Billboard Insider always enjoys reading Solomon Partners Media monthly.  The September 2026 Solomon Partners Media Monthly shows that Out of Home Media companies are trading at a median 2026 estimated EBIDTA multiple of 11 times.

Billboard Insider’s take: Keep in mind that these multiples are based on 2026 estimated performance.  They’d be a turn or two higher if you looked at trailing 12 months or at billboard cashflow (revenue less direct billboard expenses), instead of EBIDTA.  There’s quite a bit of variation company to company.

• Lamar Advertising leads the way with a 16.5 times EBITDA multiple.  Lamar has a portfolio of long term billboard leases and owns the land under one-eight of its billboards which reduced the risk associated with it’s cashflow.
• OUTFRONT has a 13.2 times multiple, less than Lamar due to the risk implicit in OUTFRONT’s short term transit contracts.
• Clear Channel is at an 11 times multiple based on the pending Mubadala sales price.
•  JCDecaux is at a 7.1 times trading multiple due to the fact that is consists of short term, lower margin municipal advertising contracts.
• National Cinemedia (which provides advertising in cinema lobbies) is at a 5.3 times cashflow multiple because it operates under short term contracts with theater chains.

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