Live Nation Entertainment
LYV on NYSE. Live Nation sells concert tickets and live music events to fans. Market value $40.2bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Media & telecom stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $3.42 of spare cash in the past 12 months. A savings account pays about $4.
You pay 50.7 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 99 cents a year. Above 10 is good.
Quality score: 65 of 100. Price score: 20 of 100. Our list needs 70 on quality and 60 on price.
$171.80 a share, 37% above its 1-year low
Over the past year the price has ranged from $125.34 to $189.25.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $1.4 billion in the past 12 months, $334 million in the year to December 2025.
| Revenue | |||||
| Revenue | $6.3bn | $16.7bn | $22.7bn | $23.2bn | $25.2bn |
| Operating margin | |||||
| Operating margin | -6.7% | 4.3% | 4.8% | 3.6% | 5.0% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | 37.16 | 30.26 |
| Shares outstanding | |||||
| Shares outstanding | 0.23bn | 0.23bn | 0.23bn | 0.23bn | 0.24bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)5 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt30.26× equity
- Revenue growth, five yearsStrong, 68.4% a year
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $7.7 billion last quarter, up 9% on a year ago.
- Profit: $294 million, up 21% on a year ago.
- It keeps 3 cents of each $1 of sales as operating profit, down from 4 cents a year earlier.
- Spare cash over the past 12 months: $1.4 billion, up from $1.1 billion.
- 4% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $130 million more than cash. A year ago it had $581 million more cash than debt.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $7.7bn |
| December 2024 | $5.7bn |
| March 2025 | $3.4bn |
| June 2025 | $7.0bn |
| September 2025 | $8.5bn |
| December 2025 | $6.3bn |
| March 2026 | $3.8bn |
| June 2026 | $7.7bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $452m |
| December 2024 | Not reported |
| March 2025 | $23m |
| June 2025 | $243m |
| September 2025 | $431m |
| December 2025 | -$202m |
| March 2026 | -$389m |
| June 2026 | $294m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 3 November 2026
- Last annual report (10-K)
- 19 February 2026
- Next quarterly (estimated, 10-Q)
- 29 October 2026
Who owns it
13 long-term investors we follow own it, unchanged from 13 last quarter. 848 funds in all.
- GAMCO InvestorsMario Gabelli
- Value
- $45m
- Share of fund
- 0.4%
- Gotham Asset ManagementJoel Greenblatt
- Value
- $6m
- Share of fund
- <0.1%
- Southeastern Asset Management (Longleaf)Mason Hawkins
- Value
- $2m
- Share of fund
- <0.1%
- Dodge & CoxDodge & Cox investment committee
- Value
- $274,665
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Select Equity GroupGeorge Loening | $828m | 4.4% | Cut |
| Third PointDan Loeb | $208m | 4.5% | Added |
| Findlay Park PartnersFindlay Park team | $196m | 2.6% | Added |
| Causeway Capital ManagementSarah Ketterer | $129m | 1.4% | Added |
| Dorsey Asset ManagementPat Dorsey | $120m | 7.7% | Added |
| ValueAct CapitalMason Morfit | $55m | 1.0% | Cut |
| GAMCO InvestorsMario Gabelli | $45m | 0.4% | |
| Triple Frond PartnersTriple Frond partners | $36m | 3.2% | Cut |
| Cantillon Capital ManagementWilliam von Mueffling | $21m | 3.1% | Cut |
| Horizon KineticsMurray Stahl | $18m | 0.2% | Cut |
| Gotham Asset ManagementJoel Greenblatt | $6m | <0.1% | |
| Southeastern Asset Management (Longleaf)Mason Hawkins | $2m | <0.1% | |
| Dodge & CoxDodge & Cox investment committee | $274,665 | <0.1% |
Largest holders overall
- BlackRock$2.5bn
- State Street$2.1bnCut
- FMR$2.0bnAdded
- Vanguard Capital Management$1.9bn
- Principal Financial Group$1.8bnCut
- Vanguard Portfolio Management$1.5bn
- Capital International Investors$1.3bn
- Bank of America$1.2bn
- Independent Franchise Partners LLP$1.1bnAdded
- Morgan Stanley$870mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
4 investors own more than 5%.
- Liberty Live Holdings, Inc.29.7%Since 15 December 2025
What they said
The Reporting Person acquired its shares of Common Stock in connection with the Split-Off. Other than as set forth in herein, the Reporting Person does not have any present plans or proposals which relate to or would result in: (i) any acquisition by any person of additional…
Read the filing - Vanguard Capital ManagementPassive investor5.1%Since 31 March 2026
- BlackRock, Inc.Passive investor5.1%+0.2 ptsSince 30 June 2025
- Select Equity GroupPassive investorat least 3.6%(filed with 1 related holder)Since 31 December 2024
- STATE STREET CORPORATIONPassive investorSold down below 5%Since 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- Liberty Media CorporationSold down below 5%Since 15 December 2025
What they said
The information contained in Item 4 of the Schedule 13D is hereby amended and supplemented by adding the following information: On December 15, 2025, the Reporting Person completed the Split-Off of its Liberty Live Group. As a result of the completion of the Split-Off, the…
Read the filing
| Holder | Stake | Since | |
|---|---|---|---|
Liberty Live Holdings, Inc. | 29.7% | 15 December 2025 | What they saidThe Reporting Person acquired its shares of Common Stock in connection with the Split-Off. Other than as set forth in herein, the Reporting Person does not have any present plans or proposals which relate to or would result in: (i) any acquisition by any person of additional… Read the filing |
Vanguard Capital Management Passive investor | 5.1% | 31 March 2026 | |
BlackRock, Inc. Passive investor | 5.1%+0.2 pts | 30 June 2025 | |
Select Equity Group Passive investor | at least 3.6% (filed with 1 related holder) | 31 December 2024 | |
STATE STREET CORPORATION Passive investor | Sold down below 5% | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
Liberty Media Corporation | Sold down below 5% | 15 December 2025 | What they saidThe information contained in Item 4 of the Schedule 13D is hereby amended and supplemented by adding the following information: On December 15, 2025, the Reporting Person completed the Split-Off of its Liberty Live Group. As a result of the completion of the Split-Off, the… Read the filing |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 4 sold $27m.
- Capo BrianChief Accounting OfficerSold
- Date
- 24 August 2026
- Shares
- 2,900
- Price
- $184.00
- Value
- $533,600
- HINSON JEFFREY T.DirectorSold
- Date
- 15 June 2026
- Shares
- 2,115
- Price
- $175.00
- Value
- $370,125
- Rowles MichaelEVP & General CounselSold
- Date
- 8 May 2026
- Shares
- 63,776
- Price
- $164.24
- Value
- $10m
- Hopmans JohnEVP, M&A and Strategic FinanceSold
- Date
- 7 May 2026
- Shares
- 93,078
- Price
- $166.07
- Value
- $15m
- HINSON JEFFREY T.DirectorSold
- Date
- 10 March 2026
- Shares
- 944
- Price
- $165.87
- Value
- $156,581
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 24 August 2026 | Capo Brian Chief Accounting Officer | Sold | 2,900 | $184.00 | $533,600 |
| 15 June 2026 | HINSON JEFFREY T. Director | Sold | 2,115 | $175.00 | $370,125 |
| 8 May 2026 | Rowles Michael EVP & General Counsel | Sold | 63,776 | $164.24 | $10m |
| 7 May 2026 | Hopmans John EVP, M&A and Strategic Finance | Sold | 93,078 | $166.07 | $15m |
| 10 March 2026 | HINSON JEFFREY T. Director | Sold | 944 | $165.87 | $156,581 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 19 Feb 2026, plus the 10-Q filed 30 Jul 2026 and 6 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It carries a lot of debt: 30.3× its equity.
- It isn't cheap on profits: 50.7× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.