Latest Ratios: P/E Ratio -103.0x · EV/EBITDA N/A · ROE N/A. (2021–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Market Cap | $9.0B | $7.6B | $6.3B | $3.4B | — | — |
| Enterprise Value | $9.6B | $8.2B | $7.5B | $4.4B | — | — |
| P/E Ratio → | -103.02 | — | — | — | — | — |
| P/S Ratio | 23.57 | 20.00 | — | — | — | — |
| P/B Ratio | — | — | — | — | — | — |
| P/FCF | — | — | — | — | — | — |
| P/OCF | — | — | — | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| EV / Revenue | — | 21.60 | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — |
| EV / EBIT | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Gross Margin | 13.3% | 13.3% | — | — | — | — |
| Operating Margin | -12.7% | -12.7% | — | — | — | — |
| Net Profit Margin | -22.8% | -22.8% | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | — |
| ROA | -5.6% | -5.6% | -2.6% | -15.5% | 0.2% | -0.1% |
| ROIC | -4.9% | -4.9% | -0.9% | -1.1% | — | — |
| ROCE | -8.0% | -8.0% | -1.0% | -1.3% | — | — |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — |
| Debt / EBITDA | — | — | — | — | 1873.73 | — |
| Net Debt / Equity | — | — | — | — | — | — |
| Net Debt / EBITDA | — | — | — | — | 1873.73 | — |
| Debt / FCF | — | — | — | — | — | — |
| Interest Coverage | -2.39 | -2.39 | -0.41 | -17.00 | 61.38 | -29.53 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Current Ratio | 0.33 | 0.33 | 108.33 | 3.81 | — | — |
| Quick Ratio | 0.33 | 0.33 | 108.33 | 3.81 | — | — |
| Cash Ratio | 0.56 | 0.56 | 108.33 | 3.81 | — | — |
| Asset Turnover | — | 0.20 | — | — | — | — |
| Inventory Turnover | — | — | — | — | — | — |
| Days Sales Outstanding | — | 30.27 | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | — | — | — |
| FCF Yield | — | — | — | — | — | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Total Shareholder Yield | 0.0% | 0.0% | 0.0% | 0.0% | — | — |
| Shares Outstanding | — | $92M | $92M | $92M | $92M | $92M |
Includes 30+ ratios · 5 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying LLYVK stock.
Liberty Live Group's current P/E ratio is -103.0x. This places it at the 50th percentile of its historical range.
Based on historical data, Liberty Live Group is trading at a P/E of -103.0x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Liberty Live Group has 13.3% gross margin and -12.7% operating margin.
Key Metrics
Top Statement Risk
Live Nation antitrust overhang
Metrics are mathematically derived from official filings.
NAV Discount Masks Operating Losses
LLYVK trades at a P/S of 26.2 and negative P/E, implying the market values the Live Nation stake, not consolidated earnings. According to recent SEC filings, the tracking stock discount to NAV appears wide, suggesting a closed-end fund pricing dynamic.
The negative P/E and lack of forward P/E indicate that traditional earnings multiples are meaningless for this entity. The 26.2x P/S on consolidated revenue of $934M implies a market value of roughly $24.5B, which likely reflects the underlying Live Nation stake rather than the operating business. Investors should monitor the discount to NAV, as it may widen or narrow based on regulatory headlines and management actions.
Thin Margins Reflect Pass-Through Model
Gross margin swung from 8.9% in 2026Q1 to 35.2% in 2026Q2, while operating margin remained negative in most quarters, per reported figures. This suggests a high-variable-cost structure with limited operating leverage, consistent with event-driven hospitality and ticketing.
The 13.3% average gross margin over the last two quarters indicates that the consolidated operations, primarily Quint, operate on a pass-through basis with significant direct costs. The negative operating margin of -12.7% in 2026Q2, despite a strong gross margin quarter, points to fixed overhead and integration costs that are not scaling with revenue. This suggests that margin expansion will require either higher-margin proprietary events or a reduction in the Liberty 'complexity tax'.
ROIC Volatility Masks Underlying Value
ROIC ranged from -0.6% to 2.6% over the last five quarters, per financial statements, indicating that consolidated operations are barely covering their cost of capital. The positive ROIC in 2026Q2 (2.6%) appears driven by a one-time working capital benefit, not sustainable operations.
The low and volatile ROIC suggests that the operating businesses are not generating economic returns, while the true value lies in the unconsolidated Live Nation stake, which is not captured in these metrics. Investors should focus on the look-through ROIC of the Live Nation investment, which based on peer data (LYV ROIC 19.7%) is likely strong. The negative ROE in 2026Q1 (-7.0%) and the unstable equity base further complicate the interpretation of these ratios.
Working Capital Swings Reflect Event Seasonality
DSO improved from 44 days in 2026Q1 to 3 days in 2026Q2, while CCC data is unavailable, per reported figures. The dramatic working capital swings, including a $405M contribution to operating cash flow in 2026Q2, indicate event-driven collections and payables.
The extreme volatility in DSO and the absence of DIO data suggest that the business is highly seasonal and dependent on the timing of major events. The negative current ratio of 0.25 in 2026Q2, despite a $1.5B cash balance, indicates that current liabilities are large, likely due to deferred revenue and event-related payables. This suggests that the company relies on its cash buffer to manage short-term obligations, and investors should monitor the sustainability of working capital swings.
Debt Levels Retreat Post-Acquisition
Total debt fell from $1.9B in 2025Q3 to $72M in 2026Q2, per balance sheet data, while interest coverage turned positive at 1.49x in 2026Q2. This suggests that leverage is a temporary artifact of acquisition financing, not a structural burden.
The sharp deleveraging indicates that the Quint acquisition was financed with temporary debt that has since been repaid or refinanced. The low D/E ratio of 0.01 in 2026Q1 and the positive interest coverage in 2026Q2 suggest that debt service is currently comfortable. However, the negative interest coverage in prior quarters (e.g., -48.68x in 2026Q1) highlights the volatility of earnings, and investors should monitor any new debt taken on for future acquisitions.
Cash Buffer Masks Weak Current Ratio
Cash of $1.5B in 2026Q2 provides a substantial buffer, but the current ratio of 0.25, per reported data, indicates that current liabilities exceed current assets by a wide margin. This suggests potential short-term liquidity stress if cash is deployed or liabilities come due.
The low current ratio is primarily due to large current liabilities, likely including deferred revenue and event-related payables, which are not immediately due. The $1.055B cash position provides a cushion, but the negative working capital position suggests that the company relies on ongoing cash flows and access to credit. Investors should monitor the timing of event-related cash flows, as a downturn in event demand could strain liquidity despite the cash buffer.
Misapplied P/E on Tracking Stock
The P/E ratio is commonly misapplied to LLYVK because consolidated earnings are distorted by non-operating items and the primary asset, Live Nation, is not consolidated. According to financial statements, net income swung from -$294M to $5M, making P/E meaningless.
The negative P/E of -114.59 and the volatile net income suggest that traditional earnings multiples are not appropriate for this tracking stock. The market should instead use a Sum-of-the-Parts (SOTP) valuation, which values the Live Nation stake at market value and adds the consolidated operations at an appropriate multiple. The 'Liberty discount' is a key factor, and investors should focus on the discount to NAV rather than P/E or EV/EBITDA.