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Lamar Advertising Valuation Multiples

Discover revenue and EBITDA valuation multiples for Lamar Advertising and similar public comparables like Sun Communities, HSI Renda Imobiliária, Mid-America Apartment, Host Hotels & Resorts and more.

Lamar Advertising Overview

About Lamar Advertising

Lamar Advertising Co is an outdoor advertising company that operates as a real estate investment trust. It is engaged in the outdoor advertising business, operating outdoor advertising displays and logo signs mainly near highway exits, delivering brand-name information on available gas, food, lodging, and camping services. Included in the company's logo sign business are tourism signing contracts. It also provides transit advertising services in airport terminals, on bus shelters, benches, and buses. The company manages its operations through three operating segments: Billboard, which generates maximum revenue, Logo, and Transit Advertising. Geographically, it operates in the United States and Canada.


Founded

1902

HQ

United States

Employees

3.5K

Website

lamar.com

Financials (LTM)

Revenue: $2B
EBITDA: $1B

EV

$20B

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Lamar Advertising Financials

Lamar Advertising reported last 12-month revenue of $2B and EBITDA of $1B.

In the same LTM period, Lamar Advertising generated $2B in gross profit, $1B in EBITDA, and $593M in net income.

Revenue (LTM)


Lamar Advertising P&L

In the most recent fiscal year, Lamar Advertising reported revenue of $2B and EBITDA of $1B.

Lamar Advertising is profitable as of last fiscal year, with gross margin of 67%, EBITDA margin of 49%, and net margin of 26%.

See analyst estimates for Lamar Advertising
LTMLast FY202320242025202620272028
Revenue$2B$2B$2B$2B$2B
Gross Profit$2B$2B$1B$1B$2B
Gross Margin68%67%67%67%67%
EBITDA$1B$1B$975M$1B$1B
EBITDA Margin47%49%46%45%49%
EBIT Margin34%34%32%24%31%
Net Profit$593M$587M$496M$362M$587M
Net Margin26%26%23%16%26%
Net Debt—$3B———

Financial data powered by Morningstar, Inc.

Lamar Advertising Stock Performance

Lamar Advertising has current market cap of $15B, and enterprise value of $20B.

Market Cap Evolution


Lamar Advertising's stock price is $149.34.

Lamar Advertising share price increased by 8.4% in the last 30 days, and by 23.9% in the last year.

Lamar Advertising has an EPS (earnings per share) of $5.79.

See more trading valuation data for Lamar Advertising
EVMarket CapPrice 1DPrice 1MPrice 3MPrice 12MEPS
$20B$15B1.3%8.4%8.4%23.9%$5.79

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Lamar Advertising Valuation Multiples

Lamar Advertising trades at 8.7x EV/Revenue multiple, and 18.4x EV/EBITDA.

See NTM and 2027E valuation multiples for Lamar Advertising

EV / Revenue (LTM)


Lamar Advertising Financial Valuation Multiples

As of May 20, 2026, Lamar Advertising has market cap of $15B and EV of $20B.

Lamar Advertising has a P/E ratio of 25.6x.

LTMLast FY202320242025202620272028
EV/Revenue8.7x8.9x9.5x9.1x8.9x
EV/EBITDA18.4x18.2x20.6x20.0x18.2x
EV/EBIT25.9x26.2x30.0x38.2x28.7x
EV/Gross Profit12.7x13.2x14.2x13.6x13.2x
P/E25.6x25.8x30.6x41.9x25.8x
EV/FCF32.2x29.4x33.2x26.8x29.4x

Multiples above and below 250x are considered non-meaningful (n/m). Valuation data powered by FactSet, Inc. and Morningstar, Inc.

Verified Lamar Advertising Valuation Multiples

Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.

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Lamar Advertising Margins & Growth Rates

Lamar Advertising grew revenue by 5% and EBITDA by 3% in the last fiscal year.

In the most recent fiscal year, Lamar Advertising reported gross margin of 67%, EBITDA margin of 49%, and net margin of 26%.

See estimated margins and future growth rates for Lamar Advertising

Lamar Advertising Margins

Last FY202420252026202720282029
Gross Margin67%67%67%69%
EBITDA Margin49%45%49%48%
EBIT Margin34%24%31%33%
Net Margin26%16%26%25%
FCF Margin30%34%30%28%

Lamar Advertising Growth Rates

FY+1/FY23/2424/2525/2626/2727/2828/29
Revenue Growth5%5%3%5%
Gross Profit Growth8%5%3%8%
EBITDA Growth3%3%10%3%
EBIT Growth3%(21%)33%13%
Net Profit Growth3%(27%)62%3%
FCF Growth(1%)24%(9%)(1%)

Data powered by FactSet, Inc. and Morningstar, Inc.

Lamar Advertising Operational KPIs

Lamar Advertising's revenue per employee in the last FY averaged $0.6M, while opex per employee averaged $0.2M for the same period.

Lamar Advertising's Rule of 40 is 52% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Lamar Advertising's Rule of X is 60% (created by Bessemer, Rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

Access forward-looking KPIs for Lamar Advertising
LTMLast FY202320242025202620272028
Rule of 4052%52%———
Bessemer Rule of X59%60%———
Revenue per Employee—$0.6M———
Opex per Employee—$0.2M———
S&M Expenses to Revenue33%33%——33%
G&A Expenses to Revenue15%16%16%16%16%
Opex to Revenue—36%35%43%36%

Data powered by FactSet, Inc. and Morningstar, Inc.

Valuation Multiples Across 230+ Verticals

Lamar Advertising Competitors

Lamar Advertising competitors include Sun Communities, HSI Renda Imobiliária, Mid-America Apartment, Host Hotels & Resorts, Kimco Realty, Regency Centers, W.P. Carey, Scentre Group, Gaming and Leisure Properties and Healthpeak Properties.

Most Lamar Advertising public comparables operate across Buildings & Property.

EV/RevenueEV/EBITDA
Last FYLTM2027ELast FYLTM2027E
Sun Communities8.1x8.1x18.9x18.7x
HSI Renda Imobiliária1027.2x—1388.0x—
Mid-America Apartment9.3x9.2x16.2x16.5x
Host Hotels & Resorts3.1x3.1x10.2x10.7x
Kimco Realty11.2x11.1x16.0x15.8x
Regency Centers12.4x12.2x17.2x17.7x
W.P. Carey14.6x14.3x18.4x17.4x
Scentre Group12.5x16.1x13.6x16.5x

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Lamar Advertising M&A Activity

Lamar Advertising has acquired 8 companies to date.

Last acquisition by Lamar Advertising was on February 2nd 2026. Lamar Advertising acquired Cleveland Outdoor Advertising for undisclosed valuation.

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Latest Acquisitions by Lamar Advertising

Cleveland Outdoor Advertising
Verde Outdoor
Premier Outdoor Media
Burkhart Advertising
Description
Cleveland Outdoor Advertising is a family-owned out-of-home advertising business in Cleveland, Ohio, founded in 1979, handling billboard operations, sales, and maintenance.
Verde Outdoor is a Nashville-based outdoor advertising provider operating static and digital billboards in the Midwest, Mid-Atlantic, and South-Atlantic US. The company manages inventory in cities including Charleston, Savannah, Louisville, and Richmond, targeting highways with high tourist and commercial traffic. Verde Outdoor partners with agencies for campaigns in automotive, real estate, and retail sectors. Acquired by Lamar Advertising in 2023, it refreshes faces quarterly to maximize client visibility.
Premier Outdoor Media is a Mt. Laurel, New Jersey-headquartered out-of-home advertising firm founded in 2018. The company deploys static billboards and digital signage networks for brands seeking high-visibility placements in urban and suburban locations along major roadways and transit hubs.
Burkhart Advertising is a full-service outdoor advertising agency based in North Carolina placing billboards, digital displays, and transit ads for brands across the Southeast. The company manages inventory along interstates I-40 and I-85 for clients in retail and automotive industries.
HQ CountryUnited StatesUnited StatesUnited StatesUnited States
HQ City
—
Tempe, AZ
Mount Laurel, NJ
South Bend, IN
Deal Date2 Feb 20267 Jul 20255 May 20254 May 2022
Valuationundisclosedundisclosedundisclosed$130M
EV/Revenue
EV/EBITDA

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About Lamar Advertising

When was Lamar Advertising founded?Lamar Advertising was founded in 1902.
Where is Lamar Advertising headquartered?Lamar Advertising is headquartered in United States.
How many employees does Lamar Advertising have?As of today, Lamar Advertising has over 3K employees.
Who is the CEO of Lamar Advertising?Lamar Advertising's CEO is Sean E. Reilly.
Is Lamar Advertising publicly listed?Yes, Lamar Advertising is a public company listed on Nasdaq.
What is the stock symbol of Lamar Advertising?Lamar Advertising trades under LAMR ticker.
When did Lamar Advertising go public?Lamar Advertising went public in 1996.
Who are competitors of Lamar Advertising?Lamar Advertising main competitors include Sun Communities, HSI Renda Imobiliária, Mid-America Apartment, Host Hotels & Resorts, Kimco Realty, Regency Centers, W.P. Carey, Scentre Group, Gaming and Leisure Properties, Healthpeak Properties.
What is the current market cap of Lamar Advertising?Lamar Advertising's current market cap is $15B.
What is the current revenue of Lamar Advertising?Lamar Advertising's last 12 months revenue is $2B.
What is the current revenue growth of Lamar Advertising?Lamar Advertising revenue growth (NTM/LTM) is 4%.
What is the current EV/Revenue multiple of Lamar Advertising?Current revenue multiple of Lamar Advertising is 8.7x.
Is Lamar Advertising profitable?Yes, Lamar Advertising is EBITDA-positive (as of the last 12 months).
What is the current EBITDA of Lamar Advertising?Lamar Advertising's last 12 months EBITDA is $1B.
What is Lamar Advertising's EBITDA margin?Lamar Advertising's last 12 months EBITDA margin is 47%.
What is the current EV/EBITDA multiple of Lamar Advertising?Current EBITDA multiple of Lamar Advertising is 18.4x.
What is the current FCF of Lamar Advertising?Lamar Advertising's last 12 months FCF is $623M.
What is Lamar Advertising's FCF margin?Lamar Advertising's last 12 months FCF margin is 27%.
What is the current EV/FCF multiple of Lamar Advertising?Current FCF multiple of Lamar Advertising is 32.2x.
How many companies Lamar Advertising has acquired to date?As of May 2026, Lamar Advertising has acquired 8 companies.
What was the largest acquisition by Lamar Advertising?$130M acquisition of Burkhart Advertising on 4th May 2022 was the largest M&A Lamar Advertising has done to date.
What companies Lamar Advertising acquired?Lamar Advertising acquired Burkhart Advertising, Colossal Media, Ashby Street Outdoor, Corey Airport Services, Cleveland Outdoor Advertising, Verde Outdoor, Premier Outdoor Media, and Steen Outdoor Advertising.
In how many companies Lamar Advertising has invested to date?Lamar Advertising hasn't invested in any companies yet (or none have been disclosed publicly).

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