CUMULUS MEDIA INC
CMLSAbout the company
Cumulus Media Inc. operates as an audio-first media company in the United States. It owns and operates radio stations, which delivers sports, news, talk, and entertainment programming from NFL, the NCAA, the Masters, US Soccer, AP News, and the Academy of Country Music Awards brands, as well as affiliated stations through Westwood One.
Investment snapshot
Positive
0
BUY / PASS
Neutral / negative
0 / 2
NEUTRAL / FAIL
Median fair value
—
No comparable estimates
Models with upside
0 / 2
Positive margin of safety
Key risk
No clean pass — all 2 investors flag at least one profitability criterion
Framework analysis
| Verdict | Meaning |
|---|---|
| BUY | Positive purchase signal: the framework's buy requirements are met. |
| PASS | The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state. |
| NEUTRAL | Neither a positive nor negative conclusion. It does not mean to hold an existing position. |
| FAIL | The company does not clear the framework's requirements. |
| Ranked | Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL. |
Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.
| Metric | Piotroski F-Score | Sleep Scale Economies Shared |
|---|---|---|
| Verdict | FAIL | FAIL |
| Score | ||
| Analysis | Checking access… | Checking access… |
| Intrinsic Value (annual) | N/A | N/A |
| Margin of Safety | N/A | N/A |
| Financial Basis | Annual history · FY 2025 Latest source filing: 2026-04-10 Score computed: 2026-11-14 | Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-04-10 Score computed: 2026-11-14 |
Where It Passes
Where It Falls Short
- Profitability0% pass✓ 2✗ 3▾
No clean pass — all 2 investors flag at least one profitability criterion
Net Income / Total Assets-21.33%✗PiotroskiROA > 0ROA Change YoY-25.32% -> -21.33% (delta: +3.99%)✓PiotroskiCurrent ROA > Prior ROA(CFO / Total Assets) vs ROACFO/Assets=-2.27%, ROA=-21.33%✓PiotroskiCFO/Assets > ROAGross Margin Change YoY✗PiotroskiImproved YoYRevenue growth vs. gross and operating margin trendrevenue flat/down, operating margin -4.9% -> -18.6%✗SleepRevenue rising; gross margin flat or falling; operating margin holding - Efficiency0% pass✓ 1✗ 2▾
No clean pass — all 2 investors flag at least one efficiency criterion
Current Ratio Change YoY1.85 -> 1.54✗PiotroskiIncreased YoYRevenue / Total Assets Change YoY0.74x -> 0.79x✓PiotroskiImproved YoYROIC (5-year)0/5 years above 12% (latest -20.7%)✗SleepROIC > 12% in a majority of years - Verdicts0% pass✗ 2▾
Unanimous FAIL across all 2 scored lenses
Overall verdict✗PiotroskiFAIL (F-Score 3)✗SleepFAIL (2/6) - Cash Flow50% pass✓ 2✗ 1▾
1 of 2 pass — Piotroski objects
Operating Cash Flow$-21.3M✗PiotroskiCFO > 0(CFO / Total Assets) vs ROACFO/Assets=-2.27%, ROA=-21.33%✓PiotroskiCFO/Assets > ROAPositive Operating Cash Flow frequency21/23 years positive✓SleepPositive OCF in >= 70% of available years
Business & financials
Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.
Company Profile
Financial Snapshot
Shareholder Return
Fiscal 2025
Issued 2.4% of shares last year, 5.4% issued over two.
- Buybacks
- —
- Dividends
- —
What drove EPS
A buyback raises earnings per share without the company earning more. This splits each year's change into the two.
Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.
Company Financials
Latest TTM and quarters alongside annual years
TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.
The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.
| Metric | TTM · 2026-06-30 2025-07-01 – 2026-06-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow, capex, revenue, net income, operating income, ebit, pre tax income, interest expense, depreciation amortization. | Q2 FY 2026 2026-04-01 – 2026-06-30 Sources · derived quarter valuesDerived from cumulative filings: operating cash flow, capex. | Q1 FY 2026 2026-01-01 – 2026-03-31 Sources | FY 2025Sources
| FY 2024Sources
| FY 2023Sources
| FY 2022Sources
| FY 2021Sources
|
|---|---|---|---|---|---|---|---|---|
| Market Cap | -- | -- | -- | -- | -- | -- | -- | -- |
| Revenue | $700.7M↓12% | $167.9M↓10% | $164.4M↓12% | $741.7M↓10% | $827.1M↓2% | $844.5M↓11% | $953.5M↑4% | $916.5M |
| Operating Income | -$151.1M↑34% | $2.3M↓37% | -$26.4M↓79% | -$138.1M↑42% | -$239.7M↓481% | -$41.3M↓152% | $79.8M↑15% | $69.1M |
| Net Income | -$181.6M↑37% | -$9.2M↑28% | -$16.9M↑48% | -$200.7M↑29% | -$283.3M↓140% | -$117.9M↓826% | $16.2M↓6% | $17.3M |
| EPS (Diluted) | -- | $-0.52↑30% | $-0.96↑49% | $-11.55↑31% | $-16.79↓146% | $-6.83↓943% | $0.81↓2% | $0.83 |
| Gross Margin | — | — | — | — | — | — | — | — |
| Operating Margin | -21.6%↑26% | 1.4%↓30% | -16.1%↓104% | -18.6%↑36% | -29.0%↓493% | -4.9%↓158% | 8.4%↑11% | 7.5% |
| ROE | 83.6%↓89% | — | — | 104.8%↑103% | -4075.0%↓9807% | -41.1%↓1135% | 4.0%↓3% | 4.1% |
| Total Debt | $2.0M↓100% | $2.0M↓100% | $0↓100% | $718.7M↑7% | $669.0M↓1% | $673.7M↓6% | $715.2M↓10% | $798.9M |
| Shareholders' Equity | -$217.1M↓485% | -$217.1M↓485% | -$207.9M↓737% | -$191.5M↓2855% | $7.0M↓98% | $286.6M↓30% | $408.4M↓3% | $419.5M |
| Current Ratio | 3.65↑69% | 3.65↑69% | 5.86↑251% | 1.54↓17% | 1.85↓7% | 2.00↓16% | 2.37↓18% | 2.91 |
| Debt / Equity | -0.01↑100% | -0.01↑100% | 0.00↑100% | -3.75↓104% | 96.25↑3994% | 2.35↑34% | 1.75↓8% | 1.90 |
| Operating Cash Flow | -$26.8M↓299% | $6.6M↑279% | -$19.6M↓412% | -$21.3M↓584% | -$3.1M↓110% | $31.7M↓60% | $78.5M↑15% | $68.5M |
| Free Cash Flow | -$43.0M↓841% | $3.4M↑137% | -$23.5M↓151% | -$41.6M↓84% | -$22.6M↓430% | $6.8M↓86% | $47.4M↑20% | $39.4M |
Score history
Historical Score Timeline
Industry peers
Industry Peers
Similar companies in Communication
CMLS vs Peers — Financial Grading
| Company | Market Cap | Price | Revenue | Net Income | ROE | D/E | Op. Margin | Curr. Ratio | Graham | Buffett | Lynch | Greenblatt | Piotroski | Dreman |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| VERIZON COMMUNICATIONS INCVZ | $192.1B | $46.36 | $138.2B | $17.2B | 16.2% | 1.50 | 21.2% | 0.91 | 4/9 | 3/9 | 2/7 | 1/3 | F-Score 5 | 6/11 |
| AT&T INC.T | $149.4B | $22.18 | $125.6B | $22.0B | 17.4% | 1.08 | 19.2% | 0.91 | 5/9 | 2/9 | 3/7 | 0/3 | F-Score 6 | 6/11 |
| NIPPON TELEGRAPH & TELEPHONE CORPNTTYY | $85.0B | $26.32 | — | — | — | — | — | — | 2/9 | 1/9 | 2/7 | 1/3 | F-Score 7 | 6/11 |
| AMERICA MOVIL SAB DE CV/AMX | $76.0B | $25.47 | $42.1B | $1.1B | 6.2% | 1.54 | 20.7% | 0.72 | 1/9 | 5/9 | 1/7 | 1/3 | F-Score 6 | 2/11 |
| VODAFONE GROUP PUBLIC LTD COVOD | $35.6B | $15.37 | $40.5B | $4.5B | -7.9% | 1.01 | -1.1% | — | 1/9 | 2/9 | 0/7 | 0/3 | F-Score 5 | 2/11 |
| CHARTER COMMUNICATIONS, INC. /MO/CHTR | $24.8B | $138.39 | $54.8B | $5.0B | 31.1% | 5.90 | 23.6% | 0.39 | 4/9 | 3/9 | 3/7 | 0/3 | F-Score 6 | 5/11 |
| BCE INCBCE | $20.0B | $21.43 | $17.9B | $4.8B | 28.3% | 1.52 | — | 0.58 | 4/9 | 1/9 | 5/7 | 1/3 | F-Score 6 | 9/11 |
| ROGERS COMMUNICATIONS INCRCI | $18.0B | $33.24 | $15.9B | $5.0B | 38.8% | 2.25 | 45.2% | 0.61 | 5/9 | 5/9 | 5/7 | 1/3 | F-Score 4 | 8/11 |