Lamar Advertising (LAMR) Financials

$109.68 -4.00 (-3.52%)

Closing price 04/10/2025 04:00 PM Eastern

Extended Trading

$108.93 -0.75 (-0.68%)

As of 06:35 AM Eastern

Annual Income Statements for Lamar Advertising

This table shows Lamar Advertising's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	262	298	317	305	372	243	388	438	495	362
Consolidated Net Income / (Loss)	263	299	318	305	372	243	388	439	496	362
Net Income / (Loss) Continuing Operations	263	299	318	305	372	243	388	439	497	363
Total Pre-Tax Income	285	312	327	316	368	248	397	456	507	367
Total Operating Income	383	439	455	461	518	410	521	578	675	532
Total Gross Profit	880	975	1,000	1,065	1,164	1,011	1,211	1,365	1,414	1,479
Total Revenue	1,353	1,500	1,541	1,627	1,754	1,569	1,787	2,032	2,111	2,207
Operating Revenue	1,353	1,500	1,541	1,627	1,754	1,569	1,787	2,032	2,111	2,207
Total Cost of Revenue	474	526	541	562	590	558	577	667	697	728
Operating Cost of Revenue	474	526	541	562	590	558	577	667	697	728
Total Operating Expenses	497	536	545	605	646	601	690	787	739	947
Selling, General & Admin Expense	314	346	339	372	318	288	327	351	345	361
Depreciation Expense	191	205	211	225	250	251	271	349	293	463
Other Operating Expenses / (Income)	-	-	-	-	85	71	94	103	106	129
Other Special Charges / (Income)	-8.77	-15	-4.66	7.23	-7.24	-9.03	-2.12	-16	-5.47	-6.06
Total Other Income / (Expense), net	-98	-127	-128	-145	-150	-162	-124	-122	-169	-165
Interest Expense	98	127	128	145	151	163	128	128	175	172
Interest & Investment Income	0.03	0.01	0.01	0.53	0.76	0.80	4.15	5.61	5.81	7.41
Income Tax Expense	22	13	9.23	11	-4.22	4.66	9.26	17	9.78	4.53
Preferred Stock Dividends Declared	0.37	0.37	0.37	0.37	0.37	0.37	0.37	0.37	0.37	0.37
Basic Earnings per Share	$2.72	$3.07	$3.24	$3.09	$3.71	$2.41	$3.83	$4.32	$4.86	$3.54
Weighted Average Basic Shares Outstanding	96.32M	97.13M	97.93M	98.82M	100.13M	100.76M	101.13M	101.53M	101.92M	102.26M
Diluted Earnings per Share	$2.72	$3.05	$3.23	$3.08	$3.71	$2.41	$3.83	$4.31	$4.85	$3.52
Weighted Average Diluted Shares Outstanding	96.38M	97.69M	98.37M	99.09M	100.32M	100.90M	101.35M	101.63M	102.11M	102.56M
Weighted Average Basic & Diluted Shares Outstanding	96.70M	97.43M	98.26M	99.58M	100.52M	100.91M	202.55M	101.75M	102.07M	102.40M
Cash Dividends to Common per Share	$2.75	$3.02	$3.32	$3.65	$3.84	$2.50	$4.00	$5.00	$5.00	$5.65

This table shows Lamar Advertising's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	146	66	76	131	140	149	78	137	147	-1.29
Consolidated Net Income / (Loss)	146	66	76	131	140	149	78	137	147	-1.20
Net Income / (Loss) Continuing Operations	146	66	76	131	140	149	78	138	148	-0.98
Total Pre-Tax Income	149	75	78	134	144	150	80	140	147	0.33
Total Operating Income	181	110	119	177	188	192	125	184	187	37
Total Gross Profit	358	362	303	369	367	375	323	382	382	393
Total Revenue	527	536	471	541	543	556	498	565	564	580
Operating Revenue	527	536	471	541	543	556	498	565	564	580
Total Cost of Revenue	169	174	168	172	175	181	176	183	183	186
Operating Cost of Revenue	169	174	168	172	175	181	176	183	183	186
Total Operating Expenses	177	252	184	193	179	183	198	198	195	357
Selling, General & Admin Expense	87	68	85	91	81	88	89	88	91	93
Depreciation Expense	66	147	73	75	75	71	75	77	75	235
Other Operating Expenses / (Income)	24	-	29	29	24	25	36	33	31	29
Other Special Charges / (Income)	-0.05	-14	-2.69	-1.68	-0.88	-0.23	-2.19	-0.82	-2.47	-0.57
Total Other Income / (Expense), net	-32	-35	-41	-43	-44	-41	-45	-44	-40	-36
Interest Expense	34	38	41	44	45	44	44	44	43	40
Interest & Investment Income	1.80	2.96	0.64	0.93	1.32	2.93	-0.09	0.58	3.30	3.62
Income Tax Expense	3.06	8.48	1.80	3.18	3.84	0.96	1.52	2.87	-1.17	1.31
Preferred Stock Dividends Declared	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09	0.09
Basic Earnings per Share	$1.44	$0.65	$0.75	$1.28	$1.37	$1.46	$0.77	$1.34	$1.44	($0.01)
Weighted Average Basic Shares Outstanding	101.58M	101.53M	101.79M	101.92M	101.96M	101.92M	102.12M	102.25M	102.31M	102.26M
Diluted Earnings per Share	$1.44	$0.64	$0.74	$1.28	$1.37	$1.46	$0.76	$1.34	$1.44	($0.02)
Weighted Average Diluted Shares Outstanding	101.69M	101.63M	101.96M	102.10M	102.13M	102.11M	102.45M	102.59M	102.62M	102.56M
Weighted Average Basic & Diluted Shares Outstanding	101.68M	101.75M	101.91M	101.96M	102.00M	102.07M	102.24M	102.30M	102.36M	102.40M
Cash Dividends to Common per Share	$1.20	$1.50	$1.25	$1.25	$1.25	$1.25	$1.30	$1.30	$1.40	$1.65

This table details how cash moves in and out of Lamar Advertising's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	-3.71	13	80	-94	4.69	95	-22	-47	-8.01	4.86
Net Cash From Operating Activities	478	522	507	565	631	570	734	782	784	874
Net Cash From Continuing Operating Activities	478	522	507	565	631	570	734	782	784	874
Net Income / (Loss) Continuing Operations	263	299	318	305	372	243	388	439	497	363
Consolidated Net Income / (Loss)	263	299	318	305	372	243	388	439	497	363
Depreciation Expense	191	205	211	225	250	251	271	349	293	463
Amortization Expense	4.68	5.33	5.12	4.92	5.37	5.91	5.88	6.16	6.54	6.33
Non-Cash Adjustments To Reconcile Net Income	24	24	12	60	33	48	58	12	26	42
Changes in Operating Assets and Liabilities, net	-4.67	-11	-39	-31	-30	22	11	-25	-40	-1.04
Net Cash From Investing Activities	-254	-681	-400	-584	-362	-97	-462	-619	-310	-165
Net Cash From Continuing Investing Activities	-254	-681	-400	-584	-362	-97	-462	-619	-310	-165
Purchase of Property, Plant & Equipment	-110	-108	-109	-118	-141	-62	-126	-167	-178	-125
Acquisitions	-154	-585	-297	-477	-226	-46	-312	-480	-139	-45
Sale of Property, Plant & Equipment	10	12	6.05	6.65	5.44	11	6.59	28	7.11	5.77
Net Cash From Financing Activities	-225	172	-29	-74	-264	-378	-295	-209	-482	-703
Net Cash From Continuing Financing Activities	-225	172	-29	-74	-264	-378	-295	-209	-482	-703
Repayment of Debt	-297	-734	-746	-1,026	-673	-3,129	-830	-767	-496	-1,006
Repurchase of Common Equity	-6.10	-6.20	-9.00	-4.11	-8.88	-10	-6.07	-11	-5.99	-5.34
Payment of Dividends	-267	-294	-245	-444	-386	-254	-406	-509	-512	-581
Issuance of Debt	317	1,183	945	1,337	759	3,004	930	1,060	518	869
Issuance of Common Equity	28	23	27	63	44	11	19	19	16	21
Other Financing Activities, net	-	0.00	0.00	-	0.00	0.00	-1.33	-1.33	-1.33	-1.33
Effect of Exchange Rate Changes	-2.67	0.46	1.63	-1.11	0.22	0.31	0.08	-0.39	0.13	-0.42
Cash Interest Paid	94	109	123	137	140	131	112	120	168	166
Cash Income Taxes Paid	11	14	13	8.56	14	4.03	8.39	16	11	8.51

This table details how cash moves in and out of Lamar Advertising's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	-12	-27	-19	14	-8.38	5.21	-8.20	42	-48	20
Net Cash From Operating Activities	224	245	109	198	223	254	111	256	227	279
Net Cash From Continuing Operating Activities	224	245	109	198	223	254	111	256	227	279
Net Income / (Loss) Continuing Operations	146	66	76	131	140	149	78	138	148	-0.98
Consolidated Net Income / (Loss)	146	66	76	131	140	149	78	138	148	-0.98
Depreciation Expense	66	147	73	75	75	71	75	77	75	235
Amortization Expense	1.58	1.63	1.64	1.65	1.63	1.62	1.63	1.64	1.56	1.50
Non-Cash Adjustments To Reconcile Net Income	5.00	-3.44	6.57	6.44	5.50	7.81	13	12	11	7.11
Changes in Operating Assets and Liabilities, net	5.88	33	-49	-16	0.36	25	-58	28	-7.60	36
Net Cash From Investing Activities	-94	-217	-53	-77	-116	-64	-45	-32	-31	-57
Net Cash From Continuing Investing Activities	-94	-217	-53	-77	-116	-64	-45	-32	-31	-57
Purchase of Property, Plant & Equipment	-41	-50	-42	-51	-39	-46	-29	-23	-30	-43
Acquisitions	-54	-192	-14	-28	-78	-19	-18	-9.93	-2.89	-14
Sale of Property, Plant & Equipment	0.49	26	3.25	1.87	1.43	0.56	2.73	0.93	1.65	0.46
Net Cash From Financing Activities	-143	-54	-75	-107	-115	-185	-74	-183	-244	-202
Net Cash From Continuing Financing Activities	-143	-54	-75	-107	-115	-185	-74	-183	-244	-202
Repayment of Debt	-451	-75	-45	-112	-164	-175	-91	-208	-535	-172
Repurchase of Common Equity	-0.06	-	-5.95	0.00	-0.04	-	-5.34	-	-0.00	0.00
Payment of Dividends	-123	-153	-128	-128	-128	-128	-134	-133	-145	-169
Issuance of Debt	425	170	100	130	175	113	150	154	430	135
Issuance of Common Equity	7.40	3.59	4.21	3.48	2.71	5.29	7.07	4.44	5.68	3.80
Other Financing Activities, net	-0.33	-0.33	-0.33	-0.33	-0.33	-0.33	-0.33	-0.33	-0.33	-0.33
Effect of Exchange Rate Changes	-0.16	-0.16	0.01	0.07	-0.06	0.11	-0.12	-0.05	0.05	-0.30
Cash Interest Paid	31	35	39	42	43	43	43	43	42	39
Cash Income Taxes Paid	2.05	8.07	3.18	3.71	2.20	2.34	2.95	2.25	1.87	1.43

This table presents Lamar Advertising's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	6,711	7,781	4,214	4,545	5,941	5,791	0.00	6,475	6,564	6,587
Total Current Assets	563	628	421	364	310	381	0.00	365	373	425
Cash & Equivalents	44	71	115	21	26	122	-	53	45	49
Accounts Receivable	349	380	202	236	255	241	-	285	301	335
Other Current Assets	78	80	33	26	29	18	-	27	27	41
Plant, Property, & Equipment, net	2,190	2,365	1,214	1,295	1,349	1,282	0.00	1,500	1,566	1,601
Plant, Property & Equipment, gross	6,278	6,589	3,385	3,526	3,660	3,616	-	4,109	4,275	4,575
Accumulated Depreciation	4,088	4,223	2,171	2,231	2,311	2,334	-	2,609	2,708	2,974
Total Noncurrent Assets	3,958	4,788	2,580	2,886	4,282	4,129	0.00	4,611	4,624	4,560
Noncurrent Note & Lease Receivables	-	-	-	-	0.00	20	-	14	11	8.33
Goodwill	3,083	3,443	1,740	1,919	1,912	1,912	-	2,035	2,035	2,035
Intangible Assets	805	1,274	796	915	992	914	-	1,207	1,171	1,063
Other Noncurrent Operating Assets	70	72	43	51	1,377	1,283	-	1,355	1,406	1,454
Total Liabilities & Shareholders' Equity	6,711	7,781	4,214	4,545	5,941	5,791	219	6,475	6,564	6,587
Total Liabilities	4,683	5,655	3,111	3,413	4,761	4,589	269	5,280	5,347	5,539
Total Current Liabilities	469	551	326	455	673	548	0.00	726	714	778
Short-Term Debt	33	68	18	204	227	122	-	250	250	250
Accounts Payable	35	35	18	21	15	12	-	20	18	22
Accrued Expenses	226	266	198	122	107	105	-	118	107	134
Current Deferred Revenue	175	183	93	107	127	111	-	132	127	154
Other Current Liabilities	-	-	-	0.00	197	197	-	207	212	219
Total Noncurrent Liabilities	4,214	5,104	2,785	2,958	4,088	4,041	269	4,554	4,633	4,760
Long-Term Debt	3,752	4,631	2,539	2,685	2,754	2,764	-	3,063	3,091	2,961
Capital Lease Obligations	-	-	-	0.00	1,068	19	-	16	15	13
Asset Retirement Reserve & Litigation Obligation	412	422	215	223	226	223	269	390	398	615
Noncurrent Deferred & Payable Income Tax Liabilities	4.10	0.56	0.88	21	5.71	4.85	-	9.65	12	8.01
Other Noncurrent Operating Liabilities	45	51	30	30	34	1,030	-	1,075	1,117	1,163
Total Equity & Noncontrolling Interests	2,028	2,126	1,103	1,132	1,180	1,203	-51	1,195	1,217	1,048
Total Preferred & Common Equity	2,028	2,126	1,103	1,132	1,180	1,203	-51	1,195	1,216	1,047
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,028	2,126	1,103	1,132	1,180	1,203	-51	1,195	1,216	1,047
Common Stock	4,399	4,497	1,763	1,853	1,922	1,964	0.10	2,062	2,103	2,159
Retained Earnings	-2,362	-2,358	-639	-695	-708	-717	-	-804	-819	-1,037
Treasury Stock	-6.10	-12	-21	-25	-34	-45	-51	-61	-67	-73
Accumulated Other Comprehensive Income / (Loss)	-2.36	-1.25	1.30	0.01	0.69	0.93	-	-0.66	-0.43	-2.95
Noncontrolling Interest	-	-	-	-	-	-	-	0.00	0.41	0.85

This table presents Lamar Advertising's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Total Assets	6,279	6,442	6,521	6,572	6,525	6,582	6,520
Total Current Assets	405	338	405	378	376	441	412
Cash & Equivalents	79	34	48	39	36	78	30
Accounts Receivable	295	259	322	310	299	318	351
Other Current Assets	31	45	35	29	41	44	32
Plant, Property, & Equipment, net	1,399	1,510	1,532	1,545	1,558	1,548	1,544
Plant, Property & Equipment, gross	3,912	4,144	4,194	4,237	4,289	4,312	4,335
Accumulated Depreciation	2,513	2,634	2,663	2,691	2,731	2,765	2,791
Total Noncurrent Assets	4,474	4,593	4,584	4,649	4,591	4,594	4,564
Noncurrent Note & Lease Receivables	15	13	13	12	10	9.76	9.04
Goodwill	2,003	2,035	2,035	2,035	2,035	2,035	2,035
Intangible Assets	1,128	1,181	1,164	1,195	1,150	1,121	1,086
Other Noncurrent Operating Assets	1,328	1,363	1,373	1,406	1,395	1,428	1,433
Total Liabilities & Shareholders' Equity	6,279	6,442	6,521	6,572	6,525	6,582	6,520
Total Liabilities	5,004	5,281	5,351	5,385	5,341	5,384	5,307
Total Current Liabilities	644	660	698	690	993	1,065	739
Short-Term Debt	200	235	235	247	586	600	250
Accounts Payable	17	17	17	18	18	21	23
Accrued Expenses	105	83	87	96	79	96	111
Current Deferred Revenue	141	147	172	143	133	162	171
Other Current Liabilities	181	179	187	186	176	186	185
Total Noncurrent Liabilities	4,360	4,621	4,652	4,695	4,349	4,319	4,568
Long-Term Debt	3,017	3,135	3,154	3,155	2,816	2,749	2,996
Capital Lease Obligations	16	16	15	15	14	14	14
Asset Retirement Reserve & Litigation Obligation	278	391	393	397	397	402	402
Noncurrent Deferred & Payable Income Tax Liabilities	8.30	8.50	9.32	11	12	12	8.69
Other Noncurrent Operating Liabilities	1,041	1,071	1,081	1,118	1,110	1,142	1,148
Total Equity & Noncontrolling Interests	1,274	1,161	1,170	1,187	1,184	1,198	1,213
Total Preferred & Common Equity	1,274	1,160	1,170	1,187	1,182	1,197	1,212
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	1,274	1,160	1,170	1,187	1,182	1,197	1,212
Common Stock	2,054	2,084	2,091	2,096	2,130	2,141	2,152
Retained Earnings	-718	-856	-853	-841	-874	-870	-866
Treasury Stock	-61	-67	-67	-67	-73	-73	-73
Accumulated Other Comprehensive Income / (Loss)	-0.92	-0.66	-0.26	-0.90	-0.82	-1.25	-1.21
Noncontrolling Interest	-	0.34	0.46	0.07	1.23	1.24	0.65

This table displays calculated financial ratios and metrics derived from Lamar Advertising's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	5.15%	10.85%	2.73%	5.58%	7.77%	-10.54%	13.93%	13.69%	3.88%	4.55%
EBITDA Growth	7.68%	12.12%	3.43%	2.85%	11.93%	-13.69%	19.64%	16.94%	4.48%	2.66%
EBIT Growth	39.48%	14.63%	3.72%	1.14%	12.42%	-20.79%	27.09%	10.90%	16.86%	-21.23%
NOPAT Growth	-28.27%	18.94%	5.29%	0.55%	17.69%	-23.16%	26.50%	9.20%	19.16%	-20.67%
Net Income Growth	3.57%	13.80%	6.31%	-3.92%	21.91%	-34.59%	59.45%	13.03%	13.02%	-27.01%
EPS Growth	2.26%	12.13%	5.90%	-4.64%	20.45%	-35.04%	58.92%	12.53%	12.53%	-27.42%
Operating Cash Flow Growth	5.55%	9.25%	-2.84%	11.41%	11.69%	-9.67%	28.87%	6.43%	0.26%	11.48%
Free Cash Flow Firm Growth	-642.22%	78.23%	746.84%	-100.25%	-7,206.14%	338.10%	194.39%	-187.83%	114.48%	37.08%
Invested Capital Growth	104.38%	17.07%	-47.51%	12.82%	30.09%	-23.38%	-106.76%	1,760.00%	1.26%	-6.74%
Revenue Q/Q Growth	1.44%	0.00%	0.00%	1.84%	2.02%	0.00%	3.84%	2.06%	0.98%	1.08%
EBITDA Q/Q Growth	1.44%	216.84%	216.14%	1.85%	2.08%	0.00%	1.35%	4.70%	0.51%	0.98%
EBIT Q/Q Growth	4.45%	0.00%	0.00%	2.36%	2.13%	0.00%	1.70%	-6.46%	13.75%	-22.57%
NOPAT Q/Q Growth	-34.37%	0.00%	0.00%	1.54%	2.17%	0.00%	1.47%	-7.80%	16.22%	-22.90%
Net Income Q/Q Growth	-33.35%	0.00%	0.00%	2.87%	1.93%	0.00%	3.91%	-11.54%	20.10%	-29.34%
EPS Q/Q Growth	-33.66%	0.00%	0.00%	2.33%	1.92%	0.00%	3.79%	-11.86%	20.35%	-29.60%
Operating Cash Flow Q/Q Growth	3.21%	3.95%	0.47%	1.51%	4.67%	0.00%	5.42%	-0.21%	1.25%	2.96%
Free Cash Flow Firm Q/Q Growth	-2,165.69%	-123.31%	3,369.42%	-102.94%	38.06%	824.43%	205.51%	-2,366.50%	39.84%	3.47%
Invested Capital Q/Q Growth	-0.88%	98.71%	0.97%	10.10%	-0.76%	-21.33%	-106.72%	0.99%	-0.79%	-4.95%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	64.99%	64.97%	64.91%	65.47%	66.35%	64.45%	67.75%	67.16%	66.99%	67.02%
EBITDA Margin	42.79%	43.28%	43.57%	42.45%	44.09%	42.53%	44.67%	45.94%	46.21%	45.37%
Operating Margin	28.30%	29.26%	29.55%	28.30%	29.52%	26.14%	29.16%	28.44%	32.00%	24.11%
EBIT Margin	28.30%	29.26%	29.55%	28.30%	29.52%	26.14%	29.16%	28.44%	32.00%	24.11%
Profit (Net Income) Margin	19.40%	19.92%	20.61%	18.76%	21.22%	15.51%	21.71%	21.59%	23.48%	16.40%
Tax Burden Percent	92.25%	95.72%	97.18%	96.61%	101.15%	98.12%	97.67%	96.17%	97.86%	98.48%
Interest Burden Percent	74.31%	71.10%	71.79%	68.60%	71.06%	60.48%	76.24%	78.91%	75.01%	69.07%
Effective Tax Rate	7.75%	4.28%	2.82%	3.39%	-1.15%	1.88%	2.33%	3.83%	1.93%	1.23%
Return on Invested Capital (ROIC)	8.23%	6.71%	8.59%	11.80%	11.38%	8.76%	27.39%	26.46%	14.72%	12.01%
ROIC Less NNEP Spread (ROIC-NNEP)	4.97%	3.81%	5.06%	6.53%	6.98%	4.09%	17.96%	18.79%	9.66%	6.96%
Return on Net Nonoperating Assets (RNNOA)	9.22%	7.67%	11.08%	15.51%	20.81%	11.67%	39.99%	50.19%	26.38%	19.95%
Return on Equity (ROE)	17.45%	14.39%	19.67%	27.31%	32.19%	20.43%	67.38%	76.64%	41.11%	31.96%
Cash Return on Invested Capital (CROIC)	-60.36%	-9.02%	70.91%	-0.25%	-14.78%	35.23%	0.00%	-93.59%	13.47%	18.99%
Operating Return on Assets (OROA)	7.64%	6.06%	7.59%	10.52%	9.88%	6.99%	18.00%	17.85%	10.36%	8.09%
Return on Assets (ROA)	5.24%	4.12%	5.30%	6.97%	7.10%	4.15%	13.40%	13.55%	7.60%	5.50%
Return on Common Equity (ROCE)	17.45%	14.39%	19.67%	27.31%	32.19%	20.43%	67.38%	76.64%	41.10%	31.94%
Return on Equity Simple (ROE_SIMPLE)	12.95%	14.06%	28.79%	26.97%	31.53%	20.24%	-764.71%	36.70%	40.76%	34.56%
Net Operating Profit after Tax (NOPAT)	353	420	443	445	524	402	509	556	662	525
NOPAT Margin	26.11%	28.01%	28.71%	27.34%	29.86%	25.65%	28.48%	27.35%	31.38%	23.81%
Net Nonoperating Expense Percent (NNEP)	3.25%	2.90%	3.53%	5.26%	4.40%	4.67%	9.43%	7.67%	5.06%	5.05%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	12.29%	14.49%	12.30%
Cost of Revenue to Revenue	35.01%	35.03%	35.09%	34.53%	33.65%	35.55%	32.25%	32.84%	33.01%	32.98%
SG&A Expenses to Revenue	23.20%	23.05%	21.97%	22.88%	18.16%	18.35%	18.29%	17.25%	16.33%	16.36%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	36.69%	35.70%	35.36%	37.17%	36.83%	38.31%	38.59%	38.72%	35.00%	42.92%
Earnings before Interest and Taxes (EBIT)	383	439	455	461	518	410	521	578	675	532
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	579	649	672	691	773	667	798	934	975	1,001
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.93	2.18	4.91	4.74	6.21	5.93	0.00	7.28	8.51	11.90
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	2.89	3.09	3.51	3.30	4.18	4.54	6.06	4.28	4.90	5.65
Price to Earnings (P/E)	14.90	15.51	17.07	17.61	19.73	29.32	27.92	19.86	20.89	34.47
Dividend Yield	6.80%	6.35%	6.03%	6.76%	5.26%	3.54%	3.27%	5.49%	4.93%	4.64%
Earnings Yield	6.71%	6.45%	5.86%	5.68%	5.07%	3.41%	3.58%	5.04%	4.79%	2.90%
Enterprise Value to Invested Capital (EV/IC)	1.33	1.37	2.22	2.06	2.18	2.49	0.00	2.68	3.02	3.70
Enterprise Value to Revenue (EV/Rev)	5.65	6.17	5.10	5.06	6.48	6.32	6.06	5.89	6.47	7.08
Enterprise Value to EBITDA (EV/EBITDA)	13.20	14.26	11.70	11.92	14.69	14.85	13.56	12.83	14.01	15.62
Enterprise Value to EBIT (EV/EBIT)	19.96	21.09	17.25	17.88	21.93	24.16	20.77	20.72	20.23	29.39
Enterprise Value to NOPAT (EV/NOPAT)	21.64	22.03	17.75	18.51	21.68	24.63	21.27	21.55	20.62	29.76
Enterprise Value to Operating Cash Flow (EV/OCF)	16.01	17.74	15.50	14.58	18.00	17.39	14.74	15.33	17.43	17.90
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	2.15	0.00	0.00	6.12	2.27	0.00	22.54	18.82
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.87	2.21	2.32	2.55	3.43	2.42	0.00	2.78	2.76	3.08
Long-Term Debt to Equity	1.85	2.18	2.30	2.37	3.24	2.31	0.00	2.58	2.55	2.84
Financial Leverage	1.85	2.01	2.19	2.37	2.98	2.86	2.23	2.67	2.73	2.86
Leverage Ratio	3.33	3.49	3.71	3.92	4.54	4.92	5.03	5.66	5.41	5.81
Compound Leverage Factor	2.48	2.48	2.67	2.69	3.22	2.98	3.83	4.46	4.05	4.01
Debt to Total Capital	65.11%	68.85%	69.85%	71.85%	77.43%	70.72%	0.00%	73.58%	73.39%	75.47%
Short-Term Debt to Total Capital	0.57%	0.99%	0.48%	5.08%	4.33%	2.98%	0.00%	5.52%	5.47%	5.85%
Long-Term Debt to Total Capital	64.54%	67.85%	69.37%	66.77%	73.09%	67.74%	0.00%	68.06%	67.92%	69.62%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.01%	0.02%
Common Equity to Total Capital	34.89%	31.15%	30.15%	28.15%	22.57%	29.28%	100.00%	26.42%	26.60%	24.51%
Debt to EBITDA	6.54	7.24	3.81	4.18	5.24	4.35	0.00	3.57	3.44	3.22
Net Debt to EBITDA	6.46	7.13	3.64	4.15	5.20	4.17	0.00	3.51	3.39	3.17
Long-Term Debt to EBITDA	6.48	7.13	3.78	3.89	4.94	4.17	0.00	3.30	3.18	2.97
Debt to NOPAT	10.71	11.18	5.78	6.49	7.73	7.22	0.00	5.99	5.07	6.14
Net Debt to NOPAT	10.59	11.01	5.52	6.44	7.68	6.92	0.00	5.89	5.00	6.04
Long-Term Debt to NOPAT	10.62	11.02	5.74	6.03	7.30	6.92	0.00	5.54	4.69	5.66
Altman Z-Score	0.41	0.46	1.58	1.40	1.27	1.23	0.00	1.36	1.59	1.67
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.02%	0.06%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.20	1.14	1.29	0.80	0.46	0.69	0.00	0.50	0.52	0.55
Quick Ratio	0.84	0.82	0.97	0.56	0.42	0.66	0.00	0.47	0.48	0.49
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2,593	-565	3,652	-9.30	-680	1,618	4,765	-4,185	606	831
Operating Cash Flow to CapEx	477.67%	543.85%	490.93%	508.92%	465.52%	1,110.78%	614.56%	561.08%	457.83%	730.97%
Free Cash Flow to Firm to Interest Expense	-26.34	-4.45	28.42	-0.06	-4.51	9.94	37.23	-32.82	3.47	4.83
Operating Cash Flow to Interest Expense	4.85	4.11	3.95	3.89	4.19	3.50	5.74	6.13	4.49	5.08
Operating Cash Flow Less CapEx to Interest Expense	3.84	3.36	3.14	3.13	3.29	3.18	4.80	5.04	3.51	4.38
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.27	0.21	0.26	0.37	0.33	0.27	0.62	0.63	0.32	0.34
Accounts Receivable Turnover	5.22	4.12	5.30	7.44	7.15	6.33	0.00	0.00	7.20	6.94
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.83	0.66	0.86	1.30	1.33	1.19	0.00	0.00	1.38	1.39
Accounts Payable Turnover	18.48	14.97	20.31	28.66	32.58	41.32	0.00	0.00	36.79	36.55
Days Sales Outstanding (DSO)	69.91	88.64	68.86	49.04	51.05	57.67	0.00	0.00	50.68	52.59
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	19.75	24.38	17.97	12.74	11.20	8.83	0.00	0.00	9.92	9.99
Cash Conversion Cycle (CCC)	50.15	64.26	50.89	36.31	39.84	48.84	0.00	0.00	40.76	42.60
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	5,769	6,754	3,545	3,999	5,202	3,986	-269	4,472	4,528	4,223
Invested Capital Turnover	0.32	0.24	0.30	0.43	0.38	0.34	0.96	0.97	0.47	0.50
Increase / (Decrease) in Invested Capital	2,946	985	-3,209	454	1,203	-1,216	-4,256	4,741	56	-305
Enterprise Value (EV)	7,647	9,257	7,857	8,237	11,355	9,910	10,827	11,979	13,662	15,637
Market Capitalization	3,906	4,630	5,415	5,369	7,333	7,126	10,827	8,703	10,350	12,461
Book Value per Share	$21.00	$21.84	$11.21	$11.37	$11.75	$11.94	($0.50)	$11.76	$11.93	$10.23
Tangible Book Value per Share	($19.26)	($26.62)	($14.56)	($17.12)	($17.17)	($16.12)	($0.50)	($20.13)	($19.51)	($20.03)
Total Capital	5,813	6,824	3,660	4,020	5,229	4,108	-51	4,524	4,573	4,272
Total Debt	3,785	4,698	2,557	2,889	4,048	2,905	0.00	3,329	3,356	3,224
Total Long-Term Debt	3,752	4,631	2,539	2,685	3,822	2,783	0.00	3,079	3,106	2,974
Net Debt	3,741	4,628	2,441	2,867	4,022	2,784	0.00	3,276	3,311	3,175
Capital Expenditures (CapEx)	100	96	103	111	136	51	120	139	171	120
Debt-free, Cash-free Net Working Capital (DFCFNWC)	83	74	-3.28	91	-162	-166	0.00	-164	-135	-153
Debt-free Net Working Capital (DFNWC)	127	144	112	113	-136	-45	0.00	-112	-91	-103
Net Working Capital (NWC)	94	77	95	-91	-363	-167	0.00	-361	-341	-353
Net Nonoperating Expense (NNE)	91	121	125	140	152	159	121	117	167	164
Net Nonoperating Obligations (NNO)	3,741	4,628	2,441	2,867	4,022	2,784	-219	3,276	3,311	3,175
Total Depreciation and Amortization (D&A)	196	210	216	230	255	257	277	356	300	469
Debt-free, Cash-free Net Working Capital to Revenue	6.11%	4.93%	-0.21%	5.61%	-9.26%	-10.61%	0.00%	-8.09%	-6.41%	-6.93%
Debt-free Net Working Capital to Revenue	9.37%	9.63%	7.28%	6.93%	-7.76%	-2.86%	0.00%	-5.50%	-4.30%	-4.68%
Net Working Capital to Revenue	6.93%	5.11%	6.13%	-5.61%	-20.68%	-10.66%	0.00%	-17.79%	-16.14%	-16.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.72	$3.07	$3.24	$3.09	$3.71	$2.41	$3.83	$4.32	$4.86	$3.54
Adjusted Weighted Average Basic Shares Outstanding	96.32M	97.13M	97.93M	98.82M	100.13M	100.76M	101.13M	101.53M	101.92M	102.26M
Adjusted Diluted Earnings per Share	$2.72	$3.05	$3.23	$3.08	$3.71	$2.41	$3.83	$4.31	$4.85	$3.52
Adjusted Weighted Average Diluted Shares Outstanding	96.38M	97.69M	98.37M	99.09M	100.32M	100.90M	101.35M	101.63M	102.11M	102.56M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	96.70M	97.43M	98.26M	99.58M	100.52M	100.91M	202.55M	101.75M	102.07M	102.40M
Normalized Net Operating Profit after Tax (NOPAT)	345	406	438	452	357	394	507	541	657	519
Normalized NOPAT Margin	25.51%	27.05%	28.42%	27.77%	20.38%	25.08%	28.36%	26.61%	31.12%	23.54%
Pre Tax Income Margin	21.03%	20.81%	21.21%	19.42%	20.98%	15.81%	22.23%	22.44%	24.00%	16.65%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.89	3.46	3.54	3.17	3.44	2.52	4.07	4.53	3.87	3.09
NOPAT to Interest Expense	3.59	3.31	3.44	3.07	3.48	2.47	3.98	4.36	3.79	3.06
EBIT Less CapEx to Interest Expense	2.88	2.70	2.74	2.41	2.54	2.20	3.14	3.44	2.89	2.40
NOPAT Less CapEx to Interest Expense	2.57	2.56	2.64	2.30	2.58	2.16	3.04	3.27	2.81	2.36
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	101.55%	98.52%	77.09%	145.34%	103.68%	104.29%	104.56%	116.14%	103.21%	160.52%
Augmented Payout Ratio	103.87%	100.60%	79.92%	146.69%	106.07%	108.60%	106.12%	118.53%	104.42%	162.00%

This table displays calculated financial ratios and metrics derived from Lamar Advertising's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	10.59%	8.28%	4.42%	4.50%	2.89%	3.81%	5.69%	4.46%	3.97%	4.26%
EBITDA Growth	14.13%	19.30%	1.58%	7.58%	6.44%	1.90%	4.08%	3.73%	-0.44%	3.70%
EBIT Growth	35.74%	-26.60%	-1.37%	6.18%	3.95%	74.20%	4.88%	4.21%	-0.84%	-80.88%
NOPAT Growth	35.09%	-33.19%	-1.05%	6.32%	3.29%	95.27%	5.31%	4.56%	2.69%	-156.92%
Net Income Growth	36.83%	-46.39%	-17.48%	-2.67%	-4.22%	125.53%	2.87%	5.16%	5.33%	-100.80%
EPS Growth	37.14%	-47.54%	-18.68%	-3.03%	-4.86%	128.13%	2.70%	4.69%	5.11%	-101.37%
Operating Cash Flow Growth	0.00%	-0.68%	6.54%	-5.90%	-0.86%	3.96%	1.70%	29.36%	2.18%	9.88%
Free Cash Flow Firm Growth	-120.27%	-205.49%	-0.14%	118.61%	119.30%	102.89%	150.58%	330.32%	565.12%	46.80%
Invested Capital Growth	10.43%	1,760.00%	6.04%	2.74%	3.09%	1.26%	1.13%	-0.95%	-2.66%	-6.74%
Revenue Q/Q Growth	1.84%	1.54%	-11.98%	14.81%	0.27%	2.45%	-10.39%	13.47%	-0.20%	2.74%
EBITDA Q/Q Growth	5.37%	4.24%	-25.24%	31.01%	4.26%	-0.21%	-23.64%	30.58%	0.06%	3.94%
EBIT Q/Q Growth	8.70%	-39.19%	7.95%	48.81%	6.42%	1.90%	-35.01%	47.85%	1.26%	-80.35%
NOPAT Q/Q Growth	9.20%	-44.98%	18.98%	48.71%	6.10%	4.02%	-35.83%	47.64%	4.20%	-157.65%
Net Income Q/Q Growth	8.93%	-54.78%	15.03%	71.78%	7.19%	6.48%	-47.53%	75.61%	7.36%	-100.81%
EPS Q/Q Growth	9.09%	-55.56%	15.63%	72.97%	7.03%	6.57%	-47.95%	76.32%	7.46%	-101.39%
Operating Cash Flow Q/Q Growth	6.59%	8.92%	-55.54%	82.28%	12.31%	14.22%	-56.50%	131.85%	-11.29%	22.83%
Free Cash Flow Firm Q/Q Growth	13.72%	-1,826.73%	96.96%	136.87%	-10.50%	188.21%	-46.83%	213.71%	38.34%	-36.39%
Invested Capital Q/Q Growth	0.48%	0.99%	0.90%	0.33%	0.82%	-0.79%	0.77%	-1.74%	-0.91%	-4.95%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	67.96%	67.54%	64.26%	68.26%	67.71%	67.37%	64.74%	67.58%	67.63%	67.84%
EBITDA Margin	47.10%	48.35%	41.07%	46.86%	48.73%	47.46%	40.44%	46.54%	46.66%	47.21%
Operating Margin	34.32%	20.55%	25.21%	32.67%	34.67%	34.49%	25.01%	32.59%	33.07%	6.32%
EBIT Margin	34.32%	20.55%	25.21%	32.67%	34.67%	34.49%	25.01%	32.59%	33.07%	6.32%
Profit (Net Income) Margin	27.72%	12.34%	16.13%	24.14%	25.80%	26.82%	15.70%	24.30%	26.14%	-0.21%
Tax Burden Percent	97.95%	88.63%	97.49%	97.43%	97.05%	99.20%	97.75%	97.79%	100.56%	-363.33%
Interest Burden Percent	82.46%	67.77%	65.65%	75.83%	76.68%	78.39%	64.22%	76.25%	78.61%	0.90%
Effective Tax Rate	2.05%	11.37%	2.31%	2.37%	2.66%	0.64%	1.90%	2.04%	-0.80%	395.76%
Return on Invested Capital (ROIC)	15.87%	17.62%	11.53%	14.82%	15.69%	16.08%	11.56%	15.32%	16.16%	-9.44%
ROIC Less NNEP Spread (ROIC-NNEP)	14.82%	15.56%	10.27%	13.53%	14.37%	14.82%	10.25%	14.02%	14.93%	-6.13%
Return on Net Nonoperating Assets (RNNOA)	34.87%	41.57%	27.50%	36.62%	38.14%	40.47%	29.44%	39.31%	41.11%	-17.56%
Return on Equity (ROE)	50.73%	59.19%	39.03%	51.44%	53.83%	56.54%	41.00%	54.63%	57.28%	-26.99%
Cash Return on Invested Capital (CROIC)	4.38%	-93.59%	6.78%	9.94%	9.64%	13.47%	13.61%	15.97%	17.83%	18.99%
Operating Return on Assets (OROA)	11.30%	12.90%	8.25%	10.59%	11.28%	11.17%	8.25%	10.75%	11.03%	2.12%
Return on Assets (ROA)	9.13%	7.75%	5.28%	7.83%	8.40%	8.68%	5.18%	8.02%	8.72%	-0.07%
Return on Common Equity (ROCE)	50.73%	59.19%	39.02%	51.43%	53.83%	56.53%	40.97%	54.59%	57.26%	-26.98%
Return on Equity Simple (ROE_SIMPLE)	38.91%	0.00%	36.41%	35.81%	34.78%	0.00%	42.11%	42.16%	42.25%	0.00%
Net Operating Profit after Tax (NOPAT)	177	98	116	173	183	190	122	180	188	-108
NOPAT Margin	33.61%	18.22%	24.62%	31.90%	33.75%	34.27%	24.54%	31.93%	33.33%	-18.71%
Net Nonoperating Expense Percent (NNEP)	1.05%	2.06%	1.25%	1.29%	1.32%	1.26%	1.31%	1.30%	1.23%	-3.31%
Return On Investment Capital (ROIC_SIMPLE)	-	2.16%	-	-	-	4.17%	-	-	-	-2.54%
Cost of Revenue to Revenue	32.04%	32.46%	35.74%	31.74%	32.29%	32.63%	35.26%	32.42%	32.37%	32.16%
SG&A Expenses to Revenue	16.53%	12.64%	18.06%	16.73%	14.98%	15.80%	17.90%	15.63%	16.13%	15.98%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	33.64%	46.99%	39.06%	35.58%	33.04%	32.88%	39.73%	34.99%	34.57%	61.52%
Earnings before Interest and Taxes (EBIT)	181	110	119	177	188	192	125	184	187	37
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	248	259	194	254	264	264	201	263	263	274
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.01	7.28	8.24	8.24	6.86	8.51	10.18	10.21	11.27	11.90
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	3.84	4.28	4.66	4.64	3.89	4.90	5.63	5.65	6.26	5.65
Price to Earnings (P/E)	15.44	19.86	22.64	23.03	19.73	20.89	24.20	24.23	26.71	34.47
Dividend Yield	5.97%	5.49%	5.16%	5.18%	6.20%	4.93%	4.28%	4.27%	3.93%	4.64%
Earnings Yield	6.48%	5.04%	4.42%	4.34%	5.07%	4.79%	4.13%	4.13%	3.74%	2.90%
Enterprise Value to Invested Capital (EV/IC)	2.44	2.68	2.86	2.87	2.52	3.02	3.38	3.46	3.80	3.70
Enterprise Value to Revenue (EV/Rev)	5.43	5.89	6.29	6.26	5.51	6.47	7.21	7.17	7.74	7.08
Enterprise Value to EBITDA (EV/EBITDA)	12.12	12.83	13.78	13.61	11.87	14.01	15.68	15.62	17.04	15.62
Enterprise Value to EBIT (EV/EBIT)	17.49	20.72	22.40	22.15	19.39	20.23	22.64	22.52	24.59	29.39
Enterprise Value to NOPAT (EV/NOPAT)	17.92	21.55	23.29	23.02	20.21	20.62	23.07	22.93	24.79	29.76
Enterprise Value to Operating Cash Flow (EV/OCF)	13.80	15.33	16.38	16.75	14.88	17.43	19.63	18.38	19.92	17.90
Enterprise Value to Free Cash Flow (EV/FCFF)	58.52	0.00	43.42	29.28	26.58	22.54	24.97	21.55	21.05	18.82
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.54	2.78	2.92	2.91	2.88	2.76	2.89	2.81	2.69	3.08
Long-Term Debt to Equity	2.38	2.58	2.71	2.71	2.67	2.55	2.39	2.31	2.48	2.84
Financial Leverage	2.35	2.67	2.68	2.71	2.65	2.73	2.87	2.80	2.75	2.86
Leverage Ratio	4.81	5.66	5.26	5.31	5.22	5.41	5.53	5.53	5.46	5.81
Compound Leverage Factor	3.96	3.83	3.45	4.03	4.00	4.24	3.55	4.22	4.29	0.05
Debt to Total Capital	71.73%	73.58%	74.46%	74.41%	74.22%	73.39%	74.26%	73.73%	72.88%	75.47%
Short-Term Debt to Total Capital	4.43%	5.52%	5.16%	5.13%	5.37%	5.47%	12.74%	13.15%	5.59%	5.85%
Long-Term Debt to Total Capital	67.29%	68.06%	69.30%	69.28%	68.85%	67.92%	61.53%	60.58%	67.29%	69.62%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.01%	0.01%	0.00%	0.01%	0.03%	0.03%	0.01%	0.02%
Common Equity to Total Capital	28.27%	26.42%	25.53%	25.58%	25.78%	26.60%	25.71%	26.24%	27.11%	24.51%
Debt to EBITDA	3.63	3.57	3.61	3.57	3.52	3.44	3.47	3.39	3.29	3.22
Net Debt to EBITDA	3.54	3.51	3.58	3.52	3.48	3.39	3.44	3.31	3.26	3.17
Long-Term Debt to EBITDA	3.40	3.30	3.36	3.32	3.27	3.18	2.88	2.78	3.03	2.97
Debt to NOPAT	5.36	5.99	6.11	6.03	5.99	5.07	5.11	4.97	4.78	6.14
Net Debt to NOPAT	5.23	5.89	6.05	5.95	5.93	5.00	5.05	4.86	4.74	6.04
Long-Term Debt to NOPAT	5.03	5.54	5.68	5.62	5.56	4.69	4.23	4.09	4.42	5.66
Altman Z-Score	1.12	1.12	1.22	1.25	1.08	1.34	1.44	1.48	1.73	1.42
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.01%	0.02%	0.00%	0.02%	0.07%	0.07%	0.03%	0.06%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.63	0.50	0.51	0.58	0.55	0.52	0.38	0.41	0.56	0.55
Quick Ratio	0.58	0.47	0.44	0.53	0.51	0.48	0.34	0.37	0.52	0.49
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-241	-4,643	-141	52	47	134	71	224	309	197
Operating Cash Flow to CapEx	554.01%	989.87%	278.48%	405.65%	590.09%	557.97%	413.30%	1,180.32%	798.04%	656.43%
Free Cash Flow to Firm to Interest Expense	-7.18	-123.21	-3.40	1.19	1.03	3.02	1.60	5.04	7.16	4.93
Operating Cash Flow to Interest Expense	6.69	6.49	2.62	4.54	4.93	5.73	2.49	5.78	5.26	6.99
Operating Cash Flow Less CapEx to Interest Expense	5.48	5.83	1.68	3.42	4.09	4.70	1.88	5.29	4.60	5.93
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.33	0.63	0.33	0.32	0.33	0.32	0.33	0.33	0.33	0.34
Accounts Receivable Turnover	7.14	0.00	7.97	6.64	6.91	7.20	7.66	6.75	6.60	6.94
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	1.48	0.00	1.44	1.43	1.42	1.38	1.39	1.40	1.41	1.39
Accounts Payable Turnover	44.62	0.00	45.35	41.26	40.41	36.79	39.85	37.20	35.74	36.55
Days Sales Outstanding (DSO)	51.10	0.00	45.81	55.01	52.82	50.68	47.63	54.08	55.28	52.59
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	8.18	0.00	8.05	8.85	9.03	9.92	9.16	9.81	10.21	9.99
Cash Conversion Cycle (CCC)	42.92	0.00	37.76	46.16	43.78	40.76	38.47	44.27	45.07	42.60
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,427	4,472	4,512	4,527	4,564	4,528	4,563	4,484	4,443	4,223
Invested Capital Turnover	0.47	0.97	0.47	0.46	0.47	0.47	0.47	0.48	0.48	0.50
Increase / (Decrease) in Invested Capital	418	4,741	257	121	137	56	51	-43	-121	-305
Enterprise Value (EV)	10,805	11,979	12,911	12,995	11,516	13,662	15,422	15,507	16,898	15,637
Market Capitalization	7,652	8,703	9,559	9,638	8,139	10,350	12,041	12,221	13,668	12,461
Book Value per Share	$12.54	$11.76	$11.40	$11.48	$11.64	$11.93	$11.58	$11.71	$11.85	$10.23
Tangible Book Value per Share	($18.28)	($20.13)	($20.21)	($19.91)	($20.05)	($19.51)	($19.61)	($19.16)	($18.66)	($20.03)
Total Capital	4,507	4,524	4,545	4,575	4,603	4,573	4,599	4,562	4,472	4,272
Total Debt	3,233	3,329	3,385	3,404	3,417	3,356	3,416	3,363	3,259	3,224
Total Long-Term Debt	3,033	3,079	3,150	3,169	3,170	3,106	2,830	2,763	3,009	2,974
Net Debt	3,153	3,276	3,351	3,356	3,377	3,311	3,379	3,285	3,230	3,175
Capital Expenditures (CapEx)	41	25	39	49	38	46	27	22	28	43
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-118	-164	-120	-106	-104	-135	-67	-102	-106	-153
Debt-free Net Working Capital (DFNWC)	-39	-112	-87	-58	-65	-91	-31	-24	-76	-103
Net Working Capital (NWC)	-239	-361	-322	-293	-312	-341	-617	-624	-326	-353
Net Nonoperating Expense (NNE)	31	31	40	42	43	41	44	43	41	-107
Net Nonoperating Obligations (NNO)	3,153	3,276	3,351	3,356	3,377	3,311	3,379	3,285	3,230	3,175
Total Depreciation and Amortization (D&A)	67	149	75	77	76	72	77	79	77	237
Debt-free, Cash-free Net Working Capital to Revenue	-5.95%	-8.09%	-5.87%	-5.11%	-4.99%	-6.41%	-3.14%	-4.71%	-4.85%	-6.93%
Debt-free Net Working Capital to Revenue	-1.96%	-5.50%	-4.24%	-2.81%	-3.11%	-4.30%	-1.44%	-1.11%	-3.50%	-4.68%
Net Working Capital to Revenue	-11.99%	-17.79%	-15.67%	-14.12%	-14.93%	-16.14%	-28.84%	-28.85%	-14.95%	-16.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.44	$0.65	$0.75	$1.28	$1.37	$1.46	$0.77	$1.34	$1.44	($0.01)
Adjusted Weighted Average Basic Shares Outstanding	101.58M	101.53M	101.79M	101.92M	101.96M	101.92M	102.12M	102.25M	102.31M	102.26M
Adjusted Diluted Earnings per Share	$1.44	$0.64	$0.74	$1.28	$1.37	$1.46	$0.76	$1.34	$1.44	($0.02)
Adjusted Weighted Average Diluted Shares Outstanding	101.69M	101.63M	101.96M	102.10M	102.13M	102.11M	102.45M	102.59M	102.62M	102.56M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	101.68M	101.75M	101.91M	101.96M	102.00M	102.07M	102.24M	102.30M	102.36M	102.40M
Normalized Net Operating Profit after Tax (NOPAT)	177	85	113	171	182	190	120	180	129	25
Normalized NOPAT Margin	33.60%	15.94%	24.07%	31.59%	33.59%	34.22%	24.11%	31.78%	22.84%	4.36%
Pre Tax Income Margin	28.30%	13.93%	16.55%	24.78%	26.59%	27.03%	16.06%	24.85%	26.00%	0.06%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.40	2.92	2.87	4.05	4.16	4.32	2.80	4.16	4.32	0.92
NOPAT to Interest Expense	5.28	2.59	2.80	3.95	4.05	4.30	2.75	4.07	4.35	-2.71
EBIT Less CapEx to Interest Expense	4.19	2.26	1.92	2.93	3.33	3.30	2.20	3.67	3.66	-0.15
NOPAT Less CapEx to Interest Expense	4.08	1.93	1.86	2.84	3.22	3.27	2.15	3.58	3.69	-3.78
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	102.71%	116.14%	124.36%	126.81%	130.01%	103.21%	103.93%	103.66%	105.28%	160.52%
Augmented Payout Ratio	104.89%	118.53%	125.78%	128.25%	131.46%	104.42%	105.01%	104.72%	106.32%	162.00%

Frequently Asked Questions About Lamar Advertising's Financials

When does Lamar Advertising's fiscal year end?

According to the most recent income statement we have on file, Lamar Advertising's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Lamar Advertising's net income changed over the last 9 years?

Lamar Advertising's net income appears to be on an upward trend, with a most recent value of $361.87 million in 2024, rising from $262.57 million in 2015. The previous period was $495.76 million in 2023.

What is Lamar Advertising's operating income?

Lamar Advertising's total operating income in 2024 was $532.04 million, based on the following breakdown:

Total Gross Profit: $1.48 billion
Total Operating Expenses: $947.19 million

How has Lamar Advertising revenue changed over the last 9 years?

Over the last 9 years, Lamar Advertising's total revenue changed from $1.35 billion in 2015 to $2.21 billion in 2024, a change of 63.1%.

How much debt does Lamar Advertising have?

Lamar Advertising's total liabilities were at $5.54 billion at the end of 2024, a 3.6% increase from 2023, and a 18.3% increase since 2015.

How much cash does Lamar Advertising have?

In the past 9 years, Lamar Advertising's cash and equivalents has ranged from $0.00 in 2021 to $121.57 million in 2020, and is currently $49.46 million as of their latest financial filing in 2024.

How has Lamar Advertising's book value per share changed over the last 9 years?

Over the last 9 years, Lamar Advertising's book value per share changed from 21.00 in 2015 to 10.23 in 2024, a change of -51.3%.

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This page (NASDAQ:LAMR) was last updated on 4/11/2025 by MarketBeat.com Staff

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Lamar Advertising (LAMR) Financials

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Lamar Advertising (LAMR) Financials

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