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Lee Enterprises, Incorporated is a leading digital-first subscription and marketing services company committed to delivering high-quality, trusted, and deeply local news and information. We serve 72 mid-sized communities across 25 states, engaging audiences through a rapidly expanding digital platform that now reaches more than 633,000 digital-only subscribers.
The business is unprofitable at the operating level (-0.83% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 8.0% YoY. The question is whether this is cyclical or a structural shift.
Negative free cash flow of -$7M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$532M
▼ -8.0% YoY
Net Income (TTM)
-$17M
▼ -45.5% YoY
Op. Margin
-0.83%
▼ -1.6pp YoY
ROIC
-0.76%
▼ -1.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$855K
▲ +12.4% YoY
Op. Cash Flow (TTM)
$810K
▼ -596.1% YoY
Net Debt
$424M
Cash & Equiv.
$53M
5Y CAGR: -1.9%
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