A Business at a Glance
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LAMAR ADVERTISING CO/NEW
LAMR
$16.2B
Mkt Cap
$159.46
+1.10%
LAMAR ADVERTISING CO/NEW (LAMR) has a current P/E ratio of 27.6, compared to its historical median P/E of 19.1. The stock is currently considered Expensive based on its historical valuation range.
LAMAR ADVERTISING CO/NEW (LAMR) has a 5-year average return on invested capital (ROIC) of 10.7%. This indicates solid capital allocation.
LAMAR ADVERTISING CO/NEW (LAMR) has a market capitalization of $16.2B. It is classified as a large-cap stock.
Yes, LAMAR ADVERTISING CO/NEW (LAMR) pays a dividend with a trailing twelve-month yield of 4.05%. The company also returns capital through share buybacks, with a buyback yield of 0.97%.
Based on historical P/E analysis, LAMAR ADVERTISING CO/NEW (LAMR) appears expensive. The current P/E of 27.6 is 45% above its historical median of 19.1. The estimated fair value CAGR (P/E method) is 7.9%.
LAMAR ADVERTISING CO/NEW (LAMR) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
LAMAR ADVERTISING CO/NEW (LAMR) reported annual revenue of $2.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
Lamar Advertising Company is one of the largest outdoor advertising companies in the United States, operating approximately 159,300 billboard displays (including 5,500 digital billboards), over 144,400 logo signs, and approximately 40,600 transit advertising displays across 45 states and Canada as of December 31, 2025. The company rents advertising space on billboards (bulletins and posters), digital billboards, logo signs near highway exits, and transit displays on public transportation vehicles, airport terminals, and transit shelters in over 80 markets. Lamar operates as a real estate investment trust (REIT) structured as an Umbrella Partnership REIT (UPREIT) since 2022, allowing property owners to contribute appreciated properties on a tax-deferred basis. The business model emphasizes local sales and service, with local advertising constituting approximately 79% of outdoor net revenues in 2025, supported by approximately 1,000 local account executives and regional managers averaging 34 years of tenure. The company pursues internal growth through targeted local marketing to improve occupancy rates and increase advertising rates, while also investing in upgrading and constructing new displays; since January 1, 2016, Lamar has invested approximately $1.32 billion in capitalized expenditures for improvements and new locations. Lamar operates under a centralized control and decentralized management structure, maintaining centralized accounting and financial control while allowing local managers responsibility for day-to-day operations and compensation based on market performance.
【National demand recovery accelerating】 Management noted particularly strong momentum on the national side following recovery that began in 2025 after weakness in 2023 and 2024, with first quarter 2026 results exceeding internal expectations on both top and bottom lines and forward bookings described as "very promising." The company expects acquisition-adjusted revenue growth of approximately 3.5% for full year 2026 with operating expenses increasing approximately 3%, and management anticipates at least a full percentage point of adjusted EBITDA margin expansion for the full year, targeting approximately 47.7% compared to 46.7% in 2025. Political advertising is expected to be a tailwind in 2026 with approximately $12–14 million in incremental revenue compared to 2025, reversing the headwind experienced in 2024, and the company expects to benefit from approximately $3–4 million in incremental World Cup business in markets with World Cup venues. Management remains aggressive on internal digital deployments, targeting approximately the same number of additional deployments in 2026 as in 2025, and anticipates another active M&A year with investment capacity well over $1 billion while maintaining leverage at or below the high end of the 3.5x–4x net debt to EBITDA target range.
| Metric | Target | Period |
|---|---|---|
| AFFO per share | $8.50–$8.70 | FY2026 |
| Total CapEx | approximately $186 million | FY2026 |
| Maintenance CapEx | $64 million | FY2026 |
| Cash interest | $154 million | FY2026 |
| Cash taxes | approximately $11.5 million | FY2026 |
| Regular dividend per share | at least $6.40 | FY2026 |
| Adjusted EBITDA margin | approximately 47.7% | FY2026 |
| Acquisition-adjusted revenue growth | approximately 3.5% | FY2026 |
| Acquisition-adjusted operating expense growth | approximately 3% | FY2026 |
AFFO per share (FY2026): “In this morning's release, we affirmed our full year AFFO guidance of $8.50 to $8.70 per share.”
Total CapEx (FY2026): “For the full year, we anticipate total CapEx of approximately $186 million, with maintenance CapEx comprising $64 million.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.3B | 2.3B | 2.2B | 2.1B | 2.0B | 1.8B |
| Net Income | 587M | 587M | 362M | 495M | 438M | 388M |
| EPS | $5.77 | $5.77 | $3.52 | $4.85 | $4.31 | $3.83 |
| Free Cash Flow | 683M | 683M | 748M | 605M | 615M | 608M |
| ROIC | 12.2% | 14.3% | 9.2% | 11.0% | 9.4% | 9.4% |
| Gross Margin | 52.6% | 52.6% | 60.6% | 53.1% | 50.0% | 52.6% |
| Debt/Equity | 5.03 | 5.03 | 4.57 | 4.01 | 4.02 | 3.60 |
| Dividends/Share | $6.45 | $6.45 | $5.65 | $5.00 | $5.00 | $4.00 |
| Operating Income | 774M | 774M | 532M | 675M | 578M | 521M |
| Operating Margin | 34.2% | 34.2% | 24.1% | 32.0% | 28.4% | 29.2% |
| ROE | 57.3% | 56.6% | 34.5% | 40.7% | 36.7% | 31.9% |
| Shares Outstanding | 102M | 102M | 103M | 102M | 102M | 101M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.3B | 1.4B | 1.5B | 1.5B | 1.6B | 1.8B | 1.6B | 1.8B | 2.0B | 2.1B | 2.2B | 2.3B | 2.3B |
| Gross Margin | 44.7% | 50.9% | 51.3% | 51.2% | 51.6% | 52.1% | 48.4% | 52.6% | 50.0% | 53.1% | 60.6% | 52.6% | 52.6% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 231M | 242M | 269M | 276M | 289M | 318M | 288M | 327M | 351M | 345M | 361M | 369M | 369M |
| EBIT | 279M | 383M | 439M | 455M | 461M | 518M | 410M | 521M | 578M | 675M | 532M | 774M | 774M |
| Op. Margin | 21.7% | 28.3% | 29.3% | 29.5% | 28.3% | 29.5% | 26.1% | 29.2% | 28.4% | 32.0% | 24.1% | 34.2% | 34.2% |
| Net Income | 253M | 262M | 298M | 317M | 305M | 372M | 243M | 388M | 438M | 495M | 362M | 587M | 587M |
| Net Margin | 19.7% | 19.4% | 19.9% | 20.6% | 18.7% | 21.2% | 15.5% | 21.7% | 21.6% | 23.5% | 16.4% | 25.9% | 25.9% |
| Non-Recurring | 7.3M | 8.8M | 15M | 4.7M | -7.2M | 7.2M | 9.0M | 2.1M | 16M | 5.5M | 6.1M | 76M | 76M |
| Returns on Capital | |||||||||||||
| ROIC | 9.8% | 12.3% | 11.9% | 12.2% | 10.6% | 9.2% | 7.8% | 9.4% | 9.4% | 11.0% | 9.2% | 14.3% | 12.2% |
| ROE | 25.8% | 25.7% | 27.9% | 28.8% | 26.9% | 31.5% | 20.2% | 31.9% | 36.7% | 40.7% | 34.5% | 56.6% | 57.3% |
| ROA | 7.6% | 7.8% | 7.7% | 7.5% | 6.7% | 6.3% | 4.2% | 6.4% | 6.8% | 7.5% | 5.5% | 8.7% | 8.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 453M | 478M | 522M | 507M | 565M | 631M | 570M | 734M | 782M | 784M | 874M | 864M | 864M |
| Free Cash Flow | 345M | 367M | 414M | 398M | 447M | 490M | 508M | 608M | 615M | 605M | 748M | 683M | 683M |
| Owner Earnings | 170M | 260M | 288M | 286M | 310M | 351M | 300M | 426M | 409M | 468M | 687M | 504M | 504M |
| CapEx | 108M | 110M | 108M | 109M | 118M | 141M | 62M | 126M | 167M | 178M | 125M | 181M | 181M |
| Maint. CapEx | 258M | 191M | 205M | 211M | 225M | 250M | 251M | 271M | 349M | 293M | 142M | 326M | 326M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 258M | 191M | 205M | 211M | 225M | 250M | 251M | 271M | 349M | 293M | 142M | 326M | 326M |
| CapEx/OCF | 23.8% | 23.1% | 20.6% | 21.6% | 20.8% | 22.3% | 10.9% | 17.2% | 21.4% | 22.7% | 14.3% | 20.9% | 20.9% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 239M | 266M | 294M | 244M | 443M | 385M | 252M | 405M | 509M | 511M | 579M | 656M | 656M |
| Dividend Yield | 8.6% | 8.0% | 7.6% | 5.3% | 9.1% | 6.6% | 4.6% | 4.9% | 6.1% | 6.0% | 5.2% | 5.5% | 4.0% |
| Share Buybacks | 3.0M | 6.1M | 6.2M | 9.0M | 4.1M | 8.9M | 10M | 6.1M | 11M | 6.0M | 5.3M | 158M | 158M |
| Buyback Yield | 0.1% | 0.2% | 0.1% | 0.2% | 0.1% | 0.1% | 0.2% | 0.1% | 0.1% | 0.1% | 0.0% | 1.2% | 1.0% |
| Stock-Based Comp | 24M | 26M | 29M | 9.6M | 29M | 30M | 19M | 37M | 23M | 23M | 45M | 34M | 34M |
| Debt Repayment | 12M | 15M | 21M | 17M | 27M | 34M | 9.1M | 378K | 365K | 381K | 464K | 14M | 14M |
| Balance Sheet | |||||||||||||
| Net Debt | 1.9B | 1.9B | 2.5B | 2.5B | 3.0B | 4.4B | 4.0B | 4.2B | 4.7B | 4.8B | 4.7B | 5.0B | 5.1B |
| Cash & Equiv. | 26M | 22M | 36M | 115M | 21M | 26M | 122M | 100M | 53M | 45M | 49M | 65M | 65M |
| Long-Term Debt | 1.9B | 1.9B | 2.3B | 2.5B | 2.7B | 2.8B | 2.8B | 2.8B | 3.1B | 3.1B | 3.0B | 3.2B | 3.2B |
| Debt/Equity | 1.95 | 1.87 | 2.36 | 2.50 | 2.73 | 3.79 | 3.49 | 3.60 | 4.02 | 4.01 | 4.57 | 5.03 | 5.03 |
| Interest Coverage | 2.6 | 3.9 | 3.5 | 3.5 | 3.6 | 3.4 | 3.0 | 4.9 | 4.5 | 3.9 | 3.1 | 4.8 | 4.8 |
| Equity | 981M | 1.0B | 1.1B | 1.1B | 1.1B | 1.2B | 1.2B | 1.2B | 1.2B | 1.2B | 1.0B | 1.0B | 1.0B |
| Total Assets | 3.3B | 3.4B | 3.9B | 4.2B | 4.5B | 5.9B | 5.8B | 6.0B | 6.5B | 6.6B | 6.6B | 6.9B | 6.9B |
| Total Liabilities | 2.3B | 2.3B | 2.8B | 3.1B | 3.4B | 4.8B | 4.6B | 4.8B | 5.3B | 5.3B | 5.5B | 5.9B | 5.9B |
| Intangibles | 367M | 403M | 637M | 796M | 915M | 992M | 914M | 1.0B | 1.2B | 1.2B | 1.1B | 1.1B | 1.1B |
| Retained Earnings | -633M | -636M | -631M | -639M | -695M | -708M | -717M | -734M | -804M | -819M | -1.0B | -1.1B | -1.1B |
| Working Capital | 48M | 45M | 37M | 95M | -91M | -363M | -167M | -274M | -361M | -341M | -353M | -334M | -334M |
| Current Assets | 273M | 282M | 314M | 421M | 364M | 310M | 381M | 389M | 365M | 373M | 425M | 460M | 460M |
| Current Liabilities | 225M | 237M | 277M | 326M | 455M | 673M | 548M | 663M | 726M | 714M | 778M | 794M | 794M |
| Per Share Data | |||||||||||||
| EPS | 2.66 | 2.72 | 3.05 | 3.23 | 3.08 | 3.71 | 2.41 | 3.83 | 4.31 | 4.85 | 3.52 | 5.77 | 5.77 |
| Owner EPS | 1.79 | 2.70 | 2.95 | 2.91 | 3.13 | 3.50 | 2.97 | 4.21 | 4.02 | 4.58 | 6.69 | 4.95 | 4.95 |
| Book Value | 10.31 | 10.59 | 10.93 | 11.23 | 11.43 | 11.78 | 11.93 | 12.02 | 11.76 | 11.91 | 10.20 | 10.08 | 10.08 |
| Cash Flow/Share | 4.75 | 4.95 | 5.33 | 5.16 | 5.71 | 6.30 | 5.65 | 7.25 | 7.69 | 7.67 | 8.51 | 8.50 | 8.98 |
| Dividends/Share | 2.50 | 2.75 | 3.02 | 3.32 | 3.65 | 3.84 | 2.50 | 4.00 | 5.00 | 5.00 | 5.65 | 6.45 | 6.45 |
| Shares Out. | 95.2M | 96.4M | 97.9M | 98.2M | 99.0M | 100.2M | 100.8M | 101.2M | 101.7M | 102.1M | 102.7M | 101.7M | 101.7M |
| Valuation | |||||||||||||
| P/E Ratio | 12.0 | 13.6 | 14.3 | 15.6 | 16.0 | 17.9 | 26.9 | 25.3 | 18.4 | 19.8 | 32.4 | 21.7 | 27.6 |
| P/FCF | 8.8 | 9.7 | 10.3 | 12.4 | 10.9 | 13.6 | 12.9 | 16.1 | 13.1 | 16.2 | 15.7 | 18.6 | 23.7 |
| EV/EBIT | 17.6 | 14.2 | 15.3 | 16.4 | 17.2 | 21.4 | 25.6 | 26.8 | 22.1 | 21.6 | 30.9 | 22.9 | 27.5 |
| Price/Book | 3.1 | 3.5 | 4.0 | 4.5 | 4.3 | 5.6 | 5.4 | 8.1 | 6.8 | 8.1 | 11.2 | 12.4 | 15.8 |
| Price/Sales | 2.1 | 2.5 | 2.6 | 3.0 | 3.0 | 3.3 | 3.5 | 4.6 | 4.1 | 4.0 | 5.1 | 5.2 | 7.2 |
| FCF Yield | 11.4% | 10.3% | 9.7% | 8.0% | 9.2% | 7.4% | 7.8% | 6.2% | 7.6% | 6.2% | 6.4% | 5.4% | 4.2% |
| Market Cap | 3.0B | 3.6B | 4.3B | 4.9B | 4.9B | 6.6B | 6.5B | 9.8B | 8.1B | 9.8B | 11.7B | 12.7B | 16.2B |
| Avg. Price | 29.06 | 34.40 | 39.28 | 47.33 | 49.16 | 57.99 | 53.88 | 81.57 | 82.49 | 83.27 | 109.16 | 116.59 | 159.46 |
| Year-End Price | 31.87 | 37.08 | 43.62 | 50.30 | 49.26 | 66.34 | 64.88 | 96.79 | 79.37 | 96.20 | 114.15 | 125.04 | 159.46 |
LAMAR ADVERTISING CO/NEW passes 5 of 9 quality checks, suggesting mixed fundamentals.
LAMAR ADVERTISING CO/NEW trades at 27.6x trailing earnings, compared to its 15-year median P/E of 19.1x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 20.3x vs a median of 13.4x. The company's 5-year average ROIC is 10.7% with a gross margin of 53.8%. Total shareholder yield (dividends + buybacks) is 5.0%. At current prices, the estimated annualized return to fair value is +9.4%.
LAMAR ADVERTISING CO/NEW (LAMR) has a net profit margin of 25.9%. This is a strong margin indicating high profitability.
LAMAR ADVERTISING CO/NEW (LAMR) generated $683 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
LAMAR ADVERTISING CO/NEW (LAMR) has a debt-to-equity ratio of 5.03. This indicates higher leverage, which may increase financial risk.
LAMAR ADVERTISING CO/NEW (LAMR) reported earnings per share (EPS) of $5.77 in its most recent fiscal year.
LAMAR ADVERTISING CO/NEW (LAMR) has a return on equity (ROE) of 56.6%. This indicates the company generates strong returns for shareholders.
LAMAR ADVERTISING CO/NEW (LAMR) has a 5-year average gross margin of 53.8%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 18 years of financial data for LAMAR ADVERTISING CO/NEW (LAMR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
LAMAR ADVERTISING CO/NEW (LAMR) has a book value per share of $10.08, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management noted particularly strong momentum on the national side following recovery that began in 2025 after weakness in 2023 and 2024, with first quarter 2026 results exceeding internal expectations on both top and bottom lines and forward bookings described as "very promising." The company expects acquisition-adjusted revenue growth of approximately 3.5% for full year 2026 with operating expenses increasing approximately 3%, and management anticipates at least a full percentage point of adjusted EBITDA margin expansion for the full year, targeting approximately 47.7% compared to 46.7% in 2025. Political advertising is expected to be a tailwind in 2026 with approximately $12–14 million in incremental revenue compared to 2025, reversing the headwind experienced in 2024, and the company expects to benefit from approximately $3–4 million in incremental World Cup business in markets with World Cup venues. Management remains aggressive on internal digital deployments, targeting approximately the same number of additional deployments in 2026 as in 2025, and anticipates another active M&A year with investment capacity well over $1 billion while maintaining leverage at or below the high end of the 3.5x–4x net debt to EBITDA target range.
Based on recent SEC filings and earnings calls, LAMAR ADVERTISING CO/NEW (LAMR) has provided the following forward guidance: AFFO per share: $8.50–$8.70 (FY2026); Total CapEx: approximately $186 million (FY2026); Maintenance CapEx: $64 million (FY2026); Cash interest: $154 million (FY2026); Cash taxes: approximately $11.5 million (FY2026), plus 4 additional metrics.
Maintenance CapEx (FY2026): “For the full year, we anticipate total CapEx of approximately $186 million, with maintenance CapEx comprising $64 million.”
Cash interest (FY2026): “Cash interest in our guidance totals $154 million and assumes no change in short-term floating interest rates for the balance of the year.”
Cash taxes (FY2026): “cash taxes are projected to come in around $11.5 million, which is slightly higher than our original expectations.”
Regular dividend per share (FY2026): “For the full year, we still expect to distribute a regular dividend of at least $6.40 per share.”
Adjusted EBITDA margin (FY2026): “Last year it was 46.7% and, you know, I'm looking for something in the 47.7% range, for the full year this year.”
Acquisition-adjusted revenue growth (FY2026): “The midpoint of the guidance also implies revenue growth of approximately 3.5% on an acquisition-adjusted basis, with expenses increasing approximately 3% on that same basis.”
No recent press releases.