OUTFRONT Media has beaten earnings in 3 of the last 4 quarters and posted a strong return on equity of 27%, but debt-to-equity of 6.0 and near-total dependence on New York transit revenues (57% concentration) leave limited room for error if that market deteriorates.
Thesis pillars
- Consistent Earnings Execution→Stable
- High Leverage Debt Risk↑Improving
- New York Transit Revenue Concentration↑Improving
- +1 more pillar — see the Why tab for full reasoning
Pillars as of Jul 3, 2026, based on the 10-K filed Feb 26, 2026· older than 90 days
OUTFRONT Media Inc. (OUT) Stock Analysis
Real Estate · REIT - Specialty
Sell if holding. Analyst target reached at $32.36 — A.R:R 0.1:1 is below the 1.5:1 minimum. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Concentration risk — Geographic: New York transit revenues (57.0%).
OUTFRONT Media is a REIT that leases advertising space on 552,877 out-of-home billboard and transit displays across approximately 120 U.S. markets, generating $1.83 billion in total revenues in 2025. The company operates via Billboard and Transit segments with no single customer... Read more
Sell if holding. Analyst target reached at $32.36 — A.R:R 0.1:1 is below the 1.5:1 minimum. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Concentration risk — Geographic: New York transit revenues (57.0%). Chart setup: No clear chart pattern; technical signals are mixed. Score 5.6/10, high confidence.
Passes 5/8 gates (positive momentum, clean insider activity, news events none recent, semi cycle peak clear, materials cycle peak clear). Fails on favorable risk/reward ratio and earnings proximity 1d<=7d. Suitability: aggressive.
About OUTFRONT Media Inc.
About OUTFRONT Media Inc.
OUTFRONT Media generated $1.83 billion in total revenues in 2025 across 552,877 advertising displays in approximately 120 U.S. markets, including each of the 25 largest DMAs. The New York metropolitan area accounted for 21% of total revenues and Los Angeles for 12%. The company ended 2025 with 31,421 digital displays in the United States, up from 30,323 at end-2024, including 1,928 digital billboard displays and 29,493 digital transit displays.
OUTFRONT earns revenue through two segments: Billboard ($1.39 billion in 2025) and Transit ($431.2 million), serving customers on short-term contracts that generally run four weeks to one year. The Transit segment requires ongoing competitive bidding for exclusive multi-year franchise agreements with municipalities, which typically provide for payments based on a percentage of revenues generated plus guaranteed minimums. Unlike most transit contracts — which municipalities can terminate at will — the New York MTA franchise cannot be terminated for convenience by the governmental entity, giving it distinct permanence among the portfolio. Digital billboard displays generate approximately four to five times more revenue per display than comparable static units on average, though they also carry approximately two to four times higher costs. The company competes directly with Lamar, Clear Channel Outdoor, JCDecaux, and Intersection for both display locations and advertising customers.
Show full overview
The MTA transit franchise stands as the single most consequential contract counterparty: unlike all other municipal agreements in the portfolio, it cannot be terminated for convenience by the MTA. The 10-K discloses that OUTFRONT has previously incurred impairment charges specifically tied to its transit franchise agreements, with the MTA as the primary instance. Transit revenues flow disproportionately from New York and Los Angeles, which contributed 57% and 8%, respectively, of total transit revenues in 2024, concentrating the Transit segment in two cities. If OUTFRONT were unable to renew the MTA franchise on favorable terms, the impact could weigh on the Transit segment's long-term revenue trajectory.
See also: Real Estate · REIT - Specialty
From OUTFRONT Media Inc.'s most recent 10-K filing, extracted June 11, 2026.
Recent developments
updated Oct 28, 2026Recent Developments — OUTFRONT Media Inc.
Latest news
- NEWS Wells Fargo Maintains Outfront Media Inc(OUT.US) With Buy Rating, Maintains Target Price $38 - Moomoo — Moomoo Oct 28, 2026 neutral
- NEWS Outfront Media (OUT) Tops Q2 FFO and Revenue Estimates - Yahoo Finance — Yahoo Finance Aug 5, 2026 positive
- NEWS Outfront Media earnings beat by $0.07, revenue topped estimates - Investing.com UK — Investing.com UK Aug 5, 2026 positive
- NEWS Earnings Flash (OUT) OUTFRONT Media Inc. Reports Q2 Revenue $522.5M, vs. FactSet Est of $509.6M - marketscreener.com — marketscreener.com Aug 5, 2026 positive
- NEWS OUTFRONT Media Announces Quarterly Dividend - Yahoo Finance — Yahoo Finance Aug 5, 2026 neutral
Latest item Oct 28, 2026 · Generated 2026-11-04T11:49:37Z.
Upcoming dated catalysts
Thesis
Key Metrics
Quality Signals
Options Flow
Concentration Risks(10-K Item 1A)
- LOWGeographicNew York, NY21%10-K Item 1: 'New York, NY| | 8 | %| | 61 | %| | | | 21 | %'
- HIGHGeographicNew York transit revenues57%10-K Item 1: 'The New York and Los Angeles metropolitan areas contributed 57% and 8%, respectively, of total transit revenues in 2024'
- LOWGeographicLos Angeles, CA12%10-K Item 1: 'Los Angeles, CA| | 14 | | | 7 | | | | | 12'
- MEDIUMcounterpartyMTA10-K Item 1A: 'we have previously suffered impairment charges in connection with our agreements with our transit franchise partners, primarily our agreement with the MTA'
Material Events(8-K, last 90d)
- 2026-06-03Item 5.02LOWStockholders approved the Amended and Restated Omnibus Stock Incentive Plan at the June 3, 2026 Annual Meeting, increasing reserved shares by 3,373,000 to 22,948,000 total shares. Routine compensatory arrangement; no officer departure.SEC filing →
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results. How we score · Editorial policy
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Rating Breakdown
1 floor-breaker
Technicals below the gate floor. Component breakdown shows what dragged the score down.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Sell if holding. Analyst target reached at $32.36 — A.R:R 0.1:1 is below the 1.5:1 minimum. Reward from here is too thin for a buy — the engine flags exit. Additional concerns: Concentration risk — Geographic: New York transit revenues (57.0%). Chart setup: No clear chart pattern; technical signals are mixed. Prior stop was $30.88. Score 5.6/10, high confidence.
Analyst target: $32.71 (+1.1% upside). Prior stop was $30.88. Stop-loss: $30.88.
Concentration risk — Geographic: New York transit revenues (57.0%); Analyst target reached - limited upside remaining; Sector modifier (Real Estate): -1.2.
OUTFRONT Media Inc. trades at a P/E of 23.1 (forward 21.3). TrendMatrix value score: 5.1/10. Verdict: Sell.
10 analysts rate OUT, with a consensus score of 4.1/5. 5 analysts publish price targets averaging $38.
What does OUTFRONT Media Inc. do?OUTFRONT Media is a REIT that leases advertising space on 552,877 out-of-home billboard and transit displays across...
OUTFRONT Media is a REIT that leases advertising space on 552,877 out-of-home billboard and transit displays across approximately 120 U.S. markets, generating $1.83 billion in total revenues in 2025. The company operates via Billboard and Transit segments with no single customer exceeding 2% of revenues.