One-glance verdict
Overvalued
$-1.72 our estimate vs market $32.51
Wall Street consensus: $37.60 (-2,287.5% lower than our fair-value estimate)
1991% below our estimate, beyond the bull case
Fundamentals snapshot
OUTFRONT Media Inc.
OUT · NYQ · Real Estate · REIT - Specialty
Current price
$32.51
52-week range
$16.97 - $34.96
Market cap
$5.73B
Balance sheet
Distressed
2.13x Stretched
Net debt $4.10B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Revenue grew 5.5% last year.
- Reward Free cash flow was positive in 10/10 years.
- Reward Trades at 23.4x P/E vs peer median 32.3x (27.7% cheaper).
- Risk Stock trades 14.7% above its 5-year average P/E.
What this company does
OUTFRONT Media Inc.
OUTFRONT Media is a big advertising company that sells ad space on things like billboards and screens in places like bus stops and airports, helping brands reach people when they are out and about. Their main money comes from these ad sales, and it matters because it's how they make enough profit (the money left after all their costs) to keep growing and reinvesting in new ad technology.
How the company got here
OUTFRONT Media's story as a standalone company began in 2014 when it was spun off from CBS Outdoor Americas and rebranded. However, its roots go much deeper, with its advertising assets being assembled over many years through earlier media groups associated with CBS and Viacom. The company's history includes predecessor companies like TDI (Transportation Displays Incorporated), founded in 1938, which specialized in advertising for passenger railroad timetables. Over time, these businesses merged and were acquired by various media giants before becoming the independent OUTFRONT Media we know today. This evolution reflects a long-standing presence in the out-of-home advertising space, adapting through different corporate structures and market changes.
What it actually does
OUTFRONT Media is a major player in the out-of-home advertising industry. Think of them as the company that sells ad space on billboards you see along the highway, digital screens in public places, and ads on buses and in subway stations. They help brands, from big consumer companies to local businesses, get their message in front of people when they are out and about in their daily lives. Essentially, OUTFRONT Media turns public spaces into advertising platforms, connecting advertisers with potential customers in a tangible, real-world environment.
Billboards
This is one of OUTFRONT Media's primary business lines. They own and manage a large inventory of billboards, which are those big signs you see along roadsides and highways. These can be traditional static billboards or increasingly, digital billboards that can display dynamic content. Advertisers pay OUTFRONT for the space on these billboards, typically through contracts for a specific location and duration, to reach drivers and commuters. This segment is a significant contributor to the company's overall revenue.
Transit Ads
Another key segment for OUTFRONT Media involves advertising within public transportation systems. This includes ads placed on buses, trains, in subway stations, on platforms, and even on street furniture like bus shelters and kiosks. Companies use this to reach people during their daily commutes, offering a high-frequency touchpoint. OUTFRONT works with transit authorities to secure these advertising spaces, turning everyday travel into an advertising opportunity.
What management is betting on now
OUTFRONT Media is strategically shifting towards a more digital-first approach in out-of-home advertising. This involves transforming its traditional billboard leases into a tech-driven model that leverages data and digital displays. The company is focusing on programmatic advertising, which allows for real-time buying and optimization of ad campaigns, and enhancing its transit advertising with digital networks that can adapt to context like weather or events. By integrating data and technology, OUTFRONT aims to make its advertising more measurable, targeted, and effective for brands, aligning it more closely with the digital media landscape.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$55.50M
FY2024 Q4
$106.30M
FY2025 Q1
$16.40M
FY2025 Q2
$41.40M
FY2025 Q3
$67.70M
FY2025 Q4
$93.30M
FY2026 Q1
$51.20M
FY2026 Q2
$91.20M
Revenue
$522.50M
Net income
$77.50M
Diluted EPS
0.44
Operating cash flow
$108.40M
Free cash flow
$91.20M
Fetching…
Sources
Revenue
$429.60M
Net income
$19.10M
Diluted EPS
0.11
Operating cash flow
$75.30M
Free cash flow
$51.20M
Fetching…
Sources
Revenue
$513.30M
Net income
$96.80M
Diluted EPS
0.57
Operating cash flow
$118.10M
Free cash flow
$93.30M
Fetching…
Sources
Revenue
$467.50M
Net income
$51.30M
Diluted EPS
0.29
Operating cash flow
$88.80M
Free cash flow
$67.70M
Fetching…
Sources
Revenue
$460.20M
Net income
$19.50M
Diluted EPS
0.10
Operating cash flow
$67.10M
Free cash flow
$41.40M
Fetching…
Sources
Revenue
$390.70M
Net income
$-20.60M
Diluted EPS
-0.14
Operating cash flow
$33.60M
Free cash flow
$16.40M
Fetching…
Sources
Revenue
$493.20M
Net income
$74.00M
Diluted EPS
0.43
Operating cash flow
$124.50M
Free cash flow
$106.30M
Fetching…
Sources
Revenue
$451.90M
Net income
$34.60M
Diluted EPS
0.19
Operating cash flow
$73.10M
Free cash flow
$55.50M
Fetching…
Sources
Is it cheap or expensive?
Fair value $-1.72 vs current price $32.51
Wall Street consensus is the average analyst price target: $37.60 (-2,287.5% lower than our fair-value estimate).
Our most-likely fair value is $-1.72 a share — about 105.3% below today's price of $32.51, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Distressed
Net debt $4.1B. Interest coverage 2.1x.
Net debt
$4.10B
Interest coverage
2.13x
OUTFRONT Media Inc.'s profit covers its interest bill about 2.1 times over. which is stronger than most peers shown here and 1 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Distressed
Worse cushion
Baseline
Better cushion
OUT
BASELINE
OUTFRONT Media Inc.
Total debt $4.13B Interest coverage 2.13x This is the baseline the peer rows are being compared against.
Total debt $4.98B Interest coverage 4.35x +105% vs OUT Carries about 2.0x more debt cushion than OUT.
Total debt $6.47B Interest coverage 0.79x -63% vs OUT Carries about 2.7x less debt cushion than OUT.
Total debt $19.95B Interest coverage 1.66x -22% vs OUT Carries about 1.3x less debt cushion than OUT.
Total debt $22.92B Interest coverage 2.22x +4% vs OUT Has roughly the same debt cushion as OUT.
Total debt $15.21B Interest coverage 3.26x +53% vs OUT Carries about 1.5x more debt cushion than OUT.
What you should know
The case for and against OUT
3 Rewards
1 Risk
Rewards
-
Revenue grew 5.5% last year.
-
Free cash flow was positive in 10/10 years.
-
Trades at 23.4x P/E vs peer median 32.3x (27.7% cheaper).
Risks
-
Stock trades 14.7% above its 5-year average P/E.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
23.39x
Forward P/E
21.43x
P/B
8.26x
P/S
2.96x
EV/EBITDA
19.97x
PEG ratio
0.39x
Profitability
How much profit each dollar creates
Gross margin
51.4%
Operating margin
22.3%
Net margin
12.7%
ROE
35.0%
ROA
4.7%
Health
Liquidity and balance-sheet strength
Debt / equity
5.74x
Current ratio
0.67x
Quick ratio
0.62x
Total debt
$4.13B
Total cash
$31.20M
Growth
How the business has been compounding
Revenue TTM
$1.93B
Revenue 5Y CAGR
5.8%
EPS TTM
1.39
EPS 5Y CAGR
-1.6%
Cash flow
How much cash the business throws off
Operating CF TTM
$390.60M
Free CF TTM
$218.80M
FCF margin
11.3%
Dividend
Shareholder payout
Yield
3.9%
Payout ratio
86.3%
Last ex-div date
2026-09-04