Latest Ratios: P/E Ratio -0.0x · EV/EBITDA N/A · ROE -193.0%. (1998–2024 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $87200 | $11M | $92M | $124M | $235M | $177M | $356M | $179M | — | — | — |
| Enterprise Value | $731M | $742M | $824M | $879M | $1.0B | $1.0B | $1.5B | $1.4B | — | — | — |
| P/E Ratio → | -0.00 | — | — | 7.67 | 13.55 | — | 5.82 | 0.24 | — | — | — |
| P/S Ratio | 0.00 | 0.01 | 0.11 | 0.13 | 0.26 | 0.22 | 0.32 | 0.16 | — | — | — |
| P/B Ratio | 0.01 | 1.63 | 0.32 | 0.30 | 0.56 | 0.45 | 0.78 | 0.46 | — | — | — |
| P/FCF | — | — | 13.42 | 2.62 | 5.97 | 9.66 | 4.76 | 5.99 | — | — | — |
| P/OCF | — | — | 2.90 | 1.58 | 3.44 | 5.33 | 3.42 | 3.00 | — | — | — |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.90 | 0.98 | 0.92 | 1.14 | 1.27 | 1.35 | 1.22 | — | — | — |
| EV / EBITDA | — | — | 48.78 | 6.46 | 8.53 | 24.84 | 6.17 | 6.57 | — | — | — |
| EV / EBIT | — | 10029.42 | 34.85 | 8.62 | 12.37 | — | 9.36 | 8.20 | — | — | — |
| EV / FCF | — | — | 120.39 | 18.54 | 26.54 | 56.47 | 20.04 | 46.70 | — | — | — |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 60.8% | 60.8% | 60.5% | 62.5% | 60.9% | 58.7% | 63.6% | 64.7% | 64.5% | 62.5% | 66.1% |
| Operating Margin | -29.0% | -29.0% | -4.9% | 8.4% | 7.5% | -1.3% | 14.9% | 13.7% | -18.5% | -35.8% | -40.9% |
| Net Profit Margin | -34.2% | -34.2% | -14.0% | 1.7% | 1.9% | -7.3% | 5.5% | 66.4% | -18.2% | -44.7% | -46.8% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -193.0% | -193.0% | -33.9% | 3.9% | 4.2% | -14.0% | 14.5% | 194.3% | — | — | -196.0% |
| ROA | -22.1% | -22.1% | -7.7% | 1.0% | 1.0% | -3.3% | 3.5% | 39.8% | -9.3% | -18.8% | -16.1% |
| ROIC | -20.5% | -20.5% | -2.8% | 5.0% | 4.2% | -0.6% | 7.8% | 7.5% | -9.6% | -14.7% | -13.2% |
| ROCE | -21.0% | -21.0% | -3.0% | 5.2% | 4.2% | -0.6% | 10.1% | 8.6% | -9.8% | -15.7% | -14.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 114.33 | 114.33 | 2.84 | 2.11 | 2.36 | 2.84 | 2.54 | 3.19 | — | — | 151.28 |
| Debt / EBITDA | — | — | 48.12 | 6.33 | 8.05 | 27.11 | 4.77 | 5.86 | — | — | — |
| Net Debt / Equity | — | 105.15 | 2.56 | 1.85 | 1.93 | 2.16 | 2.51 | 3.12 | — | — | 149.30 |
| Net Debt / EBITDA | — | — | 43.34 | 5.54 | 6.61 | 20.59 | 4.70 | 5.73 | — | — | — |
| Debt / FCF | — | — | 106.97 | 15.92 | 20.57 | 46.81 | 15.27 | 40.71 | 40.78 | 177.28 | 37.88 |
| Interest Coverage | -3.48 | -3.48 | -0.58 | 1.23 | 1.02 | -0.16 | 2.00 | 3.06 | -1.66 | -2.95 | -3.38 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.85 | 1.85 | 2.00 | 2.37 | 2.91 | 3.90 | 2.73 | 3.38 | 10.89 | 4.36 | 2.93 |
| Quick Ratio | 1.85 | 1.85 | 2.00 | 2.37 | 2.91 | 3.90 | 2.09 | 2.67 | 10.64 | 3.99 | 2.49 |
| Cash Ratio | 0.48 | 0.48 | 0.56 | 0.74 | 1.27 | 2.11 | 0.11 | 0.24 | 2.85 | 1.30 | 0.26 |
| Asset Turnover | — | 0.74 | 0.59 | 0.59 | 0.53 | 0.44 | 0.63 | 0.64 | 0.56 | 0.47 | 0.39 |
| Inventory Turnover | — | — | — | — | — | — | 4.56 | 4.88 | 44.78 | 11.21 | 7.46 |
| Days Sales Outstanding | — | 71.49 | 78.74 | 81.27 | 79.19 | 90.90 | 80.44 | 81.14 | 76.97 | 75.65 | 77.32 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | — | 13.0% | 7.4% | — | 17.2% | 423.7% | — | — | — |
| FCF Yield | — | — | 7.5% | 38.1% | 16.7% | 10.4% | 21.0% | 16.7% | — | — | — |
| Buyback Yield | 100.0% | 9.6% | 10.0% | 27.0% | 0.2% | 0.7% | 0.3% | 0.0% | — | — | — |
| Total Shareholder Yield | 100.0% | 9.6% | 10.0% | 27.0% | 0.2% | 0.7% | 0.3% | 0.0% | — | — | — |
| Shares Outstanding | — | $17M | $17M | $20M | $21M | $20M | $20M | $17M | $29M | $29M | $29M |
Secular broadcast revenue decline
As reported in recent financial statements, Cumulus Media's operating margin has remained consistently pressured, reaching -2.4% in 2025Q3, which suggests that the firm's high fixed-cost base for terrestrial broadcasting is struggling to achieve the necessary scale to generate sustainable profitability in the current advertising environment.
The gross margin of 66.6% in 2025Q3 appears deceptively healthy, yet it fails to translate into operating income due to the heavy burden of content licensing and station maintenance costs. This disconnect indicates that the company's earning power is structurally impaired, as the core broadcast business lacks the operating leverage to absorb fixed overhead during periods of top-line contraction.
Based on quarterly data, the company's ROIC has trended into negative territory, hitting -0.5% in 2025Q3, which indicates that the capital invested in legacy broadcasting assets is currently failing to generate returns that exceed the firm's cost of capital, signaling a long-term erosion of shareholder value.
The shift from positive ROIC in 2024Q3 to negative levels suggests that the company is struggling to deploy capital effectively within its existing station portfolio. Investors should monitor whether management's pivot toward digital services can eventually improve these returns, or if the legacy asset base will continue to drag down overall capital efficiency.
According to recent SEC filings, the company's Days Sales Outstanding (DSO) remains elevated at 272 days as of 2025Q3, which suggests significant friction in the cash conversion cycle and potential challenges in collecting advertising receivables from a fragmented and cyclical customer base.
The high DSO relative to industry norms indicates that Cumulus may be offering extended payment terms to maintain its competitive position in a declining market. This inefficiency in working capital management further complicates the company's liquidity profile, as cash is tied up in receivables rather than being available for debt service or reinvestment.
As indicated by the reported figures, the interest coverage ratio of -0.26 in 2025Q3 highlights a critical vulnerability, as the company's operating income is currently insufficient to cover its interest obligations, raising significant concerns regarding the sustainability of its existing capital structure without further restructuring.
The extreme volatility in the debt-to-EBITDA ratio, which reached 100.27 in 2025Q3, underscores the company's limited financial flexibility. This leverage profile suggests that any further decline in broadcast advertising revenue could rapidly accelerate the risk of insolvency, necessitating a close watch on the company's ability to refinance upcoming debt maturities.
The P/E ratio is frequently misapplied to Cumulus Media, as the company's recurring negative net income and significant non-cash impairment charges render traditional earnings-based valuation metrics largely meaningless for assessing the firm's underlying operational health or its potential for future cash flow generation.
Investors should instead focus on EV/EBITDA or free cash flow metrics, as these provide a clearer view of the company's ability to service its substantial debt load. Relying on P/E ratios in this context obscures the reality of the company's capital-intensive business model and the impact of non-recurring accounting adjustments on the bottom line.
Includes 30+ ratios · 27 years · Updated daily
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Quick answers to the most common questions about buying CMLS stock.
Cumulus Media Inc.'s current P/E ratio is -0.0x. The historical average is 6.8x.
Cumulus Media Inc.'s return on equity (ROE) is -193.0%. The historical average is -14.7%.
Based on historical data, Cumulus Media Inc. is trading at a P/E of -0.0x. Compare with industry peers and growth rates for a complete picture.
Cumulus Media Inc. has 60.8% gross margin and -29.0% operating margin.