Lamar Advertising Co

Real Estate Investment Trusts

LAMRStrained10 of 11 basics passed

$146.47

+0.53%

Market cap $14.9B

$146.47

+0.53%

Market cap $14.9B

Lamar Advertising Co is an outdoor advertising company that operates as a real estate investment trust.

It is a $14.9B real estate company. Revenue grew 4.4% over the last year, it keeps 24¢ of every dollar of sales as profit, and its net debt equals ~4.3 years of free cash flow. It trades at 26.7× earnings — around the middle of its own history.

Website: lamar.com
Location: Baton Rouge, LA
Employees: 3 500
Sector: Real Estate
Founded: 1902

Share price · 3 years

$81.32 → $146.47+80.1%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $2.33B
Profit: keeps 24¢ of every $1 sold; $556M
Free cash flow: cash left after running the business; $718M
Net debt: debt minus cash on hand; $3.10B
P/E: years of profit in the price; 26.7
EPS: earnings per share, TTM; $5.47
Dividend: pays out 120% of profit · 93% of FCF; 4.47%
Shares: up 4% since 2016 — dilution; 101.6M
Volatility: beta vs the market — under 1 swings less; 1.28

Revenue, last 8 years

52-week range

Low $116.11$146.47High $164.33

Today's price is 63% of the way from the year's low to its high.

P/E vs its history5y

26.8×median 27.1×

Higher than 48% of past days — around the middle of its own history.

Valuation vs own history

P/E

26.8×

51%

P/S

6.4×

17%

EV/EBITDA

25.6×

39%

P/B

14.9×

FCF yield

4.9%

12%

Share of the last ~5 years that was pricier than today (pricier than usual). Based on the daily valuation record.

Insider activity · 90 days

-$1.21Mnet selling

Purchases$0

Sales$1.21M

Insiders trading, last 14d0 buy · 0 sell

Standing in Real Estate

Size$14.9Btop 40%
Revenue growth+4%top 73%
Net margin24%top 49%
Return on equity56%top 7%
P/E26.7×top 52%
Dividend yield4.47%top 49%

Ranked against 46 Real Estate companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong profitability, quality and moat; Valuation and Health lag behind.

Valuation48

P/E vs own history48th pct · 12/25
FCF yield4.8% · 12/25
P/S6.4x · 12/25
EV/EBITDA17.1x · 12/25

Growth64

Revenue CAGR6.1% · 12/25
Net income CAGR10.9% · 20/25
EPS CAGR ~5Y19.1% · 20/25
Fwd implied growth14.3% · 12/25

Profitability87

ROIC14.2% · 12/25
ROE55.7% · 25/25
Net margin23.9% · 25/25
Operating margin31.7% · 25/25

Health15

Altman Zn/a · 0/25
Current ratio0.63 · 0/25
Interest coverage4.9x · 10/25
Net cash / debtD/A 45% · 5/25

Quality100

Piotroski F8/9 · 25/25
Beneish M-2.56 · 25/25
FCF conversion129% · 25/25
Margin stabilityσ 3.8% · 25/25

Moat75

ROIC >12% years2/10 yrs · 0/25
Median gross margin67.0% · 25/25
FCF-positive years10/10 yrs · 25/25
Worst-year net marginworst 15.5% · 25/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2025Financial
Best year on record
$587M net income
FY2018Financial
Revenue crossed $1B
$1.63B for the year
FY2016Financial
Profitable every year on record
10 consecutive profitable years in our data
FY2016Financial
Positive free cash flow every year since
10-year streak
2016Acquisition
Lamar purchased advertising rights in five major American markets from Clear Channel Outdoor for…
2014Milestone
Lamar Advertising Company became a real estate investment trust in 2014
Aug 2, 1996IPO
Following an initial public offering (IPO), Lamar Advertising Company began trading on the NASDAQ…
1908Milestone
The Company became independent under its current name in 1908 in Pensacola, Florida
1902Founded
Lamar Advertising Company was founded in 1902 by J.M

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$13 341 today — price return only

$2.3B revenue in FY2025

Profitable 10 years in a row

Positive free cash flow 10 years in a row

3 500 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (82.0%)
Strongly profitable — 23.9% net margin
Strong cash conversion — FCF is 30.9% of revenue
Piotroski F-Score 8/9 — fundamentally strong checklist

Watch-outs

Nothing stands out as a concern in the available data.

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

10 of 11 checks passed

Revenue growing — the company sells more than a year ago+4.4% YoY
Profitable — makes more than it spends$556M TTM
Profit growing — earnings are higher than last year+10.2% YoY
Generates cash — cash left after running and investing$718M TTM
Debt under control — could handle its obligations~4.3y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$14.9B market cap
Not printing shares — share count not ballooning — you keep your slice+0.7% shares over ~5y
Proven track record — years of profitability behind it10/10 profitable years
Financially stable — balance sheet not near distresshealth score 10/100
Pays a dividend — returns cash to shareholdersyield 4.47%
Valuation not extreme — price not wildly above earningsP/E 26.7

Peer comparisonLamar Advertising Co vs 6 largest real estate peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
LAMR this company	$14.9B	26.7	+4.4%	23.9%	Strained
WELL Welltower Inc.	$162.5B	108.1	+37.6%	12.1%	Strained
PLD Prologis, Inc.	$123.1B	29.8	+7.3%	45.8%	Strained
EQIX Equinix, Inc.	$101.2B	66.0	+9.6%	15.6%	Strained
AMT American Tower Corporation	$84.5B	25.0	+14.2%	31.1%	Strained
DLR Digital Realty Trust, Inc.	$66.6B	83.0	+17.4%	11.8%	Strained
SPG Simon Property Group, Inc.	$64.7B	14.0	+15.0%	66.5%	Strained

Head-to-head: LAMR vs WELL · LAMR vs PLD · LAMR vs EQIX

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 2Buy 4Hold 7

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $2.33B · net income $556M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$2.33B

YoY 4.4%

Net income (TTM)

$556M

Margin 23.9%

Gross margin

82.0%

Operating margin

31.7%

P/E ratio

26.7

Dividend yield

4.47%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	1.6	1.8	2.0	2.1	2.2	2.3
Gross profit	1.0	1.2	1.4	1.4	1.5	1.5
Operating income (EBIT)	0.4	0.5	0.6	0.7	0.5	0.8
Net income	0.2	0.4	0.4	0.5	0.4	0.6
EPS (diluted)	2.41	3.83	4.32	4.86	3.53	5.78

Cash flowFree cash flow $718M · operating cash flow $907M (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$718M

Margin 30.9%

Operating cash flow (TTM)

$907M

FCF margin

30.9%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.6	0.7	0.8	0.8	0.9	0.9
Capital expenditure	-0.1	-0.1	-0.2	-0.2	-0.1	-0.2
Free cash flow	0.5	0.6	0.6	0.6	0.7	0.7
FCF margin	32.4%	34.0%	30.2%	28.7%	33.9%	30.1%

Balance sheetAssets $6.93B · net debt $3.10B (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $6.93B of assets is financed

85%

15%

Liabilities $5.91B — borrowed moneyEquity $1.02B — owners' stake

Cash vs debt

Total debt $3.17B − cash $64.8M = net debt $3.10B

Cash on hand covers 2% of debt.

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

4.9x

EBIT ÷ interest expense

ROE

55.7%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.1	0.1	0.1	0.0	0.0	0.1
Total assets	5.8	6.0	6.5	6.6	6.6	6.9
Total liabilities	4.6	4.8	5.3	5.3	5.5	5.9
Total debt	2.8	2.8	3.1	3.1	3.0	3.2
Equity	1.2	1.2	1.2	1.2	1.0	1.0
Net debt	2.6	2.7	3.0	3.0	2.9	3.1

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of LAMR on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $146.47 · market cap $14.9B.