LAMAR ADVERTISING CO/NEW
$161.76
+2.11 (+1.32%) · delayed · Nov 13, 2026
Five-year price
52w $122.31 to $166.33
- Market cap
- $16.4B
- Enterprise value
- $19.8B
- P/E
- 28.0×
- 34.3× on 3y avg EPS
- EV / EBIT
- 25.6×
- FCF yield
- 4.2%
- ROIC
- 17.1%
- Debt / equity
- 3.34
- Piotroski F
- 6/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
83
- ●ROIC > 12% (5y avg)5y avg ROIC 13.8%
- ●ROE > 15% (5y avg)5y avg ROE 40.2%
- ●Stable operating marginsMargin volatility 3.4% (σ, 5y)
- ●Earnings convert to cashFCF / net income 148% (5y avg)
- ●Growing revenueRevenue CAGR 5y 7.6%
- ○Shrinking share countDiluted shares 0.7% over 5y
Value
0
- ○P/E below 15P/E 28.0
- ○EV/EBIT below 12EV/EBIT 25.6
- ○FCF yield above 6%FCF yield 4.2%
- ○Price below Graham NumberGraham Number $36.18
- ○P/B below 3P/B 16.0
Safety
20
- ○Debt / equity below 0.5D/E 3.34
- ○Debt payable in < 4 yrs of earningsNet debt $3.4B
- ○Interest coverage > 8xCoverage 4.8x
- ○Current ratio > 1.5Current ratio 0.58
- ●Piotroski F-score ≥ 6F-score 6/9
Graham Defensive
43
- ●Adequate size (revenue > $2B)Revenue $2.3B
- ○Strong condition (current ratio ≥ 2)Current ratio 0.58
- ●Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 51%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 34.3
- ○P/E × P/B ≤ 22.5Product 550.6
Valuation lab
What do you have to believe?
At $161.76, the market is pricing in about 10.5% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $3.4B · 102M shares · 5y revenue CAGR 7.6%
Intrinsic value
$127.60
Price
$161.76
Premium paid
27%
What the price implies
The market is paying for 10.5% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
60% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,500 | 1,541 | 1,627 | 1,754 | 1,569 | 1,787 | 2,032 | 2,111 | 2,207 | 2,266 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 439 | 455 | 461 | 518 | 410 | 521 | 578 | 675 | 532 | 774 |
| Operating margin | 29.3% | 29.5% | 28.3% | 29.5% | 26.1% | 29.2% | 28.4% | 32.0% | 24.1% | 34.2% |
| Pre-tax income | 312 | 327 | 316 | 368 | 248 | 397 | 456 | 507 | 367 | 614 |
| Income tax | 13 | 9 | 11 | (4) | 5 | 9 | 17 | 10 | 5 | 21 |
| Net income | 299 | 318 | 305 | 372 | 243 | 388 | 439 | 496 | 362 | 587 |
| EPS (diluted) | 3.05 | 3.23 | 3.08 | 3.71 | 2.41 | 3.83 | 4.31 | 4.85 | 3.52 | 5.77 |
| Diluted shares | 98 | 98 | 99 | 100 | 101 | 101 | 102 | 102 | 103 | 102 |
Who owns it