# Entravision Communications (EVC.US)

Canonical: https://gigainvestors.com/s/EVC

Analysis as of: 2026-10-16T07:28:23.372Z. Financial observations: FY1998–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $6.67 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 5

- Operating margin variation: 2.23×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.19×

- FY2017: 0.52×

- FY2018: 0.11×

- FY2019: -0.01×

- FY2020: 0.02×

- FY2021: 0.08×

- FY2022: 0.09×

- FY2023: -0.09×

- FY2024: -0.14×

- FY2025: 0.00×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 19.5pp below the typical margin (limit 4pp)

- ROIC, median of available years: 3.7%

- ROIC, second-lowest year: -6.6%

- Typical minus recent gross margin: 19.5 pp

- Typical gross margin (annual median): 40.6%

- Recent gross margin (lower of latest and 3-year median): 21.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.5%

- ROIC including acquisitions, ten-year median: 1.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 8.8%

- FY2017: 35.5%

- FY2018: 6.8%

- FY2019: -0.3%

- FY2020: 1.3%

- FY2021: 16.4%

- FY2022: 6.1%

- FY2023: -6.6%

- FY2024: -14.9%

- FY2025: 0.2%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$150M

- Net income, five-year total: -$195M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 0.8 pp

- Working capital / revenue, change between three-year averages: 6.5 pp

- Working capital / revenue, final three-year average: 24.7%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: $46M

- FY2022: $32M

- FY2023: -$15M

- FY2024: -$141M

- FY2025: -$73M

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 8.8% vs -6.6%

- Per-share earnings: 0.28 to -0.86 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.1%

- Ordinary dilution, 5-year annual growth: 1.6%

- Market cap gain: -$372M

- Cumulative retained earnings: -$29M

- Diluted shares, 10-year annual growth: 0.1%

- Diluted shares, 5-year annual growth: 1.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: -$1.15

- Per-share value, starting three-year median: $0.28

- Per-share value, ending three-year median: -$0.86

- Buybacks concentrated in cheaper years (correlation): 0.05

- Average buyback yield: 82.0%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: $97M

- Cumulative net income, 10 years: -$10M

- ROIC, first three-year median: 8.8%

- ROIC, last three-year median: -6.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.22

- FY2017: $1.92

- FY2018: $0.13

- FY2019: -$0.23

- FY2020: -$0.05

- FY2021: $0.33

- FY2022: $0.21

- FY2023: -$0.18

- FY2024: -$1.66

- FY2025: -$0.86

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -23.0%

- Receivables to sales index (DSRI): 1.13×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 103.1%

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 2.40×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.1%

- FY2017: -16.3%

- FY2018: -3.1%

- FY2019: -7.8%

- FY2020: -9.0%

- FY2021: -4.2%

- FY2022: -6.9%

- FY2023: -10.5%

- FY2024: -45.9%

- FY2025: -23.0%

## Holders

- [Dan Davidowitz](https://gigainvestors.com/pcm): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 49% since Jun 2026 · sales +22.6%

Story as of 2026-10-16T09:58:43.287Z; price observation 2026-10-15.

- 2026-05-06: Entravision skyrockets 74% on robust outlook, ATS segment leads growth ([seekingalpha.com](https://seekingalpha.com/news/4586651-entravision-skyrockets-74-on-robust-outlook-ats-segment-leads-growth?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2024–2025

sales +22.6%; source https://www.sec.gov/Archives/edgar/data/1109116/000119312526093993/evc-20251231.htm; observed 2026-03-05.

- FY2016: $259M 

- FY2017: $536M 

- FY2018: $298M 

- FY2019: $274M 

- FY2020: $344M 

- FY2021: $760M 

- FY2022: $324M 

- FY2023: $297M 

- FY2024: $365M 

- FY2025: $448M 

### Gross margin · FY2025

gross margin 21.1%; source https://www.sec.gov/Archives/edgar/data/1109116/000119312526093993/evc-20251231.htm; observed 2026-03-05.

- FY2016: 52.4% 

- FY2017: 69.4% 

- FY2018: 42.8% 

- FY2019: 42.9% 

- FY2020: 38.4% 

- FY2021: 23.3% 

- FY2022: 44.5% 

- FY2023: 35.9% 

- FY2024: 34.7% 

- FY2025: 21.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in advertising agencies; annual sales are USD 447.6 million.

- Source: https://www.sec.gov/Archives/edgar/data/1109116/000119312526093993/evc-20251231.htm (filed 2026-03-05); FY2025: revenue 447594000; grossProfit 94338000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); EVC.US: Entravision Communications Corporation, a media and advertising technology company, owns and operates television and radio stations in the United States and internationally. It operates in two segments, Media and Advertising Technology & Services (ATS). The company offers AudioEngage, a proprietary digital audio advertising network; and Entravision+, which aggregate video inventory from internet-connected televisions and streaming services, including Netflix, and events like the World Cup. It also manages advertising campaigns on platforms including Facebook, Instagram, and TikTok; sells inventory on news and station websites; manage paid search campaigns to reach customers who are actively looking for an advertiser's specific products or services; and provides additional digital services, including email marketing and display and digital out-of-home advertising. In addition, the company offers Smadex, a demand side platform that provides advertising solutions to the developers of mobile games, fintech apps, and entertainment services. Further, it provides various solution comprising mobile user acquisition, a mobile user acquisition that takes place on a single mobile device; Connected TV that provides ads that drive viewers to pick up a different device to download an app; and retargeting product that focuses on re-engaging users who have previously installed an app but have since stopped using it. Additionally, the company offers Adwake, a performance-based digital marketing agency. Entravision Communications Corporation was incorporated in 1995 and is headquartered in Burbank, California.

### Why customers stay

Margins ranged from 21.1% to 35.9% during 2023–25; it earns 3.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2023: grossProfit / revenue = 35.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2024: grossProfit / revenue = 34.7%.

- Source: https://www.sec.gov/Archives/edgar/data/1109116/000119312526093993/evc-20251231.htm (filed 2026-03-05); FY2025: grossProfit / revenue = 21.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); 10-year return on capital observations [[2016,0.0876517380527847],[2017,0.3552623086392165],[2018,0.06760665254132282],[2019,-0.0034065314874668377],[2020,0.01328524679405888],[2021,0.16415695278014358],[2022,0.060545330482091396],[2023,-0.06636369689072354],[2024,-0.1493987913978964],[2025,0.0021568607696957486]]; median 0.03691528863807514. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2016: growth capex 0; upkeep 9053000; owner earnings 27092000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2017: growth capex 27803000; upkeep 16863000; owner earnings 176293000. Growth capex / owner earnings = 0.15770904119845938.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2018: growth capex 0; upkeep 20159000; owner earnings 8926000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2020: growth capex 0; upkeep 9218000; owner earnings 4154000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2021: growth capex 0; upkeep 5819000; owner earnings 45893000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); FY2022: growth capex 0; upkeep 11468000; owner earnings 32348000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); Dividend observations: [[2016,11177000],[2017,14670000],[2018,17782000],[2019,16962000],[2020,10531000],[2021,8531000],[2022,8539000],[2023,17588000],[2024,17975000],[2025,18199000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 22% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); EVC.US SharesStats.PercentInsiders = 22.024 percentage points; cache date 2026-10-05.

### What the price says

The price is 1.4 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-05); Closing price 6.67 USD; reporting-to-trading FX 1; FY2025 annual sales per share 4.917715874936942; price multiple 1.356320732963355. FY2025 cash earnings/share -0.804149614611701. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $6.70 per share

- 2016-11: $6.60 per share

- 2016-12: $7.00 per share

- 2017-01: $5.40 per share

- 2017-02: $5.35 per share

- 2017-03: $6.20 per share

- 2017-04: $6.20 per share

- 2017-05: $5.75 per share

- 2017-06: $6.60 per share

- 2017-07: $6.50 per share

- 2017-08: $5.55 per share

- 2017-09: $5.70 per share

- 2017-10: $5.20 per share

- 2017-11: $7.05 per share

- 2017-12: $7.15 per share

- 2018-01: $6.95 per share

- 2018-02: $6.45 per share

- 2018-03: $4.70 per share

- 2018-04: $4.65 per share

- 2018-05: $4.00 per share

- 2018-06: $5.00 per share

- 2018-07: $4.85 per share

- 2018-08: $5.25 per share

- 2018-09: $4.90 per share

- 2018-10: $4.94 per share

- 2018-11: $3.23 per share

- 2018-12: $2.91 per share

- 2019-01: $3.94 per share

- 2019-02: $3.95 per share

- 2019-03: $3.24 per share

- 2019-04: $2.87 per share

- 2019-05: $2.94 per share

- 2019-06: $3.12 per share

- 2019-07: $3.26 per share

- 2019-08: $3.06 per share

- 2019-09: $3.18 per share

- 2019-10: $2.84 per share

- 2019-11: $2.84 per share

- 2019-12: $2.62 per share

- 2020-01: $2.22 per share

- 2020-02: $2.01 per share

- 2020-03: $2.03 per share

- 2020-04: $1.46 per share

- 2020-05: $1.50 per share

- 2020-06: $1.43 per share

- 2020-07: $1.32 per share

- 2020-08: $1.52 per share

- 2020-09: $1.52 per share

- 2020-10: $1.83 per share

- 2020-11: $2.90 per share

- 2020-12: $2.75 per share

- 2021-01: $3.20 per share

- 2021-02: $3.13 per share

- 2021-03: $4.04 per share

- 2021-04: $3.85 per share

- 2021-05: $4.67 per share

- 2021-06: $6.68 per share

- 2021-07: $6.15 per share

- 2021-08: $6.97 per share

- 2021-09: $7.10 per share

- 2021-10: $7.97 per share

- 2021-11: $7.43 per share

- 2021-12: $6.78 per share

- 2022-01: $6.06 per share

- 2022-02: $6.40 per share

- 2022-03: $6.41 per share

- 2022-04: $5.17 per share

- 2022-05: $5.23 per share

- 2022-06: $4.56 per share

- 2022-07: $5.36 per share

- 2022-08: $5.08 per share

- 2022-09: $3.97 per share

- 2022-10: $4.68 per share

- 2022-11: $5.56 per share

- 2022-12: $4.80 per share

- 2023-01: $6.50 per share

- 2023-02: $6.56 per share

- 2023-03: $6.05 per share

- 2023-04: $6.25 per share

- 2023-05: $4.13 per share

- 2023-06: $4.39 per share

- 2023-07: $4.78 per share

- 2023-08: $3.83 per share

- 2023-09: $3.65 per share

- 2023-10: $3.58 per share

- 2023-11: $3.97 per share

- 2023-12: $4.17 per share

- 2024-01: $4.03 per share

- 2024-02: $3.85 per share

- 2024-03: $1.64 per share

- 2024-04: $2.09 per share

- 2024-05: $2.16 per share

- 2024-06: $2.03 per share

- 2024-07: $2.19 per share

- 2024-08: $2.08 per share

- 2024-09: $2.07 per share

- 2024-10: $2.32 per share

- 2024-11: $2.44 per share

- 2024-12: $2.35 per share

- 2025-01: $2.15 per share

- 2025-02: $2.23 per share

- 2025-03: $2.10 per share

- 2025-04: $1.83 per share

- 2025-05: $2.07 per share

- 2025-06: $2.32 per share

- 2025-07: $2.21 per share

- 2025-08: $2.59 per share

- 2025-09: $2.33 per share

- 2025-10: $2.07 per share

- 2025-11: $2.78 per share

- 2025-12: $2.93 per share

- 2026-01: $3.01 per share

- 2026-02: $3.10 per share

- 2026-03: $2.97 per share

- 2026-04: $3.77 per share

- 2026-05: $9.08 per share

- 2026-06: $13.04 per share

- 2026-07: $11.22 per share

- 2026-08: $7.99 per share

- 2026-09: $7.35 per share

- 2026-10: $6.67 per share

## Annual estimated value (USD per share)

- FY2016: low $3.89 per share, central $4.38 per share, high $4.99 per share

- FY2017: low $8.80 per share, central $12.13 per share, high $14.17 per share

- FY2018: low $6.09 per share, central $6.94 per share, high $7.77 per share

- FY2019: low $5.37 per share, central $6.29 per share, high $7.10 per share

- FY2020: low $3.00 per share, central $3.19 per share, high $3.43 per share

- FY2021: low $4.77 per share, central $5.16 per share, high $5.68 per share

- FY2022: low $2.90 per share, central $3.07 per share, high $3.29 per share

- FY2023: low $1.52 per share, central $1.58 per share, high $1.66 per share

- FY2024: low $1.57 per share, central $1.65 per share, high $1.75 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1109116/000119312526093993/evc-20251231.htm); period 2025-12-31, filed 2026-03-05.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Dan Davidowitz](https://gigainvestors.com/pcm): 236,939 EVC shares; USD 3,090,000 reported position value; 0.03% of portfolio; new; quarter 2026 Q2.

# EVC — Entravision Communications Corp. CL A

Held by 1 investor · USD 3,090,000 total · 2026 Q2 · reported price USD 13.04 (split-adjusted).
Page: https://gigainvestors.com/s/EVC

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Dan Davidowitz (https://gigainvestors.com/pcm) | USD 3,090,000 | <0.1% | new |

## Total held by quarter

- 2026 Q2: USD 3,090,000 · 1 holder · USD 13.04