Salem Communications Corp. (SALM)
OTHER OTC:SALM
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Salem Communications
(OTC:SALM)
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Rating:46Neutral
Price Target:
$0.42
▲(5.25% Upside)
Action:ReiteratedDate:03/28/26
The score is primarily held down by weak financial performance—declining revenue, a return to losses in 2025, and negative operating/free cash flow in the last two years. Technical indicators provide some support in the near term, but valuation remains pressured due to losses (negative P/E) and no dividend yield.
Positive Factors
Niche audience focus (faith-based, values-driven)
Salem’s concentrated focus on faith-based and conservative audiences creates a durable, targeted demographic niche. That audience tends to be loyalty‑driven and advertiser‑attractive for values-oriented sponsors, supporting steady ad demand and cross‑platform monetization over time.
Negative Factors
Persistent revenue decline and 2025 loss
Sustained top‑line decline and a material swing to loss in 2025 indicate structural demand or execution issues. Reduced scale undermines bargaining power with advertisers, compresses operating leverage, and makes it harder to restore consistent, durable profitability.
Read all positive and negative factors
Positive Factors
Negative Factors
Niche audience focus (faith-based, values-driven)
Salem’s concentrated focus on faith-based and conservative audiences creates a durable, targeted demographic niche. That audience tends to be loyalty‑driven and advertiser‑attractive for values-oriented sponsors, supporting steady ad demand and cross‑platform monetization over time.
Read all positive factors
Salem Communications (SALM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$11.84M
Dividend YieldN/A
Average Volume (3M)29.71K
Price to Earnings (P/E)―
Beta (1Y)-0.93
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees1,147
SectorCommunication Services
Sector Strength97
IndustryBroadcasting
Share Statistics
EPS (TTM)-0.24
Shares Outstanding26,309,519
10 Day Avg. Volume23,965
30 Day Avg. Volume29,712
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)0.08
Price to Sales (P/S)0.06
P/FCF Ratio-1.15
Enterprise Value/Market Cap5.54
Enterprise Value/Revenue0.31
Enterprise Value/Gross Profit1.34
Enterprise Value/Ebitda-2.46
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Salem Communications Business Overview & Revenue Model
Company Description
Salem Media Group, Inc. operates as a multimedia company in the United States. It operates through three segments: Broadcast, Digital Media, and Publishing. The company owns and operates 32 FM radio stations and 69 AM radio stations; offers progra...
How the Company Makes Money
Salem primarily generates revenue through (1) broadcasting: selling advertising and sponsorships on its owned-and-operated radio stations and on syndicated radio programming it distributes to other stations; (2) digital media: selling digital adve...
Salem Communications Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
58
Neutral
Cash Flow
29
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 212.69M | 237.56M | 258.65M | 266.97M | 258.25M |
| Gross Profit | 201.74M | 13.02M | 16.27M | 47.08M | 55.51M |
| EBITDA | -6.62M | 35.22M | -32.78M | 22.04M | 78.09M |
| Net Income | -34.61M | 16.18M | -43.31M | -3.24M | 41.51M |
Balance Sheet | |||||
| Total Assets | 332.23M | 451.92M | 455.54M | 505.12M | 516.11M |
| Cash, Cash Equivalents and Short-Term Investments | 2.41M | 0.00 | 284.00K | 0.00 | 1.78M |
| Total Debt | 56.26M | 150.30M | 220.52M | 210.12M | 221.56M |
| Total Liabilities | 154.55M | 262.94M | 323.03M | 329.76M | 337.90M |
| Stockholders Equity | 177.68M | 188.99M | 132.51M | 175.36M | 178.21M |
Cash Flow | |||||
| Free Cash Flow | -11.88M | -16.45M | -18.65M | -5.64M | 11.58M |
| Operating Cash Flow | -5.74M | -10.49M | -4.02M | 7.74M | 22.49M |
| Investing Cash Flow | 76.64M | 86.38M | -331.00K | -898.00K | 11.61M |
| Financing Cash Flow | -68.49M | -76.17M | 4.35M | -8.63M | -38.64M |
Salem Communications Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
55 Neutral | $290.60M | -3.82 | -98.27% | 6.56% | -45.95% | -75.87% | |
52 Neutral | $75.99M | -8.92 | -6.46% | 8.81% | -0.77% | -93.46% | |
47 Neutral | $60.96M | -0.69 | -84.51% | ― | 83.96% | -73.70% | |
46 Neutral | $11.84M | -0.40 | -18.85% | ― | ― | ― | |
41 Neutral | $24.12M | -0.31 | -119.60% | ― | -13.08% | -69.47% | |
40 Underperform | $10.23M | -0.67 | -5.86% | ― | -7.78% | -369.53% |
* Communication Services Sector Average
SALM
Salem Communications
0.45
-0.05
-10.00%
BBGI
Beasley Broadcast Group
5.67
0.40
7.59%
EVC
Entravision
3.16
1.39
78.63%
UONE
Urban One
5.69
-8.41
-59.64%
SGA
Saga Communications
11.80
1.18
11.13%
MDIA
Mediaco Holding
0.75
-0.35
-31.65%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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