Here are four things about Link Media that SignValue learned from reading Boston Omaha’s 2025 10k and 2025 Annual Letter.
Not a REIT
Link is not a dividend paying REIT like Lamar or OUTFRONT and has no plans to be a REIT. Boston Omaha’s Chairman Adam Peterson believes in the Warren Buffet approach of reinvesting cash to create capital gains for shareholders as opposed to paying dividends. The 10k says this: “We do not intend to pay dividends for the foreseeable future, and our stockholders will not be guaranteed, or have contracts or other rights, to receive dividends.” The Boston Omaha Annual Letter notes that Link Media cashflow was used for stock buybacks in 2025: “…additional investment returns to BOC came in the form of Link sending dividends to BOC throughout the year, that were partially used to retire our common stock, which over time could lead to more material gains for shareholders in terms of a intrinsic value per share.”
More like Lamar than OUTFRONT
Link Media’s billboard plant looks more like Lamar than OUTFRONT. It is mostly roadside billboards in suburban and rural areas. Link media’s lease costs are low and it’s revenue per face is also closer to Lamar’s than to Outfront.
Link likes Easements
Link Media likes to buy easements or land under the billboards that it owns. The Boston Omaha annual letter says this (emphasis ours): “…the value of Link grew in 2025 due to organic growth but also due to the purchase of a small amount of real estate under our structures and new digital faces deployed at what we believe will be attractive economics.”
A textbook in scale economies
Link Media keeps close control over expenses. Revenues have grown faster than expenses for 6 consecutive years, which has resulted in an expansion in the cash flow margin from 26.6% in 2020 to 39.2% in 2025. Another similarity to Lamar.
If you have questions, contact one of SignValue’s experienced analyst for a free and confidential consultation at info@signvalue.com or call 480–657–8400.
To receive a free morning newsletter with each day’s Billboard insider articles email info@billboardinsider.com with the word “Subscribe” in the title. Our newsletter is free and we don’t sell our subscriber list.
Paid Advertisement
