Boston Omaha Corporation

BOC

Advertising Agencies · Communication Services

Price

$14.13

+0.32 (+2.32%)

Market Cap

$426.9M

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Share count rising — dilution

+8.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 29.0M (2021) → 31.4M (2025)

Winston Score History

The full picture

Boston Omaha Corporation is a small holding company that owns businesses across several different industries. Its main operations include outdoor billboard advertising, surety insurance (which helps construction companies and contractors get bonded for projects), and broadband internet service in rural areas. The company is often compared to a mini version of Berkshire Hathaway because its founders follow a similar strategy of buying and holding diverse businesses for the long term.

Boston Omaha earns money through advertising fees from billboard rentals, insurance premiums from its surety business, and monthly subscription fees from internet customers. It operates primarily in the United States, with a market cap of around $400 million, making it a small-cap company. The high gross margin of 76% reflects the asset-light nature of its advertising and insurance segments, but the company is not yet consistently profitable, and its main challenge is reaching the scale needed to turn its operating losses into sustainable earnings growth.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

-21.3% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+32.2% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (12%)

Research and development spending

Insider Activity

6.5%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$41M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Boston Omaha Corporation's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

72.1%

Premium pricing power — 72.1% gross margin

Profit after running costs

Operating Margin

-2.7%

Losing money on operations — -2.7%

Return on the money invested

ROCE

-1.0%

Weak — -1.0% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

-2.4%

Shrinking sales (-2.4% YoY)

Profit growth

EPS YoY

<−1,000%

Earnings shrinking (<−1,000% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

-4.3%

Burning cash (-4.3%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns

Debt / Equity

0.00

Conservative — low debt load (0.00)

Covers its interest

Interest Cover

N/A

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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