Boston Omaha Corporation

BOC

Advertising Agencies · Communication Services

Price

$14.14

-0.27 (-1.87%)

Market Cap

$427.2M

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

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)

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.

Winston Score History

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

+1.9% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-228.6% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (12%)

Research and development spending

Insider Activity

7.0%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Runway

~0 months

$0 cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Short runway — potential dilution ahead through share issuance

Cash watch

Boston Omaha Corporation has less than a year of cash at its current burn rate. Growth investors should watch for potential share dilution from future fundraising — that directly reduces your ownership.

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

Gross Margin

87.6%

Premium pricing power — 87.6% gross margin

Operating Margin

-7.7%

Losing money on operations — -7.7%

ROCE

-0.4%

Weak — -0.4% return on capital

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

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Growth

Sales YoY

+4.0%

Slow sales growth (4.0% YoY)

EPS YoY

-1696.4%

Earnings shrinking (-1696.4% YoY)

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

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

-7.3%

Burning cash (-7.3%)

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

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Stability

Debt / Equity

0.01

Conservative — low debt load (0.01)

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

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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