A Business at a Glance
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SALEM MEDIA GROUP, INC. /DE/
SALM
$26M
Mkt Cap
$0.96
+0.19%
SALEM MEDIA GROUP, INC. /DE/ (SALM) has a 5-year average return on invested capital (ROIC) of 2.7%. This is below average and may indicate limited pricing power.
SALEM MEDIA GROUP, INC. /DE/ (SALM) has a market capitalization of $26M. It is classified as a small-cap stock.
SALEM MEDIA GROUP, INC. /DE/ (SALM) does not currently pay a regular dividend.
SALEM MEDIA GROUP, INC. /DE/ (SALM) operates in the Radio Broadcasting Stations industry, within the Communication Services sector.
SALEM MEDIA GROUP, INC. /DE/ (SALM) reported annual revenue of $267 million in its most recent fiscal year, based on SEC EDGAR filings.
SALEM MEDIA GROUP, INC. /DE/ (SALM) has a net profit margin of -1.2%. The company is currently unprofitable.
SALEM MEDIA GROUP, INC. /DE/ (SALM) generated $7 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Corporate Information Salem Media Group, Inc. is a domestic multimedia company specializing in Christian and conservative content, with media properties comprising radio broadcasting, digital media, and publishing. Our content is intended for audiences interested in Christian and family-themed programming and conservative news talk. Our filings with the Securities and Exchange Commission (“SEC”) are available free of charge under the Investor Relations section of our website at www.salemmedia.com as soon as reasonably practical after electronically filed. Any information found on our website is not a part of or incorporated by reference into this annual report or any other report of Salem filed with or furnished to the SEC. We have three operating segments: (1) Broadcast, (2) Digital Media, and (3) Publishing, which also qualify as reportable segments.
| Metric | TTM | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|
| Revenue | 262M | 267M | 258M | 236M | 254M | 263M |
| Net Income | -46M | -3.2M | 42M | -54M | -28M | -3.2M |
| EPS | $-1.68 | $-0.12 | $1.52 | $-2.03 | $-1.05 | $-0.12 |
| Free Cash Flow | -9.7M | 6.8M | 22M | 23M | 17M | 16M |
| ROIC | -11.1% | 1.4% | 12.4% | -1.9% | -1.7% | 3.5% |
| Gross Margin | - | - | 33.6% | 16.3% | 16.2% | 26.3% |
| Debt/Equity | 1.31 | 1.20 | 1.24 | 2.04 | 1.54 | 1.14 |
| Dividends/Share | $0.00 | - | $0.00 | $0.03 | $0.22 | $0.26 |
| Operating Income | -43M | 5.2M | 46M | -7.8M | -8.2M | 17M |
| Operating Margin | -16.4% | 1.9% | 17.9% | -3.3% | -3.2% | 6.5% |
| ROE | -34.6% | -1.8% | 26.5% | -33.3% | -13.5% | -1.4% |
| Shares Outstanding | 27M | 27M | 27M | 27M | 27M | 27M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 218M | 229M | 237M | 267M | 266M | 274M | 264M | 263M | 254M | 236M | 258M | 267M | 262M |
| Gross Margin | 46.8% | 36.8% | 34.9% | 30.2% | 30.6% | 27.4% | 27.6% | 26.3% | 16.2% | 16.3% | 33.6% | N/A | N/A |
| 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 | 18M | 14M | 16M | 17M | 15M | 15M | 16M | 16M | 16M | 16M | 17M | 19M | 18M |
| EBIT | 42M | 30M | 35M | 29M | 33M | 28M | 23M | 17M | -8.2M | -7.8M | 46M | 5.2M | -43M |
| Op. Margin | 19.3% | 13.3% | 14.6% | 10.7% | 12.4% | 10.2% | 8.7% | 6.5% | -3.2% | -3.3% | 17.9% | 1.9% | -16.4% |
| Net Income | 5.6M | 4.4M | -2.7M | 5.5M | 11M | 8.9M | 25M | -3.2M | -28M | -54M | 42M | -3.2M | -46M |
| Net Margin | 2.6% | 1.9% | -1.2% | 2.1% | 4.2% | 3.2% | 9.3% | -1.2% | -11.0% | -22.9% | 16.1% | -1.2% | -17.5% |
| Non-Recurring | 4.2M | -49K | 702K | -206K | 258K | 1.9M | -3.9M | -1.8M | -20M | -1.3M | 24M | 8.5M | 8.5M |
| Returns on Capital | |||||||||||||
| ROIC | 5.2% | 6.3% | 7.3% | 3.5% | 4.3% | 3.9% | 4.8% | 3.5% | -1.7% | -1.9% | 12.4% | 1.4% | -11.1% |
| ROE | 2.8% | 2.2% | -1.3% | 2.7% | 5.5% | 4.2% | 11.1% | -1.4% | -13.5% | -33.3% | 26.5% | -1.8% | -34.6% |
| ROA | 1.0% | 0.8% | -0.5% | 0.9% | 1.9% | 1.5% | 4.2% | -0.6% | -5.0% | -10.0% | 8.0% | -0.6% | -9.7% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 32M | 31M | 29M | 42M | 36M | 39M | 27M | 23M | 17M | 23M | 22M | 7.7M | -3.8M |
| Free Cash Flow | 24M | 23M | 18M | 32M | 24M | 37M | 25M | 16M | 17M | 23M | 22M | 6.8M | -9.7M |
| Owner Earnings | 16M | 15M | 12M | 22M | 18M | 21M | 8.6M | 4.2M | -384K | 8.4M | 9.3M | -5.2M | -18M |
| CapEx | 7.5M | 8.5M | 11M | 10M | 12M | 1.8M | 2.3M | 6.5M | 35K | 0 | 600K | 957K | 5.9M |
| Maint. CapEx | 15M | 15M | 15M | 19M | 18M | 17M | 17M | 18M | 16M | 14M | 13M | 13M | 13M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | N/A | 0 | 0 | 0 |
| D&A | 15M | 15M | 15M | 19M | 18M | 17M | 17M | 18M | 16M | 14M | 13M | 13M | 13M |
| CapEx/OCF | 23.7% | 27.5% | 37.0% | 22.3% | 24.4% | 24.2% | 0.2% | 0.3% | 0.2% | 0.7% | 0.6% | 1.2% | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 3.4M | 5.2M | 6.2M | 6.6M | 6.7M | 6.8M | 6.8M | 5.8M | 667K | 0 | 0 | 0 |
| Dividend Yield | N/A | 4.5% | 3.9% | 4.0% | 5.7% | 5.6% | 5.0% | 8.0% | 11.7% | 2.2% | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 950K | 1.4M | 1.8M | 1.6M | 771K | 582K | 1.7M | 543K | 1.5M | 345K | 319K | 284K | 396K |
| Debt Repayment | 1.0M | 645K | 23M | 0 | 0 | 0 | 7.0M | 50K | 44K | 141K | 1.9M | 51K | 51K |
| Balance Sheet | |||||||||||||
| Net Debt | 275M | 269M | 291M | 277M | 275M | 262M | 259M | 254M | 291M | 269M | 220M | 210M | 173M |
| Cash & Equiv. | 67K | 380K | 65K | 33K | 98K | 130K | 3K | 117K | 6K | 6.3M | 1.8M | 0 | N/A |
| Long-Term Debt | 266M | 249M | 288M | 276M | 269M | 261M | 250M | 234M | 216M | 214M | 171M | 150M | 153M |
| Debt/Equity | 1.35 | 1.31 | 1.44 | 1.38 | 1.33 | 1.24 | 1.12 | 1.14 | 1.54 | 2.04 | 1.24 | 1.20 | 1.31 |
| Interest Coverage | 1.5 | 1.2 | 2.0 | 1.8 | 2.1 | 1.9 | 1.4 | 0.9 | -0.5 | -0.5 | 2.9 | 0.4 | 0.4 |
| Equity | 203M | 206M | 202M | 201M | 207M | 211M | 231M | 222M | 190M | 135M | 178M | 175M | 132M |
| Total Assets | 561M | 562M | 575M | 583M | 596M | 590M | 573M | 559M | 558M | 525M | 516M | 505M | 471M |
| Total Liabilities | 358M | 356M | 373M | 379M | 386M | 379M | 342M | 337M | 369M | 389M | 338M | 330M | 339M |
| Intangibles | 6.5M | 8.8M | 8.8M | 12M | 11M | 14M | 13M | 11M | 7.1M | 4.0M | 2.4M | 2.1M | 4.3M |
| Retained Earnings | 4.8M | 5.8M | -2.1M | -4.2M | 321K | 2.5M | 20M | 10M | 23M | -78M | -37M | -40M | -83M |
| Working Capital | 5.5M | -3.2M | 19M | 15M | 13M | 15M | 4.6M | -9.2M | -11M | -5.1M | -9.9M | -20M | -28M |
| Current Assets | 42M | 48M | 51M | 54M | 58M | 55M | 47M | 44M | 42M | 46M | 42M | 45M | 54M |
| Current Liabilities | 37M | 51M | 32M | 40M | 45M | 39M | 42M | 53M | 53M | 51M | 51M | 65M | 81M |
| Per Share Data | |||||||||||||
| EPS | 0.23 | 0.18 | -0.11 | 0.21 | 0.43 | 0.34 | 0.94 | -0.12 | -1.05 | -2.03 | 1.52 | -0.12 | -1.68 |
| Owner EPS | 0.65 | 0.61 | 0.47 | 0.83 | 0.68 | 0.80 | 0.33 | 0.16 | -0.01 | 0.32 | 0.34 | -0.19 | -0.64 |
| Book Value | 8.31 | 8.38 | 8.11 | 7.73 | 7.99 | 8.09 | 8.82 | 8.34 | 7.15 | 5.08 | 6.53 | 6.50 | 4.86 |
| Cash Flow/Share | 1.30 | 1.26 | 1.16 | 1.61 | 1.39 | 1.49 | 1.04 | 0.86 | 0.64 | 0.86 | 0.82 | 0.29 | -1.19 |
| Dividends/Share | N/A | 0.14 | 0.21 | 0.24 | 0.26 | 0.26 | 0.26 | 0.26 | 0.22 | 0.03 | 0.00 | N/A | 0.00 |
| Shares Out. | 24.4M | 24.6M | 24.9M | 26.1M | 25.9M | 26.1M | 26.2M | 26.6M | 26.5M | 26.6M | 27.3M | 27.0M | 27.2M |
| Valuation | |||||||||||||
| P/E Ratio | 6.8 | 19.6 | N/A | 26.8 | 8.3 | 14.4 | 3.9 | N/A | N/A | N/A | 2.0 | N/A | -0.6 |
| P/FCF | 1.6 | 3.9 | 8.6 | 4.6 | 3.9 | 3.4 | 3.8 | 3.0 | 2.2 | 1.2 | 3.7 | 4.0 | N/A |
| EV/EBIT | 0.9 | 3.0 | 4.6 | 5.2 | 3.0 | 4.6 | 4.6 | 17.8 | N/A | N/A | 5.4 | 36.2 | N/A |
| Price/Book | 0.2 | 0.4 | 0.8 | 0.7 | 0.4 | 0.6 | 0.4 | 0.2 | 0.2 | 0.2 | 0.5 | 0.2 | 0.2 |
| Price/Sales | 0.2 | 0.3 | 0.6 | 0.6 | 0.4 | 0.4 | 0.5 | 0.3 | 0.2 | 0.1 | 0.3 | 0.3 | 0.1 |
| FCF Yield | 63.0% | 25.9% | 11.6% | 21.7% | 25.8% | 29.1% | 26.0% | 33.6% | 45.7% | 80.9% | 26.9% | 24.9% | -37.0% |
| Market Cap | 38M | 87M | 156M | 146M | 92M | 127M | 96M | 49M | 37M | 28M | 81M | 27M | 26M |
| Avg. Price | 2.04 | 3.09 | 5.31 | 5.98 | 4.44 | 4.57 | 5.17 | 3.21 | 1.88 | 1.13 | 2.63 | 2.49 | 0.96 |
| Year-End Price | 1.57 | 3.53 | 6.25 | 5.62 | 3.55 | 4.88 | 3.67 | 1.84 | 1.40 | 1.06 | 2.98 | 1.01 | 0.96 |
SALEM MEDIA GROUP, INC. /DE/ passes 2 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 3.4x vs a median of 3.8x. The company's 5-year average ROIC is 2.7% with a gross margin of 23.1%. At current prices, the estimated annualized return to fair value is -18.3%.
SALEM MEDIA GROUP, INC. /DE/ (SALM) has a debt-to-equity ratio of 1.20. This indicates moderate leverage.
SALEM MEDIA GROUP, INC. /DE/ (SALM) reported earnings per share (EPS) of $-0.12 in its most recent fiscal year.
SALEM MEDIA GROUP, INC. /DE/ (SALM) has a return on equity (ROE) of -1.8%. A negative ROE may indicate losses or negative equity.
SALEM MEDIA GROUP, INC. /DE/ (SALM) has a 5-year average gross margin of 23.1%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 14 years of financial data for SALEM MEDIA GROUP, INC. /DE/ (SALM), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
SALEM MEDIA GROUP, INC. /DE/ (SALM) has a book value per share of $6.50, based on its most recent annual SEC filing.
No recent press releases.