• Lamar Advertising average return on tangible equity for 2023 was -21.8, a 15.24% decline from 2022.
• Lamar Advertising average return on tangible equity for 2022 was -25.72, a 25.71% decline from 2021.
• Lamar Advertising average return on tangible equity for 2021 was -20.46, a 26.77% increase from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.