BOSTON OMAHA Corp BOC
Boston Omaha Corporation, which we refer to as "the Company," "our Company," "we," "us" or "our," commenced its current business operations in June 2015 and currently operates four separate lines of business: outdoor billboard advertising, broadband services, surety insurance and related brokerage activities, and an asset management business. In addition, we hold minority investments in commercial real estate management and brokerage services, a bank focused on servicing the automotive loan market, a company serving the broadband industry, and a publicly-traded developer of private aviation infrastructure focused on building, leasing and managing business aviation hangars.
In June 2015, we commenced our billboard business operations through acquisitions by our wholly owned subsidiary, Link Media Holdings, LLC, which we refer to as "Link," of smaller billboard companies located in the Southeast United States and Wisconsin. During July and August 2018, we acquired the membership interest or assets of three larger billboard companies which increased our overall billboard count to approximately 2,900 billboards. In addition, we have made several billboard acquisitions on a smaller scale since that date. We believe that we are a leading outdoor billboard advertising company in the markets we serve in the Midwest. As of December 31, 2025, we operate approximately 3,900 billboards with approximately 7,500 advertising faces. One of our principal business objectives is to continue to acquire additional billboard assets through acquisitions of existing billboard businesses in the United States when they can be made at what we believe to be attractive prices relative to other opportunities generally available to us.
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by segment
- LMH
- BOB
- GIG
- Other
| Segment | FY2025 | FY2024 |
|---|---|---|
| LMH | $45.9M | $45.2M |
| BOB | $41.2M | $39.1M |
| GIG | $27.2M | $23.9M |
| Other | $93.9K | $172.1K |
As the company reported it, from the “Note 14 - Industry Segments - Schedule of Segment Reporting Information, by Segment (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $114.4M | $108.3M | $96.3M | $81.2M | $57.0M | $45.7M | $41.4M | $14.1M | $9.0M | $3.8M |
| Cost of revenue | $39.1M | $34.3M | $31.9M | — | — | — | $11.3M | $5.6M | $2.7M | $1.1M |
| Gross profit | $75.3M | $73.9M | $64.4M | $54.5M | $38.4M | $27.2M | $23.8M | $12.4M | $5.6M | $2.6M |
| SG&A | $15.9M | $16.2M | $16.1M | $12.9M | $9.8M | $7.0M | $6.3M | $4.2M | $1.9M | $788.5K |
| Total operating expenses | $79.2M | $82.4M | $73.2M | $86.5M | $80.7M | $50.7M | $53.8M | $32.3M | $15.8M | $7.0M |
| Operating income | -$3.9M | -$8.5M | -$8.9M | -$5.2M | -$23.8M | -$5.0M | -$12.4M | -$12.3M | -$6.8M | -$3.1M |
| Interest expense | $2.3M | $1.6M | $1.1M | $1.2M | $956.0K | $841.8K | $302.7K | $1.8K | $8.3K | $7.8K |
| Pre-tax income | -$18.4M | $3.1M | -$9.1M | $7.9M | $73.2M | -$2.4M | -$1.5M | -$9.2M | -$6.5M | -$3.2M |
| Income tax | $79.3K | $274.8K | $3.0M | $2.5M | $17.7M | $0 | $0 | — | — | — |
| Net income | -$12.4M | -$1.3M | -$7.0M | $10.2M | $52.8M | -$49.1K | -$1.5M | -$9.1M | -$6.5M | -$3.2M |
| EPS, basic | -0.40 | -0.04 | -0.23 | 0.34 | 1.82 | 0.00 | — | — | — | — |
| EPS, diluted | -0.40 | -0.04 | -0.23 | 0.34 | 1.82 | 0.00 | -0.07 | -0.46 | -0.60 | -0.53 |
| Shares, diluted (wtd. avg.) | 31.4M | 31.5M | 31.1M | 29.8M | 29.0M | 25.7M | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $28.6M | $28.3M | $21.9M | $25.5M | $72.5M | $44.7M | $16.0M | $17.1M | $6.8M | — |
| Short-term investments | $28.2M | $45.0M | $24.8M | $6.3M | $4.7M | $7.1M | $6.5M | $6.3M | $1.7M | $1.2M |
| Receivables | $16.0M | $12.4M | $12.1M | $5.8M | $4.5M | $4.0M | $4.2M | $4.5M | $1.1M | $783.1K |
| Total current assets | $118.9M | $117.4M | $131.4M | $114.0M | $390.7M | $329.0M | $162.2M | $118.6M | $93.8M | $32.3M |
| Property, plant and equipment | $172.6M | $161.6M | $144.3M | $115.6M | $76.5M | $48.9M | $36.8M | $41.7M | $9.1M | $5.6M |
| Goodwill | $182.4M | $182.4M | $182.4M | $179.5M | $151.3M | $124.4M | $106.3M | $98.7M | $24.7M | $17.2M |
| Other intangibles | $51.4M | $58.3M | $65.5M | $68.3M | $45.4M | $44.4M | $32.3M | $37.0M | $9.3M | $3.5M |
| Total assets | $713.1M | $728.3M | $768.2M | $687.8M | $807.1M | $640.7M | $436.9M | $332.2M | $153.5M | $65.7M |
| Accounts payable | $14.0M | $16.4M | $18.4M | $11.0M | $25.3M | $6.8M | $5.7M | $3.6M | $2.1M | $465.9K |
| Short-term debt | $2.4M | $1.2M | $814.7K | $1.5M | $1.5M | $1.3M | $504.2K | — | — | — |
| Total current liabilities | $60.2M | $54.9M | $51.4M | $53.0M | $54.0M | $33.9M | $21.7M | $12.4M | $5.0M | $3.2M |
| Long-term debt | $46.4M | $38.4M | $26.5M | $27.0M | $28.5M | $21.8M | $17.6M | — | — | — |
| Total liabilities | $177.0M | $165.6M | $151.8M | $158.1M | $166.5M | $114.1M | $89.9M | $15.6M | $5.1M | $3.5M |
| Retained earnings | -$17.2M | -$4.7M | $15.7M | $22.7M | $12.4M | -$42.7M | -$21.8M | -$20.3M | -$11.2M | -$4.7M |
| Total equity | $516.1M | $532.8M | $600.8M | $514.0M | $496.3M | $381.6M | $345.2M | $315.2M | $147.2M | $62.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $17.9M | $21.2M | $16.1M | -$5.2M | $7.8M | $5.2M | $9.6M | $38.3K | -$3.2M | -$1.5M |
| Depreciation and amortisation | $17.0M | $14.5M | $12.2M | $15.1M | $10.1M | $7.7M | $13.6M | $8.1M | $3.4M | $1.6M |
| Capital expenditure | $27.9M | $32.2M | $51.9M | $40.1M | $21.0M | $8.6M | $2.8M | $3.1M | $2.3M | $711.0K |
| Investing cash flow | -$13.5M | $28.1M | -$64.3M | $87.9M | -$45.7M | -$169.4M | -$60.6M | -$164.8M | -$110.9M | -$23.9M |
| Financing cash flow | $1.2M | -$47.6M | $32.9M | -$109.7M | $64.6M | $202.8M | $49.2M | $175.6M | $91.4M | $41.8M |
| Buybacks | $5.8M | $1.6M | — | — | — | — | — | — | — | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-022287.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.8M | $9.0M | $14.1M | $41.4M | $45.7M | $57.0M | $81.2M | $96.3M | $108.3M | $114.4M |
| Gross profit | $2.6M | $5.6M | $12.4M | $23.8M | $27.2M | $38.4M | $54.5M | $64.4M | $73.9M | $75.3M |
| Net income | -$3.2M | -$6.5M | -$9.1M | -$1.5M | -$49.1K | $52.8M | $10.2M | -$7.0M | -$1.3M | -$12.4M |
Recent filings and events
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Regulation FD disclosure Item 7.01
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Regulation FD disclosure Item 7.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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