Lamar Advertising Company
- Open
- 155.60
- Day high
- 157.50
- Day low
- 154.88
- Prev close
- 155.98
- Volume
- 75K
- Mkt cap
- $16.0B
- P/E (TTM)
- 28.9
- EPS (TTM)
- $5.43
- P/B
- 16.5
- P/S
- 7.0
- Yield
- 4.17%
- Per share
- $6.55
- ▼Insiders net selling -$1.6M over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions mixed (13F)
Lamar Advertising Company (LAMR) is a Real Estate company listed on NASDAQ. The stock is up 27% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4).
Lamar Advertising Company (LAMR) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
LAMR earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $0.84 | $1.72 | +105.3% | $528M | +1.0% |
| Feb 20, 2026 | $2.18 | $2.24 | +2.8% | $596M | +13.8% |
| Nov 6, 2025 | $2.14 | $2.20 | +2.8% | $586M | -1.1% |
| Aug 8, 2025 | $2.15 | $2.22 | +3.3% | $579M | -0.8% |
| May 8, 2025 | $1.54 | $1.60 | +3.9% | $505M | -12.2% |
| Feb 20, 2025 | $1.47 | $2.21 | +50.3% | $580M | +9.3% |
| Nov 8, 2024 | $2.21 | $2.15 | -2.7% | $564M | -3.2% |
| Aug 8, 2024 | $2.07 | $2.08 | +0.5% | $565M | +0.0% |
| May 2, 2024 | $1.52 | $1.54 | +1.3% | $498M | +1.5% |
| Feb 23, 2024 | $1.95 | $2.10 | +7.7% | $556M | +1.5% |
| Nov 2, 2023 | $1.91 | $2.04 | +6.8% | $543M | +0.1% |
| Aug 3, 2023 | $1.94 | $1.90 | -2.1% | $541M | +1.1% |
LAMR insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 15, 2026 | REILLY ANNAdirector | Grant | 485 | — |
| May 18, 2026 | Thompson Elizabeth Marydirector | Grant | 542 | — |
| May 18, 2026 | MUMBLOW STEPHEN Pdirector | Grant | 678 | — |
| May 18, 2026 | Fletcher Nancydirector | Grant | 644 | — |
| May 18, 2026 | Landrieu Mitchelldirector | Grant | 542 | — |
| May 18, 2026 | LOEB MARSHALL Adirector | Grant | 542 | — |
| May 18, 2026 | KOERNER JOHN E IIIdirector | Grant | 644 | — |
| May 18, 2026 | Reilly Wendelldirector | Grant | 508 | — |
| May 18, 2026 | REIFENHEISER THOMAS Vdirector | Grant | 542 | — |
| May 12, 2026 | Johnson Jay LeCoryelleofficer: CFO, Treasurer, EVP | Sell | 10,000 | $157.02 |
| Mar 25, 2026 | Reilly Ross Lamarofficer: EVP, President, Outdoor Div | Option | 9,000 | $65.82 |
| Mar 25, 2026 | Reilly Ross Lamarofficer: EVP, President, Outdoor Div | Sell | 5,969 | $128.65 |
| Mar 12, 2026 | REILLY SEAN Eofficer: Chief Executive Officer | Grant | 60,000 | — |
| Mar 12, 2026 | REILLY KEVIN P JRdirector, 10 percent owner, officer: Executive Chairman | Grant | 26,400 | — |
| Mar 12, 2026 | Reilly Ross Lamarofficer: EVP, President, Outdoor Div | Grant | 24,000 | — |
Source: LAMR SEC Form 4 filings, latest Jun 15, 2026. For informational purposes only — not investment advice.
See the full LAMR insider & 13F page →Lamar Advertising Company company profile
Overview
Lamar Advertising Company (NASDAQ:LAMR) is one of North America's largest outdoor advertising companies, founded in 1902 and publicly traded since 1996. The company operates as a Real Estate Investment Trust (REIT) specializing in outdoor advertising infrastructure. With over 352,000 displays across the United States and Canada, Lamar has built a comprehensive network of billboards, transit advertising, airport displays, and digital signage that serves both local businesses and national brands. The company has consistently grown through strategic acquisitions and organic expansion, establishing itself as a dominant player in the out-of-home advertising industry.
Business
Lamar Advertising operates in the out-of-home (OOH) advertising industry, which encompasses all forms of advertising that reach consumers when they are outside their homes. This traditional advertising medium has evolved significantly with digital technology, creating new opportunities for dynamic, targeted messaging. The company's core business consists of several key segments: Billboard Advertising represents the largest portion of Lamar's business, accounting for approximately 82% of total revenue. This segment includes traditional static billboards and an expanding network of digital billboards. Billboards are large-format advertising displays typically positioned along highways, major roads, and in urban areas where they can capture the attention of drivers and pedestrians. Lamar operates over 352,000 billboard displays across diverse markets. Digital Billboard Network is a rapidly growing subset within the billboard segment, representing approximately 30% of billboard revenue. Lamar operates the largest digital billboard network in the United States with nearly 5,000 digital displays. These electronic billboards allow for multiple advertisers to share the same display space through rotating advertisements, enable real-time content updates, and command premium pricing due to their visual impact and flexibility. Transit Advertising involves placing advertisements on public transportation vehicles and infrastructure, including buses, bus stops, subway systems, and train stations. This segment captures consumers during their daily commutes and travels. Airport Advertising focuses on advertising displays within airport terminals and surrounding areas. This segment has shown strong growth, with revenue increasing 21.7% in recent quarters, as it reaches affluent travelers with extended dwell times. Interstate Logo Programs involve official highway signs that direct travelers to nearby businesses such as gas stations, restaurants, and hotels. These signs are regulated by state transportation departments and provide essential wayfinding information while generating advertising revenue. The company's revenue mix is heavily weighted toward local and regional advertisers (approximately 78-82% of revenue), with national advertisers and programmatic advertising comprising the remainder (18-22%). This local focus provides stability and recurring revenue from small and medium-sized businesses in Lamar's markets.
Revenue model
Lamar Advertising generates revenue primarily through rental fees charged to advertisers for displaying their messages on the company's outdoor advertising inventory. The business model operates similarly to real estate leasing, where Lamar owns or leases the physical locations and infrastructure, then rents advertising space to clients. The company's revenue streams include: Billboard Lease Revenue constitutes the majority of income, with advertisers typically signing contracts averaging four months in duration. Pricing varies based on location traffic counts, visibility, market demographics, and display type. Digital billboards command premium rates due to their flexibility and visual impact, with the ability to rotate multiple advertisers on the same display. Programmatic Advertising Revenue represents a fast-growing segment, increasing 70% year-over-year, where automated systems allow advertisers to purchase billboard space through digital platforms. This model enables real-time bidding and more efficient inventory utilization. Transit and Airport Advertising Fees are generated through contracts with transportation authorities and airport operators, often involving revenue-sharing arrangements or fixed rental payments. Lamar's customers include local businesses (restaurants, automotive dealers, retail stores), regional companies, and national brands. The local/regional focus provides revenue stability since these advertisers typically have consistent, ongoing marketing needs and strong relationships with local Lamar sales teams. Several factors influence Lamar's profit margins: Margin-enhancing factors include the company's ability to increase rental rates in high-demand markets, the conversion of traditional billboards to higher-priced digital displays, improved occupancy rates, and the scalable nature of digital advertising that allows multiple advertisers per display. Economic growth in local markets also drives increased advertising demand. Margin-pressuring factors include rising construction and maintenance costs, regulatory restrictions on new billboard construction, increased competition from digital advertising platforms, economic downturns that reduce advertising budgets, and the significant capital investment required for digital billboard conversions. Interest rate changes also impact the company's debt servicing costs and acquisition financing. The business benefits from relatively predictable cash flows due to short-term contracts that allow for regular rate adjustments and a diversified advertiser base that reduces dependence on any single customer or industry sector.
Competitive moat
Lamar Advertising possesses a moderate to strong competitive moat built primarily on physical asset control and regulatory barriers, though this moat faces challenges from digital advertising disruption. The company's primary competitive advantages include: Location Control and Scarcity represents Lamar's strongest moat element. The company controls premium billboard locations through long-term land leases or ownership, often in areas where new billboard construction is restricted or prohibited by local zoning laws. These high-traffic locations along major highways and in urban centers cannot be easily replicated by competitors, creating a form of geographic monopoly in specific markets. Regulatory Barriers provide significant protection, as many jurisdictions have implemented strict zoning laws, environmental regulations, and aesthetic guidelines that limit new billboard construction. This regulatory environment effectively caps supply in many markets, protecting existing operators from new competition. Scale Advantages enable Lamar to spread fixed costs across a large inventory base, negotiate better rates with suppliers, and offer national advertisers comprehensive geographic coverage that smaller competitors cannot match. The company's size also provides advantages in digital billboard technology deployment and programmatic advertising platform development. Local Market Relationships create switching costs for advertisers who have established relationships with Lamar's sales teams and are familiar with the company's inventory and performance in their markets. However, Lamar faces significant competitive threats: Digital Advertising Disruption poses the most serious long-term challenge, as online platforms offer more precise targeting, real-time performance measurement, and often lower costs per impression. Mobile advertising, social media, and streaming services compete directly for advertising budgets. Changing Consumer Behavior including increased remote work, ride-sharing, and autonomous vehicles could reduce the effectiveness of traditional out-of-home advertising as commuting patterns change. Technology Substitution through location-based mobile advertising and augmented reality applications could provide alternative ways to reach consumers outside their homes. While Lamar's physical asset control provides near-term protection, the company's long-term moat strength depends on its ability to evolve its offerings and demonstrate superior advertising effectiveness compared to digital alternatives. The company's investment in digital billboards and programmatic advertising represents efforts to adapt to changing market conditions, but the fundamental challenge of competing with highly targeted digital advertising platforms remains significant.
Risks & safety
Lamar Advertising presents a moderate margin of safety with solid financial fundamentals but elevated debt levels typical of REITs. Debt and Solvency: - Net debt-to-EBITDA ratio of 2.85x (Q1 2025), at the lower end of historical range - Total debt-to-equity ratio of 1.11x, manageable for a REIT structure - Strong liquidity position with $490 million in total available liquidity - Consistent free cash flow generation of $748 million (2024), supporting debt service - No immediate refinancing concerns with well-laddered debt maturity profile Valuation Metrics: - Trading at 21.0x P/E ratio (Q1 2025), reasonable for a stable REIT - EV/EBITDA of 12.0x, in line with historical averages - Price-to-book ratio of 9.5x, elevated but typical for asset-heavy REITs - Current dividend yield provides income support for valuation Other Considerations: - Consistent EBITDA margins around 47%, demonstrating operational efficiency - Diversified revenue base across thousands of small advertisers reduces concentration risk - Strong free cash flow conversion supports dividend sustainability - Current ratio of 0.57x indicates working capital management typical of the business model - AFFO (Adjusted Funds From Operations) growth trajectory supports REIT valuation metrics
Recent development
Over the past few years, Lamar Advertising has pursued several strategic initiatives to modernize its business and capture growth opportunities in the evolving advertising landscape. Digital Billboard Expansion has been the company's primary growth driver, with digital displays increasing from approximately 4,465 units in 2022 to nearly 5,000 units by 2024. The company plans to deploy 350-375 new digital displays in 2025, representing its most aggressive digital conversion strategy. Digital billboards now generate approximately 30% of billboard revenue and command premium pricing due to their flexibility and visual impact. Programmatic Advertising Growth represents a significant strategic pivot, with programmatic revenue growing 70% year-over-year in recent quarters. This automated advertising buying platform allows Lamar to compete more effectively with digital advertising channels and attract technology-savvy advertisers. The programmatic platform has grown from $8.6 million in quarterly revenue to a meaningful contributor to overall growth. Strategic Divestitures and Investments include the sale of a 20% stake in Vistar Media to T-Mobile for $115 million in 2024, providing capital for reinvestment while maintaining exposure to the programmatic advertising technology sector. This transaction demonstrates Lamar's ability to monetize strategic investments. Acquisition Strategy Evolution has shifted from large-scale acquisitions to targeted "fill-in" acquisitions that strengthen existing market positions. The company completed $480 million in acquisitions in 2022, then moderated to $139 million in 2023 and approximately $150 million in 2024, focusing on strategic market consolidation rather than geographic expansion. Technology Infrastructure Improvements include the implementation of an Enterprise Resource Planning (ERP) system to improve operational efficiency and the development of enhanced programmatic advertising capabilities to compete with digital platforms. Market Positioning Adjustments have emphasized local and regional advertising relationships, which now represent 78-82% of revenue, providing stability during national advertising market volatility. The company has also expanded its airport advertising presence, achieving 21.7% growth in this high-value segment.
LAMR company profile · for informational purposes only — not investment advice.
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