Salem Communications Corp. (SALM)
OTHER OTC:SALM
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Salem Communications
(OTC:SALM)
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Rating:48Neutral
Price Target:
$0.94
▲(135.75% Upside)
Action:Reiterated
Date:05/19/26
The score is held down primarily by weak financial performance, especially ongoing losses and consistently negative free cash flow, despite balance-sheet deleveraging. Technicals are supportive due to strong upward momentum and price above major moving averages, but overbought indicators temper this. Valuation is constrained by a negative P/E and no dividend yield data.
Positive Factors
Niche Audience
A focused content niche (Christian and conservative media) creates durable audience loyalty and advertiser targeting advantages. This entrenched audience base supports recurring ad demand, higher relevance for sponsors, and a defensible position versus generalist media over the next several months.
Negative Factors
Shrinking Revenue
Sustained revenue decline erodes scale and advertiser pricing power, increasing per-unit fixed costs. Continued top-line contraction makes margin recovery harder, limits marketing/service investment, and raises the risk that operational fixes will not restore historic profitability within a few quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Niche Audience
A focused content niche (Christian and conservative media) creates durable audience loyalty and advertiser targeting advantages. This entrenched audience base supports recurring ad demand, higher relevance for sponsors, and a defensible position versus generalist media over the next several months.
Read all positive factors
Salem Communications (SALM) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$25.01M
Dividend YieldN/A
Average Volume (3M)29.71K
Price to Earnings (P/E)―
Beta (1Y)-1.07
Revenue Growth-10.31%
EPS Growth-273.99%
CountryUS
Employees1,147
SectorCommunication Services
Sector Strength97
IndustryBroadcasting
Share Statistics
EPS (TTM)-0.94
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 Cap3.11
Enterprise Value/Revenue0.38
Enterprise Value/Gross Profit0.82
Enterprise Value/Ebitda-3.65
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 from (1) media advertising and sponsorships and (2) digital marketing services. On the broadcast side, it sells advertising time on its radio stations and across its syndicated programming network; advertisers pay...
Salem Communications Financial Statement Overview
Summary
Income Statement
26
Negative
Balance Sheet
58
Neutral
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 206.88M | 212.69M | 237.56M | 258.65M | 266.97M | 258.25M |
| Gross Profit | 94.84M | 201.74M | 13.02M | 16.27M | 47.08M | 55.51M |
| EBITDA | -21.30M | -6.62M | 35.22M | -32.78M | 22.04M | 78.09M |
| Net Income | -30.05M | -34.61M | 16.18M | -43.31M | -3.24M | 41.51M |
Balance Sheet | ||||||
| Total Assets | 309.20M | 332.23M | 451.92M | 455.54M | 505.12M | 516.11M |
| Cash, Cash Equivalents and Short-Term Investments | 0.00 | 2.41M | 0.00 | 284.00K | 0.00 | 1.78M |
| Total Debt | 52.87M | 56.26M | 150.30M | 220.52M | 210.12M | 221.56M |
| Total Liabilities | 134.28M | 154.55M | 262.94M | 323.03M | 329.76M | 337.90M |
| Stockholders Equity | 174.93M | 177.68M | 188.99M | 132.51M | 175.36M | 178.21M |
Cash Flow | ||||||
| Free Cash Flow | -10.65M | -11.88M | -16.45M | -18.65M | -5.64M | 11.58M |
| Operating Cash Flow | -4.46M | -5.74M | -10.49M | -4.02M | 7.74M | 22.49M |
| Investing Cash Flow | 76.37M | 76.64M | 86.38M | -331.00K | -898.00K | 11.61M |
| Financing Cash Flow | -71.90M | -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 |
|---|---|---|---|---|---|---|---|
61 Neutral | $835.72M | -47.16 | -25.09% | 6.56% | 45.98% | 82.18% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
52 Neutral | $60.33M | -6.57 | -5.57% | 8.81% | -4.10% | -343.54% | |
50 Neutral | $69.31M | -0.92 | -103.24% | ― | 16.94% | -225.18% | |
49 Neutral | $26.91M | -0.15 | -206.44% | ― | -14.99% | -1938.45% | |
48 Neutral | $25.01M | -1.00 | -18.85% | ― | -10.31% | -273.99% | |
42 Neutral | $25.20M | -0.22 | -170.35% | ― | -17.76% | -16.59% |
* Communication Services Sector Average
SALM
Salem Communications
0.95
-0.06
-5.74%
BBGI
Beasley Broadcast Group
15.63
11.17
250.45%
EVC
Entravision
9.28
7.45
408.49%
UONE
Urban One
6.70
-10.80
-61.71%
SGA
Saga Communications
9.43
-1.76
-15.75%
MDIA
Mediaco Holding
0.77
-0.33
-29.97%
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.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.