Vivid Seats Inc. — Earnings Quality Grade F
SEAT · Communication Services
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 20 days, change -3 days YoY
AR growth -36.5% vs revenue growth -26.4%
Revenue -26.4%, CFFO -269.9%. Cash follows revenue
Expense Quality
Inventory -7.3% vs COGS -14.1%. Normal
CapEx growth -21.1% vs revenue -26.4%. Normal
SG&A/Gross Profit = 101.7%, exceeds 70%
Gross margin 69.6%, change -4.4pp. Stable
Cash Flow Quality
CFFO/NI = 0.21. Below 1.0
FCF is negative ($-0.1B)
Accruals ratio = -53.0%. Low accruals
Cash $0.1B covers only 25% of debt $0.4B
Balance Sheet Health
Goodwill+Intangibles $0.4B = -500% of equity. Manageable
Interest coverage = -2.4x (<2x). Financial stress
Other assets -31.5% vs revenue -26.4%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles change -64% YoY. Normal
Manipulation Score
M-Score = -5.75 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25