MeritValue

LAMAR ADVERTISING CO/NEW

LAMRdata completeness 100%18 fiscal years on file
The thesis, from the filings

LAMAR ADVERTISING CO/NEW earns about 12% on invested capital, with a roughly flat share count. The cash-flow models don't apply cleanly here — the ledger says why below. Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$1.79B1$2.03B2$2.11B3$2.21B3$2.27B3
Net income$388.1M4$438.6M5$495.8M6$361.9M6$587.2M6
Operating cash flow$734.4M7$781.6M8$783.6M9$873.6M9$864M9
Capital expenditure$126.1M10$167.1M11$178.3M12$125.3M12$180.8M12
Free cash flow (derived)$608.3M7,10$614.5M8,11$605.3M9,12$748.3M9,12$683.2M9,12
Total debt$3.01B13,14$3.31B15,16$3.34B17,18$3.21B19,20$3.42B19,20
Cash & equivalents$99.8M21$52.6M22$44.6M23$49.5M24$64.8M24
Diluted shares101.3M101.6M102.1M102.6M101.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom). A derived or summed figure cites every filing line it was built from.

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$100.83
your share of equity
Profit it earned you last year
$57.77
Free cash flow it threw off
$67.23
Debt you’d be carrying
$336.39

10 shares is a claim on $100.83 of net worth that earned you $57.77 and generated $67.23 of cash last year, against $336.39 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
12% avg · 5y
FY21 12%FY22 13%FY23 15%FY24 9%FY25 14%

It earned an average 12% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has risen 13% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.6.0
DCF · Growth Exit 10Y
not applicable
REIT — real-estate depreciation is an accounting charge on assets that generally appreciate, so it inflates free cash flow and depresses reported earnings and book value at the same time. Every model here reads one of those, and none is a fair base. FFO/AFFO is the applicable measure — see the FFO capitalisation model, which values REITs from it.
DCF · Growth Exit 5Y
not applicable
REIT — real-estate depreciation is an accounting charge on assets that generally appreciate, so it inflates free cash flow and depresses reported earnings and book value at the same time. Every model here reads one of those, and none is a fair base. FFO/AFFO is the applicable measure — see the FFO capitalisation model, which values REITs from it.
Earnings Power Value
not applicable
REIT — real-estate depreciation is an accounting charge on assets that generally appreciate, so it inflates free cash flow and depresses reported earnings and book value at the same time. Every model here reads one of those, and none is a fair base. FFO/AFFO is the applicable measure — see the FFO capitalisation model, which values REITs from it.
FFO · Capitalized
not applicable
FFO constructible for only 0 of the last 6 fiscal years — need ≥3 (net income and depreciation & amortization must both be tagged).
Graham Number
not applicable
REIT — real-estate depreciation is an accounting charge on assets that generally appreciate, so it inflates free cash flow and depresses reported earnings and book value at the same time. Every model here reads one of those, and none is a fair base. FFO/AFFO is the applicable measure — see the FFO capitalisation model, which values REITs from it.

Different models answer different questions — which to trust when →

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Sources — the receipts
  1. 10-K filed 2024-02-23 · period ending 2021-12-31 · accession 0001628280-24-006537 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K filed 2025-02-20 · period ending 2022-12-31 · accession 0001628280-25-006706 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K filed 2026-02-20 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001090425-26-000008 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K filed 2024-02-23 · period ending 2021-12-31 · accession 0001628280-24-006537 (NetIncomeLoss)
  5. 10-K filed 2025-02-20 · period ending 2022-12-31 · accession 0001628280-25-006706 (NetIncomeLoss)
  6. 10-K filed 2026-02-20 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001090425-26-000008 (NetIncomeLoss)
  7. 10-K filed 2024-02-23 · period ending 2021-12-31 · accession 0001628280-24-006537 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K filed 2025-02-20 · period ending 2022-12-31 · accession 0001628280-25-006706 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K filed 2026-02-20 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001090425-26-000008 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K filed 2024-02-23 · period ending 2021-12-31 · accession 0001628280-24-006537 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K filed 2025-02-20 · period ending 2022-12-31 · accession 0001628280-25-006706 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K filed 2026-02-20 · periods ending 2023-12-31, 2024-12-31, 2025-12-31 · accession 0001090425-26-000008 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K filed 2023-02-24 · period ending 2021-12-31 · accession 0001628280-23-004975 (LongTermDebtNoncurrent)
  14. 10-K filed 2023-02-24 · period ending 2021-12-31 · accession 0001628280-23-004975 (LongTermDebtCurrent)
  15. 10-K filed 2024-02-23 · period ending 2022-12-31 · accession 0001628280-24-006537 (LongTermDebtNoncurrent)
  16. 10-K filed 2024-02-23 · period ending 2022-12-31 · accession 0001628280-24-006537 (LongTermDebtCurrent)
  17. 10-K filed 2025-02-20 · period ending 2023-12-31 · accession 0001628280-25-006706 (LongTermDebtNoncurrent)
  18. 10-K filed 2025-02-20 · period ending 2023-12-31 · accession 0001628280-25-006706 (LongTermDebtCurrent)
  19. 10-K filed 2026-02-20 · periods ending 2024-12-31, 2025-12-31 · accession 0001090425-26-000008 (LongTermDebtNoncurrent)
  20. 10-K filed 2026-02-20 · periods ending 2024-12-31, 2025-12-31 · accession 0001090425-26-000008 (LongTermDebtCurrent)
  21. 10-K filed 2023-02-24 · period ending 2021-12-31 · accession 0001628280-23-004975 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K filed 2024-02-23 · period ending 2022-12-31 · accession 0001628280-24-006537 (CashAndCashEquivalentsAtCarryingValue)
  23. 10-K filed 2025-02-20 · period ending 2023-12-31 · accession 0001628280-25-006706 (CashAndCashEquivalentsAtCarryingValue)
  24. 10-K filed 2026-02-20 · periods ending 2024-12-31, 2025-12-31 · accession 0001090425-26-000008 (CashAndCashEquivalentsAtCarryingValue)