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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

Lamar Advertising Company (LAMR) valuation and DCF model

What the price implies · reverse DCF

At $157.35 the price implies FFO a share growing 4.1% a year for ten years.

FFO a share grew 6.0% a year over the last ten years, 11.4% over the last five. The price asks for close to its ten-year rate. The industry’s median company is priced for 4.1%.

In December 2017 the price assumed 1.2% a year; Lamar Advertising Company went on to grow FFO a share 5.6% a year to FY2025.

FFO a share is worked out from Lamar Advertising Company’s 10-Ks and 10-Qs: net income, plus the depreciation of its property and impairments, less gains on property sales.

Price implies
4.1%
Last 5 years, reported
11.4%
Last 10 years, reported
6.0%
Industry median implies
4.1%

The headline discounts the last twelve months’ FFO a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
4.1% a year for ten years
$157.35
today’s price
Its base case
6.0% a year for five years, then 3.6%
$167.22
6.3% above today’s price

Both are growth in FFO a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Lamar Advertising Company’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · FFO a share
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in FFO a share. It usually slows as the company matures.

Today’s price implies FFO a share growing 4.1% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Lamar Advertising Company’s own cost of capital: risk-free 4.3% + beta 1.25 × equity premium 4.5% = 9.9% cost of equity; weighted, 9.9%.

Use 9.9%
Base case value per share $167.22 ten years discounted, and what follows
Current price $157.35 market price per share
Above today’s price 6.3% upside at the base case’s assumptions

How we got there$73.56 10 years of FFO+$93.66 terminal value=$167.22 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Reit Specialty).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 27.75× 25.45× 26.25× 6% above 27.75× 0% above
P/FCF 19.83× 16.95× 17.16× 16% above 19.50× 2% above
P/B 15.48× 11.32× 9.38× 65% above 1.96× 691% above
EV/EBITDA 17.39× 15.14× 15.51× 12% above 17.39× 0% above
EV/Sales 8.22× 7.07× 6.99× 17% above 8.49× 3% below
P/FFO 17.82× 14.95× 15.20× 17% above — —
P/E P/FCF P/B EV/EBITDA EV/Sales P/FFO
21.54×25.74×29.95×34.15×10Y avg 26.25×2017201820192020202120222023202420252026

LAMR trades at 27.75× P/E, against a 10-year average of 26.25× (range 21.25×–34.53×). That is dearer than 67% of the last 9 year-end readings; re-rating to the average implies $148.81 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.