Latest Ratios: P/E Ratio -763.7x · EV/EBITDA 21.7x · ROE 26.4%. (2003–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $42.6B | $33.0B | $30.6B | $21.6B | $16.1B | $26.0B | $15.6B | $15.0B | $10.2B | $8.7B | $5.4B |
| Enterprise Value | $47.9B | $38.4B | $32.8B | $23.8B | $18.2B | $28.6B | $19.5B | $17.3B | $10.7B | $9.2B | $6.2B |
| P/E Ratio → | -763.71 | — | 47.26 | 69.85 | 108.97 | — | — | — | — | — | — |
| P/S Ratio | 1.69 | 1.31 | 1.32 | 0.95 | 0.97 | 4.15 | 8.38 | 1.30 | 0.95 | 0.90 | 0.69 |
| P/B Ratio | 23.36 | 18.16 | 15.73 | 14.60 | 21.15 | 71.52 | 112.46 | 7.85 | 6.11 | 5.25 | 3.17 |
| P/FCF | 127.67 | 99.03 | 29.15 | 24.35 | 10.90 | 16.04 | — | 144.43 | 15.34 | 23.32 | 12.84 |
| P/OCF | 30.52 | 23.68 | 17.74 | 15.86 | 8.81 | 14.60 | — | 31.96 | 10.85 | 14.00 | 9.00 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.52 | 1.42 | 1.05 | 1.09 | 4.56 | 10.49 | 1.50 | 0.99 | 0.95 | 0.79 |
| EV / EBITDA | 21.67 | 17.35 | 23.85 | 14.87 | 15.56 | — | — | 22.57 | 16.17 | 19.84 | 12.00 |
| EV / EBIT | 32.30 | 28.50 | 30.77 | 18.86 | 23.72 | — | — | 50.64 | 39.18 | 93.49 | 39.80 |
| EV / FCF | — | 115.02 | 31.22 | 26.84 | 12.31 | 17.63 | — | 166.89 | 16.00 | 24.59 | 14.72 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 23.0% | 23.0% | 25.2% | 24.1% | 26.0% | 30.5% | 24.6% | 26.7% | 26.1% | 25.9% | 27.9% |
| Operating Margin | 5.9% | 5.9% | 3.6% | 4.8% | 4.3% | -6.7% | -88.8% | 2.8% | 2.5% | 0.9% | 2.5% |
| Net Profit Margin | 2.0% | 2.0% | 3.9% | 2.5% | 1.6% | -10.4% | -92.7% | 0.6% | 0.6% | -0.1% | 0.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 26.4% | 26.4% | 52.3% | 49.6% | 47.3% | -259.2% | -168.1% | 3.9% | 3.6% | -0.4% | 0.2% |
| ROA | 2.3% | 2.3% | 4.6% | 3.1% | 1.7% | -5.2% | -16.0% | 0.7% | 0.8% | -0.1% | 0.0% |
| ROIC | 19.7% | 19.7% | 15.8% | 24.9% | 18.7% | -9.0% | -29.8% | 7.7% | 9.6% | 3.0% | 5.9% |
| ROCE | 13.4% | 13.4% | 8.5% | 12.6% | 9.2% | -5.8% | -24.2% | 5.6% | 6.3% | 2.2% | 4.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 6.84 | 6.84 | 4.25 | 5.70 | 10.08 | 20.53 | 46.59 | 2.51 | 1.68 | 1.38 | 1.36 |
| Debt / EBITDA | 5.63 | 5.63 | 6.02 | 5.27 | 6.57 | — | — | 6.25 | 4.27 | 4.96 | 4.50 |
| Net Debt / Equity | — | 2.93 | 1.12 | 1.49 | 2.74 | 7.09 | 28.29 | 1.22 | 0.27 | 0.29 | 0.46 |
| Net Debt / EBITDA | 2.41 | 2.41 | 1.58 | 1.38 | 1.78 | — | — | 3.04 | 0.67 | 1.02 | 1.53 |
| Debt / FCF | — | 15.99 | 2.07 | 2.49 | 1.41 | 1.59 | — | 22.46 | 0.67 | 1.27 | 1.88 |
| Interest Coverage | 4.26 | 4.26 | 3.27 | 3.61 | 2.76 | -1.16 | -7.19 | 2.18 | 1.93 | 0.91 | 1.45 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.00 | 1.00 | 0.99 | 0.96 | 0.98 | 0.97 | 0.96 | 1.02 | 1.03 | 0.88 | 1.09 |
| Quick Ratio | 0.99 | 0.99 | 0.99 | 0.95 | 0.98 | 0.97 | 0.96 | 1.02 | 1.02 | 0.88 | 1.08 |
| Cash Ratio | 0.64 | 0.64 | 0.65 | 0.63 | 0.68 | 0.71 | 0.67 | 0.60 | 0.63 | 0.51 | 0.62 |
| Asset Turnover | — | 1.10 | 1.18 | 1.19 | 1.01 | 0.44 | 0.18 | 1.05 | 1.27 | 1.29 | 1.16 |
| Inventory Turnover | 342.94 | 342.94 | 345.56 | 382.15 | 318.85 | 128.78 | 63.75 | 525.72 | 633.63 | 411.17 | 373.11 |
| Days Sales Outstanding | — | 30.15 | 28.05 | 33.22 | 32.81 | 63.22 | 98.31 | 32.54 | 28.57 | 28.13 | 26.53 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 2.1% | 1.4% | 0.9% | — | — | — | — | — | — |
| FCF Yield | 0.8% | 1.0% | 3.4% | 4.1% | 9.2% | 6.2% | — | 0.7% | 6.5% | 4.3% | 7.8% |
| Buyback Yield | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 0.1% | 0.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Shares Outstanding | — | $232M | $236M | $231M | $232M | $217M | $212M | $210M | $207M | $205M | $202M |
Regulatory antitrust breakup risk
As reported in recent financial filings, the company's EV/EBITDA multiple of 21.27 suggests that investors are pricing in significant growth expectations, though this valuation appears increasingly disconnected from the underlying volatility of GAAP earnings and the existential threat posed by ongoing Department of Justice antitrust litigation.
The current valuation reflects a premium for market dominance that may be difficult to justify given the inconsistent profitability and high leverage. Investors should monitor whether the forward EV/EBITDA of 11.74 represents a realistic expectation of margin expansion or merely a failure to account for the potential forced divestiture of the high-margin ticketing segment.
Based on quarterly data, the company's ROIC has fluctuated wildly, reaching a low of -5.5% in 2026Q1, which indicates that the massive capital investment required to maintain a global venue footprint is currently failing to generate returns that exceed the company's cost of capital.
The erratic trend in ROIC suggests that the company's aggressive expansion strategy has not yet achieved the necessary operational efficiency to drive sustainable value creation. The persistent negative returns in recent periods warrant further investigation into whether the current business model is structurally capable of compounding capital or if it is merely consuming it to maintain market share.
According to recent financial statements, the company's asset turnover remains low at 0.15 in 2026Q1, highlighting the significant capital intensity required to operate its vast portfolio of venues and the inherent difficulty in converting these assets into consistent, high-margin revenue streams for the organization.
The reliance on ticket float to manage working capital creates a misleading picture of operational efficiency, as the cash conversion cycle is heavily influenced by the timing of event sales rather than core business productivity. Investors should be cautious of interpreting these turnover metrics as signs of operational health, as they are largely a function of the company's unique position as a custodian of third-party funds.
As indicated by reported figures, the debt-to-equity ratio has escalated to 7.38 in 2026Q1, a level that suggests the company's reliance on external financing has reached a point where interest coverage is becoming increasingly precarious during periods of seasonal revenue contraction.
The high leverage profile leaves little room for error, particularly as the company faces potential regulatory headwinds that could restrict its access to capital markets. The negative interest coverage ratio of -4.09 in the most recent quarter suggests that the company is currently struggling to service its debt obligations from core operations alone.
Based on an analysis of financial reporting, the most commonly misapplied metric for this business model is Adjusted Operating Income (AOI), which frequently obscures the heavy amortization of intangible assets and the significant stock-based compensation that dilute true shareholder value over the long term.
Investors should prioritize free cash flow and GAAP operating margins over AOI to gain a clearer understanding of the company's actual earning power. Relying on non-GAAP metrics in this context may lead to an overestimation of the company's ability to generate sustainable cash, especially given the high capital expenditure requirements of the live entertainment industry.
Includes 30+ ratios · 23 years · Updated daily
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Quick answers to the most common questions about buying LYV stock.
Live Nation Entertainment, Inc.'s current P/E ratio is -763.7x. The historical average is 75.4x.
Live Nation Entertainment, Inc.'s current EV/EBITDA is 21.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.0x.
Live Nation Entertainment, Inc.'s return on equity (ROE) is 26.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is -14.2%.
Based on historical data, Live Nation Entertainment, Inc. is trading at a P/E of -763.7x. Compare with industry peers and growth rates for a complete picture.
Live Nation Entertainment, Inc. has 23.0% gross margin and 5.9% operating margin.
Live Nation Entertainment, Inc.'s Debt/EBITDA ratio is 5.6x, indicating high leverage. A ratio above 4x may signal elevated financial risk.