— Know what they know.
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Not Investment Advice

LYV

NYSE · USD
Live Nation Entertainment, Inc.
Communication Services · Entertainment
CEO Michael Rapino Employees 17,700 R&D / revenue 0.0%
Last price
$170.51−1.16%last session
Market cap
$39.7B
P/E (TTM)
n/m
From 52w high
−9.9%
From 52w low
+36.0%
1-year return
+12.5%
RSI 14 · vs SMA200
47.9 · +3.2%
IS score
40.6/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

LYV   SPY   XLC (sector ETF) · weekly closes
90100110120Jan 26Apr 26Jul 26Oct 26SPY 116LYV 112XLC 97

Score DNA

Each bar is a 0-100 score within the scored universe
35
Profitability
36
Growth
28
Value
61
Momentum
50
Risk (safety)
42
Quality
45
Balance sheet
70
Earnings quality

Flags

Strengths
✓ Congress buying
Warnings
▲ Share count rising
Observations
Moat model: Weak, Efficient ScalePiotroski 3 / 9Altman Z 1.9Beta 1.123 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
12 open-market sales, $26.8M
Form 144 notices (12m): 4, $26.8M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
1
Last disclosed purchase 2026-03-27
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+40
130 new holders, 85 closed
854 filers hold 85.3% · 320 added, 286 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+264
915 funds adding shares
651 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
70.8%
20-day avg 63.5%, 50-day avg 65.0%
Latest 7.3 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$25.2B
Revenue growth YoY+8.8%
Gross margin23.0%
Operating income$1.5B
Operating margin5.9%
Net income$496.0M
Net margin2.0%
EPS (diluted)$-0.24
Cash flow
Operating cash flow$1.4B
Capital expenditure$1.1B
Free cash flow$333.6M
FCF conversion (FCF / OCF)23.9%
Stock-based compensation$155.2M
FCF less SBC$178.4M
Buybacks$23.5M
Dividends$0
Balance sheet & returns
Cash & short-term investments$7.1B
Total debt$10.4B
Net debt$3.3B
Shareholders' equity$1.8B
Goodwill & intangibles$4.3B
Debt / equity137.04
ROE (TTM)73.3%
ROIC (TTM)3.7%
Operating margin by fiscal year
-6.7%FY20214.4%FY20224.8%FY20233.6%FY20245.4%FY2025
Revenue $6.3B (FY2021) to $25.2B (FY2025), a 41.6% CAGR.

Valuation

P/E (TTM)n/m
EV / EBITDA24.8x
Price / sales1.51x
Price / FCF28.9x
FCF yield3.46%
Buyback yield0.06%
SBC / revenue0.6%
Price / book482.22x
Forward P/E FY2026n/m
Forward P/E FY202791.7x
Forward P/E FY202859.0x
Forward multiples divide today's price by Street EPS estimates. Street mean target $197.67 across 12 analysts last quarter is theirs, not ours.

LYV vs industry median

159 companies in Entertainment
Gross margin 44.8% 38.6% Operating margin 3.4% -6.1% Net margin 0.5% -10.4% ROIC 3.7% 3.8%
LYV (TTM)Industry median Asset turnover 0.93 vs industry 0.43 · financial leverage 342.29

Earnings delivery

Next report 2026-11-03 · consensus EPS $1.54
42%
beat rate, 5 of 12 quarters
−3.8%
median EPS surprise
3
longest beat streak
+62+40-8-189-4+4+160+21-60-44-4-427
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-07-27 to 2026-05-05. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
LYV Live Nation Entertainment, I $39.7Bn/m73.3%0.5%+8.8% +12.5%
FOXA Fox Corporation $27.1B14.7x14.3%16.4%+5.1% +12.5%
FWONK Liberty Media Corporation $22.8B45.2x3.0%0.5%+12.2% −9.5%
ROKU Roku, Inc. $20.4B64.4x13.1%12.1%+18.5% +62.1%
WBD Warner Bros. Discovery, Inc. $77.6Bn/m-9.2%1.7%−6.1% +63.0%
WMG Warner Music Group Corp. $16.4B24.3x93.1%10.9%+12.9% —
TKO TKO Group Holdings, Inc. $12.8B58.1x6.0%6.6%+35.9% —
PSKY Paramount Skydance Corporati $10.6Bn/m-4.4%0.6%+33.6% —
12-month window: SPY +15.9%, sector ETF XLC −3.4%. Past returns describe history only.

Recent 8-K filings

2026-10-16Material Agreement; Financial Obligation; Exhibits
2026-10-09Other Events; Exhibits
2026-10-02Officer/Director Change; Exhibits
2026-09-25Officer/Director Change; Other Events; Exhibits
2026-07-30Earnings Release; Exhibits
2026-06-12Shareholder Vote; Exhibits

Context

Shares outstanding232,959,505
Free float67.5%
Institutional ownership85.3%
Beta1.12
Dividend yield0.00%
Last dividendNone on file
50 / 200-day average$175.41 / $165.10
Large-cap Communication Services median P/E16.1x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where LYV sits among 26 scored companies in Entertainment (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureLYVIndustry medianIndustry percentileSector median
P/E (TTM) 294.9x 45.2x
100th		 16.6x
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 1.5x 2.3x
28th		 1.6x
Price / book 482.5x 2.3x
100th		 2.1x
Price / tangible book —
Price / free cash flow 28.3x 18.5x
90th		 10.4x
Price / operating cash flow 15.2x 11.2x
68th		 8.9x
Enterprise value $41.9B $7.6B
92nd		 $3.9B
EV / sales 1.6x 2.9x
16th		 2.2x
EV / EBITDA 24.4x 16.5x
83rd		 10.0x
EV / EBIT 41.8x 27.1x
70th		 15.8x
EV / free cash flow 29.9x 20.9x
90th		 17.3x
Earnings yield 0.3% 1.4%
36th		 2.4%
FCF yield 3.5% 4.7%
24th		 6.6%
Operating cash flow yield 6.6% 8.5%
40th		 10.7%
Graham number (per share) $2.05 $25.11
0th		 $31.22

Profitability (TTM)

MeasureLYVIndustry medianIndustry percentileSector median
Gross margin 44.8% 45.0%
48th		 51.5%
EBITDA margin 6.5% 17.7%
16th		 18.1%
Operating margin 3.4% 10.0%
20th		 9.7%
EBIT margin 3.8% 9.7%
36th		 9.3%
Net margin 0.5% 4.6%
32nd		 5.3%
NOPAT margin 1.9% 7.2%
20th		 7.1%
FCF margin 5.3% 10.9%
20th		 10.5%
Operating cash flow margin 9.9% 18.2%
24th		 17.4%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 16.8% 17.0%
48th		 26.0%
Stock comp / revenue 0.5% 1.0%
12th		 1.7%
Effective tax rate 44.0% 21.0%
96th		 21.0%

Returns on capital

MeasureLYVIndustry medianIndustry percentileSector median
ROE (on average equity) 60.9% 6.0%
95th		 7.6%
ROA 0.5% 1.7%
36th		 3.1%
ROIC 22.1% 5.4%
92nd		 7.6%
ROCE 9.4% 6.3%
68th		 7.2%
Return on tangible assets 3.9% 4.3%
40th		 5.5%
Cash ROIC (OCF / invested capital) 113.8% 16.9%
100th		 15.6%
Gross profitability (GP / assets) 41.8% 27.7%
76th		 26.4%
ROIC, 3-yr average —
ROIC, 5-yr average —
ROE, 5-yr average —
Incremental ROIC -0.3% 7.3%
43rd		 1.0%

Growth

MeasureLYVIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 10.8% 12.2%
38th		 7.2%
Revenue growth (QoQ) 102.1% 5.5%
88th		 4.0%
Revenue CAGR, 3 yr 11.0% 8.1%
58th		 5.0%
Revenue CAGR, 5 yr 82.8% 17.8%
100th		 7.4%
Gross profit CAGR, 3 yr 33.7% 10.4%
74th		 6.4%
Operating income CAGR, 3 yr -0.4% 25.0%
8th		 13.7%
Net income growth (TTM YoY) -85.3% 3.3%
0th		 12.6%
Net income CAGR, 3 yr -33.1% 10.8%
10th		 20.1%
EPS growth (TTM YoY) -85.9% 4.4%
0th		 15.5%
EPS CAGR, 3 yr -33.1% 16.2%
10th		 26.6%
EPS CAGR, 5 yr —
FCF growth (TTM YoY) 30.9% 30.9%
50th		 20.6%
FCF CAGR, 3 yr -1.7% 19.8%
8th		 16.7%
Operating cash flow CAGR, 3 yr 10.5% 17.5%
27th		 13.1%
Book value CAGR, 3 yr —
Dividend CAGR, 3 yr —
Sustainable growth rate 60.9% 7.7%
100th		 7.7%

Margin history & stability

MeasureLYVIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 31.4% 44.6%
15th		 52.4%
Operating margin, 3-yr average 3.9% 10.6%
30th		 7.5%
Net margin, 3-yr average 2.2% 3.9%
40th		 4.7%
FCF margin, 3-yr average 4.1% 9.8%
25th		 9.7%
Revenue stability (0-1) 0.85 0.84
55th		 0.83
Earnings stability (0-1) 0.49 0.29
59th		 0.30
Margin stability (0-1) 0.67 0.82
25th		 0.88

Liquidity (latest quarter)

MeasureLYVIndustry medianIndustry percentileSector median
Cash & short-term investments $9.1B $698.2M
96th		 $479.5M
Net cash (− = net debt) −$2.2B −$1.1B
36th		 −$532.8M
Working capital −$2.6B −$24.5M
4th		 $125.0M
Current ratio 0.85 0.96
48th		 1.28
Quick ratio 0.85 0.95
48th		 1.28
Cash ratio (cash + ST investments / current liabilities) 0.52 0.56
40th		 0.70
Defensive interval (days) 401 days 446 days
40th		 395 days

Leverage & solvency (latest quarter)

MeasureLYVIndustry medianIndustry percentileSector median
Total debt $11.3B $1.4B
92nd		 $1.2B
Debt / equity —
Net debt / equity 26.85 0.45
100th		 0.37
Debt / assets 40.0% 31.0%
68th		 30.9%
Debt / capital 99.3% 41.2%
100th		 40.7%
Debt / EBITDA 6.57 3.10
87th		 3.03
Net debt / EBITDA 1.29 1.99
39th		 1.41
Interest coverage (EBIT / interest) 2.9x 2.7x
56th		 3.2x
Cash interest coverage 7.4x 5.7x
60th		 5.5x
Debt payback (years of OCF) 4.3 yrs 2.8 yrs
73rd		 2.8 yrs
Liabilities / assets 93.5% 57.2%
80th		 56.1%
IS credit model rating BB- — —
Implied credit spread (bps) 550 400
64th		 400

Efficiency

MeasureLYVIndustry medianIndustry percentileSector median
Asset turnover 1.02 0.69
84th		 0.52
Fixed asset turnover 4.51 3.81
56th		 3.99
Inventory turnover —
Receivables turnover 9.8 10.2
48th		 8.1
Days sales outstanding 37 days 36 days
52nd		 44 days
Days inventory outstanding —
Days payables outstanding 60 days 34 days
83rd		 57 days
Cash conversion cycle (days) −23 days 3 days
25th		 1 days
Capex / revenue 4.6% 2.9%
72nd		 3.5%
Capex / depreciation 1.69 0.32
96th		 0.60
Operating expense ratio 18.6% 29.7%
8th		 45.3%

Cash flow & earnings quality

MeasureLYVIndustry medianIndustry percentileSector median
Operating cash flow / net income 19.37 3.00
100th		 2.40
FCF / net income 10.42 2.80
100th		 1.69
FCF / operating cash flow 53.8% 87.0%
18th		 72.9%
Capex / operating cash flow 46.2% 13.0%
82nd		 27.1%
Accruals ratio -9.6% -9.8%
52nd		 -8.0%
Sloan accruals ratio -6.6% -5.0%
48th		 -5.6%
Earnings quality score (0-1) 0.75 0.75
6th		 0.75

Dividends & buybacks

MeasureLYVIndustry medianIndustry percentileSector median
Dividend yield 0.0% 0.0%
0th		 0.0%
Dividend per share (TTM) $0.00 $0.00
0th		 $0.00
Payout ratio (dividends / net income) 0.0% 3.0%
0th		 5.7%
Dividends / FCF 0.0% 0.0%
0th		 0.0%
Dividend growth (YoY) —
Buyback yield 0.1% 0.4%
40th		 1.7%
Shareholder yield (dividends + buybacks) 0.1% 0.4%
40th		 3.5%
Share count change (YoY) 4.1% -0.0%
96th		 -0.8%
Buybacks, last 5 years $70.6M $60.1M
52nd		 $152.3M

Scores & forensic checks

MeasureLYVIndustry medianIndustry percentileSector median
IS score 41 50
36th		 44
IS profitability 35 29
60th		 36
IS growth 36 55
24th		 56
IS value 28 32
24th		 44
IS momentum 61 67
43rd		 66
IS risk (safety) 50 50
44th		 30
IS quality 42 62
28th		 58
IS balance sheet 45 46
44th		 48
IS earnings quality 70 61
68th		 58
IS cash flow 58 59
48th		 56
Piotroski F-score (0-9) 3 6
4th		 5
Altman Z-score 1.9 1.9
48th		 1.7
Beneish M-score −2.72 −2.53
38th		 −2.74
Ohlson O-score −5.06 −6.64
72nd		 −7.27
IS credit score 38 46
36th		 49

Per share

MeasureLYVIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $0.55 $0.73
44th		 $0.86
Book value per share $0.34 $16.10
20th		 $14.63
Tangible book per share −$10.52 −$0.47
28th		 $1.25
Revenue per share $107.66 $26.80
100th		 $17.81
FCF per share $5.75 $3.20
72nd		 $1.98
Operating cash flow per share $10.69 $4.58
92nd		 $2.77
Cash per share $37.17 $5.86
100th		 $3.75

Size (TTM)

MeasureLYVIndustry medianIndustry percentileSector median
Market cap $39.7B $6.7B
92nd		 $2.7B
Revenue $26.3B $2.9B
92nd		 $1.8B
EBITDA $1.7B $507.9M
80th		 $326.9M
Net income $134.7M $53.6M
56th		 $65.3M
Free cash flow $1.4B $613.7M
76th		 $211.5M
Total assets $28.2B $4.5B
92nd		 $3.6B
Shareholders' equity $82.3M $882.6M
20th		 $1.1B
Employees 17,700 2,274
88th		 3,872

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-10-01Rapino Michael
Director, President & CEO
 Award / grant 117,805——117,805
2026-08-24Capo Brian
Chief Accounting Officer
 Open-market sale 2,900$184.00$533,6008,655
2026-08-06Rapino Michael
Director, President & CEO
 Tax withholding 16,251$181.77$3.0M4,188,167
2026-08-06Berchtold Joe
President & CFO
 Tax withholding 10,834$181.77$2.0M901,617
2026-08-06Hopmans John
EVP, M&A and Strategic Finance
 Tax withholding 3,970$181.77$721,627174,432
2026-08-06Rowles Michael
EVP & General Counsel
 Tax withholding 1,084$181.77$197,039200,806
2026-07-11Hopmans John
EVP, M&A and Strategic Finance
 Tax withholding 6,083$179.79$1.1M178,402
2026-06-15Hinson Jeffrey T.
Director
 Open-market sale 2,115$175.00$370,12547,122
2026-06-11Watkins Latriece
Director
 Award / grant 1,207——10,009
2026-06-11Vogel Carl E
Director
 Award / grant 1,207——2,609
2026-06-11Paul Richard A.
Director
 Award / grant 1,207——7,537
2026-06-11Mays Randall Thomas
Director
 Award / grant 2,293——114,178

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunJulAugOct

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired12132,168—
Open-market saleDisposed12161,869$26.8M
Option exerciseDisposed2147,256$4.3M
Option exerciseAcquired2147,256$4.3M
Tax withholdingDisposed1191,024$15.8M
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 4 notices · 161,869 shares · $26.8M
FiledFilerShares proposedEst. proceeds
2026-08-24Brian Capo2,900$533,600
2026-06-15Jeffrey Hinson2,115$370,125
2026-05-08Michael Rowles63,776$10.5M
2026-05-07John M Hopmans93,078$15.5M
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 22 trades (3 purchases) · Senate 1 (1 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-08-25April DelaneyHouseSale$100,001 - $250,0002026-09-10
2026-08-25April McClain DelaneyHouseSale$100,001 - $250,0002026-09-10
2026-08-17April DelaneyHouseSale$1,001 - $15,0002026-09-10
2026-08-17April McClain DelaneyHouseSale$1,001 - $15,0002026-09-10
2026-03-27Alan ArmstrongSenatePurchase$1,001 - $15,0002026-07-20
2020-04-14David PerdueSenateSale (Full)$15,001 - $50,0002021-05-02
2020-04-14David PerdueSenateSale (Full)$15,001 - $50,0002021-05-01
2020-04-14David PerdueSenateSale (Full)$15,001 - $50,0002021-05-01
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.13,521,060$2.5B5.80%
STATE STREET CORP11,387,981$2.1B4.89%
FMR LLC10,702,508$2.0B4.59%
VANGUARD CAPITAL MANAGEMENT LLC10,561,545$1.9B4.53%
PRINCIPAL FINANCIAL GROUP INC9,967,266$1.8B4.28%
VANGUARD PORTFOLIO MANAGEMENT LLC8,207,296$1.5B3.52%
Capital International Investors7,216,244$1.3B3.10%
BANK OF AMERICA CORP /DE/6,670,297$1.2B2.86%
Independent Franchise Partners LLP6,013,439$1.1B2.58%
CANADA PENSION PLAN INVESTMENT BOARD4,691,266$859.0M2.01%
GEODE CAPITAL MANAGEMENT, LLC4,443,238$810.5M1.91%
MORGAN STANLEY3,791,423$694.2M1.63%
MASSACHUSETTS FINANCIAL SERVICES CO /MA/3,231,342$591.3M1.39%
PRICE T ROWE ASSOCIATES INC /MD/3,114,765$570.3M1.34%
JPMORGAN CHASE & CO2,796,310$510.5M1.20%

Institutional ownership by quarter

2023-092026-0685.3%
% of shares held by 13F filers
2023-092026-06854
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-3085485.3%13032028685
2026-03-3181483.8%12531224173
2025-12-3177682.4%105280267117
2025-09-3080483.0%10229925970
2025-06-3078081.9%12231423469
2025-03-3173577.7%13027023184
2024-12-3170274.7%14325121257
2024-09-3063075.1%7623721171
2024-06-3062973.0%7323121894
2024-03-3166474.0%10423221965
2023-12-3163173.7%9224019659
2023-09-3060971.0%9819821560

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-08-07SCHEDULE 13GSTATE STREET CORPORATION4.8%11,396,416
2026-05-12SCHEDULE 13GSTATE STREET CORPORATION5.4%12,732,935
2026-04-30SCHEDULE 13GVanguard Capital Management5.1%12,046,429
2026-03-27SCHEDULE 13G/AThe Vanguard Group0.0%0
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VITSX0.04%$884.3M
VTSAX0.04%$884.3M
VTI0.04%$884.3M
VSMPX0.04%$884.3M
FCNKX0.49%$878.0M
FCNTX0.49%$878.0M

Share structure

Shares outstanding232,959,505
Float157,240,677
Free float67.5%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$6.3B$16.7B$22.7B$23.2B$25.2B
Cost of revenue$4.4B$12.3B$17.3B$17.3B$19.4B
Gross profit$1.9B$4.3B$5.5B$5.8B$5.8B
R&D$0$0$0$0$0
SG&A$1.7B$3.0B$3.6B$4.1B$4.1B
Operating income−$417.9M$722.0M$1.1B$824.5M$1.5B
EBITDA$87.5M$1.2B$1.8B$1.6B$2.1B
Pretax income−$611.3M$490.5M$913.3M$739.4M$1.0B
Income tax−$2.5M$115.9M$209.5M−$391.7M$339.8M
Net income−$650.9M$266.4M$556.9M$896.3M$496.0M
EPS, diluted$-3.09$0.64$1.34$2.74$-0.24
Diluted shares217.2M231.6M231.0M236.4M231.8M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$4.9B$5.6B$6.2B$6.1B$7.1B
Receivables$1.1B$1.5B$2.1B$1.8B$2.1B
Inventory$33.8M$38.7M$45.1M$50.1M$56.6M
Total current assets$6.7B$8.2B$9.5B$9.3B$11.0B
PP&E, net$2.6B$3.1B$3.7B$4.1B$5.3B
Goodwill & intangibles$4.0B$3.9B$4.2B$4.0B$4.3B
Total assets$14.4B$16.5B$19.1B$19.6B$22.9B
Accounts payable$1.6B$2.0B$2.1B$2.1B$2.2B
Total current liabilities$6.9B$8.3B$10.0B$9.4B$11.0B
Long-term debt$5.1B$5.3B$5.5B$6.2B$9.6B
Total liabilities$14.0B$15.7B$17.6B$17.7B$21.1B
Shareholders' equity$363.5M$763.6M$1.5B$1.9B$1.8B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income−$608.8M$409.2M$703.8M$1.1B$690.7M
Depreciation & amortization$416.3M$450.0M$516.8M$549.9M$638.9M
Stock-based compensation$209.3M$110.0M$116.0M$110.3M$155.2M
Change in working capital$1.8B$637.9M−$137.3M$651.1M−$287.7M
Operating cash flow$1.8B$1.8B$1.4B$1.7B$1.4B
Capital expenditure−$159.8M−$353.3M−$475.3M−$675.2M−$1.1B
Free cash flow$1.6B$1.5B$887.7M$1.1B$333.6M
Investing cash flow−$567.0M−$784.7M−$695.8M−$854.3M−$1.2B
Net debt issued / repaid$794.1M$76.5M$330.4M−$287.9M$1.7B
Buybacks$0$0$0$0−$23.5M
Dividends paid$0$0$0$0$0

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin30.5%26.0%24.1%25.2%45.4%
Operating margin-6.7%4.4%4.8%3.6%5.4%
Net margin-10.4%1.8%2.6%3.9%2.0%
FCF margin25.7%8.9%3.9%4.5%1.3%
ROE123.5%-62.3%-312.6%1,148.2%223.3%
ROIC-16.6%34.4%41.9%53.7%16.4%
ROA-5.2%1.9%3.4%4.6%2.3%
Debt / equity-12.80-20.94-492.0647.7445.91
Interest coveragen/m2.8x3.7x3.3x4.3x
Current ratio0.970.980.960.991.00
Revenue growth+236.8%+166.1%+36.4%+1.8%+8.8%
EPS growth+64.1%+144.0%+101.4%+46.1%−44.1%
P/E at year endn/m54.5x36.3x34.4x67.6x
EV / EBITDA at year end335.0x14.8x13.4x20.4x19.3x
FCF yield at year end6.03%9.17%4.07%3.41%0.99%
Dividend payout—0.0%0.0%0.0%0.0%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Concerts$4.7B$13.5B$18.8B$19.0B$3.3B
Ticketing$1.1B$2.2B$3.0B$3.0B$205.2M
Sponsorship and Advertising$411.9M$968.1M$1.5B$1.2B$1.7B
Other Segments$3.0M−$19.6M−$69.3M——
Corporate Segment——$0——

Revenue by region · FY2025

Total Foreign Operations$15.9B · 44%
Total Domestic Operations$14.3B · 40%
Europe$5.8B · 16%

Street estimates by fiscal year

Next report 2026-11-03 · consensus EPS $1.54 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$28.1B$27.6B – $28.6B$-0.35$-1.00 – $0.1812n/m
2027$30.8B$30.1B – $31.2B$1.86$0.45 – $2.961391.7x
2028$33.6B$32.4B – $36.3B$2.89$0.93 – $4.291059.0x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-05-05$-0.35$-1.85−427.2%$3.6B$3.8B+6.2%
2026-02-19$-1.02$-1.06−3.9%$6.1B$6.3B+3.4%
2025-11-04$1.31$0.73−44.3%$8.6B$8.5B−0.7%
2025-08-07$1.03$0.41−60.2%$6.8B$7.0B+2.3%
2025-05-01$-0.41$-0.32+21.3%$3.5B$3.4B−2.7%
2025-02-20$-0.93$0.56+160.2%$5.6B$5.7B+1.5%
2024-11-11$1.59$1.66+4.4%$7.8B$7.7B−1.3%
2024-07-30$1.07$1.03−3.7%$6.0B$6.0B+0.1%
2024-05-02$-0.18$-0.53−188.5%$3.3B$3.8B+16.6%
2024-02-22$-1.13$-1.22−8.0%$4.8B$5.8B+22.4%
2023-11-02$1.27$1.78+40.2%$6.9B$8.2B+17.5%
2023-07-27$0.63$1.02+61.9%$6.5B$5.6B−13.4%
2023-05-04$-0.45$-0.25+44.4%$2.3B$3.1B+36.9%
2023-02-23$-0.96$-1.09−13.5%$3.6B$4.3B+19.2%
2022-11-03$1.03$1.39+35.0%$5.1B$6.2B+20.6%
2022-08-04$0.51$0.66+29.4%$3.9B$4.4B+13.0%
2022-05-05$-0.98$-0.39+60.2%$1.9B$1.8B−3.9%
2022-02-23$-0.55$-0.96−74.5%$2.1B$2.7B+30.3%
2021-11-04$-0.05$0.19+480.0%$2.1B$2.7B+29.8%
2021-08-03$-1.35$-0.90+33.3%$575.9M$575.9M0.0%
2021-05-06$-1.66$-1.44+13.3%$291.3M$290.6M−0.2%
2021-02-25$-2.42$-2.04+15.7%$216.8M$237.4M+9.5%
2020-11-05$-2.12$-2.45−15.6%$165.2M$184.0M+11.4%
2020-08-05$-2.10$-2.67−27.1%$57.7M$74.1M+28.4%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.506-150.706-220.706-290.507-060.407-130.407-200.907-270.508-030.408-100.408-170.408-240.408-31
Week ofNotionalSharesTrades
2026-08-31$392.3M2,208,87654,786
2026-08-24$430.7M2,356,25053,394
2026-08-17$400.3M2,181,84854,809
2026-08-10$384.9M2,078,67657,319
2026-08-03$526.7M2,891,26668,778
2026-07-27$866.3M4,834,06098,912

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1570.8%
DateShort shareShort volumeTotal volume
2026-10-1570.8%726,5461,025,949
2026-10-1471.8%400,524557,911
2026-10-1355.0%366,729666,690
2026-10-1280.4%679,254844,323
2026-10-0959.3%396,183668,449
2026-10-0861.9%407,768658,854
2026-10-0752.2%252,981484,389
2026-10-0668.2%431,526633,019
2026-10-0555.3%630,5771,139,768
2026-10-0266.8%699,9861,047,275
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+1.4Jan+1.1Feb-0.9Mar+2.1Apr+7.3May-2.0Jun+1.3Jul+3.3Aug+2.1Sep+0.2Oct-1.4Nov+5.0Dec
MonthAvg returnUp yearsYears
Jan+1.4%55%20
Feb+1.1%50%20
Mar−0.9%48%21
Apr+2.1%50%20
May+7.3%85%20
Jun−2.0%45%20
Jul+1.3%50%20
Aug+3.3%60%20
Sep+2.1%60%20
Oct+0.2%55%20
Nov−1.4%60%20
Dec+5.0%55%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1447.9
MFI55.1
ADX8.6
Stochastic %K / %D60.7 / 59.0
Williams %R-39.8
CCI68
TSI / signal-7.8 / -12.6
Chaikin money flow-0.05
ATR$3.96
Bollinger width3.1%
Volume vs 20-day avg0.65x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$170.29 (+0.1%)
SMA 50$175.19 (−2.7%)
SMA 200$165.23 (+3.2%)
EMA 21$171.03 (−0.3%)
EMA 50$173.05 (−1.5%)
EMA 200$166.60 (+2.3%)
Bollinger upper$172.92 (−1.4%)
Bollinger lower$167.65 (+1.7%)
Parabolic SAR$165.74 (+2.9%)
Open the live chart, 110+ indicators

About Live Nation Entertainment, Inc.

Live Nation Entertainment, Inc., incorporated in 2005 and formerly known as Live Nation, Inc. until its name change in January 2010, is a global leader in live entertainment, headquartered in Beverly Hills, California. The company's diverse operations are organized into three primary business segments: Concerts, Ticketing, and Sponsorship & Advertising. The Concerts segment is responsible for organizing and promoting live musical performances, utilizing its extensive portfolio of owned or managed venues, as well as various rented third-party locations. This division also oversees the management and operation of music venues, produces major music festivals, develops related content, and offers management and other support services to artists. Through its Ticketing segment, Live Nation manages a comprehensive suite of ticketing operations. This includes supplying advanced ticketing software and services to its clients and facilitating the sale of tickets for both its own events and a wide array of third-party performances and gatherings. These range from professional sports and collegiate athletics to performing arts, museums, and theaters, with tickets distributed via leading online platforms like livenation.com and ticketmaster.com, mobile applications, and various physical outlets. The segment also provides services for ticket resale. The Sponsorship & Advertising division focuses on developing and executing global, national, and local sponsorship programs and advertising campaigns. This involves selling placements for signage, promotional activities, and rich media advertisements—including those associated with live streaming and music-related content—distributed throughout its vast ecosystem of venues, events, and digital properties. Additionally, this segment specializes in crafting and producing bespoke events and programs tailored to specific brand requirements. As of December 31, 2021, Live Nation Entertainment owned, operated, or leased 165 entertainment venues across North America and an additional 94 international entertainment venues.

https://www.livenationentertainment.com

Key executives

NameTitlePayBorn
Michael RapinoPresident, Chief Executive Officer & Director$22.6M1966
Joe BerchtoldPresident & Chief Financial Officer$6.2M1965
John HopmansExecutive Vice President of Mergers & Acquisitions and Strategic Finance$3.0M1959
Michael G. RowlesExecutive Vice President, General Counsel & Secretary$2.8M1966
Brian J. CapoChief Accounting Officer & Senior Vice President$712,5001967
Arthur FogelChairman of Global Music Group & President of Global Touring Division—1954
Kaitlyn HenrichSenior Vice President of Corporate Affairs, Corporate Communications & Social Impact—1991
Liz DyerSenior Vice President of Human Resources—1986

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Michael Rapino President, Chief Executive Officer and Director2025$3.0M$10.0M$17.4M$32.6M
Joe Berchtold President and Chief Financial Officer2025$2.0M$0$4.1M$6.2M
John Hopmans Executive Vice President2025$1.5M$0$1.5M$3.0M
Michael Rowles General Counsel and Secretary2025$1.1M$0$1.6M$2.8M
Brian Capo Chief Accounting Officer2025$475,000$467,422$237,500$1.2M

Employees

10k201810k20198k202010k202113k202215k202316k202418k2025

Dividends

Ex-dateAmountPaid
None on file.

Moat model

Weak · Efficient Scale · 2026-06-30
Cost advantage50
Intangibles47
Switching costs40
Network effect50
Efficient scale63
Our component scores (0-100) and overall 48.7; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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