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Lamar Advertising — REIT card

LAMR
SpecialtyMarket cap $15.2B4-quarter TTM
Close · Oct 16, 2026150.10P/E 27.4 · EV yield 4.9%
P/Cash FFO16.1×Cash FFO/sh 9.33
Yield · spread to 10y4.4%−0.66 pt vs. the bond
+13% above 5y medianP/Cash FFO vs. its own five years
10-year Treasury · Oct 16, 20265.09%2-year 4.74%
Board median yield4.4%trailing dividends ÷ last close
Yield spread to the 10-year−0.71 ptREITs yield less than the bond: paying for growth
Board median P/Cash FFO15.6×five-year median 16.7× · −7%
Lights on0 of 3prices Oct 16, 2026 · TTM through Jun 30, 2026

Where it has traded

quarter-end P/Cash FFO · 20 quarters · Sep 30, 2021 → Jun 30, 2026
9×11×14×16×18×2021202220232024202520262021-09-30 · 16.4× (close 113.45 · Cash FFO/sh 6.92)2021-12-31 · 17.0× (close 121.30 · Cash FFO/sh 7.14)2022-03-31 · 15.5× (close 116.18 · Cash FFO/sh 7.52)2022-06-30 · 11.4× (close 87.97 · Cash FFO/sh 7.75)2022-09-30 · 10.5× (close 82.49 · Cash FFO/sh 7.88)2022-12-31 · 11.9× (close 94.40 · Cash FFO/sh 7.96)2023-03-31 · 12.7× (close 99.89 · Cash FFO/sh 7.88)2023-06-30 · 12.6× (close 99.25 · Cash FFO/sh 7.87)2023-09-30 · 10.6× (close 83.47 · Cash FFO/sh 7.91)2023-12-31 · 13.2× (close 106.28 · Cash FFO/sh 8.08)2024-03-31 · 14.6× (close 119.41 · Cash FFO/sh 8.18)2024-06-30 · 14.4× (close 119.53 · Cash FFO/sh 8.29)2024-09-30 · 16.0× (close 133.60 · Cash FFO/sh 8.37)2024-12-31 · 14.4× (close 121.74 · Cash FFO/sh 8.48)2025-03-31 · 13.7× (close 113.78 · Cash FFO/sh 8.31)2025-06-30 · 14.2× (close 121.36 · Cash FFO/sh 8.52)2025-09-30 · 14.1× (close 122.42 · Cash FFO/sh 8.66)2025-12-31 · 14.5× (close 126.58 · Cash FFO/sh 8.75)2026-03-31 · 13.8× (close 126.66 · Cash FFO/sh 9.18)2026-06-30 · 16.7× (close 155.98 · Cash FFO/sh 9.33)p75 15×med 14×p25 13×now 16.1×
Five-year median 14.2×, middle half 12.7–14.8×, range 10.5–17.0×. Now 16.1×: +13% above its own median, higher than 85% of those quarters.Each quarter priced at its own trailing Cash FFO per share · the band is the 25th–75th percentile

Where the cash goes

TTM through Jun 30, 2026 · $B
00.511.522.5Revenue: 2.3 $B2.3RevenueProperty & operating: −1.3 $B−1.3Property &operatingEBITDA: 1.0 $B1.0EBITDAInterest: −0.2 $B−0.2InterestD&A: −0.3 $B−0.3D&AOther items: 0.1 $B0.1OtheritemsNet income: 0.6 $B0.6NetincomeAdd back D&A: 0.3 $B0.3Add backD&ANon- cash: 0.1 $B0.1Non-cashCash FFO: 0.9 $B0.9CashFFODividends: −0.7 $B−0.7DividendsRetained: 0.3 $B0.3Retained
Cash FFO 0.95B = net income 0.56B + depreciation 0.34B + 0.06B other non-cash items · dividends 0.68B · retained 0.27B

Against the board

LAMR is the only Specialty REIT on the board; blue vs. the other 23 REITs, grey
P/Cash FFO16.1× vs. 17.4×
Dividend yield4.4% vs. 4.2%
Cash FFO payout71% vs. 66%
Net debt / EBITDA5.0× vs. 5.6×
Interest cover6.1× vs. 4.9×
EBITDA margin42% vs. 59%

Board averages are the plain mean of every other REIT with a usable window; property types trade at structurally different multiples, so read the P/FFO bar loosely.

Quarter by quarter

8 quarters · Sep 30, 2024 → Jun 30, 2026 · a gap is a dropped quarter
Revenue, $B0.62
Cash FFO / share, quarter2.53
EBITDA margin47%
Interest cover7.1×