A Business at a Glance
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Live Nation Entertainment, Inc.
LYV
$41.7B
Mkt Cap
$177.24
+0.67%
Live Nation Entertainment, Inc. (LYV) has a 5-year average return on invested capital (ROIC) of 13.7%. This indicates solid capital allocation.
Live Nation Entertainment, Inc. (LYV) has a market capitalization of $41.2B. It is classified as a large-cap stock.
Live Nation Entertainment, Inc. (LYV) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 0.06%.
Live Nation Entertainment, Inc. (LYV) operates in the Services-Amusement & Recreation Services industry, within the Consumer Cyclical sector.
Live Nation Entertainment, Inc. (LYV) reported annual revenue of $25.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
Live Nation Entertainment, Inc. (LYV) has a net profit margin of 2.0%. This is a modest margin.
Live Nation Entertainment, Inc. (LYV) generated $334 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Live Nation is the world's largest live entertainment company, connecting over 805 million fans across concerts and ticketing platforms in 55 countries during 2025. The company operates three core segments: Concerts, which generated 83% of total revenue in 2025 through the promotion of approximately 55,000 live music events, operation of 460 owned or operated venues globally, production of 131 music festivals, and artist management services for approximately 360 artists; Ticketing, which distributes 646 million tickets annually through Ticketmaster and related platforms serving 10,500 clients worldwide including arenas, stadiums, sports franchises, performing arts venues and theaters; and Sponsorship & Advertising, which monetizes the company's physical and digital assets through partnerships with over 1,500 sponsors. The Concerts segment earns revenue primarily from ticket sales and venue operations including concessions, parking, and premium seating, with venue operations generating higher margins than promotion revenue. Ticketing generates revenue through fixed fees per ticket or percentages of service charges, receiving cash at the time of sale before remitting to venues and promoters. The company's competitive advantages include its extensive artist relationships spanning emerging to established acts, proprietary digital platforms and mobile apps, a global distribution network spanning 51 countries, and a large sponsorship sales force. Live Nation's business model is capital-intensive, requiring substantial investments in venue infrastructure and artist performances, with artist fees and production costs typically substantial relative to promotion revenue.
【Double-digit AOI growth ahead】 Management expects double-digit adjusted operating income growth in 2026, driven primarily by strong concert segment performance supported by robust global demand across all business aspects. Sponsorship and advertising is expected to continue double-digit AOI growth with over 70% of revenue already booked and running ahead of prior year, while ticketing is anticipated to contribute modestly with underlying mid-single-digit growth despite some fundamental improvements. The company expects supply to accelerate across multiple venue types—amphitheaters, arenas, and stadiums—on both a domestic and international basis, with ticket sales for shows in 2026 already up double digits and a strong pipeline of large venues. Management anticipates continued expansion of the venue portfolio with accelerating openings expected in 2027 and 2028, and expects to grow the Venue Nation fan count by double digits in 2026.
| Metric | Target | Period |
|---|---|---|
| Adjusted Operating Income (AOI) growth | double digits | FY2026 |
| Sponsorship & Advertising AOI growth | double digits | FY2026 |
| Ticketing AOI growth | mid-single-digit | FY2026 |
| Concerts AOI growth | double-digit solid growth | FY2026 |
| Venue Nation fan count growth | double digits | FY2026 |
Adjusted Operating Income (AOI) growth (FY2026): “we expect to have double-digit AOI growth for the year”
Sponsorship & Advertising AOI growth (FY2026): “expect it to continue to be up double digits AOI this year. We're over 70% booked and running double digits ahead”
Ticketing AOI growth (FY2026): “We've got some underlying mid-single-digit growth”
Concerts AOI growth (FY2026): “it really comes down to concerts getting some double-digit solid growth out of that”
Venue Nation fan count growth (FY2026): “we're expecting to grow the Venue Nation fan count this year by double digits”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 25.6B | 25.2B | 23.2B | 22.7B | 16.7B | 6.3B |
| Net Income | -410M | 496M | 638M | 309M | 120M | -671M |
| EPS | $-1.76 | $2.11 | $2.74 | $1.34 | $0.52 | $-3.09 |
| Free Cash Flow | 1.2B | 334M | 1.1B | 924M | 1.5B | 1.6B |
| ROIC | 2.3% | 53.9% | 413.8% | 209.2% | 2.2% | -15.0% |
| Gross Margin | - | 25.5% | 24.9% | 23.9% | 26.0% | 30.5% |
| Debt/Equity | 0.00 | 30.26 | 37.16 | -126.06 | -16.06 | -9.84 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 766M | 1.3B | 825M | 1.1B | 722M | -418M |
| Operating Margin | 3.0% | 5.0% | 3.6% | 4.8% | 4.3% | -6.7% |
| ROE | 0.0% | 223.3% | 368.3% | -147.4% | -25.2% | 127.2% |
| Shares Outstanding | 232M | 235M | 233M | 231M | 230M | 217M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 6.9B | 7.2B | 7.8B | 9.7B | 10.8B | 11.5B | 1.9B | 6.3B | 16.7B | 22.7B | 23.2B | 25.2B | 25.6B |
| Gross Margin | 28.4% | 28.3% | 27.9% | 25.9% | 26.1% | 26.7% | 24.6% | 30.5% | 26.0% | 23.9% | 24.9% | 25.5% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 1.3B | 1.4B | 1.5B | 1.9B | 2.0B | 2.1B | 1.5B | 1.8B | 3.0B | 3.5B | 4.0B | 4.1B | 4.3B |
| EBIT | 7.2M | 131M | 195M | 91M | 273M | 325M | -1.7B | -418M | 722M | 1.1B | 825M | 1.3B | 766M |
| Op. Margin | 0.1% | 1.8% | 2.5% | 0.9% | 2.5% | 2.8% | -88.8% | -6.7% | 4.3% | 4.8% | 3.6% | 5.0% | 3.0% |
| Net Income | -96M | -66M | -47M | -98M | 60M | 70M | -1.7B | -671M | 120M | 309M | 638M | 496M | -410M |
| Net Margin | -1.4% | -0.9% | -0.6% | -1.0% | 0.6% | 0.6% | -92.6% | -10.7% | 0.7% | 1.4% | 2.8% | 2.0% | -1.6% |
| Non-Recurring | 139M | -845K | -124K | 21M | 131K | 2.4M | -503K | 1.2M | 32M | 14M | 11M | 19M | 19M |
| Returns on Capital | |||||||||||||
| ROIC | 0.4% | 4.0% | 6.0% | 5.1% | 11.7% | 11.8% | -39.2% | -15.0% | 2.2% | N/M | N/M | 53.9% | 2.3% |
| ROE | -7.1% | -5.2% | -4.0% | -8.5% | 5.3% | 6.2% | N/A | 127.2% | -25.2% | -147.4% | 368.3% | 223.3% | 0.0% |
| ROA | -1.7% | -1.1% | -0.7% | -1.4% | 0.8% | 0.7% | -16.0% | -5.4% | 0.8% | 1.7% | 3.3% | 2.3% | -1.6% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 292M | 308M | 599M | 624M | 942M | 470M | -1.1B | 1.8B | 1.8B | 1.4B | 1.7B | 1.4B | 2.4B |
| Free Cash Flow | 153M | 165M | 425M | 385M | 702M | 146M | -1.3B | 1.6B | 1.5B | 924M | 1.1B | 334M | 1.2B |
| Owner Earnings | -602M | -620M | 247M | 209M | 509M | -23M | -1.7B | 1.2B | 1.3B | 730M | 1.1B | 601M | 63M |
| CapEx | 140M | 142M | 174M | 238M | 240M | 324M | 214M | 153M | 347M | 439M | 647M | 1.1B | 1.2B |
| Maint. CapEx | 855M | 895M | 319M | 372M | 387M | 444M | 485M | 416M | 450M | 517M | 550M | 639M | 2.2B |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 97M | 423M | 0 |
| D&A | 855M | 895M | 319M | 372M | 387M | 444M | 485M | 416M | 450M | 517M | 550M | 639M | 2.2B |
| CapEx/OCF | 47.8% | 46.3% | 29.0% | 38.2% | 25.5% | 68.9% | N/A | 8.6% | 19.0% | 32.2% | 37.5% | 76.1% | 49.7% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 24M | 24M |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.1% | 0.1% |
| Stock-Based Comp | 39M | 33M | 33M | 43M | 46M | 49M | 117M | 209M | 110M | 116M | 110M | 155M | 163M |
| Debt Repayment | 254M | 64M | 607M | 111M | 400M | 437M | 31M | 110M | 46M | 731M | 2.0B | 2.0B | 2.0B |
| Balance Sheet | |||||||||||||
| Net Debt | 661M | 742M | 786M | 475M | 443M | 839M | 2.4B | 846M | 297M | 362M | 343M | 1.1B | -568M |
| Cash & Equiv. | 1.4B | 1.3B | 1.5B | 1.8B | 2.4B | 2.5B | 2.5B | 4.9B | 5.6B | 6.2B | 6.1B | 7.1B | 9.1B |
| Long-Term Debt | 2.0B | 2.0B | 2.3B | 2.0B | 2.7B | 3.3B | 4.9B | 5.1B | 5.3B | 5.5B | 6.2B | 7.6B | 6.7B |
| Debt/Equity | 1.58 | 1.65 | 2.05 | 1.95 | 2.56 | 2.89 | -10.40 | -9.84 | -16.06 | -126.06 | 37.16 | 30.26 | 0.00 |
| Interest Coverage | 0.1 | 1.3 | 1.8 | 0.8 | 1.9 | 2.1 | -7.3 | -1.5 | 2.6 | 3.1 | 2.5 | 4.0 | 2.3 |
| Equity | 1.3B | 1.2B | 1.1B | 1.2B | 1.1B | 1.1B | -472M | -583M | -368M | -52M | 173M | 271M | -139M |
| Total Assets | 6.0B | 6.2B | 6.8B | 7.5B | 8.5B | 11.0B | 10.6B | 14.4B | 16.5B | 19.0B | 19.6B | 22.9B | 26.1B |
| Total Liabilities | 4.5B | 4.7B | 5.4B | 6.1B | 7.2B | 9.5B | 10.7B | 14.6B | 16.4B | 18.5B | 18.8B | 22.0B | 15.4B |
| Intangibles | 683M | 778M | 812M | 729M | 661M | 870M | 856M | 1.0B | 1.1B | 1.2B | 986M | 1.1B | 1.1B |
| Retained Earnings | -1.0B | -1.1B | -1.1B | -1.1B | -1.0B | -949M | -2.7B | -3.3B | -3.0B | -2.4B | -1.5B | -1.0B | -1.4B |
| Working Capital | 257M | 187M | 213M | -424M | 98M | 85M | -147M | -172M | -144M | -451M | -68M | -54M | -1.8B |
| Current Assets | 2.3B | 2.3B | 2.7B | 3.2B | 3.8B | 4.2B | 3.6B | 6.7B | 8.2B | 9.5B | 9.3B | 11.0B | 13.6B |
| Current Liabilities | 2.0B | 2.1B | 2.5B | 3.6B | 3.7B | 4.1B | 3.8B | 6.9B | 8.3B | 10.0B | 9.4B | 11.0B | 15.4B |
| Per Share Data | |||||||||||||
| EPS | -0.49 | -0.33 | -0.23 | -0.48 | 0.29 | 0.33 | -8.12 | -3.09 | 0.52 | 1.34 | 2.74 | 2.11 | -1.76 |
| Owner EPS | -3.06 | -3.12 | 1.21 | 1.03 | 2.42 | -0.11 | -7.94 | 5.32 | 5.54 | 3.16 | 4.57 | 2.55 | 0.27 |
| Book Value | 6.59 | 6.21 | 5.51 | 5.81 | 5.23 | 5.36 | -2.22 | -2.68 | -1.60 | -0.23 | 0.74 | 1.15 | -0.60 |
| Cash Flow/Share | 1.48 | 1.55 | 2.93 | 3.07 | 4.48 | 2.20 | -5.10 | 8.20 | 7.97 | 5.90 | 7.41 | 5.93 | 7.64 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 196.9M | 199.1M | 204.4M | 203.4M | 210.3M | 213.7M | 212.2M | 217.0M | 230.1M | 230.9M | 232.9M | 235.4M | 232.4M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 106.5 | 70.2 | 48.1 | N/A | -100.5 |
| P/FCF | 34.2 | 30.0 | 12.9 | 22.5 | 14.5 | 104.7 | N/A | 16.0 | 10.5 | 23.5 | 28.5 | 102.9 | 34.0 |
| EV/EBIT | 821.4 | 43.4 | 32.2 | 100.0 | 36.3 | 48.9 | N/A | N/A | 15.3 | 15.7 | 30.6 | 22.3 | 53.0 |
| Price/Book | 4.0 | 4.0 | 4.9 | 7.3 | 8.6 | 15.3 | N/A | N/A | N/A | N/A | 177.3 | 122.9 | N/A |
| Price/Sales | 0.7 | 0.7 | 0.6 | 0.8 | 0.9 | 1.4 | 6.3 | 3.1 | 1.3 | 0.8 | 1.0 | 1.3 | 1.6 |
| FCF Yield | 2.9% | 3.3% | 7.7% | 4.4% | 7.4% | 0.8% | -8.2% | 6.2% | 9.4% | 4.3% | 3.5% | 1.0% | 2.9% |
| Market Cap | 5.2B | 5.0B | 5.5B | 8.7B | 9.5B | 17.5B | 15.8B | 26.1B | 15.9B | 21.7B | 30.7B | 33.3B | 41.2B |
| Avg. Price | 23.09 | 25.97 | 24.58 | 36.01 | 47.61 | 64.58 | 54.97 | 89.08 | 94.00 | 81.00 | 102.80 | 144.05 | 177.24 |
| Year-End Price | 26.53 | 24.90 | 26.87 | 42.61 | 48.24 | 71.65 | 74.68 | 120.09 | 68.16 | 94.05 | 131.85 | 145.81 | 177.24 |
Live Nation Entertainment, Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
On a free-cash-flow basis, the stock trades at 124.7x vs a median of 16.0x. The company's 5-year average ROIC is 13.7% with a gross margin of 26.2%. At current prices, the estimated annualized return to fair value is +16.9%.
Live Nation Entertainment, Inc. (LYV) has a debt-to-equity ratio of 30.26. This indicates higher leverage, which may increase financial risk.
Live Nation Entertainment, Inc. (LYV) reported earnings per share (EPS) of $2.11 in its most recent fiscal year.
Live Nation Entertainment, Inc. (LYV) has a return on equity (ROE) of 223.3%. This indicates the company generates strong returns for shareholders.
Live Nation Entertainment, Inc. (LYV) has a 5-year average gross margin of 26.2%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 17 years of financial data for Live Nation Entertainment, Inc. (LYV), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Live Nation Entertainment, Inc. (LYV) has a book value per share of $1.15, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects double-digit adjusted operating income growth in 2026, driven primarily by strong concert segment performance supported by robust global demand across all business aspects. Sponsorship and advertising is expected to continue double-digit AOI growth with over 70% of revenue already booked and running ahead of prior year, while ticketing is anticipated to contribute modestly with underlying mid-single-digit growth despite some fundamental improvements. The company expects supply to accelerate across multiple venue types—amphitheaters, arenas, and stadiums—on both a domestic and international basis, with ticket sales for shows in 2026 already up double digits and a strong pipeline of large venues. Management anticipates continued expansion of the venue portfolio with accelerating openings expected in 2027 and 2028, and expects to grow the Venue Nation fan count by double digits in 2026.
Based on recent SEC filings and earnings calls, Live Nation Entertainment, Inc. (LYV) has provided the following forward guidance: Adjusted Operating Income (AOI) growth: double digits (FY2026); Sponsorship & Advertising AOI growth: double digits (FY2026); Ticketing AOI growth: mid-single-digit (FY2026); Concerts AOI growth: double-digit solid growth (FY2026); Venue Nation fan count growth: double digits (FY2026).