Latest Ratios: P/E Ratio 27.4x · EV/EBITDA 21.6x · ROE 56.7%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $16.0B | $12.9B | $12.5B | $10.9B | $9.6B | $12.3B | $8.4B | $9.0B | $6.9B | $7.3B | $6.6B |
| Enterprise Value | $22.2B | $19.0B | $17.0B | $15.5B | $14.1B | $16.4B | $12.4B | $13.2B | $9.7B | $9.7B | $8.9B |
| P/E Ratio → | 27.38 | 21.94 | 34.59 | 21.91 | 21.90 | 31.67 | 34.53 | 24.06 | 22.46 | 22.98 | 22.05 |
| P/S Ratio | 7.08 | 5.68 | 5.66 | 5.14 | 4.72 | 6.88 | 5.35 | 5.11 | 4.21 | 4.74 | 4.38 |
| P/B Ratio | 15.67 | 12.55 | 11.91 | 8.92 | 8.03 | 10.10 | 6.98 | 7.59 | 6.06 | 6.62 | 6.14 |
| P/FCF | 21.79 | 17.48 | 16.68 | 17.93 | 15.61 | 20.21 | 16.54 | 166.44 | 15.33 | 18.36 | 15.86 |
| P/OCF | 18.56 | 14.89 | 14.29 | 13.85 | 12.28 | 16.74 | 14.74 | 45.98 | 12.14 | 14.40 | 12.59 |
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 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 8.38 | 7.70 | 7.32 | 6.95 | 9.19 | 7.89 | 7.51 | 5.97 | 6.32 | 5.92 |
| EV / EBITDA | 21.63 | 18.53 | 17.08 | 15.95 | 15.22 | 20.72 | 18.70 | 17.16 | 5.97 | 6.70 | 5.84 |
| EV / EBIT | 31.73 | 24.50 | 31.52 | 22.68 | 24.18 | 32.60 | 32.08 | 25.41 | 21.81 | 21.40 | 20.38 |
| EV / FCF | — | 25.79 | 22.71 | 25.52 | 22.97 | 26.99 | 24.37 | 244.86 | 21.74 | 24.50 | 21.44 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 38.2% | 38.2% | 67.0% | 67.0% | 67.2% | 67.7% | 64.5% | 66.4% | 65.5% | 64.9% | 65.0% |
| Operating Margin | 30.8% | 30.8% | 24.1% | 32.0% | 28.4% | 29.2% | 26.1% | 29.5% | 28.3% | 29.5% | 29.3% |
| Net Profit Margin | 25.9% | 25.9% | 16.4% | 23.5% | 21.6% | 21.7% | 15.5% | 21.2% | 18.8% | 20.6% | 19.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 56.7% | 56.7% | 32.0% | 41.1% | 36.4% | 32.1% | 20.4% | 32.2% | 27.3% | 29.2% | 28.6% |
| ROA | 8.7% | 8.7% | 5.5% | 7.6% | 7.0% | 6.6% | 4.1% | 7.1% | 7.0% | 7.8% | 8.2% |
| ROIC | 8.2% | 8.2% | 7.0% | 8.8% | 7.8% | 7.4% | 5.8% | 8.3% | 9.2% | 9.9% | 10.5% |
| ROCE | 11.4% | 11.4% | 9.1% | 11.6% | 10.4% | 9.8% | 7.8% | 11.1% | 11.5% | 12.1% | 13.0% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 6.04 | 6.04 | 4.35 | 3.82 | 3.82 | 3.47 | 3.41 | 3.60 | 2.55 | 2.32 | 2.20 |
| Debt / EBITDA | 6.04 | 6.04 | 4.58 | 4.79 | 4.93 | 5.33 | 6.19 | 5.53 | 1.77 | 1.76 | 1.54 |
| Net Debt / Equity | — | 5.97 | 4.30 | 3.78 | 3.78 | 3.39 | 3.30 | 3.57 | 2.53 | 2.21 | 2.16 |
| Net Debt / EBITDA | 5.97 | 5.97 | 4.53 | 4.75 | 4.87 | 5.21 | 6.01 | 5.50 | 1.76 | 1.68 | 1.52 |
| Debt / FCF | — | 8.32 | 6.02 | 7.60 | 7.35 | 6.78 | 7.83 | 78.42 | 6.41 | 6.14 | 5.59 |
| Interest Coverage | 4.83 | 4.83 | 3.14 | 3.90 | 4.58 | 4.74 | 2.80 | 3.44 | 3.44 | 3.55 | 3.52 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.95 | 0.95 | 0.55 | 0.52 | 0.50 | 0.59 | 0.69 | 0.46 | 0.80 | 1.29 | 1.14 |
| Quick Ratio | 0.95 | 0.95 | 0.55 | 0.52 | 0.50 | 0.59 | 0.69 | 0.46 | 0.62 | 1.13 | 0.96 |
| Cash Ratio | 0.13 | 0.13 | 0.06 | 0.06 | 0.07 | 0.15 | 0.22 | 0.04 | 0.05 | 0.35 | 0.13 |
| Asset Turnover | — | 0.33 | 0.34 | 0.32 | 0.31 | 0.30 | 0.27 | 0.30 | 0.36 | 0.37 | 0.38 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 6.96 | 10.59 | 10.43 |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
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 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 4.1% | 5.1% | 4.6% | 4.7% | 5.3% | 3.3% | 3.0% | 4.3% | 6.5% | 3.3% | 4.5% |
| Payout Ratio | 111.8% | 111.8% | 160.0% | 102.9% | 115.9% | 104.3% | 103.5% | 103.5% | 145.2% | 76.9% | 98.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.7% | 4.6% | 2.9% | 4.6% | 4.6% | 3.2% | 2.9% | 4.2% | 4.5% | 4.4% | 4.5% |
| FCF Yield | 4.6% | 5.7% | 6.0% | 5.6% | 6.4% | 4.9% | 6.0% | 0.6% | 6.5% | 5.4% | 6.3% |
| Buyback Yield | 1.0% | 1.2% | 0.0% | 0.1% | 0.1% | 0.0% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% |
| Total Shareholder Yield | 5.1% | 6.3% | 4.7% | 4.8% | 5.4% | 3.3% | 3.1% | 4.4% | 6.5% | 3.5% | 4.6% |
| Shares Outstanding | — | $102M | $103M | $102M | $102M | $101M | $101M | $100M | $99M | $98M | $98M |
High leverage interest sensitivity
According to recent market data, Lamar's P/E ratio of 27.05 suggests a premium valuation that appears disconnected from the decelerating growth trends, warranting further investigation into whether the market is overestimating the defensive utility of the billboard portfolio relative to its current interest-sensitive capital structure.
The absence of a stable P/FFO or P/AFFO metric in the current data set complicates a direct comparison to specialty REIT peers, forcing reliance on broader earnings multiples that may be distorted by non-cash charges. Investors should monitor whether the current valuation premium can be sustained if organic growth continues to plateau and interest expenses remain elevated.
As reported in quarterly financial statements, the NOI margin experienced a sharp, anomalous compression to -22.0% in 2025Q4, which contrasts with historical averages near 67% and suggests significant operational headwinds or accounting adjustments that may be masking the true underlying profitability of the billboard assets.
The extreme variance in property-level margins implies that Lamar's cost structure is highly sensitive to external factors, potentially including rising land lease obligations or maintenance costs. This volatility makes it difficult to determine if the company is successfully leveraging its digital conversion strategy to drive organic margin expansion.
Based on the provided financial figures, the FFO payout ratio reached 88.8% in 2026Q1, a concerning increase from the 58.2% observed in 2023Q4, indicating that the margin of safety for shareholder distributions is narrowing as cash flow generation struggles to keep pace with dividend commitments.
The rising payout ratio suggests that a larger portion of distributable cash is being consumed by dividends, leaving less room for the capital-intensive digital conversions required to maintain competitive positioning. Investors should monitor whether management will prioritize dividend stability over the necessary reinvestment in the billboard portfolio.
According to the latest quarterly filings, the debt-to-equity ratio has climbed to 6.04, reflecting a significant increase in leverage that heightens the company's sensitivity to interest rate fluctuations and limits its capacity to pursue growth opportunities without further straining the balance sheet.
The combination of high leverage and limited cash reserves of $64.8 million suggests that Lamar may have reduced flexibility to navigate a prolonged period of high interest rates. This leverage profile warrants close monitoring, as it directly impacts the company's ability to refinance maturing debt obligations without eroding shareholder value.
The most commonly misapplied metric for Lamar is the standard P/E ratio, which fails to account for the massive non-cash depreciation charges inherent in billboard assets, thereby obscuring the company's true cash-generating capacity and leading to potentially flawed valuation conclusions by market participants.
Because Lamar operates as a REIT, analysts should prioritize FFO and AFFO to normalize for these non-cash expenses and maintenance capital expenditures. Relying on GAAP net income or standard P/E ratios ignores the structural reality of the business and may lead to an inaccurate assessment of the company's dividend-paying ability.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying LAMR stock.
Lamar Advertising Company's current P/E ratio is 27.4x. The historical average is 54.5x. This places it at the 53th percentile of its historical range.
Lamar Advertising Company's current EV/EBITDA is 21.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.8x.
Lamar Advertising Company's return on equity (ROE) is 56.7%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 12.6%.
Based on historical data, Lamar Advertising Company is trading at a P/E of 27.4x. This is at the 53th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Lamar Advertising Company's current dividend yield is 4.09% with a payout ratio of 111.8%.
Lamar Advertising Company has 38.2% gross margin and 30.8% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Lamar Advertising Company's Debt/EBITDA ratio is 6.0x, indicating high leverage. A ratio above 4x may signal elevated financial risk.