Lamar Advertising Company (LAMR) Stock

Lamar Advertising Company (LAMR) is a Real Estate stock trading at $147.81 (as of 2026-09-15), with a market capitalization of $15.02B and a trailing P/E of 27.0. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Lamar Advertising Company operates an outdoor advertising network with hundreds of thousands of displays across the United States and Canada. It offers advertisers billboard, interstate logo, transit, and airport advertising formats, and also sells digital billboard inventory through a network of approximately 3,800 displays.

Understand Lamar Advertising Company: how it makes money

Lamar Advertising owns and leases 352,000+ billboard and transit displays across the US and Canada, charging advertisers for prime roadside and public-transport space. The business is a long-term lease model where advertisers pay recurring rent for high-traffic locations, with roughly 3,800 digital screens adding a smaller variable-revenue tail.

Profit scales with land scarcity, not capex: Lamar leases fixed billboard locations at near-rent revenue, so upside comes from rate escalation and digital conversion rather than building new inventory.

Business quality (Strong): Strong. A 68% gross margin and 34% operating margin on recurring lease revenue point to a durable, capital-efficient asset with high earnings visibility.

Valuation: At 31× earnings, LAMR trades 14% below the Trading average (36×).

Bull case

  • Valuation lags quality peers: Lamar trades at a P/E of 30.7x, which sits 14% below the 36x Trading industry average. Given the 68% gross and 34% operating margins, the discount may reflect an under-appreciation of the lease-based earnings quality.
  • Operating leverage on fixed costs: With a 68% gross margin and 34% operating margin, site-level costs are largely fixed once a display is built and leased. Incremental advertising revenue therefore flows to the bottom line at a high rate, meaning even modest 6% revenue growth can drive outsized earnings growth.

Bear case

  • Growth is land-capped: Quarterly revenue of $600M grew 6% year over year, a pace consistent with a mature portfolio of physical display sites. There is no organic path to double-digit growth without serial acquisitions, which demand disciplined pricing to preserve returns.
  • Static fleet faces digital shift: The overwhelming majority of Lamar's displays are traditional static billboards, with only a small share in digital format. If advertisers continue reallocating spend toward programmatic and data-targeted channels, static inventory faces pricing pressure that could compress the 34% operating margin over time.
Valuation — source: SEC EDGAR (first-party)
Price$147.81
Market Cap$15.02B
P/E Ratio27.0
EV / EBITDA17.2
Price / Book15.08
Price / Sales6.46
FCF Yield4.8%
DCF Value (model)$117.00
DCF Upside vs Price-20.8%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$2.27B
Net Margin25.9%
Return on Equity55.9%
Debt / Equity3.53
Current Ratio0.63
Revenue Growth (YoY)6.5%
EPS Growth (YoY)3.9%
FCF Growth (YoY)9.6%
Financial Health — source: SEC EDGAR
Altman Z-Score1.94 (grey)
Piotroski F-Score7/9 (strong)
Valuation vs Sector & Industry
Stock P/E27.0
Sector P/E (Real Estate)25.4
Industry P/E (Trading)34.1
vs Sector6.2%
vs Industry-20.7%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderVANGUARD GROUP INC ($1.51B)
Institutional Holders Tracked10
Congressional Trades (recent)5
Company
SectorReal Estate
IndustryTrading
CEOSean E. Reilly
Employees3,500
CountryUS
IPO Date1996-08-02

Lamar Advertising Company earnings call transcripts

  • LAMR Q4 FY25 earnings call transcript (reported 2026-02-20) · analysis
  • LAMR Q2 FY25 earnings call transcript (reported 2025-08-08) · analysis

All LAMR earnings calls

Related Companies (Trading; 8 comparable financial firms)

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  • E.W. Scripps Company (The) (SSP)
  • People Incorporated (PPLI)
  • Gray Media, Inc. (GTN)
  • Unity Software Inc. (U)
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LAMR earnings history · LAMR institutional & insider holders · LAMR KPIs & operating metrics · LAMR financials · LAMR filings, presentations & press releases · LAMR investor presentations & press releases · LAMR SEC filings · LAMR peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-09-15.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.