# Lamar Advertising Company (LAMR) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/LAMR/thesis · /stocks/LAMR/memo

## Financial Snapshot

---
ticker: LAMR
step: 04
generated: 2026-05-13
source: quick-research
---

### Lamar Advertising Company (LAMR) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | ~$2.03B | $2.11B | $2.21B | +4.6% |
| Gross Margin | ~68% | ~69% | ~70% | |
| Operating Margin | ~30% | ~31% | ~32% | |
| Net Income | ~$350M | ~$370M | ~$400M | |
| AFFO/Share | $7.38 | $7.47 | $7.99 | +7.0% |

*AFFO is the primary performance metric. FY2023 AFFO growth was modest (+1.7%) as cost pressures offset moderate revenue growth. FY2024 accelerated to +7.4% AFFO growth and +7.0% per share as digital conversion investments began generating incremental revenue. Adjusted EBITDA reached $1.03B in FY2024.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Adjusted EBITDA | $1.03B |
| AFFO | $819M |
| Capital Expenditures | $125M (incl. $61M digital) |
| Cash & Equivalents | ~$100M |
| Total Debt | ~$3.42B |
| Net Debt / EBITDA | ~3.0x |

#### Key Ratios (approximate)
- P/AFFO: ~17x | EV/EBITDA: ~20x | Dividend Yield: ~4.4%
- Revenue Growth (FY2024): +4.6% | AFFO/Share Growth: +7.0%
- FY2024 Dividends Paid: $578.8M ($5.65/share)
- 5-Year Annualized Dividend Growth: 24.2% (9 raises in 5 years)

#### Growth Profile
Lamar has delivered consistent mid-single-digit revenue growth since its REIT conversion, with AFFO/share growth of 7–10% in recent years driven by digital conversions and operating leverage. Digital billboards — only 3% of the unit count — generate 32% of billboard revenue, creating a powerful reinvestment flywheel: each $200K static-to-digital conversion effectively creates 7-new-ad-faces per structure and unlocks programmatic advertising. Programmatic digital billboard revenue grew 30% YoY in 2025. The Verde Outdoor acquisition (July 2025, 1,500 billboard faces, 80 digital) added scale via the first-ever UPREIT structure in the billboard industry.

#### Forward Estimates
- FY2025 AFFO/share guidance: $8.50–$8.70 (management expects to trend toward high end)
- Q1 2025 actuals: Revenue +4%, AFFO/share $1.72 (+7.5% YoY)
- FY2025 capex budget: $195M (increased from $125M in 2024 — accelerating digital conversion)
- M&A capacity: ~$1.3B; targeting $150M/year in tuck-in acquisitions
- TD Cowen 12-month target: $150 (raised from $140)

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/LAMR/fundamental

## Navigation

- Overview: /stocks/LAMR
- Financials (this page): /stocks/LAMR/financials
- Thesis: /stocks/LAMR/thesis
- Investment Memo: /stocks/LAMR/memo
- Coverage universe: /stocks