Lamar Advertising CO/NEW (LAMR) intrinsic value & 10-year financials
Lamar Advertising CO/NEW (LAMR) has a Graham intrinsic value of $115.39 per share. At $150.10 on Oct 17, 2026, the stock trades 30% above that value. Over the last 10 fiscal years revenue grew 4.7% a year to $2.3B, with an average return on invested capital of 11.2%.
- Graham intrinsic value
- $115.39
- Share price (Oct 17, 2026)
- $150.10
- Price vs Graham value
- 30% above
- Market cap
- $15.3B
- Revenue (FY2025)
- $2.3B
- Revenue growth (10-yr CAGR)
- 4.7%
- ROIC (10-yr avg)
- 11.2%
- Free cash flow (FY2025)
- $683.2M
LAMR 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $2.3B | $587.2M | $5.77 | $683.2M | 34.2% | 13.6% |
| FY2024 | $2.2B | $361.9M | $3.52 | $748.3M | 24.1% | 9.6% |
| FY2023 | $2.1B | $495.8M | $4.85 | $605.3M | 32.0% | 11.9% |
| FY2022 | $2.0B | $438.6M | $4.31 | $614.5M | 28.4% | 10.4% |
| FY2021 | $1.8B | $388.1M | $3.83 | $608.3M | 29.2% | 10.1% |
| FY2020 | $1.6B | $243.4M | $2.41 | $507.6M | 26.1% | 7.9% |
| FY2019 | $1.8B | $372.1M | $3.71 | $489.9M | 29.5% | 11.3% |
| FY2018 | $1.6B | $305.2M | $3.08 | $447.2M | 28.3% | 11.8% |
| FY2017 | $1.5B | $317.7M | $3.23 | $397.7M | 29.5% | 12.8% |
| FY2016 | $1.5B | $298.8M | $3.05 | $414.2M | 29.3% | 12.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
LAMAR ADVERTISING CO/NEW has demonstrated mature, steady growth, with revenue compounding at 4.7% annually over the past decade.
LAMAR ADVERTISING CO/NEW returns on capital have been average, hovering around 11.2% ROIC over the decade.
Over the decade, LAMAR ADVERTISING CO/NEW shows that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, LAMAR ADVERTISING CO/NEW is modeled at 7.3% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $115.39 per share.