Saga Communications, Inc. (SGA) 10-Year Financial Performance & Capital Metrics

SGA • • Industrial / General

Communication ServicesBroadcastingTraditional Radio BroadcastingLocal Radio Station Operators

AboutSaga Communications, Inc., a broadcast company, acquires, develops, and operates broadcast properties in the United States. The company's radio stations employ various programming formats, including classic hits, adult hits, top 40, country, country legends, mainstream/hot/soft adult contemporary, pure oldies, classic rock, and news/talk. As of February 28, 2022, it owned seventy-nine FM, thirty- four AM radio stations, and seventy-nine metro signals serving twenty-seven markets. The company was founded in 1986 and is headquartered in Grosse Pointe Farms, Michigan.Show more

Revenue $113M +0.1%
EBITDA $8M -53.8%
Net Income $3M -63.6%
EPS (Diluted) 0.55 -64.5%
Gross Margin 14.18% -29.2%
EBITDA Margin 6.76% -53.9%
Operating Margin 2.09% -79.5%
Net Margin 3.06% -63.6%
ROE 2.06% -62.2%
ROIC 1.18% -80.7%
Debt/Equity 0.07
Interest Coverage 6.77 -89.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓High quality earnings: Operating CF exceeds net income
✓Trading at only 0.4x book value

✗Weaknesses

✗Weak 3Y average ROE of 4.1%
✗Profits declining 23.6% over 5 years
✗Dividend payout exceeds 100% of earnings

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-1.7%

5Y-1.71%

3Y1.39%

TTM0.63%

Profit (Net Income) CAGR

10Y-13.59%

5Y-23.58%

3Y-32.31%

TTM-93.82%

EPS CAGR

10Y-14.22%

5Y-24.42%

3Y-33.26%

TTM-94.25%

ROCE

10Y Avg7.24%

5Y Avg3.72%

3Y Avg4.21%

Latest1.15%

Peer Comparison

Local Radio Station Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SGASaga Communications, Inc.	72.9M	11.44	20.80	0.13%	0.26%	0.18%	5.89%	0.07
BBGIBeasley Broadcast Group, Inc.	5.85M	6.03	-1.62	-2.76%	-3.84%	-6%		1.95
MDIAMediaCo Holding Inc.	47.7M	0.62	-7.57	195.06%	-32.41%	-47.68%		1.85

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	132.86M	142.59M	118.15M	124.83M	123.07M	95.81M	108.34M	114.89M	112.77M	112.92M
Revenue Growth %	-0.01%	0.07%	-0.17%	0.06%	-0.01%	-0.22%	0.13%	0.06%	-0.02%	0%
Cost of Goods Sold+	97.27M	101.54M	87.76M	93.73M	92.69M	81.59M	83.25M	87.54M	90.2M	96.91M
COGS % of Revenue	0.73%	0.71%	0.74%	0.75%	0.75%	0.85%	0.77%	0.76%	0.8%	0.86%
Gross Profit+	35.59M	41.05M	30.39M	31.1M	30.38M	14.23M	25.1M	27.36M	22.57M	16.01M
Gross Margin %	0.27%	0.29%	0.26%	0.25%	0.25%	0.15%	0.23%	0.24%	0.2%	0.14%
Gross Profit Growth %	0%	0.15%	-0.26%	0.02%	-0.02%	-0.53%	0.76%	0.09%	-0.17%	-0.29%
Operating Expenses+	10.63M	9.59M	11.71M	11.42M	11.57M	15.48M	10.05M	14.29M	11.09M	13.66M
OpEx % of Revenue	0.08%	0.07%	0.1%	0.09%	0.09%	0.16%	0.09%	0.12%	0.1%	0.12%
Selling, General & Admin	10.09M	10.98M	11.66M	11.36M	11.46M	11.57M	10.04M	14.3M	10.97M	12.61M
SG&A % of Revenue	0.08%	0.08%	0.1%	0.09%	0.09%	0.12%	0.09%	0.12%	0.1%	0.11%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	417K	90.56M	55K	23K	112K	3.9M	7K	-14K	120K	1.05M
Operating Income+	24.08M	31.46M	17.23M	19.68M	18.81M	-1.25M	15.05M	13.07M	11.49M	2.35M
Operating Margin %	0.18%	0.22%	0.15%	0.16%	0.15%	-0.01%	0.14%	0.11%	0.1%	0.02%
Operating Income Growth %	-0.07%	0.31%	-0.45%	0.14%	-0.04%	-1.07%	13.05%	-0.13%	-0.12%	-0.8%
EBITDA+	31.54M	37.34M	23.48M	26.47M	25.75M	5.28M	20.8M	18.24M	16.54M	7.64M
EBITDA Margin %	0.24%	0.26%	0.2%	0.21%	0.21%	0.06%	0.19%	0.16%	0.15%	0.07%
EBITDA Growth %	-0.05%	0.18%	-0.37%	0.13%	-0.03%	-0.8%	2.94%	-0.12%	-0.09%	-0.54%
D&A (Non-Cash Add-back)	7.46M	5.88M	6.25M	6.79M	6.95M	6.52M	5.75M	5.17M	5.05M	5.28M
EBIT	23.94M	21.11M	18.68M	19.68M	19.43M	-868K	15.7M	14.13M	13.05M	4.92M
Net Interest Income+	-855K	-744K	-903K	-315K	-125K	-192K	-268K	280K	1.27M	699K
Interest Income	33K	0	0	631K	610K	148K	16K	410K	1.44M	1.05M
Interest Expense	888K	744K	903K	946K	735K	340K	284K	130K	173K	348K
Other Income/Expense	-1.03M	-744K	-903K	-292K	-109K	41K	366K	932K	1.39M	2.21M
Pretax Income+	23.05M	30.69M	16.33M	19.39M	18.7M	-1.21M	15.42M	14M	12.88M	4.57M
Pretax Margin %	0.17%	0.22%	0.14%	0.16%	0.15%	-0.01%	0.14%	0.12%	0.11%	0.04%
Income Tax+	9.64M	12.5M	-5.92M	5.7M	5.42M	705K	4.26M	4.8M	3.38M	1.11M
Effective Tax Rate %	0.58%	0.59%	3.35%	0.71%	0.71%	1.58%	0.72%	0.66%	0.74%	0.76%
Net Income+	13.41M	18.19M	54.72M	13.69M	13.28M	-1.91M	11.16M	9.2M	9.5M	3.46M
Net Margin %	0.1%	0.13%	0.46%	0.11%	0.11%	-0.02%	0.1%	0.08%	0.08%	0.03%
Net Income Growth %	-0.1%	0.36%	2.01%	-0.75%	-0.03%	-1.14%	6.83%	-0.18%	0.03%	-0.64%
Net Income (Continuing)	9.15M	12.91M	22.25M	13.69M	13.28M	-1.91M	11.16M	9.2M	9.5M	3.46M
Discontinued Operations	4.27M	5.28M	32.47M	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	2.29	3.09	9.27	2.35	2.23	-0.33	1.85	1.52	1.55	0.55
EPS Growth %	-0.1%	0.35%	2%	-0.75%	-0.05%	-1.15%	6.61%	-0.18%	0.02%	-0.65%
EPS (Basic)	2.31	3.10	9.27	2.35	2.23	-0.33	1.85	1.52	1.55	0.55
Diluted Shares Outstanding	5.74M	5.77M	5.81M	5.83M	5.83M	5.87M	5.92M	5.97M	6.04M	6.08M
Basic Shares Outstanding	5.71M	5.76M	5.8M	5.83M	5.83M	5.87M	5.92M	5.97M	6.04M	6.08M
Dividend Payout Ratio	0.48%	0.42%	0.1%	0.87%	0.65%	-	0.17%	2.15%	2.09%	6.51%

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+	47.9M	53.79M	76.17M	68.59M	66.72M	70.97M	74.45M	67.86M	60.64M	47.09M
Cash & Short-Term Investments	21.61M	26.64M	53.03M	44.73M	44.03M	51.35M	54.76M	46.92M	40.18M	27.79M
Cash Only	21.61M	26.64M	53.03M	44.73M	44.03M	51.35M	54.76M	36.8M	29.58M	18.86M
Short-Term Investments	0	0	0	0	0	0	0	10.12M	10.6M	8.93M
Accounts Receivable	22.57M	19.05M	20.63M	21.31M	20.21M	16.63M	17.24M	18.45M	18.02M	16.69M
Days Sales Outstanding	62	48.77	63.72	62.31	59.93	63.34	58.08	58.63	58.31	53.96
Inventory	1.11M	1.02M	0	0	0	0	0	0	0	0
Days Inventory Outstanding	4.15	3.67	-	-	-	-	-	-	-	-
Other Current Assets	1.11M	4.63M	0	0	0	0	0	2.48M	2.45M	2.61M
Total Non-Current Assets+	156.68M	167.23M	172.59M	179.88M	185.67M	175.52M	173.48M	172.89M	171.57M	174.64M
Property, Plant & Equipment	58.13M	56.56M	56.23M	59.1M	58.71M	54.88M	53.34M	53.2M	51.41M	58.81M
Fixed Asset Turnover	2.29x	2.52x	2.10x	2.11x	2.10x	1.75x	2.03x	2.16x	2.19x	1.92x
Goodwill	2.87M	7.41M	15.56M	18.84M	18.96M	19.11M	19.21M	19.24M	19.24M	19.23M
Intangible Assets	89.91M	97.79M	95.98M	98M	96.92M	91M	90.69M	90.68M	90.59M	92.63M
Long-Term Investments	5.52M	5.28M	4.69M	3.74M	10.98M	10.46M	10.23M	9.62M	10.21M	10.78M
Other Non-Current Assets	-6.63M	-6.3M	-25.76M	-27.47M	104K	64K	17K	166K	130K	-6.81M
Total Assets+	204.57M	221.02M	248.77M	248.48M	252.39M	246.49M	247.93M	240.75M	232.21M	221.72M
Asset Turnover	0.65x	0.65x	0.47x	0.50x	0.49x	0.39x	0.44x	0.48x	0.49x	0.51x
Asset Growth %	0.07%	0.08%	0.13%	-0%	0.02%	-0.02%	0.01%	-0.03%	-0.04%	-0.05%
Total Current Liabilities+	14.34M	16.05M	20.91M	23.16M	17.5M	13.93M	19.2M	29.38M	28.03M	16.56M
Accounts Payable	2.8M	1.62M	2.21M	3.92M	3.27M	3.01M	3.25M	3.64M	3.73M	3.08M
Days Payables Outstanding	10.5	5.82	9.18	15.27	12.87	13.45	14.24	15.18	15.08	11.6
Short-Term Debt	0	1.08M	0	5M	0	0	0	0	0	1.89M
Deferred Revenue (Current)	0	1000K	0	0	0	0	0	0	0	0
Other Current Liabilities	1.35M	1.89M	6.53M	1.97M	0	0	0	0	0	0
Current Ratio	3.34x	3.35x	3.64x	2.96x	3.81x	5.09x	3.88x	2.31x	2.16x	2.84x
Quick Ratio	3.26x	3.29x	3.64x	2.96x	3.81x	5.09x	3.88x	2.31x	2.16x	2.84x
Cash Conversion Cycle	55.65	46.63	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	67.42M	69.99M	48.4M	40.31M	42.54M	42.01M	31.82M	32.85M	33.63M	39.24M
Long-Term Debt	36.37M	35.29M	25M	15M	10M	10M	0	0	0	5M
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	5.38M
Deferred Tax Liabilities	27.69M	30.76M	21.07M	23.73M	25.15M	24.61M	24.8M	25.74M	26.12M	26.01M
Other Non-Current Liabilities	3.36M	3.94M	2.33M	1.58M	7.39M	7.41M	7.01M	7.11M	7.51M	2.86M
Total Liabilities	81.75M	86.04M	69.3M	63.48M	60.04M	55.95M	51.01M	62.22M	61.66M	55.8M
Total Debt+	36.37M	36.37M	25M	20M	10M	10M	0	0	0	12.27M
Net Debt	14.75M	9.72M	-28.03M	-24.73M	-34.03M	-41.35M	-54.76M	-36.8M	-29.58M	-6.59M
Debt / Equity	0.30x	0.27x	0.14x	0.11x	0.05x	0.05x	-	-	-	0.07x
Debt / EBITDA	1.15x	0.97x	1.06x	0.76x	0.39x	1.90x	-	-	-	1.61x
Net Debt / EBITDA	0.47x	0.26x	-1.19x	-0.93x	-1.32x	-7.84x	-2.63x	-2.02x	-1.79x	-0.86x
Interest Coverage	27.12x	42.29x	19.08x	20.81x	25.59x	-3.67x	53.00x	100.54x	66.40x	6.77x
Total Equity+	122.82M	134.98M	179.47M	185M	192.35M	190.54M	196.92M	178.53M	170.55M	165.92M
Equity Growth %	0.07%	0.1%	0.33%	0.03%	0.04%	-0.01%	0.03%	-0.09%	-0.04%	-0.03%
Book Value per Share	21.40	23.39	30.90	31.74	32.97	32.45	33.28	29.89	28.21	27.31
Total Shareholders' Equity	122.82M	134.98M	179.47M	185M	192.35M	190.54M	196.92M	178.53M	170.55M	165.92M
Common Stock	74K	74K	76K	76K	77K	77K	77K	78K	80K	82K
Retained Earnings	98.18M	108.73M	151.61M	156.69M	162.82M	158.99M	164.25M	143.9M	134.77M	128.22M
Treasury Stock	-32.95M	-33.38M	-34.89M	-36.56M	-37.36M	-37.42M	-37.44M	-37.11M	-36.9M	-36.71M
Accumulated OCI	0	0	0	0	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+	28.54M	29.33M	5.37M	25.56M	25.34M	12.09M	19.1M	17.13M	15.38M	13.77M
Operating CF Margin %	0.21%	0.21%	0.05%	0.2%	0.21%	0.13%	0.18%	0.15%	0.14%	0.12%
Operating CF Growth %	0.12%	0.03%	-0.82%	3.76%	-0.01%	-0.52%	0.58%	-0.1%	-0.1%	-0.1%
Net Income	13.41M	18.19M	22.25M	13.69M	13.28M	-1.91M	11.16M	9.2M	9.5M	3.46M
Depreciation & Amortization	7.46M	7.89M	6.25M	6.79M	6.95M	6.52M	5.75M	5.17M	5.05M	5.28M
Stock-Based Compensation	1.66M	2.1M	2.28M	2.2M	2.13M	2.22M	1.33M	1.86M	1.12M	1.95M
Deferred Taxes	3.64M	3.16M	-8.21M	2.66M	1.42M	-545K	195K	935K	385K	-115K
Other Non-Cash Items	1.53M	-1.61M	-17.57M	258K	-625K	4.04M	-807K	815K	-13K	410K
Working Capital Changes	833K	-393K	377K	-36K	2.19M	1.76M	1.48M	-856K	-664K	2.78M
Change in Receivables	233K	-885K	-434K	-157K	-5.78M	3.02M	507K	-1.14M	0	1.26M
Change in Inventory	0	0	0	0	5.78M	-3.02M	-507K	1.14M	0	0
Change in Payables	1.24M	1.12M	811K	121K	7.97M	-1.25M	968K	279K	639K	1.52M
Cash from Investing+	-17.11M	-15.93M	37.51M	-14.88M	-6.24M	-604K	-3.35M	-14.99M	-2.5M	-6.68M
Capital Expenditures	-17.39M	-17.7M	-32.1M	-15.21M	-6.5M	-2.5M	-4.12M	-6.05M	-4.36M	0
CapEx % of Revenue	0.13%	0.12%	0.27%	0.12%	0.05%	0.03%	0.04%	0.05%	0.04%	0.08%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	279K	1.77M	69.61M	335K	-10K	209K	629K	650K	1.86M	-7.75M
Cash from Financing+	-7.72M	-8.38M	-16.55M	-18.98M	-19.8M	-4.17M	-12.35M	-20.09M	-20.1M	-17.81M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-6.41M	-7.63M	-5.31M	-11.86M	-8.62M	-3.72M	-1.91M	-19.79M	-19.88M	-22.52M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-1.6M	0	0	-120K	0	0	0	-161K	0	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	11.15M	11.63M	-26.73M	10.35M	18.84M	9.58M	14.98M	11.07M	11.02M	4.29M
FCF Margin %	0.08%	0.08%	-0.23%	0.08%	0.15%	0.1%	0.14%	0.1%	0.1%	0.04%
FCF Growth %	-0.41%	0.04%	-3.3%	1.39%	0.82%	-0.49%	0.56%	-0.26%	-0%	-0.61%
FCF per Share	1.94	2.02	-4.60	1.78	3.23	1.63	2.53	1.85	1.82	0.71
FCF Conversion (FCF/Net Income)	2.13x	1.61x	0.10x	1.87x	1.91x	-6.32x	1.71x	1.86x	1.62x	3.98x
Interest Paid	0	668K	0	0	0	0	253K	145K	100K	315K
Taxes Paid	0	9.23M	0	0	0	0	3.45M	4.16M	2.79M	1.61M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	11.27%	14.11%	34.8%	7.51%	7.04%	-1%	5.76%	4.9%	5.44%	2.06%
Return on Invested Capital (ROIC)	13.33%	16.72%	8.73%	9.47%	8.86%	-0.61%	7.75%	6.91%	6.1%	1.18%
Gross Margin	26.79%	28.79%	25.72%	24.92%	24.68%	14.85%	23.17%	23.81%	20.02%	14.18%
Net Margin	10.1%	12.75%	46.31%	10.97%	10.79%	-2%	10.3%	8.01%	8.42%	3.06%
Debt / Equity	0.30x	0.27x	0.14x	0.11x	0.05x	0.05x	-	-	-	0.07x
Interest Coverage	27.12x	42.29x	19.08x	20.81x	25.59x	-3.67x	53.00x	100.54x	66.40x	6.77x
FCF Conversion	2.13x	1.61x	0.10x	1.87x	1.91x	-6.32x	1.71x	1.86x	1.62x	3.98x
Revenue Growth	-0.85%	7.33%	-17.14%	5.65%	-1.41%	-22.15%	13.08%	6.05%	-1.85%	0.13%

Revenue by Segment

	2014	2015	2016	2018	2019	2020	2021	2022	2023	2024
Broadcast Advertising Revenue, Net	-	-	-	-	-	-	95.57M	98.71M	94.23M	89.74M
Broadcast Advertising Revenue, Net Growth	-	-	-	-	-	-	-	3.28%	-4.54%	-4.76%
Digital Advertising Revenue	-	-	-	3.9M	3.78M	3.42M	6.34M	7.91M	9.62M	14.22M
Digital Advertising Revenue Growth	-	-	-	-	-3.00%	-9.70%	85.51%	24.85%	21.63%	47.78%
Other Revenue	-	-	-	6M	7.01M	4.92M	6.43M	8.27M	8.92M	8.96M
Other Revenue Growth	-	-	-	-	16.85%	-29.88%	30.86%	28.59%	7.86%	0.40%
Broadcast Advertising Revenue Net	-	-	-	114.93M	112.28M	87.48M	-	-	-	-
Broadcast Advertising Revenue Net Growth	-	-	-	-	-2.31%	-22.09%	-	-	-	-
Radio Broadcasting	-	118.39M	118.95M	-	-	-	-	-	-	-
Radio Broadcasting Growth	-	-	0.47%	-	-	-	-	-	-	-
Television Broadcasting	-	21.06M	23.64M	-	-	-	-	-	-	-
Television Broadcasting Growth	-	-	12.21%	-	-	-	-	-	-	-
Consolidateds	134M	-	-	-	-	-	-	-	-	-
Consolidateds Growth	-	-	-	-	-	-	-	-	-	-
Radio	113.63M	-	-	-	-	-	-	-	-	-
Radio Growth	-	-	-	-	-	-	-	-	-	-
Television	20.37M	-	-	-	-	-	-	-	-	-
Television Growth	-	-	-	-	-	-	-	-	-	-
Corporate and Other	-	-	-	-	-	-	-	-	-	-
Corporate and Other Growth	-	-	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Saga Communications, Inc. (SGA) has a price-to-earnings (P/E) ratio of 20.8x. This is roughly in line with market averages.

Growth & Financials

Saga Communications, Inc. (SGA) reported $112.0M in revenue for fiscal year 2024. This represents a 12% decrease from $127.3M in 2011.

Saga Communications, Inc. (SGA) grew revenue by 0.1% over the past year. Growth has been modest.

Yes, Saga Communications, Inc. (SGA) is profitable, generating $0.3M in net income for fiscal year 2024 (3.1% net margin).

Dividend & Returns

Yes, Saga Communications, Inc. (SGA) pays a dividend with a yield of 32.40%. This makes it attractive for income-focused investors.

Saga Communications, Inc. (SGA) has a return on equity (ROE) of 2.1%. This is below average, suggesting room for improvement.

Saga Communications, Inc. (SGA) generated $8.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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