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Lamar Advertising (LAMR)

Market Price (11/5/2025): $120.05 | Market Cap: $12.2 Bil
Sector: Real Estate | Industry: Other Specialized REITs

Lamar Advertising (LAMR)

Market Price (11/5/2025): $120.05
Market Cap: $12.2 Bil
Sector: Real Estate
Industry: Other Specialized REITs

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 39%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 32%		 Weak multi-year price returns
2Y Excs Rtn is -1.2%, 3Y Excs Rtn is -24%		 
1 Attractive yield
FCF Yield is 6.0%		  
2 Low stock price volatility
Vol 12M is 27%		  
0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 39%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 32%
1 Attractive yield
FCF Yield is 6.0%
2 Low stock price volatility
Vol 12M is 27%
3 Weak multi-year price returns
2Y Excs Rtn is -1.2%, 3Y Excs Rtn is -24%

Market Valuation & Key Metrics

LAMRS&P 500
REVENUE GROWTHPOOR
Rev LTM ($ Bil)2.2
Rev Chg Q2.5%6.7%
Rev Chg LTM3.1%5.6%
Rev Chg 3Y Avg4.7%5.3%
PROFITABILITYGOOD
Op Inc LTM ($ Bil)0.5
CFO LTM ($ Bil)0.9
Net Inc LTM ($ Bil)0.4
Op Mgn LTM24.0%18.8%
CFO/Rev LTM38.8%20.4%
Net Inc Mgn19.7%12.9%
VALUATIONHIGH
P/S5.53.1
P/CFO14.115.2
P/FCF16.820.3
P/E27.723.7

AI Generated Analysis | Feedback

Metric

LAMR Stock

               
           
Factor Drivers of Stock Movement
The 5.7% change in LAMR stock from 5/6/2025 to 11/4/2025 was primarily driven by a 20.3% change in the company's Net Income Margin (%).

506202511042025Change
Stock Price ($)113.12119.605.72%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)2207.102228.440.97%
Net Income Margin (%)16.40%19.72%20.26%
P/E Multiple32.0027.57-13.86%
Shares Outstanding (Mil)102.36101.271.07%
Cumulative Contribution5.71%

LTM = Last Twelve Months as of date shown
The -4.5% change in LAMR stock from 11/4/2024 to 11/4/2025 was primarily driven by a -15.5% change in the company's Net Income Margin (%).

1104202411042025Change
Stock Price ($)125.18119.60-4.46%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)2161.922228.443.08%
Net Income Margin (%)23.34%19.72%-15.54%
P/E Multiple25.3627.578.70%
Shares Outstanding (Mil)102.25101.270.96%
Cumulative Contribution-4.46%

LTM = Last Twelve Months as of date shown
The 57.1% change in LAMR stock from 11/5/2022 to 11/4/2025 was primarily driven by a 76.7% change in the company's P/E Multiple.

1105202211042025Change
Stock Price ($)76.15119.6057.05%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)1991.202228.4411.91%
Net Income Margin (%)24.90%19.72%-20.82%
P/E Multiple15.6027.5776.70%
Shares Outstanding (Mil)101.58101.270.30%
Cumulative Contribution57.05%

LTM = Last Twelve Months as of date shown
Why The Stock Moved

AI Generated Analysis | Feedback

I cannot provide an analysis of Lamar Advertising (LAMR) stock movement for the period between July 31, 2025, and November 5, 2025. The requested time frame is in the future, and therefore, there is no historical stock data or events to analyze for that period.

Show more

Return vs. Risk

Price Returns Compared

 202020212022202320242025Total [1]
Returns
LAMR Return-3%51%-18%19%20%2%73%
Peers Return-21%69%-40%13%15%-3%1%
S&P 500 Return16%27%-19%24%23%15%112%

Monthly Win Rates [3]
LAMR Win Rate58%75%33%42%67%60% 
Peers Win Rate48%77%32%47%53%34% 
S&P 500 Win Rate58%75%42%67%75%70% 

Max Drawdowns [4]
LAMR Max Drawdown-63%-5%-29%-13%-5%-15% 
Peers Max Drawdown-53%-8%-43%-19%-12%-22% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 

[1] Cumulative total returns since the beginning of 2020
[2] Peers: EQR, MAA, UDR, OUT, CCO. See LAMR Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 11/4/2025 (YTD)

How Low Can It Go

Unique KeyEventLAMRS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-32.6%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven48.3%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven696 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-66.4%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven197.5%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven357 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-20.8%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven26.2%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven165 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-92.3%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven1192.1%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven2864 days1480 days

Compare to EQR, MAA, UDR, OUT, CCO


In The Past

Lamar Advertising's stock fell -32.6% during the 2022 Inflation Shock from a high on 12/30/2021. A -32.6% loss requires a 48.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Lamar Advertising (LAMR)

AI Generated Analysis | Feedback

Here are 1-2 brief analogies for Lamar Advertising (LAMR):

  • The Google or Meta (Facebook) for physical, outdoor advertising. Lamar provides a vast platform for businesses to display ads to audiences in the real world, much like tech giants do in the digital realm.
  • A major broadcast network (like NBC or CBS), but instead of selling airtime, they sell physical advertising space on billboards and transit displays. They own and manage extensive "ad inventory" in public spaces, which they lease to advertisers.

AI Generated Analysis | Feedback

  • Billboard Advertising: Provides advertising space on static billboards located along highways and major thoroughfares.
  • Digital Billboard Advertising: Offers flexible advertising opportunities through programmable electronic displays with rotating advertisements.
  • Transit Advertising: Sells ad space on buses, bus shelters, benches, and other public transit assets.
  • Airport Advertising: Markets various advertising displays within airport terminals and grounds.

AI Generated Analysis | Feedback

Lamar Advertising (LAMR) primarily sells its advertising space and services to other companies, not individuals.

According to its most recent annual report (10-K filing), Lamar Advertising has a highly diversified customer base. No single customer accounts for a significant portion of its total revenues; for instance, in 2023, Lamar's largest single customer accounted for less than 1% of its total revenues. Therefore, there are no specific "major customers" that can be individually named as they do not represent a concentration of revenue.

Lamar serves thousands of national, regional, and local businesses across a wide range of industries that utilize outdoor advertising to reach consumers. Examples of the types of companies that typically advertise with Lamar include:

  • Retailers: Both large chain stores and local shops advertising sales, new locations, or brand awareness.
  • Automotive Industry: Car dealerships promoting new models, sales events, or service centers.
  • Food & Beverage: Restaurants (fast food, casual dining), coffee shops, and beverage brands advertising menu items, promotions, or locations.
  • Healthcare Providers: Hospitals, urgent care centers, dental practices, and other medical services promoting their facilities or specialties.
  • Telecommunications & Technology: Internet service providers, mobile carriers, and tech companies advertising new products or plans.
  • Financial Services: Banks, credit unions, and other financial institutions promoting services or branch locations.
  • Local Businesses & Services: A vast array of local businesses such as real estate agents, legal services, home improvement companies, and entertainment venues.

AI Generated Analysis | Feedback

  • Daktronics (DAKT)

AI Generated Analysis | Feedback

Sean Reilly, President and Chief Executive Officer

Sean Reilly has served as Chief Executive Officer of Lamar Advertising Company since February 2011 and as President since February 2020. He is a fourth-generation family member to work at Lamar, which was founded by his mother's grandfather in 1902. Mr. Reilly joined Lamar in 1989, when it was a family-owned private business, working on acquisitions and real estate. He served as President of TLC Properties and became Chief Operating Officer of Lamar in 2001. Prior to his executive roles at Lamar, Mr. Reilly served as a State Representative in the Louisiana Legislature from 1988 to 1996. Under his leadership, Lamar established the industry's first digital billboard network in 2001 and successfully converted to a real estate investment trust (REIT) in 2014, unlocking additional shareholder value.

Jay Johnson, Executive Vice President, Chief Financial Officer and Treasurer

Jay L. Johnson was appointed Executive Vice President, Chief Financial Officer, and Treasurer of Lamar Advertising Company in October 2019. Before joining Lamar, Mr. Johnson served as Executive Vice President and Chief Financial Officer of DiamondRock Hospitality Company, a lodging real estate investment trust, since April 2018. Prior to that, he was Senior Vice President and Treasurer at Host Hotels & Resorts, an S&P 500 company, where he managed over $14 billion in debt and equity capital transactions across 12 countries. His earlier career included senior leadership positions at KeyBank Real Estate Capital and Bank of America. Mr. Johnson currently serves on the Board of Directors of SBA Communications Corporation and Newell Brands, Inc.

Kevin Reilly, Jr., Executive Chairman

Kevin P. Reilly, Jr. has served as Executive Chairman of Lamar Advertising Company since February 2020 and has been a member of the board of directors since February 1984. He joined the company in 1978 and held the roles of President from 1989 to 2020 and Chief Executive Officer from 1989 to 2011. Mr. Reilly, Jr. is part of the Reilly family, which founded Lamar Advertising in 1902, and the family retains significant voting power within the company.

John Miller, Executive Vice President of Sales & Sales Operations

John Miller serves as the Executive Vice President of Sales & Sales Operations for Lamar Advertising. He is also listed as Senior Vice President of Sales and Sales Operations. No further specific background details are available through the provided search results.

Hal Kilshaw, Executive Vice President of Government Relations

Hal Kilshaw holds the position of Executive Vice President of Government Relations at Lamar Advertising. He is also referred to as Vice President of Governmental Relations. No further specific background details are available through the provided search results.

AI Generated Analysis | Feedback

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AI Generated Analysis | Feedback

Lamar Advertising (LAMR) operates primarily within the Out-of-Home (OOH) advertising market, with its main products and services including billboards (both static and digital), transit advertising, and interstate logo signs.

Addressable Market Sizes:

  • Overall Out-of-Home (OOH) Advertising Market (U.S. and Canada): The broader out-of-home advertising market in the United States reached approximately $9.1 billion in revenue in 2024. Other estimates indicate the U.S. outdoor advertising market was valued at USD 10.34 billion in 2024 and is expected to grow to USD 16.72 billion by 2030. Another source states the U.S. billboard and outdoor advertising market generated $10.23 billion in revenue in 2024 and is projected to reach $16.55 billion by 2030. North America holds the largest market share in the global OOH advertising market.
  • Digital Out-of-Home (DOOH) Advertising Market (U.S. and North America): The United States digital OOH advertising market size reached USD 6.1 billion in 2024 and is expected to grow to USD 14.7 billion by 2033. North America's Digital Out-Of-Home (DOOH) Advertising Market accounted for USD 6.98 billion in revenue in 2023. It is anticipated to increase to USD 9,370.91 million during the forecast period.
  • Transit Advertising Market (North America): The North American transit advertising market was valued at USD 10 billion in 2024 and is projected to grow to USD 13 billion by 2035.
  • Interstate Logo Sign Advertising: Market size for interstate logo sign advertising as a standalone product is not readily available. However, for Lamar Advertising, interstate logo advertising accounts for a smaller portion (4% to 6%) of its total revenues.

AI Generated Analysis | Feedback

Lamar Advertising (LAMR) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:

  1. Digital Billboard Conversions and Expansion: Lamar Advertising continues to convert its traditional static billboards to digital displays, which generate significantly higher revenue per unit. Digital billboards can generate up to five times the revenue of static boards by allowing multiple advertisers to occupy the space at one time. The company is actively expanding its digital advertising network.

  2. Strategic Acquisitions: Lamar has a consistent strategy of expanding its market share and reach through opportunistic mergers and acquisitions. The company targets smaller, high-quality deals, and recently completed its first-ever UPREIT transaction, which is anticipated to be a compelling option for future acquisitions. This M&A activity is often funded through free cash flow.

  3. Growth in Local and Regional Advertising Sales: Local and regional sales have consistently demonstrated growth for Lamar, accounting for a substantial portion of its billboard revenue. This stable and resilient segment of the business continues to be a strong contributor to overall revenue, even when national sales experience some softness.

  4. Expansion of Programmatic Advertising: Programmatic advertising, particularly in the digital out-of-home space, is a growing revenue driver for Lamar. This channel has shown substantial year-over-year increases and is attracting new customers across various product categories, indicating its increasing importance in the company's revenue mix.

AI Generated Analysis | Feedback

Share Repurchases

  • Lamar Advertising completed $150 million in stock repurchases under its existing program.
  • In May 2025, the board approved a $150 million increase to the stock repurchase program, making $250 million available for future repurchases.
  • During Q1 2025, Lamar repurchased 164,529 shares for $18.4 million, followed by an additional 1.2 million shares in April for $131.6 million.

Share Issuance

  • Lamar did not issue any shares under its $400.0 million "At-the-Market" offering program in 2024.
  • No shares were issued under the 2024 Sales Agreement during the year ended December 31, 2024, or the six months ended June 30, 2025.

Inbound Investments

  • Assetmark Inc. increased its stake in Lamar Advertising by 113.5% during Q2 2025, holding approximately 77,879 shares valued at about $9.45 million.

Outbound Investments

  • On July 2, 2025, Lamar Advertising acquired Verde Outdoor in an UPREIT transaction, adding over 1,500 billboard faces and 80 digital displays.
  • The company completed 24 acquisitions in 2024 for a total cash purchase price of approximately $45.4 million, expanding its outdoor advertising assets.
  • In Q1 2025, Lamar recognized a $67.7 million gain from the sale of its equity interest in Vistar Media, Inc.

Capital Expenditures

  • Anticipated capital expenditures for 2025 are approximately $195 million.
  • Capital expenditures are primarily focused on growth, maintenance, and non-recurring expenses related to new and existing billboard displays, logo sign and transit contracts, technology investments, and the purchase of real estate and operating equipment.

Better Bets than Lamar Advertising (LAMR)

 LAMRBetter Performance than LAMR
MetricValueIndustry (Other Specialized REITs)
Rev Chg LTM3.1%IRM (10.7%), GLPI (4.4%), EPR (4.2%), FCPT (8.3%), SELF (4.1%)
Rev Chg 3Y Avg4.7%IRM (10.1%), GLPI (7.4%), FCPT (9.5%), SAFE (19.5%)
Op Mgn LTM24.0%GLPI (72.7%), EPR (54.9%), FCPT (55.7%), SAFE (78.5%), FPI (42.3%)
CFO/Rev LTM38.8%GLPI (68.4%), EPR (62.7%), FCPT (61.9%)
FCF/Rev LTM32.4%GLPI (63.2%), EPR (62.7%), FCPT (61.9%), SELF (36.0%)
Total Yield3.6%GLPI (12.8%), EPR (5.3%), OUT (7.2%), FCPT (10.1%), SAFE (14.8%)
 LAMRBetter Performance than LAMR
MetricValueAll Other Sectors
Rev Chg LTM3.1%NVDA (71.6%), AAPL (6.0%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%)
Rev Chg 3Y Avg4.7%NVDA (92.0%), MSFT (13.2%), GOOGL (11.0%), AMZN (11.3%), AVGO (24.0%)
Op Mgn LTM24.0%NVDA (58.1%), AAPL (31.9%), MSFT (46.3%), GOOGL (32.2%), AVGO (39.0%)
CFO/Rev LTM38.8%NVDA (46.6%), MSFT (50.0%), GOOGL (39.3%), AVGO (42.4%), META (56.8%)
FCF/Rev LTM32.4%NVDA (43.6%), AVGO (41.6%), V (56.8%), MA (52.5%), PLTR (49.7%)
Total Yield3.6%GOOGL (4.0%), META (4.0%), BRK-B (6.4%), JPM (6.6%), V (3.8%)
 Best Bets In Real Estate Sector
 LAMRCTRE WPC ADC NNN OHI O EPRT GLPI EPR FCPT
What You Pay           
P/E27.631.039.841.618.923.655.424.416.518.922.7
P/EBIT19.527.021.024.812.816.124.717.110.811.515.4
What You Get           
Rev Chg Q2.5%55.3%8.5%18.7%4.6%12.9%4.2%23.7%3.2%4.3%11.0%
Rev Chg LTM3.1%29.7%5.6%14.7%4.8%13.7%15.6%24.2%4.4%4.2%8.3%
Rev Chg 3Y Avg4.7%14.1%5.6%19.5%6.1%6.3%24.7%24.2%7.4%3.9%9.5%
FCF/Rev 3Y Avg31.2%88.4%84.4%73.1%73.6%71.6%71.0%69.3%65.4%63.9%61.3%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 9.6%, alpha of 3.1%, and sharpe of 0.44

Latest Trefis Analyses

TitleTopic
0DASHBOARDS 
1How Low Can Lamar Advertising Stock Really Go?Return
2Lamar Advertising vs Alphabet: Which Is A Better Investment?Counter-Intuitive Comparisons
3Lamar Advertising vs Simon Property: Which Is A Better Investment?Counter-Intuitive Comparisons
4Lamar Advertising vs Gaming and Leisure Properties: Which Is A Better Investment?Counter-Intuitive Comparisons
5How Does Lamar Advertising Stock Stack Up Against Its Peers?Peer Comparison
6Better Bet Than LAMR Stock: Pay Less Than Lamar Advertising To Get More From GOOGL, PM  
7Better Bet Than LAMR Stock: Pay Less Than Lamar Advertising To Get More From O, VICI  
8Better Bet Than LAMR Stock: Pay Less Than Lamar Advertising To Get More From IRM  
9LAMR Dip Buy Analysis 
10Lamar Advertising Total Shareholder Return (TSR): 24.6% in 2024 and 10.6% 3-yr compounded annual returns (above peer average) 

Trade Ideas

Select past ideas related to LAMR. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
MPW_10312025_Short_Squeeze10312025MPWMedical Properties TrustSpecialShort Squeeze PotentialShort Squeeze Potential
Has potential for a short squeeze. High short interest, rising short interest and high debt.		-1.5%-1.5%-1.5%
LAMR_9302022_Dip_Buyer_FCFYield09302022LAMRLamar AdvertisingDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		24.6%7.0%0.0%
LAMR_10312020_Dip_Buyer_FCFYield10312020LAMRLamar AdvertisingDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		62.0%88.3%0.0%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
MPW_10312025_Short_Squeeze10312025MPWMedical Properties TrustSpecialShort Squeeze PotentialShort Squeeze Potential
Has potential for a short squeeze. High short interest, rising short interest and high debt.		-1.5%-1.5%-1.5%
LAMR_9302022_Dip_Buyer_FCFYield09302022LAMRLamar AdvertisingDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		24.6%7.0%0.0%
LAMR_10312020_Dip_Buyer_FCFYield10312020LAMRLamar AdvertisingDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin		62.0%88.3%0.0%

Recent Active Movers

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Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Lamar Advertising

Financials

LAMREQRMAAUDROUTCCOMedian
NameLamar Ad.Equity R.Mid-Amer.UDR Outfront.Clear Ch. 
Mkt Price119.6059.38129.0934.2717.531.7446.83
Mkt Cap12.122.515.111.32.90.911.7
Rev LTM2,2283,0452,2001,7021,7961,2021,998
Op Inc LTM535856636309268294422
FCF LTM7231,231757602195-47662
FCF 3Y Avg6741,235797564175-74619
CFO LTM8641,5411,09988229886873
CFO 3Y Avg8281,5521,12785626978842

Growth & Margins

LAMREQRMAAUDROUTCCOMedian
NameLamar Ad.Equity R.Mid-Amer.UDR Outfront.Clear Ch. 
Rev Chg LTM3.1%4.4%1.2%2.4%-2.5%2.8%2.6%
Rev Chg 3Y Avg4.7%5.3%5.4%5.2%2.2%-15.0%4.9%
Rev Chg Q2.5%4.7%0.6%2.8%-3.6%7.0%2.6%
QoQ Delta Rev Chg LTM0.6%1.2%0.2%0.7%-0.9%2.2%0.7%
Op Mgn LTM24.0%28.1%28.9%18.2%14.9%24.5%24.3%
Op Mgn 3Y Avg27.7%30.0%30.8%17.6%14.9%21.4%24.5%
QoQ Delta Op Mgn LTM0.3%-0.3%-0.7%0.3%-0.2%0.2%0.0%
CFO/Rev LTM38.8%50.6%49.9%51.8%16.6%7.2%44.4%
CFO/Rev 3Y Avg38.4%53.1%52.1%51.6%14.8%6.3%45.0%
FCF/Rev LTM32.4%40.4%34.4%35.4%10.9%-3.9%33.4%
FCF/Rev 3Y Avg31.2%42.2%36.9%34.0%9.6%-5.7%32.6%

Valuation

LAMREQRMAAUDROUTCCOMedian
NameLamar Ad.Equity R.Mid-Amer.UDR Outfront.Clear Ch. 
Mkt Cap12.122.515.111.32.90.911.7
P/S5.47.46.96.71.60.76.0
P/EBIT19.516.519.730.611.52.518.0
P/E27.622.326.475.727.240.027.4
P/CFO14.014.613.712.89.810.013.3
Total Yield3.6%9.1%8.4%6.3%7.2%2.5%6.8%
Dividend Yield0.0%4.6%4.6%5.0%3.6%0.0%4.1%
FCF Yield 3Y Avg5.8%5.0%4.8%4.4%6.8%-11.3%4.9%
D/E0.40.40.30.51.47.40.5
Net D/E0.40.40.30.51.47.30.5

Returns

LAMREQRMAAUDROUTCCOMedian
NameLamar Ad.Equity R.Mid-Amer.UDR Outfront.Clear Ch. 
1M Rtn-2.9%-6.2%-4.5%-4.7%-3.4%17.6%-4.0%
3M Rtn-3.6%-5.3%-7.9%-10.0%-2.6%47.5%-4.5%
6M Rtn5.7%-14.1%-19.9%-18.2%16.7%59.6%-4.2%
12M Rtn-4.5%-12.0%-11.6%-14.9%4.3%23.4%-8.0%
3Y Rtn57.1%9.7%-5.2%1.3%35.0%37.0%22.4%
1M Excs Rtn-2.6%-5.0%-4.5%-4.2%-3.6%17.1%-3.9%
3M Excs Rtn-9.5%-12.1%-13.9%-16.2%-5.9%51.5%-10.8%
6M Excs Rtn-15.0%-34.8%-40.7%-38.9%-4.1%38.9%-24.9%
12M Excs Rtn-23.2%-30.9%-29.8%-33.9%-13.1%-0.3%-26.5%
3Y Excs Rtn-24.4%-67.1%-80.5%-75.2%-54.4%-61.3%-64.2%

Comparison Analyses

Financials

$ Mil | FY: 12/312025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q12022Q42022Q3
Period End6/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/20233/31/202312/31/20229/30/2022
Filing Date8/8/20255/8/20252/20/202511/8/20248/8/20245/2/20242/23/202411/2/20238/3/20235/4/20232/24/202311/4/2022
Key Financials Quarterly            
Total Revenue579505580564565498556543541471536527
Net Income154139-1147137781491401317666146
EPS1.521.35-0.011.441.340.771.461.371.280.750.651.44
Key Financials TTM            
Total Revenue TTM2,2282,2142,2072,1832,1622,1382,1112,0912,0752,0522,0321,991
Net Income TTM439422362512505498496413419423439496
Growth Rates Quarterly            
Total Revenue Growth2.5%1.5%4.3%4.0%4.5%5.7%3.8%2.9%4.5%4.4%8.3%10.6%
Net Income Growth12.4%77.4%-100.8%5.3%5.2%2.9%125.5%-4.2%-2.7%-17.5%-46.4%36.8%
Margins Quarterly            
Net Income Margin26.6%27.5%-0.2%26.1%24.3%15.7%26.8%25.8%24.1%16.1%12.3%27.7%
Cash & Debt            
Total Cash563649307836453948345379
Total Debt4,7711,3634,5584,5444,6444,6584,6434,6814,6304,5954,5724,422
Net Debt / (Cash)4,7151,3274,5094,5144,5664,6224,5984,6424,5834,5614,5194,343
Cash Flows Quarterly            
FCF from Operations229128279227256111254223198109245224
Cash Flows TTM            
FCF from Operations TTM864891874848844785784774776788782783
Returns to Shareholders Quarterly            
Dividends157159169144133133128128128128153122
Share Repurchases13226-00-05-00-06-00
Return on Invested Capital (ROIC) Quarterly            
ROIC11.8%13.2%2.2%11.3%11.0%7.3%11.6%11.0%10.5%7.0%5.3%11.3%
Return on Invested Capital (ROIC) TTM            
ROIC TTM8.0%15.2%8.0%10.4%10.2%10.0%10.0%8.4%8.4%8.3%8.4%9.6%

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Billboard1,8781,8141,6141,4031,538
Other233218   
Logo advertising  788384
Transit advertising  9683132
Total2,1112,0321,7871,5691,754


Operating Income by Segment
$ Mil20242023202220212020
Billboard1,025985   
Other5643   
Gain on disposition of assets516   
Capitalized contract fulfillment costs, net01   
Transaction expenses0-4   
Stock-based compensation expense-23-23   
Corporate expenses-95-90   
Depreciation and amortization-293-349   
Total675578   


Price Behavior

LAMR Betas & Captures as of 10/31/2025

 1M2M3M6M1Y3Y
Beta0.510.730.650.870.881.03
Up Beta1.221.401.361.291.061.14
Down Beta0.490.410.470.810.800.94
Up Capture4%29%32%50%52%86%
Bmk +ve Days14273774145425
Stock +ve Days10203064127403
Down Capture61%118%69%77%90%101%
Bmk -ve Days9172853106327
Stock -ve Days13243561122345

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date10152025
Short Interest: Shares Quantity5,467,882
Short Interest: % Change Since 9302025-6.9%
Average Daily Volume398,979
Days-to-Cover Short Interest13.70
Basic Shares Quantity101,271,391
Short % of Basic Shares5.4%

Returns Analyses

SEC Filings

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Report DateFiling DateFiling
6302025808202510-Q 6/30/2025
3312025508202510-Q 3/31/2025
12312024220202510-K 12/31/2024
93020241108202410-Q 9/30/2024
6302024808202410-Q 6/30/2024
3312024502202410-Q 3/31/2024
12312023223202410-K 12/31/2023
93020231102202310-Q 9/30/2023
6302023803202310-Q 6/30/2023
3312023504202310-Q 3/31/2023
12312022224202310-K 12/31/2022
93020221104202210-Q 9/30/2022
6302022803202210-Q 6/30/2022
3312022505202210-Q 3/31/2022
12312021225202210-K 12/31/2021
93020211103202110-Q 9/30/2021

Insider Activity

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 OwnerTitleFiling DateActionPriceSharesTransacted
Value		Value of
Held Shares		Form
0Johnson Jay LeCoryelleCFO, Treasurer, EVP8252025Sell123.008,120998,7841,707,282Form
1Fletcher Nancy 2242025Buy123.1823528,947705,206Form

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