Boston Omaha Corporation
- Open
- 14.33
- Day high
- 14.63
- Day low
- 14.10
- Prev close
- 14.41
- Volume
- 95K
- Mkt cap
- $430M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 0.8
- P/S
- 3.7
- Yield
- —
- Per share
- —
- ▲Insiders net buying $940K over the last 3 months (5 open-market buys, 0 sales)
- ◆Cluster buying — multiple insiders bought within days
- 🏛Institutions mixed (13F)
Boston Omaha Corporation (BOC) is a Communication Services company listed on NYSE. The stock is up 4% over the past year. Over the trailing 3 months, insiders filed 5 open-market buys and 0 sales (SEC Form 4).
Boston Omaha Corporation (BOC) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
BOC earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 12, 2026 | $-0.03 | $-0.07 | -133.3% | $28M | -3.3% |
| Mar 30, 2026 | $-0.03 | $-0.22 | -633.3% | $30M | +2.4% |
| Nov 13, 2025 | $-0.03 | $-0.08 | -166.7% | $29M | -0.9% |
| Aug 13, 2025 | $-0.01 | $-0.07 | -600.0% | $28M | -5.0% |
| May 14, 2025 | $0.01 | $-0.02 | -300.0% | $28M | +2.2% |
| Mar 28, 2025 | $-0.02 | $0.17 | +950.0% | $28M | +0.1% |
| Aug 13, 2024 | $-0.02 | $-0.07 | -250.0% | $27M | +1.8% |
| Aug 14, 2023 | $0.01 | $0.05 | +266.6% | $24M | +3.7% |
| May 12, 2023 | $-0.06 | $-0.11 | -83.3% | $23M | +4.7% |
| Mar 24, 2023 | $0.00 | $0.13 | +4593.1% | $23M | +2.4% |
| Nov 10, 2022 | $-0.01 | $-0.05 | -233.3% | $21M | +0.2% |
| Aug 12, 2022 | $-0.01 | $-0.39 | -7700.0% | $21M | +0.4% |
BOC insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 1, 2026 | Kenan Frank H. IIdirector | Buy | 6,033 | $12.89 |
| Jun 1, 2026 | Kenan Frank H. IIdirector | Buy | 10,000 | $12.93 |
| Jun 1, 2026 | Kenan Frank H. IIdirector | Buy | 34,719 | $13.37 |
| May 27, 2026 | Royal Jeffrey Cdirector | Buy | 10,000 | $12.72 |
| May 27, 2026 | Royal Jeffrey Cdirector | Buy | 11,046 | $12.82 |
| Feb 17, 2026 | Weisenburger Joshua Paulofficer: Chief Financial Officer | Tax | 742 | $12.31 |
| Feb 17, 2026 | Weisenburger Joshua Paulofficer: Chief Financial Officer | Grant | 4,061 | $12.31 |
| Dec 30, 2025 | Kenan Frank H. IIdirector | Buy | 8,000 | $12.92 |
| Dec 30, 2025 | Kenan Frank H. IIdirector | Buy | 4,452 | $12.65 |
| Dec 30, 2025 | Kenan Frank H. IIdirector | Buy | 44,196 | $12.67 |
| Dec 30, 2025 | Kenan Frank H. IIdirector | Buy | 6,496 | $12.67 |
| Dec 30, 2025 | Kenan Frank H. IIdirector | Buy | 16,743 | $12.94 |
| Dec 30, 2025 | Burt Thomasdirector | Buy | 14,738 | $13.62 |
| Dec 30, 2025 | Royal Jeffrey Cdirector | Buy | 10,000 | $12.72 |
| Dec 15, 2025 | Burt Thomasdirector | Grant | 14,738 | $13.62 |
Source: BOC SEC Form 4 filings, latest Jun 1, 2026. For informational purposes only — not investment advice.
See the full BOC insider & 13F page →Boston Omaha Corporation company profile
Overview
Boston Omaha Corporation (NASDAQ:BOC) is a diversified holding company founded in 2009 and headquartered in Omaha, Nebraska. Originally incorporated as REO Plus, Inc., the company changed its name to Boston Omaha Corporation in March 2015 and went public in June 2017. The company operates as a conglomerate with interests spanning outdoor advertising, broadband telecommunications, surety insurance, and various investment activities across the United States.
Business
Boston Omaha Corporation operates three primary business segments that generate revenue through distinct but complementary operations. Outdoor Billboard Advertising (Primary Revenue Driver): The company's largest segment operates approximately 3,900 billboards containing roughly 7,400 advertising faces throughout the southeastern United States, with 80 digital displays among them. Billboard advertising is a form of out-of-home advertising where companies rent space on large outdoor structures to display promotional messages to passing motorists and pedestrians. This traditional advertising medium remains effective for brand awareness campaigns, local business promotion, and reaching consumers during their daily commutes. The billboard business typically generates revenue through monthly or annual rental agreements with advertisers, with digital billboards commanding premium rates due to their ability to display multiple advertisements and change content remotely. Broadband Telecommunications: Boston Omaha provides high-speed internet services to approximately 17,000 subscribers across two geographic markets. The company serves around 7,000 subscribers in communities throughout southern Arizona and 10,000 subscribers in Utah markets including Salt Lake City, Park City, Ogden, Provo, and surrounding areas. Broadband internet service involves providing high-speed data connectivity to residential and business customers through fiber-optic or other advanced telecommunications infrastructure. This segment generates recurring monthly subscription revenue from customers who pay for internet access at various speed tiers. Surety Insurance and Brokerage: The company operates in the specialized insurance sector, focusing on surety bonds and related brokerage services. Surety insurance provides financial guarantees that contractors, businesses, or individuals will fulfill their contractual obligations. When a principal fails to meet their obligations, the surety company compensates the obligee and then seeks reimbursement from the principal. This business generates revenue through insurance premiums and brokerage commissions. Based on the company's diversified revenue base of approximately $108 million annually, the billboard advertising segment likely represents the largest portion of revenues, followed by broadband services and surety insurance operations.
Competitive moat
Boston Omaha Corporation operates in markets with moderate competitive advantages, though its moat strength varies significantly across business segments. The billboard advertising business possesses the strongest defensive characteristics due to the physical and regulatory barriers inherent in outdoor advertising. Once established, billboard locations benefit from zoning restrictions and permitting requirements that limit new competition, creating a form of regulatory moat. Prime locations along major highways or in high-traffic urban areas are finite resources that cannot be easily replicated. However, this moat faces meaningful challenges from the ongoing shift toward digital advertising platforms, which offer more targeted reach and measurable results compared to traditional outdoor advertising. The rise of programmatic advertising, social media marketing, and mobile advertising represents a structural headwind for the outdoor advertising industry. The broadband telecommunications segment has moderate defensive characteristics in its established markets. Building competing fiber or broadband infrastructure requires substantial capital investment, creating barriers to entry in smaller communities where Boston Omaha operates. The company may benefit from being an established provider in markets that larger telecommunications companies might consider too small or unprofitable to serve intensively. However, this segment faces significant competitive threats from national providers like Comcast, Verizon, and emerging technologies such as 5G wireless broadband and satellite internet services from companies like Starlink. The company's relatively small scale compared to major telecommunications providers limits its ability to invest in cutting-edge infrastructure or compete on pricing. The surety insurance business operates in a specialized but highly competitive market with limited moat characteristics. While surety underwriting requires specific expertise and regulatory licensing, these barriers are not insurmountable for well-capitalized competitors. Large insurance companies with diversified product lines can leverage their scale and distribution networks to compete effectively in surety markets. Overall, Boston Omaha's competitive position is modest, with location-based advantages in billboards providing the most durable competitive protection, while the broadband and surety segments face ongoing competitive pressures from larger, better-resourced competitors.
Risks & safety
Boston Omaha Corporation presents a moderate margin of safety profile with mixed financial health indicators across key metrics. • Liquidity and Solvency: The company maintains adequate liquidity with $28.3 million in cash and short-term investments as of Q4 2024, supporting a current ratio of 2.14. Total debt levels appear manageable with a debt-to-equity ratio of 0.19, indicating conservative leverage. However, the company has generated negative free cash flow in recent periods, including -$11.0 million for full year 2024, raising concerns about cash generation relative to capital expenditure requirements. • Operational Performance: Revenue growth has been modest, increasing from $81.2 million in 2022 to $108.3 million in 2024. Profitability remains inconsistent, with the company reporting net income of $3.4 million in 2024 after a loss of $7.0 million in 2023. EBITDA of $32.6 million in 2024 suggests reasonable operational cash generation, though this represents improvement from $17.3 million in 2023. • Valuation Metrics: Trading at a price-to-book ratio of 0.84 suggests the stock may be undervalued relative to book value. However, the EV/EBITDA ratio of 15.9x appears reasonable for a diversified holding company, though not particularly cheap given the modest growth profile. • Other Considerations: The company's diversified business model provides some downside protection, but also limits focus and potential operational synergies. Capital intensity requirements across billboard, broadband, and insurance operations could strain cash flow generation in growth scenarios.
Recent development
Based on available financial data, Boston Omaha Corporation has focused on steady operational execution across its three main business segments over recent years, though specific strategic initiatives are limited due to the absence of detailed earnings call transcripts. The company has maintained relatively stable revenue performance, with total revenues growing from $81.2 million in 2022 to $108.3 million in 2024, representing compound annual growth of approximately 15%. This growth appears driven by organic expansion across the billboard and broadband segments, with the company continuing to serve approximately 17,000 broadband subscribers while operating roughly 3,900 billboards with 7,400 advertising faces. Operational Focus Areas: The billboard segment has emphasized digital conversion initiatives, with 80 digital displays among its portfolio, allowing for higher revenue per advertising face and more flexible content management. The broadband segment has maintained its geographic focus in Arizona and Utah markets, likely concentrating on service quality improvements and subscriber retention rather than aggressive geographic expansion. Financial Management: The company has demonstrated improved profitability control, moving from a $7.0 million net loss in 2023 to $3.4 million in net income for 2024. EBITDA nearly doubled from $17.3 million in 2023 to $32.6 million in 2024, suggesting better operational efficiency across business segments. However, free cash flow remains negative at -$11.0 million for 2024, indicating ongoing capital investment requirements across the business portfolio. The company appears to be pursuing a steady-state operational strategy focused on optimizing existing assets rather than pursuing major acquisitions or dramatic strategic pivots, consistent with its role as a diversified holding company managing multiple distinct business lines.
BOC company profile · for informational purposes only — not investment advice.
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