Loading…
World's largest live-event company, promoting concerts, operating venues and running Ticketmaster's ticketing platform.
World's largest live-event company, promoting concerts, operating venues and running Ticketmaster's ticketing platform.
Concerts bring most revenue but thin profit, because it pays the artists; the profit comes from ticketing fees, venue operations and sponsorships. The 2010 merger with Ticketmaster created this combination, which the US Department of Justice challenged in a 2024 antitrust suit.
Moat: wide (network effects, scale, installed base). Ticketmaster's two-sided network of venues and consumers combined with Live Nation's promotion/venue scale is very difficult to replicate.
Headquarters: Beverly Hills, California, USA · Founded: 2010 · Employees: 17,700
Size Live Nation Entertainment (LYV) is a United States Communication Services company (Movies/Entertainment) with a market value of $41.3B, the 292nd largest of 3,117 United States companies the cockpit tracks. Shares closed at $175.25 on 6 Nov 2026.
Performance Over six months the shares gained 7.3%, against +10.9% for the median peer and -1.1% for the United States market (cap-weighted) — 8th lowest of 20 in its peer set.
Growth Revenue grew 10.8% over the last twelve months (peer median +5.5%); the operating margin is 5.6% (peer median 15.0%).
Valuation It trades at 125.4× forward earnings against a peer median of 27.9× (4th most expensive of 18).
Price implies For today's price to make sense, revenue must grow about 19% a year for seven years (Req g). Recent delivered growth is +68%, so the hurdle is -50 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 11.0 points above its cost of capital (9.5% WACC).
Credit Live Nation Entertainment has 5 bonds outstanding ($4.90B), rated BB- by the agencies and trading like BB+ at a weighted spread of 199 bp.
Short interest Short interest is 10.3% of the free float (15 Oct 2026).
Next results Next results expected around 25 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $26.3B | $25.2B | $23.2B | $22.7B | $16.7B |
| Revenue growth | — | +9% | +2% | +36% | — |
| Gross profit | $6.08B | $5.80B | $5.28B | $4.96B | $3.89B |
| EBITDA | $2.25B | $2.21B | $2.04B | $1.77B | $1.23B |
| Net income | -$258M | -$54.8M | $638M | $309M | $149M |
| Free cash flow | $1.38B | $313M | $1.06B | $924M | $1.48B |
| Capital expenditure | $1.23B | $1.09B | $675M | $475M | $353M |
| Total debt | $11.3B | $10.4B | $8.27B | $8.44B | $7.70B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Live Nation Entertainment LYV | $41.3B | +7% | +11% | 6% | 125.4× | 18.6% |
| CTS Eventim AG & Co. KGaA EVD.DE | $6.68B | +11% | +14% | 15% | 18.4× | 6.8% |
| StubHub Holdings Incorporation STUB | $2.35B | -20% | +8% | -65% | 17.7× | -10.3% |
| Madison Square Garden Entertainment MSGE | $3.65B | +18% | +16% | 17% | 32.1× | 5.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | LYV | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +2.3% | +9.2% | 6th lowest of 20 |
| 6-month return | +7.3% | +10.9% | 8th lowest of 20 |
| Distance from 52-week high | -7.4% | -14.7% | 8th highest of 20 |
| Revenue growth (TTM) | +10.8% | +5.5% | 8th highest of 20 |
| Operating margin | 5.6% | 15.0% | 8th lowest of 21 |
| Forward P/E | 125.4× | 27.9× | 4th most expensive of 18 |
| Growth the price implies (Req g, 7 yrs) | 18.6% | 7.9% | 3rd most demanding of 18 |
| Growth delivered (Del g) | +68.4% | +18.2% | highest of 18 |
| Hurdle (Req g minus delivered) | -49.8 pp | -17.5 pp | 3rd least demanding of 18 |
| ROIC minus cost of capital | +11.0 pp | +0.4 pp | 4th highest of 21 |
| EV / EBITDA | 20.1× | 12.0× | 3rd most expensive of 14 |
| Net debt / EBITDA | 0.9× | 2.8× | 4th least indebted of 17 |
| Bond spread | 199 bp | 124 bp | widest of 4 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Live Nation Entertainment LYV | United States | $41.3B | +7% | +11% | 6% | 125.4× | 18.6% | +68.4% |
| TKO TKO | United States | $36.2B | +3% | +36% | 22% | 25.4× | 20.8% | +37.2% |
| Liberty Live Holdings, Inc. Registered Series -A- LLYVA | United States | $9.64B | +9% | n/a | -13% | n/a | n/a | n/a |
| Toho 9602.T | Japan | $9.44B | +22% | +4% | 16% | 28.4× | 7.9% | +13.4% |
| DraftKings DKNG | United States | $9.19B | -27% | +15% | -3% | 55.1× | 9.7% | +58.0% |
| Lottery TLC.AX | Australia | $8.47B | +4% | -5% | 16% | 33.3× | 9.9% | +3.8% |
| Walt Disney Company (The) DIS | United States | $202B | +9% | +5% | 15% | 15.4× | 14.2% | +7.7% |
| MSG Knickerbockers MSGK | United States | $7.51B | n/a | +11% | 3% | n/a | 61.1% | +22.6% |
| Churchill Downs CHDN | United States | $6.71B | +11% | +4% | 26% | 13.6× | 2.3% | +22.7% |
| CTS Eventim AG & Co. KGaA EVD.DE | Germany | $6.68B | +11% | +14% | 15% | 18.4× | 6.8% | +64.3% |
| Genting Singapore G13.SI | Singapore | $5.76B | -10% | +2% | 15% | 19.1× | -5.0% | +18.2% |
| Beijing Enlight Media 300251.SZ | China | $5.49B | -16% | -71% | -57% | 179.5× | n/a | n/a |
| Benefit Systems BFT.WA | Poland | $5.18B | +54% | +40% | 19% | 23.7× | 13.4% | +34.3% |
| Cinemark CNK | United States | $4.51B | +44% | +13% | 15% | 14.8× | 2.4% | +35.3% |
| China Film 600977.SS | China | $4.48B | +16% | 0% | -9% | 141.5× | -7.1% | +10.4% |
| Lionsgate Studios LION | United States | $4.24B | +16% | -8% | 6% | 52.8× | 18.6% | -8.0% |
| Toei Animation 4816.T | Japan | $4.17B | +23% | -2% | 31% | 27.9× | 0.5% | +12.7% |
| Manchester United MANU | United States | $3.90B | +15% | +5% | -2% | 142.1× | 18.3% | +6.5% |
| Banijay BNJ.AS | Netherlands | $3.83B | -13% | +7% | 14% | 8.0× | -4.5% | +18.1% |
| Madison Square Garden Entertainment MSGE | United States | $3.65B | +18% | +16% | 17% | 32.1× | 5.0% | +66.9% |
| Atlanta Braves BATRA | United States | $3.23B | +1% | +6% | -9% | n/a | n/a | n/a |
Live Nation Entertainment has 5 bonds outstanding with $4.90B face value. The agencies rate it BB-; its bonds trade like BB+. Weighted yield 5.82%, a spread of 199 bp over government bonds.