Live Nation Entertainment, Inc. (LYV) — Fundamental Analysis & Key Financial Ratios

Kaplio's reading: Live Nation Entertainment, Inc.

Updated on October 14, 2026 · accounts published on July 30, 2026

A growing business with recovering margins whose returns on capital still trail its sector

Live Nation Entertainment trades at an EV/EBITDA of 25.8× over the last 12 months, well below its five-year average of 78.6×.

• Is Live Nation Entertainment expensive or cheap? EV/EBITDA of 25.8× over the last 12 months sits well below its five-year average of 78.6×.
• How is the business doing? The fiscal 2025 operating margin of 5.9 % was the best in 12 years, against a 2014-2025 average of −5.5 %.
• How strong is the balance sheet? Net debt was 2.6× EBITDA in fiscal 2025, inside the 3.0× considered tolerable for media and entertainment.
• What to expect from the next earnings? 46 analysts cover it, 40 rate it a buy, and they expect EPS of $1.56 when it reports on November 3, 2026.
• Can the cash it generates carry a dividend? Free cash flow yields 0.7 % on fiscal 2025 cash, short of the 5 % healthy level for media, and there is no dividend.

Is Live Nation Entertainment expensive or cheap?

Over the last 12 months Live Nation Entertainment trades at an EV/EBITDA of 25.8×, well below its five-year average of 78.6×. The sector yardstick counts anything under 90 % of that average as cheap, so the stock looks inexpensive against its own history. The yields are thinner: free cash flow returns 1.0 % and earnings 1.5 % of the price over the last 12 months, which leaves little cushion. A P/B of 503× mostly reflects a very small equity base and is of little use here. The stock is up 20 % over 12 months and trades 6 % below its 52-week high of $188.46, against a low of $125.61.

How is the business doing?

Revenue grew 8.8 % over the last 12 months, and revenue per share compounded at 13.6 % a year over fiscal 2022-2025. Profitability is improving from a low base: the fiscal 2025 operating margin of 5.9 % was the highest of the last 12 fiscal years, whose average was −5.5 %. The last 12 months show a 3.4 % operating margin and a 0.5 % net margin, while EPS fell 108.8 % year over year. ROIC of 3.7 % over the last 12 months sits 2.1 points below the sector median of 5.9 %, and it has not topped 10 % in any of the last 10 fiscal years. The 73 % ROE flatters a company with very little equity.

How strong is the balance sheet?

Net debt stood at $24.37 per share in fiscal 2025 ($55.03 of debt less $30.65 of cash), equal to 13.7 % of the current share price. Against earnings that is 2.6× EBITDA, within the 3.0× tolerable for media and entertainment, so the load is manageable while EBITDA holds. Liquidity is tighter: the current ratio is 0.85 over the last 12 months, and an Altman Z of 2.2 sits in the grey zone. A Piotroski score of 5 out of 9 points to a mixed picture. Because equity is so small, net debt to EBITDA is a more useful gauge than debt to equity.

What to expect from the next earnings?

Live Nation Entertainment reports on November 3, 2026, with analysts expecting EPS of $1.56 for the quarter. The last report, on July 30, 2026, delivered EPS of $1.05 against $0.66 expected, a 58.9 % beat, but the record is uneven: it has beaten EPS estimates in 4 of the last 8 quarters. Of the 46 analysts covering the company, 40 recommend buying, 6 holding and 0 selling. The 2026 revenue consensus has barely moved in the last 29 days, so expectations are steady going in. The thing to watch is whether margins keep building on the fiscal 2025 high.

Can the cash it generates carry a dividend?

In communication services, media companies are judged on growth and on spending discipline, because cash is what funds content, debt service and payouts. Live Nation Entertainment passes on growth, with revenue per share up 13.6 % a year over fiscal 2022-2025 against a healthy floor of 6 %, and on capex, at 4.3 % of revenue in fiscal 2025 against a 12 % ceiling. It falls short on cash: a fiscal 2025 EBITDA margin of 8.2 % against the 20 % benchmark, and a free cash flow yield of 0.7 % against the 5 % healthy level. With a payout of 0.0 %, there is no dividend to test.

How this was prepared: the data comes from companies' official filings, collected by a professional provider, and from Kaplio's analysis engine (trailing-12-month ratios, 10 years of history and sector medians computed across US-listed companies). The text is written from that data alone, every figure is checked against it before publication, and it is reviewed when the company reports results. This is not investment advice.