Moorgate Capital Partners produces an outstanding quarterly report on the the of home advertising industry.  Here are some charts from Moorgate’s 2Q 2025 report.

Clear Channel’s debt costs about 200-250 basis points more than OUTFRONT or Lamar due to high leverage.

Clear Channel Outdoor has the highest leverage with debt/cashflow of 10.1x times.  OUTFRONT has debt/cashflow of 5.5 times.  Lamar has debt/cashflow of 3.2 times.

The problem with high debt is that it limits what you can invest in your business.  Clear Channel’s annual interest expense is 80% of adjusted cashflow while that same figure is 30% for OUTFRONT and 14% for Lamar.  Most of Clear Channel’s cashflow goes to lenders which leave little cashflow for digital billboard conversions, new builds and acquisitions

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