iHeartMedia (IHRT)
Market Price (9/25/2026): $2.26 | Market Cap: $356.4 MilSector: Communication Services | Industry: Broadcasting
iHeartMedia (IHRT)
Market Price (9/25/2026): $2.26Market Cap: $356.4 MilSector: Communication ServicesIndustry: Broadcasting
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldFCF Yield is 10% Megatrend and thematic driversMegatrends include Digital Content & Streaming, Social Media & Creator Economy, and Digital Advertising. Themes include Music Streaming, Show more. | Weak multi-year price returns2Y Excs Rtn is -11%, 3Y Excs Rtn is -106% Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 13.11 | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 1568% 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 -84% Key risksIHRT key risks include [1] a substantial debt burden creating significant refinancing risk and [2] its digital audio growth being insufficient to offset the revenue decline in its core broadcast radio business. |
| Attractive yieldFCF Yield is 10% |
| Megatrend and thematic driversMegatrends include Digital Content & Streaming, Social Media & Creator Economy, and Digital Advertising. Themes include Music Streaming, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -11%, 3Y Excs Rtn is -106% |
| Meaningful short interestShort Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 13.11 |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 1568% |
| 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 -84% |
| Key risksIHRT key risks include [1] a substantial debt burden creating significant refinancing risk and [2] its digital audio growth being insufficient to offset the revenue decline in its core broadcast radio business. |
Qualitative Assessment
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iHeartMedia (IHRT) stock has lost about 50% since 5/31/2026 because of the following key factors:
1. Significant Fiscal Q2 2026 Profitability Miss and Weakened Fiscal Q3 Guidance.
iHeartMedia reported a GAAP net loss of $0.52 per share for fiscal Q2 2026 (ended June 30, 2026), substantially missing the consensus analyst estimate of a $0.33 loss per share. While consolidated revenue of $977.2 million slightly surpassed expectations with a 4.7% year-over-year increase, the pronounced profitability miss was a key factor. Further impacting investor sentiment, the company's fiscal Q3 2026 Adjusted EBITDA guidance of $180 million to $220 million fell short of analyst expectations, contributing to a stock decline of over 20% following the August 10, 2026 earnings announcement.
2. Persistent High Leverage and Negative Shareholder Equity.
The company's substantial debt load remains a significant concern for investors. As of fiscal Q2 2026, iHeartMedia carried approximately $5.04 billion in total debt (or $4.65 billion in net debt) with a weighted average interest rate of around 8.9%, leading to a quarterly interest expense of $96.1 million. This high leverage, coupled with negative shareholders' equity, has raised credit risk concerns, outweighing the positive news of an extended maturity date for its $450 million asset-based revolving credit facility to January 30, 2029.
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iHeartMedia (IHRT) stock has lost about 50% since 5/31/2026 because of the following key factors:
1. Significant Fiscal Q2 2026 Profitability Miss and Weakened Fiscal Q3 Guidance.
iHeartMedia reported a GAAP net loss of $0.52 per share for fiscal Q2 2026 (ended June 30, 2026), substantially missing the consensus analyst estimate of a $0.33 loss per share. While consolidated revenue of $977.2 million slightly surpassed expectations with a 4.7% year-over-year increase, the pronounced profitability miss was a key factor. Further impacting investor sentiment, the company's fiscal Q3 2026 Adjusted EBITDA guidance of $180 million to $220 million fell short of analyst expectations, contributing to a stock decline of over 20% following the August 10, 2026 earnings announcement.
2. Persistent High Leverage and Negative Shareholder Equity.
The company's substantial debt load remains a significant concern for investors. As of fiscal Q2 2026, iHeartMedia carried approximately $5.04 billion in total debt (or $4.65 billion in net debt) with a weighted average interest rate of around 8.9%, leading to a quarterly interest expense of $96.1 million. This high leverage, coupled with negative shareholders' equity, has raised credit risk concerns, outweighing the positive news of an extended maturity date for its $450 million asset-based revolving credit facility to January 30, 2029.
3. Underperformance and Structural Challenges in the Multiplatform (Broadcast Radio) Segment.
Despite growth in its Digital Audio Group, iHeartMedia's Multiplatform Group, primarily composed of broadcast radio, experienced a revenue decrease of 1.6% year-over-year to $535.7 million in fiscal Q2 2026. More critically, the segment's Adjusted EBITDA saw a significant 39.2% decline to $58.6 million. Management acknowledged a "broadcast radio monetization challenge," indicating that legacy broadcast operations are struggling with advertiser uncertainty and a shift in advertising budgets towards digital platforms, impacting the company's overall profitability.
4. Extensive Cost-Cutting Measures and Layoffs.
In May 2026, iHeartMedia initiated a new savings program targeting an additional $50 million in cost reductions for the second half of 2026, supplementing $100 million already planned for the year, aiming for $125 million in total in-year savings. This aggressive cost-cutting included nationwide layoffs of on-air personalities in June 2026 as part of a strategic restructuring to leverage technology. While intended to improve efficiency, these actions highlight underlying operational pressures and challenges in adapting to the evolving media landscape.
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Stock Movement Drivers
Fundamental Drivers
The -47.6% change in IHRT stock from 5/31/2026 to 9/24/2026 was primarily driven by a -47.5% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9242026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.31 | 2.26 | -47.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,942 | 3,986 | 1.1% |
| P/S Multiple | 0.2 | 0.1 | -47.5% |
| Shares Outstanding (Mil) | 156 | 158 | -1.2% |
| Cumulative Contribution | -47.6% |
Market Drivers
5/31/2026 to 9/24/2026| Return | Correlation | |
|---|---|---|
| IHRT | -47.6% | |
| Market (SPY) | 1.7% | 22.3% |
| Sector (XLC) | -1.2% | 33.3% |
Fundamental Drivers
The -30.9% change in IHRT stock from 2/28/2026 to 9/24/2026 was primarily driven by a -32.0% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 9242026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.27 | 2.26 | -30.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,856 | 3,986 | 3.4% |
| P/S Multiple | 0.1 | 0.1 | -32.0% |
| Shares Outstanding (Mil) | 155 | 158 | -1.6% |
| Cumulative Contribution | -30.9% |
Market Drivers
2/28/2026 to 9/24/2026| Return | Correlation | |
|---|---|---|
| IHRT | -30.9% | |
| Market (SPY) | 12.4% | 29.6% |
| Sector (XLC) | -2.9% | 23.2% |
Fundamental Drivers
The 6.1% change in IHRT stock from 8/31/2025 to 9/24/2026 was primarily driven by a 5.2% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9242026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.13 | 2.26 | 6.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,867 | 3,986 | 3.1% |
| P/S Multiple | 0.1 | 0.1 | 5.2% |
| Shares Outstanding (Mil) | 154 | 158 | -2.2% |
| Cumulative Contribution | 6.1% |
Market Drivers
8/31/2025 to 9/24/2026| Return | Correlation | |
|---|---|---|
| IHRT | 6.1% | |
| Market (SPY) | 20.3% | 23.1% |
| Sector (XLC) | 3.6% | 21.0% |
Fundamental Drivers
The -37.4% change in IHRT stock from 8/31/2023 to 9/24/2026 was primarily driven by a -36.1% change in the company's P/S Multiple.| (LTM values as of) | 8312023 | 9242026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.61 | 2.26 | -37.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,846 | 3,986 | 3.6% |
| P/S Multiple | 0.1 | 0.1 | -36.1% |
| Shares Outstanding (Mil) | 149 | 158 | -5.4% |
| Cumulative Contribution | -37.4% |
Market Drivers
8/31/2023 to 9/24/2026| Return | Correlation | |
|---|---|---|
| IHRT | -37.4% | |
| Market (SPY) | 76.8% | 24.0% |
| Sector (XLC) | 74.1% | 22.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| IHRT Return | 62% | -71% | -56% | -26% | 110% | -44% | -82% |
| Peers Return | 34% | -23% | 9% | 5% | 11% | 17% | 53% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| IHRT Win Rate | 67% | 25% | 42% | 67% | 75% | 22% | |
| Peers Win Rate | 62% | 42% | 45% | 53% | 55% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| IHRT Max Drawdown | -34% | -72% | -79% | -70% | -59% | -63% | |
| Peers Max Drawdown | -16% | -38% | -38% | -27% | -27% | -17% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: SIRI, LYV, WMG, LAMR, OUT. See IHRT 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 9/24/2026 (YTD)
How Low Can It Go
| Event | IHRT | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -56.7% | -18.8% |
| % Gain to Breakeven | 130.9% | 23.1% |
| Time to Breakeven | 127 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -57.7% | -9.5% |
| % Gain to Breakeven | 136.3% | 10.5% |
| Time to Breakeven | 723 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -73.2% | -33.7% |
| % Gain to Breakeven | 272.7% | 50.9% |
| Time to Breakeven | 344 days | 140 days |
In The Past
iHeartMedia's stock fell -56.7% during the 2025 US Tariff Shock. Such a loss loss requires a 130.9% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | IHRT | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -56.7% | -18.8% |
| % Gain to Breakeven | 130.9% | 23.1% |
| Time to Breakeven | 127 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -57.7% | -9.5% |
| % Gain to Breakeven | 136.3% | 10.5% |
| Time to Breakeven | 723 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -73.2% | -33.7% |
| % Gain to Breakeven | 272.7% | 50.9% |
| Time to Breakeven | 344 days | 140 days |
In The Past
iHeartMedia's stock fell -56.7% during the 2025 US Tariff Shock. Such a loss loss requires a 130.9% 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 iHeartMedia (IHRT)
iHeartMedia, Inc. (IHRT) is a leading media and entertainment company primarily focused on delivering audio content and related services across traditional broadcast radio, digital audio platforms, and business-to-business media solutions. The company operates a vast network of hundreds of owned AM and FM radio stations throughout the United States. Beyond its own stations, it produces and distributes syndicated radio programs through Premiere Networks, serving thousands of affiliate radio stations, and provides critical real-time information such as traffic, weather, and news.
In the digital space, iHeartMedia is a significant player, offering its popular iHeartRadio app. This app provides listeners with access to its broadcast stations, digital-only stations, custom artist stations, and an extensive library of podcasts. The company also manages broader podcasting initiatives, digital content sites, and newsletters. Revenue is primarily generated through advertising across its diverse platforms, event sponsorships, and various partnerships targeting a wide audience of listeners and advertisers.
Additionally, iHeartMedia provides a range of specialized services to other media organizations through its Audio & Media Services Group. This segment offers cloud and on-premises broadcast software solutions for radio and television automation, music scheduling, newsroom management, and advertising sales. It also develops real-time audio recognition technology, offers media representation, and provides media streaming and research services. Its clientele includes thousands of radio and television stations, cable channels, record labels, advertisers, and advertising agencies.
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Imagine Spotify if it also owned hundreds of traditional broadcast radio stations across the US and syndicated content nationally.
A terrestrial (broadcast) radio giant, similar to a national SiriusXM, combined with a major podcasting and digital audio platform like Spotify.
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- Broadcast Radio Stations: Operates a large network of AM and FM radio stations, offering content and advertising opportunities.
- Syndicated Radio Programs: Produces and distributes a wide array of syndicated radio programs and services through its Premiere Networks.
- Digital Audio Content & Platform (iHeartRadio): Provides podcasting, digital-only stations, custom artist stations, and other digital audio content through its iHeartRadio app and web service.
- Live & Virtual Events: Organizes and facilitates various live and virtual events, often including sponsorship opportunities.
- Broadcast Software Solutions: Offers cloud and on-premises software for radio and television automation, music scheduling, advertising sales management, and disaster recovery.
- Media Representation & Research Services: Engages in media representation for advertising sales, provides real-time audio recognition technology, and offers media streaming and research services.
- Information Services: Delivers real-time traffic, weather, sports, and news updates through its radio stations and digital platforms.
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iHeartMedia (IHRT) sells primarily to other companies (Business-to-Business or B2B).
Based on the provided company description, its major customers fall into the following categories of businesses, as specific names of customer companies are not disclosed in the provided information:
- Advertisers and Advertising Agencies: These are businesses across various industries that purchase advertising time, sponsorship opportunities, and digital ad placements across iHeartMedia's extensive network of broadcast radio stations, digital platforms (podcasts, iHeartRadio app), and live/virtual events. Advertising agencies also utilize iHeartMedia's media representation and software services on behalf of their clients.
- Radio and Television Station Affiliates and Partners: This category includes other radio stations, television affiliates, and internet/mobile partners that subscribe to or license iHeartMedia's syndicated radio programs and services (such as those from Premiere Networks), real-time traffic flow, incident information, weather updates, sports, and news content.
- Other Media & Entertainment Companies: This encompasses a broad range of entities including radio and television stations, cable channels, and record labels that purchase iHeartMedia's broadcast software solutions (e.g., radio/television automation, music scheduling, newsroom automation, advertising sales management, disaster recovery solutions), media streaming services, and research services.
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- Warner Music Group (WMG)
- Sony Group Corporation (SONY)
- Universal Music Group N.V. (UMG.AS)
- Amazon.com, Inc. (AMZN)
- Thomson Reuters Corporation (TRI)
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Bob Pittman, Chairman and Chief Executive Officer
Bob Pittman is the Chairman and Chief Executive Officer of iHeartMedia, Inc.. He is widely recognized as the co-founder and programmer who led the team that created MTV. Pittman has held CEO positions at various companies, including MTV Networks, AOL Networks, Six Flags Theme Parks, Quantum Media, Century 21 Real Estate, and Time Warner Enterprises, and served as Chief Operating Officer of America Online, Inc. and later AOL Time Warner. He joined iHeartMedia's predecessor company, Clear Channel, in 2010 as an investor and Chairman of Media and Entertainment Platforms, becoming CEO in 2011 and Chairman in 2013. He led the company's transformation to iHeartMedia, Inc. in 2014. Pittman is also a founding member of the Pilot Group, a New York-based private investment firm with investments in companies like Huffington Post, Zynga, and Facebook, and co-founded Casa Dragones tequila. He began his career as a radio announcer at the age of 15.
Mike McGuinness, Chief Financial Officer
Mike McGuinness is the Chief Financial Officer of iHeartMedia, Inc.. He joined iHeartMedia in 2019 and oversees all accounting, tax, financial planning, financial reporting, shared services, treasury, real estate, and investor relations functions. Before his promotion to CFO, effective January 1, McGuinness served as the company's Executive Vice President of Finance and Deputy CFO. Prior to joining iHeartMedia, he was the Senior Vice President, Chief Accounting Officer, and Treasurer of The Hain Celestial Group. He also spent over seven years at Monster Worldwide, Inc., holding various finance roles, including Chief Accounting Officer, Head of Investor Relations, and ultimately Executive Vice President and Chief Financial Officer. McGuinness started his career as a senior auditor at Arthur Andersen.
Rich Bressler, President and Chief Operating Officer
Rich Bressler serves as the President and Chief Operating Officer of iHeartMedia, Inc.. He previously held the combined roles of President, COO, and CFO for nearly 11 years before relinquishing his CFO duties to Mike McGuinness, effective January 1. Prior to joining iHeartMedia, Bressler was a Managing Director at Thomas H. Lee Partners (THL), a private equity firm. He also served as Senior Executive Vice President and Chief Financial Officer of Viacom, Inc. from 2001 to 2005, and was Chairman and Chief Executive Officer of Time Warner Digital Media. From 1995 to 1999, he was Executive Vice President and Chief Financial Officer of Time Warner Inc.. Earlier in his career, Bressler was a partner at the accounting firm Ernst & Young LLP. Thomas H. Lee Partners was involved in the leveraged buyout of Clear Channel Communications (iHeartMedia's predecessor) in 2008, indicating a pattern of managing companies backed by private equity firms.
Conal Byrne, CEO, Digital Audio Group
Conal Byrne is the Chief Executive Officer of the iHeartMedia Digital Audio Group. In this role, he oversees the company's podcasting business, the iHeartRadio digital service, digital sites, and digital advertising technology companies. Before joining iHeartMedia, Byrne was the President and CEO of Stuff Media, Inc., a company acquired by iHeartMedia in 2018. He previously served as Senior Vice President of Digital Media for Discovery Communications and was also the Co-Founder and President of Mental Floss.
Tom Poleman, Chief Programming Officer & President, National Programming Group
Tom Poleman is the Chief Programming Officer and President of the National Programming Group at iHeartMedia. A veteran of the radio industry with 35 years of experience, Poleman joined iHeartMedia in 1996, starting at Z100 in New York City. He is responsible for overseeing the programming and music strategy, talent development, and artist relations for iHeartMedia's 851 radio stations nationwide.
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The key risks to iHeartMedia's business are its substantial debt burden, the ongoing decline in traditional broadcast radio revenue, and the cyclical nature of the advertising market.
1. High Debt Load and Refinancing Risk
iHeartMedia carries a significant amount of debt, with net debt reported around $4.5 billion as of December 31, 2025. This high leverage is a persistent concern for investors, especially given the company's history of bankruptcy in 2018 due to a heavy debt load. The company faces substantial debt maturities, particularly in 2026, which creates refinancing risk. Should advertising market conditions be unfavorable or interest rates rise, refinancing this debt could become more expensive or difficult, further straining the company's financial position and free cash flow.
2. Declining Traditional Broadcast Radio Revenue
While iHeartMedia's Digital Audio Group, which includes podcasting, has shown strong growth, its Multiplatform Group, primarily encompassing broadcast radio, continues to experience revenue declines. For instance, broadcast radio revenue fell by 4.8% in Q4 2025 and 5.4% for the full year 2025. This trend reflects a broader shift in advertising spending from traditional media to digital platforms, as well as increased competition from other audio and media providers. The challenge for iHeartMedia lies in effectively monetizing its large traditional radio audience and offsetting these declines with growth in its digital segments.
3. Cyclical Advertising Market and Macroeconomic Headwinds
iHeartMedia's revenue is heavily dependent on advertising spending, which is highly sensitive to overall economic conditions. Economic downturns or periods of uncertainty often lead advertisers to tighten their budgets, directly impacting the company's revenue and profitability. The advertising market can also be volatile, with revenue trends swinging, particularly during non-election years. This cyclicality makes iHeartMedia's financial performance susceptible to broader macroeconomic headwinds and changes in advertiser demand.
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- The continued growth and market dominance of dedicated digital audio streaming services (e.g., Spotify, Apple Music, YouTube Music, Amazon Music), which offer vast on-demand music libraries, highly personalized listening experiences, and exclusive content, directly threaten iHeartMedia's traditional broadcast radio listenership and its own digital audio offerings by capturing a larger share of consumer audio consumption.
- The widespread adoption and deep integration of advanced in-car infotainment systems and smartphone mirroring technologies (e.g., Apple CarPlay, Android Auto), which provide seamless access to a multitude of non-broadcast streaming and on-demand audio services, increasingly divert listeners away from traditional AM/FM radio, historically a stronghold for broadcast media consumption.
- The ongoing shift of advertising budgets from traditional broadcast media to more precisely targetable and measurable digital and programmatic advertising platforms, impacting revenue streams for iHeartMedia's Multiplatform Group and its ad sales operations.
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iHeartMedia, Inc. operates in several significant addressable markets related to audio media and entertainment. Here are the estimated market sizes for its main products and services:
Multiplatform Group
- Broadcast Radio:
- The global broadcast radio market was estimated at USD 49.38 billion in 2024 and is projected to reach USD 65.57 billion by 2035.
- In the U.S., the broadcast radio market is projected to be USD 10.615 billion in 2025, expanding to USD 14.633 billion by 2034.
- Traditional radio advertising in the U.S. had a substantial market volume of US$28.61 billion in 2023.
- Live and Virtual Events:
- The U.S. live events market is projected to grow from USD 466.13 billion in 2025 to USD 651.53 billion by 2032. The entertainment segment is expected to account for more than one-third of this market share in 2025.
- More specifically, the music and entertainment events segment within the U.S. event management industry is expected to grow at a CAGR of 6.1% from 2025 to 2033.
Digital Audio Group
- Podcasting:
- The global podcasting market size was valued at USD 31.29 billion in 2024 and is expected to reach USD 217.63 billion by 2032.
- The U.S. podcasting market was valued at USD 8.76 billion in 2024 and is projected to reach USD 60.48 billion by 2032.
- Digital Audio Advertising (including streaming services):
- The global audio advertising market is valued around $38 billion+ in 2025.
- In the Americas, ad spending in the digital audio advertising market is projected to reach US$7.05 billion in 2024, with an estimated annual growth to US$8.50 billion by 2028. The United States is expected to generate the majority of this revenue.
- U.S. digital audio ad and subscription revenue is projected to climb to $20.72 billion in 2024 and could surpass $25.5 billion by 2028.
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iHeartMedia (IHRT) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market trends:
- Growth in Digital Audio and Podcasting: The Digital Audio Group, particularly podcasting, is consistently highlighted as a significant growth engine. iHeartMedia is projected to continue experiencing strong double-digit growth in podcast revenue, contributing substantially to the overall digital audio segment's expansion. For instance, podcast revenues grew 18% in Q1 2024 and 24.5% in Q4 2025. The company expects podcast revenue to grow in the low twenties in Q1 2026. This growth is fueled by increasing consumer engagement with podcasts and expanding inventory opportunities.
- Expansion of Programmatic Advertising: iHeartMedia is strategically investing in and expanding its programmatic advertising capabilities across both its broadcast radio and digital platforms. The company is collaborating with major demand-side platforms (DSPs) such as Amazon and Yahoo to enhance the accessibility of its broadcast radio inventory for programmatic buying. iHeartMedia projects approximately $200 million in total programmatic revenue for 2026, representing a 50% increase from 2025.
- Political Advertising Revenue: While cyclical, political advertising is anticipated to be a substantial revenue driver in election years within the 2-3 year timeframe. Specifically, 2024 was expected to be a record political year, with revenues pacing approximately 20% higher than the 2020 presidential election cycle. 2026 is also projected to benefit from a robust midterm election cycle.
- Strategic Partnerships and Integrated Sales: The company leverages strategic partnerships and its extensive local sales force to drive advertising revenue across its diverse platforms. Recent collaborations with major platforms like Netflix and TikTok underscore the continued influence of broadcast radio and provide new avenues for ad sales. Additionally, iHeartMedia's robust local sales force is a key factor in driving podcast ad revenue.
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Outbound Investments
- iHeartMedia acquired Triton Digital for $230 million in February 2021, aiming to integrate its broadcast radio, internet radio, and podcasting businesses into an enhanced offering for advertisers.
- In October 2020, iHeartMedia acquired Voxnest, a leading marketplace for podcasts and a provider of podcast analytics, enterprise publishing tools, programmatic integration, and targeted ad serving.
- The company has also made other investments in audio technology, including Jelli Inc. and Radiojar, to expand its digital audio production and programmatic advertising operations.
Capital Expenditures
- Capital expenditures for 2025 were $81.7 million, following $97.6 million in 2024.
- Expected capital expenditures for 2026 are approximately $90 million.
- These expenditures are primarily focused on building out future technological capabilities and investing in adtech infrastructure, including broadcast programmatic efforts.
Peer Outperformance in Broadcasting
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| IHRT | iHeartMedia | 1.2% | -1.2x | -16.3% | -36.5% | -91.1% | — |
| FOXA | Fox | 5.1% | 15.9x | 7.1% | 111.7% | 73.1% | +164pp |
| NXST | Nexstar Media | 4.0% | 26.3x | -15.9% | 32.9% | 20.6% | +112pp |
| SIRI | Sirius XM | -1.3% | 10.2x | 23.3% | -31.7% | -51.5% | +40pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Wireless Telecommunication Services | 3 | -8.3% | 24.2% | 34.4% | ECHO 248% · TMUS 34% · SHEN -59% |
| Publishing | 5 | 11.2% | 27.5% | 18.2% | NYT 29% · NWSA 22% · SCHL 18% |
| Integrated Telecommunication Services | 23 | -5.9% | 6.7% | -23.4% | IQST 1508% · TIGO 283% · GSAT 227% |
| Movies & Entertainment | 25 | 5.5% | 62.2% | -37.3% | IMAX 209% · MSGS 119% · BATRA 117% |
| Alternative Carriers | 4 | 21.4% | 20.6% | -46.9% | IRDM 22% · UNIT -43% · LUMN -51% |
| Advertising | 20 | -18.7% | -5.8% | -65.4% | APP 293% · EVC 40% · OMC 20% |
| Broadcasting ← | 15 | -14.9% | -19.2% | -67.4% | FOXA 73% · WBD 22% · NXST 21% |
| Interactive Media & Services | 33 | -34.6% | -25.0% | -69.8% | GOOGL 143% · META 122% · SPOT 122% |
| Interactive Home Entertainment | 8 | -50.0% | -52.6% | -86.8% | TTWO 38% · RBLX -41% · PINS -65% |
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 27.61 |
| Mkt Cap | 11.6 |
| Rev LTM | 5,645 |
| Op Inc LTM | 747 |
| FCF LTM | 505 |
| FCF 3Y Avg | 551 |
| CFO LTM | 923 |
| CFO 3Y Avg | 849 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 6.0% |
| Rev Chg 3Y Avg | 3.1% |
| Rev Chg Q | 7.9% |
| QoQ Delta Rev Chg LTM | 2.0% |
| Op Inc Chg LTM | 21.0% |
| Op Inc Chg 3Y Avg | 6.5% |
| Op Mgn LTM | 18.2% |
| Op Mgn 3Y Avg | 15.9% |
| QoQ Delta Op Mgn LTM | 0.0% |
| CFO/Rev LTM | 16.5% |
| CFO/Rev 3Y Avg | 14.7% |
| FCF/Rev LTM | 10.2% |
| FCF/Rev 3Y Avg | 8.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Multiplatform Group | 2,274 | 2,373 | 2,435 | 2,597 | 2,489 |
| Digital Audio Group | 1,329 | 1,165 | 1,069 | 1,022 | 834 |
| Audio & Media Services Group | 273 | 327 | 257 | 304 | 248 |
| Corporate and other reconciling items | 0 | 0 | 0 | 0 | 0 |
| Eliminations | -11 | -10 | -10 | -11 | -13 |
| Total | 3,865 | 3,855 | 3,751 | 3,912 | 3,558 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Digital Audio Group | 457 | 379 | 349 | 309 | 261 |
| Multiplatform Group | 414 | 461 | 553 | 766 | 743 |
| Audio & Media Services Group | 93 | 141 | 71 | 113 | 76 |
| Eliminations | 0 | 0 | 0 | 0 | 0 |
| Other operating expense, net | -11 | -3 | -4 | -25 | -32 |
| Share-based compensation expense | -44 | -32 | -36 | -35 | -24 |
| Restructuring expenses | -78 | -101 | -60 | -76 | -73 |
| Impairment charges | -214 | -923 | -965 | -311 | -58 |
| Corporate and other reconciling items | -279 | -275 | -277 | -237 | -269 |
| Depreciation and amortization | -360 | -410 | -428 | -446 | -469 |
| Total | -21 | -763 | -797 | 57 | 155 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Multiplatform Group | 3,728 | 4,223 | 5,443 | 6,320 | 6,954 |
| Digital Audio Group | 668 | 587 | 626 | 1,057 | 1,088 |
| Corporate and other reconciling items | 472 | 470 | 576 | 612 | 404 |
| Audio & Media Services Group | 263 | 296 | 311 | 350 | 439 |
| Eliminations | -5 | -4 | -4 | -3 | -4 |
| Total | 5,126 | 5,572 | 6,953 | 8,336 | 8,881 |
Price Behavior
| Market Price | $2.26 | |
| Market Cap ($ Bil) | 0.4 | |
| First Trading Date | 05/07/2019 | |
| Distance from 52W High | -64.3% | |
| 50 Days | 200 Days | |
| DMA Price | $3.08 | $3.73 |
| DMA Trend | down | down |
| Distance from DMA | -26.5% | -39.4% |
| 3M | 1YR | |
| Volatility | 65.0% | 90.6% |
| Downside Capture | 387.89 | 178.56 |
| Upside Capture | 10.48 | 125.83 |
| Correlation (SPY) | 18.8% | 22.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 3.31 | 1.44 | 1.21 | 2.09 | 1.68 | 1.48 |
| Up Beta | 1.62 | 0.84 | 0.57 | 2.05 | 1.90 | 0.87 |
| Down Beta | 1.57 | -0.14 | 1.19 | 1.20 | 1.58 | 1.82 |
| Up Capture | 172% | 11% | 35% | 230% | 221% | 336% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 8 | 15 | 28 | 63 | 123 | 344 |
| Down Capture | 873% | 402% | 232% | 213% | 139% | 111% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 11 | 24 | 31 | 56 | 119 | 379 |
[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 IHRT | |
|---|---|---|---|---|
| IHRT | -24.0% | 90.9% | 0.08 | - |
| Sector ETF (XLC) | -2.9% | 15.9% | -0.38 | 19.4% |
| Equity (SPY) | 16.7% | 13.0% | 0.92 | 22.3% |
| Gold (GLD) | 13.1% | 29.3% | 0.42 | 5.1% |
| Commodities (DBC) | 45.1% | 20.7% | 1.71 | -15.3% |
| Real Estate (VNQ) | 3.7% | 13.7% | 0.01 | 21.3% |
| Bitcoin (BTCUSD) | -24.8% | 44.8% | -0.51 | 10.0% |
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 IHRT | |
|---|---|---|---|---|
| IHRT | -38.5% | 85.8% | -0.18 | - |
| Sector ETF (XLC) | 7.4% | 21.1% | 0.26 | 32.4% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 33.1% |
| Gold (GLD) | 19.0% | 18.8% | 0.82 | 4.5% |
| Commodities (DBC) | 10.6% | 19.6% | 0.42 | 4.5% |
| Real Estate (VNQ) | 0.7% | 18.9% | -0.07 | 32.7% |
| Bitcoin (BTCUSD) | 12.0% | 52.6% | 0.41 | 15.7% |
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 IHRT | |
|---|---|---|---|---|
| IHRT | -18.4% | 82.6% | 0.03 | - |
| Sector ETF (XLC) | 9.5% | 22.1% | 0.47 | 33.2% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 34.5% |
| Gold (GLD) | 12.0% | 16.4% | 0.60 | 2.8% |
| Commodities (DBC) | 8.5% | 18.1% | 0.39 | 9.3% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 35.6% |
| Bitcoin (BTCUSD) | 63.7% | 66.2% | 1.03 | 15.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 9/11/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/10/2026 | -20.9% | -20.2% | -30.2% |
| 5/11/2026 | -11.7% | -5.6% | -29.0% |
| 3/2/2026 | -5.0% | -2.3% | -5.8% |
| 11/10/2025 | -5.9% | -12.3% | 11.6% |
| 8/11/2025 | 24.5% | 37.4% | 31.9% |
| 2/27/2025 | -15.3% | -11.0% | -21.5% |
| 11/7/2024 | 25.3% | 31.6% | 50.0% |
| 8/8/2024 | 1.4% | -9.1% | 2.8% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 9 | 8 | 11 |
| # Negative | 13 | 14 | 11 |
| Median Positive | 8.4% | 13.0% | 11.6% |
| Median Negative | -13.3% | -11.9% | -21.5% |
| Max Positive | 25.3% | 37.4% | 50.0% |
| Max Negative | -23.4% | -25.9% | -47.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/10/2026 | -20.9% | -20.2% | -30.2% |
| 5/11/2026 | -11.7% | -5.6% | -29.0% |
| 3/2/2026 | -5.0% | -2.3% | -5.8% |
| 11/10/2025 | -5.9% | -12.3% | 11.6% |
| 8/11/2025 | 24.5% | 37.4% | 31.9% |
| 2/27/2025 | -15.3% | -11.0% | -21.5% |
| 11/7/2024 | 25.3% | 31.6% | 50.0% |
| 8/8/2024 | 1.4% | -9.1% | 2.8% |
| 2/29/2024 | 22.0% | -11.5% | -7.9% |
| 11/9/2023 | -16.0% | -4.6% | 1.9% |
| 8/8/2023 | -16.5% | -25.9% | -21.0% |
| 5/2/2023 | -13.3% | -15.5% | -34.3% |
| 2/28/2023 | -23.4% | -25.1% | -47.8% |
| 11/3/2022 | 8.4% | -1.5% | 4.9% |
| 8/4/2022 | 2.4% | 15.0% | 4.0% |
| 5/5/2022 | -12.5% | -25.1% | -29.1% |
| 2/23/2022 | -4.3% | 2.3% | -4.2% |
| 11/4/2021 | 3.4% | 15.5% | 1.2% |
| 8/5/2021 | -17.0% | -13.6% | -5.2% |
| 5/6/2021 | 14.0% | 10.7% | 23.4% |
| 2/25/2021 | 3.4% | 10.9% | 25.9% |
| 11/9/2020 | -4.8% | 1.9% | 21.2% |
| SUMMARY STATS | |||
| # Positive | 9 | 8 | 11 |
| # Negative | 13 | 14 | 11 |
| Median Positive | 8.4% | 13.0% | 11.6% |
| Median Negative | -13.3% | -11.9% | -21.5% |
| Max Positive | 25.3% | 37.4% | 50.0% |
| Max Negative | -23.4% | -25.9% | -47.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/10/2026 | 10-Q |
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 03/02/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/10/2026 | 10-Q |
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 03/02/2026 | 10-K |
| 09/30/2025 | 11/10/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/23/2022 | 10-K |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 11/09/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 09/30/2019 | 11/07/2019 | 10-Q |
| 03/31/2019 | 04/25/2019 | 10-Q |
Recent Forward Guidance
Updated 8/11/2026Latest: Q2 2026 Earnings Reported 8/10/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Consolidated Revenue Growth | Reported | 5.0% | 3.0% | Higher New | Actual: 2.0% for Q2 2026 | |||
| Q3 2026 Consolidated Adjusted EBITDA | Reported | 180.00 Mil | 200.00 Mil | 220.00 Mil | 33.3% | Higher New | Actual: 150.00 Mil for Q2 2026 | |
| 2026 Cost Savings | Reported | 125.00 Mil | ||||||
| 2026 Total Programmatic Revenue | Reported | 200.00 Mil | 0 | Affirmed | Guidance: 200.00 Mil for 2026 | |||
| 2026 Total Programmatic Revenue Growth | Reported | 50.0% | 0 | Affirmed | Guidance: 50.0% for 2026 | |||
| 2026 Consolidated Adjusted EBITDA | Reported | 800.00 Mil | 0 | Affirmed | Guidance: 800.00 Mil for 2026 | |||
| 2026 Free Cash Flow | Reported | 200.00 Mil | 0 | Affirmed | Guidance: 200.00 Mil for 2026 | |||
Prior: Q1 2026 Earnings Reported 5/11/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Consolidated Revenue Growth | Reported | 2.0% | ||||||
| Q2 2026 Consolidated Adjusted EBITDA | Reported | 140.00 Mil | 150.00 Mil | 160.00 Mil | ||||
| 2026 Total Programmatic Revenue | Reported | 200.00 Mil | 0 | Affirmed | Guidance: 200.00 Mil for 2026 | |||
| 2026 Total Programmatic Revenue Growth | Reported | 50.0% | ||||||
| 2026 Consolidated Adjusted EBITDA | Reported | 800.00 Mil | 0 | Affirmed | Guidance: 800.00 Mil for 2026 | |||
| 2026 Free Cash Flow | Reported | 200.00 Mil | 0 | Affirmed | Guidance: 200.00 Mil for 2026 | |||
Q4 2025 Earnings Reported 3/2/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Consolidated Revenue Growth | Reported | 7.0% | 9.5% | Higher New | Actual: -2.5% for Q4 2025 | |||
| Q1 2026 Consolidated Adjusted EBITDA | Reported | 100.00 Mil | -54.5% | Lower New | Actual: 220.00 Mil for Q4 2025 | |||
| 2026 Cost Savings | Reported | 100.00 Mil | ||||||
| 2026 Total Programmatic Revenue | Reported | 200.00 Mil | ||||||
| 2026 Consolidated Adjusted EBITDA | Reported | 800.00 Mil | ||||||
| 2026 Free Cash Flow | Reported | 200.00 Mil | ||||||
Q3 2025 Earnings Reported 11/10/2025
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Consolidated Revenue Growth | Reported | -3.0% | -2.5% | 0 | Same New | Actual: -2.5% for Q3 2025 | ||
| Q4 2025 Consolidated Revenue Growth (Excluding Political) | Reported | 4.0% | 5.0% | 2.5% | Higher New | Actual: 2.5% for Q3 2025 | ||
| Q4 2025 Consolidated Adjusted EBITDA | Reported | 200.00 Mil | 220.00 Mil | 240.00 Mil | 10.0% | Higher New | Actual: 200.00 Mil for Q3 2025 | |
Insider Activity
Updated 7/31/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Pittman, Robert W | Chairman and CEO | Direct | Buy | 3092026 | 2.97 | 16,349 | 48,525 | 18,495,080 | Form |
| 2 | Pittman, Robert W | Chairman and CEO | Direct | Buy | 3052026 | 3.25 | 32,468 | 105,576 | 20,209,111 | Form |
| 3 | Pittman, Robert W | Chairman and CEO | Direct | Buy | 8182025 | 2.19 | 117,371 | 256,972 | 9,980,949 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Pittman, Robert W | Chairman and CEO | Direct | Buy | 3092026 | 2.97 | 16,349 | 48,525 | 18,495,080 | Form |
| 2 | Pittman, Robert W | Chairman and CEO | Direct | Buy | 3052026 | 3.25 | 32,468 | 105,576 | 20,209,111 | Form |
| 3 | Pittman, Robert W | Chairman and CEO | Direct | Buy | 8182025 | 2.19 | 117,371 | 256,972 | 9,980,949 | Form |
Investor Activity (13F)
Updated Sep 25, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
Industry Resources
| Communication Services Resources |
| Variety |
| The Hollywood Reporter |
| Adweek |
| Broadcasting Resources |
| Broadcasting & Cable |
| TV Technology |
| Radio Ink |
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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