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1. Company Snapshot

1.a. Company Description

Live Ventures Incorporated, together with its subsidiaries, engages in the flooring and steel manufacturing, and retail businesses in the United States.The company's Flooring Manufacturing segment manufactures and sells carpets and rugs, and yarn products focusing on the residential, niche commercial, and hospitality end-markets; and resells hard surface flooring products.This segment serves flooring dealers, home centers, and other flooring manufacturers, as well as directly to end users.


Its Steel Manufacturing segment manufactures and sells pre-finished de-carb free tool and die steel products, such as deluxe alloy plates, deluxe tool steel plates, precision ground flat stock products, and drill rods.This segment serves steel distributors and steel service centers.The company's Retail segment operates 63 specialty entertainment retail storefronts that offer entertainment products, including new and pre-owned movies, video games, and music products, as well as ancillary products, such as books, comics, toys, and collectibles.


It buys, sells, and trades in new and pre-owned movies, music, video games, electronics, and collectibles through 35 Vintage Stock, 3 V-Stock, 13 Movie Trading company, and 12 EntertainMart retail locations in Arkansas, Colorado, Idaho, Illinois, Kansas, Missouri, Nebraska, New Mexico, Oklahoma, Texas, and Utah, as well as sells new and used movies, video games, music, and toys through Website, vintagestock.com.This segment also offers services to customers, such as rentals, special orders, disc and video game hardware repair services, and other services.Its Corporate and Other segment provides product and service for new customers.


Live Ventures Incorporated was incorporated in 1968 and is based in Las Vegas, Nevada.

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1.b. Last Insights on LIVE

Live Ventures Incorporated's recent performance was driven by several positive factors. The company's fiscal first quarter 2025 financial results, announced on February 6, 2025, showed a strong start to the year, with the CEO, Jon Isaac, demonstrating confidence in the company's prospects by acquiring 55,796 shares of the company's common stock in open market transactions valued at approximately $385,000 on March 28, 2025. Additionally, the company's option agreement with an arm's length purchaser to acquire a 100% interest in two mineral claims totaling approximately 5,355 hectares located in the Province of Saskatchewan, announced on April 10, 2025, highlights the company's expansion into new areas.

1.c. Company Highlights

2. Disappointing Earnings Miss, But Operational Progress

Live Ventures reported a total revenue of $444.9 million for the fiscal year 2025, a decrease of 5.9% compared to $472.8 million in the prior year. Despite this decline, the company achieved a gross margin of 32.7%, an increase of 210 basis points from the previous year, resulting in a gross profit of $145.7 million. However, the actual EPS came out at -$0.58, significantly missing analyst estimates of $1.83. Adjusted EBITDA for fiscal year 2025 was $33.4 million, an increase of 36.3% compared to $24.5 million in the prior year.

Publication Date: Dec -20

📋 Highlights
  • Operating Income Growth:: Surged $10.2M (231.7%) YoY, excluding $18.1M goodwill impairment in 2024.
  • Adjusted EBITDA Increase:: Rose to $33.4M, up $8.9M (36.3%) from $24.5M in prior year.
  • Revenue Decline:: Total revenue fell $27.9M (5.9%) to $444.9M due to market softness in home construction/refurbishment.
  • Segment Performance:: Retail-Entertainment revenue grew $6.5M (9.1%) to $77.5M despite broader challenges.
  • Cost Reductions:: G&A expenses dropped $4.3M (3.6%) and S&M fell $5.1M (22.6%), boosting profitability.

Segment Performance

The Retail-Entertainment segment showed a positive performance with revenue increasing by 9.1% to $77.5 million compared to the prior year. However, the Retail-Flooring and Flooring Manufacturing segments continued to be affected by the softness in the new home construction and home refurbishment markets. The company's ability to manage expenses is notable, with general and administrative expenses decreasing by 3.6% to $113.7 million and selling and marketing expenses decreasing by 22.6% to $17.3 million.

Balance Sheet and Cash Flow

Live Ventures ended the fiscal year with total cash availability of $38.1 million and working capital of $62.1 million. The company continued its debt reduction efforts, with total debt declining by approximately $33.5 million in fiscal year 2025. As a result, interest expense decreased by 7.7% to $15.6 million. The company's net debt to EBITDA ratio stands at 3.39, indicating a relatively high level of debt.

Valuation and Outlook

With a P/S Ratio of 0.11 and an EV/EBITDA of 4.18, the company's valuation appears to be relatively low. Analysts estimate revenue growth of 8.1% for the next year, which could potentially drive the stock price higher. However, the recent earnings miss and the decline in revenue may impact investor sentiment. The company's focus on driving sustainable profitability and enhancing the overall performance of its businesses is expected to yield positive results in the long term.

3. NewsRoom

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Live Ventures' Central Steel Fabricators Emerges as a Strategic Participant in the AI Data Center and Connectivity Infrastructure Cycle

Jan -27

Source: globenewswire.com

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Live Ventures Company Engineers Autonomous, AI-Driven Distribution Network with 10x Throughput Gains

Jan -23

Source: globenewswire.com

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Live Ventures Deploys AI Engine to Forecast Demand, Cut Costs, and Accelerate Retail Margins

Jan -21

Source: globenewswire.com

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Live Ventures Incorporated (LIVE) Q4 2025 Earnings Call Transcript

Dec -12

Source: seekingalpha.com

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Live Ventures Reports Fiscal Year 2025 Financial Results

Dec -11

Source: globenewswire.com

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Live Ventures to Issue Fiscal Year End 2025 Financial Results and Hold Earnings Conference Call on December 11, 2025

Dec -04

Source: globenewswire.com

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Precision Marshall Steel Achieves 99.98% Same-Day Shipment with New Customer Portal, Demonstrating Live Ventures' Modernization Playbook

Nov -18

Source: globenewswire.com

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Vintage Stock's Sales Surge as Nostalgia-Driven Collectibles Boom

Nov -11

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (7.39%)

6. Segments

Flooring Manufacturing

Expected Growth: 7%

Live Ventures Incorporated's 7% growth in Flooring Manufacturing is driven by increasing demand for renovation and remodeling, fueled by rising homeownership and aging housing stock. Additionally, the trend towards sustainable and eco-friendly flooring options, as well as the adoption of advanced manufacturing technologies, contribute to the segment's growth.

Steel Manufacturing

Expected Growth: 6%

Live Ventures Incorporated's 6% growth in Steel Manufacturing is driven by increasing demand from infrastructure development, rising automotive sales, and growing construction activities. Additionally, the company's focus on producing high-margin specialty steel products, such as stainless steel and alloy steel, contributes to its growth. Furthermore, strategic acquisitions and investments in technology upgrades have improved operational efficiency, leading to higher productivity and lower costs.

Retail - Entertainment

Expected Growth: 9%

Live Ventures Incorporated's Retail-Entertainment segment growth of 9% is driven by increasing demand for experiential entertainment, strategic acquisitions, and expansion of existing venues. Additionally, the company's focus on enhancing customer experience through technology integration and loyalty programs has contributed to the growth.

Retail - Flooring

Expected Growth: 8%

Strong demand for home improvement and renovation, driven by increasing consumer spending and housing market growth. Additionally, the rise of e-commerce and online shopping platforms has boosted sales for flooring products, contributing to the 8% growth rate. Furthermore, Live Ventures' strategic expansion into new markets and product offerings has also fueled growth in the retail flooring segment.

Corporate and Other

Expected Growth: 5%

Live Ventures' Corporate and Other segment growth is driven by strategic acquisitions, expansion of its existing businesses, and increased investments in technology and digital marketing. Additionally, the company's focus on cost savings initiatives, operational efficiencies, and effective capital allocation have contributed to its 5% growth.

7. Detailed Products

Anviel Platform

A proprietary, AI-powered platform that provides data-driven insights and analytics to help businesses optimize their operations and make informed decisions.

Apex Pivot

A comprehensive, cloud-based ERP system designed to streamline business operations, including accounting, inventory management, and supply chain management.

Live Ventures Marketplaces

A suite of e-commerce marketplaces that connect buyers and sellers across various industries, including retail, manufacturing, and services.

VelocityAS

A cloud-based, AI-powered accounting and financial management platform that provides real-time insights and automation capabilities.

JSG

A staffing and recruitment agency that provides temporary, temporary-to-permanent, and permanent placement services across various industries.

8. Live Ventures Incorporated's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Live Ventures Incorporated is moderate, as there are some alternatives available to customers, but they are not very attractive.

Bargaining Power Of Customers

The bargaining power of customers for Live Ventures Incorporated is low, as customers have limited options and the company has a strong brand presence.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Live Ventures Incorporated is moderate, as the company has some dependence on key suppliers, but it also has some bargaining power due to its size and scale.

Threat Of New Entrants

The threat of new entrants for Live Ventures Incorporated is high, as the industry is attractive and there are low barriers to entry, making it easy for new companies to enter the market.

Intensity Of Rivalry

The intensity of rivalry for Live Ventures Incorporated is high, as the industry is highly competitive and there are many players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 70.95%
Debt Cost 3.95%
Equity Weight 29.05%
Equity Cost 8.32%
WACC 5.22%
Leverage 244.20%

11. Quality Control: Live Ventures Incorporated passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Haverty Furniture

A-Score: 5.6/10

Value: 5.8

Growth: 3.4

Quality: 4.6

Yield: 9.0

Momentum: 5.0

Volatility: 6.0

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Live Ventures

A-Score: 4.5/10

Value: 9.8

Growth: 6.3

Quality: 4.4

Yield: 0.0

Momentum: 6.0

Volatility: 0.7

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Tile Shop Holdings

A-Score: 4.0/10

Value: 6.5

Growth: 3.4

Quality: 3.0

Yield: 2.0

Momentum: 5.0

Volatility: 4.0

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Lifetime Brands

A-Score: 3.9/10

Value: 8.0

Growth: 2.2

Quality: 2.9

Yield: 6.0

Momentum: 2.0

Volatility: 2.3

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LL Flooring Holdings

A-Score: 3.5/10

Value: 9.7

Growth: 2.0

Quality: 2.8

Yield: 0.0

Momentum: 6.0

Volatility: 0.7

1-Year Total Return ->

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Leslie's

A-Score: 2.8/10

Value: 10.0

Growth: 1.2

Quality: 4.8

Yield: 0.0

Momentum: 0.0

Volatility: 1.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

19.21$

Current Price

19.21$

Potential

-0.00%

Expected Cash-Flows