# Live Nation Entertainment, Inc. (LYV)

> Source: Nexqual · https://nexqual.com/LYV · data as of 2026-10-23 17:27 UTC · cite as "Nexqual, Live Nation Entertainment, Inc. (LYV), nexqual.com/LYV" · informational, not investment advice.

**Price:** USD 173.23 (-0.73% today) · US market open, as of October 23, 2026 at 17:27 UTC; quotes may be delayed. Prev close 174.5 · day 173.01–175.4 · 52w 125.34–189.25 · market cap $40.4B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $26.3B, net income $135M (0.5% margin), free cash flow $1.38B (SEC filings).
- Valuation: P/E 299.6x (avg 46.5x at the last 3 fiscal year-ends), EV/EBITDA 27.2x, net debt $130M.
- 8 of 80 tracked superinvestors hold LYV (13F, Q2 2026): 0 new, 3 added, 3 reduced, 2 unchanged.
- Insider open-market sales, last ~7 months: 4 Form 4 filings, $26.8M; 4 not under a Rule 10b5-1 plan ($26.8M); 2 by opportunistic insiders (2 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.20 on a 1–5 scale) (25 analysts), mean target USD 202.63 (range 145–222).
- Total return with dividends: 1Y +13.0% vs S&P 500 +14.4%; 5Y +71.3% vs S&P 500 +77.0%.
- Next earnings: 2026-11-05, EPS estimate USD 1.5, revenue estimate $9.58B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $6.27B | $16.7B | $22.7B | $23.2B | $25.2B | $26.3B |
| Operating income | -$418M | $722M | $1.08B | $825M | $1.25B | $801M |
| Net income | -$651M | $266M | $557M | $896M | $496M | $135M |
| EPS (diluted) | -$3.09 | $0.52 | $1.34 | $2.74 | -$0.24 | — |
| Free cash flow | $1.63B | $1.49B | $924M | $1.08B | $334M | $1.38B |
| Operating margin | -6.7% | 4.3% | 4.8% | 3.6% | 5.0% | 3.0% |
| Net margin | -10.4% | 1.6% | 2.5% | 3.9% | 2.0% | 0.5% |
| Revenue growth | +236.8% | +166.1% | +36.2% | +1.9% | +8.8% | — |
| Cash + short-term investments | $4.88B | $5.61B | $6.23B | $6.10B | $7.09B | — |
| Total debt | $5.73B | $5.90B | $6.59B | $6.44B | $8.20B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 299.6x · P/S 1.5x · EV/EBITDA 27.2x · EV/Sales 1.5x · P/FCF 29.2x · P/B 490.2x · FCF yield 3.43% · Earnings yield 0.33% · Net debt $130M · EV $40.5B
P/E at fiscal year-ends: Dec 2025 66.6x, Dec 2024 34.1x, Dec 2023 38.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
8 of 80 tracked investors hold LYV. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Pat Dorsey | Dorsey Asset Management | 7.69% | $120M | Added +7.9% |
| Daniel Loeb | Third Point | 4.48% | $208M | Added +144.1% |
| Triple Frond Partners |  | 3.24% | $36.3M | Reduced -15.6% |
| William Von Mueffling | Cantillon Capital Management | 3.12% | $20.8M | Reduced -95.4% |
| Sarah Ketterer | Causeway Capital Management | 1.40% | $129M | Added +34.2% |
| ValueAct Capital |  | 0.98% | $55.3M | Reduced -51.6% |
| Mason Hawkins | Southeastern Asset Management | 0.08% | $1.5M | Unchanged |
| Dodge & Cox Funds | Dodge & Cox | <0.01% | $275K | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 4 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-24 | Capo Brian | Chief Accounting Officer | 2,900 | $534K | 25.1% | No | Too little history (no open-market trades in 2023) |
| 2026-06-15 | Hinson Jeffrey T. | Director | 2,115 | $370K | 4.3% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-08 | Rowles Michael | EVP & General Counsel | 63,776 | $10.5M | 23.8% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-07 | Hopmans John | EVP, M&A and Strategic Finance | 93,078 | $15.5M | 33% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.20 on a 1–5 scale), 25 analysts; mean target USD 202.63 (low 145, high 222).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | Susquehanna | Target lowered | Neutral | $187 → $183 |
| 2026-10-19 | Morgan Stanley | Target raised | Overweight | $200 → $215 |
| 2026-10-19 | BTIG | Reiterated | Buy | $215 |
| 2026-08-03 | Citigroup | Target raised | Buy | $181 → $212 |
| 2026-07-31 | Bernstein | Target raised | Outperform | $200 → $215 |
| 2026-07-31 | Oppenheimer | Target raised | Outperform | $200 → $210 |
| 2026-07-31 | Guggenheim | Target raised | Buy | $197 → $218 |
| 2026-07-31 | Benchmark | Target raised | Buy | $190 → $215 |
| 2026-07-31 | Susquehanna | Target raised | Neutral | $186 → $187 |
| 2026-07-31 | BTIG | Reiterated | Buy | $215 |
| 2026-07-23 | BTIG | Initiated | Buy | $215 |
| 2026-07-22 | Citizens | Target raised | Market Outperform | $190 → $215 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +13.0% | +71.3% |
| S&P 500 (SPY) | +14.4% | +77.0% |
| Per year | +13.0% | +11.4% |
| Volatility (annualized) | 30.9% | 33.8% |
| Max drawdown | -18.1% (Oct 2025→Nov 2025) | -47.7% (Feb 2022→Mar 2023) |

## Peers (Entertainment)
SKYD (Skydance Corporation) USD 7.84 +0.58% · TKO (TKO Group Holdings, Inc.) USD 176.51 -0.68% · FOXA (Fox Corporation) USD 67.02 -1.83% · ROKU (Roku, Inc.) USD 158.93 -0.71% · FWONK (Liberty Media Corporation - Ser) USD 89.93 -1.34% · NWS (News Corporation) USD 33.97 +0.04%

## More
Full page: https://nexqual.com/LYV · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in LYV's own 10-K filed 2026-02-19 (https://www.sec.gov/Archives/edgar/data/1335258/000133525826000009/lyv-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Related party | Liberty Media Corp (FWONA) | "This related party relationship ended when Liberty Live was split off from Liberty Media Corporation." |

Other companies that name LYV in their own reports (relationship from LYV's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | PENN Entertainment, Inc. (PENN) | 10-K 2026-02-26 | "We seek to grow our customer database and PENN Play loyalty program through our iCasino and OSB businesses, the development of new properties, the expansion of existing properties and other business l…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Concerts | $6.44B | 84.1% | +8.4% |
| Ticketing | $852.2M | 11.1% | +14.7% |
| Sponsorship and Advertising | $383.0M | 5.0% | +12.5% |
| Total revenue | $7.67B | 100% | — |

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Total Domestic Operations | $14.33B | 56.9% | -0.3% |
| Total Foreign Operations | $10.87B | 43.1% | +23.8% |
| — Europe (part of Total Foreign Operations) | $5.82B | 23.1% | +25.8% |
| — Total Other Foreign Operations (part of Total Foreign Operations) | $5.06B | 20.1% | +21.5% |
| Total revenue | $25.20B | 100% | — |

## Company outlook (8-K filed 2026-07-30)

- "Risk Factors" of the company's most recent Annual Report filed on Form 10-K, and Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K, which contain and identify other important factors that could cause actual results to differ materially from those contained in the company's projections or forward-looking statements."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.50 | $1.83 | -17.9% | $9.58B | 13 |
| Next quarter (ends 2026-12-31) | $-1.18 | $-1.04 | +13.5% | $7.07B | 13 |
| Current fiscal year (ends 2026-12-31) | $-0.45 | $-0.57 | -20.0% | $28.12B | 16 |
| Next fiscal year (ends 2027-12-31) | $1.90 | $2.19 | -13.3% | $30.73B | 16 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-06 (includes earnings 2026-11-05): ±6.5%; earnings reaction alone ±4.8%; last 8 reports averaged ±4.4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 28.7% | ±3.3% |
| 2026-11-06 | 14 | 41.1% | ±6.5% |
| 2026-11-13 | 21 | 36.7% | ±7.1% |
| 2026-11-20 | 28 | 35.2% | ±7.8% |
| 2026-11-27 | 35 | 33.8% | ±8.4% |
| 2026-12-04 | 42 | 32.9% | ±9.0% |
| 2026-12-18 | 56 | 31.0% | ±9.8% |
| 2027-01-15 | 84 | 30.6% | ±11.8% |