# Lamar Advertising (LAMR.US)

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

Analysis as of: 2026-10-16T07:29:45.179Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

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

Share price: $148.07 per share; close as of 2026-10-15.

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.07×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.30×

- FY2018: 0.28×

- FY2019: 0.30×

- FY2020: 0.26×

- FY2021: 0.29×

- FY2022: 0.28×

- FY2023: 0.32×

- FY2024: 0.24×

- FY2025: 0.31×

- LTM to Jun 2026: 0.28×

### moat: fail

- Recent gross margin fell 27.7pp below the typical margin (limit 4pp)

- ROIC, median of available years: 16.2%

- ROIC, second-lowest year: 13.4%

- Typical minus recent gross margin: 27.7 pp

- Typical gross margin (annual median): 65.9%

- Recent gross margin (lower of latest and 3-year median): 38.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 7.1%

- ROIC including acquisitions, ten-year median: 11.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 25.4%

- FY2017: 24.5%

- FY2018: 21.4%

- FY2019: 14.8%

- FY2020: 12.3%

- FY2021: 14.9%

- FY2022: 21.2%

- FY2023: 17.5%

- FY2024: 14.9%

- FY2025: 13.4%

### economics: pass

- Owner earnings / net income, 5-yr: 1.45×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $3.3B

- Net income, five-year total: $2.3B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.5 pp

- Working capital / revenue, change between three-year averages: -2.1 pp

- Working capital / revenue, final three-year average: 14.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.37×

- FY2022: 1.42×

- FY2023: 1.32×

- FY2024: 1.93×

- FY2025: 1.34×

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 24.5% vs 14.9%

- Per-share earnings: 3.06 to 4.86 (three-year endpoint medians)

- acquisition spending 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: 0.5%

- Ordinary dilution, 5-year annual growth: 0.1%

- Market cap gain: $6.3B

- Cumulative retained earnings: -$475M

- Diluted shares, 10-year annual growth: 0.5%

- Diluted shares, 5-year annual growth: 0.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 5.9%

- Per-share value change: $1.80

- Per-share value, starting three-year median: $3.06

- Per-share value, ending three-year median: $4.86

- Buybacks concentrated in cheaper years (correlation): 0.27

- Average buyback yield: 0.2%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $2.8B

- Cumulative net income, 10 years: $3.8B

- ROIC, first three-year median: 24.5%

- ROIC, last three-year median: 14.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: $3.06

- FY2017: $3.23

- FY2018: $3.08

- FY2019: $3.71

- FY2020: $2.41

- FY2021: $3.83

- FY2022: $4.32

- FY2023: $4.86

- FY2024: $3.53

- FY2025: $5.78

### accounting: pass

- Sloan accruals: -4.0%

- Receivables to sales index (DSRI): 0.99×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 3.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.47×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 3.19×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.7%

- FY2017: -4.5%

- FY2018: -5.7%

- FY2019: 3.0%

- FY2020: -5.6%

- FY2021: -5.7%

- FY2022: -5.3%

- FY2023: -4.4%

- FY2024: -7.8%

- FY2025: -4.0%

## Holders

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

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

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

## Price story

Up 80% since Oct 2023 · "The increase reflects firmer revenue growth, better cash generation and accelerating digital demand." (finance.yahoo.com, Aug 2026) · sales +2.6%

Story as of 2026-10-16T09:59:03.013Z; price observation 2026-10-15.

- 2025-08-08: Lamar Advertising Q2 FFO, Revenue Climb; Cuts Annual Adj. FFO Guidance ([nasdaq.com](https://www.nasdaq.com/articles/lamar-advertising-q2-ffo-revenue-climb-cuts-annual-adj-ffo-guidance))

- 2025-11-07: LAMR Beats Q3 AFFO Estimates, Reaffirms 2025 Outlook for Steady Growth ([finance.yahoo.com](https://finance.yahoo.com/news/lamr-beats-q3-affo-estimates-163500029.html))

- 2026-05-19: Centennial Secures Multi-Million Dollar DOOH Media Deal with Lamar at MainPlace Mall ([finance.yahoo.com](https://finance.yahoo.com/sectors/technology/articles/centennial-secures-multi-million-dollar-200000261.html))

### Sales · FY2025–2026

sales +2.6%; source https://www.sec.gov/Archives/edgar/data/1090425/000109042526000008/lamr-20251231.htm; observed 2026-02-20.

- FY2017: $1.5B 

- FY2018: $1.6B 

- FY2019: $1.8B 

- FY2020: $1.6B 

- FY2021: $1.8B 

- FY2022: $2.0B 

- FY2023: $2.1B 

- FY2024: $2.2B 

- FY2025: $2.3B 

- FY2026: $2.3B 

### Gross margin · FY2025

gross margin 38.2%; source https://www.sec.gov/Archives/edgar/data/1090425/000109042526000008/lamr-20251231.htm; observed 2026-02-20.

- FY2016: 65.0% 

- FY2017: 64.9% 

- FY2018: 65.5% 

- FY2019: 66.4% 

- FY2020: 64.5% 

- FY2021: 67.7% 

- FY2022: 67.2% 

- FY2023: 67.0% 

- FY2024: 67.0% 

- FY2025: 38.2% 

## Owner memo

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

### How it makes money

Operates in property rentals; annual sales are USD 2.3 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1090425/000109042526000008/lamr-20251231.htm (filed 2026-02-20); FY2025: revenue 2266214000; grossProfit 866526000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LAMR.US: Lamar Advertising Company is one of the largest outdoor advertising companies in North America, with over 362,000 displays across the United States and Canada. Lamar offers advertisers a variety of billboards, interstate logo, transit and airport advertising formats, helping both local businesses and national brands reach broad audiences every day. In addition to its more traditional out-of-home inventory, Lamar is proud to offer its customers the largest network of digital billboards in the United States with over 5,400 displays. Lamar Advertising Company was founded and incorporated in 1902 in Delaware and is based in Baton Rouge, United States.

### Why customers stay

Margins ranged from 38.2% to 67% during 2023–25; it earns 16.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2023: grossProfit / revenue = 67%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2024: grossProfit / revenue = 67%.

- Source: https://www.sec.gov/Archives/edgar/data/1090425/000109042526000008/lamr-20251231.htm (filed 2026-02-20); FY2025: grossProfit / revenue = 38.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); 10-year return on capital observations [[2016,0.253654392097346],[2017,0.24525870395752952],[2018,0.21396605330438137],[2019,0.1484781690997148],[2020,0.12326461400209106],[2021,0.14942413185384848],[2022,0.2115672885139821],[2023,0.17526284501044273],[2024,0.14925770464909652],[2025,0.13423261804095113]]; median 0.1623434884321456. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 67% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1090425/000109042526000008/lamr-20251231.htm (filed 2026-02-20); Gross margin observations: [[2021,0.6774607376856117],[2022,0.6716328599407521],[2023,0.6699179104371557]]; range within 2 percentage points.

### Where the cash goes

Reinvests 24.3% of cash earnings; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2016: growth capex 0; upkeep 107612000; cash acquisitions 585054000; owner earnings 396155000. Growth capex plus acquisitions / owner earnings = 1.4768310383561989.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2017: growth capex 0; upkeep 109329000; cash acquisitions 297305000; owner earnings 419451000. Growth capex plus acquisitions / owner earnings = 0.7087955446524147.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2018: growth capex 0; upkeep 117638000; cash acquisitions 477389000; owner earnings 412855000. Growth capex plus acquisitions / owner earnings = 1.1563115379491589.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2019: growth capex 0; upkeep 140956000; cash acquisitions 226278000; owner earnings 481183000. Growth capex plus acquisitions / owner earnings = 0.4702535210096782.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2020: growth capex 0; upkeep 62272000; cash acquisitions 45584000; owner earnings 432410000. Growth capex plus acquisitions / owner earnings = 0.10541846858305774.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2021: growth capex 0; upkeep 126090000; cash acquisitions 312257000; owner earnings 533294000. Growth capex plus acquisitions / owner earnings = 0.5855250574729887.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2022: growth capex 0; upkeep 167078000; cash acquisitions 479766000; owner earnings 621018000. Growth capex plus acquisitions / owner earnings = 0.7725476556235085.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2023: growth capex 0; upkeep 134095000; cash acquisitions 138961000; owner earnings 655091000. Growth capex plus acquisitions / owner earnings = 0.21212472770958538.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2024: growth capex 0; upkeep 125284000; cash acquisitions 45393000; owner earnings 699550000. Growth capex plus acquisitions / owner earnings = 0.06488885712243585.

- Source: https://www.sec.gov/Archives/edgar/data/1090425/000109042526000008/lamr-20251231.htm (filed 2026-02-20); FY2025: growth capex 0; upkeep 128039999; cash acquisitions 191079000; owner earnings 785444001. Growth capex plus acquisitions / owner earnings = 0.24327514088429583.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); Dividend observations: [[2016,293965000],[2017,244201000],[2018,443088000],[2019,385182000],[2020,252309000],[2021,405174000],[2022,365000],[2023,510616000],[2024,579214000],[2025,656221000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1090425/000109042526000008/lamr-20251231.htm (filed 2026-02-20); FY2025: cash repurchases 157921000 USD.

### Are managers owners

Insiders own 0.8% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LAMR.US SharesStats.PercentInsiders = 0.814 percentage points; cache date 2026-10-16.

### What the price says

The price is 6.6 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); Closing price 148.07 USD; reporting-to-trading FX 1; FY2025 annual sales per share 22.297762891529107; price multiple 6.640576488336936. FY2025 cash earnings/share 7.728151047902781. Closing-price date 2026-10-15.

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

- 2016-10: $63.45 per share

- 2016-11: $66.29 per share

- 2016-12: $67.24 per share

- 2017-01: $75.52 per share

- 2017-02: $75.48 per share

- 2017-03: $74.74 per share

- 2017-04: $72.07 per share

- 2017-05: $70.01 per share

- 2017-06: $73.57 per share

- 2017-07: $70.57 per share

- 2017-08: $66.56 per share

- 2017-09: $68.53 per share

- 2017-10: $70.44 per share

- 2017-11: $75.23 per share

- 2017-12: $74.24 per share

- 2018-01: $72.00 per share

- 2018-02: $66.47 per share

- 2018-03: $63.66 per share

- 2018-04: $63.71 per share

- 2018-05: $69.22 per share

- 2018-06: $68.31 per share

- 2018-07: $73.63 per share

- 2018-08: $77.05 per share

- 2018-09: $77.80 per share

- 2018-10: $73.32 per share

- 2018-11: $75.84 per share

- 2018-12: $69.18 per share

- 2019-01: $74.45 per share

- 2019-02: $77.57 per share

- 2019-03: $79.26 per share

- 2019-04: $82.67 per share

- 2019-05: $78.21 per share

- 2019-06: $80.71 per share

- 2019-07: $80.92 per share

- 2019-08: $76.65 per share

- 2019-09: $81.93 per share

- 2019-10: $80.01 per share

- 2019-11: $83.43 per share

- 2019-12: $89.26 per share

- 2020-01: $92.81 per share

- 2020-02: $83.74 per share

- 2020-03: $51.28 per share

- 2020-04: $57.65 per share

- 2020-05: $66.30 per share

- 2020-06: $66.76 per share

- 2020-07: $65.73 per share

- 2020-08: $69.23 per share

- 2020-09: $66.17 per share

- 2020-10: $61.96 per share

- 2020-11: $79.61 per share

- 2020-12: $83.22 per share

- 2021-01: $80.78 per share

- 2021-02: $86.59 per share

- 2021-03: $93.92 per share

- 2021-04: $99.04 per share

- 2021-05: $104.82 per share

- 2021-06: $104.42 per share

- 2021-07: $106.60 per share

- 2021-08: $113.83 per share

- 2021-09: $113.45 per share

- 2021-10: $113.20 per share

- 2021-11: $109.26 per share

- 2021-12: $121.30 per share

- 2022-01: $110.76 per share

- 2022-02: $109.06 per share

- 2022-03: $116.18 per share

- 2022-04: $110.41 per share

- 2022-05: $97.95 per share

- 2022-06: $87.97 per share

- 2022-07: $101.06 per share

- 2022-08: $93.89 per share

- 2022-09: $82.49 per share

- 2022-10: $92.23 per share

- 2022-11: $100.14 per share

- 2022-12: $94.40 per share

- 2023-01: $106.54 per share

- 2023-02: $104.56 per share

- 2023-03: $99.89 per share

- 2023-04: $105.68 per share

- 2023-05: $89.88 per share

- 2023-06: $99.25 per share

- 2023-07: $98.70 per share

- 2023-08: $91.22 per share

- 2023-09: $83.47 per share

- 2023-10: $82.27 per share

- 2023-11: $101.29 per share

- 2023-12: $106.28 per share

- 2024-01: $104.68 per share

- 2024-02: $110.55 per share

- 2024-03: $119.41 per share

- 2024-04: $115.85 per share

- 2024-05: $118.11 per share

- 2024-06: $119.53 per share

- 2024-07: $119.86 per share

- 2024-08: $125.78 per share

- 2024-09: $133.60 per share

- 2024-10: $132.00 per share

- 2024-11: $134.02 per share

- 2024-12: $121.74 per share

- 2025-01: $126.42 per share

- 2025-02: $124.23 per share

- 2025-03: $113.78 per share

- 2025-04: $113.81 per share

- 2025-05: $120.54 per share

- 2025-06: $121.36 per share

- 2025-07: $122.25 per share

- 2025-08: $127.25 per share

- 2025-09: $122.42 per share

- 2025-10: $118.59 per share

- 2025-11: $132.39 per share

- 2025-12: $126.58 per share

- 2026-01: $128.31 per share

- 2026-02: $137.74 per share

- 2026-03: $126.66 per share

- 2026-04: $137.84 per share

- 2026-05: $152.46 per share

- 2026-06: $155.98 per share

- 2026-07: $159.96 per share

- 2026-08: $149.01 per share

- 2026-09: $144.11 per share

- 2026-10: $148.07 per share

## Annual estimated value (USD 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/1090425/000109042526000008/lamr-20251231.htm); period 2025-12-31, filed 2026-02-20.

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.