Lamar Advertising Company (LAMR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-28.0%

$113.07

vs $157.02 price

Levered DCF

$63.44

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.98

Grey zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	21.9×	34.39×	21.87×	21.85×	31.67×	34.53×	24.06×	22.39×
P/B	12.71×	11.89×	8.91×	8.02×	10.08×	6.97×	7.57×	6.04×
P/S	5.67×	5.64×	5.13×	4.72×	6.86×	5.34×	5.1×	4.2×
EV / EBITDA	17.23×	16.92×	15.83×	15.12×	21.15×	19.4×	17.12×	14.46×
Gross margin	38.2%	67.0%	67.0%	67.2%	67.7%	64.5%	66.4%	65.5%
Operating margin	30.8%	24.1%	32.0%	28.4%	29.2%	26.1%	29.5%	28.3%
Net margin	25.9%	16.4%	23.5%	21.6%	21.7%	15.5%	21.2%	18.8%
Current ratio	0.95×	0.55×	0.52×	0.5×	0.59×	0.69×	0.46×	0.8×
Debt / equity	6.11×	4.35×	3.82×	3.82×	3.47×	3.41×	3.6×	2.55×
Interest coverage	4.35×	3.1×	3.87×	4.53×	4.9×	2.98×	3.44×	3.55×
Dividend yield	5.1%	4.7%	4.7%	5.3%	3.3%	3.0%	4.3%	6.5%
Payout ratio	111.8%	160.1%	103.0%	116.0%	104.4%	103.7%	103.5%	145.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	58.0%	34.6%	40.8%	36.7%	31.9%	20.2%	31.5%	27.0%
Return on invested capital	9.7%	8.4%	10.5%	9.0%	8.8%	7.2%	9.1%	10.4%
Return on assets	8.5%	5.5%	7.6%	6.8%	6.4%	4.2%	6.3%	6.7%
Free cash flow yield	5.7%	6.0%	6.0%	6.4%	5.0%	6.1%	0.6%	6.5%
Earnings yield	4.6%	2.9%	4.6%	4.6%	3.2%	2.9%	4.2%	4.5%
Enterprise value	$19B	$17B	$15.4B	$14.1B	$16.4B	$12.4B	$13.2B	$9.7B
Net debt / EBITDA	5.56×	4.5×	4.72×	4.84×	5.32×	6.24×	5.49×	4.27×
Cash conversion cycle (days)	55	45	43	40	45	48	44	91