Saga Communications (SGA)
Market Price (9/27/2026): $8.6 | Market Cap: $52.4 MilSector: Communication Services | Industry: Broadcasting
Saga Communications (SGA)
Market Price (9/27/2026): $8.6Market Cap: $52.4 MilSector: Communication ServicesIndustry: Broadcasting
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -44% Attractive yieldDividend Yield is 12% Low stock price volatilityVol 12M is 32% Megatrend and thematic driversMegatrends include Local Media & Community Engagement. Themes include Local Broadcast Media, Local Digital Advertising, and Community-Focused Content & Information. | Weak multi-year price returns2Y Excs Rtn is -64%, 3Y Excs Rtn is -118% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -7.2%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.1%, Rev Chg QQuarterly Revenue Change % is -6.5% 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 -8.6% Key risksSGA key risks include [1] the challenge of scaling digital revenue to offset declining traditional advertising and [2] increased operating expenses and reported losses driven by recent music licensing settlements. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -44% |
| Attractive yieldDividend Yield is 12% |
| Low stock price volatilityVol 12M is 32% |
| Megatrend and thematic driversMegatrends include Local Media & Community Engagement. Themes include Local Broadcast Media, Local Digital Advertising, and Community-Focused Content & Information. |
| Weak multi-year price returns2Y Excs Rtn is -64%, 3Y Excs Rtn is -118% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -7.2%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.1%, Rev Chg QQuarterly Revenue Change % is -6.5% |
| 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 -8.6% |
| Key risksSGA key risks include [1] the challenge of scaling digital revenue to offset declining traditional advertising and [2] increased operating expenses and reported losses driven by recent music licensing settlements. |
Qualitative Assessment
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Updated on 9/9/2026
Saga Communications (SGA) stock has lost about 5% since 5/31/2026 because of the following key factors:
1. Declining Traditional Advertising Revenue. Saga Communications experienced a 6.5% year-over-year decrease in net revenue to $26.4 million for fiscal Q2 2026, primarily driven by significant double-digit declines in traditional advertising streams. Specifically, local revenue was down 11.2%, national revenue decreased by 25%, and non-traditional revenue fell by 16.4% during fiscal Q2 2026. This contributed to a net revenue decline of 6.0% to $49.3 million for the six-month period ended June 30, 2026.
2. Increased Operating Expenses and Reduced Profitability. The company's profitability was negatively impacted by a 5.4% increase in station operating expenses, reaching $23.4 million in fiscal Q2 2026. Consequently, station operating income sharply decreased by 50.6% to $3.0 million, and net income for the quarter fell by 14.9% to $960,000 compared to Q2 2025. These factors led to an operating loss of $2.6 million and a net loss of $1.43 million for the first half of fiscal 2026 (ending June 30, 2026).
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Saga Communications (SGA) stock has lost about 5% since 5/31/2026 because of the following key factors:
1. Declining Traditional Advertising Revenue. Saga Communications experienced a 6.5% year-over-year decrease in net revenue to $26.4 million for fiscal Q2 2026, primarily driven by significant double-digit declines in traditional advertising streams. Specifically, local revenue was down 11.2%, national revenue decreased by 25%, and non-traditional revenue fell by 16.4% during fiscal Q2 2026. This contributed to a net revenue decline of 6.0% to $49.3 million for the six-month period ended June 30, 2026.
2. Increased Operating Expenses and Reduced Profitability. The company's profitability was negatively impacted by a 5.4% increase in station operating expenses, reaching $23.4 million in fiscal Q2 2026. Consequently, station operating income sharply decreased by 50.6% to $3.0 million, and net income for the quarter fell by 14.9% to $960,000 compared to Q2 2025. These factors led to an operating loss of $2.6 million and a net loss of $1.43 million for the first half of fiscal 2026 (ending June 30, 2026).
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Updated on 9/9/2026
Saga Communications (SGA) stock has lost about 5% since 5/31/2026 because of the following key factors:
1. Declining Traditional Advertising Revenue. Saga Communications experienced a 6.5% year-over-year decrease in net revenue to $26.4 million for fiscal Q2 2026, primarily driven by significant double-digit declines in traditional advertising streams. Specifically, local revenue was down 11.2%, national revenue decreased by 25%, and non-traditional revenue fell by 16.4% during fiscal Q2 2026. This contributed to a net revenue decline of 6.0% to $49.3 million for the six-month period ended June 30, 2026.
2. Increased Operating Expenses and Reduced Profitability. The company's profitability was negatively impacted by a 5.4% increase in station operating expenses, reaching $23.4 million in fiscal Q2 2026. Consequently, station operating income sharply decreased by 50.6% to $3.0 million, and net income for the quarter fell by 14.9% to $960,000 compared to Q2 2025. These factors led to an operating loss of $2.6 million and a net loss of $1.43 million for the first half of fiscal 2026 (ending June 30, 2026).
3. Weak Fiscal Q3 2026 Revenue Outlook. Saga Communications provided a cautious outlook for fiscal Q3 2026, forecasting overall revenue to pace down mid-single digits. This forward-looking guidance likely signaled continued financial pressure to investors, despite expectations for mid-to-high single-digit growth in digital revenue.
4. Broader Industry Headwinds and Monetization Challenges. The radio broadcasting industry faces a persistent "monetization problem," where audience engagement remains stable, but traditional advertising revenue is being challenged by the ongoing shift towards digital streaming platforms and other audio alternatives. Younger audiences, in particular, are increasingly using digital platforms, which poses a structural challenge for traditional radio broadcasters like Saga Communications.
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Saga Communications (SGA) stock has lost about 5% since 5/31/2026 because of the following key factors:
1. Declining Traditional Advertising Revenue. Saga Communications experienced a 6.5% year-over-year decrease in net revenue to $26.4 million for fiscal Q2 2026, primarily driven by significant double-digit declines in traditional advertising streams. Specifically, local revenue was down 11.2%, national revenue decreased by 25%, and non-traditional revenue fell by 16.4% during fiscal Q2 2026. This contributed to a net revenue decline of 6.0% to $49.3 million for the six-month period ended June 30, 2026.
2. Increased Operating Expenses and Reduced Profitability. The company's profitability was negatively impacted by a 5.4% increase in station operating expenses, reaching $23.4 million in fiscal Q2 2026. Consequently, station operating income sharply decreased by 50.6% to $3.0 million, and net income for the quarter fell by 14.9% to $960,000 compared to Q2 2025. These factors led to an operating loss of $2.6 million and a net loss of $1.43 million for the first half of fiscal 2026 (ending June 30, 2026).
3. Weak Fiscal Q3 2026 Revenue Outlook. Saga Communications provided a cautious outlook for fiscal Q3 2026, forecasting overall revenue to pace down mid-single digits. This forward-looking guidance likely signaled continued financial pressure to investors, despite expectations for mid-to-high single-digit growth in digital revenue.
4. Broader Industry Headwinds and Monetization Challenges. The radio broadcasting industry faces a persistent "monetization problem," where audience engagement remains stable, but traditional advertising revenue is being challenged by the ongoing shift towards digital streaming platforms and other audio alternatives. Younger audiences, in particular, are increasingly using digital platforms, which poses a structural challenge for traditional radio broadcasters like Saga Communications.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -6.7% change in SGA stock from 5/31/2026 to 9/26/2026 was primarily driven by a -4.8% change in the company's P/S Multiple.| (LTM values as of) | 5312026 | 9262026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.22 | 8.60 | -6.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 106 | 104 | -1.7% |
| P/S Multiple | 0.5 | 0.5 | -4.8% |
| Shares Outstanding (Mil) | 6 | 6 | -0.3% |
| Cumulative Contribution | -6.7% |
Market Drivers
5/31/2026 to 9/26/2026| Return | Correlation | |
|---|---|---|
| SGA | -6.7% | |
| Market (SPY) | 2.2% | 26.5% |
| Sector (XLC) | -2.1% | 19.5% |
Fundamental Drivers
The -22.8% change in SGA stock from 2/28/2026 to 9/26/2026 was primarily driven by a -17.7% change in the company's P/S Multiple.| (LTM values as of) | 2282026 | 9262026 | Change |
|---|---|---|---|
| Stock Price ($) | 11.14 | 8.60 | -22.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 112 | 104 | -7.2% |
| P/S Multiple | 0.6 | 0.5 | -17.7% |
| Shares Outstanding (Mil) | 6 | 6 | 1.1% |
| Cumulative Contribution | -22.8% |
Market Drivers
2/28/2026 to 9/26/2026| Return | Correlation | |
|---|---|---|
| SGA | -22.8% | |
| Market (SPY) | 13.0% | 10.5% |
| Sector (XLC) | -3.8% | 14.0% |
Fundamental Drivers
The -21.3% change in SGA stock from 8/31/2025 to 9/26/2026 was primarily driven by a -16.3% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9262026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.93 | 8.60 | -21.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 112 | 104 | -7.2% |
| P/S Multiple | 0.6 | 0.5 | -16.3% |
| Shares Outstanding (Mil) | 6 | 6 | 1.3% |
| Cumulative Contribution | -21.3% |
Market Drivers
8/31/2025 to 9/26/2026| Return | Correlation | |
|---|---|---|
| SGA | -21.3% | |
| Market (SPY) | 20.9% | 11.9% |
| Sector (XLC) | 2.7% | 12.4% |
Fundamental Drivers
The -43.5% change in SGA stock from 8/31/2023 to 9/26/2026 was primarily driven by a -37.0% change in the company's P/S Multiple.| (LTM values as of) | 8312023 | 9262026 | Change |
|---|---|---|---|
| Stock Price ($) | 15.21 | 8.60 | -43.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 115 | 104 | -9.3% |
| P/S Multiple | 0.8 | 0.5 | -37.0% |
| Shares Outstanding (Mil) | 6 | 6 | -1.0% |
| Cumulative Contribution | -43.5% |
Market Drivers
8/31/2023 to 9/26/2026| Return | Correlation | |
|---|---|---|
| SGA | -43.5% | |
| Market (SPY) | 77.8% | 13.6% |
| Sector (XLC) | 72.5% | 10.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SGA Return | 5% | 17% | 7% | -46% | 12% | -19% | -36% |
| Peers Return | 70% | -40% | -5% | -36% | 6% | 59% | 5% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 105% |
Monthly Win Rates [3] | |||||||
| SGA Win Rate | 58% | 58% | 58% | 25% | 42% | 22% | |
| Peers Win Rate | 55% | 30% | 45% | 47% | 45% | 36% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 56% | |
Max Drawdowns [4] | |||||||
| SGA Max Drawdown | -28% | -16% | -23% | -52% | -14% | -31% | |
| Peers Max Drawdown | -41% | -56% | -53% | -58% | -52% | -53% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: IHRT, TSQ, EVC, UONE, BBGI.
[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 9/25/2026 (YTD)
How Low Can It Go
| Event | SGA | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -11.9% | -18.8% |
| % Gain to Breakeven | 13.5% | 23.1% |
| Time to Breakeven | 15 days | 79 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -18.7% | -6.7% |
| % Gain to Breakeven | 22.9% | 7.1% |
| Time to Breakeven | 199 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -11.0% | -24.5% |
| % Gain to Breakeven | 12.3% | 32.4% |
| Time to Breakeven | 136 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -23.6% | -33.7% |
| % Gain to Breakeven | 30.8% | 50.9% |
| Time to Breakeven | 5 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -14.9% | -19.2% |
| % Gain to Breakeven | 17.5% | 23.8% |
| Time to Breakeven | 15 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -11.4% | -12.2% |
| % Gain to Breakeven | 12.9% | 13.9% |
| Time to Breakeven | 10 days | 62 days |
In The Past
Saga Communications's stock fell -11.9% during the 2025 US Tariff Shock. Such a loss loss requires a 13.5% gain to breakeven.
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| Event | SGA | S&P 500 |
|---|---|---|
| 2020 COVID-19 Crash | ||
| % Loss | -23.6% | -33.7% |
| % Gain to Breakeven | 30.8% | 50.9% |
| Time to Breakeven | 5 days | 140 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -30.4% | -17.9% |
| % Gain to Breakeven | 43.7% | 21.8% |
| Time to Breakeven | 107 days | 123 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -87.3% | -53.4% |
| % Gain to Breakeven | 686.6% | 114.4% |
| Time to Breakeven | 364 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -26.0% | -8.6% |
| % Gain to Breakeven | 35.1% | 9.5% |
| Time to Breakeven | 1336 days | 47 days |
In The Past
Saga Communications's stock fell -11.9% during the 2025 US Tariff Shock. Such a loss loss requires a 13.5% 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 Saga Communications (SGA)
Saga Communications, Inc. (SGA) is a broadcast company that specializes in acquiring, developing, and operating radio stations across the United States. The company's core business involves delivering a diverse range of audio programming through its owned and operated FM and AM radio stations. As of early 2022, it managed a significant portfolio including 79 FM and 34 AM stations, alongside 79 metro signals, serving 27 different markets.
The company's main products are its various radio programming formats, which are designed to appeal to a broad spectrum of listeners. These formats include popular genres such as classic hits, adult hits, Top 40, country, classic rock, and news/talk. Saga Communications primarily serves two main customer groups: local and national advertisers who purchase airtime to reach the stations' listenership, and the listeners themselves within its 27 operational markets, who consume the free-to-air content.
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Here are a few analogies for Saga Communications:
- Saga Communications is like Gannett for radio stations, owning and operating a portfolio of local broadcast properties.
- Think of Saga Communications as AMC Theatres, but for radio stations, managing a network of local entertainment and information outlets.
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Radio Broadcasting
The company provides diverse radio programming, including various music genres (classic hits, country, adult contemporary, rock) and news/talk formats, to listeners across its markets.Advertising Sales
Saga Communications offers commercial airtime and promotional opportunities on its extensive network of FM and AM radio stations to businesses and advertisers.
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Saga Communications (SGA) primarily sells advertising time and related services to other businesses.
Due to the highly fragmented nature of the local and national radio advertising market across its 27 diverse markets, Saga Communications does not typically have individually identifiable "major customer companies" whose names are publicly disclosed or represent a concentrated percentage of its revenue.
Instead, its major customers are broadly categorized as:
- Local and Regional Advertisers: Businesses operating within Saga's broadcast markets, including but not limited to auto dealerships, local retailers, restaurants, and service providers seeking to reach a specific local or regional audience.
- National Advertisers: Larger corporations and brands that purchase advertising time across multiple markets, often through national media buying agencies, to reach a broader audience.
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- ASCAP
- BMI
- SESAC
- SoundExchange
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Christopher S. Forgy, President & CEO
Christopher S. Forgy was named President and Chief Executive Officer of Saga Communications, Inc. on December 7, 2022, becoming only the second President and CEO in the company's history. He initially joined Saga in 1995. From 2006 to 2011, he served as General Manager for other broadcasters before rejoining Saga in 2011 as General Manager for the Columbus market. In May 2018, he was promoted to Senior Vice President of Operations, overseeing all of Saga's stations. Before his time as CEO, he spent nearly five years as the company's Chief Operating Officer. His career also includes sales and management positions at various broadcasting companies such as Nationwide Communications, Susquehanna Broadcasting, Rodriguez Broadcasting, and Great Trails Broadcasting.
Samuel D. Bush, Executive Vice President, Chief Financial Officer and Treasurer
Samuel D. Bush joined Saga Communications in 1997 as Vice President, Chief Financial Officer, and Treasurer. He was promoted to Senior Vice President in 2002. In September 2024, he also received the title of Executive Vice President. Currently, he is jointly assisting with the CEO's responsibilities during Christopher Forgy's temporary medical leave.
Wayne Leland, Chief Operating Officer
Wayne Leland was elevated to Chief Operating Officer in September 2024. He joined Saga in 2011 as the General Manager of the company's radio stations in Norfolk, VA, and later became President of Tidewater Communications. He joined Saga's executive team in January 2023. He is currently sharing the CEO's duties with Samuel Bush due to Christopher Forgy's temporary medical leave.
Catherine A. Bobinski, Senior Vice President/Controller/Chief Accounting Officer
Catherine A. Bobinski serves as the Senior Vice President, Controller, and Chief Accounting Officer for Saga Communications.
Eric Christian, Chief Marketing Officer
Eric Christian is the Chief Marketing Officer for Saga Communications. He is also listed as the Vice President of Digital Strategies. Eric Christian is the son of the company's former CEO.
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The key risks to Saga Communications (SGA) are as follows:
- Declining Traditional Broadcast Revenue and the Transition to Digital: Saga Communications faces an ongoing challenge with the decline in traditional broadcast revenue, which its increasing interactive/digital revenue has not yet fully offset. The company is investing in digital infrastructure, a necessary expenditure to remain competitive, but these investments are initially more costly than the revenue they generate. This trend reflects a broader industry shift where traditional radio revenue is under pressure.
- Challenging Advertising Environment and Competition from Digital Platforms: The company's revenue has been impacted by a challenging advertising environment, including reduced political advertising revenue and difficulties in sectors like automotive. More broadly, the broadcast industry contends with lower advertising budgets as brands increasingly favor more measurable digital advertising. Saga Communications also faces significant competition for advertising dollars and audience attention from over-the-top (OTT) content providers and major digital platforms such as Google and Facebook, which can divert ad revenue and influence content distribution.
- Impact of Non-Recurring Charges and Impairments: Saga Communications has reported substantial non-cash impairment charges, notably a significant goodwill write-off and reductions in FCC license values in late 2025, which materially impacted its operating and net results. Additionally, the company has incurred other non-recurring expenses, such as a retroactive music licensing settlement, which further negatively affected its financial performance. While these are often one-time events, their magnitude indicates underlying pressures on the company's asset valuations and profitability.
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- The rise and increasing dominance of digital audio streaming services (e.g., Spotify, Apple Music, Pandora), which offer on-demand music, curated playlists, and personalized listening experiences, directly competing for listeners' attention and advertising revenue traditionally captured by radio. Their continuous innovation, expansion into exclusive content, and deeper integration into connected devices (including vehicles) represent an intensifying threat to traditional radio's listenership and market share.
- The explosive growth and diversification of podcasting, which provides a vast and ever-expanding library of on-demand spoken-word content across various genres. Podcasting directly competes with radio for news, talk, and entertainment audiences, with its accessibility and personalization challenging radio's traditional role as a primary source for such content.
- The increasing integration of advanced infotainment systems and connectivity in vehicles. Modern vehicles frequently feature sophisticated infotainment systems that seamlessly integrate streaming services, satellite radio, and smartphone mirroring (e.g., Apple CarPlay, Android Auto), significantly reducing reliance on traditional AM/FM radio as the primary in-car audio source, a historically crucial segment for radio listenership.
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The addressable market for Saga Communications' main products and services, which include radio broadcasting and integrated digital advertising solutions, is the United States radio broadcasting and advertising market.
The total radio revenue in the United States, encompassing national and local spot advertising, digital, off-air, and network revenue, was an estimated $14.42 billion in 2024.
More specifically, the U.S. broadcast radio market is projected to reach $10.62 billion (USD 10,615.30 million) in 2025, with an expected increase to $14.63 billion (USD 14,633.21 million) by 2034. The U.S. radio advertising market, a primary revenue source for Saga Communications, is valued at approximately $9.93 billion (USD 9,925.38 million) in 2025, with projections indicating growth to $13.57 billion (USD 13,569.94 million) by 2034.
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Saga Communications (SGA) is expected to drive future revenue growth over the next 2-3 years through several key initiatives, primarily focusing on the expansion of its digital offerings and the cyclical nature of political advertising, alongside potential strategic acquisitions.
- Expansion of Digital and Interactive Revenue Streams: Saga Communications is significantly investing in and seeing growth from its digital platforms and interactive services. This includes e-commerce initiatives, online news services, streaming revenue, and various forms of digital advertising such as search, display, and social media. The company has reported substantial year-over-year increases in interactive revenue, with online news sites growing and contributing to overall revenue, and e-commerce platforms generating local direct revenue. This strategic shift aims to diversify its revenue mix beyond traditional broadcast advertising.
- Growth in Political Advertising Revenue during Election Cycles: Political advertising is a significant, albeit cyclical, driver of revenue for Saga Communications. While non-election years typically see a decline in this segment, management anticipates a notable increase in political advertising spending during election years, which is expected to boost overall revenue. The company expects a return to revenue growth, including political, in the second half of 2026.
- Strategic Acquisitions of Broadcast Properties: Saga Communications has historically pursued a strategy of acquiring, developing, and operating broadcast properties. Recent acquisitions, such as the Lafayette, Indiana cluster in Q2 2024, are anticipated to contribute to revenue growth across local, digital, and e-commerce verticals once fully integrated. This approach allows the company to expand its market presence and leverage its operational expertise in new territories.
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Share Repurchases
- Saga Communications repurchased 219,326 shares of its Class A Common Stock for $2.5 million during the year ended December 31, 2025.
- In December 2025, the company reacquired 184,215 shares of its common stock for approximately $2.1 million at a price of $11.50 per share through a privately negotiated transaction, representing about 2.8% of outstanding shares as of December 11, 2025.
- The Board of Directors plans to continue considering stock buybacks in the future as part of its capital allocation strategy.
Capital Expenditures
- Capital expenditures for the twelve months ended December 31, 2025, totaled $3.0 million, a decrease from $3.8 million in 2024.
- For 2026, Saga Communications expects to spend approximately $3.5 million to $4.5 million on capital expenditures.
- A primary focus of the 2026 capital expenditures is an investment of $1.5 million to strengthen the company's internal digital infrastructure and expand its digital sales and campaign management teams, supporting its digital transformation strategy.
Peer Outperformance in Broadcasting
SGA has outperformed 79% of its 14 Broadcasting peers over 5Y. Among the peers that beat it is WBD. Broadcasting ranks 8th of 9 industries in Communication Services by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Broadcasting constituents that SGA has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
25%
of 16 industry peers · -24.6% return
3Y
21%
of 14 industry peers · -41.2% return
5Y
79%
of 14 industry peers · -34.1% return
Broadcasting peers with revenue growth within 4pp of SGA's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| SGA | Saga Communications | -3.1% | -5.9x | -24.6% | -41.2% | -34.1% | — |
| WBD | Warner Bros. Discovery | -4.8% | -24.5x | 58.2% | 179.8% | 18.1% | +52pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Communication Services sector, ranked by 5Y. Broadcasting is SGA's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Wireless Telecommunication Services | 3 | -10.6% | 24.5% | 36.2% | ECHO 249% · TMUS 36% · SHEN -61% |
| Publishing | 5 | 11.0% | 20.4% | 5.6% | NYT 31% · NWSA 23% · SCHL 6% |
| Integrated Telecommunication Services | 23 | -7.0% | 5.9% | -24.3% | IQST 1489% · TIGO 285% · GSAT 221% |
| Movies & Entertainment | 24 | 5.6% | 71.8% | -34.8% | IMAX 203% · MSGS 118% · BATRA 111% |
| Alternative Carriers | 4 | 20.2% | 25.5% | -47.7% | IRDM 21% · UNIT -43% · LUMN -53% |
| Advertising | 20 | -15.8% | -7.7% | -65.6% | APP 305% · EVC 30% · OMC 20% |
| Interactive Media & Services | 33 | -35.8% | -27.7% | -68.6% | GOOGL 146% · SPOT 119% · META 115% |
| Broadcasting ← | 15 | -15.0% | -17.0% | -68.7% | FOXA 67% · NXST 20% · WBD 18% |
| Interactive Home Entertainment | 8 | -50.9% | -54.2% | -85.9% | TTWO 36% · RBLX -42% · PINS -65% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Saga Communications Earnings Notes | 12/16/2025 | |
| How Low Can Saga Communications Stock Really Go? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 6.20 |
| Mkt Cap | 0.1 |
| Rev LTM | 390 |
| Op Inc LTM | 30 |
| FCF LTM | 7 |
| FCF 3Y Avg | 17 |
| CFO LTM | 19 |
| CFO 3Y Avg | 34 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -6.0% |
| Rev Chg 3Y Avg | -3.0% |
| Rev Chg Q | -3.2% |
| QoQ Delta Rev Chg LTM | -0.8% |
| Op Inc Chg LTM | -7.0% |
| Op Inc Chg 3Y Avg | -8.8% |
| Op Mgn LTM | 5.6% |
| Op Mgn 3Y Avg | 4.7% |
| QoQ Delta Op Mgn LTM | -0.7% |
| CFO/Rev LTM | 3.0% |
| CFO/Rev 3Y Avg | 7.2% |
| FCF/Rev LTM | 0.3% |
| FCF/Rev 3Y Avg | 2.7% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Broadcast Advertising Revenue, net | 82 | 90 | 94 | ||
| Digital Advertising Revenue | 17 | 14 | 12 | ||
| Other Revenue | 9 | 9 | 9 | ||
| Radio | 115 | 108 | |||
| Total | 107 | 113 | 116 | 115 | 108 |
| $ Mil | 2016 | 2015 | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|
| Radio | 34 | 27 | 28 | 28 | 34 |
| Television | 9 | 7 | 7 | 7 | 6 |
| Corporate and Other | -11 | -10 | -9 | -8 | -8 |
| Total | 31 | 24 | 26 | 26 | 32 |
| $ Mil | 2016 | 2015 | 2014 | 2013 | 2012 |
|---|---|---|---|---|---|
| Radio | 162 | 151 | 142 | 144 | 148 |
| Corporate and Other | 36 | 31 | 27 | 26 | 23 |
| Television | 23 | 23 | 23 | 23 | 23 |
| Assets Held For Sale | 3 | ||||
| Total | 221 | 205 | 192 | 193 | 197 |
Price Behavior
Price Behavior
| Market Price | $8.60 | |
| Market Cap ($ Bil) | 0.1 | |
| First Trading Date | 10/12/1993 | |
| Distance from 52W High | -27.5% | |
| 50 Days | 200 Days | |
| DMA Price | $8.85 | $9.88 |
| DMA Trend | down | indeterminate |
| Distance from DMA | -2.8% | -12.9% |
| 3M | 1YR | |
| Volatility | 35.6% | 31.7% |
| Downside Capture | 165.03 | 61.49 |
| Upside Capture | 128.81 | 17.05 |
| Correlation (SPY) | 35.8% | 12.0% |
SGA Betas & Captures as of 8/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.80 | 0.88 | 0.44 | 0.11 | 0.21 | 0.28 |
| Up Beta | 0.18 | 0.55 | 0.10 | 0.52 | 0.10 | 0.20 |
| Down Beta | 1.98 | 0.55 | 0.36 | -0.22 | 0.20 | 0.27 |
| Up Capture | 69% | 75% | 37% | -19% | 5% | 4% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 10 | 17 | 24 | 49 | 107 | 344 |
| Down Capture | 159% | 148% | 81% | 42% | 53% | 73% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 10 | 23 | 37 | 71 | 133 | 381 |
[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 SGA | |
|---|---|---|---|---|
| SGA | -24.0% | 31.7% | -0.84 | - |
| Sector ETF (XLC) | -2.9% | 15.9% | -0.38 | 13.7% |
| Equity (SPY) | 17.7% | 13.0% | 0.98 | 12.3% |
| Gold (GLD) | 14.7% | 29.3% | 0.46 | 3.9% |
| Commodities (DBC) | 44.3% | 20.7% | 1.66 | -10.1% |
| Real Estate (VNQ) | 4.5% | 13.6% | 0.07 | 4.2% |
| Bitcoin (BTCUSD) | -25.9% | 44.8% | -0.54 | 5.5% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SGA | |
|---|---|---|---|---|
| SGA | -7.1% | 33.0% | -0.18 | - |
| Sector ETF (XLC) | 7.4% | 21.0% | 0.27 | 6.8% |
| Equity (SPY) | 13.3% | 17.2% | 0.59 | 10.4% |
| Gold (GLD) | 19.2% | 18.8% | 0.83 | 4.2% |
| Commodities (DBC) | 10.8% | 19.6% | 0.43 | 2.8% |
| Real Estate (VNQ) | 0.9% | 18.9% | -0.06 | 8.7% |
| Bitcoin (BTCUSD) | 12.2% | 52.6% | 0.41 | 3.4% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SGA | |
|---|---|---|---|---|
| SGA | -8.4% | 37.9% | -0.12 | - |
| Sector ETF (XLC) | 9.4% | 22.1% | 0.47 | 23.9% |
| Equity (SPY) | 15.5% | 17.9% | 0.73 | 30.5% |
| Gold (GLD) | 12.1% | 16.4% | 0.61 | 2.9% |
| Commodities (DBC) | 8.5% | 18.1% | 0.38 | 9.5% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 27.4% |
| Bitcoin (BTCUSD) | 63.8% | 66.2% | 1.03 | 8.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 9/16/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/13/2026 | -4.3% | -7.2% | -10.0% |
| 5/7/2026 | -1.7% | -10.3% | -16.9% |
| 3/12/2026 | 0.8% | 1.7% | 7.1% |
| 11/6/2025 | -1.7% | -2.5% | -4.3% |
| 8/7/2025 | 5.4% | 7.1% | 0.2% |
| 5/8/2025 | 2.0% | 2.4% | 13.7% |
| 3/11/2025 | 9.0% | 7.8% | 2.6% |
| 11/7/2024 | -0.6% | -13.7% | -12.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 12 | 11 |
| # Negative | 10 | 12 | 13 |
| Median Positive | 1.7% | 5.1% | 7.4% |
| Median Negative | -1.9% | -2.6% | -6.0% |
| Max Positive | 9.0% | 17.3% | 21.1% |
| Max Negative | -8.1% | -13.7% | -24.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/13/2026 | -4.3% | -7.2% | -10.0% |
| 5/7/2026 | -1.7% | -10.3% | -16.9% |
| 3/12/2026 | 0.8% | 1.7% | 7.1% |
| 11/6/2025 | -1.7% | -2.5% | -4.3% |
| 8/7/2025 | 5.4% | 7.1% | 0.2% |
| 5/8/2025 | 2.0% | 2.4% | 13.7% |
| 3/11/2025 | 9.0% | 7.8% | 2.6% |
| 11/7/2024 | -0.6% | -13.7% | -12.9% |
| 8/8/2024 | 3.2% | -2.0% | -5.9% |
| 5/9/2024 | -5.9% | -12.5% | -24.3% |
| 3/7/2024 | 1.1% | -2.6% | -3.9% |
| 11/2/2023 | 1.0% | 5.3% | 6.1% |
| 8/8/2023 | -0.5% | 0.4% | -1.9% |
| 5/3/2023 | 0.1% | -3.4% | -7.4% |
| 3/9/2023 | 0.8% | -0.7% | -4.7% |
| 11/3/2022 | 1.3% | 0.6% | 18.5% |
| 8/5/2022 | -4.0% | -1.1% | 8.6% |
| 5/5/2022 | 0.6% | -1.0% | 0.6% |
| 3/10/2022 | -1.8% | -1.0% | -0.1% |
| 11/4/2021 | 4.9% | 11.0% | -6.0% |
| 8/5/2021 | 3.6% | 5.0% | 7.4% |
| 5/6/2021 | -8.1% | 14.1% | 7.5% |
| 3/12/2021 | -2.1% | 1.4% | -13.2% |
| 11/4/2020 | 3.4% | 17.3% | 21.1% |
| SUMMARY STATS | |||
| # Positive | 14 | 12 | 11 |
| # Negative | 10 | 12 | 13 |
| Median Positive | 1.7% | 5.1% | 7.4% |
| Median Negative | -1.9% | -2.6% | -6.0% |
| Max Positive | 9.0% | 17.3% | 21.1% |
| Max Negative | -8.1% | -13.7% | -24.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/14/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 04/14/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 03/31/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 03/15/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/16/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/14/2026 | 10-Q |
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 04/14/2026 | 10-K |
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/09/2025 | 10-Q |
| 12/31/2024 | 03/31/2025 | 10-K |
| 09/30/2024 | 11/12/2024 | 10-Q |
| 06/30/2024 | 08/09/2024 | 10-Q |
| 03/31/2024 | 05/10/2024 | 10-Q |
| 12/31/2023 | 03/15/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/09/2023 | 10-Q |
| 03/31/2023 | 05/10/2023 | 10-Q |
| 12/31/2022 | 03/16/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/09/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 03/16/2022 | 10-K |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 08/09/2021 | 10-Q |
| 03/31/2021 | 05/10/2021 | 10-Q |
| 12/31/2020 | 03/16/2021 | 10-K |
| 09/30/2020 | 11/09/2020 | 10-Q |
| 06/30/2020 | 08/10/2020 | 10-Q |
| 03/31/2020 | 05/11/2020 | 10-Q |
| 12/31/2019 | 03/13/2020 | 10-K |
| 09/30/2019 | 11/12/2019 | 10-Q |
Recent Forward Guidance
Updated 8/14/2026Latest: Q2 2026 Earnings Reported 8/13/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Non-cash rent expense | Reported | 0.15 Mil | ||||||
| 2026 Non-cash interest income | Reported | 0.13 Mil | ||||||
| 2026 Capital Expenditures | Reported | 3.00 Mil | 3.25 Mil | 3.50 Mil | -7.1% | Lowered | Guidance: 3.50 Mil for 2026 | |
Prior: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Capital Expenditures | Reported | 3.50 Mil | -12.5% | Lowered | Guidance: 4.00 Mil for 2026 | |||
Insider Activity
Updated 4/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Edward, K. Christian Trust | Direct | Sell | 2272026 | 12.07 | 5,665 | 68,350 | 10,630,148 | Form | |
| 2 | Edward, K. Christian Trust | Direct | Sell | 10222025 | 12.50 | 1,669 | 20,863 | 11,084,040 | Form | |
| 3 | Edward, K. Christian Trust | Direct | Sell | 10202025 | 12.51 | 761 | 9,518 | 11,110,588 | Form | |
| 4 | Edward, K. Christian Trust | Direct | Sell | 10152025 | 12.56 | 682 | 8,566 | 11,167,586 | Form | |
| 5 | Edward, K. Christian Trust | Direct | Sell | 10152025 | 12.51 | 748 | 9,355 | 11,129,080 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Edward, K. Christian Trust | Direct | Sell | 2272026 | 12.07 | 5,665 | 68,350 | 10,630,148 | Form | |
| 2 | Edward, K. Christian Trust | Direct | Sell | 10222025 | 12.50 | 1,669 | 20,863 | 11,084,040 | Form | |
| 3 | Edward, K. Christian Trust | Direct | Sell | 10202025 | 12.51 | 761 | 9,518 | 11,110,588 | Form | |
| 4 | Edward, K. Christian Trust | Direct | Sell | 10152025 | 12.56 | 682 | 8,566 | 11,167,586 | Form | |
| 5 | Edward, K. Christian Trust | Direct | Sell | 10152025 | 12.51 | 748 | 9,355 | 11,129,080 | Form | |
| 6 | Edward, K. Christian Trust | Direct | Sell | 10102025 | 13.03 | 1 | 13 | 11,604,114 | Form | |
| 7 | Edward, K. Christian Trust | Direct | Sell | 10082025 | 13.00 | 10 | 130 | 11,578,301 | Form | |
| 8 | Edward, K. Christian Trust | Direct | Sell | 10082025 | 13.04 | 629 | 8,202 | 11,613,163 | Form | |
| 9 | Edward, K. Christian Trust | Direct | Sell | 10032025 | 12.50 | 1,678 | 20,975 | 11,140,112 | Form | |
| 10 | Edward, K. Christian Trust | Direct | Sell | 10032025 | 12.61 | 546 | 6,884 | 11,257,251 | Form | |
| 11 | Edward, K. Christian Trust | Direct | Sell | 10022025 | 12.57 | 48 | 603 | 11,228,845 | Form | |
| 12 | Edward, K. Christian Trust | Direct | Sell | 9292025 | 12.51 | 316 | 3,952 | 11,174,856 | Form | |
| 13 | Edward, K. Christian Trust | Direct | Sell | 9232025 | 12.63 | 581 | 7,338 | 11,288,656 | Form | |
| 14 | Edward, K. Christian Trust | Direct | Sell | 8272025 | 13.34 | 1,054 | 14,058 | 11,929,393 | Form | |
| 15 | Edward, K. Christian Trust | Direct | Sell | 8262025 | 13.29 | 1,727 | 22,952 | 11,900,291 | Form | |
| 16 | Edward, K. Christian Trust | Direct | Sell | 8072025 | 12.59 | 1,027 | 12,925 | 11,291,284 | Form | |
| 17 | Edward, K. Christian Trust | Direct | Sell | 8012025 | 13.06 | 400 | 5,223 | 11,727,435 | Form | |
| 18 | Edward, K. Christian Trust | Direct | Sell | 8012025 | 13.10 | 689 | 9,027 | 11,772,735 | Form | |
| 19 | Edward, K. Christian Trust | Direct | Sell | 7282025 | 13.40 | 1,799 | 24,107 | 12,050,375 | Form | |
| 20 | Edward, K. Christian Trust | Direct | Sell | 7242025 | 13.02 | 608 | 7,919 | 11,735,768 | Form | |
| 21 | Edward, K. Christian Trust | Direct | Sell | 7162025 | 13.55 | 704 | 9,537 | 12,215,537 | Form | |
| 22 | Edward, K. Christian Trust | Direct | Sell | 7162025 | 13.50 | 3,017 | 40,733 | 12,183,384 | Form | |
| 23 | Edward, K. Christian Trust | Direct | Sell | 7142025 | 13.63 | 3,300 | 44,967 | 12,337,383 | Form | |
| 24 | Edward, K. Christian Trust | Direct | Sell | 7112025 | 13.50 | 5 | 68 | 12,267,490 | Form | |
| 25 | Edward, K. Christian Trust | Direct | Sell | 7072025 | 13.21 | 5,300 | 70,038 | 12,008,304 | Form | |
| 26 | Edward, K. Christian Trust | Direct | Sell | 7022025 | 13.05 | 6,269 | 81,792 | 11,925,062 | Form | |
| 27 | Edward, K. Christian Trust | Direct | Sell | 7012025 | 12.89 | 1,990 | 25,657 | 11,864,947 | Form | |
| 28 | Edward, K. Christian Trust | Direct | Sell | 6272025 | 13.12 | 4,400 | 57,713 | 12,097,007 | Form | |
| 29 | Edward, K. Christian Trust | Direct | Sell | 6182025 | 12.51 | 33 | 413 | 11,592,604 | Form | |
| 30 | Edward, K. Christian Trust | Direct | Sell | 6182025 | 12.50 | 50 | 625 | 11,585,140 | Form | |
| 31 | Edward, K. Christian Trust | Direct | Sell | 6162025 | 12.70 | 305 | 3,873 | 11,769,262 | Form | |
| 32 | Edward, K. Christian Trust | Direct | Sell | 6122025 | 12.65 | 70 | 886 | 11,731,881 | Form | |
| 33 | Edward, K. Christian Trust | Direct | Sell | 6092025 | 12.72 | 9,583 | 121,853 | 11,788,858 | Form | |
| 34 | Edward, K. Christian Trust | Direct | Sell | 4072025 | 12.51 | 9 | 113 | 11,718,217 | Form | |
| 35 | Edward, K. Christian Trust | Direct | Sell | 4072025 | 12.65 | 3 | 38 | 11,846,379 | Form | |
| 36 | Edward, K. Christian Trust | Direct | Sell | 4032025 | 12.56 | 1,500 | 18,834 | 11,761,644 | Form | |
| 37 | Edward, K. Christian Trust | Direct | Sell | 4032025 | 12.66 | 30 | 380 | 11,877,584 | Form |
Investor Activity (13F)
Updated Sep 27, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active 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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Core Cache Last Updated: 9/26/2026