Lamar Advertising Company (LAMR) 10-Year Financial Performance & Capital Metrics

LAMR • • REIT / Real Estate

Real EstateSpecialty REITsOutdoor AdvertisingBillboard Operators

AboutFounded in 1902, Lamar Advertising (Nasdaq: LAMR) is one of the largest outdoor advertising companies in North America, with over 352,000 displays across the United States and Canada. Lamar offers advertisers a variety of billboard, interstate logo, transit and airport advertising formats, helping both local businesses and national brands reach broad audiences every day. In addition to its more traditional out-of-home inventory, Lamar is proud to offer its customers the largest network of digital billboards in the United States with approximately 3,800 displays.Show more

Revenue $2.21B +4.6%
FFO $825M +4.5%
FFO/Share 8.04 +4.1%
FFO Payout 70.18% +8.5%
FFO per Share 8.04 +4.1%
NOI Margin 67.02%
FFO Margin 37.37%
ROE 31.96% -22.3%
ROA 5.5% -27.6%
Debt/Assets 69.2% -2.2%
Net Debt/EBITDA 4.53 -4.5%
Book Value/Share 10.22 -14.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 36.5%
✓Strong Piotroski F-Score: 7/9
✓FFO growing 12.5% TTM
✓Sustainable FFO payout ratio of 70.2%
✓High NOI margin of 67.0%
✓Healthy dividend yield of 4.3%

✗Weaknesses

✗High debt to equity ratio of 4.3x
✗Dividend payout exceeds 100% of earnings
✗Expensive at 13.0x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.54%

5Y4.71%

3Y7.28%

TTM3.04%

Profit (Net Income) CAGR

10Y3.62%

5Y-0.56%

3Y-2.31%

TTM-15.32%

EPS CAGR

10Y2.84%

5Y-1.05%

3Y-2.77%

TTM-14.85%

ROCE

10Y Avg10.87%

5Y Avg9.75%

3Y Avg10.39%

Latest9.13%

Peer Comparison

Billboard Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
LAMRLamar Advertising Company	11.53B	132.79	37.72	4.55%	19.28%	41.47%	6.49%	4.35

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	1.35B	1.5B	1.54B	1.63B	1.75B	1.57B	1.79B	2.03B	2.11B	2.21B
Revenue Growth %	0.05%	0.11%	0.03%	0.06%	0.08%	-0.11%	0.14%	0.14%	0.04%	0.05%
Property Operating Expenses	473.76M	525.6M	540.88M	561.85M	590.08M	557.66M	576.51M	667.29M	696.8M	727.88M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	496.61M	535.65M	545.01M	604.82M	645.83M	601.09M	689.71M	786.85M	738.75M	947.19M
G&A Expenses	313.94M	345.79M	338.57M	372.32M	403.04M	358.82M	326.95M	350.62M	344.78M	361.13M
EBITDA+	574.46M	1.52B	1.45B	1.63B	767.77M	661.4M	792.48M	927.45M	968.86M	995.01M
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	191.43M	1.08B	999.06M	1.17B	250.03M	251.3M	271.29M	349.45M	293.42M	462.97M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	383.03M	439.05M	455.37M	460.56M	517.74M	410.11M	521.19M	578M	675.43M	532.04M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	98.43M	123.69M	128.4M	129.73M	150.62M	137.62M	106.38M	127.51M	174.51M	171.71M
Interest Coverage	3.89x	3.55x	3.55x	3.55x	3.44x	2.98x	4.90x	4.53x	3.87x	3.10x
Non-Operating Income	-34K	3.19M	65K	14.89M	-764K	24.44M	17.46M	-5.61M	-5.7M	-7.14M
Pretax Income+	284.63M	312.17M	326.91M	315.93M	367.89M	248.05M	397.35M	456.1M	506.62M	367.47M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	22.06M	13.36M	9.23M	10.7M	-4.22M	4.66M	9.26M	17.45M	9.78M	4.53M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	262.57M	298.81M	317.68M	305.23M	372.11M	243.39M	388.09M	438.65M	495.76M	361.87M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	0.04%	0.14%	0.06%	-0.04%	0.22%	-0.35%	0.59%	0.13%	0.13%	-0.27%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	-0.11%	2.04%	-0.05%	0.12%	-0.58%	-0.2%	0.33%	0.2%	0%	0.05%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	2.72	3.05	3.23	3.08	3.71	2.41	3.83	4.31	4.85	3.52
EPS Growth %	0.02%	0.12%	0.06%	-0.05%	0.2%	-0.35%	0.59%	0.13%	0.13%	-0.27%
EPS (Basic)	2.72	3.07	3.24	3.09	3.71	2.41	3.83	4.32	4.86	3.54
Diluted Shares Outstanding	96.38M	97.69M	98.37M	99.09M	100.32M	100.9M	101.35M	101.63M	102.11M	102.56M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	3.39B	3.9B	4.21B	4.54B	5.94B	5.79B	6.05B	6.48B	6.56B	6.59B
Asset Growth %	0.02%	0.15%	0.08%	0.08%	0.31%	-0.03%	0.04%	0.07%	0.01%	0%
Real Estate & Other Assets+	37.4M	38.41M	42.89M	51.09M	56.57M	60.56M	98.45M	83.4M	90.64M	99.23M
PP&E (Net)	1.1B	1.18B	1.21B	1.3B	2.67B	2.52B	2.58B	2.79B	2.89B	2.96B
Investment Securities	0	0	0	0	0	0	0	0	0	0
Total Current Assets+	281.73M	315.83M	420.52M	363.67M	310.17M	380.57M	388.61M	364.55M	373.19M	425.27M
Cash & Equivalents	22.33M	35.53M	115.47M	21.49M	26.19M	121.57M	99.79M	52.62M	44.6M	49.46M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	85.01M	88.79M	103.35M	106.6M	29.05M	18.15M	18.9M	26.89M	27.39M	41.01M
Intangible Assets	402.89M	637.15M	796.35M	915.45M	992.24M	914.45M	1.05B	1.21B	1.17B	1.06B
Total Liabilities	2.37B	2.83B	3.11B	3.41B	4.76B	4.59B	4.83B	5.28B	5.35B	5.54B
Total Debt+	1.89B	2.35B	2.56B	2.89B	4.25B	4.1B	4.23B	4.57B	4.64B	4.56B
Net Debt	1.87B	2.31B	2.44B	2.87B	4.22B	3.97B	4.13B	4.52B	4.6B	4.51B
Long-Term Debt	1.87B	2.32B	2.54B	2.68B	2.75B	2.76B	2.84B	3.06B	3.09B	2.96B
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	0	0	0	0	1.27B	1.21B	1.21B	1.26B	1.3B	1.35B
Total Current Liabilities+	241.65M	277.32M	325.99M	455.04M	672.81M	547.87M	662.97M	726.04M	713.9M	778.47M
Accounts Payable	17.45M	17.65M	17.96M	21.25M	14.97M	12.02M	16.43M	19.64M	18.24M	21.59M
Deferred Revenue	87.66M	91.32M	92.69M	107.2M	127.25M	111.36M	137.1M	131.85M	126.55M	153.7M
Other Liabilities	228.86M	238.35M	244.95M	252.52M	260.54M	259.48M	309.57M	429.53M	439.88M	663.3M
Total Equity+	1.02B	1.07B	1.1B	1.13B	1.18B	1.2B	1.22B	1.2B	1.22B	1.05B
Equity Growth %	0.04%	0.05%	0.03%	0.03%	0.04%	0.02%	0.01%	-0.02%	0.02%	-0.14%
Shareholders Equity	1.02B	1.07B	1.1B	1.13B	1.18B	1.2B	1.22B	1.2B	1.22B	1.05B
Minority Interest	0	0	0	0	0	0	0	0	414K	849K
Common Stock	97K	98K	98K	100K	101K	101K	102K	102K	102K	103K
Additional Paid-in Capital	1.66B	1.71B	1.76B	1.85B	1.92B	1.96B	2B	2.06B	2.1B	2.16B
Retained Earnings	-635.8M	-630.96M	-639.11M	-695.34M	-708.41M	-717.33M	-734.41M	-804.38M	-819.24M	-1.04B
Preferred Stock	0	0	0	0	0	0	0	0	0	0
Return on Assets (ROA)	0.08%	0.08%	0.08%	0.07%	0.07%	0.04%	0.07%	0.07%	0.08%	0.06%
Return on Equity (ROE)	0.26%	0.29%	0.29%	0.27%	0.32%	0.2%	0.32%	0.36%	0.41%	0.32%
Debt / Assets	0.56%	0.6%	0.61%	0.64%	0.71%	0.71%	0.7%	0.71%	0.71%	0.69%
Debt / Equity	1.85x	2.20x	2.32x	2.55x	3.60x	3.41x	3.47x	3.82x	3.82x	4.35x
Net Debt / EBITDA	3.25x	1.52x	1.68x	1.76x	5.50x	6.01x	5.21x	4.87x	4.75x	4.53x
Book Value per Share	10.59	10.95	11.22	11.42	11.77	11.92	12.01	11.76	11.92	10.22

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+	477.65M	521.82M	507.02M	564.85M	194.76M	569.87M	734.42M	781.61M	783.61M	873.61M
Operating CF Growth %	0.06%	0.09%	-0.03%	0.11%	-0.66%	1.93%	0.29%	0.06%	0%	0.11%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	262.57M	298.81M	317.68M	305.23M	372.11M	243.39M	388.09M	438.65M	495.76M	362.94M
Depreciation & Amortization	191.43M	204.96M	211.1M	225.26M	250.03M	251.3M	271.29M	349.45M	300.63M	462.97M
Stock-Based Compensation	25.89M	28.56M	9.6M	29.44M	29.65M	18.77M	37.37M	23.14M	22.65M	44.52M
Other Non-Cash Items	2.42M	306K	7.29M	35.57M	-427.38M	34.85M	26.51M	-4.87M	6.47M	4.22M
Working Capital Changes	-15.77M	-10.47M	-39.46M	-32.2M	-15.52M	22.37M	9.58M	-27.97M	-41.9M	2.99M
Cash from Investing+	-253.88M	-680.98M	-400.07M	584.15M	463.82M	-96.89M	-461.76M	-619.07M	-310.12M	-164.91M
Acquisitions (Net)	-153.88M	-585.05M	-297.31M	-477.39M	-226.28M	-45.58M	-312.26M	-479.77M	0	-45.39M
Purchase of Investments	-7K	0	0	0	-448K	0	-30M	0	0	0
Sale of Investments	0	21K	515K	9K	448K	0	0	0	0	0
Other Investing	10.42M	11.68M	6.57M	1.18B	831.06M	10.97M	6.59M	27.77M	-131.85M	5.77M
Cash from Financing+	-224.81M	171.91M	-28.64M	-73.56M	-264.36M	-377.92M	-294.52M	-209.32M	-481.63M	-703.42M
Dividends Paid	-265.51M	-293.96M	-244.2M	-443.09M	-385.18M	-252.31M	-405.17M	-508.61M	-510.62M	-579.21M
Common Dividends	-265.51M	-293.96M	-244.2M	-443.09M	-385.18M	-251.94M	-404.81M	-508.25M	-510.25M	-578.85M
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	-1000K	1000K	1000K	1000K	-1000K
Share Repurchases	-6.1M	-6.2M	-9M	-4.11M	-8.88M	-10.49M	-6.07M	-10.51M	-5.99M	-5.34M
Other Financing	-1.13M	13.2M	21.05M	166.84M	39.18M	-86.96M	43.08M	72.6M	-4.01M	-2.12M
Net Change in Cash+	-3.71M	13.2M	79.94M	-93.98M	4.69M	95.38M	-21.78M	-47.17M	-8.01M	4.86M
Exchange Rate Effect	-1000K	455K	1000K	-1000K	220K	313K	81K	-391K	127K	-423K
Cash at Beginning	26.04M	22.33M	35.53M	115.47M	21.49M	26.19M	121.57M	99.79M	52.62M	44.6M
Cash at End	22.33M	35.53M	115.47M	21.49M	26.19M	121.57M	99.79M	52.62M	44.6M	49.46M
Free Cash Flow+	367.23M	414.21M	397.69M	447.21M	53.8M	507.6M	608.33M	614.53M	605.34M	748.33M
FCF Growth %	0.06%	0.13%	-0.04%	0.12%	-0.88%	8.43%	0.2%	0.01%	-0.01%	0.24%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	4.71	14.15	13.39	14.87	6.2	4.9	6.51	7.75	7.73	8.04
FFO Payout Ratio	58.48%	21.27%	18.55%	30.08%	61.91%	50.93%	61.39%	64.49%	64.66%	70.18%
NOI Margin	64.99%	64.97%	64.91%	65.47%	66.35%	64.45%	67.75%	67.16%	66.99%	67.02%
Net Debt / EBITDA	3.25x	1.52x	1.68x	1.76x	5.50x	6.01x	5.21x	4.87x	4.75x	4.53x
Debt / Assets	55.77%	60.23%	60.67%	63.56%	71.45%	70.72%	69.88%	70.6%	70.74%	69.2%
Interest Coverage	3.89x	3.55x	3.55x	3.55x	3.44x	2.98x	4.90x	4.53x	3.87x	3.10x
Book Value / Share	10.59	10.95	11.22	11.42	11.77	11.92	12.01	11.76	11.92	10.22
Revenue Growth	5.15%	10.85%	2.73%	5.58%	7.77%	-10.54%	13.93%	13.69%	3.88%	4.55%

Revenue by Segment

	2024
Other Operating	250.93M
Other Operating Growth	-

Frequently Asked Questions

Valuation & Price

Lamar Advertising Company (LAMR) has a price-to-earnings (P/E) ratio of 37.7x. This suggests investors expect higher future growth.

Growth & Financials

Lamar Advertising Company (LAMR) reported $2.25B in revenue for fiscal year 2024. This represents a 98% increase from $1.13B in 2011.

Lamar Advertising Company (LAMR) grew revenue by 4.6% over the past year. Growth has been modest.

Yes, Lamar Advertising Company (LAMR) is profitable, generating $433.7M in net income for fiscal year 2024 (16.4% net margin).

Dividend & Returns

Yes, Lamar Advertising Company (LAMR) pays a dividend with a yield of 4.25%. This makes it attractive for income-focused investors.

Lamar Advertising Company (LAMR) has a return on equity (ROE) of 32.0%. This is excellent, indicating efficient use of shareholder capital.

Industry Metrics

Lamar Advertising Company (LAMR) generated Funds From Operations (FFO) of $911.3M in the trailing twelve months. FFO is the primary profitability metric for REITs.

Lamar Advertising Company (LAMR) offers a 4.25% dividend yield, which is attractive for income investors. REITs are required to distribute at least 90% of taxable income to shareholders.

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