# Outfront Media (OUT.US)

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

Analysis as of: 2026-10-16T07:30:59.962Z. Financial observations: FY2010–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: $29.95 per share; close as of 2026-10-15.

Estimated value: low $13.02 per share, central $14.81 per share, high $17.20 per share. Buy at or below the central value $14.81 per share. Valuation as of 2026-10-16T07:30:59.962Z; scenarios are not confidence intervals.

Expected annual return: 6.4% at the stated quote. About 6.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 2

- Operating margin variation: 0.78×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.16×

- FY2018: 0.15×

- FY2019: 0.17×

- FY2020: 0.06×

- FY2021: 0.11×

- FY2022: 0.16×

- FY2023: -0.14×

- FY2024: 0.23×

- FY2025: 0.17×

- LTM to Jun 2026: 0.20×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 14.3pp below the typical margin (limit 4pp)

- ROIC, median of available years: 10.6%

- ROIC, second-lowest year: 2.5%

- Typical minus recent gross margin: 14.3 pp

- Typical gross margin (annual median): 46.3%

- Recent gross margin (lower of latest and 3-year median): 32.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.7%

- ROIC including acquisitions, ten-year median: 4.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 14.3%

- FY2017: 19.0%

- FY2018: 17.5%

- FY2019: 10.1%

- FY2020: 2.5%

- FY2021: 6.5%

- FY2022: 8.1%

- FY2023: -7.0%

- FY2024: 15.6%

- FY2025: 11.1%

### economics: pass

- Owner earnings / net income, 5-yr: 2.87×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $454M

- Net income, five-year total: $158M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -2.4 pp

- Working capital / revenue, final three-year average: 14.6%

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

- FY2021: 2.55×

- FY2022: 1.38×

- FY2023: 0.83×

- FY2024: 1.24×

- FY2025: 1.35×

### management: fail

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

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 17.5% vs 11.1%

- Per-share earnings: 0.67 to 0.87 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- 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: 2.4%

- Ordinary dilution, 5-year annual growth: 3.7%

- Market cap gain: $871M

- Cumulative retained earnings: -$1.2B

- Diluted shares, 10-year annual growth: 2.4%

- Diluted shares, 5-year annual growth: 3.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 3.2%

- Per-share value change: $0.20

- Per-share value, starting three-year median: $0.67

- Per-share value, ending three-year median: $0.87

- Buybacks concentrated in cheaper years (correlation): -0.09

- Average buyback yield: 0.3%

- Buyback history: 6 years

- Debt-funded buybacks: No

- Acquisition spending: $789M

- Cumulative net income, 10 years: $562M

- ROIC, first three-year median: 17.5%

- ROIC, last three-year median: 11.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.67

- FY2017: $0.93

- FY2018: $0.79

- FY2019: $1.00

- FY2020: -$0.43

- FY2021: $0.25

- FY2022: $0.90

- FY2023: -$2.64

- FY2024: $1.51

- FY2025: $0.87

### accounting: pass

- Sloan accruals: -3.0%

- Receivables to sales index (DSRI): 1.20×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 9.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.09×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 6.51×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.2%

- FY2017: -3.2%

- FY2018: -2.8%

- FY2019: -2.5%

- FY2020: -3.2%

- FY2021: -1.1%

- FY2022: -1.9%

- FY2023: -12.2%

- FY2024: -0.8%

- FY2025: -3.0%

## Holders

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

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

## Price story

Price needs cash profits to grow 9.7% a year for ten years · sales +5.5%

Story as of 2026-10-16T09:59:21.221Z; price observation 2026-10-15.

Price needs cash profits to grow 9.7% a year for ten years

- 2025-08-05: Outfront Media outlines Q3 revenue acceleration with restructuring and digital focus ([seekingalpha.com](https://seekingalpha.com/news/4479378-outfront-media-outlines-q3-revenue-acceleration-with-restructuring-and-digital-focus?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-02-26: OUTFRONT Media Beats Q4 AFFO, Guides for Double-Digit Growth in 2026 ([finance.yahoo.com](https://finance.yahoo.com/news/outfront-media-beats-q4-affo-174500245.html))

### Sales · FY2025–2026

sales +5.5%; source https://www.sec.gov/Archives/edgar/data/1579877/000157987726000008/out-20251231.htm; observed 2026-02-26.

- FY2017: $1.5B 

- FY2018: $1.6B 

- FY2019: $1.8B 

- FY2020: $1.2B 

- FY2021: $1.5B 

- FY2022: $1.8B 

- FY2023: $1.8B 

- FY2024: $1.8B 

- FY2025: $1.8B 

- FY2026: $1.9B 

### Gross margin · FY2025

gross margin 32.1%; source https://www.sec.gov/Archives/edgar/data/1579877/000157987726000008/out-20251231.htm; observed 2026-02-26.

- FY2016: 46.0% 

- FY2017: 45.1% 

- FY2018: 46.5% 

- FY2019: 46.2% 

- FY2020: 42.5% 

- FY2021: 46.4% 

- FY2022: 48.3% 

- FY2023: 47.1% 

- FY2024: 48.2% 

- FY2025: 32.1% 

## Owner memo

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

### How it makes money

Operates in property rentals; annual sales are USD 1.8 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1579877/000157987726000008/out-20251231.htm (filed 2026-02-26); FY2025: revenue 1831700000; grossProfit 587200000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 32.1% to 48.2% during 2023–25; it earns 10.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 47.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = 48.2%.

- Source: https://www.sec.gov/Archives/edgar/data/1579877/000157987726000008/out-20251231.htm (filed 2026-02-26); FY2025: grossProfit / revenue = 32.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on capital observations [[2016,0.1431741932113348],[2017,0.19004843276017347],[2018,0.17516846826126956],[2019,0.10134003081401066],[2020,0.024741889498466455],[2021,0.06507617353646276],[2022,0.08056441015765468],[2023,-0.06958221727484606],[2024,0.15645552653531392],[2025,0.11127895155668333]]; median 0.106309491185347. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 48% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1579877/000157987726000008/out-20251231.htm (filed 2026-02-26); Gross margin observations: [[2021,0.46444429264294007],[2022,0.48276056655944927],[2023,0.47099857189937383]]; range within 2 percentage points.

### Where the cash goes

Reinvests 6.6% of cash earnings; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2016: growth capex 0; upkeep 59400000; cash acquisitions 67900000; owner earnings 255700000. Growth capex plus acquisitions / owner earnings = 0.26554556120453654.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2017: growth capex 0; upkeep 70800000; cash acquisitions 69200000; owner earnings 244800000. Growth capex plus acquisitions / owner earnings = 0.2826797385620915.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2018: growth capex 0; upkeep 95600000; cash acquisitions 7000000; owner earnings 199700000. Growth capex plus acquisitions / owner earnings = 0.03505257886830245.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2019: growth capex 0; upkeep 113900000; cash acquisitions 69700000; owner earnings 223200000. Growth capex plus acquisitions / owner earnings = 0.31227598566308246.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2020: growth capex 0; upkeep 77100000; cash acquisitions 18100000; owner earnings 7700000. Growth capex plus acquisitions / owner earnings = 2.3506493506493507.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2021: growth capex 0; upkeep 90300000; cash acquisitions 136500000; owner earnings 90700000. Growth capex plus acquisitions / owner earnings = 1.5049614112458656.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2022: growth capex 0; upkeep 96600000; cash acquisitions 353900000; owner earnings 196800000. Growth capex plus acquisitions / owner earnings = 1.7982723577235773.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: growth capex 0; upkeep 90100000; cash acquisitions 19500000; owner earnings 319600000. Growth capex plus acquisitions / owner earnings = 0.06101376720901126.

- Source: https://www.sec.gov/Archives/edgar/data/1579877/000157987726000008/out-20251231.htm (filed 2026-02-26); FY2025: growth capex 0; upkeep 108400000; cash acquisitions 13100000; owner earnings 198800000. Growth capex plus acquisitions / owner earnings = 0.0658953722334004.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,188600000],[2017,201800000],[2018,203900000],[2019,208100000],[2020,75100000],[2021,57500000],[2022,205800000],[2023,207000000],[2024,208400000],[2025,210300000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 1.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); OUT.US SharesStats.PercentInsiders = 1.147 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 9.7% yearly over ten years; actual growth was 1.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Ten-year compound average after fade. Initial solved rate 0.127235122495711. Price 29.95; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.0484699055556217 → FY2025 1.1749408983451537. Closing-price date 2026-10-15.

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

- 2016-10: $21.51 per share

- 2016-11: $25.21 per share

- 2016-12: $24.87 per share

- 2017-01: $27.43 per share

- 2017-02: $25.95 per share

- 2017-03: $26.55 per share

- 2017-04: $26.16 per share

- 2017-05: $22.85 per share

- 2017-06: $23.12 per share

- 2017-07: $22.87 per share

- 2017-08: $22.00 per share

- 2017-09: $25.18 per share

- 2017-10: $23.45 per share

- 2017-11: $23.46 per share

- 2017-12: $23.20 per share

- 2018-01: $22.40 per share

- 2018-02: $20.51 per share

- 2018-03: $18.74 per share

- 2018-04: $18.75 per share

- 2018-05: $19.84 per share

- 2018-06: $19.45 per share

- 2018-07: $21.25 per share

- 2018-08: $19.87 per share

- 2018-09: $19.95 per share

- 2018-10: $17.72 per share

- 2018-11: $20.78 per share

- 2018-12: $18.12 per share

- 2019-01: $20.75 per share

- 2019-02: $22.44 per share

- 2019-03: $23.40 per share

- 2019-04: $23.83 per share

- 2019-05: $24.65 per share

- 2019-06: $25.79 per share

- 2019-07: $27.18 per share

- 2019-08: $27.48 per share

- 2019-09: $27.78 per share

- 2019-10: $26.31 per share

- 2019-11: $24.98 per share

- 2019-12: $26.82 per share

- 2020-01: $29.74 per share

- 2020-02: $26.34 per share

- 2020-03: $13.48 per share

- 2020-04: $15.69 per share

- 2020-05: $14.04 per share

- 2020-06: $14.17 per share

- 2020-07: $14.41 per share

- 2020-08: $16.93 per share

- 2020-09: $14.55 per share

- 2020-10: $13.11 per share

- 2020-11: $18.94 per share

- 2020-12: $19.56 per share

- 2021-01: $18.23 per share

- 2021-02: $20.28 per share

- 2021-03: $21.83 per share

- 2021-04: $24.37 per share

- 2021-05: $23.94 per share

- 2021-06: $24.03 per share

- 2021-07: $23.89 per share

- 2021-08: $24.76 per share

- 2021-09: $25.20 per share

- 2021-10: $24.89 per share

- 2021-11: $24.99 per share

- 2021-12: $26.82 per share

- 2022-01: $24.84 per share

- 2022-02: $26.70 per share

- 2022-03: $28.43 per share

- 2022-04: $25.60 per share

- 2022-05: $20.63 per share

- 2022-06: $16.95 per share

- 2022-07: $18.46 per share

- 2022-08: $17.70 per share

- 2022-09: $15.19 per share

- 2022-10: $18.05 per share

- 2022-11: $18.29 per share

- 2022-12: $16.58 per share

- 2023-01: $19.90 per share

- 2023-02: $17.45 per share

- 2023-03: $16.23 per share

- 2023-04: $16.66 per share

- 2023-05: $14.32 per share

- 2023-06: $15.72 per share

- 2023-07: $15.46 per share

- 2023-08: $11.35 per share

- 2023-09: $10.10 per share

- 2023-10: $9.76 per share

- 2023-11: $12.23 per share

- 2023-12: $13.96 per share

- 2024-01: $13.02 per share

- 2024-02: $14.37 per share

- 2024-03: $16.79 per share

- 2024-04: $15.86 per share

- 2024-05: $14.45 per share

- 2024-06: $14.30 per share

- 2024-07: $16.22 per share

- 2024-08: $17.05 per share

- 2024-09: $18.38 per share

- 2024-10: $17.76 per share

- 2024-11: $19.21 per share

- 2024-12: $17.74 per share

- 2025-01: $18.40 per share

- 2025-02: $18.60 per share

- 2025-03: $16.14 per share

- 2025-04: $15.13 per share

- 2025-05: $16.52 per share

- 2025-06: $16.32 per share

- 2025-07: $17.53 per share

- 2025-08: $18.68 per share

- 2025-09: $18.32 per share

- 2025-10: $17.69 per share

- 2025-11: $23.53 per share

- 2025-12: $24.10 per share

- 2026-01: $24.32 per share

- 2026-02: $28.81 per share

- 2026-03: $26.50 per share

- 2026-04: $30.85 per share

- 2026-05: $32.24 per share

- 2026-06: $32.76 per share

- 2026-07: $31.87 per share

- 2026-08: $29.38 per share

- 2026-09: $27.75 per share

- 2026-10: $29.95 per share

## Annual estimated value (USD per share)

- FY2016: low $24.73 per share, central $28.10 per share, high $32.59 per share

- FY2017: low $20.84 per share, central $23.69 per share, high $27.49 per share

- FY2018: low $20.90 per share, central $23.76 per share, high $27.56 per share

- FY2019: low $17.62 per share, central $20.03 per share, high $23.23 per share

- FY2020: low $16.89 per share, central $18.54 per share, high $20.75 per share

- FY2021: low $16.73 per share, central $18.65 per share, high $21.21 per share

- FY2022: low $13.65 per share, central $15.53 per share, high $18.03 per share

- FY2023: low $7.66 per share, central $8.71 per share, high $10.12 per share

- FY2024: low $7.32 per share, central $8.32 per share, high $9.65 per share

- FY2025: low $13.22 per share, central $14.99 per share, high $17.34 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/1579877/000157987726000008/out-20251231.htm); period 2025-12-31, filed 2026-02-26.

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.