Townsquare Media, Inc. (TSQ) Stock

Townsquare Media, Inc. (TSQ) is a Communication Services stock trading at $5.18 (as of 2026-09-11), with a market capitalization of $86.51M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Townsquare Media, Inc. provides digital media and marketing solutions through three segments: Subscription Digital Marketing Solutions, Digital Advertising, and Broadcast Advertising. It offers subscription-based digital marketing services, advertising across its digital properties and programmatic platforms, and local radio station and website advertising for regional and national advertisers.

Understand Townsquare Media, Inc.: how it makes money

Townsquare Media owns and operates local radio and TV stations plus digital ad platforms, selling advertising and subscription marketing services to small and medium-sized businesses. Revenue is split roughly evenly between legacy broadcast and a growing digital mix, with political ad campaigns adding lumpy quarterly spikes.

The model runs dozens of local broadcast and digital ad properties at roughly 22% gross margins, where fixed station costs mean even a small dip in local ad-spend pushes the whole portfolio into an operating loss.

Revenue by segment (latest quarter)
Broadcast Advertising	$0.0B
Digital Advertising	$0.0B
Subscription Digital Marketing	$0.0B

Business quality (Weak): Negative operating margin, declining total revenue, and a thin 22% gross margin mark this as a structurally weak earnings generator. The digital transition is real but has not yet turned the GAAP P&L positive.

Bull case

Digital Ad Growth Accelerates: Digital Advertising revenue of $40M grew 6.8% year over year while broadcast fell 6.9%, shifting more than half of the revenue mix toward the faster-growing digital model.
Steady EBITDA Generation: Adjusted EBITDA of $20M, roughly 20% of quarterly revenue, shows the station-level operations still produce solid pre-interest cash flow even in a soft quarter.

Bear case

GAAP Operations Still Losing Money: Operating margin came in at negative 1%, meaning the company does not cover its full operating expenses on a GAAP basis despite positive EBITDA, raising questions about long-run durability.
Broadcast Legacy Eroding Faster Than Digital Grows: Broadcast Advertising, the largest segment at $40M or 40% of revenue, declined 6.9% YoY, and total revenue still slipped 2% to $100M, indicating the legacy base is shrinking faster than digital can replace it.
Thin Gross Margin Leaves No Cushion: At a 22% gross margin the company has very little pricing leverage; a further dip in local ad-spend or a modest rise in content costs would quickly widen the operating loss.

Valuation — source: SEC EDGAR (first-party)
Price	$5.18
Market Cap	$86.51M
EV / EBITDA	24.6
Price / Sales	0.20
FCF Yield	16.5%
DCF Value (model)	$67.17
DCF Upside vs Price	1196.7%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$427.38M
Net Margin	-2.7%
Current Ratio	0.93
Revenue Growth (YoY)	-0.1%
EPS Growth (YoY)	-2460.0%
FCF Growth (YoY)	-97.1%

Financial Health — source: SEC EDGAR
Altman Z-Score	0.21 (distress)

Valuation vs Sector & Industry
Sector P/E (Communication Services)	20.5
Industry P/E (Communication)	15.1

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	CAPITAL MANAGEMENT CORP /VA ($20.27M)
Institutional Holders Tracked	10

Company
Sector	Communication Services
Industry	Communication
CEO	Bill Wilson
Employees	2,049
Country	US
IPO Date	2014-07-24

Related Companies (Communication; 8 comparable companies)

Data as of 2026-09-11.

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