Canadian Halal Investor.

NASDAQ Shariah screener · October 2026

Is Lamar Advertising Company (LAMR) Halal?

PASS

Lamar Advertising Company · NASDAQ: LAMR · Real Estate

The short answer

Lamar Advertising passes all three Shariah gates: it runs a permissible outdoor-advertising business, carries $3,527.2M of interest-bearing debt (24.3% of its ~$14.54 billion market cap, under the 33% ceiling), and interest income of about 0.11% of revenue is far under the 5% ceiling. Note: Zoya and Musaffa currently flag LAMR as non-compliant - a different result from this independent screen.

Gate 1 — Business activity: PASS

Gate 1 — business activity: PASS. Lamar Advertising Company, founded in 1902 and headquartered in Baton Rouge, Louisiana, is one of the largest outdoor advertising companies in North America. Per its FY2025 Form 10-K, as of December 31, 2025 it operated billboards including approximately 5,500 digital billboard displays in 43 states and Canada, over 144,400 logo sign advertising displays in 24 states and the province of Ontario (the largest US logo-sign provider), and approximately 40,600 transit advertising displays in 23 states and Canada. It has traded on NASDAQ under the symbol “LAMR” since 1996, reorganized as a REIT in 2014, and converted to an UPREIT structure in 2022.

The company sells advertising space — billboards, digital displays, logo signs and transit advertising — and holds the underlying real estate interests. It is not an interest-based lender and is not involved in tobacco, gambling or pork production. No haram core business line is disclosed; the business passes gate 1.

Gate 2 — Debt and cash: PASS

Gate 2 — interest-bearing debt: PASS (24.3%, ceiling 33%). Per Lamar's Q2 2026 condensed consolidated balance sheet (June 30, 2026), interest-bearing debt totals $3,527,163 thousand (about $3,527.2 million): long-term debt of $3,264,380 thousand, current maturities of long-term debt of $250,165 thousand, and financing lease liabilities of $11,286 thousand long-term plus $1,332 thousand current. Operating lease liabilities ($1,246,041 thousand long-term plus $205,280 thousand current) are excluded — they are not interest-bearing debt.

$3,527.2 million of interest-bearing debt against a market capitalization of about $14.54 billion (October 2, 2026) is 24.3%, under the 33% ceiling — though close enough that a falling share price or further borrowing could change the result. Cash and cash equivalents of $67,950 thousand at June 30, 2026 represent about 0.5% of market cap.

Gate 3 — Non-compliant income: PASS

Gate 3 — non-compliant income: PASS (0.11%, ceiling 5%). Lamar's FY2025 Form 10-K separately discloses interest income on its consolidated statements of income: $2,584 thousand for the year ended December 31, 2025. Against FY2025 net revenues of $2,266,214 thousand, that is about 0.11%, far under the 5% ceiling.

Key figures used

Frequently asked questions

What does Lamar Advertising do?

Lamar Advertising Company (NASDAQ: LAMR) is one of the largest outdoor advertising companies in North America. Per its FY2025 Form 10-K, as of December 31, 2025 it operated billboards including approximately 5,500 digital billboard displays across 43 states and Canada, over 144,400 logo sign advertising displays in 24 states and the province of Ontario (the largest US logo-sign provider, operating 24 of the 28 privatized state logo-sign contracts), and approximately 40,600 transit advertising displays in 23 states and Canada. Founded in 1902 and publicly traded on NASDAQ under the symbol LAMR since 1996, it reorganized as a real estate investment trust (REIT) in 2014 and converted to an UPREIT structure in 2022.

Is Lamar Advertising's business Shariah compliant?

Lamar sells outdoor advertising space - billboards, digital displays, logo signs and transit advertising - not interest-based lending, and it is not involved in tobacco, gambling or pork production. Its tenants are advertisers who buy display space; the company's own business is the advertising medium and the underlying real estate interests, which is a permissible service business. No haram core business line is disclosed in its 10-K, so the business passes this screener's first gate.

How much interest-bearing debt does Lamar Advertising have?

Per Lamar's Q2 2026 condensed consolidated balance sheet (June 30, 2026), interest-bearing debt is long-term debt of $3,264,380 thousand plus current maturities of long-term debt of $250,165 thousand plus financing lease liabilities of $11,286 thousand long-term and $1,332 thousand current - $3,527,163 thousand in total, about $3,527.2 million. Operating lease liabilities ($1,246,041 thousand long-term plus $205,280 thousand current) are excluded as they are not interest-bearing debt. $3,527.2 million against a market capitalization of about $14.54 billion is 24.3%, under the 33% ceiling but close enough to watch - a falling share price or further borrowing could push it over.

How much interest income does Lamar Advertising earn?

Lamar's FY2025 Form 10-K separately discloses interest income on its consolidated statements of income: $2,584 thousand for 2025 (shown as a $(2,584) thousand offset within other expense). FY2025 interest income of $2,584 thousand against FY2025 net revenues of $2,266,214 thousand is about 0.11% - far under the 5% non-compliant income ceiling.

What do third-party Shariah screeners say about Lamar Advertising?

Both Zoya and Musaffa publish Lamar Advertising (LAMR) pages and currently flag the stock as not Shariah-compliant / not halal (Musaffa, AAOIFI methodology, as of October 2026; Zoya's page shows interest income of $2,584,000, which is 0.11% of revenue - the same figures used here - though its FAQ text is internally contradictory, so treat its published reasoning with caution). That differs from this independent screener's PASS result: with debt at 24.3% of market cap and interest income at 0.11% of revenue, both financial gates pass under the AAOIFI-style thresholds applied here. I could not verify a ShariaPortfolio rating page for LAMR from public sources. Third-party screeners apply different assumptions and update on different schedules, and their results can change when new financial statements are published - always check the latest screening before investing.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).