Moorgate Capital Partners produces an outstanding quarterly report on the out of home advertising industry. Here are some charts from Moorgate’s 4Q 2025 report which caught our eye.

In the past year you can see that debt costs have risen slightly at Clear Channel Outdoor and have declined at Outfront and Lamar.

Here’s a table which shows public company leverageratios. Clear channel has a 9.8 times debt to cash flow ratio, followed by Outfront at five times debt to cash flow and Lamar at a low 3.2 times debt to cash flow. Billboard Insider considers 5 to 6 times as the maximum sustainable level of cash flow.

Clear Channel Outdoor has not been spending much on digital conversions or acquisitions. This chart shows why. Interest expense accounted for 78% of Clear Channel Outdoor outdoor cash flow in 2025, versus 28% for Outfront and only 14% for Lamar Advertising. The Clear Channel Outdoor sale to Mubadala Partners is a positive development.  It will drop Clear Channel Outdoor’s debt to cash flow and interest expense almost in half, which will free up more cash for capital expenditures and acquisitions.

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