OUTFRONT Media Inc. OUT

Real EstateResidential & Commercial REITsUnited States of America

Last close 32.15 USD on Nov 2, 2026, +37.6% year to date

Quant rating

Quant rating A Rank 1 of 175 in Real Estate

Growth C 87 of 175
Valuation A 22 of 175
Quality A 6 of 175
Revisions A 11 of 175
Momentum A 10 of 175

Wall Street consensus Buy (1.83)Average target 37.25 USD +15.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 5.7B
Enterprise value: 8.2B
52-week range: 17.32 – 34.78
3-year range: 10.86 – 34.78
Dividend yield: 3.84%
Beta (5 years): 1.55
Shares outstanding: 176M
Next earnings: Nov 5, 2026

About the company

OUTFRONT Media Inc. and its subsidiaries is a real estate investment trust (REIT), which provides advertising space (displays) on out-of-home advertising structures and sites in the United States. The Company’s segments include Billboard and Transit. The Company’s inventory consists of billboard displays, which are primarily located on the heavily traveled highways and roadways in top Nielsen Designated Market Areas (DMAs), and transit advertising displays operated under exclusive multi-year contracts with municipalities in large cities across the United States. The Company's portfolio provides its customers with a range of options, from national, brand-building campaigns to hyper-local campaigns. In addition to leasing displays, it provides other value-added services to its customers, such as pre-campaign category research, consumer insights, print production, creative services and post-campaign tracking and analytics.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,832	1,831	1,821	1,772	1,464	–
Revenue growth	0.0%	0.6%	2.7%	21.1%	18.4%	8.2%
EPS (basic, normalized)	0.97	0.57	−2.61	0.86	0.05	–
EPS growth	70.2%	–	–	1,580.0%	–	–
Gross margin	74.2%	74.5%	74.4%	74.0%	73.9%	74.2%
Net margin	7.6%	13.6%	−23.8%	7.4%	0.5%	1.1%
ROE	19.9%	34.5%	−41.0%	10.5%	2.6%	5.3%

Balance sheet, last quarter
Cash & short-term investments (mil)	31.2
Current ratio	0.67x
Long-term debt (mil)	2,429
Net debt (mil)	2,525
Total equity (mil)	693
Net debt / equity	3.64x
Net debt / EBITDA	5.06x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	1,832	0.0%	4.5x	499	+8.2%	16.4x	0.97	+70.2%	33.1x
2026	2,003	+9.4%	4.1x	595	+19.1%	13.8x	1.43	+47.1%	22.5x
2027	2,057	+2.7%	4.0x	617	+3.8%	13.3x	1.57	+10.0%	20.5x
2028	2,146	+4.3%	3.8x	659	+6.8%	12.4x	1.78	+13.7%	18.0x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	2,003	+0.2%	+1.3%	+3.2%	1.43	+2.1%	+7.6%	+14.0%
2027	2,057	+0.3%	+2.0%	+3.4%	1.57	+4.7%	+11.3%	+19.2%
2028	2,146	+0.4%	+2.2%	+4.0%	1.78	+3.5%	+12.6%	+28.0%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	408	477	452	493	391	460	468	513	430	522
Sales mean (mil)	411	484	457	490	396	461	458	509	420	510
Surprise	−0.7%	−1.3%	−1.0%	+0.6%	−1.3%	−0.2%	+2.0%	+0.9%	+2.3%	+2.5%
EPS reported	−0.18	0.18	0.22	0.39	−0.12	0.24	0.30	0.52	0.11	0.45
EPS mean	−0.12	0.22	0.19	0.38	−0.08	0.23	0.25	0.49	0.00	0.39
Surprise	−55.7%	−15.4%	+18.9%	+2.8%	−53.7%	+2.2%	+20.6%	+5.1%	–	+15.0%

Peer comparison Residential & Commercial REITs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
OUT OUTFRONT Media Inc.	5.7B	5.06x	7.6%	8.17x	22.5x	20.5x	13.8x	13.3x
EQIX Equinix, Inc.	98.4B	4.73x	14.6%	6.77x	55.4x	50.3x	22.7x	20.1x
AMT American Tower Corporation	87.3B	5.88x	23.8%	24.85x	27.0x	26.7x	17.8x	17.2x
DLR Digital Realty Trust, Inc.	66.6B	6.45x	20.7%	2.35x	63.4x	63.8x	23.1x	20.2x
PSA Public Storage	62.3B	7.23x	32.9%	4.29x	33.3x	32.7x	21.8x	19.6x
CCI Crown Castle Inc	37.1B	6.17x	25.9%	−10.83x	44.1x	30.1x	20.4x	19.8x
Mean		5.92x	20.9%	5.93x	41.0x	37.3x	19.9x	18.3x
Median		6.03x	22.3%	5.53x	38.7x	31.4x	21.1x	19.7x

Technical analysis

1M+12.0%
3M+2.0%
1Y+89.9%
3Y+263.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, OUTFRONT Media Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,832	1,831	1,821	1,772	1,464	1,236
Cost of revenue	473	468	465	460	382	324
Gross profit	1,359	1,363	1,355	1,312	1,082	913
Selling, general & administrative expenses	888	929	927	879	770	702
Research & development	–	–	–	–	–	–
Depreciation/amortization	160	152	160	151	145	146
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	18.4	−142	529	0.2	4.3	−7.9
Other operating expenses	0	0	0	0	0	0
Operating income	293	424	−261	282	162	72.5
Net interest income (expense)	−146	−156	−158	−132	−130	−131
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	1.0	0.3	−0.2	0	0.1
Net income before taxes	146	269	−419	150	31.6	−58.5
Provision for taxes	2.0	11.0	4.0	9.4	−3.4	1.1
Minority interest	0	−0.5	−0.7	−1.2	−0.8	−0.8
Equity in affiliates	2.5	0.6	−1.1	2.8	1.4	−0.6
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	147	258	−425	143	35.6	−61.0
Extraordinary items	–	–	–	–	–	–
Net income	147	258	−425	143	35.6	−61.0
EBIT, normalized	311	282	267	283	166	64.6
EBITDA, normalized	472	434	428	433	312	210
Basic EPS, normalized	0.97	0.57	−2.61	0.86	0.05	–

Balance sheet in millions of USD, fiscal years

Balance sheet, OUTFRONT Media Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	99.9	46.9	36.0	40.4	425	710
Receivables	366	305	288	316	310	209
Total inventory	–	–	–	–	–	–
Prepaid expenses	27.0	21.8	23.7	28.9	30.3	19.8
Other current assets	11.1	11.8	50.3	5.6	11.7	35.3
Total current assets	504	386	398	390	777	975
Property, plant & equipment	2,165	2,153	2,250	2,262	2,133	2,056
Goodwill	2,006	2,006	2,006	2,076	2,078	2,078
Intangibles	612	652	695	858	615	548
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	24.2	18.3	234	402	321	241
Total assets	5,312	5,215	5,583	5,990	5,925	5,897
Liabilities
Accounts payable	50.2	51.4	55.5	65.4	64.9	64.9
Payable/accrued	–	–	–	–	–	–
Accrued expenses	408	397	393	400	393	340
Short-term debt	0	10.0	65.0	30.0	0	80.0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	87.1	62.4	79.8	56.5	49.7	50.2
Total current liabilities	545	521	593	552	508	535
Long-term debt	2,583	2,482	2,676	2,626	2,621	2,621
Minority interest	23.5	15.2	3.3	4.0	13.0	26.5
Other liabilities	1,449	1,428	1,583	1,463	1,406	1,357
Total liabilities	4,601	4,446	4,856	4,645	4,547	4,540
Shareholders' equity
Preferred stock	0	120	120	120	383	383
Common stock	1.8	1.7	1.7	1.6	1.5	1.4
Additional paid-in capital	2,619	2,494	2,432	2,416	2,119	2,091
Retained earnings (accumulated deficit)	−1,911	−1,846	−1,821	−1,183	−1,122	−1,100
Treasury stock	–	–	–	–	–	–
Other equity	0.1	−0.1	−5.8	−9.1	−4.4	−18.0
Total equity	710	769	727	1,345	1,378	1,357
Total liabilities & shareholders' equity	5,312	5,215	5,583	5,990	5,925	5,897

Cash flow statement in millions of USD, fiscal years

Cash flow statement, OUTFRONT Media Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	147	258	−430	148	35.6	−61.0
Depreciation, depletion & amortization	160	152	160	151	145	146
Deferred taxes	0	−1.2	−0.1	4.7	−4.7	−2.8
Non-cash items	38.8	−116	549	45.7	36.1	40.4
Changes in working capital	−38.4	6.8	−24.8	−94.9	−114	8.2
Cash from operations	308	299	254	254	98.8	131
Investing activities
Capital expenditures	−102	−97.6	−120	−444	−210	−71.6
Other investing cash flows	−11.8	305	13.0	−5.8	−13.7	18.4
Cash from investing	−114	208	−108	−450	−224	−53.2
Financing activities
Financing cash flow items	−20.0	−32.0	−29.5	−12.2	−24.7	−20.3
Cash dividends paid	−210	−208	−207	−206	−57.5	−75.1
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	89.4	−255	85.0	30.0	−80.0	668
Cash from financing	−141	−495	−152	−188	−162	573
Foreign exchange effects	0	−0.4	0.4	−1.0	0.2	0.7
Net change in cash	53.0	10.9	−4.4	−384	−287	651
Free cash flow	206	202	134	−190	−112	59.0

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 2, 2026 after market close.