# OUTFRONT Media Inc. (OUT)

> Source: Nexqual · https://nexqual.com/OUT · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, OUTFRONT Media Inc. (OUT), nexqual.com/OUT" · informational, not investment advice.

**Price:** USD 31.4 (+1.29% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 31 · day 31.09–31.53 · 52w 16.97–34.96 · market cap $5.53B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.93B, net income $245M (12.7% margin), free cash flow $303M (SEC filings).
- Valuation: P/E 22.6x (avg 19.9x at the last 2 fiscal year-ends), EV/EBITDA 15.6x, net debt $2.50B.
- 3 of 80 tracked superinvestors hold OUT (13F, Q2 2026): 0 new, 1 added, 1 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 7 Form 4 filings, $2.5M; 2 not under a Rule 10b5-1 plan ($436K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $127K; 0 by opportunistic insiders, 0 by routine insiders.
- Total return with dividends: 1Y +83.5% vs S&P 500 +14.9%; 5Y +70.1% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 0.4, revenue estimate $508M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.46B | $1.77B | $1.82B | $1.83B | $1.83B | $1.93B |
| Operating income | $168M | $283M | -$253M | $426M | $294M | $395M |
| Net income | $35.6M | $143M | -$425M | $258M | $147M | $245M |
| EPS (diluted) | $0.05 | $0.83 | -$2.70 | $1.51 | $0.82 | — |
| Free cash flow | $25.0M | $164M | $167M | $221M | $219M | $303M |
| Operating margin | 11.5% | 15.9% | -13.9% | 23.2% | 16.0% | 20.5% |
| Net margin | 2.4% | 8.1% | -23.4% | 14.1% | 8.0% | 12.7% |
| Revenue growth | +18.4% | +21.1% | +2.7% | +0.6% | +0.0% | — |
| Cash + short-term investments | $425M | $40.4M | $36.0M | $46.9M | $99.9M | — |
| Total debt | $2.62B | $2.66B | $2.74B | $2.49B | $2.58B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 22.6x · P/S 2.9x · EV/EBITDA 15.6x · EV/Sales 4.2x · P/FCF 18.2x · P/B 8.0x · FCF yield 5.49% · Earnings yield 4.42% · Dividend yield (paid, TTM) 3.82% · Net debt $2.50B · EV $8.03B
P/E at fiscal year-ends: Dec 2025 27.7x, Dec 2024 12.0x.

## Superinvestors (SEC 13F-HR, Q2 2026)
3 of 80 tracked investors hold OUT. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | 0.02% | $14.0M | Reduced -21.1% |
| Polen Capital | Polen Capital Management | 0.02% | $2.0M | Added +17.4% |
| Thomas Russo | Gardner Russo & Quinn | <0.01% | $445K | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
5 of 7 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-01 | Siegel Matthew | EVP, CFO | 25,000 | $696K | 8.6% | Yes (adopted December 11, 2025) | Too little history (no open-market trades in 2023–2025) |
| 2026-09-03 | Bonanni Mark Emilio | EVP, CRO, Commercial | 3,385 | $101K | 24.5% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-19 | Martin Patrick | SVP, Controller, CAO | 10,000 | $301K | 27.5% | Yes (adopted May 20, 2026) | Too little history (no open-market trades in 2023–2025) |
| 2026-06-23…2026-06-24 | Sauer Richard H. | EVP, General Counsel | 10,000 | $318K | 14.9% | Yes (adopted March 13, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-18…2026-06-22 | Sauer Richard H. | EVP, General Counsel | 10,000 | $311K | 13% | Yes (adopted March 13, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-06-15…2026-06-17 | Sauer Richard H. | EVP, General Counsel | 15,000 | $469K | 16.3% | Yes (adopted March 13, 2026) | Too little history (no open-market trades in 2023 or 2024) |
| 2026-05-22 | Mathes Peter | Director | 10,000 | $335K | 19.5% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $127K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-06-11 | Norton James Michael | EVP, CRO, Enterprise | 4,130 | $127K | 30.81 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-06 | TD Cowen | Target raised | Buy | $38 → $40 |
| 2026-08-06 | Wells Fargo | Target raised | Overweight | $35 → $38 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +83.5% | +70.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +83.8% | +11.2% |
| Volatility (annualized) | 28.8% | 39.9% |
| Max drawdown | -17.3% (Jul 2026→Sep 2026) | -67.4% (Mar 2022→Oct 2023) |

## Peers (REIT - Specialty)
RYN (Rayonier Inc. REIT) USD 18.72 +1.74% · EPR (EPR Properties) USD 56.36 +3.34% · GLPI (Gaming and Leisure Properties, ) USD 40.02 +4.35% · WY (Weyerhaeuser Company) USD 19.82 +4.43% · LAMR (Lamar Advertising Company) USD 157.51 +1.57% · FRMI (Fermi Inc.) USD 2.65 -7.34%

## More
Full page: https://nexqual.com/OUT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Billboard Operating | $379.4M | 72.6% | +8.0% |
| Transit Operating | $140.6M | 26.9% | +32.3% |
| Total revenue | $522.5M | 100% | — |

## Company outlook (8-K filed 2026-08-05)

- "MTA Agreement Based on the recent performance of our MTA assets, the Company currently expects to recoup some, but not all, MTA equipment deployment costs incurred prior to December 31, 2025, and does not currently expect to recoup current period or future MTA equipment deployment costs, even in periods when revenues under the MTA Agreement exceed the minimum annual guarantee threshold."
- "For additional information, please refer to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2026, which the Company expects to file tomorrow."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.40 | $0.41 | -2.2% | $508.1M | 3 |
| Next quarter (ends 2026-12-31) | $0.46 | $0.44 | +4.8% | $538.4M | 3 |
| Current fiscal year (ends 2026-12-31) | $1.40 | $1.33 | +4.7% | $2.00B | 2 |
| Next fiscal year (ends 2027-12-31) | $1.52 | $1.39 | +9.1% | $2.05B | 3 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±11.5%; last 8 reports averaged ±5.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 51.2% | ±11.5% |
| 2026-12-18 | 56 | 38.4% | ±12.1% |
| 2027-03-19 | 147 | 34.7% | ±17.4% |
| 2027-06-17 | 237 | 31.6% | ±19.9% |