Lamar Advertising Co key statistics and ratios

In fiscal 2025, Lamar Advertising Co had return on equity of 56.7%, an operating margin of 34.2%, debt equal to 336.5% of equity and a current ratio of 0.58. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Lamar Advertising Co: financial ratios, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Gross margin	65.0%	64.9%	65.5%	66.4%	64.5%	67.7%	67.2%	67.0%	67.0%	67.0%	67.4%
Operating margin	29.3%	29.5%	28.3%	29.5%	26.1%	29.2%	28.4%	32.0%	24.1%	34.2%	31.8%
Net margin	19.9%	20.6%	18.8%	21.2%	15.5%	21.7%	21.6%	23.5%	16.4%	25.9%	23.9%
Free-cash-flow margin	27.6%	25.8%	27.5%	27.9%	32.4%	34.0%	30.2%	28.7%	33.9%	30.1%	30.9%
Return on equity	27.9%	29.2%	27.3%	32.2%	20.4%	32.1%	36.4%	41.1%	32.0%	56.7%	55.1%
Return on assets	7.7%	7.8%	7.0%	7.1%	4.1%	6.6%	7.0%	7.6%	5.5%	8.7%	8.0%
Asset turnover	0.38	0.38	0.37	0.33	0.27	0.30	0.32	0.32	0.34	0.34	0.33
Current ratio	1.13	1.29	0.80	0.46	0.69	0.59	0.50	0.52	0.55	0.58	0.63
Debt to equity	222.4%	234.3%	257.5%	254.6%	243.3%	250.6%	279.9%	277.0%	308.6%	336.5%	355.7%
Interest cover (operating income ÷ interest)	3.5x	3.5x	3.6x	3.4x	3.0x	4.9x	4.5x	3.9x	3.1x	4.8x	4.5x
Effective tax rate	4.3%	2.8%	3.4%	−1.1%	1.9%	2.3%	3.8%	1.9%	1.2%	3.5%	1.9%
Capital spending as % of revenue	7.2%	7.1%	7.2%	8.0%	4.0%	7.1%	8.2%	8.4%	5.7%	8.0%	8.1%
Free cash flow ÷ net income	138.6%	125.2%	146.5%	131.7%	208.6%	156.7%	140.1%	122.1%	206.8%	116.4%	129.1%
Dividends ÷ net income	98.4%	76.9%	145.2%	103.5%	103.7%	104.4%	116.0%	103.0%	160.1%	111.8%	119.7%
Dividends and buybacks ÷ free cash flow	72.5%	63.7%	100.0%	80.4%	51.8%	67.6%	84.5%	85.3%	78.1%	119.2%	93.5%

US$ thousands unless shown otherwise. Fiscal quarters.

Lamar Advertising Co: financial ratios, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Gross margin	67.6%	67.8%	64.4%	67.8%	67.9%	67.7%	65.3%	68.5%
Operating margin	33.1%	6.3%	37.8%	34.1%	32.3%	32.9%	27.7%	33.7%
Net margin	26.1%	−0.2%	27.5%	26.6%	24.2%	25.6%	19.2%	26.1%
Free-cash-flow margin	35.0%	40.8%	19.4%	33.0%	31.7%	35.0%	21.6%	34.0%
Current ratio	0.56	0.55	0.57	0.58	0.59	0.58	0.58	0.63
Debt to equity	267.6%	306.4%	309.0%	370.9%	320.2%	333.6%	356.0%	353.1%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Moat

86 /100

Strong moat

How hard Lamar Advertising's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 10 / 20

Net income has been a median 6.9% of total assets over 10 years.
Pricing power 20 / 20

Gross margin has been a median 66.9%, moving by 0.9 percentage points (standard deviation) across 9 years.
Durability 20 / 20

Operating margin has been a median 29.4%; its worst year was 26.6%.
Cash conversion 20 / 20

Free cash flow was positive in 9 of 9 years, at a median 30.9% of revenue.
Discipline 17 / 20

The diluted share count rose 0.2% over five years; stock-based pay has been a median 1.0% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Lamar Advertising Co's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Lamar Advertising Co.