{ "ok": true, "cik": "1856031", "ticker": "SEAT", "name": "Vivid Seats Inc.", "filings": [ { "form": "10-Q", "filed": "2026-08-04", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/1856031/000119312526331507/0001193125-26-331507-index.htm" }, { "form": "8-K", "filed": "2026-08-04", "items": [ "2.02 Results of Operations and Financial Condition", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1856031/000119312526331453/0001193125-26-331453-index.htm" }, { "form": "8-K", "filed": "2026-06-15", "items": [ "5.07 Submission of Matters to a Vote of Security Holders" ], "url": "https://www.sec.gov/Archives/edgar/data/1856031/000119312526271103/0001193125-26-271103-index.htm" }, { "form": "10-Q", "filed": "2026-05-05", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/1856031/000119312526204975/0001193125-26-204975-index.htm" }, { "form": "8-K", "filed": "2026-05-05", "items": [ "2.02 Results of Operations and Financial Condition", "7.01 Regulation FD Disclosure", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/1856031/000114036126018995/0001140361-26-018995-index.htm" }, { "form": "DEF 14A", "filed": "2026-04-27", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/1856031/000114036126017103/0001140361-26-017103-index.htm" } ], "events12m": 8, "healthWatch": { "window": "last 12 months", "since": "2025-09-27", "signals": [ { "code": "3.01", "label": "Exchange listing notice or transfer", "count": 1, "latest": { "filed": "2025-12-30", "url": "https://www.sec.gov/Archives/edgar/data/1856031/000119312525337122/0001193125-25-337122-index.htm" } }, { "code": "5.02", "label": "Director or officer change", "count": 3, "latest": { "filed": "2026-01-20", "url": "https://www.sec.gov/Archives/edgar/data/1856031/000119312526016594/0001193125-26-016594-index.htm" } } ], "note": "Events the company itself filed with the SEC, most serious first. Shown beside the figures; they do not change the range or its receipt." }, "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001856031.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1856031" }, "license": "Figures as filed with the SEC. Card text CC BY 4.0, POPS4.", "notAdvice": "Reporting, not investment advice. No price targets and no trading recommendations.", "edgar": "🫧 Edgar looked up Vivid Seats Inc. ($SEAT). Last filing: 10-Q, 2026-08-04. 8 event filings (8-K) in the past twelve months.", "auditor": { "changes": [], "nonReliance": [], "restatedSince": null }, "metrics": { "fiscalYearEnd": "2025-12-31", "revenue": 450509000, "revenueGrowth1y": -0.30465309751177283, "revenueGrowthPerYear": 0.036936548724201934, "yearsOfData": 5, "operatingMargin": null, "operatingMarginPrior": null, "netMargin": 1.7892073188326982, "operatingCashFlow": -91599000, "capitalSpending": 2164000, "freeCashFlow": -93763000, "researchAndDevelopment": null, "researchShareOfRevenue": null, "cash": 102702000, "longTermDebt": 383431000, "longTermDebtChange": -0.003971841230257733, "revenueHistory": [ { "fiscalYearEnd": "2021-12-31", "revenue": 389668000 }, { "fiscalYearEnd": "2022-12-31", "revenue": 511094000 }, { "fiscalYearEnd": "2023-12-31", "revenue": 597388000 }, { "fiscalYearEnd": "2024-12-31", "revenue": 647891000 }, { "fiscalYearEnd": "2025-12-31", "revenue": 450509000 } ], "totalEquity": -85129000, "totalAssets": 636866000, "equityRatio": -0.13366862102859942, "returnOnEquity": null, "dividendsPaid": null, "payoutRatio": null, "dividendPerShare": null, "dividendYearsRising": null, "dividendCut": null, "priceBased": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown.", "earningsPerShare": null, "sharesOutstanding": null, "bookValuePerShare": null, "revenuePerShare": null, "range80": { "low": 260209491.4593429, "high": 516491240.003026, "baseline": 372607118.84435594, "n": 4309, "band": "b01", "bandLabel": "$100M–1B", "method": "v4.1", "credibility": 0.5, "growthYears": 4, "ownVolatility": 0.27764751264623283, "classVolatility": 0.1022985825903761, "volatility": 0.2092285129692414 }, "ifPaceHeld": { "low": 260209491.4593429, "high": 516491240.003026 } }, "edgarette": "🔖 Exposure: revenue $450.5M (FY2025), total debt $383.4M. Experience: revenue down 30.5% on the year, up 3.7% a year over 4 years. Soundness: equity -13.4% of assets (liabilities exceed assets). Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $260.2M and $516.5M next year (method v4.1: its own 4-year record of growth weighed at 50% against $100M–1B filers; on a year the method never saw, 83.4% landed inside). In a shock year the stress range is $218.8M to $618.6M. A statistical range, not company guidance. Against peers (10 filers, $50M+ revenue, services-miscellaneous amusement & recreation): growth -30.5% against 2.0%.", "peers": { "sic": 7990, "sicDescription": "Services-Miscellaneous Amusement & Recreation", "calendarYear": 2025, "minRevenue": 50000000, "depth": 4, "group": "7990", "growth": [ 0.0196, 12 ], "opMargin": [ 0.07, 10 ], "equityRatio": [ 0.0966, 12 ], "returnOnEquity": [ 0.0767, 8 ] }, "summary": "Vivid Seats (SEAT) saw revenue fall 30.5% in FY2025 to $451 million, equity -13.4% of assets. Every figure is from the company’s own annual report filed with the SEC.", "chart": "
Vivid Seats Inc. against its own record and its peers
Revenue, on the yearPeer median 2.0%-30.5%Equity of assetsPeer median 9.7%-13.4%Gold tick: the median of 12–12 peers with $50M+ revenue in services-miscellaneous amusement & recreation
", "chartHorizon": null, "backtest": { "tests": 3, "hits": 1, "rate": 0.3333333333333333, "method": "v4", "byYear": { "2023": [ 1, 1 ], "2024": [ 0, 1 ], "2025": [ 0, 1 ] }, "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample." }, "registry": { "logged": "2026-09-27T22:54:45.895Z", "hash": "2b35e972be198e3a", "status": "open" }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "schema": "pops4.edgarette.card/1", "card": { "summary": "Vivid Seats (SEAT) saw revenue fall 30.5% in FY2025 to $451 million, equity -13.4% of assets. Every figure is from the company’s own annual report filed with the SEC.", "exposure": { "fiscalYearEnd": "2025-12-31", "revenue": 450509000, "totalDebt": 383431000, "cash": 102702000 }, "experience": { "revenueGrowth1y": -0.30465309751177283, "revenueGrowthPerYear": 0.036936548724201934, "operatingMargin": null, "operatingMarginPrior": null, "netMargin": 1.7892073188326982, "freeCashFlow": -93763000 }, "soundness": { "equityRatio": -0.13366862102859942, "returnOnEquity": null, "payoutRatio": null, "dividendPerShare": null, "dividendYearsRising": null, "dividendCut": null, "note": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown." }, "peers": { "sic": 7990, "sicDescription": "Services-Miscellaneous Amusement & Recreation", "calendarYear": 2025, "minRevenue": 50000000, "depth": 4, "group": "7990", "growth": [ 0.0196, 12 ], "opMargin": [ 0.07, 10 ], "equityRatio": [ 0.0966, 12 ], "returnOnEquity": [ 0.0767, 8 ] }, "credibility": { "auditedYears": 5, "weight": "reasonable", "standard": "ASOP No. 25", "nonReliance": null, "auditorChange": null }, "healthWatch": { "window": "last 12 months", "since": "2025-09-27", "signals": [ { "code": "3.01", "label": "Exchange listing notice or transfer", "count": 1, "latest": { "filed": "2025-12-30", "url": "https://www.sec.gov/Archives/edgar/data/1856031/000119312525337122/0001193125-25-337122-index.htm" } }, { "code": "5.02", "label": "Director or officer change", "count": 3, "latest": { "filed": "2026-01-20", "url": "https://www.sec.gov/Archives/edgar/data/1856031/000119312526016594/0001193125-26-016594-index.htm" } } ], "note": "Events the company itself filed with the SEC, most serious first. Shown beside the figures; they do not change the range or its receipt." }, "range": { "low": 260209491.4593429, "high": 516491240.003026, "baseline": 372607118.84435594, "coverage": 0.8, "method": "v4.1", "basis": "next fiscal year revenue: baseline = revenue x (1 + mean of one-year and three-year pace); width = the company's own volatility of yearly growth, credibility-weighted against its size class (Buhlmann), scaled to the 80% target on 2023 and tested on 2024", "calibratedOn": { "companyYears": 4309, "sizeBand": "$100M–1B", "fitYears": [ 2018, 2022 ], "tuneYear": 2023, "testYear": 2024, "coverageOnTestYear": 0.8341 }, "credibility": { "weightOnOwnRecord": 0.5, "growthYears": 4, "ownVolatility": 0.27764751264623283, "classVolatility": 0.1022985825903761, "pricedVolatility": 0.2092285129692414, "k": 3 }, "stress": { "low": 218775988.4472954, "high": 618602469.0554818, "basis": "the same range with widths set to hold 80% across 2018-2023, pandemic years included" }, "kind": "a statistical range, not company guidance; no view on the share price", "track": { "backtest": { "tests": 3, "hits": 1, "rate": 0.3333333333333333, "method": "v4", "byYear": { "2023": [ 1, 1 ], "2024": [ 0, 1 ], "2025": [ 0, 1 ] }, "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample." }, "registry": { "logged": "2026-09-27T22:54:45.895Z", "hash": "2b35e972be198e3a", "status": "open" }, "scorecard": "https://www.pops4.com/boards/scorecard" } }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0001856031.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1856031" }, "speedCash": { "fiscalYear": 2025, "cashConversion": -0.2033, "growth3y": -0.0412, "volatility": 0.2776, "paysDividend": false, "raisedDividend": false, "equityRatio": -0.1337, "quadrant": { "code": "sj", "label": "Slow and jumpy", "plain": "growing slower than its size class, with revenue that swings more" }, "compass": { "code": "fading", "inside": "Turns -20.3% of revenue into operating cash; revenue shrinking 4.1% a year over three years; no common dividend; liabilities exceed assets.", "outside": "Among $100M-1B companies: 9th percentile for cash, 22nd for growth.", "emoji": "🍂", "label": "Fading", "plain": "slow and jumpy, lagging its peers" }, "band": "$100M-1B", "cashPctInClass": 9, "growthPctInClass": 22, "source": "SEC XBRL frames, the company’s own audited figures; quadrant split at the median of its size class" }, "harbor": { "signs": [ { "key": "balance", "text": "liabilities exceed assets (often from years of share buybacks, not always distress)" }, { "key": "slowjumpy", "text": "slow and jumpy: growing slower than its size class, with revenue that swings more" }, { "key": "cash", "text": "operating cash flow was negative" }, { "key": "range", "text": "revenue is hard to predict: its 80% range is ±33%" } ], "rule": "Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider.", "level": 4, "name": "Rotting at the dock", "plain": "four or more warning signs" }, "cashFlow": { "fiscalYearEnd": "2025-12-31", "operating": -91599000, "investing": -20174000, "financing": -29369000, "capitalSpending": 2164000, "free": -93763000, "trend": [ { "fiscalYearEnd": "2021-12-31", "operating": 175790000, "free": 174658000 }, { "fiscalYearEnd": "2022-12-31", "operating": 14375000, "free": 10817000 }, { "fiscalYearEnd": "2023-12-31", "operating": 147320000, "free": 146425000 }, { "fiscalYearEnd": "2024-12-31", "operating": 53922000, "free": 49695000 }, { "fiscalYearEnd": "2025-12-31", "operating": -91599000, "free": -93763000 } ], "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)." }, "investments": { "fiscalYearEnd": "2025-12-31", "cash": 102702000, "shortTerm": null, "longTerm": null, "equityHoldings": null, "totalAssets": 636866000, "ladder": null, "currentRatio": 0.59, "unrealizedGain": null, "unrealizedLoss": null, "note": "Balance-sheet cash and investment securities at fiscal year end, as filed; short-term = due or saleable within a year. Insurers and banks hold most of their book here." } }, "definitions": { "operatingMargin": "Operating income divided by revenue.", "netMargin": "Net income divided by revenue.", "freeCashFlow": "Cash from operations minus spending on property and equipment.", "researchShareOfRevenue": "Research and development expense for the year as a share of revenue, both as filed.", "equityRatio": "Shareholders equity as a share of total assets, both as filed. Higher means less of the company is owed to someone else.", "returnOnEquity": "Net income for the year against shareholders equity at year end.", "payoutRatio": "Dividends paid as a share of net income, in the year the cash went out.", "dividendYearsRising": "Consecutive years, counted back from the last on record, in which dividend per share rose. A fall ends the run and is reported as dividendCut.", "revenueGrowthPerYear": "Compound annual growth between the first and latest fiscal years shown.", "credibility": "How much weight a record deserves, in the actuarial sense (ASOP No. 25): more audited years, more weight.", "peers": "Medians of SEC filers with $50M+ revenue in the same industry code (SIC), narrowest group with at least 8 filers, calendar-year figures from SEC XBRL frames.", "backtest": "The same range method applied to the company's own past years, scored against what it actually reported next. Hindsight, and labelled so.", "healthWatch": "Distress-type events the company filed in the last 12 months (late-filing notices; 8-K items 1.03, 3.01, 2.04, 4.02, 4.01, 2.05, 2.06, 1.05, 5.02), each with its count and newest filing. Display only: they do not change the range or its receipt." }, "speedCash": { "fiscalYear": 2025, "cashConversion": -0.2033, "growth3y": -0.0412, "volatility": 0.2776, "paysDividend": false, "raisedDividend": false, "equityRatio": -0.1337, "quadrant": { "code": "sj", "label": "Slow and jumpy", "plain": "growing slower than its size class, with revenue that swings more" }, "compass": { "code": "fading", "inside": "Turns -20.3% of revenue into operating cash; revenue shrinking 4.1% a year over three years; no common dividend; liabilities exceed assets.", "outside": "Among $100M-1B companies: 9th percentile for cash, 22nd for growth.", "emoji": "🍂", "label": "Fading", "plain": "slow and jumpy, lagging its peers" }, "band": "$100M-1B", "cashPctInClass": 9, "growthPctInClass": 22, "source": "SEC XBRL frames, the company’s own audited figures; quadrant split at the median of its size class" }, "harbor": { "signs": [ { "key": "balance", "text": "liabilities exceed assets (often from years of share buybacks, not always distress)" }, { "key": "slowjumpy", "text": "slow and jumpy: growing slower than its size class, with revenue that swings more" }, { "key": "cash", "text": "operating cash flow was negative" }, { "key": "range", "text": "revenue is hard to predict: its 80% range is ±33%" } ], "rule": "Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider.", "level": 4, "name": "Rotting at the dock", "plain": "four or more warning signs" }, "cashFlow": { "fiscalYearEnd": "2025-12-31", "operating": -91599000, "investing": -20174000, "financing": -29369000, "capitalSpending": 2164000, "free": -93763000, "trend": [ { "fiscalYearEnd": "2021-12-31", "operating": 175790000, "free": 174658000 }, { "fiscalYearEnd": "2022-12-31", "operating": 14375000, "free": 10817000 }, { "fiscalYearEnd": "2023-12-31", "operating": 147320000, "free": 146425000 }, { "fiscalYearEnd": "2024-12-31", "operating": 53922000, "free": 49695000 }, { "fiscalYearEnd": "2025-12-31", "operating": -91599000, "free": -93763000 } ], "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)." }, "investments": { "fiscalYearEnd": "2025-12-31", "cash": 102702000, "shortTerm": null, "longTerm": null, "equityHoldings": null, "totalAssets": 636866000, "ladder": null, "currentRatio": 0.59, "unrealizedGain": null, "unrealizedLoss": null, "note": "Balance-sheet cash and investment securities at fiscal year end, as filed; short-term = due or saleable within a year. Insurers and banks hold most of their book here." } }