross Margin YoY | -6.583 % | |
| Gross Margin IPRWA | high: 99.585 % SEAT: 70.446 % mean: 65.288 % median: 57.404 % low: -5.811 % |
|
| EBIT Margin | -126.442 % | |
| EBIT Margin QoQ | 21330.847 % | |
| EBIT Margin YoY | -5457.712 % | |
| EBIT Margin IPRWA | high: 52.96 % mean: 35.521 % median: 30.974 % low: -66.239 % SEAT: -126.442 % |
|
| Return On Sales (ROS) | -7.854 % | |
| Return On Sales QoQ | 1231.186 % | |
| Return On Sales YoY | -432.797 % | |
| Return On Sales IPRWA | high: 75.933 % mean: 33.145 % median: 26.795 % SEAT: -7.854 % low: -66.239 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ -32.86 M | |
| Free Cash Flow Yield | -17.588 % | |
| Free Cash Flow Yield QoQ | 125.314 % | |
| Free Cash Flow Yield YoY | 539.331 % | |
| Free Cash Flow Yield IPRWA | high: 16.991 % mean: 0.357 % median: 0.23 % low: -11.555 % SEAT: -17.588 % |
|
| Free Cash Growth | 0.449 % | |
| Free Cash Growth QoQ | -100.245 % | |
| Free Cash Growth YoY | -100.287 % | |
| Free Cash Growth IPRWA | high: 246.161 % SEAT: 0.449 % mean: -53.575 % median: -85.386 % low: -696.812 % |
|
| Free Cash To Net Income | 0.235 | |
| Cash Flow Margin | -102.493 % | |
| Cash Flow To Earnings | 1.053 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.02 | |
| Return On Assets (ROA) | -10.14 % | |
| Return On Assets QoQ | 2662.943 % | |
| Return On Assets YoY | 15500.0 % | |
| Return On Assets IPRWA | high: 6.379 % mean: 5.562 % median: 4.433 % SEAT: -10.14 % low: -13.071 % |
|
| Return On Capital Employed (ROCE) | -23.208 % | |
| Return On Equity (ROE) | -0.643 | |
| Return On Equity QoQ | 4017.04 % | |
| Return On Equity YoY | 9337.151 % | |
| Return On Equity IPRWA | high: 0.22 mean: 0.079 median: 0.058 low: -0.378 SEAT: -0.643 |
|
| DuPont ROE | -46.71 % | |
| Return On Invested Capital (ROIC) | -23.653 % | |
| Return On Invested Capital QoQ | 31437.333 % | |
| Return On Invested Capital YoY | 1373.707 % | |
| Return On Invested Capital IPRWA | high: 14.585 % mean: 7.024 % median: 5.337 % low: -23.647 % SEAT: -23.653 % |
|