Deep Value: cash covers more than 100% of the stock price

This company holds roughly $142M in cash and investments — more than its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Vivid Seats

SEAT

Internet Content & Information · Communication Services

Price

$6.89

+0.23 (+3.45%)

Market Cap

$77.5M

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Weak

Stability

Data not available

Valuation

Data not available

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Share count rising — dilution

+169.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 3.9M (2021) → 10.4M (2025)

Winston Score History

The full picture

Vivid Seats is an online marketplace where people buy and sell tickets to live events like concerts, sports games, and theater shows. It connects fans who want tickets with sellers who have them, similar to how eBay works but only for live events. The company competes in the secondary ticket market alongside rivals like StubHub and SeatGeek.

Vivid Seats makes money by charging fees on each ticket transaction, taking a cut from both buyers and sellers. It operates primarily in the United States and has a loyalty rewards program called Vivid Seats Rewards, which is designed to keep customers coming back instead of using a competitor. With a market cap around $100 million and an operating loss, the company faces real pressure from larger, better-funded rivals, and its biggest risk is that it lacks the scale to compete effectively against StubHub or Ticketmaster's resale platform over the long term.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-9.5% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+93.9% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (12%)

Research and development spending

Insider Activity

66.0%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Runway

~8 years

$142M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$142M cash & investments at current burn rate

Revenue declining

Vivid Seats's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

70.2%

Premium pricing power — 70.2% gross margin

Profit after running costs

Operating Margin

-5.0%

Losing money on operations — -5.0%

Return on the money invested

ROCE

-2.3%

Weak — -2.3% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-25.2%

Shrinking sales (-25.2% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

1/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-1.3%

Burning cash (-1.3%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

Data not available

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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