Moorgate Capital Partners produces an outstanding quarterly report on the out of home advertising industry. Here are some charts from Moorgate’s 1Q  2026 report which caught our eye.

Public out of home company valuations are at an all time high.  Lamar is trading at 16.8 times forward cashflow (EBIDTA).  Outfront is 14.3 times forward cashflow.  Clear Channel Outdoor is at 11.2 times forward cashflow.

Debt costs have been stable since the third quarter of 2025.  Leverage (debt/cashflow) has declined at Clear Channel Outdoor and OUTFRONT and remained constant at Lamar.  We think that 5:1 is the sustainable level of leverage for an out of home company.  Clear Channel Outdoor’s leverage will drop from to about 6.5:1 after the Mubadala transaction closes because the new owners are going to infuse equity and preferred equity.

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