Cumulus Media Inc. (CMLS) 10-Year Financial Performance & Capital Metrics

CMLS • • Industrial / General

Communication ServicesBroadcastingTraditional Radio BroadcastingNational Radio Networks

AboutCumulus Media Inc., an audio-first media company, owns and operates radio stations in the United States. It owns and operates 406 stations in 86 markets, as well as approximately 9,500 affiliated stations through Westwood One. The company's content portfolio includes sports, news, talk, and entertainment programming from various brands, including the NFL, the NCAA, the Masters, CNN, the AP, the Academy of Country Music Awards, and other partners. It also provides digital marketing services, such as email marketing, geo-targeted display and video solutions, website and microsite building, hosting, social media management, reputation management, and search engine marketing and optimization. The company serves advertisers through broadcast and on-demand digital, mobile, social, and voice-activated platforms. Cumulus Media Inc. was incorporated in 2002 and is based in Atlanta, Georgia.Show more

Revenue $827M -2.1%
EBITDA -$181M -1168.4%
Net Income -$283M -140.3%
EPS (Diluted) -16.79 -145.8%
Gross Margin 60.8% +0.4%
EBITDA Margin -21.83% -1191.0%
Operating Margin -28.98% -492.9%
Net Margin -34.25% -145.4%
ROE -193% -468.9%
ROIC -20.46% -621.2%
Debt/Equity 114.33 +3929.7%
Interest Coverage -3.48 -501.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Share count reduced 2.3% through buybacks
✓Trading at only 0.2x book value

✗Weaknesses

✗High debt to equity ratio of 114.3x
✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow
✗Sales declining 5.8% over 5 years
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-4.15%

5Y-5.77%

3Y-3.36%

TTM-6.94%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-97.47%

EPS CAGR

10Y-

5Y-

3Y-

TTM-92.58%

ROCE

10Y Avg-3.67%

5Y Avg-3.04%

3Y Avg-6.25%

Latest-21.01%

Peer Comparison

National Radio Networks

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CMLSCumulus Media Inc.	1.42M	0.08	-0.00	-2.07%	-38.42%	-193%		114.33
IHRTiHeartMedia, Inc.	495.25M	3.84	-0.57	2.76%	-10.36%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.17B	1.14B	1.14B	1.14B	1.11B	816.22M	916.47M	953.51M	844.55M	827.08M
Revenue Growth %	-0.07%	-0.02%	-0.01%	0%	-0.02%	-0.27%	0.12%	0.04%	-0.11%	-0.02%
Cost of Goods Sold+	396.43M	427.78M	402.98M	402.77M	405.65M	337.08M	358.69M	357.48M	333.36M	324.25M
COGS % of Revenue	0.34%	0.37%	0.35%	0.35%	0.36%	0.41%	0.39%	0.37%	0.39%	0.39%
Gross Profit+	772.25M	713.62M	732.68M	737.59M	707.79M	479.14M	557.78M	596.03M	511.19M	502.83M
Gross Margin %	0.66%	0.63%	0.65%	0.65%	0.64%	0.59%	0.61%	0.63%	0.61%	0.61%
Gross Profit Growth %	1.15%	-0.08%	0.03%	0.01%	-0.04%	-0.32%	0.16%	0.07%	-0.14%	-0.02%
Operating Expenses+	646.32M	611.32M	590.23M	567.45M	541.59M	489.74M	488.66M	516.24M	552.47M	742.5M
OpEx % of Revenue	0.55%	0.54%	0.52%	0.5%	0.49%	0.6%	0.53%	0.54%	0.65%	0.9%
Selling, General & Admin	544.22M	524.05M	527.99M	511.34M	522.71M	420.04M	452.73M	389.65M	377.03M	443.63M
SG&A % of Revenue	0.47%	0.46%	0.46%	0.45%	0.47%	0.51%	0.49%	0.41%	0.45%	0.54%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	14.21M	2.04M	-363K	-3.37M	18.88M	69.7M	35.93M	126.59M	175.44M	298.86M
Operating Income+	-478.51M	-408.79M	-210.45M	156.23M	166.21M	-10.6M	69.12M	79.79M	-41.28M	-239.66M
Operating Margin %	-0.41%	-0.36%	-0.19%	0.14%	0.15%	-0.01%	0.08%	0.08%	-0.05%	-0.29%
Operating Income Growth %	-3.96%	0.15%	0.49%	1.74%	0.06%	-1.06%	7.52%	0.15%	-1.52%	-4.81%
EBITDA+	-376.41M	-321.52M	-148.21M	212.33M	242.81M	41.69M	122.66M	136.18M	16.9M	-180.54M
EBITDA Margin %	-0.32%	-0.28%	-0.13%	0.19%	0.22%	0.05%	0.13%	0.14%	0.02%	-0.22%
EBITDA Growth %	-2.36%	0.15%	0.54%	2.43%	0.14%	-0.83%	1.94%	0.11%	-0.88%	-11.68%
D&A (Non-Cash Add-back)	102.11M	87.27M	62.24M	56.11M	76.61M	52.29M	53.55M	56.39M	58.18M	59.12M
EBIT	-450.65M	-398.24M	-243.34M	170.14M	160.12M	-15.27M	84.58M	102.01M	23.65M	74K
Net Interest Income+	-141.25M	-138.14M	-126.82M	-50.89M	-82.89M	-68.1M	-67.85M	-64.55M	-68.91M	-68.24M
Interest Income	433K	493K	136K	86K	25K	0	0	340K	2.36M	531K
Interest Expense	141.68M	138.63M	126.95M	50.98M	82.92M	68.1M	67.85M	64.89M	71.27M	68.78M
Other Income/Expense	-113.82M	-128.09M	-159.84M	412.14M	-82.69M	-68.37M	-48.86M	-60.18M	-59.42M	-53.35M
Pretax Income+	-592.33M	-536.87M	-370.29M	568.37M	83.52M	-78.97M	20.26M	19.61M	-100.7M	-293.02M
Pretax Margin %	-0.51%	-0.47%	-0.33%	0.5%	0.08%	-0.1%	0.02%	0.02%	-0.12%	-0.35%
Income Tax+	-45.84M	-26.15M	-163.73M	-189.21M	22.26M	-19.25M	2.98M	3.37M	17.18M	-9.77M
Effective Tax Rate %	0.92%	0.95%	0.56%	1.33%	0.73%	0.76%	0.85%	0.83%	1.17%	0.97%
Net Income+	-546.49M	-510.72M	-206.56M	757.58M	61.26M	-59.72M	17.28M	16.23M	-117.88M	-283.25M
Net Margin %	-0.47%	-0.45%	-0.18%	0.66%	0.06%	-0.07%	0.02%	0.02%	-0.14%	-0.34%
Net Income Growth %	-47.44%	0.07%	0.6%	4.67%	-0.92%	-1.97%	1.29%	-0.06%	-8.26%	-1.4%
Net Income (Continuing)	-546.49M	-510.72M	-206.56M	757.58M	61.26M	-59.72M	17.28M	16.23M	-117.88M	-283.25M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-18.73	-17.45	-7.05	45.76	3.02	-2.94	0.83	0.81	-6.83	-16.79
EPS Growth %	-47.83%	0.07%	0.6%	7.49%	-0.93%	-1.97%	1.28%	-0.02%	-9.43%	-1.46%
EPS (Basic)	-18.73	-17.45	-7.05	45.76	3.04	-2.94	0.84	0.83	-6.83	-16.79
Diluted Shares Outstanding	29.18M	29.27M	29.31M	16.56M	20.28M	20.32M	20.93M	20.02M	17.27M	16.87M
Basic Shares Outstanding	29.18M	29.27M	29.3M	16.56M	20.13M	20.32M	20.48M	19.56M	17.27M	16.87M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	359.27M	439.93M	393.62M	394.99M	380.68M	502.96M	406.52M	345.27M	286.9M	248.05M
Cash & Short-Term Investments	31.66M	131.26M	102.89M	27.58M	15.14M	271.76M	177.03M	107.43M	80.66M	63.84M
Cash Only	31.66M	131.26M	102.89M	27.58M	15.14M	271.76M	177.03M	107.43M	80.66M	63.84M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	247.57M	236.57M	239.47M	253.5M	245.39M	203.26M	198.83M	212.3M	182.2M	161.99M
Days Sales Outstanding	77.32	75.65	76.97	81.14	80.44	90.9	79.19	81.27	78.74	71.49
Inventory	53.14M	38.17M	9M	82.45M	88.86M	0	0	0	0	0
Days Inventory Outstanding	48.93	32.57	8.15	74.72	79.96	-	-	-	-	-
Other Current Assets	53.14M	38.17M	9M	82.45M	0	0	0	25.54M	24.04M	22.23M
Total Non-Current Assets+	2.67B	1.97B	1.63B	1.38B	1.38B	1.36B	1.31B	1.26B	1.15B	870.6M
Property, Plant & Equipment	169.44M	162.06M	191.6M	235.9M	376.37M	366.26M	334.46M	325.34M	302.57M	263.45M
Fixed Asset Turnover	6.90x	7.04x	5.93x	4.83x	2.96x	2.23x	2.74x	2.93x	2.79x	3.14x
Goodwill	703.35M	135.21M	135.21M	0	0	0	0	0	0	0
Intangible Assets	1.75B	1.66B	1.29B	1.13B	994.87M	969.98M	962.29M	923.29M	837.63M	595.12M
Long-Term Investments	-415.88M	-388.05M	0	-12.38M	-12.38M	0	0	0	-12.32M	0
Other Non-Current Assets	40.13M	18.8M	20.08M	15.08M	9.41M	12.76M	7.76M	9.15M	25.53M	12.02M
Total Assets+	3.02B	2.41B	2.03B	1.78B	1.76B	1.86B	1.72B	1.61B	1.44B	1.12B
Asset Turnover	0.39x	0.47x	0.56x	0.64x	0.63x	0.44x	0.53x	0.59x	0.59x	0.74x
Asset Growth %	-0.19%	-0.2%	-0.16%	-0.12%	-0.01%	0.06%	-0.08%	-0.06%	-0.1%	-0.22%
Total Current Liabilities+	122.77M	100.79M	36.16M	116.9M	139.56M	129.04M	139.81M	145.61M	143.74M	133.78M
Accounts Payable	15.87M	17.29M	1.93M	14.27M	3.18M	6.79M	6.64M	10.96M	15.89M	13.01M
Days Payables Outstanding	14.61	14.75	1.75	12.93	2.86	7.35	6.76	11.19	17.4	14.64
Short-Term Debt	0	0	0	13M	5.25M	5.25M	34.8M	0	0	0
Deferred Revenue (Current)	1000K	0	0	0	0	0	0	0	0	0
Other Current Liabilities	0	0	0	0	0	67.99M	-6.14M	7.24M	26.7M	94.45M
Current Ratio	2.93x	4.36x	10.89x	3.38x	2.73x	3.90x	2.91x	2.37x	2.00x	1.85x
Quick Ratio	2.49x	3.99x	10.64x	2.67x	2.09x	3.90x	2.91x	2.37x	2.00x	1.85x
Cash Conversion Cycle	111.64	93.47	83.37	142.93	157.54	-	-	-	-	-
Total Non-Current Liabilities+	2.89B	2.8B	2.69B	1.27B	1.17B	1.33B	1.16B	1.06B	1.01B	977.92M
Long-Term Debt	2.4B	2.38B	2.33B	1.23B	1.01B	967.66M	798.92M	714.46M	672.42M	669.04M
Capital Lease Obligations	0	0	0	0	111.33M	129.53M	125.87M	119.92M	115.31M	99.34M
Deferred Tax Liabilities	415.88M	388.05M	219.25M	12.38M	21.04M	101.06M	112.08M	653K	12.32M	2.33M
Other Non-Current Liabilities	483.08M	419.48M	355.07M	25.74M	27.69M	235.92M	233.27M	219.98M	209.92M	207.21M
Total Liabilities	3.01B	2.9B	2.72B	1.39B	1.31B	1.46B	1.3B	1.2B	1.15B	1.11B
Total Debt+	2.43B	2.38B	2.33B	1.24B	1.16B	1.13B	988M	862.35M	813.08M	794.71M
Net Debt	2.39B	2.25B	2.23B	1.22B	1.14B	858.54M	810.97M	754.92M	732.42M	730.87M
Debt / Equity	151.28x	-	-	3.19x	2.54x	2.84x	2.36x	2.11x	2.84x	114.33x
Debt / EBITDA	-	-	-	5.86x	4.77x	27.11x	8.05x	6.33x	48.12x	-
Net Debt / EBITDA	-	-	-	5.73x	4.70x	20.59x	6.61x	5.54x	43.34x	-
Interest Coverage	-3.38x	-2.95x	-1.66x	3.06x	2.00x	-0.16x	1.02x	1.23x	-0.58x	-3.48x
Total Equity+	16.03M	-491.74M	-696.12M	389.83M	455.22M	397.59M	419.5M	408.4M	286.58M	6.95M
Equity Growth %	-0.97%	-31.67%	-0.42%	1.56%	0.17%	-0.13%	0.06%	-0.03%	-0.3%	-0.98%
Book Value per Share	0.55	-16.80	-23.75	23.55	22.44	19.57	20.04	20.40	16.60	0.41
Total Shareholders' Equity	16.03M	-491.74M	-696.12M	389.83M	455.22M	397.59M	419.5M	408.4M	286.58M	6.95M
Common Stock	2.56M	321K	321K	0	0	0	0	0	0	0
Retained Earnings	-1.38B	-1.89B	-2.09B	61.42M	122.68M	62.96M	80.24M	96.48M	-21.4M	-304.66M
Treasury Stock	-229.31M	-229.31M	-229.31M	0	-1.17M	-2.41M	-2.98M	-36.53M	-45.75M	-46.83M
Accumulated OCI	-251.59M	0	-307.03M	-14.98M	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	82.43M	35.74M	86.6M	59.57M	104.27M	33.21M	68.52M	78.48M	31.66M	-3.12M
Operating CF Margin %	0.07%	0.03%	0.08%	0.05%	0.09%	0.04%	0.07%	0.08%	0.04%	-0%
Operating CF Growth %	-0.4%	-0.57%	1.42%	-0.31%	0.75%	-0.68%	1.06%	0.15%	-0.6%	-1.1%
Net Income	-546.49M	-510.72M	-206.56M	757.58M	61.26M	-59.72M	17.28M	16.23M	-117.88M	-283.25M
Depreciation & Amortization	102.11M	87.27M	62.24M	56.11M	76.61M	52.29M	53.55M	56.39M	58.18M	59.12M
Stock-Based Compensation	21.03M	2.95M	1.61M	3.63M	5.3M	3.34M	5.19M	6.23M	5.27M	4.71M
Deferred Taxes	-48.26M	-27.83M	-168.23M	-206.87M	8.65M	-28.82M	1.42M	1.04M	17.64M	-10M
Other Non-Cash Items	588.62M	512.32M	375.6M	-366.05M	-29.08M	29.2M	-34.7M	14.56M	53.14M	212.85M
Working Capital Changes	-34.57M	-28.24M	21.94M	-40.03M	-18.47M	36.92M	25.78M	-15.97M	15.31M	13.45M
Change in Receivables	-1.32M	9.9M	-8.71M	-26.17M	3.49M	34.42M	4.62M	-16.88M	26.93M	20.37M
Change in Inventory	16.98M	-7.02M	-7.66M	-307.69M	5.69M	0	0	0	0	0
Change in Payables	-33.71M	-16.64M	45.1M	-2.79M	-32.24M	-5.59M	12.81M	777K	-3.17M	-11.18M
Cash from Investing+	-7.96M	83.85M	-26.82M	-47.12M	117.59M	64.36M	-1.54M	-26.24M	-6.82M	-4.23M
Capital Expenditures	-19.24M	-23.04M	-31.93M	-29.7M	-29.47M	-14.87M	-29.09M	-31.06M	-24.81M	-19.46M
CapEx % of Revenue	0.02%	0.02%	0.03%	0.03%	0.03%	0.02%	0.03%	0.03%	0.03%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	11.28M	106.89M	5.12M	586K	0	79.23M	27.55M	2.81M	17.99M	15.18M
Cash from Financing+	-50.09M	-20M	-88.15M	-94.3M	-234.89M	157.19M	-161.71M	-121.84M	-51.61M	-9.47M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-85K	3K	-91K	-1.96M	-12.88M	200.21M	-4.55M	-7.64M	-7.8M	-6.97M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	63.2M	12.71M	54.66M	29.86M	74.8M	18.34M	39.43M	47.42M	6.85M	-22.58M
FCF Margin %	0.05%	0.01%	0.05%	0.03%	0.07%	0.02%	0.04%	0.05%	0.01%	-0.03%
FCF Growth %	-0.42%	-0.8%	3.3%	-0.45%	1.5%	-0.75%	1.15%	0.2%	-0.86%	-4.3%
FCF per Share	2.17	0.43	1.87	1.80	3.69	0.90	1.88	2.37	0.40	-1.34
FCF Conversion (FCF/Net Income)	-0.15x	-0.07x	-0.42x	0.08x	1.70x	-0.56x	3.97x	4.83x	-0.27x	0.01x
Interest Paid	129.31M	126.52M	96.22M	0	0	0	59.67M	47.13M	63.37M	0
Taxes Paid	2.62M	4.45M	3.78M	0	0	0	6.2M	7.36M	484K	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-196.01%	-	-	194.34%	14.5%	-14.01%	4.23%	3.92%	-33.92%	-193%
Return on Invested Capital (ROIC)	-13.22%	-14.7%	-9.58%	7.47%	7.78%	-0.56%	4.17%	5%	-2.84%	-20.46%
Gross Margin	66.08%	62.52%	64.52%	64.68%	63.57%	58.7%	60.86%	62.51%	60.53%	60.8%
Net Margin	-46.76%	-44.75%	-18.19%	66.43%	5.5%	-7.32%	1.89%	1.7%	-13.96%	-34.25%
Debt / Equity	151.28x	-	-	3.19x	2.54x	2.84x	2.36x	2.11x	2.84x	114.33x
Interest Coverage	-3.38x	-2.95x	-1.66x	3.06x	2.00x	-0.16x	1.02x	1.23x	-0.58x	-3.48x
FCF Conversion	-0.15x	-0.07x	-0.42x	0.08x	1.70x	-0.56x	3.97x	4.83x	-0.27x	0.01x
Revenue Growth	-7.5%	-2.33%	-0.5%	0.41%	-2.36%	-26.69%	12.28%	4.04%	-11.43%	-2.07%

Revenue by Segment

	2016	2017	2019	2020	2021	2022	2023	2024
Broadcast Radio Revenue	-	-	-	-	710.17M	709.61M	594.55M	564.12M
Broadcast Radio Revenue Growth	-	-	-	-	-	-0.08%	-16.21%	-5.12%
Spot Revenue	-	-	-	-	457.61M	479.83M	412.05M	388.83M
Spot Revenue Growth	-	-	-	-	-	4.86%	-14.13%	-5.63%
Network Revenue	-	-	-	-	252.57M	229.77M	182.5M	175.28M
Network Revenue Growth	-	-	-	-	-	-9.03%	-20.57%	-3.96%
Digital Revenue	-	-	-	-	126.87M	142.31M	146.43M	154.2M
Digital Revenue Growth	-	-	-	-	-	12.17%	2.89%	5.31%
Other Revenue	-	-	-	-	79.42M	101.59M	103.57M	108.76M
Other Revenue Growth	-	-	-	-	-	27.91%	1.95%	5.01%
Advertising Revenues	-	-	1.1B	801.39M	-	-	-	-
Advertising Revenues Growth	-	-	-	-26.93%	-	-	-	-
Non-Advertising Revenues	-	-	16.74M	14.82M	-	-	-	-
Non-Advertising Revenues Growth	-	-	-	-11.45%	-	-	-	-
Radio Station Group Reportable	802.4M	786.96M	-	-	-	-	-	-
Radio Station Group Reportable Growth	-	-1.92%	-	-	-	-	-	-
Westwood One Reportable	336.61M	346.17M	-	-	-	-	-	-
Westwood One Reportable Growth	-	2.84%	-	-	-	-	-	-
Corporate and Other	2.39M	2.53M	-	-	-	-	-	-
Corporate and Other Growth	-	5.85%	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Cumulus Media Inc. (CMLS) reported $772.2M in revenue for fiscal year 2024. This represents a 41% increase from $549.5M in 2011.

Cumulus Media Inc. (CMLS) saw revenue decline by 2.1% over the past year.

Cumulus Media Inc. (CMLS) reported a net loss of $296.7M for fiscal year 2024.

Dividend & Returns

Cumulus Media Inc. (CMLS) has a return on equity (ROE) of -193.0%. Negative ROE indicates the company is unprofitable.

Cumulus Media Inc. (CMLS) had negative free cash flow of $10.2M in fiscal year 2024, likely due to heavy capital investments.

US Stock Screener

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Cumulus Media Inc. (CMLS) 10-Year Financial Performance & Capital Metrics

CMLS • • Industrial / General

Communication ServicesBroadcastingTraditional Radio BroadcastingNational Radio Networks

Revenue $827M -2.1%
EBITDA -$181M -1168.4%
Net Income -$283M -140.3%
EPS (Diluted) -16.79 -145.8%
Gross Margin 60.8% +0.4%
EBITDA Margin -21.83% -1191.0%
Operating Margin -28.98% -492.9%
Net Margin -34.25% -145.4%
ROE -193% -468.9%
ROIC -20.46% -621.2%
Debt/Equity 114.33 +3929.7%
Interest Coverage -3.48 -501.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Share count reduced 2.3% through buybacks
✓Trading at only 0.2x book value

✗Weaknesses

✗High debt to equity ratio of 114.3x
✗Negative free cash flow
✗Low quality earnings: Net income not backed by cash flow
✗Sales declining 5.8% over 5 years
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-4.15%

5Y-5.77%

3Y-3.36%

TTM-6.94%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-97.47%

EPS CAGR

10Y-

5Y-

3Y-

TTM-92.58%

ROCE

10Y Avg-3.67%

5Y Avg-3.04%

3Y Avg-6.25%

Latest-21.01%

Peer Comparison

National Radio Networks

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CMLSCumulus Media Inc.	1.42M	0.08	-0.00	-2.07%	-38.42%	-193%		114.33
IHRTiHeartMedia, Inc.	495.25M	3.84	-0.57	2.76%	-10.36%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	1.17B	1.14B	1.14B	1.14B	1.11B	816.22M	916.47M	953.51M	844.55M	827.08M
Revenue Growth %	-0.07%	-0.02%	-0.01%	0%	-0.02%	-0.27%	0.12%	0.04%	-0.11%	-0.02%
Cost of Goods Sold+	396.43M	427.78M	402.98M	402.77M	405.65M	337.08M	358.69M	357.48M	333.36M	324.25M
COGS % of Revenue	0.34%	0.37%	0.35%	0.35%	0.36%	0.41%	0.39%	0.37%	0.39%	0.39%
Gross Profit+	772.25M	713.62M	732.68M	737.59M	707.79M	479.14M	557.78M	596.03M	511.19M	502.83M
Gross Margin %	0.66%	0.63%	0.65%	0.65%	0.64%	0.59%	0.61%	0.63%	0.61%	0.61%
Gross Profit Growth %	1.15%	-0.08%	0.03%	0.01%	-0.04%	-0.32%	0.16%	0.07%	-0.14%	-0.02%
Operating Expenses+	646.32M	611.32M	590.23M	567.45M	541.59M	489.74M	488.66M	516.24M	552.47M	742.5M
OpEx % of Revenue	0.55%	0.54%	0.52%	0.5%	0.49%	0.6%	0.53%	0.54%	0.65%	0.9%
Selling, General & Admin	544.22M	524.05M	527.99M	511.34M	522.71M	420.04M	452.73M	389.65M	377.03M	443.63M
SG&A % of Revenue	0.47%	0.46%	0.46%	0.45%	0.47%	0.51%	0.49%	0.41%	0.45%	0.54%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	14.21M	2.04M	-363K	-3.37M	18.88M	69.7M	35.93M	126.59M	175.44M	298.86M
Operating Income+	-478.51M	-408.79M	-210.45M	156.23M	166.21M	-10.6M	69.12M	79.79M	-41.28M	-239.66M
Operating Margin %	-0.41%	-0.36%	-0.19%	0.14%	0.15%	-0.01%	0.08%	0.08%	-0.05%	-0.29%
Operating Income Growth %	-3.96%	0.15%	0.49%	1.74%	0.06%	-1.06%	7.52%	0.15%	-1.52%	-4.81%
EBITDA+	-376.41M	-321.52M	-148.21M	212.33M	242.81M	41.69M	122.66M	136.18M	16.9M	-180.54M
EBITDA Margin %	-0.32%	-0.28%	-0.13%	0.19%	0.22%	0.05%	0.13%	0.14%	0.02%	-0.22%
EBITDA Growth %	-2.36%	0.15%	0.54%	2.43%	0.14%	-0.83%	1.94%	0.11%	-0.88%	-11.68%
D&A (Non-Cash Add-back)	102.11M	87.27M	62.24M	56.11M	76.61M	52.29M	53.55M	56.39M	58.18M	59.12M
EBIT	-450.65M	-398.24M	-243.34M	170.14M	160.12M	-15.27M	84.58M	102.01M	23.65M	74K
Net Interest Income+	-141.25M	-138.14M	-126.82M	-50.89M	-82.89M	-68.1M	-67.85M	-64.55M	-68.91M	-68.24M
Interest Income	433K	493K	136K	86K	25K	0	0	340K	2.36M	531K
Interest Expense	141.68M	138.63M	126.95M	50.98M	82.92M	68.1M	67.85M	64.89M	71.27M	68.78M
Other Income/Expense	-113.82M	-128.09M	-159.84M	412.14M	-82.69M	-68.37M	-48.86M	-60.18M	-59.42M	-53.35M
Pretax Income+	-592.33M	-536.87M	-370.29M	568.37M	83.52M	-78.97M	20.26M	19.61M	-100.7M	-293.02M
Pretax Margin %	-0.51%	-0.47%	-0.33%	0.5%	0.08%	-0.1%	0.02%	0.02%	-0.12%	-0.35%
Income Tax+	-45.84M	-26.15M	-163.73M	-189.21M	22.26M	-19.25M	2.98M	3.37M	17.18M	-9.77M
Effective Tax Rate %	0.92%	0.95%	0.56%	1.33%	0.73%	0.76%	0.85%	0.83%	1.17%	0.97%
Net Income+	-546.49M	-510.72M	-206.56M	757.58M	61.26M	-59.72M	17.28M	16.23M	-117.88M	-283.25M
Net Margin %	-0.47%	-0.45%	-0.18%	0.66%	0.06%	-0.07%	0.02%	0.02%	-0.14%	-0.34%
Net Income Growth %	-47.44%	0.07%	0.6%	4.67%	-0.92%	-1.97%	1.29%	-0.06%	-8.26%	-1.4%
Net Income (Continuing)	-546.49M	-510.72M	-206.56M	757.58M	61.26M	-59.72M	17.28M	16.23M	-117.88M	-283.25M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	-18.73	-17.45	-7.05	45.76	3.02	-2.94	0.83	0.81	-6.83	-16.79
EPS Growth %	-47.83%	0.07%	0.6%	7.49%	-0.93%	-1.97%	1.28%	-0.02%	-9.43%	-1.46%
EPS (Basic)	-18.73	-17.45	-7.05	45.76	3.04	-2.94	0.84	0.83	-6.83	-16.79
Diluted Shares Outstanding	29.18M	29.27M	29.31M	16.56M	20.28M	20.32M	20.93M	20.02M	17.27M	16.87M
Basic Shares Outstanding	29.18M	29.27M	29.3M	16.56M	20.13M	20.32M	20.48M	19.56M	17.27M	16.87M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	359.27M	439.93M	393.62M	394.99M	380.68M	502.96M	406.52M	345.27M	286.9M	248.05M
Cash & Short-Term Investments	31.66M	131.26M	102.89M	27.58M	15.14M	271.76M	177.03M	107.43M	80.66M	63.84M
Cash Only	31.66M	131.26M	102.89M	27.58M	15.14M	271.76M	177.03M	107.43M	80.66M	63.84M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	247.57M	236.57M	239.47M	253.5M	245.39M	203.26M	198.83M	212.3M	182.2M	161.99M
Days Sales Outstanding	77.32	75.65	76.97	81.14	80.44	90.9	79.19	81.27	78.74	71.49
Inventory	53.14M	38.17M	9M	82.45M	88.86M	0	0	0	0	0
Days Inventory Outstanding	48.93	32.57	8.15	74.72	79.96	-	-	-	-	-
Other Current Assets	53.14M	38.17M	9M	82.45M	0	0	0	25.54M	24.04M	22.23M
Total Non-Current Assets+	2.67B	1.97B	1.63B	1.38B	1.38B	1.36B	1.31B	1.26B	1.15B	870.6M
Property, Plant & Equipment	169.44M	162.06M	191.6M	235.9M	376.37M	366.26M	334.46M	325.34M	302.57M	263.45M
Fixed Asset Turnover	6.90x	7.04x	5.93x	4.83x	2.96x	2.23x	2.74x	2.93x	2.79x	3.14x
Goodwill	703.35M	135.21M	135.21M	0	0	0	0	0	0	0
Intangible Assets	1.75B	1.66B	1.29B	1.13B	994.87M	969.98M	962.29M	923.29M	837.63M	595.12M
Long-Term Investments	-415.88M	-388.05M	0	-12.38M	-12.38M	0	0	0	-12.32M	0
Other Non-Current Assets	40.13M	18.8M	20.08M	15.08M	9.41M	12.76M	7.76M	9.15M	25.53M	12.02M
Total Assets+	3.02B	2.41B	2.03B	1.78B	1.76B	1.86B	1.72B	1.61B	1.44B	1.12B
Asset Turnover	0.39x	0.47x	0.56x	0.64x	0.63x	0.44x	0.53x	0.59x	0.59x	0.74x
Asset Growth %	-0.19%	-0.2%	-0.16%	-0.12%	-0.01%	0.06%	-0.08%	-0.06%	-0.1%	-0.22%
Total Current Liabilities+	122.77M	100.79M	36.16M	116.9M	139.56M	129.04M	139.81M	145.61M	143.74M	133.78M
Accounts Payable	15.87M	17.29M	1.93M	14.27M	3.18M	6.79M	6.64M	10.96M	15.89M	13.01M
Days Payables Outstanding	14.61	14.75	1.75	12.93	2.86	7.35	6.76	11.19	17.4	14.64
Short-Term Debt	0	0	0	13M	5.25M	5.25M	34.8M	0	0	0
Deferred Revenue (Current)	1000K	0	0	0	0	0	0	0	0	0
Other Current Liabilities	0	0	0	0	0	67.99M	-6.14M	7.24M	26.7M	94.45M
Current Ratio	2.93x	4.36x	10.89x	3.38x	2.73x	3.90x	2.91x	2.37x	2.00x	1.85x
Quick Ratio	2.49x	3.99x	10.64x	2.67x	2.09x	3.90x	2.91x	2.37x	2.00x	1.85x
Cash Conversion Cycle	111.64	93.47	83.37	142.93	157.54	-	-	-	-	-
Total Non-Current Liabilities+	2.89B	2.8B	2.69B	1.27B	1.17B	1.33B	1.16B	1.06B	1.01B	977.92M
Long-Term Debt	2.4B	2.38B	2.33B	1.23B	1.01B	967.66M	798.92M	714.46M	672.42M	669.04M
Capital Lease Obligations	0	0	0	0	111.33M	129.53M	125.87M	119.92M	115.31M	99.34M
Deferred Tax Liabilities	415.88M	388.05M	219.25M	12.38M	21.04M	101.06M	112.08M	653K	12.32M	2.33M
Other Non-Current Liabilities	483.08M	419.48M	355.07M	25.74M	27.69M	235.92M	233.27M	219.98M	209.92M	207.21M
Total Liabilities	3.01B	2.9B	2.72B	1.39B	1.31B	1.46B	1.3B	1.2B	1.15B	1.11B
Total Debt+	2.43B	2.38B	2.33B	1.24B	1.16B	1.13B	988M	862.35M	813.08M	794.71M
Net Debt	2.39B	2.25B	2.23B	1.22B	1.14B	858.54M	810.97M	754.92M	732.42M	730.87M
Debt / Equity	151.28x	-	-	3.19x	2.54x	2.84x	2.36x	2.11x	2.84x	114.33x
Debt / EBITDA	-	-	-	5.86x	4.77x	27.11x	8.05x	6.33x	48.12x	-
Net Debt / EBITDA	-	-	-	5.73x	4.70x	20.59x	6.61x	5.54x	43.34x	-
Interest Coverage	-3.38x	-2.95x	-1.66x	3.06x	2.00x	-0.16x	1.02x	1.23x	-0.58x	-3.48x
Total Equity+	16.03M	-491.74M	-696.12M	389.83M	455.22M	397.59M	419.5M	408.4M	286.58M	6.95M
Equity Growth %	-0.97%	-31.67%	-0.42%	1.56%	0.17%	-0.13%	0.06%	-0.03%	-0.3%	-0.98%
Book Value per Share	0.55	-16.80	-23.75	23.55	22.44	19.57	20.04	20.40	16.60	0.41
Total Shareholders' Equity	16.03M	-491.74M	-696.12M	389.83M	455.22M	397.59M	419.5M	408.4M	286.58M	6.95M
Common Stock	2.56M	321K	321K	0	0	0	0	0	0	0
Retained Earnings	-1.38B	-1.89B	-2.09B	61.42M	122.68M	62.96M	80.24M	96.48M	-21.4M	-304.66M
Treasury Stock	-229.31M	-229.31M	-229.31M	0	-1.17M	-2.41M	-2.98M	-36.53M	-45.75M	-46.83M
Accumulated OCI	-251.59M	0	-307.03M	-14.98M	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	82.43M	35.74M	86.6M	59.57M	104.27M	33.21M	68.52M	78.48M	31.66M	-3.12M
Operating CF Margin %	0.07%	0.03%	0.08%	0.05%	0.09%	0.04%	0.07%	0.08%	0.04%	-0%
Operating CF Growth %	-0.4%	-0.57%	1.42%	-0.31%	0.75%	-0.68%	1.06%	0.15%	-0.6%	-1.1%
Net Income	-546.49M	-510.72M	-206.56M	757.58M	61.26M	-59.72M	17.28M	16.23M	-117.88M	-283.25M
Depreciation & Amortization	102.11M	87.27M	62.24M	56.11M	76.61M	52.29M	53.55M	56.39M	58.18M	59.12M
Stock-Based Compensation	21.03M	2.95M	1.61M	3.63M	5.3M	3.34M	5.19M	6.23M	5.27M	4.71M
Deferred Taxes	-48.26M	-27.83M	-168.23M	-206.87M	8.65M	-28.82M	1.42M	1.04M	17.64M	-10M
Other Non-Cash Items	588.62M	512.32M	375.6M	-366.05M	-29.08M	29.2M	-34.7M	14.56M	53.14M	212.85M
Working Capital Changes	-34.57M	-28.24M	21.94M	-40.03M	-18.47M	36.92M	25.78M	-15.97M	15.31M	13.45M
Change in Receivables	-1.32M	9.9M	-8.71M	-26.17M	3.49M	34.42M	4.62M	-16.88M	26.93M	20.37M
Change in Inventory	16.98M	-7.02M	-7.66M	-307.69M	5.69M	0	0	0	0	0
Change in Payables	-33.71M	-16.64M	45.1M	-2.79M	-32.24M	-5.59M	12.81M	777K	-3.17M	-11.18M
Cash from Investing+	-7.96M	83.85M	-26.82M	-47.12M	117.59M	64.36M	-1.54M	-26.24M	-6.82M	-4.23M
Capital Expenditures	-19.24M	-23.04M	-31.93M	-29.7M	-29.47M	-14.87M	-29.09M	-31.06M	-24.81M	-19.46M
CapEx % of Revenue	0.02%	0.02%	0.03%	0.03%	0.03%	0.02%	0.03%	0.03%	0.03%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	11.28M	106.89M	5.12M	586K	0	79.23M	27.55M	2.81M	17.99M	15.18M
Cash from Financing+	-50.09M	-20M	-88.15M	-94.3M	-234.89M	157.19M	-161.71M	-121.84M	-51.61M	-9.47M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-85K	3K	-91K	-1.96M	-12.88M	200.21M	-4.55M	-7.64M	-7.8M	-6.97M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	63.2M	12.71M	54.66M	29.86M	74.8M	18.34M	39.43M	47.42M	6.85M	-22.58M
FCF Margin %	0.05%	0.01%	0.05%	0.03%	0.07%	0.02%	0.04%	0.05%	0.01%	-0.03%
FCF Growth %	-0.42%	-0.8%	3.3%	-0.45%	1.5%	-0.75%	1.15%	0.2%	-0.86%	-4.3%
FCF per Share	2.17	0.43	1.87	1.80	3.69	0.90	1.88	2.37	0.40	-1.34
FCF Conversion (FCF/Net Income)	-0.15x	-0.07x	-0.42x	0.08x	1.70x	-0.56x	3.97x	4.83x	-0.27x	0.01x
Interest Paid	129.31M	126.52M	96.22M	0	0	0	59.67M	47.13M	63.37M	0
Taxes Paid	2.62M	4.45M	3.78M	0	0	0	6.2M	7.36M	484K	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	-196.01%	-	-	194.34%	14.5%	-14.01%	4.23%	3.92%	-33.92%	-193%
Return on Invested Capital (ROIC)	-13.22%	-14.7%	-9.58%	7.47%	7.78%	-0.56%	4.17%	5%	-2.84%	-20.46%
Gross Margin	66.08%	62.52%	64.52%	64.68%	63.57%	58.7%	60.86%	62.51%	60.53%	60.8%
Net Margin	-46.76%	-44.75%	-18.19%	66.43%	5.5%	-7.32%	1.89%	1.7%	-13.96%	-34.25%
Debt / Equity	151.28x	-	-	3.19x	2.54x	2.84x	2.36x	2.11x	2.84x	114.33x
Interest Coverage	-3.38x	-2.95x	-1.66x	3.06x	2.00x	-0.16x	1.02x	1.23x	-0.58x	-3.48x
FCF Conversion	-0.15x	-0.07x	-0.42x	0.08x	1.70x	-0.56x	3.97x	4.83x	-0.27x	0.01x
Revenue Growth	-7.5%	-2.33%	-0.5%	0.41%	-2.36%	-26.69%	12.28%	4.04%	-11.43%	-2.07%

Revenue by Segment

	2016	2017	2019	2020	2021	2022	2023	2024
Broadcast Radio Revenue	-	-	-	-	710.17M	709.61M	594.55M	564.12M
Broadcast Radio Revenue Growth	-	-	-	-	-	-0.08%	-16.21%	-5.12%
Spot Revenue	-	-	-	-	457.61M	479.83M	412.05M	388.83M
Spot Revenue Growth	-	-	-	-	-	4.86%	-14.13%	-5.63%
Network Revenue	-	-	-	-	252.57M	229.77M	182.5M	175.28M
Network Revenue Growth	-	-	-	-	-	-9.03%	-20.57%	-3.96%
Digital Revenue	-	-	-	-	126.87M	142.31M	146.43M	154.2M
Digital Revenue Growth	-	-	-	-	-	12.17%	2.89%	5.31%
Other Revenue	-	-	-	-	79.42M	101.59M	103.57M	108.76M
Other Revenue Growth	-	-	-	-	-	27.91%	1.95%	5.01%
Advertising Revenues	-	-	1.1B	801.39M	-	-	-	-
Advertising Revenues Growth	-	-	-	-26.93%	-	-	-	-
Non-Advertising Revenues	-	-	16.74M	14.82M	-	-	-	-
Non-Advertising Revenues Growth	-	-	-	-11.45%	-	-	-	-
Radio Station Group Reportable	802.4M	786.96M	-	-	-	-	-	-
Radio Station Group Reportable Growth	-	-1.92%	-	-	-	-	-	-
Westwood One Reportable	336.61M	346.17M	-	-	-	-	-	-
Westwood One Reportable Growth	-	2.84%	-	-	-	-	-	-
Corporate and Other	2.39M	2.53M	-	-	-	-	-	-
Corporate and Other Growth	-	5.85%	-	-	-	-	-	-

Frequently Asked Questions

Growth & Financials

Cumulus Media Inc. (CMLS) reported $772.2M in revenue for fiscal year 2024. This represents a 41% increase from $549.5M in 2011.

Cumulus Media Inc. (CMLS) saw revenue decline by 2.1% over the past year.

Cumulus Media Inc. (CMLS) reported a net loss of $296.7M for fiscal year 2024.

Dividend & Returns

Cumulus Media Inc. (CMLS) has a return on equity (ROE) of -193.0%. Negative ROE indicates the company is unprofitable.

Cumulus Media Inc. (CMLS) had negative free cash flow of $10.2M in fiscal year 2024, likely due to heavy capital investments.