Latest Ratios: P/E Ratio 25.0x · EV/EBITDA 20.3x · ROE 56.7%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $14.6B | $12.9B | $12.5B | $10.9B | $9.6B | $12.3B | $8.4B | $9.0B | $6.9B | $7.3B | $6.6B |
| Enterprise Value | $20.8B | $19.0B | $17.0B | $15.5B | $14.1B | $16.4B | $12.4B | $13.2B | $9.7B | $9.7B | $8.9B |
| P/E Ratio → | 24.99 | 21.94 | 34.59 | 21.91 | 21.90 | 31.67 | 34.53 | 24.06 | 22.46 | 22.98 | 22.05 |
| P/S Ratio | 6.46 | 5.68 | 5.66 | 5.14 | 4.72 | 6.88 | 5.35 | 5.11 | 4.21 | 4.74 | 4.38 |
| P/B Ratio | 14.30 | 12.55 | 11.91 | 8.92 | 8.03 | 10.10 | 6.98 | 7.59 | 6.06 | 6.62 | 6.14 |
| P/FCF | 19.88 | 17.48 | 16.68 | 16.71 | 15.61 | 20.21 | 16.54 | 166.44 | 15.33 | 18.36 | 15.86 |
| P/OCF | 16.94 | 14.89 | 14.29 | 13.85 | 12.28 | 16.74 | 14.74 | 45.98 | 12.14 | 14.40 | 12.59 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 8.38 | 7.70 | 7.32 | 6.95 | 9.19 | 7.89 | 7.51 | 5.97 | 6.32 | 5.92 |
| EV / EBITDA | 20.26 | 18.53 | 17.08 | 15.95 | 15.22 | 20.72 | 18.70 | 17.16 | 5.97 | 6.70 | 5.84 |
| EV / EBIT | 29.73 | 24.50 | 31.52 | 22.68 | 24.18 | 32.60 | 32.08 | 25.41 | 21.81 | 21.40 | 20.38 |
| EV / FCF | — | 25.79 | 22.71 | 23.79 | 22.97 | 26.99 | 24.37 | 244.86 | 21.74 | 24.50 | 21.44 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 38.2% | 38.2% | 67.0% | 67.0% | 67.2% | 67.7% | 64.5% | 66.4% | 65.5% | 64.9% | 65.0% |
| Operating Margin | 30.8% | 30.8% | 24.1% | 32.0% | 28.4% | 29.2% | 26.1% | 29.5% | 28.3% | 29.5% | 29.3% |
| Net Profit Margin | 25.9% | 25.9% | 16.4% | 23.5% | 21.6% | 21.7% | 15.5% | 21.2% | 18.8% | 20.6% | 19.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 56.7% | 56.7% | 32.0% | 41.1% | 36.4% | 32.1% | 20.4% | 32.2% | 27.3% | 29.2% | 28.6% |
| ROA | 8.7% | 8.7% | 5.5% | 7.6% | 7.0% | 6.6% | 4.1% | 7.1% | 7.0% | 7.8% | 8.2% |
| ROIC | 8.2% | 8.2% | 7.0% | 8.8% | 7.8% | 7.4% | 5.8% | 8.3% | 9.2% | 9.9% | 10.5% |
| ROCE | 11.4% | 11.4% | 9.1% | 11.6% | 10.4% | 9.8% | 7.8% | 11.1% | 11.5% | 12.1% | 13.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 6.04 | 6.04 | 4.35 | 3.82 | 3.82 | 3.47 | 3.41 | 3.60 | 2.55 | 2.32 | 2.20 |
| Debt / EBITDA | 6.04 | 6.04 | 4.58 | 4.79 | 4.93 | 5.33 | 6.19 | 5.53 | 1.77 | 1.76 | 1.54 |
| Net Debt / Equity | — | 5.97 | 4.30 | 3.78 | 3.78 | 3.39 | 3.30 | 3.57 | 2.53 | 2.21 | 2.16 |
| Net Debt / EBITDA | 5.97 | 5.97 | 4.53 | 4.75 | 4.87 | 5.21 | 6.01 | 5.50 | 1.76 | 1.68 | 1.52 |
| Debt / FCF | — | 8.32 | 6.02 | 7.08 | 7.35 | 6.78 | 7.83 | 78.42 | 6.41 | 6.14 | 5.59 |
| Interest Coverage | 4.83 | 4.83 | 3.14 | 3.90 | 4.58 | 4.74 | 2.80 | 3.44 | 3.44 | 3.55 | 3.52 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.95 | 0.95 | 0.55 | 0.52 | 0.50 | 0.59 | 0.69 | 0.46 | 0.80 | 1.29 | 1.14 |
| Quick Ratio | 0.95 | 0.95 | 0.55 | 0.52 | 0.50 | 0.59 | 0.69 | 0.46 | 0.62 | 1.13 | 0.96 |
| Cash Ratio | 0.13 | 0.13 | 0.06 | 0.06 | 0.07 | 0.15 | 0.22 | 0.04 | 0.05 | 0.35 | 0.13 |
| Asset Turnover | — | 0.33 | 0.34 | 0.32 | 0.31 | 0.30 | 0.27 | 0.30 | 0.36 | 0.37 | 0.38 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 6.96 | 10.59 | 10.43 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.5% | 5.1% | 4.6% | 4.7% | 5.3% | 3.3% | 3.0% | 4.3% | 6.5% | 3.3% | 4.5% |
| Payout Ratio | 111.7% | 111.7% | 160.0% | 102.9% | 115.9% | 104.3% | 103.5% | 103.5% | 145.2% | 76.9% | 98.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.0% | 4.6% | 2.9% | 4.6% | 4.6% | 3.2% | 2.9% | 4.2% | 4.5% | 4.4% | 4.5% |
| FCF Yield | 5.0% | 5.7% | 6.0% | 6.0% | 6.4% | 4.9% | 6.0% | 0.6% | 6.5% | 5.4% | 6.3% |
| Buyback Yield | 1.1% | 1.2% | 0.0% | 0.1% | 0.1% | 0.0% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% |
| Total Shareholder Yield | 5.6% | 6.3% | 4.7% | 4.8% | 5.4% | 3.3% | 3.1% | 4.4% | 6.5% | 3.5% | 4.6% |
| Shares Outstanding | — | $102M | $103M | $102M | $102M | $101M | $101M | $100M | $99M | $98M | $98M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying LAMR stock.
Lamar Advertising Company's current P/E ratio is 25.0x. The historical average is 54.5x. This places it at the 53th percentile of its historical range.
Lamar Advertising Company's current EV/EBITDA is 20.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.8x.
Lamar Advertising Company's return on equity (ROE) is 56.7%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 12.6%.
Based on historical data, Lamar Advertising Company is trading at a P/E of 25.0x. This is at the 53th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Lamar Advertising Company's current dividend yield is 4.47% with a payout ratio of 111.7%.
Lamar Advertising Company has 38.2% gross margin and 30.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Lamar Advertising Company's Debt/EBITDA ratio is 6.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Elevated leverage and rate sensitivity
Metrics are mathematically derived from official filings.
Premium Multiple Justified by Moat
LAMR trades at 9.93x forward FFO, a discount to its own 10.2x average, but a premium to OUT's 8.9x, reflecting its superior local-market moat.
The implied cap rate, derived from NOI and enterprise value, sits near 5.5%, below the 6.5% typical for private billboard transactions, suggesting the market prices in Lamar's regulatory barriers and digital conversion upside. Despite the Q2 EPS miss, the P/FFO compression from 10.3x to 9.9x appears to be a reaction to near-term margin pressure rather than a structural re-rating, as management raised full-year guidance.
NOI Margin Volatility Masks Stability
NOI margin swung from 67.8% in Q2 2025 to 100% in Q2 2026, but Q4 2025 showed -22%, indicating non-cash adjustments; core margins appear stable around 65-68%.
The 100% NOI margin in Q2 2026 is likely distorted by one-time gains or accounting reclassifications, as the historical range of 64-68% is more representative. FFO growth of 5.5% in Q2 2026, despite revenue growth of 6.5%, suggests modest operating leverage, but the Q1 2026 FFO decline of 15.4% highlights the lumpiness of advertising revenue. The stable core NOI margin, combined with digital conversions, supports the view that profitability is resilient, though cost inflation remains a watch item.
Payout Ratio Comfortable but Tightening
FFO payout ratio improved to 66.4% in Q2 2026 from 88.8% in Q1, but AFFO coverage of 1.51x suggests retained cash flow is adequate yet not robust.
The dividend is well covered by AFFO, with $202.5M in AFFO against $162.9M paid in Q2 2026, per the cash flow statement. However, the elevated debt-to-equity ratio of 4.93 and rising interest costs could pressure future AFFO if rates stay high, potentially eroding the coverage ratio. Investors should monitor whether the payout ratio remains below 70% as the company continues its digital capex program.
Leverage Elevated, Refinancing Risk Looms
Debt-to-equity stood at 4.93 in Q2 2026, down from 6.04 in Q4 2025, but interest coverage of 5.07x remains thin relative to historical levels.
The reduction in leverage is modest and still leaves Lamar with $5.0B in total debt against $995.5M in equity, per the balance sheet. Interest coverage of 5.07x is above the 1.01x seen in Q4 2024, but the company's high fixed-cost base and rate sensitivity suggest that a 100bp rise in rates could reduce FFO by roughly $50M annually. With cash of only $68M, refinancing maturing debt in a higher-rate environment could strain distributable cash flow.
Local-Market Focus Provides Stability
Lamar's 75% local advertiser mix and diversified footprint across secondary markets reduce cyclicality, but occupancy data is unavailable, limiting assessment.
The company's deliberate avoidance of top-market concentration, unlike Outfront, appears to insulate it from national ad-spend volatility. However, the lack of disclosed occupancy rates in the provided data prevents a full evaluation of portfolio utilization. The interstate logo program, with its long-term state contracts, adds a quasi-utility revenue stream that likely supports cash flow stability, though its contribution is not separately quantified.
P/E Misleads; Use P/FFO Instead
LAMR's P/E of 26.94 is distorted by heavy depreciation, while P/FFO of 9.93 better captures earnings power; D/E using book value overstates leverage.
Standard P/E is misleading for REITs because depreciation on billboard structures and permits is a non-cash charge that understates true economic earnings. The P/FFO of 9.93x, though lower than the P/E, still embeds assumptions about maintenance capex; AFFO would be a more conservative measure. Similarly, debt-to-equity of 4.93 uses book equity, which is depressed by accumulated depreciation; debt-to-gross-assets (around 71%) is a more meaningful leverage metric. Investors should focus on P/AFFO and debt-to-gross-assets to avoid overstating both valuation and leverage.