Boston Omaha

BOC · NYSE · Communication Services · Financials, fiscal 2016 to 2025

BOC · Last close · November 6, 2026

$13.61

Boston Omaha's revenue rose 5.6% to $114 million in fiscal 2025. Its operating margin was −3.4%, up from −7.8% a year earlier. Free cash flow was −$10 million. It paid out $6 million in dividends and buybacks. The diluted share count fell 0.3%.

BOSTON OMAHA Corp Latest fiscal year ended December 31, 2025 10-K filed March 30, 2026 · 0001437749-26-010341 Updated November 9, 2026

Revenue

$114M

5.6%

Operating margin

−3.4%

4.4 pts

Net income

−$12M

Free cash flow

−$10M

Return on capital

−0.6%

0.9 pts

Market cap

$414M

Nov 6 close

P/E

—

Loss: no P/E

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Boston Omaha does

Boston Omaha began its current business in June 2015. It runs four lines of business: outdoor billboard advertising, broadband services, surety insurance with related brokerage, and asset management. It also holds minority investments in commercial real estate management and brokerage, a bank focused on automotive loans, a company serving the broadband industry, and Sky Harbour, a public company that builds, leases and manages business aviation hangars.

Its billboard business, run through Link Media Holdings, started in the Southeast and Wisconsin and grew by buying other billboard companies. At the end of 2025 it operated about 3,900 billboards with about 7,500 advertising faces.

Its insurance unit, General Indemnity Group, includes United Casualty and Surety Insurance Company, which is licensed in all 50 states and the District of Columbia, and surety brokerage businesses. Growth by buying assets and businesses is one of its main objectives.

Its biggest risks, as it describes them

Operating losses since it began, which it expects to continue for the foreseeable future.
Not finding or completing acquisitions, and impairment charges on goodwill and other intangible assets.
Its large stake in Sky Harbour, which could lose value and be hard to sell.
Issuing more shares, which could dilute current holders.
Risk in its other publicly traded and privately held investments.

From Boston Omaha's annual report on Form 10-K, filed March 30, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2021 to 2022, earnings per share fell 81.3% a year and net income 80.6% a year, as new shares raised the share count by 3% and diluted each share's earnings. Boston Omaha then lost money in fiscal 2023, 2024 and 2025.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	77	32	47	73	57
Debt incl. finance leases	30	28	27	26	26
Net debt (negative means net cash)	−47	−3	−19	−47	−31
Net debt to EBITDA	—	−0.3x	−1.8x	−7.8x	−2.4x
Debt to equity	0.1x	0.1x	0.1x	0.1x	0.1x
Interest coverage	−24.9x	−4.3x	−7.7x	−5.3x	−1.7x
Current ratio	7.2x	2.1x	2.6x	2.1x	2.0x
Quick ratio	7.2x	2.1x	2.6x	2.1x	2.0x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Boston Omaha's revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Boston Omaha's projections

Insider trades

No officer, director or 10% owner of Boston Omaha reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	5 of 9	6 of 9	4 of 9
Rule of 40	−18.7%	2.4%	−3.1%
Altman Z''	4.83	4.03	3.61
Accruals ratio	−3.2%	−3.0%	−4.2%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Fail	Fail	Fail
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Pass	Fail
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Fail
Current ratio rose	Pass	Fail	Fail
Share count didn't rise	Fail	Fail	Pass
Gross margin rose	Fail	Pass	Fail
Revenue rose relative to assets	Pass	Pass	Pass
F-score	5 of 9	6 of 9	4 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Boston Omaha side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Boston Omaha	FY25	5.6%	−3.4%	−8.8%	−0.6%	−2.4x	4
National CineMedia	FY25	1.0%	−5.7%	1.1%	−3.1%	−0.9x	6	Compare
PubMatic	FY25	−2.9%	−6.1%	23.6%	—	—	—	Compare
MNTN	FY25	28.6%	8.3%	15.2%	—	—	—	Compare
Ibotta	FY25	−6.8%	−0.2%	21.9%	−0.4%	−24.9x	3	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	4	9	20	41	46	57	81	96	108	114
Revenue growth	431.7%	134.5%	122.1%	106.7%	10.5%	24.6%	42.6%	18.5%	12.5%	5.6%
Gross profit	3	6	12	24	27	38	54	64	74	75
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	−3	−7	−12	−12	−5	−24	−5	−9	−8	−4
Net income	−3	−6	−9	−2	−0	53	10	−7	−1	−12
Diluted EPS (US$)	−0.53	−0.60	−0.46	−0.07	0.00	1.82	0.34	−0.23	−0.04	−0.40
Diluted shares (millions)	6	11	20	23	26	29	30	31	32	31
Cash flow
Cash from operations	−2	−3	0	10	5	8	−5	16	21	18
Capital expenditure	1	2	3	3	9	21	40	52	32	28
Free cash flow	−2	−5	−3	7	−3	−13	−45	−36	−11	−10
Dividends paid	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0	0	0	18	6
Acquisitions	20	12	135	8	34	41	51	11	0	0
Stock-based compensation	—	—	—	—	—	—	—	—	—	—
Balance sheet at fiscal year end
Cash and short-term investments	31	8	23	23	52	77	32	47	73	57
Debt incl. finance leases	—	—	—	18	23	30	28	27	26	26
Total assets	66	154	332	437	641	807	688	768	728	713
Total liabilities	4	5	16	90	114	166	158	152	166	177
Shareholders' equity	62	147	315	345	382	496	507	538	533	516
Margins and ratios
Gross margin	67.1%	62.0%	62.1%	57.5%	59.5%	67.4%	67.1%	66.9%	68.3%	65.8%
Operating margin	−81.7%	−75.1%	−61.2%	−30.0%	−10.9%	−41.7%	−6.4%	−9.2%	−7.8%	−3.4%
Net margin	−82.6%	−71.8%	−45.5%	−3.6%	−0.1%	92.6%	12.6%	−7.3%	−1.2%	−10.9%
Free cash flow margin	−57.1%	−60.5%	−15.4%	16.4%	−7.4%	−23.2%	−55.7%	−37.2%	−10.1%	−8.8%
Rule of 40 (growth + FCF margin)	374.6%	74.0%	106.7%	123.2%	3.1%	1.3%	−13.1%	−18.7%	2.4%	−3.1%
Return on capital	—	—	—	—	−1.1%	−4.5%	−1.1%	−1.3%	−1.5%	−0.6%
Return on equity	−7.4%	−6.2%	−3.9%	−0.5%	−0.0%	12.0%	2.0%	−1.3%	−0.2%	−2.4%
Return on assets	−7.1%	−5.9%	−3.8%	−0.4%	−0.0%	7.3%	1.4%	−1.0%	−0.2%	−1.7%
Net debt to EBITDA	—	—	—	−3.9x	−10.6x	—	−0.3x	−1.8x	−7.8x	−2.4x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Boston Omaha's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Boston Omaha.