Clear Channel Outdoor (CCO)
Market Price (5/9/2026): $2.4 | Market Cap: $1.2 BilSector: Communication Services | Industry: Advertising
Clear Channel Outdoor (CCO)
Market Price (5/9/2026): $2.4Market Cap: $1.2 BilSector: Communication ServicesIndustry: Advertising
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Low stock price volatilityVol 12M is 50% Megatrend and thematic driversMegatrends include Digital Advertising. Themes include Ad-Tech Platforms. | Trading close to highsDist 52W High is -0.8%, Dist 3Y High is -0.8% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 525% Stock price has recently run up significantly12M Rtn12 month market price return is 121% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -12% Key risksCCO key risks include [1] a crushing and potentially existential debt burden that threatens the company's liquidity and ability to service its obligations. |
| Low stock price volatilityVol 12M is 50% |
| Megatrend and thematic driversMegatrends include Digital Advertising. Themes include Ad-Tech Platforms. |
| Trading close to highsDist 52W High is -0.8%, Dist 3Y High is -0.8% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 525% |
| Stock price has recently run up significantly12M Rtn12 month market price return is 121% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -12% |
| Key risksCCO key risks include [1] a crushing and potentially existential debt burden that threatens the company's liquidity and ability to service its obligations. |
Qualitative Assessment
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Clear Channel Outdoor (CCO) stock has gained about 15% since 1/31/2026 because of the following key factors:
1. Definitive Agreement for Acquisition at a Premium.
Clear Channel Outdoor Holdings (CCO) announced on February 9, 2026, a definitive agreement to be acquired by Mubadala Capital, in partnership with TWG Global, for $2.43 per share in cash. This take-private transaction, expected to close by the end of the third quarter of 2026, provided a clear price target for the stock and served as a primary catalyst for its upward movement.
2. Strong Fourth Quarter 2025 Earnings Performance.
On February 26, 2026, Clear Channel Outdoor reported better-than-expected results for its fourth quarter of 2025. The company posted an earnings per share (EPS) of $0.02, surpassing the consensus analyst estimate of $0.01. Additionally, quarterly revenue reached $461.52 million, exceeding analyst expectations of $449.10 million. Consolidated revenue for Q4 2025 increased 8.2% to $461.5 million from $426.7 million in the same period of 2024, with Adjusted EBITDA rising 13.6% to $164.5 million from $144.8 million year-over-year.
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1. Definitive Agreement for Acquisition at a Premium.
Clear Channel Outdoor Holdings (CCO) announced on February 9, 2026, a definitive agreement to be acquired by Mubadala Capital, in partnership with TWG Global, for $2.43 per share in cash. This take-private transaction, expected to close by the end of the third quarter of 2026, provided a clear price target for the stock and served as a primary catalyst for its upward movement.
2. Strong Fourth Quarter 2025 Earnings Performance.
On February 26, 2026, Clear Channel Outdoor reported better-than-expected results for its fourth quarter of 2025. The company posted an earnings per share (EPS) of $0.02, surpassing the consensus analyst estimate of $0.01. Additionally, quarterly revenue reached $461.52 million, exceeding analyst expectations of $449.10 million. Consolidated revenue for Q4 2025 increased 8.2% to $461.5 million from $426.7 million in the same period of 2024, with Adjusted EBITDA rising 13.6% to $164.5 million from $144.8 million year-over-year.
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Stock Movement Drivers
Fundamental Drivers
The 14.4% change in CCO stock from 1/31/2026 to 5/8/2026 was primarily driven by a 9.5% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 5082026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.09 | 2.39 | 14.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,569 | 1,644 | 4.7% |
| P/S Multiple | 0.7 | 0.7 | 9.5% |
| Shares Outstanding (Mil) | 497 | 498 | -0.3% |
| Cumulative Contribution | 14.4% |
Market Drivers
1/31/2026 to 5/8/2026| Return | Correlation | |
|---|---|---|
| CCO | 14.4% | |
| Market (SPY) | 3.6% | 20.0% |
| Sector (XLC) | -2.3% | 13.4% |
Fundamental Drivers
The 32.0% change in CCO stock from 10/31/2025 to 5/8/2026 was primarily driven by a 24.0% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 5082026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.81 | 2.39 | 32.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,539 | 1,644 | 6.8% |
| P/S Multiple | 0.6 | 0.7 | 24.0% |
| Shares Outstanding (Mil) | 497 | 498 | -0.3% |
| Cumulative Contribution | 32.0% |
Market Drivers
10/31/2025 to 5/8/2026| Return | Correlation | |
|---|---|---|
| CCO | 32.0% | |
| Market (SPY) | 5.5% | 28.3% |
| Sector (XLC) | 2.5% | 15.3% |
Fundamental Drivers
The 142.8% change in CCO stock from 4/30/2025 to 5/8/2026 was primarily driven by a 126.6% change in the company's P/S Multiple.| (LTM values as of) | 4302025 | 5082026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.98 | 2.39 | 142.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,505 | 1,644 | 9.2% |
| P/S Multiple | 0.3 | 0.7 | 126.6% |
| Shares Outstanding (Mil) | 489 | 498 | -1.9% |
| Cumulative Contribution | 142.8% |
Market Drivers
4/30/2025 to 5/8/2026| Return | Correlation | |
|---|---|---|
| CCO | 142.8% | |
| Market (SPY) | 30.4% | 33.4% |
| Sector (XLC) | 24.0% | 28.9% |
Fundamental Drivers
The 88.2% change in CCO stock from 4/30/2023 to 5/8/2026 was primarily driven by a 92.1% change in the company's P/S Multiple.| (LTM values as of) | 4302023 | 5082026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.27 | 2.39 | 88.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,602 | 1,644 | 2.6% |
| P/S Multiple | 0.4 | 0.7 | 92.1% |
| Shares Outstanding (Mil) | 476 | 498 | -4.5% |
| Cumulative Contribution | 88.2% |
Market Drivers
4/30/2023 to 5/8/2026| Return | Correlation | |
|---|---|---|
| CCO | 88.2% | |
| Market (SPY) | 78.7% | 40.2% |
| Sector (XLC) | 101.7% | 34.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| CCO Return | 101% | -68% | 73% | -25% | 61% | 8% | 45% |
| Peers Return | 31% | -20% | -10% | 17% | 13% | 16% | 45% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 7% | 95% |
Monthly Win Rates [3] | |||||||
| CCO Win Rate | 75% | 33% | 58% | 33% | 58% | 40% | |
| Peers Win Rate | 67% | 42% | 36% | 53% | 50% | 67% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| CCO Max Drawdown | -15% | -71% | -2% | -27% | -38% | -10% | |
| Peers Max Drawdown | -9% | -35% | -36% | -12% | -20% | -4% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: LAMR, OUT, BOC. See CCO 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] 2026 data is for the year up to 5/8/2026 (YTD)
How Low Can It Go
| Event | CCO | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -40.6% | -18.8% |
| % Gain to Breakeven | 68.2% | 23.1% |
| Time to Breakeven | 163 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -15.9% | -7.8% |
| % Gain to Breakeven | 18.9% | 8.5% |
| Time to Breakeven | 31 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -24.6% | -9.5% |
| % Gain to Breakeven | 32.7% | 10.5% |
| Time to Breakeven | 27 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -40.2% | -6.7% |
| % Gain to Breakeven | 67.3% | 7.1% |
| Time to Breakeven | 116 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -83.9% | -33.7% |
| % Gain to Breakeven | 522.1% | 50.9% |
| Time to Breakeven | 443 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -30.8% | -3.7% |
| % Gain to Breakeven | 44.5% | 3.9% |
| Time to Breakeven | 55 days | 6 days |
In The Past
Clear Channel Outdoor's stock fell -40.6% during the 2025 US Tariff Shock. Such a loss loss requires a 68.2% gain to breakeven.
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| Event | CCO | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -40.6% | -18.8% |
| % Gain to Breakeven | 68.2% | 23.1% |
| Time to Breakeven | 163 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -24.6% | -9.5% |
| % Gain to Breakeven | 32.7% | 10.5% |
| Time to Breakeven | 27 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -40.2% | -6.7% |
| % Gain to Breakeven | 67.3% | 7.1% |
| Time to Breakeven | 116 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -83.9% | -33.7% |
| % Gain to Breakeven | 522.1% | 50.9% |
| Time to Breakeven | 443 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -30.8% | -3.7% |
| % Gain to Breakeven | 44.5% | 3.9% |
| Time to Breakeven | 55 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -45.5% | -12.2% |
| % Gain to Breakeven | 83.5% | 13.9% |
| Time to Breakeven | 149 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -31.1% | -6.8% |
| % Gain to Breakeven | 45.2% | 7.3% |
| Time to Breakeven | 91 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -33.0% | -17.9% |
| % Gain to Breakeven | 49.2% | 21.8% |
| Time to Breakeven | 147 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -33.4% | -15.4% |
| % Gain to Breakeven | 50.2% | 18.2% |
| Time to Breakeven | 120 days | 125 days |
In The Past
Clear Channel Outdoor's stock fell -40.6% during the 2025 US Tariff Shock. Such a loss loss requires a 68.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Clear Channel Outdoor (CCO)
Clear Channel Outdoor Holdings, Inc. owns, operates, and sells advertising displays in the United States and internationally. It operates through two segments, Americas and Europe. The company offers advertising services through billboards, including bulletins and posters; transit displays, which are advertising surfaces on various types of vehicles or within transit systems; street furniture displays, such as advertising surfaces on bus shelters, information kiosks, freestanding units, and other public structures; spectaculars, which are customized display structures that incorporate videos, multidimensional lettering and figures, mechanical devices and moving parts, and other embellishments; wallscape, a display that drapes over or is suspended from the sides of buildings or other structures. It also provides street furniture equipment, cleaning and maintenance services, operation of public bike programs, and production services; and a public bicycle rental program, which offers bicycles for rent to the general public in various municipalities. As of December 31, 2021, it owned or operated approximately 69,000 advertising displays in the Americas; and 430,000 advertising displays in Europe. The company was formerly known as Eller Media Company and changed its name to Clear Channel Outdoor Holdings, Inc. in August 2005. Clear Channel Outdoor Holdings, Inc. was founded in 1901 and is headquartered in San Antonio, Texas.
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Here are 1-3 brief analogies to describe Clear Channel Outdoor (CCO):
- The Google for billboards.
- A real estate company for outdoor advertisements.
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Major Products and Services of Clear Channel Outdoor (CCO)
Advertising Displays (Products)
- Billboards: Large outdoor advertising panels, including bulletins and posters.
- Transit Displays: Advertising surfaces placed on various types of vehicles or within transit systems.
- Street Furniture Displays: Advertising surfaces integrated into public structures such as bus shelters, information kiosks, and freestanding units.
- Spectaculars: Customized, elaborate display structures that incorporate videos, multidimensional elements, and mechanical devices.
- Wallscapes: Large advertisements draped over or suspended from the sides of buildings or other structures.
Other Services
- Cleaning and Maintenance Services: Upkeep and servicing for advertising displays and related public structures.
- Production Services: Services related to the creation and manufacturing of advertising materials for their displays.
- Public Bicycle Rental Program: Operation of public bike-sharing programs for municipalities, offering bicycles for rent.
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Clear Channel Outdoor Holdings, Inc. (CCO) sells advertising displays and services primarily to other companies, rather than individuals. The provided company description does not list the names of specific major customer companies. Clear Channel Outdoor serves a diverse range of businesses and advertising agencies across various industries that seek to promote their brands, products, and services through out-of-home advertising mediums such as billboards, transit displays, street furniture, and spectaculars. These customers generally fall into categories such as:- **National and International Brands:** Large corporations and brands from sectors like retail, automotive, telecommunications, consumer packaged goods, finance, and entertainment that run extensive marketing campaigns to reach broad audiences.
- **Local and Regional Businesses:** Companies operating at a smaller scale that utilize outdoor advertising to target specific geographic markets and local customer bases.
- **Advertising Agencies:** Firms that manage and execute advertising campaigns on behalf of their diverse client portfolios, utilizing Clear Channel Outdoor's inventory to achieve their clients' marketing objectives.
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Scott Wells, Chief Executive Officer, Clear Channel Outdoor Holdings, Inc. & Clear Channel Outdoor Americas
Scott Wells became CEO of Clear Channel Outdoor Holdings, Inc. on January 1, 2022, and has served as CEO of Clear Channel Outdoor Americas since March 2015. Prior to joining Clear Channel Outdoor, he was an Operating Partner at Bain Capital, a private equity firm that was a stakeholder in Clear Channel Outdoor. In his role at Bain Capital, he held interim executive leadership positions at Clear Channel Outdoor (U.S. and internationally) and led operational improvement and transformation efforts across various investments, including Apple Leisure Group and CRC Health Group. He also served on the Board of Clear Channel Outdoor Holdings from 2008 to 2015 and held executive roles at Dell, Bain & Co., and AT&T.
David Sailer, Executive Vice President & Chief Financial Officer
David Sailer was appointed Executive Vice President, Chief Financial Officer of Clear Channel Outdoor Holdings, Inc., effective March 1, 2024. He previously served as Executive Vice President, Chief Financial Officer of Clear Channel Outdoor Americas since August 2014 and as Head of Corporate Development for Clear Channel Outdoor Holdings, Inc. since 2022. Before joining Clear Channel Outdoor in 2013, Mr. Sailer was the Chief Financial Officer of the NBC News Digital Portfolio, which was his final position during a thirteen-year tenure at NBCUniversal where he held various leadership roles across news and digital properties. He also served as Senior Vice President of FP&A for iHeartMedia.
Lynn Feldman, Executive Vice President, Chief Legal & Administrative Officer, Corporate Secretary
Lynn Feldman is the Executive Vice President, Chief Legal Officer and Corporate Secretary of Clear Channel Outdoor Holdings, Inc. She was appointed EVP, General Counsel and Corporate Secretary on May 1, 2019, and her title changed to Chief Legal Officer on November 1, 2022. Before joining Clear Channel Outdoor Americas, Feldman served as Executive Vice President and General Counsel for Wyndham Hotel Group for over five years. Prior to that, she was Senior Vice President, Deputy General Counsel, and public company Corporate Secretary for Wyndham Worldwide, the parent company. Her earlier career included various corporate roles within Cendant Corporation and as a Corporate Associate at Lowenstein Sandler.
Jason Dilger, Senior Vice President, Chief Accounting Officer
Jason Dilger is the Senior Vice President, Chief Accounting Officer of Clear Channel Outdoor Holdings, Inc. In this role, he is responsible for leading CCOH's global accounting functions, including financial and regulatory reporting, internal controls, corporate and technical accounting, and transaction support. He joined Clear Channel Outdoor Americas in 2011, and prior to that, he served as Corporate Controller of Sinclair Broadcast Group.
Dan Levi, Executive Vice President & Chief Marketing Officer, Clear Channel Outdoor Americas
Dan Levi is the Executive Vice President and Chief Marketing Officer of Clear Channel Outdoor Americas, where he leads the organization's overall marketing strategy and execution. He joined CCOA from Levi Media Advisory, a consulting company he founded to provide advice to businesses at the intersection of media, advertising, technology, and marketing. Before launching his own firm, Levi held the position of Chief Marketing Officer at Captivate and senior-level digital marketing roles at companies such as Zoom Media, Monster Worldwide, WWE, and MTV. Since 2008, he has focused on the intersection of digital media, technology, and location-based marketing within the Out of Home (OOH) advertising industry.
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The key risks to Clear Channel Outdoor (CCO) include:
- Competition from Digital Advertising and Shifting Advertiser Spend: Clear Channel Outdoor's core business relies on selling advertising space on physical displays. The broader advertising market has experienced a significant shift towards digital platforms, which often offer more targeted, measurable, and flexible advertising solutions. This intense competition from online, mobile, and social media advertising channels could lead to advertisers reallocating budgets away from out-of-home (OOH) advertising, impacting CCO's revenue and market share.
- Economic Downturns and Cyclical Advertising Demand: As a company heavily dependent on advertising spend, Clear Channel Outdoor is highly susceptible to economic fluctuations. During periods of economic recession or uncertainty, businesses often reduce their discretionary spending, including advertising budgets. Such reductions directly translate into decreased demand for CCO's advertising displays, potentially leading to lower occupancy rates and reduced pricing power for its inventory.
- Regulatory and Zoning Restrictions: Clear Channel Outdoor operates a vast network of physical advertising displays, including billboards, street furniture, and transit displays, which are situated in public spaces. The placement, size, and even existence of these structures are subject to various local, regional, and national zoning laws, urban planning regulations, and aesthetic considerations. Stricter regulations, moratoriums on new builds, or requirements to remove existing displays could limit the company's ability to maintain, expand, or monetize its asset base.
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The clear emerging threat to Clear Channel Outdoor (CCO) is the development and increasing adoption of **personal digital overlay technologies, such as advanced augmented reality (AR) glasses and devices.**
This technology, as it becomes more widespread and integrated into daily life, could allow individuals to filter out, replace, or interact with personalized digital content over their real-world view. This has the potential to:
- Render traditional physical advertising displays, such as billboards and street furniture, invisible or irrelevant to users who choose to filter them out.
- Enable users' devices to project personalized, context-aware digital advertisements or information onto the physical environment, effectively bypassing the need for CCO's owned and operated physical infrastructure.
- Shift advertising spend away from physical displays towards digital platforms that leverage these overlay technologies, as advertisers seek to engage consumers through personalized, dynamic experiences directly in their field of vision.
This emerging technology poses a fundamental threat to CCO's business model, similar to how the iPhone threatened BlackBerry by offering a superior and more versatile platform that rendered the older technology less relevant.
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Clear Channel Outdoor Holdings, Inc. (CCO) operates in the out-of-home (OOH) advertising industry, offering various advertising displays and services across the Americas and Europe. The addressable markets for its main products and services are sized as follows:
Out-of-Home (OOH) Advertising (Overall Market)
- United States: The U.S. out-of-home advertising market was valued at approximately USD 9.1 billion in 2024 and is projected to reach between USD 9 billion and USD 10 billion in 2025. Another estimate for the U.S. outdoor advertising market valued it at USD 10.34 billion in 2024, with an expected growth to USD 16.72 billion by 2030.
- Europe: The outdoor advertising market in Europe was valued at USD 8.34 billion in 2024 and is anticipated to grow to USD 11.78 billion by 2030.
Digital Out-of-Home (DOOH) Advertising
- United States: The U.S. digital out-of-home advertising market reached USD 6.7 billion in 2025 and is projected to grow to USD 15.4 billion by 2034.
- Europe: The European digital out-of-home advertising market generated revenue of approximately USD 5.17 billion in 2024 and is expected to reach about USD 9.92 billion by 2030. Another report estimates the Europe digital out-of-home advertising market was valued at USD 3.36 billion in 2024 and is estimated to reach USD 8.13 billion by 2033.
Billboards (including bulletins, posters, spectaculars, and wallscapes)
- United States: The U.S. billboard and outdoor advertising market generated USD 10.23 billion in revenue in 2024, with projections indicating growth to USD 16.55 billion by 2030. The broader U.S. billboard and signs market was valued at USD 14.8 billion in 2024 and is projected to grow to USD 18.4 billion by 2032.
- Europe: Billboards commanded 46.30% of the Europe OOH and DOOH market size in 2025. With the Europe OOH and DOOH market estimated at USD 10.58 billion in 2025, this would imply a billboard market size of approximately USD 4.9 billion for Europe in 2025.
Transit Displays
- North America: The transit advertising market in North America was valued at USD 10 billion in 2024 and is projected to reach USD 13 billion by 2035.
- Global: The global transit advertising market size was USD 24.5 billion in 2024 and is expected to grow to USD 35.2 billion by 2035.
- Global Digital Transit & Transportation OOH: This segment was valued at USD 3.46 billion in 2024 and is estimated to reach USD 6.80 billion by 2030.
Street Furniture Displays
- Global: The global street furniture advertising market was valued at USD 20.6 billion in 2025 and is anticipated to reach USD 30.6 billion by 2032.
- Global Digital Street Furniture OOH: This market segment was valued at USD 1.35 billion in 2024 and is estimated to reach USD 2.70 billion by 2030.
Public Bicycle Rental Programs
- Global: The global bicycle sharing market size was estimated at USD 9.26 billion in 2024 and is projected to reach USD 16.44 billion by 2030. Another estimate values the global bike sharing market at USD 9.7 billion in 2025, projected to reach USD 20.1 billion by 2035.
- North America: The bicycle sharing market in North America accounted for 5.3% of the global market in 2024, which translates to approximately USD 0.49 billion.
- Europe: Europe is identified as the fastest-growing region for the bike sharing market from 2025 to 2033.
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Clear Channel Outdoor Holdings, Inc. (CCO) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
- Expansion of Digital Displays and Programmatic Advertising: The company is accelerating its technology capabilities by expanding premium digital displays and scaling programmatic buying. This focus aims to deliver measurable campaigns and increase revenue from digital outdoor advertising.
- Growth in the Airports Segment: Clear Channel Outdoor's Airports segment has consistently demonstrated strong performance, with significant revenue increases. This segment is expected to continue contributing substantially to consolidated revenue growth, driven by robust advertising demand at major airports.
- Strategic Focus on Higher-Margin U.S. Markets: CCO is committed to transforming into a U.S.-focused business by divesting its Europe-North and Latin American segments. This strategy aims to simplify its portfolio and concentrate on higher-margin U.S. markets, which is anticipated to enhance operating leverage and organically grow Adjusted EBITDA and free cash flow.
- Enhanced Sales Execution and Customer Centricity: As part of its four-pillar growth strategy, Clear Channel Outdoor is focusing on customer centricity to better understand and meet client needs. Alongside this, the company is driving improved sales execution by segmenting its sales team to target growth in key accounts and capture a larger share of advertising spending.
- Favorable Out-of-Home (OOH) Industry Growth: The broader out-of-home advertising industry is projected to experience healthy growth in the coming years. Clear Channel Outdoor is well-positioned to capitalize on this market expansion given its extensive network of displays and its investment in innovative advertising solutions, including AI-enabled tools and automated buying options. The U.S. OOH advertising market is projected to grow at a compound annual rate of 4.0% from 2026 to 2030.
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Inbound Investments
- Clear Channel Outdoor Holdings, Inc. has entered into a definitive agreement to be acquired by Mubadala Capital, in partnership with TWG Global, for an enterprise value of $6.2 billion.
- Approximately $3 billion in equity capital has been committed by Mubadala Capital and TWG Global to fund this acquisition.
- Apollo-managed funds have committed to invest preferred equity in the acquisition transaction.
Outbound Investments
- Clear Channel Outdoor has undergone a strategic transformation, divesting most of its international operations to focus on a U.S.-only business.
- The company sold its Europe-North segment and certain Latin American businesses, generating approximately $589.3 million in net proceeds by August 2025.
- In May 2025, Clear Channel Outdoor agreed to sell its business in Brazil for approximately $14.7 million.
Capital Expenditures
- Clear Channel Outdoor's full-year 2025 capital expenditures were approximately $82.9 million, including $21.1 million for discontinued operations. The company's full-year 2025 CapEx guidance was between $60 million and $70 million.
- Capital expenditures in Q4 2025 totaled $22 million, and Q3 2025 CapEx was $13.2 million.
- The company is investing in digital transformation, including expanding digital displays, programmatic advertising capabilities, and high-tech media solutions to offer more engaging and targeted advertising campaigns. Notable specific investments include a $1 million commitment for large-format LED video walls and digitally enhanced columns at Omaha Eppley Airfield, and the launch of a nearly 100% digitally-driven media network at Hollywood-Burbank Airport.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Clear Channel Stock Pre-Market (+6.3%): Accepts $6.2B All-Cash Buyout Offer | 02/10/2026 | |
| Clear Channel Outdoor Earnings Notes | 12/16/2025 | |
| null | 10/17/2025 | |
| Clear Channel Outdoor (CCO) Operating Cash Flow Comparison | 08/08/2025 | |
| Clear Channel Outdoor (CCO) Net Income Comparison | 08/08/2025 | |
| Clear Channel Outdoor (CCO) Debt Comparison | 08/08/2025 | |
| Clear Channel Outdoor (CCO) Operating Income Comparison | 08/08/2025 | |
| Clear Channel Outdoor (CCO) Revenue Comparison | 08/08/2025 | |
| Clear Channel Outdoor (CCO) EBITDA Comparison | 08/08/2025 | |
| Clear Channel Outdoor (CCO) Tax Expense Comparison | 08/08/2025 | |
| ARTICLES | ||
| Is Clear Channel Outdoor a Better Buy Than Omnicom? | 12/12/2025 |
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| 04022026 | TTD | Trade Desk | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 7.0% | 7.0% | -8.9% |
| 03272026 | META | Meta Platforms | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 16.4% | 16.4% | 0.0% |
| 03062026 | CARG | CarGurus | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 8.3% | 8.3% | -8.3% |
| 02132026 | YELP | Yelp | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 31.6% | 31.6% | -5.7% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 22.63 |
| Mkt Cap | 3.5 |
| Rev LTM | 1,738 |
| Op Inc LTM | 308 |
| FCF LTM | 115 |
| FCF 3Y Avg | 86 |
| CFO LTM | 205 |
| CFO 3Y Avg | 180 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.5% |
| Rev Chg 3Y Avg | 3.6% |
| Rev Chg Q | 5.4% |
| QoQ Delta Rev Chg LTM | 1.3% |
| Op Inc Chg LTM | 22.7% |
| Op Inc Chg 3Y Avg | 5.0% |
| Op Mgn LTM | 17.8% |
| Op Mgn 3Y Avg | 17.4% |
| QoQ Delta Op Mgn LTM | -0.2% |
| CFO/Rev LTM | 16.2% |
| CFO/Rev 3Y Avg | 16.5% |
| FCF/Rev LTM | 6.3% |
| FCF/Rev 3Y Avg | 3.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 3.5 |
| P/S | 3.1 |
| P/Op Inc | 11.2 |
| P/EBIT | 12.7 |
| P/E | 8.0 |
| P/CFO | 18.5 |
| Total Yield | -0.0% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 0.8% |
| D/E | 0.5 |
| Net D/E | 0.5 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 9.7% |
| 3M Rtn | 15.1% |
| 6M Rtn | 27.7% |
| 12M Rtn | 82.8% |
| 3Y Rtn | 105.5% |
| 1M Excs Rtn | -0.2% |
| 3M Excs Rtn | 8.3% |
| 6M Excs Rtn | 25.6% |
| 12M Excs Rtn | 47.5% |
| 3Y Excs Rtn | -0.5% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| America | 1,144 | 1,101 | 1,106 | ||
| Airports | 361 | 312 | 256 | ||
| Other | 0 | 22 | 86 | ||
| Europe-North | 566 | ||||
| Single segment | 2,241 | 1,855 | |||
| Total | 1,505 | 1,434 | 2,014 | 2,241 | 1,855 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| America | 488 | 468 | 499 | ||
| Airports | 88 | 68 | 61 | ||
| Other operating income, net | 8 | 4 | |||
| Other | -1 | 3 | 12 | ||
| Restructuring and other costs | -3 | -1 | -2 | ||
| Corporate expenses | -127 | -129 | -162 | ||
| Depreciation and amortization | -174 | -197 | -218 | ||
| Impairment charges | 0 | -23 | |||
| Europe-North | 104 | ||||
| Other operating expense, net | -2 | ||||
| Total | 279 | 217 | 270 |
Price Behavior
Price Behavior
| Market Price | $2.39 | |
| Market Cap ($ Bil) | 1.2 | |
| First Trading Date | 11/14/2005 | |
| Distance from 52W High | -0.8% | |
| 50 Days | 200 Days | |
| DMA Price | $2.38 | $1.91 |
| DMA Trend | up | up |
| Distance from DMA | 0.3% | 25.2% |
| 3M | 1YR | |
| Volatility | 17.7% | 49.9% |
| Downside Capture | -0.27 | 0.44 |
| Upside Capture | 2.34 | 156.79 |
| Correlation (SPY) | 13.3% | 33.1% |
CCO Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.07 | 0.05 | 0.37 | 0.85 | 1.35 | 1.52 |
| Up Beta | 0.23 | 0.23 | 0.47 | 0.67 | 1.47 | 1.80 |
| Down Beta | 0.14 | 0.18 | 0.48 | 1.32 | 1.43 | 1.15 |
| Up Capture | 0% | -6% | 38% | 99% | 211% | 395% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 9 | 15 | 26 | 54 | 113 | 324 |
| Down Capture | -65% | -3% | 20% | 61% | 92% | 109% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 6 | 15 | 24 | 52 | 105 | 340 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CCO | |
|---|---|---|---|---|
| CCO | 127.2% | 49.8% | 1.81 | - |
| Sector ETF (XLC) | 21.6% | 13.2% | 1.22 | 27.7% |
| Equity (SPY) | 29.0% | 12.5% | 1.83 | 32.4% |
| Gold (GLD) | 39.8% | 27.0% | 1.22 | 11.0% |
| Commodities (DBC) | 50.6% | 18.0% | 2.21 | -2.4% |
| Real Estate (VNQ) | 13.0% | 13.5% | 0.66 | 30.5% |
| Bitcoin (BTCUSD) | -17.9% | 42.1% | -0.35 | 16.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CCO | |
|---|---|---|---|---|
| CCO | -0.2% | 67.3% | 0.27 | - |
| Sector ETF (XLC) | 9.6% | 20.7% | 0.38 | 42.7% |
| Equity (SPY) | 12.8% | 17.1% | 0.59 | 44.7% |
| Gold (GLD) | 20.9% | 17.9% | 0.95 | 8.9% |
| Commodities (DBC) | 13.8% | 19.1% | 0.59 | 14.7% |
| Real Estate (VNQ) | 3.4% | 18.8% | 0.08 | 40.1% |
| Bitcoin (BTCUSD) | 6.9% | 56.0% | 0.34 | 25.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with CCO | |
|---|---|---|---|---|
| CCO | -5.0% | 69.6% | 0.23 | - |
| Sector ETF (XLC) | 9.7% | 22.3% | 0.51 | 40.7% |
| Equity (SPY) | 15.1% | 17.9% | 0.72 | 41.7% |
| Gold (GLD) | 13.4% | 15.9% | 0.69 | 5.7% |
| Commodities (DBC) | 9.3% | 17.8% | 0.44 | 17.1% |
| Real Estate (VNQ) | 5.8% | 20.7% | 0.24 | 39.5% |
| Bitcoin (BTCUSD) | 67.7% | 66.9% | 1.07 | 15.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/26/2026 | 0.8% | 0.4% | -1.3% |
| 11/6/2025 | 5.6% | 6.7% | 15.7% |
| 7/21/2025 | -2.5% | -5.1% | -0.8% |
| 2/24/2025 | -2.2% | -7.4% | -14.1% |
| 10/31/2024 | -1.4% | 8.8% | 6.8% |
| 8/7/2024 | -2.9% | 0.7% | 7.9% |
| 5/9/2024 | -2.5% | -2.5% | -14.3% |
| 2/26/2024 | 5.3% | -4.8% | -17.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 14 | 9 |
| # Negative | 13 | 8 | 13 |
| Median Positive | 6.7% | 2.7% | 15.7% |
| Median Negative | -2.9% | -4.9% | -10.6% |
| Max Positive | 15.5% | 32.7% | 43.6% |
| Max Negative | -13.7% | -15.6% | -31.0% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/24/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/26/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/07/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/08/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q1 2026 Earnings Reported 5/6/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Cash Interest | 308.00 Mil | -23.2% | Lowered | Guidance: 401.00 Mil for 2026 | |||
| 2027 Cash Interest | 391.00 Mil | 0.3% | Raised | Guidance: 390.00 Mil for 2027 | |||
Prior: Q4 2025 Earnings Reported 2/26/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Cash Interest Payments | 401.00 Mil | ||||||
| 2027 Cash Interest Payments | 390.00 Mil | ||||||
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Ares, Management Llc | See footnotes | Sell | 9112025 | 1.13 | 13,000,000 | 14,710,800 | 46,619,081 | Form | |
| 2 | Ares, Management Llc | See footnotes | Sell | 9112025 | 1.13 | 13,000,000 | 14,710,800 | 46,619,081 | Form | |
| 3 | Ares, Management Llc | See footnotes | Sell | 9112025 | 1.39 | 1,631,555 | 2,261,335 | 75,117,723 | Form | |
| 4 | Ares, Management Llc | See footnotes | Sell | 9112025 | 1.39 | 1,631,555 | 2,261,335 | 75,117,723 | Form | |
| 5 | Moreno, Arturo R | Direct | Buy | 8052025 | 1.06 | 500,000 | 530,000 | 71,669,631 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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