Cumulus Media Inc. (CMLS) intrinsic value & 10-year financials
Cumulus Media Inc. (CMLS) has no Graham intrinsic value right now because the formula needs positive earnings. Over the last 10 fiscal years revenue shrank 4.7% a year to $741.7M, with an average return on invested capital of -14.9%.
- Graham intrinsic value
- —
- Revenue (FY2025)
- $741.7M
- Revenue growth (10-yr CAGR)
- -4.7%
- ROIC (10-yr avg)
- -14.9%
- Free cash flow (FY2025)
- -$41.6M
CMLS 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $741.7M | -$200.7M | -$11.55 | -$41.6M | -18.6% | -21.8% |
| FY2024 | $827.1M | -$283.3M | -$16.79 | -$22.6M | -29.0% | -27.2% |
| FY2023 | $844.5M | -$117.9M | -$6.83 | $6.8M | -4.9% | -3.9% |
| FY2022 | $953.5M | $16.2M | $0.81 | $47.4M | 8.4% | 5.7% |
| FY2021 | $916.5M | $17.3M | $0.83 | $39.4M | 7.5% | 4.9% |
| FY2020 | $816.2M | -$59.7M | -$2.94 | $18.3M | -1.3% | -0.6% |
| FY2019 | $1.1B | $61.3M | $3.02 | $74.8M | 14.9% | 7.7% |
| FY2018 | — | — | — | — | — | — |
| FY2017 | $1.1B | -$206.6M | — | $54.7M | -18.5% | -65.5% |
| FY2016 | $1.1B | -$510.7M | — | $12.7M | -35.8% | -33.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
CUMULUS MEDIA INC is facing top-line stagnation, with revenue contracting over the decade.
CUMULUS MEDIA INC has historically struggled to out-earn its cost of capital, averaging just -14.9% ROIC.
Over the decade, CUMULUS MEDIA INC shows that management has aggressively returned capital to shareholders by retiring 40.6% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, CUMULUS MEDIA INC is modeled at -4.7% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $-0.60 per share.