The company's financial position appears increasingly vulnerable, evidenced by a negative equity balance of -$95.4 million and a current ratio of 0.66 as of 2026Q1.
| Total Current Assets | 243.27M | 178.47M | 345.17M | 245.99M | 331.52M | 610.21M | 408.12M | 129.92M |
| Cash & Short-Term Investments | 143.56M | 102.7M | 243.48M | 125.48M | 251.54M | 489.53M | 285.34M | 81.29M |
| Cash Only | 143.56M | 102.7M | 243.48M | 125.48M | 251.54M | 489.53M | 285.34M | 81.29M |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 36.42M | 30.66M | 48.31M | 58.48M | 36.53M | 36.12M | 35.25M | 25M |
| Days Sales Outstanding | 26.58 | 19.61 | 22.74 | 29.94 | 22.21 | 29.76 | 366.8 | 19.46 |
| Inventory | 28.88M | 18.17M | 19.6M | 21.02M | 12.78M | 11.77M | 7.46M | 11.56M |
| Days Inventory Outstanding | 56.04 | 29.76 | 35.44 | 42.11 | 33.21 | 47.42 | 110.31 | 39.79 |
| Other Current Assets | 34.41M | 26.94M | 26.39M | 32.79M | 24.63M | 63.21M | 77.76M | 6.66M |
| Total Non-Current Assets | 448.47M | 458.39M | 1.29B | 1.3B | 819.91M | 798.58M | 751.01M | 1.37B |
| Property, Plant & Equipment | 21.97M | 22.89M | 24.57M | 19.98M | 18.29M | 1.08M | 0 | 4.02M |
| Fixed Asset Turnover | 22.81x | 24.94x | 31.56x | 35.68x | 32.82x | 409.46x | - | 116.76x |
| Goodwill | 283.67M | 283.92M | 943.12M | 947.36M | 715.26M | 718.2M | 683.33M | 1.06B |
| Intangible Assets | 132.37M | 141.53M | 233.12M | 241.16M | 81.98M | 78.51M | 67.02M | 300.54M |
| Long-Term Investments | 22.9M | 5.37M | 6.93M | 2.87M | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 3.83M | 3.58M | 5.22M | 7.18M | 4.39M | 787K | 664K | 2.15M |
| Total Assets | 691.74M | 636.87M | 1.64B | 1.55B | 1.15B | 1.41B | 1.16B | 1.5B |
| Asset Turnover | 0.59x | 0.90x | 0.47x | 0.46x | 0.52x | 0.31x | 0.03x | 0.31x |
| Asset Growth % | -179.8% | -61.07% | 5.55% | 34.62% | -18.27% | 21.54% | -22.57% | - |
| Total Current Liabilities | 371.1M | 303.28M | 425.79M | 487.76M | 378.01M | 497.5M | 331.27M | 163.24M |
| Accounts Payable | 224.77M | 153.42M | 232.98M | 257.51M | 161.31M | 191.2M | 62.77M | 91.44M |
| Days Payables Outstanding | 424.25 | 251.3 | 421.29 | 515.92 | 419.04 | 770.15 | 927.93 | 314.87 |
| Short-Term Debt | 3.93M | 3.93M | 3.95M | 3.93M | 2.75M | 0 | 6.41M | 5.86M |
| Deferred Revenue (Current) | 77.22M | 19.97M | 23.8M | 34.67M | 31.98M | 25.14M | 5.96M | 5.93M |
| Other Current Liabilities | 123.25M | 125.96M | 25.75M | 141.25M | 6.44M | 207.2M | 18.59M | 27.61M |
| Current Ratio | 0.66x | 0.59x | 0.81x | 0.50x | 0.88x | 1.23x | 1.23x | 0.80x |
| Quick Ratio | 0.58x | 0.53x | 0.76x | 0.46x | 0.84x | 1.20x | 1.21x | 0.73x |
| Cash Conversion Cycle | -341.64 | -201.94 | -363.11 | -443.87 | -363.62 | -692.96 | -450.82 | -255.62 |
| Total Non-Current Liabilities | 416.03M | 418.72M | 596.28M | 475.58M | 293.25M | 485.97M | 1.1B | 815.53M |
| Long-Term Debt | 15.86M | 16.45M | 384.96M | 264.63M | 264.9M | 460.13M | 870.9M | 606.59M |
| Capital Lease Obligations | 34.13M | 0 | 18.73M | 16.21M | 14.91M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 400.17M | 402.26M | 192.59M | 194.73M | 13.45M | 25.83M | 228.74M | 208.94M |
| Total Liabilities | 787.13M | 722M | 1.02B | 963.34M | 671.27M | 983.46M | 1.43B | 978.77M |
| Total Debt | 19.79M | 20.38M | 407.64M | 284.78M | 282.56M | 460.13M | 877.32M | 612.45M |
| Net Debt | -123.77M | -82.32M | 164.16M | 159.3M | 31.02M | -29.4M | 591.98M | 531.16M |
| Debt / Equity | -0.21x | - | 0.66x | 0.49x | 0.59x | 1.08x | - | 1.18x |
| Debt / EBITDA | -0.06x | 2.24x | 4.62x | 2.87x | 3.21x | 5.83x | - | 7.37x |
| Net Debt / EBITDA | 0.38x | -9.03x | 1.86x | 1.60x | 0.35x | -0.37x | - | 6.39x |
| Interest Coverage | -26.45x | -1.76x | 1.98x | 6.25x | 6.38x | 0.68x | -12.47x | -0.30x |
| Total Equity | -95.39M | -85.13M | 614.03M | 586.76M | 480.16M | 425.33M | -271.78M | 518.28M |
| Equity Growth % | -316.46% | -113.86% | 4.65% | 22.2% | 12.89% | 256.5% | -152.44% | - |
| Book Value per Share | -8.82 | -8.16 | 58.72 | 59.01 | 48.32 | 109.77 | -79.94 | 134.71 |
| Total Shareholders' Equity | -95.39M | -85.13M | 261.11M | 105.02M | -382.7M | -860.68M | -271.78M | 518.28M |
| Common Stock | 23K | 23K | 22K | 22K | 20K | 20K | 0 | 0 |
| Retained Earnings | -1.37B | -1.36B | -930.17M | -939.6M | -1.01B | -1.04B | -1.03B | -252.49M |
| Treasury Stock | 0 | -93.92M | -75.57M | -52.59M | -32.49M | 0 | 0 | 0 |
| Accumulated OCI | 346K | 173K | -880K | 747K | 0 | 0 | -822K | -1.92M |
| Minority Interest | 0 | 0 | 352.92M | 481.74M | 862.86M | 1.29B | 0 | 0 |
Negative equity and insolvency
According to the most recent quarterly filings, Vivid Seats' equity position has deteriorated into negative territory, reaching -$95.4 million in 2026Q1, a significant decline from the $380.7 million reported in 2025Q1, signaling a rapid erosion of shareholder value amidst persistent operational losses and mounting liabilities.
The shift to negative equity suggests that the company's accumulated losses have now outpaced its capital base, raising fundamental questions about long-term solvency. Investors should monitor whether this trajectory necessitates a capital raise or restructuring to address the widening gap between assets and obligations.
As reported in financial statements, the current ratio has consistently remained below 1.0, dropping to 0.66 in 2026Q1, which indicates that the company lacks sufficient liquid assets to cover its short-term obligations, leaving it highly vulnerable to sudden shifts in event-driven cash flow requirements.
A current ratio consistently below unity implies that the company is relying heavily on the timing of ticket sales and payouts to manage its working capital. This structural liquidity constraint suggests that any disruption in transaction volume could quickly translate into a severe cash crunch.
Based on reported figures, goodwill accounts for a substantial portion of total assets at $283.7 million in 2026Q1, representing a significant reduction from the $945.3 million peak in 2025Q1, which may indicate ongoing impairment charges as the company adjusts to a more challenging market environment.
The high concentration of intangible assets relative to the total asset base suggests that the company's valuation is heavily dependent on historical acquisitions rather than tangible productive capacity. The recent write-downs warrant further investigation into whether the carrying value of remaining intangibles remains justifiable.
Analysis of the balance sheet reveals that total liabilities of $787.1 million significantly exceed total assets of $691.7 million as of 2026Q1, a precarious imbalance that suggests the company is operating with a deficit that could limit its strategic flexibility in a competitive ticketing market.
The persistent negative retained earnings of -$1.4 billion underscore a history of value destruction that is not fully captured by headline revenue figures. This structural deficit implies that the company's ability to fund future growth or defend its market position is increasingly constrained by its existing debt and liability profile.
Quick answers to the most common questions about buying SEAT stock.
As of 2025, Vivid Seats Inc. (SEAT) had total assets of $636.9M including $178.5M in current assets.
Vivid Seats Inc. (SEAT) carries total debt of $20.4M, offset by $102.7M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Vivid Seats Inc. (SEAT) has total shareholders' equity (book value) of $-85.1M ($-8.16 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Vivid Seats Inc. (SEAT) reported a current ratio of 0.59x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.