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Sunday 1 November 2026
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OUTFRONT Media Inc.
OUT Real Estate Reit Specialty
OUTFRONT Media Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.8 billion, roughly unchanged from fiscal 2024.
- Revenue
- +13.5%
- EPS
- +340.0%
- Free cash flow
- +167.8%
- Total debt
- −0.99%
Quarter to June 2026, against a year earlier
32.00
0.51
−1.57%
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Target Price Range
Analyst price targets
Free accountTen 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 Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 1,514 | 1,521 | 1,606 | 1,782 | 1,236 | 1,464 | 1,772 | 1,821 | 1,831 | 1,832 | 1,933 | +2.1% | 2,000 | 2,055 | 2,138 | +5.3% | |
| Gross margin, % | 45.96 | 45.07 | 46.46 | 46.21 | 42.51 | 46.44 | 48.28 | 47.10 | 48.17 | 49.86 | 51.40 | +3.9 pt | ||||||
| EBT | 91 | 125 | 109 | 146 | (58) | 32 | 151 | (419) | 269 | 147 | 247 | +5.4% | ||||||
| EBT margin, % | 6.01 | 8.23 | 6.77 | 8.18 | (4.73) | 2.16 | 8.49 | (23.04) | 14.70 | 8.00 | 12.79 | +2.0 pt | ||||||
| Net income | 91 | 126 | 108 | 140 | (61) | 36 | 143 | (425) | 258 | 147 | 245 | +5.5% | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 11.24 | 11.24 | 11.81 | 12.81 | 8.77 | 10.31 | 11.27 | 11.31 | 11.31 | 10.92 | 10.98 | (0.3%) | |||||
| Earnings | 0.68 | 0.92 | 0.78 | 0.99 | (0.57) | 0.05 | 0.86 | (2.72) | 1.54 | 0.83 | 1.40 | +2.3% | ||||||
| Cash flow | 2.13 | 1.84 | 1.58 | 1.99 | 0.93 | 0.70 | 1.62 | 1.58 | 1.85 | 1.83 | 2.22 | (1.7%) | ||||||
| Capex | (0.44) | (0.53) | (0.70) | (0.82) | (0.55) | (0.64) | (0.61) | (0.54) | (0.56) | (0.65) | (0.56) | +4.3% | ||||||
| Free cash flow | 1.69 | 1.31 | 0.87 | 1.17 | 0.38 | 0.06 | 1.00 | 1.04 | 1.29 | 1.19 | 1.65 | (3.9%) | ||||||
| Book value | 9.16 | 9.07 | 8.42 | 8.09 | 9.82 | 9.79 | 8.58 | 4.34 | 4.76 | 4.24 | 3.94 | (8.2%) | ||||||
| Shares, m | 135 | 135 | 136 | 139 | 141 | 142 | 157 | 161 | 162 | 168 | 172 | +2.5% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 38.21 | 25.75 | 24.17 | 27.67 | 0.00 | 282.14 | 19.73 | 0.00 | 11.84 | 29.75 | 22.86 | 45.9 | |||||
| P/S | 2.30 | 2.11 | 1.57 | 2.15 | 2.28 | 2.67 | 1.49 | 1.28 | 1.61 | 2.21 | 2.92 | 2.0 | ||||||
| P/B | 2.82 | 2.62 | 2.20 | 3.40 | 2.82 | 3.87 | 2.14 | 4.03 | 4.52 | 5.68 | 8.11 | 3.4 | ||||||
| EV/Sales | 3.69 | 3.54 | 2.98 | 3.47 | 3.89 | 4.29 | 2.96 | 2.77 | 2.94 | 3.60 | 4.21 | 3.4 | ||||||
| EV/FCF | 24.52 | 30.18 | 40.27 | 37.92 | 89.96 | 739.52 | 33.35 | 29.98 | 25.77 | 33.12 | 27.92 | 108.5 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 287 | 249 | 214 | 277 | 131 | 99 | 254 | 254 | 299 | 308 | 391 | +0.8% | |||||
| Capex | (59) | (72) | (96) | (114) | (77) | (90) | (97) | (86) | (90) | (108) | (99) | +6.9% | ||||||
| Free cash flow | 228 | 178 | 119 | 163 | 54 | 9 | 158 | 168 | 209 | 199 | 291 | (1.5%) | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 127 | 76 | 27 | (214) | 440 | 270 | (161) | (195) | (135) | (42) | (204) | n/m | |||||
| Net debt | 2,072 | 2,177 | 2,256 | 2,356 | 1,989 | 2,384 | 2,616 | 2,706 | 2,446 | 2,484 | 2,498 | +2.0% | ||||||
| Shareholders’ equity | 1,233 | 1,227 | 1,145 | 1,126 | 1,384 | 1,391 | 1,349 | 699 | 770 | 712 | 695 | (5.9%) | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | 2.41 | 3.33 | 2.83 | 3.04 | (1.43) | 0.13 | 2.19 | (7.50) | 4.62 | 2.64 | 4.67 | +0.2 pt | |||||
| ROIC | 3.88 | 4.44 | 4.32 | 5.55 | 1.34 | 2.79 | 4.45 | (4.65) | 8.27 | 5.74 | 7.74 | +1.9 pt | ||||||
| ROE | 7.43 | 10.23 | 9.10 | 12.33 | (7.61) | 0.75 | 11.68 | (48.00) | 40.57 | 20.42 | 39.41 | +13.0 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 2,181 | 2,192 | 2,305 | 2,456 | 2,081 | 2,195 | 2,375 | 2,375 | 2,149 | 1,986 | — | (1.0%) | |||||
| Revenue/emp, $m | 0.69 | 0.69 | 0.70 | 0.73 | 0.59 | 0.67 | 0.75 | 0.77 | 0.85 | 0.92 | — | +3.2% | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 25 Oct 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| Billboard Operating Segment | 1,391 | 75.96% |
|---|---|---|
| Transit Operating Segment | 431 | 23.54% |
| Gross margin | 49.86% | |
| Operating margin | 16.02% | |
| Pre-tax margin | 8.00% |
OUTFRONT Media Inc. 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 |
|---|---|---|---|---|---|---|---|---|---|
| SBAC SBA Communications Corporation | $19.6B | 20.1× | 24.3× | +2.33% (above 0%: growing) | −10.95% (below 0%: shrinking) | +11.32% (above 0%: growing) | 75.39% | 49.19% | Compare |
| LAMR Lamar Advertising Company | $16.2B | 28.7× | 26.7× | +6.46% (above 0%: growing) | +3.95% (above 0%: growing) | +8.91% (above 0%: growing) | 68.51% | 33.72% | Compare |
| WY Weyerhaeuser Company | $14.2B | 30.9× | 43.9× | −0.90% (below 0%: shrinking) | +91.67% (above 0%: growing) | +29.41% (above 0%: growing) | 16.66% | 11.94% | Compare |
| GLPI Gaming and Leisure Properties, Inc. | $11.5B | 11.4× | 12.0× | +9.03% (above 0%: growing) | +45.45% (above 0%: growing) | −42.77% (below 0%: shrinking) | 100.00% | 77.21% | Compare |
| OUT OUTFRONT Media Inc. | $5.7B | 22.9× | 22.4× | +13.54% (above 0%: growing) | +340.00% (above 0%: growing) | +167.78% (above 0%: growing) | 52.90% | 22.22% | |
| RYN Rayonier Inc. | $5.7B | 42.2× | 72.7× | +272.15% (above 0%: growing) | −97.72% (below 0%: shrinking) | −88.66% (below 0%: shrinking) | 19.08% | 8.73% | Compare |
| EPR EPR Properties | $4.5B | 18.3× | 18.8× | +10.11% (above 0%: growing) | −12.09% (below 0%: shrinking) | −498.03% (below 0%: shrinking) | 92.16% | 54.59% | Compare |
| FRMI Fermi Inc. | $1.8B | — (loss-making) | — | — | n/m | −414.49% (below 0%: shrinking) | — | 0.00% | Compare |
| BXDC Blackstone Digital Infrastructure Trust Inc. | $1.6B | — | — | — | — | — | — | 0.00% | Compare |
| Median of peers | $8.6B | 24.4× | 25.5× | +7.75% | −3.50% | −42.77% | 71.95% | 22.83% |
Pay and ownership Proxy statement filed 21 April 2026
Ownership
Directors and executive officers, together
less than 1%
BlackRock, Inc.55 East
12.78%
Cohen & Steers, Inc.
12.72%
The Vanguard Group100 Vanguard BlvdMalvern, PA
12.30%
FMR LLC
8.36%
Entities affiliated with Providence Equity Partners L.L.C.50 Kennedy PlazaProvidence, Rhode Island
5.06%
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
OUTFRONT Media is a real estate investment trust, or REIT, that sells advertising space on billboards and transit displays in the United States. Its customers use those displays to reach people traveling on roads, riding public transportation or moving through stations and other public spaces. Nicolas Brien is chief executive officer.
The company has two operating segments: Billboard and Transit. Its billboard inventory is located primarily along highways and roadways, while its transit displays operate under exclusive, multi-year agreements with municipalities. OUTFRONT has displays in approximately 120 U.S. markets, including the 25 largest markets. Its portfolio includes locations in and around New York City, Los Angeles and San Francisco.