OUTOUTFRONT Media Inc.

Real Estate Investment Trusts

Revenue: $1.8B; 0.0% YoY
Operating margin: 16.0%; 31% YoY
EBITDA: $454M; 21% YoY
Market cap: $5.6B
Employees: 1,986; $922K revenue each
Net debt / EBITDA: 5.5×; $2.5B net debt
AI in 10-K: 1.6; mentions per 10K words

Takeover score 0 of 13

Fixable underperformance 0 of 7

TSR below peersNo
1 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
209% of net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
68% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
38% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$922K · 57th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.6 per 10K words · 48th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
5.5× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.6B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$5M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$1.5B	$1.8B	$1.8B	$1.8B	$1.8B	0.0%
Operating income	$168M	$283M	−$253M	$426M	$294M	31%
Net income	$36M	$148M	−$425M	$258M	$147M	43%
Operating cash flow	$99M	$254M	$254M	$299M	$308M	2.8%
Capex	$74M	$90M	$87M	$78M	$89M	14%
Stock-based comp	$29M	$34M	$28M	$31M	$30M	2.6%
Dividends	$58M	$206M	$207M	$208M	$210M	0.9%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
May 19, 2026	Providence Equity Partners VIII-A L.P.	SCHEDULE 13D/A	2.2%	Passive
Sep 5, 2025	Providence Equity Partners VIII-A L.P.	SCHEDULE 13D/A	5.3%	Passive
Nov 8, 2024	VERDE INVESTMENTS, INC.	SC 13D/A	3.6%	Active
Sep 27, 2024	ARES MANAGEMENT LLC	SC 13D/A	0.0%	Passive
Feb 21, 2024	VERDE INVESTMENTS, INC.	SC 13D/A	6.3%	Active
Oct 24, 2023	VERDE INVESTMENTS, INC.	SC 13D	5.2%	Active
Sep 22, 2020	Providence Equity Partners VIII-A L.P.	SC 13D/A	10.6%	Passive
May 8, 2020	Providence Equity Partners VIII-A L.P.	SC 13D/A	10.6%	Passive
May 5, 2020	ARES MANAGEMENT LLC	SC 13D/A	1.1%	Passive
Apr 27, 2020	ARES MANAGEMENT LLC	SC 13D	5.1%	Passive

Insider trading

Open-market buys, 12 mo: $127K · 1
Open-market sells, 12 mo: $5M · 17
Net: −$5M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	166	65
FY2024	—	—	117	79
FY2023	—	—	83	85
FY2022	—	—	91	70
FY2021	—	—	138	100