Lamar Advertising (LAMR)
Market Price (5/24/2026): $153.07 | Market Cap: $15.5 BilSector: Real Estate | Industry: Other Specialized REITs
Lamar Advertising (LAMR)
Market Price (5/24/2026): $153.07Market Cap: $15.5 BilSector: Real EstateIndustry: Other Specialized REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 39%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 31% Low stock price volatilityVol 12M is 22% Megatrend and thematic driversMegatrends include Out-of-Home Media Evolution. Themes include Digital Out-of-Home Advertising, and Programmatic OOH. | Trading close to highsDist 52W High is -3.1%, Dist 3Y High is -3.1% | Key risksLAMR key risks include [1] the existential threat of autonomous vehicles rendering its core billboard assets ineffective, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 39%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 31% |
| Low stock price volatilityVol 12M is 22% |
| Megatrend and thematic driversMegatrends include Out-of-Home Media Evolution. Themes include Digital Out-of-Home Advertising, and Programmatic OOH. |
| Trading close to highsDist 52W High is -3.1%, Dist 3Y High is -3.1% |
| Key risksLAMR key risks include [1] the existential threat of autonomous vehicles rendering its core billboard assets ineffective, Show more. |
Qualitative Assessment
AI Analysis | Feedback
1. Strong Q1 2026 Financial Performance Exceeding Expectations.
Lamar Advertising reported robust first-quarter results for 2026, significantly surpassing analyst estimates. The company achieved an Earnings Per Share (EPS) of $1.00, beating the consensus forecast of $0.82 by $0.18. Additionally, revenue reached $528 million, exceeding the projected $522.86 million. This strong financial beat, coupled with an 8.0% increase in Adjusted Funds From Operations (AFFO) to $177.5 million, contributed to an 11.89% pre-market stock surge after the earnings announcement.
2. Robust Revenue Growth Driven by Digital and National Advertising.
The company demonstrated broad-based revenue growth in Q1 2026, with net revenues climbing 4.5% year-over-year to $528.0 million. This growth was particularly strong in key areas, with digital revenues increasing by 30% and national advertising revenue rising by 5.8%. Programmatic advertising also saw significant expansion, growing by nearly 25% to approximately $11 million, underscoring Lamar's successful strategy in expanding its digital advertising platforms and attracting major advertisers.
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Stock Movement Drivers
Fundamental Drivers
The 20.8% change in LAMR stock from 1/31/2026 to 5/23/2026 was primarily driven by a 24.6% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 5232026 | Change |
|---|---|---|---|
| Stock Price ($) | 126.78 | 153.10 | 20.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,250 | 2,289 | 1.7% |
| Net Income Margin (%) | 19.3% | 24.0% | 24.6% |
| P/E Multiple | 29.6 | 28.2 | -4.6% |
| Shares Outstanding (Mil) | 101 | 101 | -0.1% |
| Cumulative Contribution | 20.8% |
Market Drivers
1/31/2026 to 5/23/2026| Return | Correlation | |
|---|---|---|
| LAMR | 20.8% | |
| Market (SPY) | 8.1% | 39.9% |
| Sector (XLRE) | 8.3% | 37.2% |
Fundamental Drivers
The 32.5% change in LAMR stock from 10/31/2025 to 5/23/2026 was primarily driven by a 21.8% change in the company's Net Income Margin (%).| (LTM values as of) | 10312025 | 5232026 | Change |
|---|---|---|---|
| Stock Price ($) | 115.52 | 153.10 | 32.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,228 | 2,289 | 2.7% |
| Net Income Margin (%) | 19.7% | 24.0% | 21.8% |
| P/E Multiple | 26.6 | 28.2 | 6.0% |
| Shares Outstanding (Mil) | 101 | 101 | -0.1% |
| Cumulative Contribution | 32.5% |
Market Drivers
10/31/2025 to 5/23/2026| Return | Correlation | |
|---|---|---|
| LAMR | 32.5% | |
| Market (SPY) | 9.9% | 30.2% |
| Sector (XLRE) | 10.9% | 42.2% |
Fundamental Drivers
The 41.7% change in LAMR stock from 4/30/2025 to 5/23/2026 was primarily driven by a 46.5% change in the company's Net Income Margin (%).| (LTM values as of) | 4302025 | 5232026 | Change |
|---|---|---|---|
| Stock Price ($) | 108.07 | 153.10 | 41.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,207 | 2,289 | 3.7% |
| Net Income Margin (%) | 16.4% | 24.0% | 46.5% |
| P/E Multiple | 30.6 | 28.2 | -7.6% |
| Shares Outstanding (Mil) | 102 | 101 | 1.0% |
| Cumulative Contribution | 41.7% |
Market Drivers
4/30/2025 to 5/23/2026| Return | Correlation | |
|---|---|---|
| LAMR | 41.7% | |
| Market (SPY) | 36.0% | 35.8% |
| Sector (XLRE) | 11.6% | 50.5% |
Fundamental Drivers
The 68.5% change in LAMR stock from 4/30/2023 to 5/23/2026 was primarily driven by a 34.0% change in the company's P/E Multiple.| (LTM values as of) | 4302023 | 5232026 | Change |
|---|---|---|---|
| Stock Price ($) | 90.88 | 153.10 | 68.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,032 | 2,289 | 12.6% |
| Net Income Margin (%) | 21.6% | 24.0% | 11.3% |
| P/E Multiple | 21.1 | 28.2 | 34.0% |
| Shares Outstanding (Mil) | 102 | 101 | 0.3% |
| Cumulative Contribution | 68.5% |
Market Drivers
4/30/2023 to 5/23/2026| Return | Correlation | |
|---|---|---|
| LAMR | 68.5% | |
| Market (SPY) | 86.3% | 54.7% |
| Sector (XLRE) | 30.9% | 59.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| LAMR Return | 51% | -18% | 19% | 20% | 10% | 22% | 136% |
| Peers Return | 48% | -37% | 8% | 2% | 30% | 16% | 55% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 98% |
Monthly Win Rates [3] | |||||||
| LAMR Win Rate | 75% | 33% | 42% | 67% | 58% | 80% | |
| Peers Win Rate | 67% | 42% | 42% | 42% | 50% | 60% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| LAMR Max Drawdown | -13% | -30% | -26% | -11% | -22% | -10% | |
| Peers Max Drawdown | -29% | -53% | -52% | -25% | -34% | -12% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: OUT, CCO, BOC. See LAMR Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/22/2026 (YTD)
How Low Can It Go
| Event | LAMR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -21.4% | -18.8% |
| % Gain to Breakeven | 27.2% | 23.1% |
| Time to Breakeven | 156 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -18.5% | -9.5% |
| % Gain to Breakeven | 22.6% | 10.5% |
| Time to Breakeven | 40 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -15.4% | -6.7% |
| % Gain to Breakeven | 18.2% | 7.1% |
| Time to Breakeven | 191 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -29.9% | -24.5% |
| % Gain to Breakeven | 42.6% | 32.4% |
| Time to Breakeven | 510 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -65.4% | -33.7% |
| % Gain to Breakeven | 189.3% | 50.9% |
| Time to Breakeven | 346 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -14.6% | -19.2% |
| % Gain to Breakeven | 17.0% | 23.8% |
| Time to Breakeven | 52 days | 105 days |
In The Past
Lamar Advertising's stock fell -21.4% during the 2025 US Tariff Shock. Such a loss loss requires a 27.2% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | LAMR | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -21.4% | -18.8% |
| % Gain to Breakeven | 27.2% | 23.1% |
| Time to Breakeven | 156 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -29.9% | -24.5% |
| % Gain to Breakeven | 42.6% | 32.4% |
| Time to Breakeven | 510 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -65.4% | -33.7% |
| % Gain to Breakeven | 189.3% | 50.9% |
| Time to Breakeven | 346 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -37.9% | -17.9% |
| % Gain to Breakeven | 60.9% | 21.8% |
| Time to Breakeven | 87 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -35.9% | -15.4% |
| % Gain to Breakeven | 55.9% | 18.2% |
| Time to Breakeven | 148 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -88.8% | -53.4% |
| % Gain to Breakeven | 790.8% | 114.4% |
| Time to Breakeven | 1480 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -20.3% | -8.6% |
| % Gain to Breakeven | 25.5% | 9.5% |
| Time to Breakeven | 2726 days | 47 days |
In The Past
Lamar Advertising's stock fell -21.4% during the 2025 US Tariff Shock. Such a loss loss requires a 27.2% 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 Lamar Advertising (LAMR)
AI Analysis | Feedback
Here are 1-2 brief analogies for Lamar Advertising:
- Lamar Advertising is like American Tower for billboards.
- Lamar Advertising is like Google Ads for the real world.
AI Analysis | Feedback
- Billboard Advertising: Provides advertising space on a vast network of traditional and digital billboards across various locations.
- Interstate Logo Advertising: Offers advertising placements on signs and structures strategically located along interstate highways.
- Transit Advertising: Supplies advertising opportunities on public transportation vehicles and at transit shelters.
- Airport Advertising: Delivers advertising space within airport terminals and on airport properties.
AI Analysis | Feedback
Lamar Advertising (LAMR) sells advertising space primarily to other companies rather than individuals.
Due to the highly diversified nature of its business as an outdoor advertising provider, Lamar serves a vast number of local businesses and national brands across various industries. The company does not publicly disclose specific "major customers" by name, as its revenue is not concentrated in a few client relationships.
However, based on the company's own description, its customer base can be broadly categorized into the following types of businesses:
- Local Businesses: These include a wide array of small and medium-sized enterprises (SMEs) operating in specific geographic areas who utilize Lamar's billboards, transit, and other outdoor advertising formats to reach local audiences.
- National Brands: Large corporations and well-known brands that employ Lamar's extensive network of displays across the United States and Canada for broad-reach advertising campaigns. These brands span numerous sectors such as consumer goods, automotive, entertainment, retail, and more.
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Sean Reilly, President & Chief Executive Officer
Sean Reilly is the fourth generation of his family to work at Lamar Advertising, which was originally founded by his mother's grandfather in 1902. He joined Lamar in 1989, when it was a family-owned private business, focusing on acquisitions and real estate. Reilly served as President of TLC Properties and became Chief Operating Officer of Lamar in 2001, being promoted to Chief Executive Officer in 2011. Under his leadership, Lamar established the industry's first digital billboard network in 2001 and successfully converted to a real estate investment trust (REIT) in 2014. He previously served in the Louisiana Legislature as a State Representative from 1988 to 1996 and is a past Board Chair of the Outdoor Advertising Association of America.
Jay Johnson, Executive Vice President and Chief Financial Officer
Jay Johnson joined Lamar Advertising in October 2019. Before Lamar, he served as Executive Vice President and Chief Financial Officer of DiamondRock Hospitality Company, a lodging real estate investment trust (REIT). Prior to that, he was Senior Vice President and Treasurer at Host Hotels & Resorts, an S&P 500 company and the largest lodging REIT, where he managed over $14 billion in debt and equity capital transactions across 12 countries. His earlier career included roles in banking at KeyBank Real Estate Capital and Bank of America, as well as management consulting at Deloitte & Touche LLP, investment banking at Prudential Securities, and industrial markets trading at Enron Corporation. Johnson currently serves on the board of directors at SBA Communications Corporation and is a former director at Newell Brands.
Kevin Reilly, Jr., Executive Chairman
Kevin Reilly, Jr. serves as the Executive Chairman of Lamar Advertising. The company has a long history as a family-owned business, with Sean Reilly, the CEO, being the fourth generation to work there, indicating a deep-rooted family involvement in its leadership.
Ross Reilly, President, Outdoor Division
Ross Reilly was appointed President of Lamar Advertising's Outdoor Division, effective January 1, 2026. Prior to this role, he served as Vice President of Mergers and Acquisitions and Special Projects since 2019, where he was responsible for closing over $1.5 billion in out-of-home asset acquisitions. He also guided Lamar's programmatic sales strategy and spearheaded its investment in Vistar Media. Before joining Lamar in 2015, Ross co-founded and served as Chief Operating Officer of Joule Solar Energy, a large solar contractor on the Gulf Coast, and founded Solar O+M. He also serves on the board of directors for REV Broadband.
John Miller, Executive Vice President of Sales and Marketing
John Miller serves as Lamar Advertising's Executive Vice President of Sales and Marketing. In this capacity, he plays a key leadership role in the company's sales and marketing operations.
AI Analysis | Feedback
Here are the key risks to Lamar Advertising (LAMR):- Long-term Threat of Autonomous Vehicles: The eventual widespread adoption of self-driving cars poses an existential risk to billboard advertising. As drivers become less focused on the road, the effectiveness and attention-grabbing nature of billboards could significantly diminish over time.
- Economic Sensitivity and Cyclical Advertising Spending: Lamar Advertising's financial performance is highly sensitive to general economic conditions and trends in advertising expenditures. During economic downturns, advertising budgets, particularly in the local segment which accounts for a significant portion of Lamar's revenue, are often among the first to be cut, leading to reduced revenue and occupancy rates.
- High Indebtedness and Rising Interest Rates: As a Real Estate Investment Trust (REIT), Lamar Advertising maintains a significant level of debt. Rising interest rates directly increase the cost of borrowing, which in turn elevates the cost of capital for financing strategic acquisitions and the ongoing conversion to digital displays. This can limit financial flexibility and impact profitability.
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```htmlLamar Advertising (Nasdaq: LAMR) operates in various segments of the out-of-home (OOH) advertising market across the United States and Canada. The addressable markets for their main products and services in North America are substantial, driven by both traditional and digital advertising formats.
Out-of-Home (OOH) Advertising Market
- The North America Out-of-Home (OOH) and Digital Out-of-Home (DOOH) advertising market was estimated at approximately USD 11.22 billion in 2025 and is projected to reach USD 14.30 billion by 2030.
- More specifically, the U.S. OOH advertising market alone reached USD 7.87 billion in 2024 and is expected to grow to USD 15.64 billion by 2032.
Billboard Advertising Market
This category includes both traditional static billboards and digital billboards, with Lamar operating one of the largest networks of digital billboards in the United States.
- The North America billboard and outdoor advertising market is expected to reach approximately USD 27.05 billion by 2033.
- In the U.S. specifically, the billboard and outdoor advertising market generated USD 10.23 billion in 2024 and is projected to grow to USD 16.55 billion by 2030.
- The U.S. billboard and signs market, encompassing various types of displays, was valued at USD 14.8 billion in 2024 and is projected to reach USD 18.4 billion by 2032.
- The North America digital out-of-home (DOOH) advertising market, where digital billboards are a significant component, was valued at USD 4.94 billion in 2025 and is anticipated to reach USD 11.22 billion by 2033.
Transit Advertising Market
Lamar offers transit advertising formats.
- The North America transit advertising market was valued at approximately USD 10 billion in 2024 and is projected to grow to USD 13 billion by 2035.
- The global transit advertising billboard and outdoor advertising market size was valued at approximately USD 3.96 billion in 2025 and is estimated to grow at a CAGR of 6.5% from 2025 to 2033. North America was the largest revenue-generating market in 2024 for the global transit and transportation digital out-of-home advertising.
Airport Advertising Market
Lamar also provides airport advertising formats.
- The North America airport advertising market was valued at approximately USD 7.5 billion in 2026 and is projected to reach USD 17.8 billion by 2033.
- Globally, the airport advertising market is estimated to be USD 8.3 billion in 2025 and is expected to reach USD 12.5 billion by 2032, with North America holding a 40-45% share of the global market.
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Lamar Advertising (Nasdaq: LAMR) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:
- Continued Digital Billboard Expansion and Conversions: Lamar is actively investing in and deploying new digital displays, both through internal conversions of traditional billboards and new installations. This strategic initiative is a consistent focus, with plans to deploy a similar number of digital units in 2026. Digital billboards command higher advertising rates and offer greater flexibility to advertisers, directly contributing to increased revenue.
- Growth in Programmatic Advertising: The company has observed significant year-over-year growth in programmatic advertising revenue, with projections for continued expansion. Lamar aims to further integrate programmatic advertising for local customers, leveraging this data-driven approach to optimize ad placement and enhance revenue generation.
- Strategic "Tuck-in" Acquisitions: Lamar consistently pursues a disciplined acquisition strategy, acquiring local and regional out-of-home advertising operators. The company completed numerous acquisitions in 2025 and anticipates another active year for mergers and acquisitions in 2026, which expands its network of displays and its overall revenue base.
- Strength in Local and National Advertising Markets & Pricing Power: Lamar has demonstrated resilience in its local advertising business and expects continued growth in both local and national advertising spend. The company also anticipates that a significant portion of its revenue gains will come from rate increases, as it maintains high average annual occupancy rates for its displays.
- Political Advertising Cycles: Given that 2026 will be a midterm election year, Lamar anticipates a robust influx of political advertising spend. Election cycles historically provide a substantial boost to the company's revenue, making this a significant driver for the near term.
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Share Repurchases
- Lamar Advertising completed $150 million in stock repurchases under its program.
- In May 2025, the board approved an increase of $150 million to the stock repurchase program, raising the total available for future repurchases to $250 million.
- In February 2026, the overall size of the stock repurchase program was increased to $400 million, with $250 million remaining available for future repurchases, and extended through September 30, 2027.
Share Issuance
- Lamar has an "At-the-Market" offering program that allows for the issuance and sale of up to $400.0 million in Class A common stock, although no shares were issued under this program in 2024.
- In July 2025, Lamar LP issued 1,187,500 Common Units as consideration for the acquisition of Verde Outdoor assets.
- LTIP Units were issued in 2022, 2023, 2024, and 2025 under Lamar's 1996 Equity Incentive Plan.
Outbound Investments
- Lamar completed 24 acquisitions in 2024 for a total cash purchase price of approximately $45.4 million.
- In 2025, Lamar completed 50 acquisitions for $191 million in cash and anticipates a similar level of acquisition spending in 2026.
- In 2025, Lamar recorded a $68.6 million gain from the sale of its equity interest in Vistar Media, Inc.
Capital Expenditures
- In 2024, Lamar invested $125.3 million in capital expenditures, with $60.7 million allocated to digital technology.
- Capital expenditures for 2025 totaled $180.8 million.
- Lamar projects total capital expenditures of approximately $195 million for 2026, with maintenance capital expenditures budgeted at $60 million, primarily focused on reinvestment in digital technology and digital billboard expansion.
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|---|---|---|---|---|---|---|---|
| 03272026 | SBAC | SBA Communications | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 32.4% | 32.4% | 0.0% |
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| 03062026 | VNO | Vornado Realty Trust | 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 | 11.0% | 11.0% | -8.3% |
| 02272026 | KRC | Kilroy Realty | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 13.7% | 13.7% | -5.4% |
| 09302022 | LAMR | Lamar Advertising | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 24.6% | 7.0% | 0.0% |
| 10312020 | LAMR | Lamar Advertising | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 62.0% | 88.3% | 0.0% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 23.07 |
| Mkt Cap | 3.5 |
| Rev LTM | 1,757 |
| Op Inc LTM | 330 |
| FCF LTM | 133 |
| FCF 3Y Avg | 98 |
| CFO LTM | 226 |
| CFO 3Y Avg | 191 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 3.7% |
| Rev Chg 3Y Avg | 3.6% |
| Rev Chg Q | 7.2% |
| QoQ Delta Rev Chg LTM | 1.6% |
| Op Inc Chg LTM | 22.9% |
| Op Inc Chg 3Y Avg | 8.7% |
| Op Mgn LTM | 18.7% |
| Op Mgn 3Y Avg | 17.7% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 17.7% |
| CFO/Rev 3Y Avg | 17.3% |
| FCF/Rev LTM | 7.2% |
| FCF/Rev 3Y Avg | 3.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 3.5 |
| P/S | 3.3 |
| P/Op Inc | 10.3 |
| P/EBIT | 11.4 |
| P/E | 7.6 |
| P/CFO | 17.2 |
| Total Yield | -0.0% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 0.9% |
| D/E | 0.5 |
| Net D/E | 0.5 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 7.2% |
| 3M Rtn | 9.1% |
| 6M Rtn | 25.4% |
| 12M Rtn | 81.0% |
| 3Y Rtn | 93.6% |
| 1M Excs Rtn | 2.0% |
| 3M Excs Rtn | 1.3% |
| 6M Excs Rtn | 17.0% |
| 12M Excs Rtn | 49.4% |
| 3Y Excs Rtn | 10.5% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Billboard | 1,956 | 1,878 | 1,814 | 1,614 | 1,403 |
| Other | 251 | 233 | |||
| Logo advertising | 80 | 78 | 83 | ||
| Transit advertising | 138 | 96 | 83 | ||
| Total | 2,207 | 2,111 | 2,032 | 1,787 | 1,569 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Billboard | 1,086 | 1,025 | |||
| Other | 50 | 56 | |||
| Gain on disposition of assets | 6 | 5 | |||
| Capitalized contract fulfillment costs, net | 0 | 0 | |||
| Stock-based compensation expense | -45 | -23 | |||
| Corporate expenses | -103 | -95 | |||
| Depreciation and amortization | -463 | -293 | |||
| Transaction expenses | 0 | ||||
| Total | 532 | 675 |
Price Behavior
| Market Price | $153.10 | |
| Market Cap ($ Bil) | 15.5 | |
| First Trading Date | 08/02/1996 | |
| Distance from 52W High | -3.1% | |
| 50 Days | 200 Days | |
| DMA Price | $136.46 | $127.20 |
| DMA Trend | up | up |
| Distance from DMA | 12.2% | 20.4% |
| 3M | 1YR | |
| Volatility | 26.1% | 22.4% |
| Downside Capture | 43.93 | 37.18 |
| Upside Capture | 84.17 | 64.79 |
| Correlation (SPY) | 44.3% | 33.0% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.62 | 0.79 | 0.67 | 0.51 | 0.65 | 0.92 |
| Up Beta | 0.65 | 0.64 | 0.66 | 0.48 | 0.91 | 1.08 |
| Down Beta | 2.17 | 0.82 | 0.77 | 0.49 | 0.58 | 0.83 |
| Up Capture | 71% | 71% | 76% | 68% | 50% | 62% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 14 | 22 | 36 | 68 | 132 | 400 |
| Down Capture | 45% | 99% | 55% | 37% | 57% | 96% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 8 | 21 | 28 | 57 | 118 | 348 |
[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 LAMR | |
|---|---|---|---|---|
| LAMR | 40.5% | 22.3% | 1.44 | - |
| Sector ETF (XLRE) | 13.2% | 13.4% | 0.67 | 49.2% |
| Equity (SPY) | 29.5% | 12.0% | 1.86 | 32.7% |
| Gold (GLD) | 35.5% | 26.8% | 1.11 | 2.3% |
| Commodities (DBC) | 42.9% | 18.7% | 1.77 | -18.0% |
| Real Estate (VNQ) | 15.2% | 13.1% | 0.82 | 54.5% |
| Bitcoin (BTCUSD) | -31.3% | 41.8% | -0.78 | 10.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LAMR | |
|---|---|---|---|---|
| LAMR | 13.8% | 26.7% | 0.48 | - |
| Sector ETF (XLRE) | 4.6% | 19.0% | 0.14 | 65.3% |
| Equity (SPY) | 14.0% | 17.0% | 0.64 | 63.7% |
| Gold (GLD) | 18.8% | 18.0% | 0.85 | 9.2% |
| Commodities (DBC) | 10.4% | 19.4% | 0.42 | 13.0% |
| Real Estate (VNQ) | 3.8% | 18.8% | 0.10 | 68.9% |
| Bitcoin (BTCUSD) | 11.6% | 55.3% | 0.41 | 21.6% |
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 LAMR | |
|---|---|---|---|---|
| LAMR | 14.5% | 34.6% | 0.48 | - |
| Sector ETF (XLRE) | 6.9% | 20.4% | 0.30 | 66.4% |
| Equity (SPY) | 15.7% | 17.9% | 0.75 | 63.2% |
| Gold (GLD) | 13.0% | 16.0% | 0.67 | 3.4% |
| Commodities (DBC) | 7.8% | 17.9% | 0.35 | 21.3% |
| Real Estate (VNQ) | 5.5% | 20.7% | 0.23 | 70.5% |
| Bitcoin (BTCUSD) | 66.7% | 66.9% | 1.06 | 16.5% |
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 |
| 5/7/2026 | 7.1% | 3.9% | |
| 2/20/2026 | 0.9% | 2.2% | -5.1% |
| 11/6/2025 | 1.2% | 8.1% | 11.0% |
| 8/8/2025 | -7.4% | -2.8% | 2.8% |
| 5/8/2025 | -2.7% | -2.3% | 2.2% |
| 2/20/2025 | -7.3% | -7.1% | -13.8% |
| 11/8/2024 | -4.7% | -5.8% | -2.5% |
| 8/8/2024 | 2.2% | 3.6% | 7.5% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 14 | 13 |
| # Negative | 10 | 7 | 7 |
| Median Positive | 2.2% | 3.9% | 7.5% |
| Median Negative | -2.7% | -2.8% | -5.2% |
| Max Positive | 18.4% | 13.4% | 41.1% |
| Max Negative | -7.4% | -7.3% | -13.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/20/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/20/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/02/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/03/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 EPS | 5.72 | 5.78 | 5.83 | 0 | Affirmed | Guidance: 5.78 for 2026 | |
| 2026 AFFO per diluted share | 8.5 | 8.6 | 8.7 | 0 | Affirmed | Guidance: 8.6 for 2026 | |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Johnson, Jay Lecoryelle | CFO, Treasurer, EVP | Direct | Sell | 5122026 | 157.02 | 10,000 | Form | ||
| 2 | Reilly, Ross Lamar | EVP, President, Outdoor Div | Direct | Sell | 3252026 | 128.65 | 5,969 | 767,912 | 2,039,102 | Form |
| 3 | Johnson, Jay Lecoryelle | CFO, Treasurer, EVP | ByWestview Capital Partners, LLC | Sell | 3062026 | 137.56 | 1,260 | Form | ||
| 4 | Johnson, Jay Lecoryelle | CFO, Treasurer, EVP | Westview Capital Partners, LLC | Sell | 8252025 | 124.22 | 15,300 | Form | ||
| 5 | Johnson, Jay Lecoryelle | CFO, Treasurer, EVP | Westview Capital Partners, LLC | Sell | 8252025 | 124.44 | 6,700 | 833,748 | 893,479 | 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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