Lamar Advertising CompanyLAMR
NasdaqGS•Real Estate•REIT - Specialty
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.
Lamar Advertising Company (LAMR) reported trailing twelve months revenue of $2.29B as of March 2026, a 3.4% increase year-over-year. Quarterly revenue reached $528.00M, reflecting continued top-line momentum.
Lamar Advertising Company generated $549.68M in TTM net income, with quarterly EBITDA of $228.00M. The operating margin contracted from 37.8% to 27.7%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (27.7%) and net margin (19.2%) indicates moderate non-operating costs. Net margin has narrowed from 27.5% a year ago, reflecting increased costs or interest expense.
LAMR trades at a P/E of 22.8x (in line with broad market averages) and a P/S of 5.5x. The price-to-book ratio of 12.8x indicates a significant premium over book value.
The company generated $114.25M in free cash flow over the trailing twelve months, a 16.8% increase year-over-year, indicating cash generation ability. The balance sheet shows $6.91B in total assets with $3.25B in long-term debt against $981.69M in stockholders equity for a debt-to-equity ratio of 3.3, a relatively leveraged position. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~29.6%, suggesting durable pricing power and cost discipline.
Consistently high ROE averaging 45.4% suggests a durable competitive advantage and efficient capital allocation.
8 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (7 of 7 quarters up), with ~5.9% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~31.7% — no sign of cost or pricing stress.
FCF covers net income by -23.5x on average — earnings are well-supported by cash generation.
D/E ratio is 3.3 — dangerously high. The company is heavily leveraged and vulnerable to rising rates or cash flow dips.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.