Cumulus Media Inc. (CMLS)
For informational purposes only. Not financial advice. Analysis by Sedat ANAK, Founder & Editor-in-Chief | AI-powered analysis. Data sourced from SEC filings and institutional-grade financial providers. Editorially reviewed. Not financial advice.
Cumulus Media Inc. (CMLS) with AI Score 46/100 (Grade C). Cumulus Media Inc. operates as an audio-first media company, owning and operating radio stations across the United States. Sector: Communication services.
Last analyzed: Mar 17, 2026CMLS: the 1 perspectives are evenly split.
How is this calculated? →Cumulus Media Inc. (CMLS) Media & Communications Profile
Cumulus Media Inc. is an audio-first media company operating 406 radio stations in 86 U.S. markets, complemented by its Westwood One network of 9,500 affiliated stations. The company delivers diverse content and digital marketing services, positioning itself as a key player in the broadcasting industry amidst evolving media consumption trends.
What Is the Investment Thesis for CMLS?
Cumulus Media's investment thesis hinges on its extensive radio station network and its ability to leverage digital platforms for growth. With 406 stations in 86 markets and 9,500 affiliated stations through Westwood One, the company has a substantial reach. Key value drivers include advertising revenue from both broadcast and digital channels. Growth catalysts include expanding digital marketing services and capitalizing on the increasing demand for audio content. However, the company faces risks related to declining radio listenership and competition from digital streaming services. With a negative P/E ratio and a negative profit margin of -38.4%, the company needs to improve profitability. The gross margin of 62.7% indicates potential for improved financial performance.
Based on FMP financials and quantitative analysis
CMLS Key Highlights
- Cumulus Media operates 406 radio stations across 86 markets, providing a broad geographic footprint.
- The company's Westwood One network includes approximately 9,500 affiliated stations, extending its reach and content distribution capabilities.
- Cumulus Media's content portfolio includes partnerships with major brands such as the NFL, NCAA, CNN, and the Academy of Country Music Awards.
- The company provides digital marketing services, including email marketing, geo-targeted advertising, and social media management, diversifying its revenue streams.
- Cumulus Media's gross margin of 62.7% suggests potential for strong profitability if operational efficiencies are improved.
Who Are CMLS's Competitors?
CMLS is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.
| Company | Price | Change | Market Cap | AI Score |
|---|---|---|---|---|
| ADV Advantage Solutions Inc. | $39.91 | +2.69% | $530.55M | — |
| BZFD BuzzFeed, Inc. | $1.46 | -2.67% | $54.92M | — |
| CHR Cheer Holding, Inc. | $1.99 | +0.25% | $59.09M | 47 |
| CURI CuriosityStream Inc. | $2.84 | -2.41% | $168.38M | — |
| KUKE Kuke Music Holding Limited | $1.39 | +39.18% | $39.41M | 38 |
| EVC Entravision Communications Corporation | $12.72 | -2.53% | $1.17B | 60 |
| CMCSV Comcast Corp. | $28.00 | +2.34% | $102.03B | 58 |
| NMAX Newsmax Inc. | $9.03 | +0.39% | $811.54M | 58 |
AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance
What Are CMLS's Key Strengths?
- Extensive radio station network
- Westwood One network
- Diversified content portfolio
- Digital marketing services
What Are CMLS's Weaknesses?
- Declining radio listenership
- Negative profit margin
- High debt levels
- Competition from digital streaming services
What Could Drive CMLS Stock Higher?
- Expansion of digital marketing service offerings to drive revenue growth.
- Leveraging the Westwood One network to increase content distribution and advertising reach.
- Development of original audio content to attract new listeners and increase engagement.
What Are the Key Risks for CMLS?
- Financial-distress signal — its Altman Z-Score of -0.29 sits in the distress zone (elevated bankruptcy risk).
- Continued decline in radio listenership impacting advertising revenue.
- Increased competition from digital media platforms.
- Economic downturn affecting advertising spending.
- High debt levels posing financial challenges.
What Are the Growth Opportunities for CMLS?
- Expanding Digital Marketing Services: Cumulus Media can capitalize on the growing demand for digital marketing by expanding its service offerings. The digital advertising market is projected to reach $626.86 billion in 2026, offering a significant opportunity for Cumulus Media to increase its revenue. By providing comprehensive digital marketing solutions, the company can attract new advertisers and retain existing ones, driving growth in its digital segment.
- Leveraging Westwood One Network: Cumulus Media can leverage its Westwood One network of 9,500 affiliated stations to expand its content distribution and advertising reach. By offering targeted advertising opportunities through the network, the company can attract advertisers seeking to reach specific demographics and geographic areas. This can drive revenue growth and enhance the value of the Westwood One network.
- Developing Original Audio Content: Cumulus Media can invest in developing original audio content, such as podcasts and on-demand audio programs, to attract new listeners and increase engagement. The podcasting market is experiencing rapid growth, with revenue projected to reach $4 billion by 2024. By creating compelling original content, Cumulus Media can differentiate itself from competitors and capture a share of this growing market.
- Enhancing Digital Platforms: Cumulus Media can enhance its digital platforms, including its website and mobile app, to improve the user experience and increase engagement. By providing a seamless and intuitive digital experience, the company can attract and retain listeners, driving growth in its digital audience. This can also create new opportunities for advertising and monetization.
- Strategic Partnerships: Cumulus Media can form strategic partnerships with other media companies and content providers to expand its content offerings and reach new audiences. By partnering with complementary businesses, the company can leverage their expertise and resources to drive growth and innovation. This can also create new opportunities for cross-promotion and revenue sharing.
What Opportunities Does CMLS Have?
- Expanding digital marketing services
- Developing original audio content
- Enhancing digital platforms
- Strategic partnerships
What Threats Does CMLS Face?
- Continued decline in radio listenership
- Increased competition from digital media
- Economic downturn impacting advertising revenue
- Changes in media consumption habits
What Are CMLS's Competitive Advantages?
- Extensive radio station network provides a wide geographic reach.
- Westwood One network offers a large distribution platform.
- Established relationships with major brands and content providers.
- Diversified revenue streams through advertising and digital marketing services.
What Does CMLS Do?
Cumulus Media Inc., incorporated in 2002 and based in Atlanta, Georgia, has established itself as a significant player in the audio media landscape. The company's core business revolves around owning and operating radio stations, boasting a portfolio of 406 stations spread across 86 markets in the United States. Cumulus Media extends its reach through Westwood One, a network comprising approximately 9,500 affiliated stations. This extensive network allows the company to deliver a diverse range of content, including sports, news, talk, and entertainment programming. Cumulus Media partners with prominent brands such as the NFL, NCAA, CNN, and the Academy of Country Music Awards to enhance its content offerings. Beyond traditional broadcasting, Cumulus Media provides digital marketing services, encompassing email marketing, geo-targeted advertising, website development, social media management, and search engine optimization. These services enable the company to cater to advertisers seeking comprehensive marketing solutions across broadcast and digital platforms. Cumulus Media's business model focuses on delivering audio content and marketing solutions through broadcast and on-demand digital, mobile, social, and voice-activated platforms.
What Products and Services Does CMLS Offer?
- Owns and operates 406 radio stations in 86 markets across the United States.
- Manages the Westwood One network, comprising approximately 9,500 affiliated stations.
- Provides sports, news, talk, and entertainment programming.
- Offers digital marketing services, including email marketing and geo-targeted advertising.
- Serves advertisers through broadcast and on-demand digital, mobile, social, and voice-activated platforms.
- Partners with major brands like the NFL, NCAA, CNN, and the Academy of Country Music Awards for content.
How Does CMLS Make Money?
- Generates revenue primarily through advertising sales on its radio stations and digital platforms.
- Provides digital marketing services to advertisers, generating additional revenue.
- Leverages its Westwood One network for content distribution and advertising opportunities.
What Industry Does CMLS Operate In?
Cumulus Media operates within the broadcasting industry, which is undergoing a transformation due to the rise of digital media. While traditional radio listenership faces challenges, the audio market remains robust, with growth in podcasting and streaming services. The competitive landscape includes other radio broadcasters like Audacy (AUD) and iHeartMedia (IHRT), as well as digital audio platforms like Spotify and Sirius XM. Cumulus Media's focus on both broadcast and digital platforms positions it to adapt to changing consumer preferences and compete effectively in the evolving media landscape.
Who Are CMLS's Key Customers?
- Advertisers seeking to reach a broad audience through radio and digital platforms.
- Listeners who tune in to Cumulus Media's radio stations for news, sports, and entertainment.
- Affiliated stations within the Westwood One network.
ROE 150%Key Financial Metrics
Return on equity for Cumulus Media Inc. stands at 150.1%, a gauge of how efficiently it converts shareholder capital into profit. Return on assets is -20.5%, showing how much profit it generates from its asset base. A current ratio of 5.86 indicates the company holds enough short-term assets to cover its near-term obligations.
How Cumulus Media Inc. Is Valued
Relative to its peer group, CMLS's quantitative score of 46/100 is roughly in line with the peer average of 43/100.
F-Score 4/9Financial Health
Cumulus Media Inc.'s Piotroski F-Score is 4/9, a 9-point checklist of profitability, leverage and efficiency — a middling fundamental profile. Its Altman Z-Score of -0.29 places it in the distress zone, a signal of elevated financial risk.
FY2026 estForward Outlook
Wall Street analysts project Cumulus Media Inc. revenue of about $791.3M for fiscal 2026, with EPS near $-2.50.
CMLS Financials
Bull Case vs Bear Case
Bull Case
- Extensive radio station network
- Westwood One network
- Diversified content portfolio
- Digital marketing services
Bear Case
- Declining radio listenership
- Negative profit margin
- High debt levels
- Competition from digital streaming services
AI-generated arguments based on insider flow, news sentiment and technicals — not financial advice · March 2026
CMLS Latest News
No recent news available for CMLS.
CMLS Analyst Consensus
Consensus Rating
Aggregated Buy/Hold/Sell recommendations from Benzinga, Yahoo Finance, and Finnhub for CMLS.
Price Targets
Wall Street price target analysis for CMLS.
CMLS MoonshotScore
What does this score mean?
The MoonshotScore rates CMLS's growth potential on a scale of 0-100 across multiple factors including innovation, market disruption, financial health, and momentum.
Leadership: Mary G. Berner
CEO
Mary G. Berner has served as the CEO of Cumulus Media Inc. since 2015. She has extensive experience in the media industry, previously holding leadership positions at Reader's Digest Association and Fairchild Publications. Her career spans various aspects of media management, including publishing, broadcasting, and digital media. Berner's expertise lies in strategic planning, operational efficiency, and revenue generation.
Track Record: Under Mary Berner's leadership, Cumulus Media has focused on restructuring its debt and improving its operational performance. She has overseen the company's efforts to expand its digital marketing services and enhance its content offerings. Key milestones include the company's emergence from bankruptcy in 2018 and its ongoing efforts to adapt to the evolving media landscape.
What Investors Ask About Cumulus Media Inc. (CMLS) — Communication Services
What does Cumulus Media Inc. do?
Cumulus Media Inc. operates as an audio-first media company, owning and operating 406 radio stations in 86 markets across the United States. The company also manages the Westwood One network, comprising approximately 9,500 affiliated stations. Cumulus Media provides a diverse range of content, including sports, news, talk, and entertainment programming. Additionally, the company offers digital marketing services to advertisers, leveraging broadcast and on-demand digital platforms.
What are the main risks for CMLS?
Cumulus Media faces several risks, including the continued decline in radio listenership, which could negatively impact advertising revenue. Increased competition from digital media platforms, such as streaming services and podcasts, also poses a threat. An economic downturn could reduce advertising spending, affecting the company's financial performance. Additionally, Cumulus Media's high debt levels could create financial challenges.
How does Cumulus Media Inc. compare to competitors in its industry?
Cumulus Media competes with other radio broadcasters like Audacy and iHeartMedia, as well as digital audio platforms like Spotify and Sirius XM. Cumulus Media differentiates itself through its extensive radio station network and its Westwood One network. However, the company faces challenges related to declining radio listenership and competition from digital media. Its ability to adapt to changing consumer preferences and leverage digital platforms will be crucial for maintaining its competitive position.
What are the key financial metrics investors watch for CMLS?
Investors typically monitor several key financial metrics for Cumulus Media, including revenue growth, profitability, and debt levels. Revenue growth indicates the company's ability to attract advertisers and listeners. Profitability metrics, such as gross margin and net income, reflect the company's operational efficiency. Debt levels are closely watched due to the company's history of financial challenges. Additionally, investors may consider metrics related to digital revenue and audience engagement to assess the company's progress in adapting to the evolving media landscape.
What are the key factors to evaluate for CMLS?
Cumulus Media Inc. (CMLS) holds an AI score of 46/100 (low). Not financial advice.
How frequently does CMLS data refresh on this page?
CMLS prices update in real time during U.S. market hours. Fundamentals refresh after quarterly filings; analyst ratings and AI insights update daily; news is aggregated continuously.
What has driven CMLS's recent stock price performance?
Cumulus Media Inc. (CMLS) moves on earnings results, analyst revisions, sector rotation, and market sentiment. Notable catalyst: Extensive radio station network. See the News tab for the latest drivers. Past performance does not predict future results.
Should investors consider CMLS overvalued or undervalued right now?
Valuing Cumulus Media Inc. (CMLS) requires multiple metrics. Compare P/E, P/S, and EV/EBITDA against sector peers for a full view.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Official Resources
Data provided for informational purposes only.
- Financial data may be outdated.
- AI analysis is pending.