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BOC

Boston Omaha Corporation

BOC

Boston Omaha Corporation • NYSE
$12.43 ▲ 0.16% (+0.02)
Market Cap $383.75 M
52w High $15.75
52w Low $11.30
Dividend Yield 0%
P/E -1243
Volume 128.45K
Outstanding Shares 30.87M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $28.734M ▲ $26.005M ▲ $-2.588M ▼ -9.006% ▼ $-0.08 ▼ $-1.348M ▼
Q2-2025 $28.204M ▲ $19.457M ▲ $-2.32M ▼ -8.226% ▼ $-0.074 ▼ $2.833M ▼
Q1-2025 $27.73M ▼ $19.447M ▼ $-669.285K ▼ -2.414% ▼ $-0.021 ▼ $5.297M ▼
Q4-2024 $27.933M ▲ $20.684M ▲ $5.346M ▲ 19.139% ▲ $0.17 ▲ $18.847M ▲
Q3-2024 $27.701M $19.429M $-1.595M -5.758% $-0.051 $5.647M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $92.305M ▲ $721.354M ▼ $173.429M ▼ $528.379M ▼
Q2-2025 $90.176M ▲ $730.629M ▼ $175.353M ▲ $530.967M ▼
Q1-2025 $67.371M ▼ $730.84M ▲ $171.079M ▲ $533.29M ▲
Q4-2024 $86.613M ▲ $728.346M ▲ $165.626M ▲ $532.82M ▲
Q3-2024 $59.065M $711.939M $158.5M $527.683M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-2.588M ▼ $4.935M ▲ $9.162M ▲ $-4.709M ▼ $10.599M ▲ $-489.41K ▲
Q2-2025 $-2.32M ▲ $4.559M ▲ $-67.795K ▲ $2.996M ▼ $7.549M ▲ $-2.741M ▲
Q1-2025 $-2.428M ▼ $2.556M ▼ $-11.227M ▼ $6.826M ▲ $-1.845M ▼ $-4.303M ▼
Q4-2024 $9.908M ▲ $9.124M ▲ $-1.794M ▼ $1.323M ▲ $8.653M ▲ $619.459K ▲
Q3-2024 $-1.273M $5.197M $-262.33K $-9.793M $-4.859M $-1.231M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Billboard Rentals
Billboard Rentals
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Broadband Services
Broadband Services
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been climbing at a steady pace over the past five years, which suggests the core businesses are gaining traction. Profitability, however, is still thin and somewhat choppy. Gross profit has improved, but operating income remains slightly negative, meaning the company’s overhead and growth spending are still outweighing its scale benefits. Net income has bounced between small profits and small losses, with one notably strong year likely helped by one‑off items rather than a repeatable earnings base. Overall, the picture is of a company still in a build‑out phase: growing the top line and improving underlying earnings power, but not yet delivering consistently strong bottom‑line results.

Balance Sheet

Balance Sheet The balance sheet looks relatively solid for a company still investing heavily. Total assets have expanded over time, reflecting acquisitions and infrastructure build‑out, particularly in broadband and billboards. Cash levels are modest but present, while debt is moderate and has inched up, suggesting some use of borrowing but not an obviously aggressive leverage profile. Shareholders’ equity has grown, which indicates that asset growth has been funded more by retained capital and equity than by excessive debt. Overall, the financial foundation appears stable, with room to keep investing, but not so much slack that prolonged weak profitability would be comfortable.

Cash Flow

Cash Flow Operating cash flow is positive in most years but not very large, which fits a business that is still scaling. Free cash flow is mostly negative because capital spending has been heavy, especially on fiber networks and advertising assets. This means the company is deliberately reinvesting most of its cash back into growth rather than generating surplus cash for distributions. That can be attractive if those investments earn good returns, but it also increases reliance on ongoing access to capital and on future improvements in profitability to eventually turn that spending into durable cash generation.

Competitive Edge

Competitive Edge Boston Omaha competes as a diversified holding company focused on niche, often overlooked markets: regional billboards, rural fiber broadband, specialized surety insurance, and selective asset management. Its advantages come from local scale in billboards, first‑mover fiber builds in underserved areas, and a focused, technology‑enabled approach in surety. The decentralized structure allows operators to move quickly and tailor offerings to local conditions. On the other hand, the company faces competition from far larger telecom and insurance players, and its relatively small size means each acquisition and project carries meaningful execution risk. The conglomerate model also adds complexity, making it harder to benchmark against single‑segment peers.

Innovation and R&D

Innovation and R&D Innovation here is less about laboratory research and more about smart use of existing technologies and business models. In broadband, Boston Omaha is pushing fiber‑to‑the‑home into rural and new housing developments, often being first to build and embedding fiber during construction. In surety, it is digitizing a traditionally paperwork‑heavy business with online platforms that speed up bond processing. In outdoor advertising, it is gradually shifting toward digital billboards while consolidating smaller operators to gain local density. Across segments, the company focuses on “tuck‑in” acquisitions and process improvements rather than breakthrough R&D, aiming to build quiet, durable advantages in targeted niches.

Summary

Boston Omaha looks like a long‑term, build‑and‑acquire platform still in the investment stage. Revenue and gross profit have trended upward, but earnings and free cash flow remain uneven as management prioritizes expansion of fiber networks, billboard footprints, and digital insurance capabilities. The balance sheet is reasonably sound, with moderate leverage and growing equity, giving it some capacity to keep funding growth. Strategically, the company is trying to carve out defensible positions in smaller, less crowded markets using a patient, decentralized approach. The key swing factors over time will be its ability to turn these investments into consistent, high‑quality earnings and stronger cash generation, while managing the complexity and risks that come with being a diversified, relatively young holding company.

NEWS

November 17, 2025 · 8:14 AM UTC

Boston Omaha Corporation Announces Adoption of $30 Million Class A Common Stock Repurchase Program

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November 13, 2025 · 4:14 PM UTC

Boston Omaha Corporation Announces Third Quarter 2025 Financial Results

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