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OUTFRONT Media is a real estate investment trust ( REIT ) that provides advertising space ( displays ) on out-of-home advertising structures and sites in the United States (the U.S. ), enabling advertisers to engage with audiences in high-impact in-real-life ( IRL ) moments and environments. We are one of the largest providers of advertising space on out-of-home advertising structures and sites…
16.02% operating margin is respectable but not wide. ROIC at 6.13%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue growth slowed to 0.0%, essentially flat. Margins also contracted 7.2pp. This is a business that needs a catalyst.
ROIC dropped from 8.63% to 6.13%, capital efficiency is deteriorating. Net debt of $4.03B represents 18.4x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$1.87B
Net Income (TTM)
$187M
▼ -43.1% YoY
Op. Margin
17.94%
▼ -7.2pp YoY
ROIC
7.05%
▼ -2.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$254M
▼ -1.0% YoY
Op. Cash Flow (TTM)
$349M
▲ +2.8% YoY
Net Debt
$4.10B
Cash & Equiv.
$67M
5Y CAGR: +8.2%
5Y CAGR: +23.2%
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