Lee Enterprises Incorporated
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 balance sheet was propped up, not repaired: equity attributable to Lee shareholders is negative despite $50 million of fresh capital, and the $455 million of debt is owed to a single lender from whom Lee already had to obtain an interest deferral in 2025. Red, because that is a documented substance risk, even though the 2026 cost turnaround is real and the cheap rate buys time. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Lee Enterprises illustrates how the rescuer trap works: a businessman takes the majority in February 2026, the lender cuts the rate, and the third quarter brings the first profit in a long time. The SEC filings also show revenue that has been shrinking for years, falling digital subscriptions, negative equity attributable to shareholders and $455 million of debt owed to a single lender. Buyers are betting that five years of cheap money are enough for a real turnaround. Not investment advice.
Revenue & business model
Revenue fell from $781.0 million in fiscal 2022 to $562.3 million in fiscal 2025 (−28 percent) and another 10.8 percent in the third quarter of fiscal 2026; digital revenue is falling too (−8.1 percent).
Costs & earnings
Third-quarter fiscal 2026 Cash Costs −14.5 percent, Adjusted EBITDA +23.0 percent, first quarterly profit ($4.7 million) after at least six loss-making quarters; fiscal 2026 outlook raised to +22 to +28 percent (about +10 percent excluding insurance money).
Balance sheet & debt
$454.7 million loan from a single lender from whom Lee already had to obtain an interest deferral in 2025; equity attributable to Lee shareholders −$2.2 million (6/28/2026); the 5 instead of 9 percent rate applies for only five years.
Digital strategy
Digital-only subscribers fell from over 771,000 (end of fiscal 2024) to 584,000 (6/28/2026) against a goal of over 1.2 million by 2028; the annual report lists AI in search engines as a risk to reach.
Ownership & governance
Majority shareholder David Hoffmann (54.5 percent) brought capital and cheaper money but controls the company; related-party transactions (Hoffmann Media Group, Quintype) and an auditor change after fiscal 2026.
Worth Noting
The trigger for this analysis is the change in control of 2/5/2026 (8-K, Item 5.01): issuance of 16 million shares at $3.25 (15,384,615 to investors, 10,909,440 of them to David Hoffmann; 615,385 to service providers as expense reimbursement); price reference: $3.73 (12/29/2025, last trading day before the announcement in the 8-K of 12/30/2025), $5.53 (2/5/2026), $8.94 (3/3/2026, per S-3), $11.76 (5/28/2026), $6.47 (10/22/2026; closing prices, fundamental data).
Data as of: the latest periodic report is the 10-Q for 6/28/2026; the annual report for fiscal 2026, which ended 9/27/2026, had not been filed as of 10/23/2026. The interest savings (about $18 million per year) are our own calculation: 4 percentage points on $454.7 million. The $55 million to $58 million EBITDA range follows from the outlook (+22% to +28%) applied to fiscal 2025’s $45.4 million.
Not to be confused: the ticker LEE on Nasdaq belongs to Lee Enterprises, Incorporated (CIK 0000058361), not to the jeans brand of the same name. Valuation dated and evergreen: market value from 22,292,044 shares × $6.47 (10/22/2026).
Stock Watch
This analysis is as of October 23, 2026. Stock Watch will tell you what's changed at LEE since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 3.40 $ to 11.80 $ · Last price: 6.10 $ (As of: October 30, 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 10/30/2026
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: Publishing
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Lee Enterprises Incorporated LEE | 0.1 | – | 13.8 | 60.7 | – | -8.0 | 36.1 |
| New York Times Company NYT | 11.4 | 31.7 | 18.2 | 51.0 | 13.1 | 9.2 | 25.3 |
| John Wiley & Sons WLY | 2.7 | – | 10.5 | 74.6 | 24.7 | -0.1 | 45.4 |
| John Wiley & Sons B WLYB | 2.6 | 12.4 | 10.3 | 74.6 | 24.7 | -0.1 | 39.6 |
| USA TODAY Co., Inc. TDAY | 0.9 | 33.4 | 6.5 | 39.5 | – | -8.3 | 50.6 |
| Scholastic Corporation SCHL | 0.7 | 17.5 | 6.1 | 56.5 | – | 2.3 | 39.8 |
| Median of companies shown | 1.8 | 24.6 | 10.4 | 58.6 | 24.7 | -0.1 | 39.7 |
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 | 614 | 104 | 35 | 6.45 | 79 | -128 | 663 |
| 2017 | 567 | 89 | 27 | 4.96 | 72 | -92 | 621 |
| 2018 | 544 | 86 | 46 | 8.18 | 59 | -37 | 575 |
| 2019 | 510 | 75 | 14 | 2.51 | 58 | -38 | 555 |
| 2020 | 618 | 50 | -2 | -0.35 | 50 | -32 | 864 |
| 2021 | 795 | 57 | 23 | 3.90 | 50 | 41 | 844 |
| 2022 | 781 | 52 | -2 | -0.35 | 3 | 15 | 744 |
| 2023 | 691 | 45 | -5 | -0.90 | -3 | 21 | 712 |
| 2024 | 611 | 30 | -26 | -4.35 | 1 | -10 | 649 |
| 2025 | 562 | 20 | -38 | -6.15 | -6 | -43 | 602 |
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.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
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 ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -0.75 | -2,534.30 | 145 | -7.10 | -11.60 | -7 | -9 |
| 2025: Q1 | -0.56 | – | 137 | -6.30 | -9.10 | -1 | -2 |
| 2025: Q2 | -0.09 | – | 141 | -6.20 | -1.40 | 9 | 8 |
| 2025: Q3 | -1.04 | – | 139 | -12.30 | -4.60 | -6 | -4 |
| 2025: Q4 | -0.25 | – | 130 | -10.00 | -4.30 | 5 | 4 |
| 2026: Q1 | -0.10 | – | 122 | -11.20 | -1.80 | -6 | -7 |
| 2026: Q2 | 0.21 | 333.30 | 126 | -10.80 | 3.70 | 8 | 7 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 8 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 09/30/2026 | 0.00 | 0.00 – 0.00 | 587 | – | – |
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?
Free cash flow over the past twelve months is negative, which rules out a serious reverse calculation. Any growth rate only makes a negative cash flow more negative; no present value comes out of it. What the price reflects here is therefore not a stream of cash flows, but the expectation that there will be one at all.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Lee Enterprises beschreibt im Geschäftsbericht 2025 seine umsatztragende Digital-Marketing-Sparte Amplified ausdrücklich als „Suite KI-gestützter Lösungen“ und baute laut Geschäftsbericht 2024 in die an andere Verlage verkaufte Plattform BLOX Digital KI-Funktionen wie einen KI-Assistenten ein — KI ist damit Teil verkaufter Produkte; einen eigenen KI-Umsatz weist Lee nicht aus, und derselbe Bericht nennt KI-Suchmaschinen als Risiko für die Reichweite der eigenen Nachrichtenseiten.
View the full file — quotes, sources, reviewed filings
„Our suite of AI-powered solutions, Amplified, competes with other digital marketing solutions agencies as well as other media companies which have a similar strategy for digital marketing solutions."
Unsere Suite KI-gestützter Lösungen, Amplified, konkurriert mit anderen Agenturen für digitale Marketinglösungen sowie mit anderen Medienunternehmen, die eine ähnliche Strategie für digitale Marketinglösungen verfolgen.
10-K · 2025-11-26 · View SEC filing
„We made significant investments in BLOX Digital in 2024 including enhancing its product capabilities that include an AI driven digital platform that offers a personalized mobile news app, a smart paywall, and an AI assistant tool."
Wir haben 2024 erheblich in BLOX Digital investiert, unter anderem in den Ausbau der Produktfunktionen, zu denen eine KI-gesteuerte digitale Plattform gehört, die eine personalisierte mobile Nachrichten-App, eine intelligente Bezahlschranke und ein KI-Assistenzwerkzeug bietet.
10-K · 2024-12-13 · View SEC filing
„Through a premium, high-margin portfolio of digital products and marketing services — including owned-and-operated platforms, branded content, over-the-top advertising, AI-powered solutions, and targeted print — we enable more than 15,000 local advertisers to meaningfully engage customers, strengthen their brands, and accelerate growth."
Mit einem hochwertigen, margenstarken Portfolio aus digitalen Produkten und Marketingdienstleistungen — darunter eigene Plattformen, Markeninhalte, Over-the-Top-Werbung, KI-gestützte Lösungen und zielgerichtete Printwerbung — ermöglichen wir mehr als 15.000 lokalen Werbekunden, Kunden wirksam anzusprechen, ihre Marken zu stärken und ihr Wachstum zu beschleunigen.
10-Q · 2026-08-07 · View SEC filing
„Use of AI in search engines could result in decreased viewership and engagement with our media content."
Der Einsatz von KI in Suchmaschinen könnte zu weniger Aufrufen unserer Medieninhalte und zu geringerer Nutzung führen.
10-K · 2025-11-26 · View SEC filing
Filings Reviewed: 10-Q 2026-08-07 · 10-Q 2026-05-08 · 10-Q 2026-02-11 · 10-Q 2025-08-08 · 10-K 2025-11-26 · 10-K 2024-12-13
Rated on October 23, 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 -10.4%
- More than 10% revenue growth is expected for the coming year -0.1%
- Share count grows by less than 3% a year 1.9%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") -9.3%
- Gross margin at 40% or higher and without meaningful erosion 97.7%
- Goodwill from acquisitions does not grow faster than revenue 53.8%
- Net debt below twice EBITDA 28.2 x EBITDA
- Operating cash flow covers the profits of the last three years 62 m
- Return on capital at 15% or higher, or up versus two years ago 4.1%
- Insiders hold at least 10% or are net buyers 71.8%
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
1/10The 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% -1.0%
- Exp. sales growth 3Y > 5% 4.4%
- EBIT growth 10Y > 5% -16.8%
- Exp. EBIT growth 3Y > 5% 4.4%
- Net debt < 4x EBIT 23.7x
- EBIT positive, 10Y straight 10
- Max. EBIT decline < 50% 80.9%
- Return on equity > 15% –
- ROCE > 15% 4.1%
- Expected return > 10% -0.9%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 28, 2026 | Hoffmann Gregory David | Director | Other | 3,928 | 6.79 | 26,671 |
| Aug 31, 2026 | McIntosh Madeline E. | Director | Other | 5,313 | 8.00 | 42,504 |
| Aug 31, 2026 | McAlmont Shaun | Director | Other | 5,000 | 8.00 | 40,000 |
| Aug 31, 2026 | Kruszewski Ronald J | Director | Other | 5,000 | 8.00 | 40,000 |
| Aug 31, 2026 | Hoffmann David Henry | Director | Other | 7,813 | 8.00 | 62,504 |
| Aug 31, 2026 | Fletcher Steven C. | Director | Other | 5,469 | 8.00 | 43,752 |
| Aug 6, 2026 | Rinehults Joshua Paul | V.P., CFO and Treasurer | Other | 55,419 | 0.00 | – |
| Aug 6, 2026 | Bekke Nathan E. | President & CEO | Other | 107,759 | 0.00 | – |
The company
About the Company
Lee Enterprises, Incorporated, ein Digital-First-Unternehmen für Abonnements und Marketingdienstleistungen, bietet lokale Nachrichten und Informationen sowie Werbedienstleistungen in den USA an. Das Unternehmen bietet digitale Abonnementplattformen, tägliche und wöchentliche Zeitungen sowie Nischenprodukte für nationale und inte…
- Employees
- 2,230
- Headquarters
- Davenport, IA
- Address
- 4600 E 53rd Street, 52807 Davenport, United States
- Phone
- 563 383 2100
- Website
- lee.net
- IPO Date
- 11/05/1987
- ISIN
- US5237684064
- Stock Split
- 1:10 on 03/15/2021
- Stock Split
- 2:1 on 12/11/1995
Management
| Name | Title | Birth Year |
|---|---|---|
| Nathan E. Bekke | CEO, President & COO | 1969 |
| Joshua P. Rinehults | VP, CFO & Treasurer | 1981 |
| Jared Marks | Vice President of Corporate Finance; Assistant Secretary and Assistant Treasurer | – |
| Virginia Fletcher | Chief Information Officer | – |
| Astrid J. Garcia | Vice President of Human Resources & Legal and Chief Legal Officer | 1950 |
| Eric L. Mayberry | President of North Carolina Media Group & VP of Sales for Carolina Region | – |
| Joseph J. Battistoni | Chief Revenue Officer | 1983 |
| Theodore F. Olt III | Secretary & General Counsel | – |
| Nicole Henley-Cox | VP of Finance & Corporate Controller | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 10/22/2026 LEE ENTERPRISES, Inc (LEE): Entry into a Material Definitive Agreement; Financial Statements and Exhibits SEC ↗
- 09/30/2026 LEE ENTERPRISES, Inc (LEE): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 09/09/2026 LEE ENTERPRISES, Inc (LEE): Changes in Registrant's Certifying Accountant SEC ↗
- 08/11/2026 LEE ENTERPRISES, Inc (LEE): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Financial Statements and Exhibits SEC ↗
- 08/06/2026 LEE ENTERPRISES, Inc (LEE): Results of Operations and Financial Condition; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
- 07/30/2026 LEE ENTERPRISES, Inc (LEE): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers SEC ↗
- 07/24/2026 LEE ENTERPRISES, Inc (LEE): Entry into a Material Definitive Agreement; Financial Statements and Exhibits SEC ↗
- 07/10/2026 LEE ENTERPRISES, Inc (LEE): Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Financial Statements and Exhibits SEC ↗
Data as of: October 30, 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.