SEAT

The headline 5.8x P/E and 0.2x P/S scream cheap, but they are built on broken inputs. The P/E uses a stale FY2024 EPS of $1.12 that itself fell -78.3%, and the XBRL 'net income $806M / +5,903%' figure is contradicted by the company's own MD&A, which states 2025 was a NET LOSS of $721.5 million driven by $735.8M of net non-cash charges (a large impairment). I will not credit a profit the filing explicitly denies — treat the reported 178.9% 'net margin' as a data artifact, not a fundamental. Stripping that away, the real picture is a business in steep decline.

The operating reality is deteriorating on every axis. FY2025 revenue fell -30.5% to $451M — a sharp reversal after three years of growth ($511M→$597M→$648M), driven in part by the MD&A-cited loss of a significant Private Label Offering distribution partner that cut Marketplace order volumes. Operating cash flow swung from +$53.9M to -$91.6M, a 270% reversal, as accounts payable to ticket sellers shrank on lower Marketplace GOV. Cash fell 57.8% to $103M against $383M of long-term debt, and stockholders' equity is now NEGATIVE -$85.1M with a -$1.36B accumulated deficit. Liabilities ($722M) exceed assets ($637M). This is balance-sheet stress, not a coiled spring.