EPR Properties vs Lamar Advertising
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The short version
- Lamar Advertising is the larger business, with $2.3B of revenue in fiscal 2025 against $718M for EPR Properties, about 3.2 times as much.
- EPR Properties kept more of each dollar of sales as operating profit (57.7% operating margin, against 34.2%).
- EPR Properties turned more of its sales into free cash flow (37.5% FCF margin, against 30.2%).
- Lamar Advertising earned a higher return on the capital invested in it (17.3%, against 8.0%).
- Investors pay more for each dollar of Lamar Advertising’s earnings: a P/E of 28.3x against 17.9x for EPR Properties.
| Latest fiscal year | EPR · FY25 | LAMR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.3B | $15.8B |
| Revenue | $718M | $2.3B |
| Free cash flow | $269M | $683M |
| Net income | $275M | $587M |
| Growth | ||
| Revenue growth | 2.9% | 2.7% |
| 5-year growth | 11.6% | 7.6% |
| Share count change | 0.7% | −0.9% |
| Profitability | ||
| Gross margin | — | 67.0% |
| Operating margin | 57.7% | 34.2% |
| Net margin | 38.3% | 25.9% |
| FCF margin | 37.5% | 30.2% |
| Return on capital | 8.0% | 17.3% |
| Return on equity | 11.8% | 56.7% |
| Balance sheet | ||
| Net debt | $2.8B | $3.4B |
| Net debt / EBITDA | 4.9x | 3.1x |
| Dividends and buybacks | $301M | $814M |
| Valuation & quality | ||
| P/E | 17.9x | 28.3x |
| Piotroski F-score | — | 8 |
Revenue
FY16
EPR $493M
LAMR $1.5B
FY17
EPR $518M
LAMR $1.5B
FY18
EPR $640M
LAMR $1.6B
FY19
EPR $652M
LAMR $1.8B
FY20
EPR $415M
LAMR $1.6B
FY21
EPR $532M
LAMR $1.8B
FY22
EPR $658M
LAMR $2.0B
FY23
EPR $706M
LAMR $2.1B
FY24
EPR $698M
LAMR $2.2B
FY25
EPR $718M
LAMR $2.3B
EPR
LAMR
Operating margin
FY16
EPR —
LAMR 29.3%
FY17
EPR —
LAMR 29.6%
FY18
EPR —
LAMR 28.3%
FY19
EPR —
LAMR 29.5%
FY20
EPR 12.6%
LAMR 26.1%
FY21
EPR 52.4%
LAMR 29.2%
FY22
EPR 47.3%
LAMR 28.4%
FY23
EPR 43.4%
LAMR 32.0%
FY24
EPR 45.2%
LAMR 24.1%
FY25
EPR 57.7%
LAMR 34.2%
EPR
LAMR
Free cash flow
FY16
EPR $86.2M
LAMR $414M
FY17
EPR $0.7M
LAMR $398M
FY18
EPR $297M
LAMR $447M
FY19
EPR −$61.1M
LAMR $490M
FY20
EPR $26.6M
LAMR $508M
FY21
EPR $250M
LAMR $608M
FY22
EPR $39.2M
LAMR $615M
FY23
EPR $178M
LAMR $605M
FY24
EPR $129M
LAMR $748M
FY25
EPR $269M
LAMR $683M
EPR
LAMR
Return on capital
FY16
EPR 7.4%
LAMR 13.4%
FY17
EPR 6.8%
LAMR 12.8%
FY18
EPR 6.1%
LAMR 11.8%
FY19
EPR 5.1%
LAMR 12.7%
FY20
EPR 0.8%
LAMR 9.9%
FY21
EPR 5.3%
LAMR 12.5%
FY22
EPR 6.0%
LAMR 12.9%
FY23
EPR 5.8%
LAMR 14.7%
FY24
EPR 6.0%
LAMR 12.0%
FY25
EPR 8.0%
LAMR 17.3%
EPR
LAMR
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.