LAMR

Lamar Advertising is a dominant outdoor-advertising REIT with a hard-to-replicate footprint — roughly 71,500 active leased sites, ~11,200 owned parcels and 126 owned operating facilities. The asset base produces highly attractive economics: a 34.2% operating margin, 25.9% net margin and a 57.3% return on equity. FY2025 revenue rose 2.7% to $2.27B and operating cash flow was a robust $864M, comfortably funding the REIT's distribution requirement (it must distribute at least 90% of REIT taxable income) and a much larger buyback ($158M vs a token prior-year amount).

Reported earnings surged — net income up 62.3% to $587M and diluted EPS up 63.9% to $5.77 — but a meaningful part of that jump came from depreciation & amortization falling 29.5% to $326M rather than from operating momentum; underlying revenue growth was only low single digits. That distinction matters: this is a mature, steady cash compounder, not a fast grower. The franchise is durable (no single-lease concentration, many renewal options, ~17% of billboard revenue going to ground leases), and family control via the Reilly family's Class B stock keeps management aligned but limits outside influence.