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Lamar Advertising Company

LAMR Real Estate Reit Specialty

Lamar Advertising Company’s revenue for fiscal 2025 (year ended December 2025) was $2.3 billion, up 2.68% from fiscal 2024.

Revenue
+6.65%
EPS
+13.6%
Free cash flow
+35.4%
Total debt
+4.50%

Quarter to September 2026, against a year earlier

157.35 1.23 −0.78%
Market cap
$16.0B
P/E
27.8×
Fwd P/E
26.7×
Dividend yield
3.08%
F-score
7/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Billboard
  • Other

Every year since 2022 →

Insider Decisions last twelve months

Sold, $m 3.72
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — 2 — 1 — — — 1 — —
Insider Ownership 14.92%

Capital & Financial Ratios $m

Size
Market Cap 15,970.00
Revenue ttm 2,365.15
Net income ttm 586.26
Free cash flow ttm 805.64
Net debt Q 3,457.98
Valuation
P/E 27.75
Forward P/E 26.70
Price / sales 6.76
Forward P/S Powerpack
Price / FCF 19.83
Price / book 15.48
Financial health
Current ratio Q 0.59
Debt / equity Q 3.40
Interest coverage Q 5.08
Growth
Revenue growth Q +6.65% (above 0%: growing)
Operating income growth Q +10.76% (above 0%: growing)
EPS, this year +2.69%
EPS, next year A +6.56%
Revenue, next year A +5.82%
EPS, past 5 yrs +19.08% (at or above 15%: strong)
EPS, next 5 yrs A +6.99%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 8.2×, against a ten-year median of 6.6×; over the ten years it ranged from 4.6× in 2020 to 8.7× in 2021.
P/E against its own 10 years 75.80%
10-year low 10-year high
P/S against its own 10 years 94.28%
10-year low 10-year high
P/B against its own 10 years 97.47%
10-year low 10-year high
EV/Sales against its own 10 years 92.01%
10-year low 10-year high
EV/FCF against its own 10 years 88.12%
10-year low 10-year high

Dividends

Yield
3.08%
Annual rate
4.85
Payout ratio
85.5%
Growth, 2017–25
+4.30%/yr
  1. 3.32 ’17
  2. 3.65 ’18 +10
  3. 3.84 ’19 +5
  4. 2.50 ’20 −35
  5. 3.50 ’21 +40
  6. 3.50 ’22 +0
  7. 5.00 ’23 +43
  8. 5.40 ’24 +8
  9. 4.65 ’25 −14
  10. 6.58 ’26e +42
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 45 49 65 54
Receivables 301 335 341 364
Inventory — — — —
Other 27 41 54 46
373 425 460 464
2023 2024 2025 Q'26
Payables 18 22 16 18
ST’ Debt 250 250 250 250
Other — — — —
714 778 794 789

Compound Annual Growth %

10y 5y 3y
Sales 5.29% 7.63% 3.70%
Cash Flow 6.11% 8.68% 3.40%
Earnings 8.39% 19.28% 10.22%
Book Value 0.04% (3.15%) (5.00%)

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 2.30 Actual 2.40

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 2.14 2.20 Beat by 0.06
Q4 FY25 2.18 2.24 Beat by 0.06
Q1 FY26 1.57 1.72 Beat by 0.15
Q2 FY26 2.30 2.40 Beat by 0.10
Q3 FY26 2.36 — Reports 5 November 2026

EPS $

Mar Jun Sep Dec Year
’26 1.00 1.58 1.59 — —
’25 1.35 1.52 1.40 1.50 5.77
’24 0.76 1.34 1.44 (0.01) 3.52
’23 0.74 1.28 1.37 1.46 4.85
’22 0.91 1.32 1.44 0.65 4.31
’21 0.38 1.18 1.05 1.21 3.83
’20 0.40 0.31 0.62 1.08 2.41
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 528 617 624 — —
’25 505 579 586 596 2,266
’24 498 565 564 580 2,207
’23 471 541 543 556 2,111
’22 451 518 527 536 2,032
’21 371 445 477 495 1,787
’20 407 348 386 429 1,569
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 147 252 284 — —
’25 128 229 236 271 864
’24 111 256 227 279 874
’23 109 198 223 254 784
’22 102 211 224 245 782
’21 83 202 203 246 734
’20 63 148 151 208 570
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 127 213 255 — —
’25 215 195 188 212 810
’24 84 235 199 237 754
’23 70 149 185 209 612
’22 74 165 184 208 630
’21 69 179 175 192 615
’20 41 138 143 196 519
Fiscal quarters ending in the months shown.

Valuation

The price implies FFO a share growing 4.1% a year for ten years. It grew 6.0% a year over the last ten.

Implied
4.1%
10 years, reported
6.0%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,500 1,541 1,627 1,754 1,569 1,787 2,032 2,111 2,207 2,266 2,365 +4.7% 2,398 2,490 2,592 +4.6%
Gross margin, % 64.97 64.91 65.47 66.35 64.45 67.75 67.16 66.99 67.02 67.04 67.60 +2.1 pt
EBT 312 327 316 368 248 397 456 507 367 614 599 +7.8%
EBT margin, % 20.81 21.21 19.42 20.98 15.81 22.23 22.44 24.00 16.65 27.11 25.31 +6.3 pt
Net income 299 318 305 372 243 388 439 497 363 593 586 +7.9%
Per share, $
Per share, $ Revenue 15.45 15.74 16.47 17.51 15.57 17.67 20.02 20.71 21.58 22.32 23.29 +4.2%
Earnings 3.07 3.24 3.09 3.71 2.41 3.83 4.32 4.86 3.54 5.78 5.67 +7.3%
Cash flow 5.37 5.18 5.72 6.30 5.66 7.26 7.70 7.69 8.54 8.51 9.40 +5.2%
Capex (0.99) (1.05) (1.12) (1.35) (0.51) (1.18) (1.49) (1.68) (1.17) (0.53) (1.47) (6.7%)
Free cash flow 4.38 4.12 4.59 4.95 5.15 6.08 6.21 6.01 7.37 7.98 7.93 +6.9%
Book value 11.01 11.27 11.45 11.79 11.94 12.03 11.77 11.94 10.25 10.09 10.17 (1.0%)
Shares, m 97 98 99 100 101 101 102 102 102 102 101 +0.5%
Valuation, ×
Valuation, × P/E 22.14 22.48 22.39 24.12 34.53 31.67 21.25 21.92 34.39 21.94 27.75 25.7
P/S 4.40 4.63 4.20 5.10 5.34 6.86 4.59 5.14 5.64 5.67 6.76 5.2
P/B 6.17 6.46 6.04 7.57 6.97 10.08 7.80 8.92 11.88 12.54 15.48 8.4
EV/Sales 5.94 6.21 5.96 6.78 7.12 8.50 6.20 6.71 7.08 7.16 8.22 6.8
EV/FCF 20.94 23.71 21.38 24.01 21.54 24.72 19.99 23.14 20.72 20.02 24.13 22.0
Cash, $m
Cash, $m Operating cash flow 522 507 565 631 570 734 782 784 874 864 955 +5.8%
Capex (96) (103) (111) (136) (51) (120) (151) (171) (120) (54) (149) (6.3%)
Free cash flow 426 404 454 495 519 615 630 612 754 810 806 +7.4%
Balance, $m
Balance, $m Working capital 37 95 (91) (363) (167) (274) (361) (341) (353) (334) (325) n/m
Net debt 2,314 2,441 2,867 2,954 2,784 2,931 3,276 3,311 3,175 3,366 3,458 +4.3%
Shareholders’ equity 1,070 1,103 1,132 1,180 1,203 1,217 1,195 1,217 1,048 1,025 1,032 (0.5%)
Returns, %
Returns, % ROA 8.22 7.82 6.96 7.09 4.14 6.55 7.00 7.60 5.50 8.68 8.31 +0.5 pt
ROIC 8.11 8.03 7.20 7.83 6.43 7.85 8.08 9.32 7.87 11.02 10.57 +2.9 pt
ROE 28.55 29.20 27.28 32.16 20.40 32.05 36.33 41.08 31.92 56.62 55.42 +28.1 pt
People
People Employees 3,300 3,400 3,600 3,600 3,300 3,350 3,500 3,550 3,500 340 — (22.3%)
Revenue/emp, $m 0.45 0.45 0.45 0.49 0.48 0.53 0.58 0.59 0.63 6.67 — +34.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Lamar Advertising Company rents outdoor advertising space to businesses and other organizations that want to reach people as they travel through a market. It operates as a real estate investment trust, or REIT, and manages three advertising businesses: billboards, highway logo signs and transit displays.

Its billboards include large signs along highways, smaller posters on traffic arteries and city streets, and digital displays that rotate advertisements from different customers. Highway logo signs direct motorists toward nearby services and attractions. Transit advertising appears on and inside public transportation vehicles, at airport terminals, and on shelters and benches.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Billboard 2,014 88.86%
Other 252 11.14%
Gross margin 67.04%
Operating margin 34.16%
Pre-tax margin 27.11%

Revenue by segment since 2022

Lamar Advertising Company vs peers in Reit Specialty (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
CCI Crown Castle Inc. $38.7B 47.8× 46.0× −7.18% (below 0%: shrinking) −9.46% (below 0%: shrinking) −78.09% (below 0%: shrinking) 73.77% 46.73% Compare
IRM Iron Mountain Incorporated $31.4B 69.3× 63.1× +13.48% (above 0%: growing) +50.00% (above 0%: growing) −13.03% (below 0%: shrinking) 53.45% 20.63% Compare
SBAC SBA Communications Corporation $20.2B 20.8× 24.3× −2.51% (below 0%: shrinking) −0.27% (below 0%: shrinking) +28.59% (above 0%: growing) 75.97% 51.51% Compare
LAMR Lamar Advertising Company $16.0B 27.8× 26.7× +6.65% (above 0%: growing) +13.57% (above 0%: growing) +35.38% (above 0%: growing) 68.55% 33.54%
WY Weyerhaeuser Company $15.6B 34.3× 43.9× +8.44% (above 0%: growing) −27.27% (below 0%: shrinking) +113.91% (above 0%: growing) 13.80% 5.37% Compare
GLPI Gaming and Leisure Properties, Inc. $11.5B 12.1× 12.0× +9.52% (above 0%: growing) −16.47% (below 0%: shrinking) −47.02% (below 0%: shrinking) 100.00% 71.18% Compare
RYN Rayonier Inc. $6.6B 47.5× 72.7× +272.15% (above 0%: growing) −97.72% (below 0%: shrinking) −88.66% (below 0%: shrinking) 19.08% 8.73% Compare
OUT OUTFRONT Media Inc. $5.6B 23.0× 22.4× +13.54% (above 0%: growing) +340.00% (above 0%: growing) +167.78% (above 0%: growing) 52.90% 22.22% Compare
EPR EPR Properties $4.6B 16.7× 18.8× +11.96% (above 0%: growing) +53.75% (above 0%: growing) −34.67% (below 0%: shrinking) 92.31% 68.23% Compare
Median of peers $13.5B 28.7× 34.1× +10.74% −4.86% −23.85% 63.61% 34.48%

All 19 Reit Specialty stocks →

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 84.33%
Held by the ten largest 41.43%
Holder Shares Stake Change
Vanguard 12.14m 11.95% +57.65k
BlackRock 9.61m 9.47% −368.09k
Fidelity (FMR) 3.17m 3.12% −633.11k
Geode Capital Management 2.81m 2.76% +273.86k
State Street 2.73m 2.69% +49.63k
Jupiter Topco 2.72m 2.68% +2.72m
Victory Capital 2.34m 2.31% −568.15k
Boston Partners 2.32m 2.28% +80.64k
Wellington Management 2.13m 2.09% +27.10k
COHEN & STEERS, INC. 2.11m 2.08% −298.11k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 2 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 8.46m 10.84m 198.00
2024 9.36m 8.49m 180.00
2023 6.28m 6.93m 149.00
2022 6.08m 5.84m 125.00
2021 5.93m 3.58m 152.00

Ownership

Directors and executive officers, together 15.24% of Class A & B
Reilly Family, LLC 62.41% of Class B(1)
The Vanguard Group 14.53% of Class A
BlackRock, Inc. 10.39% of Class A
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Lamar Advertising Company (LAMR) Latest News

6 Nov

Impact 3 · · GuruFocus.com

5 Nov

Impact 3 · · MarketBeat transcript
Impact 3 · · Moby
Impact 3 · · The Motley Fool transcript
Impact 3 · · GlobeNewswire

30 Sep

Impact 3 · · Simply Wall St.

7 Sep

Impact 4 ·

14 Aug

Impact 3 ·

13 Aug

Impact 4 ·
Impact 3 · · The Motley Fool transcript
Impact 3 ·

7 Aug

Impact 3 ·
Impact 3 ·

6 Aug

Impact 3 ·
Impact 3 · · MarketBeat transcript
Impact 3 ·

28 Jul

Impact 3 ·

11 May

Impact 3 · · Zacks

8 May

Impact 4 · · Zacks
Impact 4 · · MarketBeat

7 May

Impact 4 · · Moby
Impact 4 · · InvestorsHub
Impact 4 · · Zacks
Impact 3 ·

30 Apr

Impact 4 · · Simply Wall St.

9 Mar

Impact 4 · · Insider Monkey

26 Feb

Impact 3 · · GlobeNewswire

25 Feb

Impact 4 · · Simply Wall St.

23 Feb

Impact 4 · · Zacks

20 Feb

Impact 4 · · GuruFocus.com

LAMR metrics, ten years each

stockrow.com/LAMR · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com