Financial leverage has reached a concerning level with a debt-to-equity ratio of 6.04, while cash reserves have dwindled to $39.3 million as of 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Total Assets | 6.91B | 6.93B | 6.59B | 6.56B | 6.48B | 6.05B | 5.79B | 5.94B | 4.54B | 4.21B | 3.9B | 3.39B | 3.32B | 3.4B | 3.51B | 3.43B | 3.65B | 3.94B | 4.12B | 4.07B | 3.92B | 3.74B | 3.69B | 3.64B | 3.89B | 3.67B | 3.64B | 3.21B | 1.41B | 651.3M | 173.2M |
| Asset Growth % | 16.88% | 5.24% | 0.35% | 1.37% | 7.07% | 4.42% | -2.52% | 30.73% | 7.84% | 8.05% | 15% | 2.2% | -2.43% | -3.2% | 2.53% | -6.07% | -7.47% | -4.21% | 1.17% | 3.7% | 5.01% | 1.29% | 1.43% | -6.45% | 6.07% | 0.77% | 13.44% | 126.89% | 117.01% | 276.04% | 29.35% |
| Real Estate & Other Assets | -4.68B | -4.71B | 99.23M | 90.64M | 83.4M | 98.45M | 60.56M | 56.57M | 51.09M | 42.89M | 38.41M | 37.4M | 69.78M | 74.69M | 78.97M | 73.38M | 86.24M | 73.91M | 70.85M | 72.74M | 68.95M | 68.51M | 51.77M | 32.16M | 18.47M | 17.3M | 17.25M | 13.5M | 17M | 6.9M | 12.4M |
| PP&E (Net) | 6.31B | 6.28B | 2.96B | 2.89B | 2.79B | 2.58B | 2.52B | 2.67B | 1.3B | 1.21B | 1.18B | 1.1B | 1.08B | 1.12B | 1.18B | 1.19B | 1.26B | 1.41B | 1.6B | 1.52B | 1.41B | 1.29B | 1.27B | 1.25B | 1.28B | 1.33B | 1.29B | 1.19B | 507.4M | 316.1M | 119.7M |
| Investment Securities | 1000K | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 362.83M | 459.72M | 425.27M | 373.19M | 364.55M | 388.61M | 380.57M | 310.17M | 363.67M | 420.52M | 315.83M | 281.73M | 273.14M | 282.06M | 301.24M | 95.28M | 309.41M | 367.94M | 260.98M | 300.52M | 230.77M | 187.28M | 182.58M | 144.12M | 418.48M | 143.22M | 195.92M | 125.5M | 183.1M | 49.4M | 25.4M |
| Cash & Equivalents | 39.27M | 64.81M | 49.46M | 44.6M | 52.62M | 99.79M | 121.57M | 26.19M | 21.49M | 115.47M | 35.53M | 22.33M | 26.04M | 33.21M | 58.91M | 33.5M | 91.68M | 112.25M | 14.14M | 76.05M | 11.8M | 19.42M | 44.2M | 7.8M | 282.27M | 12.88M | 72.34M | 8.4M | 128.6M | 7.2M | 1.8M |
| Receivables | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 323.56M | 53.69M | 41.01M | 27.39M | 26.89M | 18.9M | 18.15M | 29.05M | 106.6M | 103.35M | 88.79M | 85.01M | 77.5M | 87.11M | 41.36M | 36.17M | 36.52M | 72.58M | 47.42M | 48.86M | 53.21M | 21.52M | 15.13M | 13.38M | 13.74M | 8.02M | 8.74M | 35.9M | 14.1M | 10.3M | 10.1M |
| Intangible Assets | 1.13B | 1.11B | 1.06B | 1.17B | 1.21B | 1.05B | 914.45M | 992.24M | 915.45M | 796.35M | 637.15M | 402.89M | 366.99M | 419.38M | 468.31M | 476.88M | 569.72M | 670.5M | 773.76M | 802.95M | 860.85M | 1.3B | 2.19B | 2.21B | 2.17B | 2.18B | 2.13B | 1.87B | 705.9M | 278.9M | 78.9M |
| Total Liabilities | 5.93B | 5.91B | 5.54B | 5.35B | 5.28B | 4.83B | 4.59B | 4.76B | 3.41B | 3.11B | 2.83B | 2.37B | 2.34B | 2.47B | 2.64B | 2.59B | 2.83B | 3.11B | 3.26B | 3.14B | 2.39B | 1.92B | 1.95B | 1.91B | 2.18B | 1.99B | 1.95B | 1.82B | 946.6M | 582.6M | 154.2M |
| Total Debt | 5.19B | 6.18B | 4.56B | 4.64B | 4.57B | 4.23B | 4.1B | 4.25B | 2.89B | 2.56B | 2.35B | 1.89B | 1.9B | 1.94B | 2.16B | 2.16B | 2.41B | 2.67B | 2.81B | 2.73B | 1.99B | 1.58B | 1.66B | 1.7B | 1.99B | 1.81B | 1.74B | 1.62B | 876.6M | 539.2M | 283.4M |
| Net Debt | 5.15B | 6.12B | 4.51B | 4.6B | 4.52B | 4.13B | 3.97B | 4.22B | 2.87B | 2.44B | 2.31B | 1.87B | 1.87B | 1.91B | 2.1B | 2.13B | 2.32B | 2.56B | 2.8B | 2.65B | 1.98B | 1.56B | 1.62B | 1.7B | 1.71B | 1.8B | 1.67B | 1.61B | 748M | 532M | 202.4M |
| Long-Term Debt | 3.47B | 4.42B | 2.96B | 3.09B | 3.06B | 2.84B | 2.76B | 2.75B | 2.68B | 2.54B | 2.32B | 1.87B | 1.88B | 1.88B | 2.13B | 2.14B | 2.4B | 2.55B | 2.78B | 2.69B | 1.98B | 1.57B | 1.59B | 1.7B | 1.73B | 1.75B | 1.67B | 1.61B | 827.5M | 534.1M | 128.1M |
| Short-Term Borrowings | 440.78M | 483.83M | 249.81M | 250.02M | 249.78M | 174.78M | 122.43M | 226.51M | 204.12M | 17.66M | 33.92M | 16.51M | 15.63M | 55.94M | 33.13M | 17.31M | 5.69M | 121.28M | 58.75M | 31.74M | 8.65M | 2.79M | 72.51M | 5.04M | 259.69M | 66.56M | 66.81M | 4.3M | 49.1M | 5.1M | 4.1M |
| Capital Lease Obligations | 5.4B | 1.28B | 1.35B | 1.3B | 1.26B | 1.21B | 1.21B | 1.27B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -180.66M | -173.67M | -160.26M | -160.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 440.78M | 483.83M | 778.47M | 713.9M | 726.04M | 662.97M | 547.87M | 672.81M | 455.04M | 325.99M | 277.32M | 241.65M | 225.34M | 245.35M | 197.46M | 161.34M | 153.58M | 263.71M | 176.88M | 145.3M | 110.98M | 93.46M | 148.1M | 74.22M | 322.56M | 121.9M | 128.46M | 84.7M | 88.8M | 30.8M | 23.9M |
| Accounts Payable | 0 | 0 | 21.59M | 18.24M | 19.64M | 16.43M | 12.02M | 14.97M | 21.25M | 17.96M | 17.65M | 17.45M | 16.37M | 13.34M | 13.54M | 12.66M | 13.21M | 10.68M | 15.11M | 19.57M | 14.57M | 13.73M | 10.41M | 8.81M | 10.05M | 10.05M | 9.92M | 11.5M | 4.3M | 3.3M | 4.3M |
| Deferred Revenue | 165.04M | 155.07M | 153.7M | 126.55M | 131.85M | 137.1M | 111.36M | 127.25M | 107.2M | 92.69M | 91.32M | 87.66M | 84.56M | 77.15M | 51.32M | 36.72M | 38.14M | 36.13M | 30.61M | 18.32M | 17.82M | 14.95M | 14.67M | 14.37M | 13.94M | 11.62M | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 578.28M | -433.4M | 663.3M | 439.88M | 429.53M | 309.57M | 259.48M | 260.54M | 252.52M | 244.95M | 238.35M | 228.86M | 227.74M | 221.3M | 206.05M | 12.81M | 12.51M | 18.02M | 15.35M | 162.97M | 152.88M | 144.9M | 141.36M | 45.97M | 7.37M | 7.72M | 7.94M | 6.8M | 4.7M | 3M | 2.2M |
| Total Equity | 981.69M | 1.02B | 1.05B | 1.22B | 1.2B | 1.22B | 1.2B | 1.18B | 1.13B | 1.1B | 1.07B | 1.02B | 981.47M | 932.95M | 861.63M | 839M | 818.52M | 831.8M | 870.62M | 931.01M | 1.54B | 1.82B | 1.74B | 1.69B | 1.71B | 1.67B | 1.69B | 1.39B | 466.8M | 68.7M | 63.8M |
| Equity Growth % | -45.16% | -2.22% | -13.87% | 1.79% | -1.78% | 1.19% | 1.9% | 4.29% | 2.56% | 3.18% | 4.75% | 4.03% | 5.2% | 8.28% | 2.7% | 2.5% | -1.6% | -4.46% | -6.49% | -39.49% | -15.35% | 4.67% | 2.76% | -1.14% | 2.21% | -1.02% | 21.41% | 198.09% | 579.48% | 7.68% | 326.24% |
| Shareholders Equity | 969.79M | 1.01B | 1.05B | 1.22B | 1.2B | 1.22B | 1.2B | 1.18B | 1.13B | 1.1B | 1.07B | 1.02B | 981.47M | 932.95M | 861.63M | 839M | 818.52M | 831.8M | 870.62M | 931.01M | 1.54B | 1.82B | 1.74B | 1.69B | 1.71B | 1.67B | 1.69B | 1.39B | 466.8M | 68.7M | 63.8M |
| Minority Interest | 11.91M | 13.19M | 849K | 414K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Common Stock | 103K | 103K | 103K | 102K | 102K | 102K | 101K | 101K | 100K | 98K | 98K | 97K | 96K | 112K | 111K | 110K | 109K | 109K | 108K | 108K | 107K | 106K | 105K | 103K | 101K | 100K | 97K | 100K | 0 | 0 | 0 |
| Additional Paid-in Capital | 2.38B | 2.35B | 2.16B | 2.1B | 2.06B | 2B | 1.96B | 1.92B | 1.85B | 1.76B | 1.71B | 1.66B | 1.61B | 2.47B | 2.43B | 2.41B | 2.39B | 2.36B | 2.32B | 2.3B | 2.25B | 2.2B | 2.13B | 2.1B | 2.04B | 1.96B | 1.87B | 1.48B | 505.6M | 0 | 0 |
| Retained Earnings | -1.17B | -1.11B | -1.04B | -819.24M | -804.38M | -734.41M | -717.33M | -708.41M | -695.34M | -639.11M | -630.96M | -635.8M | -632.86M | -647.58M | -674.14M | -683.6M | -691.78M | -651.32M | -578.16M | -587.52M | -315.07M | -353.79M | -395.21M | -374.85M | -327.64M | -290.94M | -181.94M | -87.5M | -42.6M | -30.3M | -24.7M |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.6M | 3.6M | 3.6M |
| Return on Assets (ROA) | 8.04% | 8.69% | 5.5% | 7.6% | 7.01% | 6.56% | 4.15% | 7.1% | 6.97% | 7.83% | 8.2% | 7.83% | 7.54% | 1.16% | 0.28% | 0.24% | -1.06% | -1.44% | 0.24% | 1.16% | 1.15% | 1.13% | 0.36% | -1.25% | -0.96% | -2.97% | -2.75% | -1.93% | -1.15% | 0.68% | 0.65% |
| Return on Equity (ROE) | 55.54% | 56.65% | 31.96% | 41.11% | 36.37% | 32.08% | 20.43% | 32.19% | 27.31% | 29.24% | 28.59% | 26.22% | 26.49% | 4.47% | 1.16% | 1.03% | -4.86% | -6.82% | 1.08% | 3.74% | 2.62% | 2.35% | 0.77% | -2.76% | -2.15% | -6.46% | -6.11% | -4.8% | -4.44% | 4.23% | 5.62% |
| Debt / Assets | 75.02% | 89.22% | 69.2% | 70.74% | 70.6% | 69.88% | 70.72% | 71.45% | 63.56% | 60.67% | 60.23% | 55.77% | 57.25% | 57% | 61.49% | 62.98% | 66.02% | 67.83% | 68.36% | 66.98% | 50.72% | 42.18% | 44.99% | 46.87% | 51.3% | 49.42% | 47.78% | 50.39% | 62.02% | 82.79% | 163.63% |
| Debt / Equity | 5.28x | 6.04x | 4.35x | 3.82x | 3.82x | 3.47x | 3.41x | 3.60x | 2.55x | 2.32x | 2.20x | 1.85x | 1.94x | 2.08x | 2.51x | 2.57x | 2.94x | 3.22x | 3.23x | 2.93x | 1.29x | 0.87x | 0.96x | 1.01x | 1.17x | 1.08x | 1.03x | 1.16x | 1.88x | 7.85x | 4.44x |
| Net Debt / EBITDA | 5.30x | 5.97x | 4.53x | 4.75x | 4.87x | 5.21x | 6.01x | 5.50x | 1.76x | 1.68x | 1.52x | 3.25x | 3.49x | 3.64x | 4.09x | 4.37x | 5.12x | 5.90x | 5.47x | 4.91x | 3.99x | 3.39x | 4.05x | 4.89x | 5.13x | 5.49x | 5.02x | 7.78x | 5.54x | 5.80x | 22.74x |
| Book Value per Share | 9.68 | 10.08 | 10.22 | 11.92 | 11.76 | 12.01 | 11.92 | 11.77 | 11.42 | 11.22 | 10.95 | 10.59 | 10.30 | 9.85 | 9.20 | 9.00 | 8.83 | 9.06 | 9.43 | 9.54 | 14.87 | 17.13 | 16.60 | 16.45 | 16.91 | 16.97 | 18.60 | 20.13 | 9.11 | 1.43 | 1.48 |
High leverage interest sensitivity
According to the latest quarterly financial data, Lamar's debt-to-equity ratio has climbed to 6.04 as of 2025Q4, indicating that the company's reliance on debt financing has intensified significantly compared to the 3.82 level observed in 2023Q4, which warrants close monitoring by risk-focused investors.
The rapid escalation in leverage suggests that the company is increasingly sensitive to interest rate volatility, potentially constraining its ability to fund future digital billboard conversions. Investors should consider whether this debt trajectory limits the company's capacity to maintain its historical dividend growth profile without further straining the balance sheet.
As reported in financial statements, total assets have remained relatively flat at $6.9 billion through 2026Q1, suggesting that the company's growth strategy has shifted from aggressive asset expansion to a more defensive posture focused on managing existing billboard structures amidst a challenging interest rate environment.
The stagnation in total asset growth, paired with rising liabilities, implies that the company may be struggling to generate sufficient returns on new capital deployments. This trend suggests that future growth may be limited to organic improvements rather than the large-scale acquisitions that previously defined the company's market footprint.
Based on the provided figures, cash and equivalents have dwindled to $39.3 million in 2026Q1, a notable decline from the $77.9 million reported in 2024Q2, which may indicate an increased reliance on revolving credit facilities to meet short-term capital requirements and ongoing maintenance obligations.
The limited cash position appears to leave little room for error, particularly if advertising demand experiences a cyclical downturn. This liquidity profile suggests that the company may face heightened pressure to prioritize debt service over discretionary capital expenditures, potentially slowing the pace of digital board upgrades.
Analysis of the reported financials reveals that net property, plant, and equipment (PPE) dropped to zero in 2025Q4, which, based on the provided data, appears to be a significant accounting anomaly that warrants further investigation into the company's asset valuation and depreciation methodologies.
This sudden disappearance of net PPE on the balance sheet may obscure the true carrying value of the billboard portfolio and the associated maintenance requirements. Investors should be cautious, as this discrepancy may mask underlying issues regarding the physical condition of the assets or the accuracy of long-term capital expenditure reporting.
Quick answers to the most common questions about buying LAMR stock.
As of 2025, Lamar Advertising Company (LAMR) had total assets of $6.93B including $459.7M in current assets.
Lamar Advertising Company (LAMR) carries total debt of $6.18B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Lamar Advertising Company (LAMR) has total shareholders' equity (book value) of $1.01B ($10.08 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Lamar Advertising Company (LAMR) reported a current ratio of 0.95x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.