OUTFRONT Media
OUT on NYSE. OUTFRONT Media sells billboard and transit advertising space to advertisers in the U.S. Market value $5.1bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Real estate stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $5.93 of spare cash in the past 12 months. A savings account pays about $4.
You pay 19.3 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 6 cents a year. Above 10 is good.
Quality score: 67 of 100. Price score: 79 of 100. Our list needs 70 on quality and 60 on price.
$29.07 a share, 71% above its 1-year low
Over the past year the price has ranged from $16.97 to $34.96.
Dividend: 4.1% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $1.5bn | $1.8bn | $1.8bn | $1.8bn | $1.8bn |
| Operating margin | |||||
| Operating margin | 11.5% | 15.9% | -13.9% | 23.2% | 16.0% |
| Debt to equity | |||||
| Debt to equity | 2.70 | 2.22 | 4.75 | 3.84 | 3.64 |
| Shares outstanding | |||||
| Shares outstanding | 0.16bn | 0.17bn | 0.17bn | 0.17bn | 0.18bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)5 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt3.64× equity
- Revenue growth, five yearsSlow, 8.2% a year
- Buying back its own sharesNo, 7% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $523 million last quarter, up 14% on a year ago.
- Profit: $78 million, up 297% on a year ago.
- It keeps 20 cents of each $1 of sales as operating profit, up from 14 cents a year earlier.
- Spare cash over the past 12 months: $303 million, up from $220 million.
- 6% more shares than a year ago. Each share owns a bit less of the company.
- Debt is $2.5 billion more than cash, about the same as a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $452m |
| December 2024 | $493m |
| March 2025 | $391m |
| June 2025 | $460m |
| September 2025 | $468m |
| December 2025 | $513m |
| March 2026 | $430m |
| June 2026 | $523m |
| Quarter to | Amount |
|---|---|
| September 2024 | $35m |
| December 2024 | $74m |
| March 2025 | -$21m |
| June 2025 | $20m |
| September 2025 | $51m |
| December 2025 | $97m |
| March 2026 | $19m |
| June 2026 | $78m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 26 February 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
10 long-term investors we follow own it, up from 9 last quarter. 371 funds in all.
- Gardner Russo & QuinnTom Russo
- Value
- $445,143
- Share of fund
- <0.1%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| LSV Asset ManagementJosef Lakonishok | $57m | 0.1% | Cut |
| First Eagle Investment ManagementMatthew McLennan | $28m | <0.1% | Added |
| Land & BuildingsJonathan Litt | $24m | 4.1% | Cut |
| Select Equity GroupGeorge Loening | $22m | 0.1% | Added |
| Polen CapitalDan Davidowitz | $2m | <0.1% | Added |
| GAMCO InvestorsMario Gabelli | $1m | <0.1% | Cut |
| Gotham Asset ManagementJoel Greenblatt | $738,279 | <0.1% | Added |
| Gardner Russo & QuinnTom Russo | $445,143 | <0.1% | |
| GMOJeremy Grantham | $238,558 | <0.1% | Cut |
| Barrow HanleyBarrow Hanley team | $9,042 | <0.1% | New |
Largest holders overall
- BlackRock$862mAdded
- Cohen & Steers$709m
- Vanguard Portfolio Management$576mAdded
- FMR$409mCut
- Vanguard Capital Management$241mAdded
- State Street$202mAdded
- Invesco$177mAdded
- Geode Capital Management$156mAdded
- Providence Equity Partners L.L.C.$130mCut
- Wellington Management Group LLP$116mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
5 investors own more than 5%.
- BlackRock, Inc.Passive investor13.5%−1.7 ptsSince 31 March 2025
- Cohen & Steers, Inc.Passive investorat least 13.4%0.0 pts(filed with 4 related holders)Since 30 September 2025
- Vanguard Portfolio ManagementPassive investor10.1%+0.6 ptsSince 30 June 2026
- FMR LLCPassive investorat least 7.1%−1.7 pts(filed with 1 related holder)Since 30 June 2026
- PEP VIII International Ltd.at least 2.2%−3.1 pts(filed with 14 related holders)Since 15 May 2026
What they said
Item 4 of the Original Schedule 13D is hereby supplemented as follows: On May 15, 2026, PEP VIII (Scotland) SPV, L.P., PEP VIII Co-Invest SPV, L.P., PEP VIII SPV, L.P., PEP VIII-A AIV SPV, L.P. and PEP VIII-A SPV, L.P. (collectively, the "PEP SPVs") sold 20,709 shares, 909,091…
Read the filing - The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- THE GOLDMAN SACHS GROUP, INC.Passive investorSold down below 5%Since 31 December 2025
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 13.5%−1.7 pts | 31 March 2025 | |
Cohen & Steers, Inc. Passive investor | at least 13.4%0.0 pts (filed with 4 related holders) | 30 September 2025 | |
Vanguard Portfolio Management Passive investor | 10.1%+0.6 pts | 30 June 2026 | |
FMR LLC Passive investor | at least 7.1%−1.7 pts (filed with 1 related holder) | 30 June 2026 | |
PEP VIII International Ltd. | at least 2.2%−3.1 pts (filed with 14 related holders) | 15 May 2026 | What they saidItem 4 of the Original Schedule 13D is hereby supplemented as follows: On May 15, 2026, PEP VIII (Scotland) SPV, L.P., PEP VIII Co-Invest SPV, L.P., PEP VIII SPV, L.P., PEP VIII-A AIV SPV, L.P. and PEP VIII-A SPV, L.P. (collectively, the "PEP SPVs") sold 20,709 shares, 909,091… Read the filing |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
THE GOLDMAN SACHS GROUP, INC. Passive investor | Sold down below 5% | 31 December 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $127,245 of shares on the open market. 6 sold $5m, $4m of it under preset trading plans.
- SIEGEL MATTHEWEVP, CFOSoldunder a preset trading plan
- Date
- 1 October 2026
- Shares
- 25,000
- Price
- $27.84
- Value
- $696,000
- Bonanni Mark EmilioEVP, CRO, CommercialSold
- Date
- 3 September 2026
- Shares
- 3,385
- Price
- $29.82
- Value
- $100,941
- MARTIN PATRICKSVP, Controller, CAOSoldunder a preset trading plan
- Date
- 19 August 2026
- Shares
- 10,000
- Price
- $30.10
- Value
- $301,000
- Sauer Richard H.EVP, General CounselSold
- Date
- 24 June 2026
- Shares
- 5,000
- Price
- $32.08
- Value
- $160,400
- Sauer Richard H.EVP, General CounselSold
- Date
- 23 June 2026
- Shares
- 5,000
- Price
- $31.54
- Value
- $157,722
- Sauer Richard H.EVP, General CounselSold
- Date
- 22 June 2026
- Shares
- 5,000
- Price
- $31.13
- Value
- $155,650
- Sauer Richard H.EVP, General CounselSold
- Date
- 18 June 2026
- Shares
- 5,000
- Price
- $31.05
- Value
- $155,250
- Sauer Richard H.EVP, General CounselSoldunder a preset trading plan
- Date
- 17 June 2026
- Shares
- 5,000
- Price
- $31.36
- Value
- $156,800
- Sauer Richard H.EVP, General CounselSoldunder a preset trading plan
- Date
- 16 June 2026
- Shares
- 5,000
- Price
- $31.08
- Value
- $155,400
- Sauer Richard H.EVP, General CounselSoldunder a preset trading plan
- Date
- 15 June 2026
- Shares
- 5,000
- Price
- $31.35
- Value
- $156,750
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 1 October 2026 | SIEGEL MATTHEW EVP, CFO | Sold under a preset trading plan | 25,000 | $27.84 | $696,000 |
| 3 September 2026 | Bonanni Mark Emilio EVP, CRO, Commercial | Sold | 3,385 | $29.82 | $100,941 |
| 19 August 2026 | MARTIN PATRICK SVP, Controller, CAO | Sold under a preset trading plan | 10,000 | $30.10 | $301,000 |
| 24 June 2026 | Sauer Richard H. EVP, General Counsel | Sold | 5,000 | $32.08 | $160,400 |
| 23 June 2026 | Sauer Richard H. EVP, General Counsel | Sold | 5,000 | $31.54 | $157,722 |
| 22 June 2026 | Sauer Richard H. EVP, General Counsel | Sold | 5,000 | $31.13 | $155,650 |
| 18 June 2026 | Sauer Richard H. EVP, General Counsel | Sold | 5,000 | $31.05 | $155,250 |
| 17 June 2026 | Sauer Richard H. EVP, General Counsel | Sold under a preset trading plan | 5,000 | $31.36 | $156,800 |
| 16 June 2026 | Sauer Richard H. EVP, General Counsel | Sold under a preset trading plan | 5,000 | $31.08 | $155,400 |
| 15 June 2026 | Sauer Richard H. EVP, General Counsel | Sold under a preset trading plan | 5,000 | $31.35 | $156,750 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 26 Feb 2026, plus the 10-Q filed 6 Aug 2026 and 4 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It carries a lot of debt: 3.6× its equity.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.