TD Cowen analyst Lance Vitanza raised the firm’s price target on Lamar Advertising (LAMR) to $150 from $140 and keeps a Buy rating on the shares. The firm said they closed 2025 on firm footing, delivering +4% like-for-like revenue growth and ex $11M from political a year prior. Momentum carries into 2026, where a robust event calendar could lead to +3% revenue growth and AFFO of $8.50-8.70 per share, up +4% at the midpoint. Published first on TheFly – the ultimate source for real-time, market-moving brea ...

Core Viewpoint - Lamar Advertising Company is a leading player in the outdoor advertising industry, particularly in billboard advertising across the United States, with a strong market presence and strategic initiatives that provide a competitive edge [1] Financial Performance - In the fourth quarter, Lamar reported a 3% increase in revenue and a 1.4% growth in Adjusted Funds From Operations (AFFO), driven by robust national and local advertising sales [3] - The company currently has a stable yield of 4.8%, making it an attractive investment option [3] Stock Performance and Market Position - As of February 23, 2026, Lamar's stock price is $133.98, reflecting a 0.87% increase, with a market capitalization of approximately $13.61 billion [5] - The stock has experienced fluctuations between $126.62 and $134.46, with a 52-week high of $136.69 and a low of $99.84 [5] Analyst Ratings and Future Outlook - Cowen & Co. upgraded Lamar Advertising to a "Buy" rating and raised the price target from $140 to $150, indicating confidence in the company's future growth and value appreciation [2][6] - The company's balance sheet is conservatively leveraged at 3.2 times, providing over $500 million in capacity for mergers and acquisitions, which supports strategic growth opportunities [4] Dividend Policy - Lamar plans to increase its dividend by approximately 3%, reflecting its commitment to rewarding shareholders with ongoing dividend growth [4]

Key Takeaways LAMR reported Q4 AFFO of $2.24, beating estimates and topping prior-year results.Lamar posted 2.8% Y/Y revenue growth, with local and national sales driving top-line gains.LAMR guided 2026 AFFO at $8.50-$8.70 per share.Lamar Advertising Company (LAMR) reported fourth-quarter 2025 adjusted funds from operations (AFFO) per share of $2.24, which outpaced the Zacks Consensus Estimate of $2.18. The figure also compared favorably with the prior-year quarter's tally of $2.21.Results reflect year-over ...

BATON ROUGE, La., Feb. 23, 2026 (GLOBE NEWSWIRE) -- Lamar Advertising Company (Nasdaq: LAMR) today announced that Sean Reilly, CEO of Lamar Advertising Company, is scheduled to participate in a question-and-answer session at the Citi 2026 Global Property CEO Conference on Monday, March 2, 2026 at approximately 7:30 am EST. The session will be carried live via audio webcast at the Company’s website, www.lamar.com, and will be archived for 30 days. About Lamar Advertising CompanyFounded in 1902, Lamar Adverti ...

BATON ROUGE, La., Feb. 23, 2026 (GLOBE NEWSWIRE) -- Lamar Advertising Company (Nasdaq: LAMR) today announced that Sean Reilly, CEO of Lamar Advertising Company, is scheduled to participate in a question-and-answer session at the Citi 2026 Global Property CEO Conference on Monday, March 2, 2026 at approximately 7:30 am EST. The session will be carried live via audio webcast at the Company’s website, www.lamar.com, and will be archived for 30 days. About Lamar Advertising CompanyFounded in 1902, Lamar Adverti ...

Shares of Lamar Advertising Company ( LAMR ) have been a moderate performer over the past year, gaining about 5%, though shares pulled back on Friday after the company reported mixed results, though guidance did not miss as much as it may first seem. WhileOver fifteen years of experience making contrarian bets based on my macro view and stock-specific turnaround stories to garner outsized returns with a favorable risk/reward profile. If you want me to cover a specific stock or have a question for an article ...

Core Insights - Lamar Advertising Company reported an EPS of $1.50, which fell short of the estimated $2.18, but its revenue of approximately $596 million slightly exceeded the estimated $593 million [1][6] Financial Performance - The company reported quarterly funds from operations (FFO) of $2.24 per share, surpassing the Zacks Consensus Estimate of $2.18 per share, marking a 2.75% FFO surprise [2][6] - For the quarter ending December 2025, Lamar's revenues of $596 million represented a 2.5% increase from $579.57 million in the same period last year, despite falling short of the Zacks Consensus Estimate by 0.24% [3] - Over the past year, Lamar achieved net revenues of $2.27 billion, with a net income of $593.1 million and an adjusted EBITDA of $1.06 billion [3] Management Outlook - CEO Sean Reilly expressed optimism about the company's performance, citing strong sales momentum in both local and national markets, and projected a full-year diluted AFFO per share range between $8.50 and $8.70 [4][6] Valuation Metrics - Lamar has a price-to-earnings (P/E) ratio of approximately 22.91, a price-to-sales ratio of about 5.95, an enterprise value to sales ratio of around 5.92, and an enterprise value to operating cash flow ratio of approximately 15.52 [5]

Excluding political advertising, revenues grew more than 4% on an acquisition-adjusted basis in the fourth quarter, while full-year acquisition-adjusted revenue increased 2.1%. Local and regional sales, representing 78% of billboard revenue, grew for the 19th consecutive quarter, providing a defensive foundation against macro volatility. National revenue growth of 3.3% was bolstered by a 19% surge in programmatic sales and a significant pharmaceutical campaign. The midpoint of the company's full-yea ...

Acquisitions and Investments - As of December 31, 2025, the Company completed acquisitions for a total cash purchase price of approximately $191.1 million[99] - The Company plans to continue pursuing strategic acquisitions and expanding its outdoor advertising display portfolio[244] - Cash flows used in investing activities increased by $79.7 million from $164.9 million in 2024 to $244.6 million in 2025, primarily due to acquisitions and capital expenditures[246] Revenue Generation - The Company generated approximately 4% of its revenues from state-awarded logo sign contracts in 2025[104] - The Company generated approximately 7% of its revenues from transit advertisements in 2025[106] - Net revenues increased by $59.1 million, or 2.7%, to $2.27 billion for the year ended December 31, 2025, compared to $2.21 billion for 2024[257] - Billboard net revenues increased by $57.7 million, while logo net revenues increased by $5.2 million, offset by a decrease in transit net revenues of $3.7 million[257] - Total reported net revenues for the year ended December 31, 2025, were $2,266.2 million, compared to $2,207.1 million in 2024[268] Financial Performance - Operating income as a percentage of net revenues rose to 34.2% in 2025 from 24.1% in 2024[256] - Net income as a percentage of net revenues increased to 26.2% in 2025 from 16.5% in 2024[256] - Operating income increased by $242.0 million to $774.6 million for the year ended December 31, 2025, compared to $532.6 million in 2024[262] - Net income for the year ended December 31, 2025, was $593.6 million, up from $363.5 million in 2024, representing a 63.3% increase[266][269] - Adjusted EBITDA for the year ended December 31, 2025, increased by 2.4% to $1.06 billion, primarily due to a $40.0 million increase in gross margin[269][272] - FFO for the year ended December 31, 2025, was $827.9 million, compared to $799.0 million in 2024, reflecting a 3.6% increase[273] - AFFO for the year ended December 31, 2025, increased by 3.4% to $847.2 million, compared to $819.6 million in 2024[273] Cash Flow and Distributions - Cash flows provided by operating activities decreased by $9.6 million from $873.6 million in 2024 to $864.0 million in 2025[245] - Cash flows used in financing activities decreased by $99.1 million, totaling $604.3 million for 2025 compared to $703.4 million in 2024[247] - The Company's cash distributions are not guaranteed and may fluctuate based on various factors, including operational results and debt covenant restrictions[111] - The company must distribute at least 90% of its REIT taxable income to maintain its REIT status, which may limit its ability to retain earnings[138] - If the company fails to qualify as a REIT, it could face substantial corporate tax liabilities, reducing cash available for distributions[131] Regulatory and Compliance Issues - The company is subject to federal, state, and local regulations that impact outdoor advertising operations, including the Highway Beautification Act[120] - The company has encountered regulations that restrict or prohibit digital displays, but these have not materially impacted deployment to date[124] - Future studies on digital billboards' impact on driver safety may lead to new regulations that could adversely affect the company's business[125] - The company believes the number of billboards subject to removal as illegal is immaterial, but local governments can require removal of legally erected signs[122] - The Company has determined that it is uneconomical to insure against losses from hurricanes and other natural disasters, which could result in significant losses[107] Operational Challenges - The Company faces competition from larger outdoor advertisers and other media, which could adversely affect its financial performance[118] - The Company may experience increased costs related to its digital platform investments, which may not yield the expected benefits[108] - The Company may face challenges in renewing its expiring contracts, including seven logo sign contracts set to expire in 2026[105] - The company may incur costs related to environmental, social, and governance (ESG) initiatives, which could impact its reputation and business[129] Ownership and Governance - The Reilly family, including key executives, owned approximately 15% of the Company's outstanding common stock, representing about 63% of the voting power as of December 31, 2025[94] - Compliance with REIT requirements may hinder the company's ability to pursue attractive investment opportunities[143] Asset Management - The asset retirement obligation was recorded at $624.9 million as of December 31, 2025[249] - Depreciation and amortization expense decreased by $136.6 million to $326.3 million for the year ended December 31, 2025, from $463.0 million in 2024[260] - Lamar Media recognized a gain on disposition of assets of $75.9 million for the year ended December 31, 2025, compared to $6.1 million in 2024[261]

Reilly outlined category performance, saying strength came from services, healthcare, building and construction, and financial advertising, while telecom and beer and wine were weaker. He later quantified several category moves, including services up 12% in Q4, healthcare up 13%, financial up 17%, and building and construction up 16%, while telecommunications fell 10% and beer and wine fell 20% in the quarter. He also emphasized that Lamar’s largest verticals—services (about 19% of the book) and healthcare ...