olivLaw · US equity research
Lamar Advertising Company LAMR
Real Estate Investment Trusts · SIC 6798 · Vertical: Real Estate Investment Trusts (SIC 6798)
Lamar Advertising is one of the largest outdoor advertising operators in the United States, running billboard, logo and transit displays. The company grew revenue in the first half of 2026 and its raised guidance points to steady demand for out-of-home advertising, while the level of debt remains something to watch. Net revenues of 2.27 billion USD in 2025 show the scale of the business.
At the close of 04 Nov 2026, Lamar Advertising Company (LAMR) stock was 158.58 USD (+1.14% on the day), with P/E 28.9 on diluted EPS of 5.48 USD over the last 12 months, dividend yield 4.13%, beta 0.71, 52-week range 118.49–164.33 USD. Latest reported quarter (Q2 2026): revenue of 616.7 m USD (+6.5% YoY), net income of 160.7 m USD (+4.1% YoY), diluted EPS 1.58 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 65.3
- strong (55–70)
- Bollinger (20, 2)
- 143.47 – 162.37
- in the upper half of the band · %B 0.80 · band width 12.4%
- SMA 50 / 200
- 149.54 / 145.18
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 2.78 / 2.28
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +10.2% | −1.1% | +11.3 pp | — |
| 3 months | +0.3% | −0.5% | +0.7 pp | — |
| 6 months | +12.3% | +4.4% | +8.0 pp | — |
| Year to date | +25.3% | +12.3% | +13.0 pp | — |
| 1 year | +32.6% | +13.5% | +19.0 pp | +7.5% |
| 3 years | +66.9% | +76.4% | −9.5 pp | +19.0% |
| 5 years | +30.5% | +63.7% | −33.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 564.1 m | 579.6 m | 505.4 m | 579.3 m | 585.5 m | 595.9 m | 528.0 m | 616.7 m |
| Cost of revenue | 182.6 m | 186.4 m | 180.0 m | 186.8 m | 187.7 m | 192.4 m | 183.3 m | 194.2 m |
| Operating income | 186.6 m | 36.7 m | 191.2 m | 197.7 m | 189.1 m | 196.1 m | 146.1 m | 208.0 m |
| Depreciation & amortisation | 75.1 m | 235.4 m | 77.8 m | 78.1 m | 86.3 m | 84.1 m | 81.9 m | 84.4 m |
| Interest expense | 42.9 m | 39.9 m | 38.3 m | 40.7 m | 41.2 m | 40.2 m | 40.5 m | 41.1 m |
| Pre-tax income | 146.7 m | 330.0 k | 153.8 m | 157.4 m | 146.6 m | 156.6 m | 105.9 m | 167.4 m |
| Income tax | -1.2 m | 1.3 m | 14.5 m | 2.4 m | 2.6 m | 1.8 m | 4.1 m | 2.7 m |
| Net income | 147.5 m | -1.2 m | 138.8 m | 154.4 m | 141.8 m | 152.3 m | 101.3 m | 160.7 m |
| Diluted EPS | 1.44 | -0.01 ≈ | 1.35 | 1.52 | 1.40 | 1.50 ≈ | 1.00 | 1.58 |
| Operating cash flow | 227.4 m ≈ | 279.3 m | 127.7 m | 229.5 m ≈ | 235.7 m ≈ | 271.2 m | 147.4 m | 252.4 m ≈ |
| Capex | 30.1 m ≈ | 43.0 m | 29.9 m | 38.2 m ≈ | 49.9 m ≈ | 62.9 m | 33.1 m | 42.7 m ≈ |
| Dividends paid | 143.5 m | 169.6 m | 159.1 m | 157.1 m | 157.3 m | 182.8 m | 162.6 m | 162.8 m |
| Share repurchases | 1.0 k ≈ | -1.0 k | 26.4 m | 131.6 m ≈ | 0 ≈ | 0 | 6.1 m | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 85 percentile of its own 39-quarter history (min 14.3, median 24.2, max 39.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.6 bn | 1.8 bn | 1.6 bn | 1.8 bn | 2.0 bn | 2.1 bn | 2.2 bn | 2.3 bn |
| Revenue YoY | +5.6% | +7.8% | −10.5% | +13.9% | +13.7% | +3.9% | +4.6% | +2.7% |
| Net income | 305.2 m | 372.1 m | 243.4 m | 388.1 m | 438.6 m | 495.8 m | 361.9 m | 587.2 m |
| Net income YoY | −3.9% | +21.9% | −34.6% | +59.5% | +13.0% | +13.0% | −27.0% | +62.3% |
| Diluted EPS | 3.08 | 3.71 | 2.41 | 3.83 | 4.31 | 4.85 | 3.52 | 5.77 |
| Diluted EPS YoY | −4.6% | +20.5% | −35.0% | +58.9% | +12.5% | +12.5% | −27.4% | +63.9% |
| net % | 18.8% | 21.2% | 15.5% | 21.7% | 21.6% | 23.5% | 16.4% | 25.9% |
| Free cash flow | 447.2 m | 489.9 m | 507.6 m | 608.3 m | 614.5 m | 605.3 m | 748.3 m | 683.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 64.8 m USD
- Financial debt
- 3.4 bn USD
- Net debt
- 3.4 bn USD
- Equity
- 1.0 bn USD
- Total assets
- 6.9 bn USD
- Debt / equity
- 3.34x
- Current ratio
- 0.58x
- ROE
- 56.7%
- ROA
- 8.7%
- FCF margin
- 30.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 1.6 bn | 1.8 bn | 2.0 bn | 2.1 bn | 2.2 bn | 2.3 bn | SEC (XBRL)· 20 Feb 2026verified |
| Cost of revenue | 557.7 m | 576.5 m | 667.3 m | 696.8 m | 727.9 m | 746.9 m | SEC (XBRL)· 20 Feb 2026verified |
| Gross profit | 1.0 bn ≈ | 1.2 bn ≈ | 1.4 bn ≈ | 1.4 bn ≈ | 1.5 bn ≈ | 1.5 bn ≈ | SEC (XBRL)· 20 Feb 2026derived |
| Operating income | 410.1 m | 521.2 m | 578.0 m | 675.4 m | 532.0 m | 774.1 m | SEC (XBRL)· 20 Feb 2026verified |
| Depreciation & amortisation | 251.3 m | 271.3 m | 349.4 m | 293.4 m | 463.0 m | 326.3 m | SEC (XBRL)· 20 Feb 2026verified |
| EBITDA | 661.4 m ≈ | 792.5 m ≈ | 927.5 m ≈ | 968.9 m ≈ | 995.0 m ≈ | 1.1 bn ≈ | SEC (XBRL)· 20 Feb 2026derived |
| Interest expense | 137.6 m | 106.4 m | 127.5 m | 174.5 m | 171.7 m | 160.4 m | SEC (XBRL)· 20 Feb 2026verified |
| Pre-tax income | 248.0 m | 397.3 m | 456.1 m | 506.6 m | 367.5 m | 614.4 m | SEC (XBRL)· 20 Feb 2026verified |
| Income tax | 4.7 m | 9.3 m | 17.5 m | 9.8 m | 4.5 m | 21.3 m | SEC (XBRL)· 20 Feb 2026verified |
| Net income | 243.4 m | 388.1 m | 438.6 m | 495.8 m | 361.9 m | 587.2 m | SEC (XBRL)· 20 Feb 2026verified |
| Diluted EPS | 2.41 | 3.83 | 4.31 | 4.85 | 3.52 | 5.77 | SEC (XBRL)· 20 Feb 2026verified |
| Weighted average diluted shares | 100.9 m | 101.3 m | 101.6 m | 102.1 m | 102.6 m | 101.6 m | SEC (XBRL)· 20 Feb 2026verified |
| Dividend per share | 2.50 | 4.00 | 5.00 | 5.00 | 5.65 | 6.45 | SEC (XBRL)· 20 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 121.6 m | 99.8 m | 52.6 m | 44.6 m | 49.5 m | 64.8 m | SEC (XBRL)· 20 Feb 2026verified |
| Receivables | 240.9 m | 269.9 m | 285.0 m | 301.2 m | 334.8 m | 341.2 m | SEC (XBRL)· 20 Feb 2026verified |
| Current assets | 380.6 m | 388.6 m | 364.6 m | 373.2 m | 425.3 m | 459.7 m | SEC (XBRL)· 20 Feb 2026verified |
| Property, plant & equipment, net | 1.3 bn | 1.3 bn | 1.5 bn | 1.6 bn | 1.6 bn | 1.7 bn | SEC (XBRL)· 20 Feb 2026verified |
| Goodwill | 1.9 bn | 1.9 bn | 2.0 bn | 2.0 bn | 2.0 bn | 2.1 bn | SEC (XBRL)· 20 Feb 2026verified |
| Intangibles (excl. goodwill) | 914.4 m | 1.0 bn | 1.2 bn | 1.2 bn | 1.1 bn | 1.1 bn | SEC (XBRL)· 20 Feb 2026verified |
| Total assets | 5.8 bn | 6.0 bn | 6.5 bn | 6.6 bn | 6.6 bn | 6.9 bn | SEC (XBRL)· 20 Feb 2026verified |
| Accounts payable | 12.0 m | 16.4 m | 19.6 m | 18.2 m | 21.6 m | 16.5 m | SEC (XBRL)· 20 Feb 2026verified |
| Short-term debt | 122.4 m | 174.8 m | 249.8 m | 250.0 m | 249.8 m | 250.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Long-term debt | 2.8 bn | 2.8 bn | 3.1 bn | 3.1 bn | 3.0 bn | 3.2 bn | SEC (XBRL)· 20 Feb 2026verified |
| Current liabilities | 547.9 m | 663.0 m | 726.0 m | 713.9 m | 778.5 m | 794.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Total liabilities | 4.6 bn | 4.8 bn | 5.3 bn | 5.3 bn | 5.5 bn | 5.9 bn | SEC (XBRL)· 20 Feb 2026verified |
| Equity | 1.2 bn | 1.2 bn | 1.2 bn | 1.2 bn | 1.0 bn | 1.0 bn | SEC (XBRL)· 20 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 569.9 m | 734.4 m | 781.6 m | 783.6 m | 873.6 m | 864.0 m | SEC (XBRL)· 20 Feb 2026verified |
| Capex | 62.3 m | 126.1 m | 167.1 m | 178.3 m | 125.3 m | 180.8 m | SEC (XBRL)· 20 Feb 2026verified |
| Free cash flow | 507.6 m ≈ | 608.3 m ≈ | 614.5 m ≈ | 605.3 m ≈ | 748.3 m ≈ | 683.2 m ≈ | SEC (XBRL)· 20 Feb 2026derived |
| Investing cash flow | -96.9 m | -461.8 m | -619.1 m | -310.1 m | -164.9 m | -244.6 m | SEC (XBRL)· 20 Feb 2026verified |
| Financing cash flow | -377.9 m | -294.5 m | -209.3 m | -481.6 m | -703.4 m | -604.3 m | SEC (XBRL)· 20 Feb 2026verified |
| Dividends paid | 252.3 m | 405.2 m | 508.6 m | 510.6 m | 579.2 m | 656.2 m | SEC (XBRL)· 20 Feb 2026verified |
| Share repurchases | 10.5 m | 6.1 m | 10.5 m | 6.0 m | 5.3 m | 157.9 m | SEC (XBRL)· 20 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Market and valuation
9 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 62 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
- Balance sheet90
- Valuation50
- Quality64
- Growth37
- Returns36
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 84.76 – 113.99 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- Net asset value (NAV)unavailable · input data missing
- Dividend discount (DDM)84.76 – 113.99 (Mid 97.22)
- Peers: P/Bunavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 62/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | 58.5% | 94 (vs peers) | 8% |
| EBITDA margin · Quality | 46.3% | 41 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | 3.7% | 37 (on a fixed band) | 11% |
| Net debt / EBITDA · Balance sheet | 3.2x | 82 (vs peers) | 19% |
| Interest coverage · Balance sheet | 4.5x | 100 (on a fixed band) | 16% |
| P/B · Valuation | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 28.9x | 50 (vs peers) | 11% |
| Dividend yield · Returns | 4.1% | 46 (vs peers) | 19% |
| Payout ratio (EPS) · Returns | 119.5% | 1 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet90/100 · 2/2 factors with a value
- Growth37/100 · 1/1 factors with a value
- Quality64/100 · 2/2 factors with a value
- Returns36/100 · 2/2 factors with a value
- Valuation· partial50/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
LAMAR ADVERTISING CO/NEW (LAMR). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 2.3 bn USD in 2025; YoY growth 2.7%; net margin 23.9%; ROE 58.5%; net debt/EBITDA 3.2x.
The estimated value range is 84.76–113.99 USD per share (median of 1 methods, agreement: single method); assumptions are illustrative. Against the central value of 97.22 USD, the price of 158.58 USD leaves a potential of -38.7% (value / price − 1) and a margin of safety of -63.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 62/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: valuation. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROE: 58.5%
- Net debt / EBITDA: 3.2x
- Interest coverage: 4.5x
What contradicts it
- Payout ratio (EPS): 119.5%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): P/B.
Versus the vertical median
Real Estate Investment Trusts (SIC 6798) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| WELLWelltower Inc. | 181.9 bn | 106.2 | 4.0% | 12.7% | +35.6% | +19% / +178% |
| PLDPrologis, Inc. | 122.5 bn | 33.1 | 7.1% | 42.5% | +7.2% | +2% / +14% |
| EQIXEquinix Inc | 104.3 bn | 63.3 | 11.5% | 16.4% | +5.4% | +40% / +29% |
| AMTAmerican Tower Corporation | 90.4 bn | 27.3 | 90.6% | 30.7% | +5.1% | +7% / −7% |
| DLRDigital Realty Trust, Inc. | 65.0 bn | 48.3 | 6.2% | 21.7% | +10.0% | +15% / +33% |
| PSAPublic Storage | 64.0 bn | 34.9 | 16.0% | 37.8% | +2.7% | +25% / +32% |
| ORealty Income Corporation | 56.3 bn | 40.8 | 3.6% | 22.9% | +9.1% | +3% / +10% |
| VTRVentas, Inc. | 47.2 bn | 167.8 | 1.9% | 4.0% | +18.5% | +11% / +95% |
| CCICrown Castle Inc. | 39.2 bn | 48.6 | — | 20.1% | −4.4% | +1% / −21% |
| IRMIron Mountain Inc | 35.3 bn | 84.0 | — | 5.7% | +12.2% | +37% / +85% |
| EXRExtra Space Storage Inc. | 33.6 bn | 32.7 | 7.9% | 29.9% | +3.7% | +21% / +24% |
| VICIVICI Properties Inc. | 27.8 bn | 11.6 | 8.3% | 56.5% | +4.1% | −12% / −16% |
| VMRKVivmark Residential | 23.9 bn | 27.9 | 8.1% | — | +4.8% | +3% / +12% |
| SBACSba Communications Corporation | 20.7 bn | 21.1 | — | 34.5% | +5.1% | +1% / −21% |
| HSTHost Hotels & Resorts, Inc. | 17.9 bn | 17.5 | 15.8% | 16.5% | +7.6% | +48% / +49% |
| ESSEssex Property Trust, Inc. | 17.5 bn | 41.7 | 8.0% | 22.7% | +6.4% | +3% / +27% |
| KIMKimco Realty Corporation | 17.4 bn | 28.6 | 5.8% | 27.8% | +5.1% | +25% / +34% |
| DOCHealthpeak Properties, Inc. | 13.9 bn | 37.1 | 4.9% | 12.3% | +4.5% | +10% / +16% |
| UDRUDR, Inc. | 11.8 bn | 17.5 | 21.8% | 40.8% | +2.4% | +2% / +11% |
| FRTFederal Realty Investment Trust | 9.9 bn | 19.9 | 15.6% | 38.6% | +6.4% | +16% / +20% |
| RHPRyman Hospitality Properties, Inc. | 9.4 bn | 33.1 | 26.0% | 9.9% | +10.2% | +43% / +36% |
| BRXBrixmor Property Group Inc. | 9.3 bn | 22.0 | 14.2% | 30.0% | +6.7% | +16% / +40% |
| STAGSTAG Industrial, Inc. | 7.3 bn | 27.1 | 7.6% | 29.9% | +10.1% | −4% / +6% |
| EPREpr Properties | 4.7 bn | 16.8 | 12.7% | 38.8% | +2.9% | +16% / +36% |
| COLDAmericold Realty Trust, Inc. | 4.3 bn | — | -16.5% | -17.4% | −2.4% | +40% / −46% |
1- and 3-year price returns: for LAMR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Lamar Advertising is one of the largest outdoor advertising operators in the United States, running billboard, logo and transit displays. The company grew revenue in the first half of 2026 and its raised guidance points to steady demand for out-of-home advertising, while the level of debt remains something to watch. Net revenues of 2.27 billion USD in 2025 show the scale of the business.
SWOT
Strengths
- Leading position in logo signs and an extensive display network across the United States and Canada, backed by a strong local structure.
- A high share of local sales and experienced regional managers who support customer relationships.
- Steady operating cash flows that fund investment and distributions to stockholders.
Weaknesses
- Significant indebtedness that limits financial flexibility and exposes the company to interest rate risk.
- Significant family control over voting power, which may limit the influence of minority stockholders.
- Reliance on state and municipal contracts that must be renewed periodically and can be terminated early.
Opportunities
- Converting displays to digital formats could raise revenue per location.
- The programmatic out-of-home channel could attract new budgets from agencies and digital advertisers.
- Acquisitions in new or existing markets could complement the network and improve coverage.
Threats
- An economic slowdown could reduce advertising budgets and display occupancy.
- Competition from digital platforms and other outdoor operators could put pressure on rates.
- Changes in REIT tax or regulatory rules could affect the company's structure.
Risks
- High indebtednesshigh
Total debt at Lamar Media exceeds 3 billion USD and financing terms impose restrictions. If cash flows fall, servicing the debt could become difficult.
- Interest rate exposuremedium
Variable-rate debt means higher benchmark rates raise financing costs directly. Future refinancings could be made at higher rates.
- Contract renewalsmedium
Several logo sign contracts expire or are renewable in 2026. If the company loses bids, revenue in the logo segment could decline.
- Family controlmedium
The founding family controls most voting rights, so major decisions may favour its interests rather than those of minority stockholders.
- Difficult acquisitionslow
The acquisition strategy depends on available targets and financing. If integration fails, the expected benefits might not materialise.
Investment thesis
What would need to be true (bull case)
- Revenue growth in the first half of 2026 and the raised AFFO guidance suggest demand and operating execution could stay solid if the trend holds.
- The leading position in logo signs and the large display network give a scale advantage that local competitors find hard to replicate.
- Investment in digital displays and the programmatic channel could open new revenue sources and support medium-term growth.
What would break the thesis
- Significant debt and high interest costs could limit flexibility, especially if the economy slows.
- Reliance on state and municipal contracts exposes the company to losing important bids, which could reduce revenue.
- Gains from asset sales, such as the Vistar stake sale, are non-recurring and can distort comparisons between periods.
What to watch
- Revenue trend and updated AFFO guidanceQ3 2026
- Progress on refinancing and the rate on variable-rate debt2027
- Outcome of the logo sign contracts expiring in 2026next 10-K
- Pace of digital investment and growth of the programmatic channel2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Lamar Advertising Company runs three segments: billboard, logo and transit, renting advertising space on billboards, highway exit logo signs, buses, shelters and airports. As of December 31, 2025 it owned more than 159,300 billboard displays in 45 states and Canada, and over 144,400 logo displays, making it the largest provider of logo signs in the United States. Net revenues were 2.27 billion USD in fiscal 2025, up 2.7%, and Lamar operates as a REIT, which requires distributing at least 90% of REIT taxable income to stockholders.
The business model relies on local sales: local advertising made up about 79% of outdoor net revenues in fiscal 2025, supported by roughly 1,000 local account executives. The structure combines central financial control with decentralised management of local markets, which allows quick responses to customer needs. The company keeps investing in digitisation and new locations, with capital expenditures of 180.8 million USD in fiscal 2025, of which 90.9 million USD went to digital technology.
Segments
Billboard
The billboard segment is the largest, with more than 159,300 displays, of which about 5,500 are digital. Bulletins generated about 77% of billboard net revenues in 2025, while digital billboards generated about 33%, which shows the importance of modernising this segment 1.
Logo
The logo segment makes Lamar the largest logo sign provider in the United States, operating 24 of the 28 privatised state contracts. At December 31, 2025 the company had over 144,400 logo displays, and the contracts are subject to award and renewal by states 1.
Transit
The transit segment covers displays on buses, shelters, benches and in airports in over 80 markets. Transit revenues declined in 2025, and the contracts with municipalities and airport authorities depend on renewals and open bidding 1.
Market context
The US outdoor advertising market is fragmented, with a few large operators and many local companies. Outdoor advertising competes with television, radio, print, internet and other out-of-home formats. Demand is sensitive to general economic conditions, since advertising budgets are often among the first to be adjusted 1. The second quarter of 2026 suggests that demand remained solid, with revenue growth 3.
Outdoor advertising is described by the company as relatively cost-efficient compared with other media. Results for the first half of 2026, with revenue of 1.14 billion USD, suggest the segment remains competitive, but performance depends on the ability to maintain rates and occupancy 2.
Trends
- Digitisation of displaystailwind
Investment in digital displays raises the revenue potential of each location, since digital faces can rotate several advertisements and attract new clients. If occupancy and digital rates keep rising, this trend could support margins over the medium term.
- Programmatic out-of-hometailwind
Selling unsold digital inventory through programmatic partners opens access to new advertising budgets. The channel is still small, but the company describes it as a growth area, and its development could reduce reliance on traditional sales.
- Cost of financingheadwind
Higher interest rates have increased interest expense, and future refinancings could come at higher cost. Lower interest expense in 2025 partly offsets this pressure, but it remains a risk factor.
- Acquisitions and consolidationmixed
The pool of acquisition targets is shrinking and competition for assets could push prices up. On the other hand, industry consolidation opens integration opportunities, though it also brings stricter antitrust scrutiny, which makes the effect mixed.
Competitive position
Lamar faces large outdoor operators such as Clear Channel Outdoor and Outfront Media, as well as small local companies running a limited number of structures. The company also competes with television, radio, digital press and other out-of-home formats such as displays in shopping centres and airports 1.
In bids for logo and transit contracts, Lamar competes with other national providers and local companies. Its advantages are local presence, the experience of regional managers and the cost efficiency of outdoor advertising, but state and municipal contracts remain subject to open competition 1.
- Clear Channel Outdoor HoldingsCCO
Large operator of billboards, street furniture and transit displays, listed in the US
- Outfront MediaOUT
Outdoor advertising operator covering traditional outdoor, street furniture and transit, listed in the US
- Local logo sign providers
Local companies in each state that bid for logo sign contracts
- Digital media and television platforms
Competitors outside outdoor that attract the same advertising budgets
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Blackburn on AI Kendrick Lamar clip backlash: It wasn’t ‘intended to offend’The Hill · 17 Oct 2026 · EN
- Ravens hoping to get QB Lamar Jackson back in time to face BrownsThe Japan Times · 15 Oct 2026 · EN
- GOP’s Blackburn releases AI Kendrick Lamar video, to some criticismThe Hill · 14 Oct 2026 · EN
- Lamar Advertising (LAMR) Grows Revenue And Raises Full Year GuidanceYahoo Finance — News · 07 Sept 2026 · EN
- RDIF, NPS, Lamar Arabia Holding to implement infrastructure projectsTASS (RU, EN) · 05 Jun 2026 · RO
SEC filings
- Current report06 Oct 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report01 Sept 2026Other events · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report19 May 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Current report14 May 2026Other events · Financial statements and exhibits
- Quarterly report07 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Proxy statement02 Apr 2026
- Current report26 Feb 2026Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Lamar Advertising Company · 20 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Lamar Advertising Company · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Lamar Advertising Company · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.