SALEM MEDIA GROUP, INC. /DE/

SALM
About the company

Salem Media Group, Inc. operates as a multimedia company in the United States. The company owns and operates radio stations. Its digital media business provides Christian, conservative, investing, retirement, e-commerce, audio and video streaming, and other resources digitally through the web, as well as through mobile applications.

Country: United StatesPrice: $1.00Market Cap: $31.7M

Investment snapshot

24%positive consensus
Scored 1d ago

Positive

4

BUY / PASS

Neutral / negative

3 / 9

NEUTRAL / FAIL

Median fair value

$2.36

+136.0% vs price

Models with upside

2 / 17

Positive margin of safety

Strongest signal

6 of 10 pass — Pabrai, Ackman, Neff +1 more object

Key risk

No clean pass — all 8 investors flag at least one efficiency criterion

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe 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.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked 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.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Greenblatt

Magic Formula

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictFAILFAILFAILFAIL · Rank #1658 (Top 53.5%)PASSFAILPASSFAILFAILFAILFAILPASSPASSNEUTRALFAILNEUTRALNEUTRAL
Score
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Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/AN/AN/A+76.3%N/AN/AN/A-100.0%+79.6%-4900.0%N/AN/AN/AN/AN/AN/AN/A
Financial Basis

Annual history · FY 2022

Latest source filing: 2023-03-13

Score computed: 2026-11-14

Annual history · FY 2022

Latest source filing: 2023-03-13

Score computed: 2026-11-14

Annual history · FY 2022

Latest source filing: 2023-03-13

Score computed: 2026-11-14

Annual history · FY 2022

Latest source filing: 2023-03-13

Score computed: 2026-11-14

Annual history · FY 2022

Latest source filing: 2023-03-13

Score computed: 2026-11-14

Annual history · FY 2022 · Market data at 2026-10-01

Latest source filing: 2023-03-13

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2022

Latest source filing: 2023-03-13

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2022

Latest source filing: 2023-03-13

Score computed: 2026-11-14

Annual history · FY 2022 · Qualitative assessment

Latest source filing: 2023-03-13

Score computed: 2026-11-14

Annual history · FY 2022 · Qualitative assessment

Latest source filing: 2023-03-13

Score computed: 2026-11-14

Annual history · FY 2022 · Market data at 2026-10-01

Latest source filing: 2023-03-13

Score computed: 2026-11-14

Annual history · FY 2022 · Price history 2025-01-01–2026-10-01

Latest source filing: 2023-03-13

Score computed: 2026-11-14

Annual history · FY 2022 · Qualitative assessment

Latest source filing: 2023-03-13

Score computed: 2026-11-14

Annual history · FY 2022 · Price history 2025-01-01–2026-10-01

Latest source filing: 2023-03-13

Score computed: 2026-11-14

Annual history · FY 2022

Latest source filing: 2023-03-13

Score computed: 2026-11-14

Annual history · FY 2022

Latest source filing: 2023-03-13

Score computed: 2026-11-14

Annual history · FY 2022 · Price history 2025-01-01–2026-10-01

Latest source filing: 2023-03-13

Score computed: 2026-11-14

Where It Passes

  • Cash Flow60% pass✓ 7✗ 5▾

    6 of 10 pass — Pabrai, Ackman, Neff +1 more object

    Free Cash Flow Proxy$14.2M
    ✓BuffettPositive and growing
    FCF Positive and Growing$31.9M
    ✓LynchPositive and growing
    Operating Cash Flow$7.7M
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=1.53%, ROA=-0.64%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)3.5x
    ✓Dreman< 8x
    P/E or FCF Yield
    ✗PabraiP/E < 15 or FCF Yield > 10%
    FCF Positive6/6 years FCF positive
    ✓MarksPositive FCF in majority of recent years
    (OCF - CapEx) / Market Cap
    ✗Ackman>= 4%
    Price / FCF per Share
    ✗Ackman<= 25
    Positive Operating Cash Flow frequency17/17 years positive
    ✓SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures
    ✗Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization
    ✗OshaughnessyTop 10% of eligible cross-section

Where It Falls Short

  • Efficiency0% pass✓ 1✗ 10▾

    No clean pass — all 8 investors flag at least one efficiency criterion

    Current Ratio0.70
    ✗Graham>= 2.0
    ROIC (3-5 yr avg)2.3%
    ✗Buffett> 10%
    ROIC - WACC-7.7%
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)7.3%
    ✗Greenblatt> 25%
    Current Ratio Change YoY0.81 -> 0.70
    ✗PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY0.50x -> 0.53x
    ✓PiotroskiImproved YoY
    Current Assets / Current Liabilities0.70
    ✗Dreman> 1.5
    Return on Invested Capital1.2%
    ✗Munger> 15%
    ROIC (high and growing)FY2020: ROIC=-1.7%; FY2021: ROIC=10.5%; FY2022: ROIC=1.2%
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROICN/A (non-positive net income)
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)0/5 years above 12% (latest 1.2%)
    ✗SleepROIC > 12% in a majority of years
  • Valuation8% pass✓ 11✗ 17▾

    12 of 13 flag SALM's valuation — Graham, Lynch, Greenblatt +9 more

    Price / 3-yr avg EPS
    ✗Graham<= 15x
    Price-to-Book Ratio0.2x
    ✓Graham<= 1.5x
    P/E x P/B
    ✗Graham<= 22.5
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value2.7%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=2.7%, ROC=7.3%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / EPS
    ✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price / (CFO / Shares)3.5x
    ✓Dreman< 8x
    Price / Book Value per Share0.2x
    ✓Dreman< 1.2x✓Templeton< 1.5x✓SchlossP/B <= 0.80x (app cutoff)
    Valuation ReasonablenessOE Yield=34.5%
    ✓MungerP/E < 25 or Owner Earnings Yield > 5%
    P/E or FCF Yield
    ✗PabraiP/E < 15 or FCF Yield > 10%
    P/B or P/E vs. Historical AverageP/B=0.2x
    ✓MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Price / FCF per Share
    ✗Ackman<= 25
    Price vs. Trailing Low250% of trailing low ($0.40)
    ✗Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization-10.22%; #4188/6340 (top 66.1%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+5.5369; #265/6449 (top 4.1%)
    ✓AsnessTop 30% of eligible cross-section
    Price / Diluted EPS
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per Share0.18x
    ✓SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change-26.3%
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization+8.4294; #355/5247 (top 6.8%)
    ✓OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date+138.10%; #230/6202 (top 3.7%)
    ✓OshaughnessyTop 10% of eligible cross-section
  • Profitability13% pass✓ 6✗ 29▾

    14 of 16 flag SALM's profitability — Graham, Buffett, Lynch +11 more

    Positive EPS (10 years)15/27 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)18/27 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)-6.9%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)1.9% (latest)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy$14.2M
    ✓BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE-1.8%
    ✗Lynch> 15%
    EBIT / Enterprise Value2.7%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=2.7%, ROC=7.3%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets-0.64%
    ✗PiotroskiROA > 0
    ROA Change YoY8.04% -> -0.64% (delta: -8.68%)
    ✗PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=1.53%, ROA=-0.64%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY
    ✗PiotroskiImproved YoY
    Pre-Tax Income / Revenue-1.4%
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity-1.8%
    ✗Dreman> 12%
    Margin of SafetyP/B=0.2x
    ✓PabraiP/B < 1.5 or P/E < 15
    Return on Equity-6.2% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency18/24 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue1.9%
    ✗Ackman>= 15%
    Net Income / Shareholders Equity-1.8%
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend-3.3% (2020) -> 1.9% (2022)
    ✓TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trendrevenue up, operating margin -3.3% -> 1.9%
    ✓SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization-10.22%; #4188/6340 (top 66.1%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity-1.85%; #3037/5226 (top 58.1%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.0604; #2818/5884 (top 47.9%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR34.9% over 5 years
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years5/10 years positive
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Growth13% pass✓ 2✗ 11▾

    7 of 8 flag SALM's growth — Graham, Lynch, Dreman +4 more

    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthInv: 57.6% vs Rev: 3.4%
    ✗LynchInventory growth < Revenue growth
    EPS Growth Direction
    ✗DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency18/24 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth3.4%
    ✗Ackman>= 5%
    Positive EPS Growth Frequency1/5 years with positive EPS growth
    ✗AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trendrevenue up, operating margin -3.3% -> 1.9%
    ✓SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR0.2%
    ✗SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR34.9% over 5 years
    ✗Neff7%-20% annualized
  • Debt & Leverage25% pass✓ 4✗ 11▾

    9 of 12 flag SALM's debt & leverage — Graham, Buffett, Lynch +6 more

    Total Debt / Shareholders' Equity0.91
    ✗Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
    LT Debt vs Net Current AssetsLT Debt $150.4M vs NCA $-19.6M
    ✗GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 0.91, IC: 0.4x
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity0.91
    ✗Lynch< 0.33
    Cash - Long-term Debt$-150.4M
    ✗LynchPositive preferred
    LT Debt / Total Assets Change33.05% -> 29.77%
    ✓PiotroskiDecreased YoY
    Current Assets / Current Liabilities0.70
    ✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)
    Debt Levels0.91
    ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDAIC=0.4x, D/EBITDA=9.0x
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0.91
    ✓Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-0.9086; #3113/4210 (top 73.9%)
    ✗AsnessTop 30% of eligible cross-section
  • Verdicts29% pass✓ 4✗ 10▾

    Split decision: 9 FAIL · 4 PASS · 3 NEUTRAL

    Overall verdict
    ✗GrahamFAIL (2/9)✗BuffettFAIL (1/9)✗LynchFAIL (1/7)✗GreenblattRank #1658✓PiotroskiPASS (F-Score 5)✗DremanFAIL (2/11)✓MungerPASS (2/4)✗PabraiFAIL (1/3)✗AkreFAIL (0/6)✗MarksFAIL (3/5)✗AckmanFAIL (2/9)✓TempletonPASS (4/8)✓SleepPASS (3/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (1/6)•SchlossNEUTRAL (4/7)•OshaughnessyNEUTRAL (Not ranked)
  • Valuation models50% pass✓ 2✗ 2▾

    Models split on SALM at $1.00 — fair values range $0.02–$4.90

    Greenblatt fair value$4.22
    ✓Greenblatt+76.3% margin vs $1.00
    Pabrai fair value$0.50
    ✗Pabrai-100.0% margin vs $1.00
    Akre fair value$4.90
    ✓Akre+79.6% margin vs $1.00
    Marks fair value$0.02
    ✗Marks-4900.0% margin vs $1.00

Business & financials

Financial snapshot: annual FY 2022. Current investor scores may use newer quarterly data.

Company Profile

Industry: Communication
SIC Sector: Communications
Size: Micro Cap($31.7M)
Revenue: $267.0M+3.4% YoY
Net Income: $3.2M-107.8% YoY

Financial Snapshot

Operating Margin1.9%
Return on Equity-1.8%
Debt / Equity0.91
Current Ratio0.70
EPS (Diluted)$-0.12
Shares Retired0.3% / −2.0% 2y

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Shareholder Return

Fiscal 2022

Retired 0.3% of shares last year, 2.0% issued over two.

Buybacks
—
Dividends
—

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.

MetricFY 2022
Sources
  • 10-K · 2023-03-13
FY 2021
Sources
  • 10-K · 2022-03-04
FY 2020
Sources
  • 10-K · 2021-03-04
FY 2019
Sources
  • 10-K · 2020-03-13
FY 2018
Sources
  • 10-K · 2019-03-13
Market Cap$31.7Mcurrent$87.9Mest.$44.0Mest.$35.6Mest.$64.4Mest.
Revenue$267.0M↑3%$258.2M↑9%$236.2M↓7%$253.9M↓3%$262.8M
Operating Income$5.2M↓89%$46.2M↑696%-$7.8M↑5%-$8.2M↓148%$17.0M
Net Income-$3.2M↓108%$41.5M↑177%-$54.1M↓94%-$27.8M↓772%-$3.2M
EPS (Diluted)$-0.12↓108%$1.52↑175%$-2.03↓93%$-1.05↓775%$-0.12
Gross Margin—————
Operating Margin1.9%↓89%17.9%↑646%-3.3%↓2%-3.2%↓150%6.5%
ROE-1.8%↓108%23.3%↑158%-40.0%↓172%-14.7%↓920%-1.4%
Total Debt$159.3M↓7%$170.6M↓22%$218.8M↓4%$228.9M↓10%$253.7M
Shareholders' Equity$175.4M↓2%$178.2M↑32%$135.3M↓29%$189.7M↓15%$221.9M
Current Ratio0.70↓14%0.81↓10%0.90↑15%0.79↓5%0.83
Debt / Equity0.91↓5%0.96↓41%1.62↑34%1.21↑6%1.14
Operating Cash Flow$7.7M↓66%$22.5M↓2%$22.9M↑34%$17.0M↓26%$23.0M
Free Cash Flow----------

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Communication

SALM vs Peers — Financial Grading

Revenue$267.0MBottom 25%
Net Income$3.2MBottom 25%
ROE-1.8%Bottom 25%
D/E0.91Top 25%
Op. Margin1.9%Bottom 25%
Curr. Ratio0.70Median
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
VERIZON COMMUNICATIONS INCVZ$192.1B$46.36$138.2B$17.2B16.2%1.5021.2%0.914/93/92/71/3F-Score 56/11
AT&T INC.T$149.4B$22.18$125.6B$22.0B17.4%1.0819.2%0.915/92/93/70/3F-Score 66/11
NIPPON TELEGRAPH & TELEPHONE CORPNTTYY$85.0B$26.32——————2/91/92/71/3F-Score 76/11
AMERICA MOVIL SAB DE CV/AMX$76.0B$25.47$42.1B$1.1B6.2%1.5420.7%0.721/95/91/71/3F-Score 62/11
VODAFONE GROUP PUBLIC LTD COVOD$35.6B$15.37$40.5B$4.5B-7.9%1.01-1.1%—1/92/90/70/3F-Score 52/11
CHARTER COMMUNICATIONS, INC. /MO/CHTR$24.8B$138.39$54.8B$5.0B31.1%5.9023.6%0.394/93/93/70/3F-Score 65/11
BCE INCBCE$20.0B$21.43$17.9B$4.8B28.3%1.52—0.584/91/95/71/3F-Score 69/11
ROGERS COMMUNICATIONS INCRCI$18.0B$33.24$15.9B$5.0B38.8%2.2545.2%0.615/95/95/71/3F-Score 48/11