Lee Enterprises, Incorporated (LEE) 10-Year Financial Performance & Capital Metrics

LEE • • Industrial / General

Communication ServicesPublishingNews & Media PublishingLocal & Regional Newspapers

AboutLee Enterprises, Incorporated provides local news and information, and advertising services in the United States. The company offers print and digital editions of daily, weekly, and monthly newspapers and publications; and web hosting and content management services. It also provides advertising and marketing services, such as audience extension, search engine optimization, search engine marketing, web and mobile production, social media services, and reputation monitoring and management. In addition, the company offers integrated digital publishing and content management solutions for creating, distributing, and monetizing multimedia content for media publications, universities, television stations, and niche publications. Further, it provides commercial printing services; distributes third party publications; and operates a digital marketing agency. The company was founded in 1890 and is based in Davenport, Iowa.Show more

Revenue $562M -8.0%
EBITDA $14M -55.9%
Net Income -$2M +92.9%
EPS (Diluted) -6.15 -41.4%
Gross Margin 55.93% -42.5%
EBITDA Margin 2.52% -52.0%
Operating Margin -0.83% -211.2%
Net Margin -0.33% +92.2%
ROE -
ROIC -0.78% -211.2%
Debt/Equity -
Interest Coverage -0.11 -204.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

✗Weak Piotroski F-Score: 1/9
✗Negative free cash flow
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-1.42%

5Y-1.87%

3Y-10.37%

TTM-5.68%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-132.61%

EPS CAGR

10Y-

5Y-

3Y-

TTM24.33%

ROCE

10Y Avg9.21%

5Y Avg3.55%

3Y Avg2.01%

Latest-0.91%

Peer Comparison

Local & Regional Newspapers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
LEELee Enterprises, Incorporated	31.43M	5.02	-0.82	-8.02%	-7.09%
GCIGannett Co., Inc.	898.83M	6.11	-33.94	-5.79%	4.11%	49.68%	5.65%	8.43

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales/Revenue+	614.36M	566.94M	543.96M	509.85M	618M	794.65M	780.97M	691.14M	611.38M	562.34M
Revenue Growth %	-0.05%	-0.08%	-0.04%	-0.06%	0.21%	0.29%	-0.02%	-0.12%	-0.12%	-0.08%
Cost of Goods Sold+	26.11M	24.9M	24.95M	22.24M	24.24M	29.77M	30.1M	25.35M	16.81M	247.82M
COGS % of Revenue	0.04%	0.04%	0.05%	0.04%	0.04%	0.04%	0.04%	0.04%	0.03%	0.44%
Gross Profit+	588.25M	542.04M	519.01M	487.62M	593.76M	764.87M	750.87M	665.79M	594.57M	314.52M
Gross Margin %	0.96%	0.96%	0.95%	0.96%	0.96%	0.96%	0.96%	0.96%	0.97%	0.56%
Gross Profit Growth %	-0.05%	-0.08%	-0.04%	-0.06%	0.22%	0.29%	-0.02%	-0.11%	-0.11%	-0.47%
Operating Expenses+	493.74M	458.25M	427.75M	405.91M	543.48M	374.03M	726.02M	628.62M	590.02M	294.64M
OpEx % of Revenue	0.8%	0.81%	0.79%	0.8%	0.88%	0.47%	0.93%	0.91%	0.97%	0.52%
Selling, General & Admin	229.75M	209.69M	196.33M	182.87M	243.02M	330.9M	317.79M	266.91M	510.28M	469.01M
SG&A % of Revenue	0.37%	0.37%	0.36%	0.36%	0.39%	0.42%	0.41%	0.39%	0.83%	0.83%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	23.98M	10.06M	450K	223.04M	300.46M	43.13M	408.23M	361.72M	79.74M	-174.37M
Operating Income+	104M	92.55M	88.52M	74.73M	50.28M	56.56M	24.85M	37.17M	4.55M	-4.65M
Operating Margin %	0.17%	0.16%	0.16%	0.15%	0.08%	0.07%	0.03%	0.05%	0.01%	-0.01%
Operating Income Growth %	-0.05%	-0.11%	-0.04%	-0.16%	-0.33%	0.12%	-0.56%	0.5%	-0.88%	-2.02%
EBITDA+	147.44M	133.83M	120.29M	104.06M	86.41M	99.4M	61.4M	67.79M	32.16M	14.19M
EBITDA Margin %	0.24%	0.24%	0.22%	0.2%	0.14%	0.13%	0.08%	0.1%	0.05%	0.03%
EBITDA Growth %	-0.05%	-0.09%	-0.1%	-0.13%	-0.17%	0.15%	-0.38%	0.1%	-0.53%	-0.56%
D&A (Non-Cash Add-back)	43.44M	41.28M	31.77M	29.33M	36.13M	42.84M	36.54M	30.62M	27.62M	18.84M
EBIT	122.43M	97.79M	83.66M	71.33M	59.02M	54.91M	42.56M	38.39M	10.05M	-2.14M
Net Interest Income+	-70.18M	-62.39M	-58.15M	-54.7M	-59.71M	-44.77M	-41.77M	-41.47M	-41.23M	-40.51M
Interest Income	400K	0	0	0	0	0	0	0	0	0
Interest Expense	64.23M	57.57M	52.84M	54.7M	59.71M	44.77M	41.77M	41.47M	41.23M	40.51M
Other Income/Expense	-45.8M	-48.91M	-54.87M	0	-47.44M	-24.51M	-24.06M	-40.25M	-35.73M	-38M
Pretax Income+	58.2M	40.22M	30.82M	23.84M	2.84M	32.05M	795K	-3.08M	-31.18M	-42.65M
Pretax Margin %	0.09%	0.07%	0.06%	0.05%	0%	0.04%	0%	-0%	-0.05%	-0.08%
Income Tax+	22.18M	11.61M	-16.23M	7.93M	2.97M	7.25M	698K	-349K	-7.61M	-6.9M
Effective Tax Rate %	0.6%	0.68%	1.48%	0.6%	-0.69%	0.71%	-2.54%	1.71%	0.83%	0.04%
Net Income+	34.96M	27.48M	45.77M	14.27M	-1.98M	22.75M	-2.02M	-5.27M	-25.84M	-1.85M
Net Margin %	0.06%	0.05%	0.08%	0.03%	-0%	0.03%	-0%	-0.01%	-0.04%	-0%
Net Income Growth %	0.5%	-0.21%	0.67%	-0.69%	-1.14%	12.52%	-1.09%	-1.61%	-3.91%	0.93%
Net Income (Continuing)	36.02M	28.61M	47.05M	15.91M	-130K	24.79M	97K	-2.73M	-23.57M	-35.75M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	944K	1.02M	1.09M	1.65M	1.93M	2.13M	2.23M	2.47M	2.56M	2.35M
EPS (Diluted)+	6.40	5.00	8.18	2.51	-0.35	3.90	-0.35	-0.90	-4.35	-6.15
EPS Growth %	0.49%	-0.22%	0.64%	-0.69%	-1.14%	12.14%	-1.09%	-1.57%	-3.83%	-0.41%
EPS (Basic)	6.60	5.10	8.37	2.57	-0.35	3.98	-0.35	-0.90	-4.35	-6.15
Diluted Shares Outstanding	5.42M	5.54M	5.59M	5.69M	5.66M	5.83M	5.78M	5.87M	5.94M	6.11M
Basic Shares Outstanding	5.32M	5.4M	5.47M	5.56M	5.66M	5.72M	5.78M	5.85M	5.94M	6.11M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Total Current Assets+	77.25M	67.84M	59.34M	60.3M	108.75M	108.8M	109.12M	106.53M	97.77M	89.44M
Cash & Short-Term Investments	16.98M	10.62M	5.38M	8.64M	33.73M	26.11M	16.18M	14.55M	9.6M	9.99M
Cash Only	16.98M	10.62M	5.38M	8.64M	33.73M	26.11M	16.18M	14.55M	9.6M	9.99M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	51.33M	49.47M	43.71M	42.54M	52.6M	65.07M	69.52M	69.1M	60.65M	54.61M
Days Sales Outstanding	30.5	31.85	29.33	30.45	31.07	29.89	32.49	36.49	36.21	35.45
Inventory	4.25M	3.62M	5.68M	3.77M	7.53M	6.3M	8.27M	7.5M	5.64M	4.7M
Days Inventory Outstanding	59.44	53	83.16	61.86	113.43	77.19	100.22	108.06	122.51	6.92
Other Current Assets	4.68M	4.13M	0	0	0	0	15.15M	15.37M	21.88M	20.14M
Total Non-Current Assets+	585.6M	553.01M	516.07M	494.9M	755.3M	734.75M	634.92M	605.09M	551.4M	512.29M
Property, Plant & Equipment	128.56M	114.2M	92.33M	82.04M	176.54M	148.95M	121.2M	102.06M	79.25M	60.72M
Fixed Asset Turnover	4.78x	4.96x	5.89x	6.21x	3.50x	5.34x	6.44x	6.77x	7.71x	9.26x
Goodwill	243.73M	246.43M	246.18M	250.31M	328.44M	330.2M	329.5M	329.5M	328.04M	323.86M
Intangible Assets	158.35M	136.3M	119.82M	107.39M	182.68M	156.67M	121.37M	94.99M	70.08M	51.93M
Long-Term Investments	39.2M	39.13M	40.17M	39.43M	33.88M	32.75M	33.35M	33.39M	33.98M	33.19M
Other Non-Current Assets	27.96M	1.57M	1.42M	1.39M	13.7M	13.63M	-13.23M	45.15M	40.05M	42.6M
Total Assets+	662.86M	620.85M	575.41M	555.2M	864.06M	843.55M	744.04M	711.62M	649.17M	601.73M
Asset Turnover	0.93x	0.91x	0.95x	0.92x	0.72x	0.94x	1.05x	0.97x	0.94x	0.93x
Asset Growth %	-0.13%	-0.06%	-0.07%	-0.04%	0.56%	-0.02%	-0.12%	-0.04%	-0.09%	-0.07%
Total Current Liabilities+	99.02M	98.21M	65.34M	61.04M	144.02M	141.62M	131.14M	114.34M	115.35M	113.36M
Accounts Payable	18.14M	17.03M	12.75M	16.75M	17.16M	20.42M	28.61M	36.29M	36.29M	41.72M
Days Payables Outstanding	253.63	249.55	186.49	274.94	258.4	250.32	346.9	522.6	787.83	61.44
Short-Term Debt	25.07M	30.18M	7.03M	2.95M	22.31M	14.72M	7.86M	7.75M	8.14M	7.3M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	10.35M	8.47M	8.64M	7.81M	25.05M	23.67M	23.38M	20.01M	30.08M	26.42M
Current Ratio	0.78x	0.69x	0.91x	0.99x	0.76x	0.77x	0.83x	0.93x	0.85x	0.79x
Quick Ratio	0.74x	0.65x	0.82x	0.93x	0.70x	0.72x	0.77x	0.87x	0.80x	0.75x
Cash Conversion Cycle	-163.69	-164.71	-74	-182.62	-113.91	-143.24	-214.18	-378.04	-629.12	-19.08
Total Non-Current Liabilities+	691.38M	613.86M	546.33M	531M	749.67M	658.7M	595.67M	573.57M	541.15M	529.33M
Long-Term Debt	592.1M	496.38M	460.78M	429.39M	524.56M	476.5M	462.55M	455.74M	445.94M	455.47M
Capital Lease Obligations	0	0	0	0	62.37M	57.68M	46M	36.58M	29.77M	18.81M
Deferred Tax Liabilities	38.31M	53.4M	39.11M	29.81M	15.21M	53.76M	42.72M	41.35M	28.4M	22.48M
Other Non-Current Liabilities	87.24M	64.08M	46.45M	71.8M	147.53M	70.75M	44.39M	39.9M	37.04M	32.58M
Total Liabilities	816.67M	712.06M	611.67M	592.03M	893.69M	800.32M	726.8M	687.91M	656.5M	642.69M
Total Debt+	617.17M	526.56M	467.8M	432.35M	609.24M	548.91M	516.42M	500.08M	483.85M	481.58M
Net Debt	600.18M	515.94M	462.42M	423.7M	575.51M	522.8M	500.23M	485.53M	474.25M	471.59M
Debt / Equity	-	-	-	-	-	12.70x	29.96x	21.09x	-	-
Debt / EBITDA	4.19x	3.93x	3.89x	4.15x	7.05x	5.52x	8.41x	7.38x	15.04x	33.93x
Net Debt / EBITDA	4.07x	3.86x	3.84x	4.07x	6.66x	5.26x	8.15x	7.16x	14.75x	33.23x
Interest Coverage	1.62x	1.61x	1.68x	1.37x	0.84x	1.26x	0.59x	0.90x	0.11x	-0.11x
Total Equity+	-127.54M	-91.21M	-36.26M	-36.83M	-29.63M	43.23M	17.24M	23.71M	-7.33M	-40.96M
Equity Growth %	0.2%	0.28%	0.6%	-0.02%	0.2%	2.46%	-0.6%	0.38%	-1.31%	-4.58%
Book Value per Share	-23.52	-16.47	-6.48	-6.47	-5.24	7.42	2.98	4.04	-1.23	-6.70
Total Shareholders' Equity	-128.49M	-92.23M	-37.35M	-38.48M	-31.56M	41.1M	15.01M	21.24M	-9.89M	-43.31M
Common Stock	558K	567K	572K	577K	584K	59K	60K	61K	62K	63K
Retained Earnings	-356M	-328.52M	-279.69M	-265.42M	-268.53M	-259.21M	-261.23M	-266.5M	-292.34M	-329.93M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-22.78M	-16.07M	-11.75M	-29.11M	-20.05M	42.19M	16.65M	26.84M	19.92M	22.75M
Minority Interest	944K	1.02M	1.09M	1.65M	1.93M	2.13M	2.23M	2.47M	2.56M	2.35M

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	79.19M	72.28M	59.3M	57.68M	49.87M	50.08M	2.85M	-2.52M	1.12M	-5.54M
Operating CF Margin %	0.13%	0.13%	0.11%	0.11%	0.08%	0.06%	0%	-0%	0%	-0.01%
Operating CF Growth %	0.06%	-0.09%	-0.18%	-0.03%	-0.14%	0%	-0.94%	-1.88%	1.44%	-5.96%
Net Income	36.02M	28.61M	47.05M	15.91M	-1.26M	24.83M	97K	-2.73M	-23.57M	-35.75M
Depreciation & Amortization	43.44M	41.28M	31.77M	29.33M	36.13M	42.84M	36.54M	30.62M	27.62M	18.84M
Stock-Based Compensation	2.31M	2.09M	1.86M	1.64M	1.29M	854K	1.34M	1.81M	1.75M	1.76M
Deferred Taxes	20.67M	10.36M	-17.38M	-2M	-3.56M	5.12M	-4.38M	-4.54M	-10.54M	-6.91M
Other Non-Cash Items	-27.73M	4.21M	4.23M	9M	1.59M	-3.29M	10.77M	3.98M	19.82M	16.52M
Working Capital Changes	4.49M	-14.27M	-8.23M	3.8M	15.67M	-20.28M	-41.52M	-31.66M	-13.97M	0
Change in Receivables	6.93M	2.85M	4.42M	1.7M	26.91M	-12.47M	-2.61M	-6.39M	-5.49M	0
Change in Inventory	617K	687K	-1.93M	2.76M	2.72M	1.24M	-3.09M	977K	901K	538K
Change in Payables	-8.33M	-6.39M	-8.59M	-3.68M	-8.34M	4.73M	-14.64M	-26.16M	-5.03M	4.21M
Cash from Investing+	34.51M	-9.46M	-72K	-10.93M	-118.18M	-2.28M	6.91M	7.98M	3.73M	7.71M
Capital Expenditures	-7.09M	-4.08M	-6.03M	-5.9M	-8.1M	-7.48M	-7.54M	-5.11M	-9.21M	-1.54M
CapEx % of Revenue	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.02%	0%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	41.6M	2.07M	5.95M	1.51M	20.91M	585K	-386K	13.09M	12.94M	9.25M
Cash from Financing+	-107.85M	-69.19M	-64.47M	-43.48M	93.39M	-55.42M	-19.69M	-7.09M	-9.8M	-1.78M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	-576K	-657K	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	0	0	-1.77M	-684K	0	576K	657K	0	-1.78M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	72.1M	68.2M	53.27M	51.77M	41.77M	42.6M	-4.11M	-7.63M	-8.09M	-7.08M
FCF Margin %	0.12%	0.12%	0.1%	0.1%	0.07%	0.05%	-0.01%	-0.01%	-0.01%	-0.01%
FCF Growth %	0.11%	-0.05%	-0.22%	-0.03%	-0.19%	0.02%	-1.1%	-0.86%	-0.06%	0.12%
FCF per Share	13.30	12.31	9.52	9.10	7.38	7.31	-0.71	-1.30	-1.36	-1.16
FCF Conversion (FCF/Net Income)	2.27x	2.63x	1.30x	4.04x	-25.25x	2.20x	-1.41x	0.48x	-0.04x	3.00x
Interest Paid	0	0	0	0	0	45.21M	41.77M	41.47M	41.23M	0
Taxes Paid	0	0	0	0	0	7.6M	5.31M	3.72M	7.37M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-	-	-	-	-	334.56%	-6.67%	-25.73%	-315.72%	-
Return on Invested Capital (ROIC)	15.16%	15.47%	15.61%	13.79%	8.09%	7.63%	3.44%	5.43%	0.7%	-0.78%
Gross Margin	95.75%	95.61%	95.41%	95.64%	96.08%	96.25%	96.15%	96.33%	97.25%	55.93%
Net Margin	5.69%	4.85%	8.41%	2.8%	-0.32%	2.86%	-0.26%	-0.76%	-4.23%	-0.33%
Debt / Equity	-	-	-	-	-	12.70x	29.96x	21.09x	-	-
Interest Coverage	1.62x	1.61x	1.68x	1.37x	0.84x	1.26x	0.59x	0.90x	0.11x	-0.11x
FCF Conversion	2.27x	2.63x	1.30x	4.04x	-25.25x	2.20x	-1.41x	0.48x	-0.04x	3.00x
Revenue Growth	-5.27%	-7.72%	-4.05%	-6.27%	21.21%	28.58%	-1.72%	-11.5%	-11.54%	-8.02%

Revenue by Segment

	2019	2020	2021	2022	2023	2024	2025
Subscription and Circulation	-	265.94M	-	353.62M	313.29M	281.92M	258.41M
Subscription and Circulation Growth	-	-	-	-	-11.41%	-10.01%	-8.34%
Advertising and Marketing Services	-	289.65M	-	366.43M	318.98M	275.7M	252.99M
Advertising and Marketing Services Growth	-	-	-	-	-12.95%	-13.57%	-8.24%
Product and Service, Other	-	-	-	60.92M	58.87M	53.76M	50.94M
Product and Service, Other Growth	-	-	-	-	-3.36%	-8.67%	-5.26%
Digital Subscription Revenue	-	-	95.79M	-	-	-	-
Digital Subscription Revenue Growth	-	-	-	-	-	-	-
Other Revenues	37.59M	41.93M	48.65M	-	-	-	-
Other Revenues Growth	-	11.54%	16.03%	-	-	-	-
Digital Services Revenues	19.64M	20.48M	19M	-	-	-	-
Digital Services Revenues Growth	-	4.28%	-7.22%	-	-	-	-

Frequently Asked Questions

Growth & Financials

Lee Enterprises, Incorporated (LEE) reported $581.8M in revenue for fiscal year 2025. This represents a 18% decrease from $710.5M in 2012.

Lee Enterprises, Incorporated (LEE) saw revenue decline by 8.0% over the past year.

Lee Enterprises, Incorporated (LEE) reported a net loss of $41.3M for fiscal year 2025.

Dividend & Returns

Lee Enterprises, Incorporated (LEE) had negative free cash flow of $5.7M in fiscal year 2025, likely due to heavy capital investments.

US Stock Screener

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Lee Enterprises, Incorporated (LEE) 10-Year Financial Performance & Capital Metrics

LEE • • Industrial / General

Communication ServicesPublishingNews & Media PublishingLocal & Regional Newspapers

Revenue $562M -8.0%
EBITDA $14M -55.9%
Net Income -$2M +92.9%
EPS (Diluted) -6.15 -41.4%
Gross Margin 55.93% -42.5%
EBITDA Margin 2.52% -52.0%
Operating Margin -0.83% -211.2%
Net Margin -0.33% +92.2%
ROE -
ROIC -0.78% -211.2%
Debt/Equity -
Interest Coverage -0.11 -204.1%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

✗Weak Piotroski F-Score: 1/9
✗Negative free cash flow
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-1.42%

5Y-1.87%

3Y-10.37%

TTM-5.68%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM-132.61%

EPS CAGR

10Y-

5Y-

3Y-

TTM24.33%

ROCE

10Y Avg9.21%

5Y Avg3.55%

3Y Avg2.01%

Latest-0.91%

Peer Comparison

Local & Regional Newspapers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
LEELee Enterprises, Incorporated	31.43M	5.02	-0.82	-8.02%	-7.09%
GCIGannett Co., Inc.	898.83M	6.11	-33.94	-5.79%	4.11%	49.68%	5.65%	8.43

Profit & Loss

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Sales/Revenue+	614.36M	566.94M	543.96M	509.85M	618M	794.65M	780.97M	691.14M	611.38M	562.34M
Revenue Growth %	-0.05%	-0.08%	-0.04%	-0.06%	0.21%	0.29%	-0.02%	-0.12%	-0.12%	-0.08%
Cost of Goods Sold+	26.11M	24.9M	24.95M	22.24M	24.24M	29.77M	30.1M	25.35M	16.81M	247.82M
COGS % of Revenue	0.04%	0.04%	0.05%	0.04%	0.04%	0.04%	0.04%	0.04%	0.03%	0.44%
Gross Profit+	588.25M	542.04M	519.01M	487.62M	593.76M	764.87M	750.87M	665.79M	594.57M	314.52M
Gross Margin %	0.96%	0.96%	0.95%	0.96%	0.96%	0.96%	0.96%	0.96%	0.97%	0.56%
Gross Profit Growth %	-0.05%	-0.08%	-0.04%	-0.06%	0.22%	0.29%	-0.02%	-0.11%	-0.11%	-0.47%
Operating Expenses+	493.74M	458.25M	427.75M	405.91M	543.48M	374.03M	726.02M	628.62M	590.02M	294.64M
OpEx % of Revenue	0.8%	0.81%	0.79%	0.8%	0.88%	0.47%	0.93%	0.91%	0.97%	0.52%
Selling, General & Admin	229.75M	209.69M	196.33M	182.87M	243.02M	330.9M	317.79M	266.91M	510.28M	469.01M
SG&A % of Revenue	0.37%	0.37%	0.36%	0.36%	0.39%	0.42%	0.41%	0.39%	0.83%	0.83%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	23.98M	10.06M	450K	223.04M	300.46M	43.13M	408.23M	361.72M	79.74M	-174.37M
Operating Income+	104M	92.55M	88.52M	74.73M	50.28M	56.56M	24.85M	37.17M	4.55M	-4.65M
Operating Margin %	0.17%	0.16%	0.16%	0.15%	0.08%	0.07%	0.03%	0.05%	0.01%	-0.01%
Operating Income Growth %	-0.05%	-0.11%	-0.04%	-0.16%	-0.33%	0.12%	-0.56%	0.5%	-0.88%	-2.02%
EBITDA+	147.44M	133.83M	120.29M	104.06M	86.41M	99.4M	61.4M	67.79M	32.16M	14.19M
EBITDA Margin %	0.24%	0.24%	0.22%	0.2%	0.14%	0.13%	0.08%	0.1%	0.05%	0.03%
EBITDA Growth %	-0.05%	-0.09%	-0.1%	-0.13%	-0.17%	0.15%	-0.38%	0.1%	-0.53%	-0.56%
D&A (Non-Cash Add-back)	43.44M	41.28M	31.77M	29.33M	36.13M	42.84M	36.54M	30.62M	27.62M	18.84M
EBIT	122.43M	97.79M	83.66M	71.33M	59.02M	54.91M	42.56M	38.39M	10.05M	-2.14M
Net Interest Income+	-70.18M	-62.39M	-58.15M	-54.7M	-59.71M	-44.77M	-41.77M	-41.47M	-41.23M	-40.51M
Interest Income	400K	0	0	0	0	0	0	0	0	0
Interest Expense	64.23M	57.57M	52.84M	54.7M	59.71M	44.77M	41.77M	41.47M	41.23M	40.51M
Other Income/Expense	-45.8M	-48.91M	-54.87M	0	-47.44M	-24.51M	-24.06M	-40.25M	-35.73M	-38M
Pretax Income+	58.2M	40.22M	30.82M	23.84M	2.84M	32.05M	795K	-3.08M	-31.18M	-42.65M
Pretax Margin %	0.09%	0.07%	0.06%	0.05%	0%	0.04%	0%	-0%	-0.05%	-0.08%
Income Tax+	22.18M	11.61M	-16.23M	7.93M	2.97M	7.25M	698K	-349K	-7.61M	-6.9M
Effective Tax Rate %	0.6%	0.68%	1.48%	0.6%	-0.69%	0.71%	-2.54%	1.71%	0.83%	0.04%
Net Income+	34.96M	27.48M	45.77M	14.27M	-1.98M	22.75M	-2.02M	-5.27M	-25.84M	-1.85M
Net Margin %	0.06%	0.05%	0.08%	0.03%	-0%	0.03%	-0%	-0.01%	-0.04%	-0%
Net Income Growth %	0.5%	-0.21%	0.67%	-0.69%	-1.14%	12.52%	-1.09%	-1.61%	-3.91%	0.93%
Net Income (Continuing)	36.02M	28.61M	47.05M	15.91M	-130K	24.79M	97K	-2.73M	-23.57M	-35.75M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	944K	1.02M	1.09M	1.65M	1.93M	2.13M	2.23M	2.47M	2.56M	2.35M
EPS (Diluted)+	6.40	5.00	8.18	2.51	-0.35	3.90	-0.35	-0.90	-4.35	-6.15
EPS Growth %	0.49%	-0.22%	0.64%	-0.69%	-1.14%	12.14%	-1.09%	-1.57%	-3.83%	-0.41%
EPS (Basic)	6.60	5.10	8.37	2.57	-0.35	3.98	-0.35	-0.90	-4.35	-6.15
Diluted Shares Outstanding	5.42M	5.54M	5.59M	5.69M	5.66M	5.83M	5.78M	5.87M	5.94M	6.11M
Basic Shares Outstanding	5.32M	5.4M	5.47M	5.56M	5.66M	5.72M	5.78M	5.85M	5.94M	6.11M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Total Current Assets+	77.25M	67.84M	59.34M	60.3M	108.75M	108.8M	109.12M	106.53M	97.77M	89.44M
Cash & Short-Term Investments	16.98M	10.62M	5.38M	8.64M	33.73M	26.11M	16.18M	14.55M	9.6M	9.99M
Cash Only	16.98M	10.62M	5.38M	8.64M	33.73M	26.11M	16.18M	14.55M	9.6M	9.99M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	51.33M	49.47M	43.71M	42.54M	52.6M	65.07M	69.52M	69.1M	60.65M	54.61M
Days Sales Outstanding	30.5	31.85	29.33	30.45	31.07	29.89	32.49	36.49	36.21	35.45
Inventory	4.25M	3.62M	5.68M	3.77M	7.53M	6.3M	8.27M	7.5M	5.64M	4.7M
Days Inventory Outstanding	59.44	53	83.16	61.86	113.43	77.19	100.22	108.06	122.51	6.92
Other Current Assets	4.68M	4.13M	0	0	0	0	15.15M	15.37M	21.88M	20.14M
Total Non-Current Assets+	585.6M	553.01M	516.07M	494.9M	755.3M	734.75M	634.92M	605.09M	551.4M	512.29M
Property, Plant & Equipment	128.56M	114.2M	92.33M	82.04M	176.54M	148.95M	121.2M	102.06M	79.25M	60.72M
Fixed Asset Turnover	4.78x	4.96x	5.89x	6.21x	3.50x	5.34x	6.44x	6.77x	7.71x	9.26x
Goodwill	243.73M	246.43M	246.18M	250.31M	328.44M	330.2M	329.5M	329.5M	328.04M	323.86M
Intangible Assets	158.35M	136.3M	119.82M	107.39M	182.68M	156.67M	121.37M	94.99M	70.08M	51.93M
Long-Term Investments	39.2M	39.13M	40.17M	39.43M	33.88M	32.75M	33.35M	33.39M	33.98M	33.19M
Other Non-Current Assets	27.96M	1.57M	1.42M	1.39M	13.7M	13.63M	-13.23M	45.15M	40.05M	42.6M
Total Assets+	662.86M	620.85M	575.41M	555.2M	864.06M	843.55M	744.04M	711.62M	649.17M	601.73M
Asset Turnover	0.93x	0.91x	0.95x	0.92x	0.72x	0.94x	1.05x	0.97x	0.94x	0.93x
Asset Growth %	-0.13%	-0.06%	-0.07%	-0.04%	0.56%	-0.02%	-0.12%	-0.04%	-0.09%	-0.07%
Total Current Liabilities+	99.02M	98.21M	65.34M	61.04M	144.02M	141.62M	131.14M	114.34M	115.35M	113.36M
Accounts Payable	18.14M	17.03M	12.75M	16.75M	17.16M	20.42M	28.61M	36.29M	36.29M	41.72M
Days Payables Outstanding	253.63	249.55	186.49	274.94	258.4	250.32	346.9	522.6	787.83	61.44
Short-Term Debt	25.07M	30.18M	7.03M	2.95M	22.31M	14.72M	7.86M	7.75M	8.14M	7.3M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	10.35M	8.47M	8.64M	7.81M	25.05M	23.67M	23.38M	20.01M	30.08M	26.42M
Current Ratio	0.78x	0.69x	0.91x	0.99x	0.76x	0.77x	0.83x	0.93x	0.85x	0.79x
Quick Ratio	0.74x	0.65x	0.82x	0.93x	0.70x	0.72x	0.77x	0.87x	0.80x	0.75x
Cash Conversion Cycle	-163.69	-164.71	-74	-182.62	-113.91	-143.24	-214.18	-378.04	-629.12	-19.08
Total Non-Current Liabilities+	691.38M	613.86M	546.33M	531M	749.67M	658.7M	595.67M	573.57M	541.15M	529.33M
Long-Term Debt	592.1M	496.38M	460.78M	429.39M	524.56M	476.5M	462.55M	455.74M	445.94M	455.47M
Capital Lease Obligations	0	0	0	0	62.37M	57.68M	46M	36.58M	29.77M	18.81M
Deferred Tax Liabilities	38.31M	53.4M	39.11M	29.81M	15.21M	53.76M	42.72M	41.35M	28.4M	22.48M
Other Non-Current Liabilities	87.24M	64.08M	46.45M	71.8M	147.53M	70.75M	44.39M	39.9M	37.04M	32.58M
Total Liabilities	816.67M	712.06M	611.67M	592.03M	893.69M	800.32M	726.8M	687.91M	656.5M	642.69M
Total Debt+	617.17M	526.56M	467.8M	432.35M	609.24M	548.91M	516.42M	500.08M	483.85M	481.58M
Net Debt	600.18M	515.94M	462.42M	423.7M	575.51M	522.8M	500.23M	485.53M	474.25M	471.59M
Debt / Equity	-	-	-	-	-	12.70x	29.96x	21.09x	-	-
Debt / EBITDA	4.19x	3.93x	3.89x	4.15x	7.05x	5.52x	8.41x	7.38x	15.04x	33.93x
Net Debt / EBITDA	4.07x	3.86x	3.84x	4.07x	6.66x	5.26x	8.15x	7.16x	14.75x	33.23x
Interest Coverage	1.62x	1.61x	1.68x	1.37x	0.84x	1.26x	0.59x	0.90x	0.11x	-0.11x
Total Equity+	-127.54M	-91.21M	-36.26M	-36.83M	-29.63M	43.23M	17.24M	23.71M	-7.33M	-40.96M
Equity Growth %	0.2%	0.28%	0.6%	-0.02%	0.2%	2.46%	-0.6%	0.38%	-1.31%	-4.58%
Book Value per Share	-23.52	-16.47	-6.48	-6.47	-5.24	7.42	2.98	4.04	-1.23	-6.70
Total Shareholders' Equity	-128.49M	-92.23M	-37.35M	-38.48M	-31.56M	41.1M	15.01M	21.24M	-9.89M	-43.31M
Common Stock	558K	567K	572K	577K	584K	59K	60K	61K	62K	63K
Retained Earnings	-356M	-328.52M	-279.69M	-265.42M	-268.53M	-259.21M	-261.23M	-266.5M	-292.34M	-329.93M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-22.78M	-16.07M	-11.75M	-29.11M	-20.05M	42.19M	16.65M	26.84M	19.92M	22.75M
Minority Interest	944K	1.02M	1.09M	1.65M	1.93M	2.13M	2.23M	2.47M	2.56M	2.35M

Cash Flow

	Sep 2016	Sep 2017	Sep 2018	Sep 2019	Sep 2020	Sep 2021	Sep 2022	Sep 2023	Sep 2024	Sep 2025
Cash from Operations+	79.19M	72.28M	59.3M	57.68M	49.87M	50.08M	2.85M	-2.52M	1.12M	-5.54M
Operating CF Margin %	0.13%	0.13%	0.11%	0.11%	0.08%	0.06%	0%	-0%	0%	-0.01%
Operating CF Growth %	0.06%	-0.09%	-0.18%	-0.03%	-0.14%	0%	-0.94%	-1.88%	1.44%	-5.96%
Net Income	36.02M	28.61M	47.05M	15.91M	-1.26M	24.83M	97K	-2.73M	-23.57M	-35.75M
Depreciation & Amortization	43.44M	41.28M	31.77M	29.33M	36.13M	42.84M	36.54M	30.62M	27.62M	18.84M
Stock-Based Compensation	2.31M	2.09M	1.86M	1.64M	1.29M	854K	1.34M	1.81M	1.75M	1.76M
Deferred Taxes	20.67M	10.36M	-17.38M	-2M	-3.56M	5.12M	-4.38M	-4.54M	-10.54M	-6.91M
Other Non-Cash Items	-27.73M	4.21M	4.23M	9M	1.59M	-3.29M	10.77M	3.98M	19.82M	16.52M
Working Capital Changes	4.49M	-14.27M	-8.23M	3.8M	15.67M	-20.28M	-41.52M	-31.66M	-13.97M	0
Change in Receivables	6.93M	2.85M	4.42M	1.7M	26.91M	-12.47M	-2.61M	-6.39M	-5.49M	0
Change in Inventory	617K	687K	-1.93M	2.76M	2.72M	1.24M	-3.09M	977K	901K	538K
Change in Payables	-8.33M	-6.39M	-8.59M	-3.68M	-8.34M	4.73M	-14.64M	-26.16M	-5.03M	4.21M
Cash from Investing+	34.51M	-9.46M	-72K	-10.93M	-118.18M	-2.28M	6.91M	7.98M	3.73M	7.71M
Capital Expenditures	-7.09M	-4.08M	-6.03M	-5.9M	-8.1M	-7.48M	-7.54M	-5.11M	-9.21M	-1.54M
CapEx % of Revenue	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0.02%	0%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	41.6M	2.07M	5.95M	1.51M	20.91M	585K	-386K	13.09M	12.94M	9.25M
Cash from Financing+	-107.85M	-69.19M	-64.47M	-43.48M	93.39M	-55.42M	-19.69M	-7.09M	-9.8M	-1.78M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	-576K	-657K	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	0	0	-1.77M	-684K	0	576K	657K	0	-1.78M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	72.1M	68.2M	53.27M	51.77M	41.77M	42.6M	-4.11M	-7.63M	-8.09M	-7.08M
FCF Margin %	0.12%	0.12%	0.1%	0.1%	0.07%	0.05%	-0.01%	-0.01%	-0.01%	-0.01%
FCF Growth %	0.11%	-0.05%	-0.22%	-0.03%	-0.19%	0.02%	-1.1%	-0.86%	-0.06%	0.12%
FCF per Share	13.30	12.31	9.52	9.10	7.38	7.31	-0.71	-1.30	-1.36	-1.16
FCF Conversion (FCF/Net Income)	2.27x	2.63x	1.30x	4.04x	-25.25x	2.20x	-1.41x	0.48x	-0.04x	3.00x
Interest Paid	0	0	0	0	0	45.21M	41.77M	41.47M	41.23M	0
Taxes Paid	0	0	0	0	0	7.6M	5.31M	3.72M	7.37M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	-	-	-	-	-	334.56%	-6.67%	-25.73%	-315.72%	-
Return on Invested Capital (ROIC)	15.16%	15.47%	15.61%	13.79%	8.09%	7.63%	3.44%	5.43%	0.7%	-0.78%
Gross Margin	95.75%	95.61%	95.41%	95.64%	96.08%	96.25%	96.15%	96.33%	97.25%	55.93%
Net Margin	5.69%	4.85%	8.41%	2.8%	-0.32%	2.86%	-0.26%	-0.76%	-4.23%	-0.33%
Debt / Equity	-	-	-	-	-	12.70x	29.96x	21.09x	-	-
Interest Coverage	1.62x	1.61x	1.68x	1.37x	0.84x	1.26x	0.59x	0.90x	0.11x	-0.11x
FCF Conversion	2.27x	2.63x	1.30x	4.04x	-25.25x	2.20x	-1.41x	0.48x	-0.04x	3.00x
Revenue Growth	-5.27%	-7.72%	-4.05%	-6.27%	21.21%	28.58%	-1.72%	-11.5%	-11.54%	-8.02%

Revenue by Segment

	2019	2020	2021	2022	2023	2024	2025
Subscription and Circulation	-	265.94M	-	353.62M	313.29M	281.92M	258.41M
Subscription and Circulation Growth	-	-	-	-	-11.41%	-10.01%	-8.34%
Advertising and Marketing Services	-	289.65M	-	366.43M	318.98M	275.7M	252.99M
Advertising and Marketing Services Growth	-	-	-	-	-12.95%	-13.57%	-8.24%
Product and Service, Other	-	-	-	60.92M	58.87M	53.76M	50.94M
Product and Service, Other Growth	-	-	-	-	-3.36%	-8.67%	-5.26%
Digital Subscription Revenue	-	-	95.79M	-	-	-	-
Digital Subscription Revenue Growth	-	-	-	-	-	-	-
Other Revenues	37.59M	41.93M	48.65M	-	-	-	-
Other Revenues Growth	-	11.54%	16.03%	-	-	-	-
Digital Services Revenues	19.64M	20.48M	19M	-	-	-	-
Digital Services Revenues Growth	-	4.28%	-7.22%	-	-	-	-

Frequently Asked Questions

Growth & Financials

Lee Enterprises, Incorporated (LEE) reported $581.8M in revenue for fiscal year 2025. This represents a 18% decrease from $710.5M in 2012.

Lee Enterprises, Incorporated (LEE) saw revenue decline by 8.0% over the past year.

Lee Enterprises, Incorporated (LEE) reported a net loss of $41.3M for fiscal year 2025.

Dividend & Returns

Lee Enterprises, Incorporated (LEE) had negative free cash flow of $5.7M in fiscal year 2025, likely due to heavy capital investments.