iHeartMedia (IHRT)
Market Price (12/25/2025): $4.505 | Market Cap: $699.1 MilSector: Communication Services | Industry: Broadcasting
iHeartMedia (IHRT)
Market Price (12/25/2025): $4.505Market Cap: $699.1 MilSector: Communication ServicesIndustry: Broadcasting
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| 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 returns3Y Excs Rtn is -116% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 811% |
| Stock price has recently run up significantly6M Rtn6 month market price return is 162%, 12M Rtn12 month market price return is 122% | ||
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.1%, Rev Chg QQuarterly Revenue Change % is -1.1% | ||
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1.6%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3.9% | ||
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 159% | ||
| 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 -61% | ||
| 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. |
| 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 returns3Y Excs Rtn is -116% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 811% |
| Stock price has recently run up significantly6M Rtn6 month market price return is 162%, 12M Rtn12 month market price return is 122% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.1%, Rev Chg QQuarterly Revenue Change % is -1.1% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -1.6%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -3.9% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 159% |
| 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 -61% |
| 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. |
Why The Stock Moved
Qualitative Assessment
AI Analysis | Feedback
Here are five key points explaining significant movements in iHeartMedia's (IHRT) stock price leading into and during 2025: 1. Strategic Debt Restructuring and Cost Efficiencies. iHeartMedia undertook significant debt exchange transactions by the end of 2024, which involved exchanging approximately $4.8 billion of existing debt, extending maturities by three years, and maintaining essentially flat consolidated annual cash interest. These initiatives were accompanied by cost-saving programs expected to generate a net benefit of $150 million in annual cost savings in 2025. These actions were crucial in enhancing the company's financial flexibility and balance sheet management.2. Robust Growth in the Digital Audio Group. The company demonstrated strong performance in its Digital Audio Group, with revenue increasing by 13% in Q3 2024, driven by a 14% rise in digital revenue (excluding podcasts) and an 11% increase in podcast revenue. This growth was fueled by increased demand for digital advertising and podcasting, highlighting a successful diversification strategy beyond traditional broadcast radio.
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Stock Movement Drivers
Fundamental Drivers
The 67.0% change in IHRT stock from 9/24/2025 to 12/24/2025 was primarily driven by a 68.5% change in the company's P/S Multiple.| 9242025 | 12242025 | Change | |
|---|---|---|---|
| Stock Price ($) | 2.70 | 4.51 | 67.04% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 3867.16 | 3856.03 | -0.29% |
| P/S Multiple | 0.11 | 0.18 | 68.51% |
| Shares Outstanding (Mil) | 154.28 | 155.19 | -0.59% |
| Cumulative Contribution | 67.03% |
Market Drivers
9/24/2025 to 12/24/2025| Return | Correlation | |
|---|---|---|
| IHRT | 67.0% | |
| Market (SPY) | 4.4% | 6.7% |
| Sector (XLC) | 0.6% | 6.4% |
Fundamental Drivers
The 162.2% change in IHRT stock from 6/25/2025 to 12/24/2025 was primarily driven by a 167.3% change in the company's P/S Multiple.| 6252025 | 12242025 | Change | |
|---|---|---|---|
| Stock Price ($) | 1.72 | 4.51 | 162.21% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 3862.59 | 3856.03 | -0.17% |
| P/S Multiple | 0.07 | 0.18 | 167.32% |
| Shares Outstanding (Mil) | 152.48 | 155.19 | -1.78% |
| Cumulative Contribution | 162.13% |
Market Drivers
6/25/2025 to 12/24/2025| Return | Correlation | |
|---|---|---|
| IHRT | 162.2% | |
| Market (SPY) | 14.0% | 16.5% |
| Sector (XLC) | 12.6% | 22.5% |
Fundamental Drivers
The 122.2% change in IHRT stock from 12/24/2024 to 12/24/2025 was primarily driven by a 123.7% change in the company's P/S Multiple.| 12242024 | 12242025 | Change | |
|---|---|---|---|
| Stock Price ($) | 2.03 | 4.51 | 122.17% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 3803.05 | 3856.03 | 1.39% |
| P/S Multiple | 0.08 | 0.18 | 123.72% |
| Shares Outstanding (Mil) | 151.99 | 155.19 | -2.10% |
| Cumulative Contribution | 122.07% |
Market Drivers
12/24/2024 to 12/24/2025| Return | Correlation | |
|---|---|---|
| IHRT | 122.2% | |
| Market (SPY) | 15.8% | 24.6% |
| Sector (XLC) | 20.1% | 26.6% |
Fundamental Drivers
The -32.4% change in IHRT stock from 12/25/2022 to 12/24/2025 was primarily driven by a -29.4% change in the company's P/S Multiple.| 12252022 | 12242025 | Change | |
|---|---|---|---|
| Stock Price ($) | 6.67 | 4.51 | -32.38% |
| Change Contribution By | LTM | LTM | |
| Total Revenues ($ Mil) | 3848.41 | 3856.03 | 0.20% |
| P/S Multiple | 0.26 | 0.18 | -29.38% |
| Shares Outstanding (Mil) | 148.30 | 155.19 | -4.64% |
| Cumulative Contribution | -32.53% |
Market Drivers
12/25/2023 to 12/24/2025| Return | Correlation | |
|---|---|---|
| IHRT | 93.6% | |
| Market (SPY) | 48.9% | 22.1% |
| Sector (XLC) | 65.9% | 22.2% |
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| IHRT Return | -23% | 62% | -71% | -56% | -26% | 130% | -73% |
| Peers Return | � | 21% | -29% | 38% | 25% | 9% | � |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 18% | 115% |
Monthly Win Rates [3] | |||||||
| IHRT Win Rate | 58% | 67% | 25% | 42% | 67% | 75% | |
| Peers Win Rate | 50% | 55% | 37% | 53% | 58% | 53% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 73% | |
Max Drawdowns [4] | |||||||
| IHRT Max Drawdown | -72% | -1% | -71% | -70% | -68% | -50% | |
| Peers Max Drawdown | � | -15% | -39% | -18% | -19% | -11% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: SIRI, SPOT, LYV, WMG, LAMR. 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] 2025 data is for the year up to 12/24/2025 (YTD)
How Low Can It Go
| Event | IHRT | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -93.5% | -25.4% |
| % Gain to Breakeven | 1434.6% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -73.7% | -33.9% |
| % Gain to Breakeven | 280.4% | 51.3% |
| Time to Breakeven | 344 days | 148 days |
Compare to WOW, TSQ, SGA, UONE, CAST
In The Past
iHeartMedia's stock fell -93.5% during the 2022 Inflation Shock from a high on 6/24/2021. A -93.5% loss requires a 1434.6% gain to breakeven.
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iHeartMedia, Inc. operates as a media and entertainment company worldwide. It operates through three segments: Multiplatform Group, Digital Audio Group, and Audio & Media Services Group. The Multiplatform Group segment offers broadcast radio stations, sponsorship, and live and virtual events; and operates Premiere Networks, a national radio network that produces, distributes, or represents approximately 120 syndicated radio programs and services to approximately 6,400 radio station affiliates. It also delivers real-time traffic flow and incident information, and weather updates, sports, and news through approximately 2,100 radio stations and 170 television affiliates, and Internet and mobile partnerships. As of December 31, 2021, this segment owned 863 radio stations, which included 249 AM and 614 FM radio stations. The Digital Audio Group segment provides podcasting, digital sites, newsletters, digital services, and programs; and iHeartRadio, a mobile app and web-based service for radio stations, digital-only stations, custom artist stations, and podcasts. The Audio and Media Services Group segment engages in the media representation business. This segment also provides cloud and on-premises broadcast software, such as radio and television automation, music scheduling, newsroom automation, advertising sales management, disaster recovery solutions; and real-time audio recognition technology to approximately 10,000 radio and television stations, cable channels, record labels, advertisers, and agencies, as well as media streaming and research services. The company was formerly known as CC Media Holdings, Inc. and changed its name to iHeartMedia, Inc. in September 2014. iHeartMedia, Inc. is headquartered in San Antonio, Texas.
AI Analysis | Feedback
Here are 1-3 brief analogies to describe iHeartMedia:
- Imagine Spotify (SPOT) or Pandora (SIRI), but with the added power of owning and operating nearly a thousand local AM/FM radio stations across the country.
- The Fox Corporation (FOXA) of audio media, owning hundreds of traditional radio stations, a major streaming app (iHeartRadio), and a significant podcasting network.
- A scaled audio advertising platform similar to Google (GOOGL) or Meta (META), but delivering ads across its vast network of radio stations, its iHeartRadio app, and numerous podcasts.
AI Analysis | Feedback
- Terrestrial Radio Broadcasting: Operates hundreds of local AM/FM radio stations across the U.S. providing music, news, talk, and entertainment programming.
- Digital Audio Streaming: Provides the iHeartRadio app and website for streaming live radio stations, custom artist stations, and on-demand podcasts.
- Podcast Production and Distribution: Creates, acquires, and distributes a vast library of original and third-party podcasts across diverse genres.
- Live Entertainment Events: Organizes and promotes major music festivals, concerts, and other live experiences, such as the iHeartRadio Music Festival.
AI Analysis | Feedback
Major Customers of iHeartMedia (IHRT)
iHeartMedia (symbol: IHRT) primarily sells its services to **other companies**. Its core business model revolves around selling advertising space and sponsorship opportunities across its extensive network of radio stations, digital platforms, podcasts, and live events. Due to the highly fragmented nature of the advertising market, iHeartMedia's customer base consists of thousands of local, regional, and national advertisers. No single customer or a small group of customers typically accounts for a material portion (e.g., 10% or more) of iHeartMedia's total revenue, which would necessitate disclosure in public filings. Consequently, specific "major customer" companies by name are not publicly identified or disclosed by iHeartMedia. Instead, their customer base can be described by the **categories of advertisers** they serve:- National Advertisers: These are large corporations and brands that purchase advertising campaigns across iHeartMedia's nationwide network of radio stations, digital properties, and podcasts to reach broad, national audiences. Examples of industries that frequently engage in national advertising include automotive, consumer packaged goods (CPG), telecommunications, financial services, pharmaceutical companies, and major retailers.
- Local Advertisers: This category comprises small to medium-sized businesses and regional brands that advertise on specific local iHeartMedia radio stations or digital platforms within particular geographic markets. These can include local car dealerships, restaurants, real estate agencies, home service providers, and other regional businesses looking to reach local consumers.
- Advertising Agencies and Programmatic Buyers: Many national and local advertisers work through advertising agencies, which act as intermediaries to purchase media inventory on behalf of multiple clients. iHeartMedia also sells its digital and audio ad inventory through programmatic platforms, serving a wide array of brands and demand-side platforms without direct individual client relationships in every instance.
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- ASCAP (American Society of Composers, Authors and Publishers)
- BMI (Broadcast Music, Inc.)
- SESAC (Society of European Stage Authors and Composers)
- Global Music Rights (GMR)
- SoundExchange
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Bob Pittman, Chairman and Chief Executive Officer
Bob Pittman is the co-founder and programmer who led the team that created MTV. He has served as Chief Executive Officer of MTV Networks, AOL Networks, Six Flags Theme Parks, Quantum Media, Century 21 Real Estate, and Time Warner Enterprises. He was also Chief Operating Officer of America Online, Inc. and later AOL Time Warner. Pittman co-founded iHeartMedia and Casa Dragones Tequila, and is a founding member of Pilot Group, a New York-based private investment firm which has invested in companies such as Huffington Post, Zynga, and Facebook. He previously led a process that resulted in Time Warner selling a controlling interest in Six Flags in 1995.
Rich Bressler, President, Chief Operating Officer and Chief Financial Officer; CEO, Multiplatform Group
Prior to joining iHeartMedia, Rich Bressler was a Managing Director at Thomas H. Lee Partners (THL), a private equity firm. He served as Senior Executive Vice President and Chief Financial Officer of Viacom, Inc. from 2001 through 2005, and as Chairman and Chief Executive Officer of Time Warner Digital Media. He was also Executive Vice President and Chief Financial Officer of Time Warner Inc. Bressler began his career as a partner in the accounting firm of Ernst & Young LLP.
Conal Byrne, CEO, Digital Audio Group
Conal Byrne is the Chief Executive Officer of the iHeartMedia Digital Audio Group. Before joining iHeartMedia, Byrne was President and CEO of Stuff Media, Inc., which iHeartMedia acquired in October 2018. Prior to Stuff Media, he served as Senior Vice President of Digital Media for Discovery Communications, where he managed digital for all of Discovery's U.S. networks' sites and social platforms and led the launch of Discovery VR. Under Byrne's leadership, iHeartMedia has become the #1 podcast publisher globally.
Wendy Goldberg, Chief Communications Officer
Wendy Goldberg has over 20 years of experience in providing management and strategic counsel. Before her tenure at iHeartMedia, she was a Vice President of Business Development for Hearst Entertainment & Syndication, Senior Vice President of Communications for Six Flags, and Vice President of Communications at America Online and later AOL Time Warner. Goldberg also served as a Senior Advisor to Pilot Group, LLC, the New York-based private equity firm led by Bob Pittman.
John Sykes, President, Entertainment Enterprises
John Sykes is a co-founder of MTV and was a core member of the team that launched the channel in 1981. During his more than 20-year career at Viacom, he held various senior roles, including President of New Network Development for MTV, Chairman and CEO of Infinity Broadcasting Corporation (now CBS Radio) from 2002 to 2005, and President of the VH1 Cable Television Network from 1994 to 2002. In 2008, Sykes joined his MTV co-founder Bob Pittman at Pilot Group, a private equity and venture firm, where he worked on the restructuring of MGM Studios and digital properties such as Shazam Mobile.
AI Analysis | Feedback
The key risks to iHeartMedia (IHRT) are primarily centered around its substantial debt, the ongoing decline of its traditional radio business, and its susceptibility to economic fluctuations affecting advertising revenue.
Key Risks:
- High Debt Burden and Refinancing Risk: iHeartMedia carries a significant debt load, reported at over $5 billion as of late 2025, with a high Net Debt-to-Adjusted EBITDA ratio, ranging from approximately 6.6x to 7.43x. This substantial financial leverage results in significant fixed interest expenses, making the company highly vulnerable to interest rate changes and any downturn in advertising revenue. Analysts and financial reports consistently identify this as the most pressing concern, highlighting refinancing risk and a potential for default or distressed restructuring.
- Secular Decline of Traditional Radio and Industry Competition: The company's Multiplatform Group, which includes its broadcast radio and events segments, continues to experience declining revenues. This decline is attributed to intense competition from alternative digital audio platforms, such as streaming services (Spotify, Pandora), satellite radio, podcasts, and social media, which are attracting audiences and advertising spend away from traditional media. While iHeartMedia's Digital Audio Group is growing, its growth is not yet sufficient to offset the ongoing structural challenges and revenue contraction in its core broadcast radio business.
- Vulnerability to Economic Downturns and Advertising Market Fluctuations: As a company heavily reliant on advertising revenue, iHeartMedia is highly sensitive to broader economic conditions. Economic downturns, geopolitical instability, or shifts in the advertising market can lead to reduced advertising spending, directly impacting the company's revenue, profit margins, and liquidity. Additionally, inflationary pressures could increase operating costs, further affecting financial performance.
AI Analysis | Feedback
The intensifying competition from major tech platforms, such as Spotify and Apple, which are significantly investing in exclusive audio content, advanced personalization features, and ecosystem dominance within the digital audio and podcasting space, presents a clear emerging threat to iHeartMedia. These platforms leverage their massive user bases, technological capabilities, and financial resources to attract listeners and advertisers, potentially marginalizing iHeartMedia's own digital properties and limiting its ability to retain and grow its audience and market share amidst the ongoing decline in traditional linear radio consumption.
AI Analysis | Feedback
iHeartMedia operates across several key audio and media services, with its primary revenue streams generated from broadcast radio advertising, digital audio advertising, podcast advertising, and live events. The addressable market sizes for these main products and services in the U.S. are detailed below:
- Broadcast Radio Advertising: The traditional radio advertising market in the U.S. was valued at approximately $10.5 billion in 2024.
- Digital Audio Advertising: The digital audio advertising market in the U.S. is projected to reach over $12.16 billion in 2025.
- Podcast Advertising: U.S. podcast advertising revenue reached $1.9 billion in 2023. This market is projected to exceed $2.6 billion by 2026.
- Live Events: The U.S. live events market is estimated to be valued at $466.13 billion in 2025. This market is expected to grow to $651.53 billion by 2032.
AI Analysis | Feedback
Expected Drivers of Future Revenue Growth for iHeartMedia (IHRT)
Over the next 2-3 years, iHeartMedia (IHRT) is expected to drive revenue growth through several key initiatives and market trends:
- Continued Expansion of the Digital Audio Group and Podcasting: The Digital Audio Group, particularly podcasting, has been a consistent high-growth area for iHeartMedia. The company has reported significant year-over-year revenue increases in this segment, with podcast revenue growing by 28.5% in Q2 2025. Management anticipates podcast revenues will continue their double-digit year-over-year growth trajectory.
- Advancements in Ad Tech Platform and Programmatic Advertising: iHeartMedia is focusing on developing its ad tech platform and modernizing its initiatives. These efforts are aimed at enhancing operational efficiencies and are expected to further propel programmatic advertising, opening new revenue streams and optimizing existing ones.
- Leveraging Growth in Key Advertising Categories: The company has observed significant revenue growth from specific advertising categories, such as financial services and healthcare, even amidst a challenging broader advertising environment. Continued focus on and penetration into these high-performing sectors are expected to contribute to future revenue expansion.
- Strength of Local Sales Organization: iHeartMedia highlights its "unparalleled local sales organization" as a distinct competitive advantage for both current and future revenue generation. This established network provides a strong foundation for capturing local advertising spend across its diverse audio platforms.
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Share Repurchases
- iHeartMedia's primary focus in recent years has been repurchasing its Senior Unsecured Notes rather than common stock.
- During the full year 2023, the company repurchased $204.0 million in aggregate principal amount of iHeartCommunications, Inc.'s 8.375% Senior Unsecured Notes due 2027 for $147.3 million in cash.
- As of December 31, 2023, combined Notes repurchases since Q2 2022 totaled $534 million in principal amount for $447 million in cash, which is expected to generate approximately $45 million of annualized interest savings.
Share Issuance
- On March 4, 2025, CEO Robert W. Pittman acquired 200,000 shares of the company's Class A Common Stock for approximately $320,040.
Outbound Investments
- In February 2021, iHeartMedia acquired Triton Digital, an audio advertising solution platform, for $230 million.
- The company sold 122 broadcast tower sites for net proceeds of $45.3 million in September 2023, and subsequently entered into long-term operating leases for their use.
- iHeartMedia received cash proceeds of $101 million from the sale of an equity interest in BMI in February 2024.
Capital Expenditures
- Capital expenditures for the twelve months ended December 31, 2024, were $97.6 million, a decrease from $102.7 million in 2023, primarily due to lower spending on real estate optimization initiatives.
- The company expects to generate $150 million in net cost savings in 2025 through a modernization program driven by technology and AI, with 65% of these savings anticipated from the Multiplatform Group.
- For the first six months of 2025, capital expenditures were $39.7 million, compared to $42.8 million for the same period in 2024.
Latest Trefis Analyses
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Trade Ideas
Select ideas related to IHRT. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11302025 | PINS | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.0% | 0.0% | -1.4% | |
| 11212025 | TMUS | T-Mobile US | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -4.5% | -4.5% | -6.4% |
| 11212025 | Z | Zillow | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -2.7% | -2.7% | -5.1% |
| 11072025 | IRDM | Iridium Communications | 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 | 4.5% | 4.5% | -5.6% |
| 10032025 | 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 | -26.1% | -26.1% | -29.8% |
Research & Analysis
Invest in Strategies
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Peer Comparisons for iHeartMedia
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 78.31 |
| Mkt Cap | 14.2 |
| Rev LTM | 7,630 |
| Op Inc LTM | 1,029 |
| FCF LTM | 967 |
| FCF 3Y Avg | 908 |
| CFO LTM | 1,385 |
| CFO 3Y Avg | 1,247 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 3.7% |
| Rev Chg 3Y Avg | 4.2% |
| Rev Chg Q | 5.5% |
| QoQ Delta Rev Chg LTM | 1.3% |
| Op Mgn LTM | 12.8% |
| Op Mgn 3Y Avg | 9.7% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 13.8% |
| CFO/Rev 3Y Avg | 10.7% |
| FCF/Rev LTM | 10.4% |
| FCF/Rev 3Y Avg | 8.4% |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Multiplatform Group | 2,435 | 2,597 | 2,489 | 2,207 | |
| Digital Audio Group | 1,069 | 1,022 | 834 | 474 | |
| Audio & Media Services Group | 257 | 304 | 248 | 275 | 167 |
| Corporate and other reconciling items | 0 | 0 | |||
| Eliminations | -10 | -11 | -13 | -8 | -5 |
| Audio | 2,448 | ||||
| Total | 3,751 | 3,912 | 3,558 | 2,948 | 2,610 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Multiplatform Group | 553 | 766 | 743 | 483 | |
| Digital Audio Group | 349 | 309 | 261 | 131 | |
| Audio & Media Services Group | 71 | 113 | 76 | 95 | 30 |
| Eliminations | 0 | 0 | |||
| Other operating expense, net | -4 | -25 | -32 | -11 | |
| Share-based compensation expense | -36 | -35 | -24 | -23 | |
| Restructuring expenses | -60 | -76 | -73 | -100 | |
| Corporate and other reconciling items | -277 | -237 | -269 | -170 | -149 |
| Depreciation and amortization | -428 | -446 | -469 | -403 | |
| Impairment charges | -965 | -311 | -58 | -1,739 | |
| Audio | 559 | ||||
| Total | -797 | 57 | 155 | -1,738 | 440 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Multiplatform Group | 5,443 | 6,320 | 6,954 | 7,736 | |
| Digital Audio Group | 626 | 1,057 | 1,088 | 187 | |
| Corporate and other reconciling items | 576 | 612 | 404 | 810 | 498 |
| Audio & Media Services Group | 311 | 350 | 439 | 474 | 487 |
| Eliminations | -4 | -3 | -4 | -4 | -4 |
| Audio | 10,041 | ||||
| Total | 6,953 | 8,336 | 8,881 | 9,203 | 11,021 |
Price Behavior
Price Behavior
| Market Price | $4.51 | |
| Market Cap ($ Bil) | 0.7 | |
| First Trading Date | 05/07/2019 | |
| Distance from 52W High | -11.6% | |
| 50 Days | 200 Days | |
| DMA Price | $3.87 | $2.35 |
| DMA Trend | up | up |
| Distance from DMA | 16.5% | 92.3% |
| 3M | 1YR | |
| Volatility | 107.3% | 90.4% |
| Downside Capture | -141.96 | 76.37 |
| Upside Capture | 128.01 | 144.89 |
| Correlation (SPY) | 8.2% | 24.9% |
IHRT Betas & Captures as of 11/30/2025
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -2.50 | -0.03 | 0.43 | 0.73 | 1.09 | 1.55 |
| Up Beta | -0.16 | 1.08 | 0.94 | 1.01 | 0.58 | 0.72 |
| Down Beta | -3.79 | 2.35 | 1.38 | 0.85 | 1.92 | 1.84 |
| Up Capture | -23% | 30% | 200% | 267% | 149% | 528% |
| Bmk +ve Days | 13 | 26 | 39 | 74 | 142 | 427 |
| Stock +ve Days | 6 | 18 | 31 | 61 | 111 | 343 |
| Down Capture | -443% | -247% | -169% | -116% | 90% | 111% |
| Bmk -ve Days | 7 | 16 | 24 | 52 | 107 | 323 |
| Stock -ve Days | 14 | 24 | 32 | 62 | 128 | 385 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Comparison of IHRT With Other Asset Classes (Last 1Y) | |||||||
|---|---|---|---|---|---|---|---|
| IHRT | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | 134.9% | 22.6% | 19.2% | 71.9% | 8.9% | 6.0% | -10.4% |
| Annualized Volatility | 90.1% | 18.5% | 19.5% | 19.3% | 15.3% | 17.1% | 35.0% |
| Sharpe Ratio | 1.33 | 0.96 | 0.78 | 2.69 | 0.36 | 0.18 | -0.12 |
| Correlation With Other Assets | 26.7% | 24.7% | 2.0% | 15.6% | 16.4% | 16.0% | |
ETFs used for asset classes: Sector ETF = XLC, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Comparison of IHRT With Other Asset Classes (Last 5Y) | |||||||
|---|---|---|---|---|---|---|---|
| IHRT | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | -18.3% | 13.0% | 14.9% | 18.7% | 11.7% | 4.8% | 32.6% |
| Annualized Volatility | 81.6% | 20.9% | 17.1% | 15.5% | 18.7% | 18.9% | 48.7% |
| Sharpe Ratio | 0.12 | 0.53 | 0.70 | 0.97 | 0.51 | 0.17 | 0.59 |
| Correlation With Other Assets | 32.7% | 32.8% | 5.1% | 9.9% | 32.5% | 14.5% | |
ETFs used for asset classes: Sector ETF = XLC, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Comparison of IHRT With Other Asset Classes (Last 10Y) | |||||||
|---|---|---|---|---|---|---|---|
| IHRT | Sector ETF | Equity | Gold | Commodities | Real Estate | Bitcoin | |
| Annualized Return | -18.9% | 13.2% | 14.7% | 14.9% | 6.9% | 5.2% | 69.2% |
| Annualized Volatility | 82.4% | 22.6% | 18.0% | 14.8% | 17.6% | 20.8% | 55.8% |
| Sharpe Ratio | 0.12 | 0.54 | 0.70 | 0.83 | 0.31 | 0.22 | 0.90 |
| Correlation With Other Assets | 34.1% | 35.0% | 2.5% | 13.5% | 36.7% | 15.9% | |
ETFs used for asset classes: Sector ETF = XLC, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
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 |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 9 | 13 |
| # Negative | 10 | 12 | 8 |
| Median Positive | 3.4% | 10.9% | 11.6% |
| Median Negative | -13.9% | -11.2% | -21.3% |
| Max Positive | 25.3% | 37.4% | 65.7% |
| Max Negative | -23.4% | -25.9% | -53.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 11102025 | 10-Q 9/30/2025 |
| 6302025 | 8112025 | 10-Q 6/30/2025 |
| 3312025 | 5122025 | 10-Q 3/31/2025 |
| 12312024 | 2272025 | 10-K 12/31/2024 |
| 9302024 | 11072024 | 10-Q 9/30/2024 |
| 6302024 | 8082024 | 10-Q 6/30/2024 |
| 3312024 | 5092024 | 10-Q 3/31/2024 |
| 12312023 | 2292024 | 10-K 12/31/2023 |
| 9302023 | 11092023 | 10-Q 9/30/2023 |
| 6302023 | 8082023 | 10-Q 6/30/2023 |
| 3312023 | 5022023 | 10-Q 3/31/2023 |
| 12312022 | 2282023 | 10-K 12/31/2022 |
| 9302022 | 11032022 | 10-Q 9/30/2022 |
| 6302022 | 8042022 | 10-Q 6/30/2022 |
| 3312022 | 5052022 | 10-Q 3/31/2022 |
| 12312021 | 2232022 | 10-K 12/31/2021 |
Insider Activity
Expand for More| Owner | Title | Filing Date | Action | Price | Shares | TransactedValue | Value ofHeld Shares | Form | |
|---|---|---|---|---|---|---|---|---|---|
| 0 | PITTMAN ROBERT W | Chairman and CEO | 8182025 | Buy | 2.19 | 117,371 | 256,972 | 9,980,949 | Form |
| 1 | SIVARAMAKRISHNAN KAMAKSHI | 5302025 | Buy | 1.71 | 139 | 238 | 238 | Form | |
| 2 | PITTMAN ROBERT W | Chairman and CEO | 5192025 | Buy | 1.22 | 200,000 | 243,920 | 5,416,718 | Form |
| 3 | BRESSLER RICHARD J | SEE REMARKS | 3102025 | Buy | 1.79 | 100,000 | 178,820 | 6,469,286 | Form |
| 4 | PITTMAN ROBERT W | Chairman and CEO | 3062025 | Buy | 1.60 | 200,000 | 320,040 | 6,787,071 | 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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