Clear Channel Outdoor Holdings Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
We found at least one documented issue that threatens the company itself — regardless of how the stock is currently valued.
Why this colour
The quality light is red because two documented threats to the substance of the business come together: book equity is negative, with a stockholders' deficit of $3,457.1 million as of June 30, 2026, and interest coverage has been below 1 for years — operating income fell short of interest expense in 2023, 2024, 2025 and the first half of 2026. Under our rules each of those is a red criterion in its own right. Against that stands the explicit absence of a liquidity emergency: the company was in compliance with all covenants as of June 30, 2026, the next large maturity falls in August 2028, and there is no going-concern qualification. The light judges the company, not the stock and not the pending merger: whether the shares pay off before closing is a probability calculation about a regulatory decision, and that belongs in the scanners rather than in this quality verdict. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Clear Channel Outdoor runs a solid out-of-home advertising business with 64,521 displays across 83 U.S. designated market areas, growing revenue (+10.2 percent in the first half of 2026) and operating income up 43 percent in three years. Underneath sits a balance sheet with $4,915.5 million of net debt and a $3,457.1 million stockholders' deficit (June 30, 2026); interest expense exceeded operating income in every year since 2023. Since February 9, 2026 a shareholder-approved merger agreement at $2.43 per share in cash has been pending — all that remains is the CFIUS review, with an outside date of November 9, 2026 extendable to February 9, 2027. The share price is therefore capped by contract on the upside and defined by the balance sheet on the downside. Not investment advice.
Business model & operating performance
Out-of-home advertising is a comprehensible business that is hard to attack, with regulatory barriers to entry — new billboard locations are blocked by permitting rules across much of the U.S. Revenue rose from $1,434.2 million (2023) to $1,604.1 million (2025) and by a further 10.2 percent in the first half of 2026; operating income grew from $216.8 million to $310.6 million over the same period. Digital revenue already accounted for 44.1 percent of the total in 2025.
Leverage & equity
As of 30.06.2026, $5,107.6 million of debt faces $192.1 million of cash, and the balance sheet shows a stockholders' deficit of $3,457.1 million. Adding up the undiscounted committed payments as of 31.12.2025 — debt, operating leases, non-lease contracts and capital expenditure commitments — produces $8,397.8 million ranking ahead of the shareholder.
Interest coverage
Operating income stayed below interest expense in every year from 2023 to 2025 ($216.8m against $398.1m, $279.2m against $401.5m, $310.6m against $395.6m), leaving interest coverage permanently below 1. The strong second quarter of 2026 changed nothing: $89.1 million of operating income against $99.0 million of interest expense. Management's own plan leaves barely $20 million for 2026 after share-based compensation, capital expenditure and an annualised debt service bill of roughly $412 million.
Merger: price and protections
The merger agreement of 09.02.2026 provides for $2.43 per share in cash; shareholders approved on 12.05.2026 with roughly 81 percent of shares represented, and the antitrust waiting period expired on 09.04.2026. The financing is backed by equity commitments of up to $3.3 billion, and a failure caused by the buyer triggers a $92.9 million payment to the company. The go-shop period through 26.03.2026 produced no superior proposal.
Merger: remaining risk
What is still open is the CFIUS review of a buyer associated with Abu Dhabi — a political rather than a commercial decision; the agreement additionally requires that approval come without a burdensome condition. The outside date is 09.11.2026, extendable to 09.02.2027. As of 14.08.2026 the market priced a roughly 4 percent discount to the offer, implying a high but not complete probability of completion.
Valuation versus peers
At the merger price, enterprise value is roughly $6,153 million, or about 11.8 times the company's own 2026 plan figure after share-based compensation. Competitors Outfront Media (14.2x) and Lamar Advertising (15.8x) traded higher as of 06.02.2026 — though both carry considerably less debt. The two advisors' valuation ranges span $1.97 to $4.18 per share; the offer falls inside them but clearly below the upper bound.
Worth Noting
CCO came onto the research list through our sweep of tickers being discussed unusually often in retail investor forums. The first look into the SEC register revealed the merger agreement pending since February 9, 2026, which turns this from a valuation analysis into a situation analysis.
Important when comparing figures: Clear Channel Outdoor sold essentially all of its international operations during 2025 and 2026 (Europe-North, Latin America and finally Spain on 04.08.2026 for approximately $132.3 million). All revenue and earnings figures in this analysis refer to continuing operations and have been restated in the filings; older group figures are therefore not comparable.
Potential confusion in the SEC register: the same CIK 0001334978 carries Forms 15-12B from 2019 (14.05. and 01.07.2019) and a Form 25-NSE (02.05.2019). They stem from the group restructuring of that time and do not concern the current listing — as of the data date of this analysis the common stock was still listed on the New York Stock Exchange under CCO, and the most recent quarterly report is dated August 5, 2026.
Valuation figures are dated and evergreen: the merger price of $2.43 per share is fixed by contract and is therefore not a market value. Market capitalisation of roughly $1,181 million and the derived price of about $2.33 per share carry the data date 14.08.2026; the peer multiples for Outfront Media and Lamar Advertising come from the merger proxy and refer to 06.02.2026.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at CCO since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 1.30 $ to 2.40 $ · Last price: 2.40 $ (As of: September 28, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/29/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Advertising Agencies
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Clear Channel Outdoor Holdings Inc CCO | 1.2 | – | 16.8 | 54.2 | 21.4 | 6.6 | 59.5 |
| Applovin Corp APP | 104.1 | 27.6 | 19.9 | 88.5 | 78.1 | 70.0 | -54.0 |
| Omnicom Group Inc OMC | 21.3 | – | 16.6 | 19.0 | 11.9 | 10.1 | 4.5 |
| QMMM Holdings Limited QMMM | 6.8 | – | 0.0 | 0.8 | -114.9 | -3.9 | 2,245.8 |
| Trade Desk Inc TTD | 5.7 | 13.6 | 6.9 | 76.9 | 9.7 | 18.5 | -73.1 |
| Magnite Inc MGNI | 3.3 | 24.1 | 20.8 | 64.8 | 4.7 | 6.9 | 6.9 |
| Liftoff Mobile, Inc. LFTO | 2.7 | 120.6 | 12.9 | 86.2 | 41.8 | 32.1 | – |
| DoubleVerify Holdings Inc DV | 2.0 | 42.1 | 12.6 | 82.4 | 8.6 | 13.9 | 13.1 |
| Ziff Davis Inc ZD | 2.0 | – | 4.6 | 85.0 | 1.1 | 3.5 | 55.0 |
| Median of companies shown | 3.3 | 27.6 | 12.9 | 76.9 | 9.7 | 10.1 | 10.0 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 2,680 | 632 | 135 | 0.37 | 309 | -933 | 5,719 |
| 2017 | 2,589 | 232 | -644 | -1.78 | 160 | -2,015 | 4,671 |
| 2018 | 2,722 | 252 | -218 | -0.60 | 187 | -2,262 | 4,522 |
| 2019 | 2,684 | 253 | -363 | -0.88 | 215 | -2,208 | 6,393 |
| 2020 | 1,855 | -292 | -583 | -1.25 | -138 | -2,793 | 5,755 |
| 2021 | 1,769 | 59 | -434 | -0.93 | -134 | -3,205 | 5,299 |
| 2022 | 1,382 | 256 | -97 | -0.20 | 140 | -3,276 | 5,086 |
| 2023 | 1,434 | 217 | -311 | -0.65 | 31 | -3,463 | 4,722 |
| 2024 | 1,505 | 279 | -179 | -0.37 | 80 | -3,651 | 4,804 |
| 2025 | 1,604 | 304 | -105 | -0.21 | 115 | -3,394 | 3,829 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q3 | -0.06 | 45.50 | 375 | -28.80 | -8.70 | 55 | 21 |
| 2024: Q4 | -0.03 | -169.20 | 427 | -32.50 | -4.20 | 29 | -28 |
| 2025: Q1 | 0.13 | 176.50 | 334 | -30.60 | 18.70 | 15 | -11 |
| 2025: Q2 | 0.08 | 300.00 | 403 | 7.00 | 2.40 | -13 | -29 |
| 2025: Q3 | -0.12 | -100.00 | 406 | 8.10 | -14.80 | 56 | 41 |
| 2025: Q4 | -0.01 | 71.10 | 462 | 8.20 | -22.90 | 56 | 30 |
| 2026: Q1 | -0.10 | -176.90 | 374 | 11.90 | -13.10 | 3 | -14 |
| 2026: Q2 | -0.01 | -112.50 | 438 | 8.70 | -1.20 | 48 | 13 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 5 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Research
Risk & Weakness
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | -0.06 | -0.08 – -0.04 | 1,722 | – | 3 |
| 12/31/2027 | 0.02 | 0.00 – 0.04 | 1,762 | – | 2 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 5.7% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $70.3M |
|---|---|
| Market cap | $1.22B |
| Free cash flow in year ten | $122.9M |
| Terminal value as a share of market value | 53.2% |
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Clear Channel Outdoor verkauft keine KI, sondern erprobt sie als Werkzeug: Der Geschäftsbericht 2025 nennt KI-gestützte Werkzeuge für Vertriebsplanung, Kundenansprache und Arbeitsabläufe sowie zugekaufte KI-Werkzeuge zur Softwareentwicklung — ein Umsatzbeitrag wird nirgends ausgewiesen.
View the full file — quotes, sources, reviewed filings
„We are also piloting artificial intelligence (“AI”)-enabled tools and expanding automated and self-service buying options to improve lead generation, response times and overall customer experience."
Wir erproben außerdem Werkzeuge mit künstlicher Intelligenz („KI“) und bauen automatisierte sowie Selbstbedienungs-Buchungsmöglichkeiten aus, um die Gewinnung von Interessenten, die Reaktionszeiten und das Kundenerlebnis insgesamt zu verbessern.
10-K · 2026-02-26 · View SEC filing
„In addition, we utilize commercially available third-party AI tools to assist our technology team with software code development. Further, we are introducing AI-enabled tools to support sales planning, client engagement and operational workflows, including automating marketing and creative workflows and routine administrative activities."
Darüber hinaus setzen wir handelsübliche KI-Werkzeuge Dritter ein, um unser Technikteam bei der Entwicklung von Softwarecode zu unterstützen. Ferner führen wir KI-gestützte Werkzeuge zur Unterstützung von Vertriebsplanung, Kundenansprache und betrieblichen Arbeitsabläufen ein, einschließlich der Automatisierung von Marketing- und Kreativabläufen sowie routinemäßiger Verwaltungstätigkeiten.
10-K · 2026-02-26 · View SEC filing
Filings Reviewed: 10-Q 2026-08-05 · 10-Q 2026-05-06 · 10-K 2026-02-26 · 8-K 2026-02-09 · DEFM14A 2026-04-13 · 8-K 2026-08-05
Rated on August 14, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 5.1%
- More than 10% revenue growth is expected for the coming year -73.3%
- Share count grows by less than 3% a year 1.7%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 8.6%
- Gross margin at 40% or higher and without meaningful erosion 42.5%
- Goodwill from acquisitions does not grow faster than revenue 13.3%
- Net debt below twice EBITDA 13.3 x EBITDA
- Operating cash flow covers the profits of the last three years 821 m
- Return on capital at 15% or higher, or up versus two years ago 9.5%
- Insiders hold at least 10% or are net buyers 16.5%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
0/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% -5.5%
- Exp. sales growth 3Y > 5% 4.8%
- EBIT growth 10Y > 5% -7.8%
- Exp. EBIT growth 3Y > 5% 4.8%
- Net debt < 4x EBIT 20.6x
- EBIT positive, 10Y straight 9
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% –
- ROCE > 15% 9.5%
- Expected return > 10% 7.6%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
Clear Channel Outdoor Holdings, Inc. operates as an out-of-home advertising company in the United States and Singapore. The company operates in two segments, America and Airports. It offers advertising services through billboards, including bulletins and posters, as well as spectaculars, which are customized display structures with videos, three-dimensional elements and moving parts; street furniture displays, such as advertising surfaces on bus shelters, kiosks, news racks, and other public structures; transit displays in rail stations and on buses, trains, and trams; and wallscapes, as well as advertising solutions to commercial and private airports. The company offers solutions, such as RADARView, an audience and campaign planning tool, which uses historical mobile location data; RADARConnect, a campaign amplification solution that delivers supportive advertisements across mobile and other devices and extends the reach; RADARProof, a campaign measurement and attribution solutions, which analyzes anonymized and/or aggregated data; and RADARSync, a data integration platform designed to enable customized application of the RADAR tools and privacy-compliant sharing of RADAR insights with analytics platforms. It has strategic alliance with FootballCo Media Limited to provide real-time tournament content on digital screens across the United States. The company was formerly known as Eller Media Company and changed its name to Clear Channel Outdoor Holdings, Inc. in August 2005. Clear Channel Outdoor Holdings, Inc. was incorporated in 1995 and is headquartered in San Antonio, Texas.
- Employees
- 1,900
- Headquarters
- San Antonio, TX
- Address
- 4830 North Loop 1604 West, 78249 San Antonio, United States
- Phone
- 210 547 8800
- Website
- clearchanneloutdoor.com
- IPO Date
- 11/11/2005
- ISIN
- US18453H1068
Management
| Name | Title | Birth Year |
|---|---|---|
| Scott R. Wells | CEO, President & Director | 1969 |
| David J. Sailer | Executive VP & CFO | 1975 |
| Jason A. Dilger | Senior VP & Chief Accounting Officer | 1974 |
| Lynn A. Feldman | Executive VP, Chief Legal & Administrative Officer and Corporate Secretary | 1969 |
| Laura Kiernan C.P.A. | Vice President of Investor Relations | – |
| Michelle Costa | Regional President of Clear Channel Outdoor-South Central | – |
| Greg McGrath | Regional President of Clear Channel Outdoor - Southern California | – |
| Jason D. King | Senior Vice President of Corporate Communications & Marketing - Clear Channel Outdoor Americas | – |
| Orlando Ortiz | Senior Vice President of Operations | – |
| Robert C. McCuin | Executive VP & Chief Revenue Officer | 1969 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Data as of: September 28, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.