Boston Omaha Corp Financials

BOC

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Boston Omaha Corp (BOC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 14 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Financial Profile 46/100

Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Boston Omaha Corp has an operating margin of -7.8%, meaning the company retains $-8 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -9.2% the prior year.

Growth

Boston Omaha Corp's revenue grew 12.5% year-over-year to $108.3M, a solid pace of expansion. This earns a growth score of 64/100.

Leverage

100

Boston Omaha Corp carries a low D/E ratio of 0.07, meaning only $0.07 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 2.14, Boston Omaha Corp holds $2.14 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 66/100.

Cash Flow

While Boston Omaha Corp generated $21.2M in operating cash flow, capex of $32.2M consumed most of it, leaving -$11.0M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.

Piotroski F-Score Neutral

5/9

Boston Omaha Corp passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.

Earnings Quality Mixed

-16.44x

For every $1 of reported earnings, Boston Omaha Corp generates $-16.44 in operating cash flow ($21.2M OCF vs -$1.3M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.

Interest Coverage At Risk

-5.3x

Boston Omaha Corp earns $-5.3 in operating income for every $1 of interest expense (-$8.5M vs $1.6M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

Export CSV

Revenue

$108.3M

YoY+12.5%

5Y CAGR+21.2%

10Y CAGR+118.4%

Boston Omaha Corp generated $108.3M in revenue in fiscal year 2024. This represents an increase of 12.5% from the prior year.

EBITDA

$6.0M

YoY-43.7%

5Y CAGR+39.0%

Boston Omaha Corp's EBITDA was $6.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 43.7% from the prior year.

Free Cash Flow

-$11.0M

YoY+69.4%

Boston Omaha Corp generated -$11.0M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 69.4% from the prior year.

Net Income

-$1.3M

YoY+81.5%

Boston Omaha Corp reported -$1.3M in net income in fiscal year 2024. This represents an increase of 81.5% from the prior year.

EPS (Diluted)

$-0.04

YoY+82.6%

Boston Omaha Corp earned $-0.04 per diluted share (EPS) in fiscal year 2024. This represents an increase of 82.6% from the prior year.

Cash & Debt

$28.3M

YoY+28.9%

5Y CAGR+12.0%

10Y CAGR+168.3%

Boston Omaha Corp held $28.3M in cash against $38.4M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

N/A

Gross Margin

68.3%

YoY+1.4pp

5Y CAGR+10.8pp

Boston Omaha Corp's gross margin was 68.3% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 1.4 percentage points from the prior year.

Operating Margin

-7.8%

YoY+1.4pp

5Y CAGR+22.2pp

10Y CAGR+44.2pp

Boston Omaha Corp's operating margin was -7.8% in fiscal year 2024, reflecting core business profitability. This is up 1.4 percentage points from the prior year.

Net Margin

-1.2%

YoY+6.1pp

5Y CAGR+2.4pp

10Y CAGR+151.0pp

Boston Omaha Corp's net profit margin was -1.2% in fiscal year 2024, showing the share of revenue converted to profit. This is up 6.1 percentage points from the prior year.

Return on Equity

N/A

R&D Spending

N/A

Share Buybacks

$18.4M

Boston Omaha Corp spent $18.4M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

Capital Expenditures

$32.2M

YoY-37.9%

5Y CAGR+62.8%

Boston Omaha Corp invested $32.2M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 37.9% from the prior year.

BOC Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$108.3M+12.5%	$96.3M+18.5%	$81.2M+42.6%	$57.0M+24.5%	$45.7M+10.5%	$41.4M
Cost of Revenue	$34.3M+7.7%	$31.9M	N/A	N/A	N/A	$11.3M
Gross Profit	$73.9M+14.9%	$64.4M+18.0%	$54.5M+42.1%	$38.4M+40.9%	$27.2M+14.5%	$23.8M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$16.2M+0.8%	$16.1M+25.3%	$12.9M+31.8%	$9.8M+40.0%	$7.0M+9.8%	$6.3M
Operating Income	-$8.5M+4.3%	-$8.9M-69.3%	-$5.2M+78.0%	-$23.8M-375.8%	-$5.0M+59.8%	-$12.4M
Interest Expense	$1.6M+39.3%	$1.1M-5.0%	$1.2M+26.3%	$956K+13.6%	$842K+178.1%	$303K
Income Tax	-$275K+90.8%	-$3.0M-18.9%	-$2.5M-114.2%	$17.7M	$0	$0
Net Income	-$1.3M+81.5%	-$7.0M-168.4%	$10.2M-80.6%	$52.7M+107554.2%	-$49K+96.7%	-$1.5M
EPS (Diluted)	$-0.04+82.6%	$-0.23-167.6%	$0.34-81.3%	$1.82	$0.00	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
Revenue	$28.7M+1.9%	$28.2M+1.7%	$27.7M+12.4%	$24.7M+0.5%	$24.5M+1.4%	$24.2M+6.1%	$22.8M+1.0%	$22.6M
Cost of Revenue	$9.7M+1.5%	$9.6M+5.4%	$9.1M	N/A	N/A	N/A	N/A	N/A
Gross Profit	$19.0M+2.1%	$18.6M-0.1%	$18.6M+12.7%	$16.5M0.0%	$16.6M+1.1%	$16.4M+10.1%	$14.9M-5.8%	$15.8M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$4.0M+0.2%	$4.0M+5.9%	$3.8M-5.2%	$4.0M-5.0%	$4.2M+6.0%	$4.0M0.0%	$4.0M+18.5%	$3.3M
Operating Income	-$1.1M-28.2%	-$820K-2.9%	-$797K+65.2%	-$2.3M-17.9%	-$1.9M-18.2%	-$1.6M+44.8%	-$3.0M-1010.8%	-$268K
Interest Expense	$650K+13.4%	$573K+5.8%	$542K+90.5%	$284K-0.9%	$287K0.0%	$287K-0.6%	$289K-3.1%	$298K
Income Tax	-$809K-8.8%	-$744K-297.8%	-$187K+88.9%	-$1.7M-134.2%	-$718K-167.0%	$1.1M+164.8%	-$1.7M+61.3%	-$4.3M
Net Income	-$2.6M-11.5%	-$2.3M-246.7%	-$669K+81.3%	-$3.6M-118.1%	-$1.6M-206.5%	$1.5M+146.4%	-$3.3M-148.6%	$6.8M
EPS (Diluted)	$-0.08-14.3%	$-0.07-250.0%	$-0.02+83.3%	$-0.12-140.0%	$-0.05-200.0%	$0.05+145.5%	$-0.11-147.8%	$0.23

BOC Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$728.3M-5.2%	$768.2M+11.7%	$687.8M-14.8%	$807.1M+26.0%	$640.7M+46.6%	$436.9M
Current Assets	$117.4M-10.6%	$131.4M+15.3%	$114.0M-70.8%	$390.7M+18.7%	$329.0M+102.9%	$162.2M
Cash & Equivalents	$28.3M+28.9%	$21.9M-13.9%	$25.5M-64.8%	$72.5M+62.3%	$44.7M+178.7%	$16.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$12.4M+2.4%	$12.1M+108.2%	$5.8M+30.5%	$4.5M+10.6%	$4.0M-3.6%	$4.2M
Goodwill	$182.4M0.0%	$182.4M+1.6%	$179.5M+18.6%	$151.3M+21.6%	$124.4M+17.1%	$106.3M
Total Liabilities	$165.6M+9.1%	$151.8M-4.0%	$158.1M-5.0%	$166.5M-35.8%	$259.1M+188.1%	$89.9M
Current Liabilities	$54.9M+6.9%	$51.4M-3.0%	$53.0M-1.9%	$54.0M+59.5%	$33.9M+56.2%	$21.7M
Long-Term Debt	$38.4M+44.6%	$26.5M-1.6%	$27.0M-5.5%	$28.5M+30.9%	$21.8M+24.0%	$17.6M
Total Equity	$532.8M-1.0%	$538.2M+6.2%	$506.6M+2.1%	$496.3M+30.1%	$381.6M+10.5%	$345.2M
Retained Earnings	-$4.7M-130.3%	$15.7M-30.9%	$22.7M+82.3%	$12.4M+129.2%	-$42.7M-95.6%	-$21.8M

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
Total Assets	$721.4M-1.3%	$730.6M0.0%	$730.8M-4.9%	$768.2M+0.5%	$764.1M-0.5%	$768.2M+8.8%	$706.4M+2.7%	$687.8M
Current Assets	$126.1M+1.4%	$124.3M-1.5%	$126.2M-4.0%	$131.4M+0.8%	$130.3M-17.7%	$158.3M+14.3%	$138.4M+21.5%	$114.0M
Cash & Equivalents	$37.1M+24.8%	$29.7M+33.4%	$22.3M+1.4%	$21.9M-29.1%	$31.0M-4.1%	$32.3M+103.0%	$15.9M-37.6%	$25.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$14.9M+11.5%	$13.4M+6.5%	$12.5M+3.3%	$12.1M+63.4%	$7.4M-38.8%	$12.1M+90.1%	$6.4M+9.5%	$5.8M
Goodwill	$182.4M0.0%	$182.4M0.0%	$182.4M0.0%	$182.4M+0.5%	$181.5M-0.5%	$182.4M+1.6%	$179.5M0.0%	$179.5M
Total Liabilities	$173.4M-1.1%	$175.4M+2.5%	$171.1M+12.7%	$151.8M+1.7%	$149.2M-5.0%	$157.0M+3.1%	$152.2M-3.7%	$158.1M
Current Liabilities	$61.0M+0.4%	$60.8M+6.8%	$56.9M+10.7%	$51.4M+11.2%	$46.2M-12.2%	$52.7M+4.5%	$50.4M-4.8%	$53.0M
Long-Term Debt	$43.4M-1.0%	$43.8M+6.6%	$41.1M+55.1%	$26.5M-0.8%	$26.7M-0.8%	$26.9M+1.4%	$26.6M-1.5%	$27.0M
Total Equity	$528.4M-0.5%	$531.0M-0.4%	$533.3M-0.9%	$538.2M-0.5%	$541.0M-0.3%	$542.6M+2.8%	$527.9M+4.2%	$506.6M
Retained Earnings	-$10.3M-33.4%	-$7.7M-42.8%	-$5.4M-134.6%	$15.7M-18.6%	$19.3M-7.9%	$20.9M+28.5%	$16.3M-28.3%	$22.7M

BOC Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$21.2M+32.3%	$16.1M+410.9%	-$5.2M-166.5%	$7.8M+50.1%	$5.2M-46.2%	$9.6M
Capital Expenditures	$32.2M-37.9%	$51.9M+29.5%	$40.1M+90.7%	$21.0M+145.0%	$8.6M+204.9%	$2.8M
Free Cash Flow	-$11.0M+69.4%	-$35.8M+20.8%	-$45.2M-241.6%	-$13.2M-289.5%	-$3.4M-150.0%	$6.8M
Investing Cash Flow	$28.1M+143.7%	-$64.3M-173.1%	$87.9M+292.4%	-$45.7M+73.0%	-$169.4M-179.4%	-$60.6M
Financing Cash Flow	-$47.6M-244.4%	$32.9M+130.0%	-$109.7M-269.7%	$64.6M-68.1%	$202.8M+311.9%	$49.2M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$18.4M	$0	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
Operating Cash Flow	$4.9M+8.3%	$4.6M+78.4%	$2.6M-33.1%	$3.8M-51.5%	$7.9M+163.0%	$3.0M+118.9%	$1.4M-69.0%	$4.4M
Capital Expenditures	$5.4M-25.7%	$7.3M+6.4%	$6.9M-21.7%	$8.8M-60.5%	$22.2M+72.0%	$12.9M+61.1%	$8.0M-18.8%	$9.9M
Free Cash Flow	-$489K+82.1%	-$2.7M+36.3%	-$4.3M+13.0%	-$4.9M+65.5%	-$14.3M-44.4%	-$9.9M-49.2%	-$6.6M-21.8%	-$5.5M
Investing Cash Flow	$9.1M+5961.7%	-$155K+98.6%	-$11.2M+26.6%	-$15.3M-55.9%	-$9.8M-652.1%	-$1.3M+96.6%	-$37.8M-125.9%	-$16.8M
Financing Cash Flow	-$4.7M-250.8%	$3.1M-54.8%	$6.8M+680.6%	-$1.2M+78.9%	-$5.6M-159.6%	$9.4M-69.1%	$30.3M+382.3%	$6.3M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$0	$0-100.0%	$87K	$0	$0	N/A	N/A	N/A

BOC Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	68.3%+1.4pp	66.9%-0.3pp	67.1%-0.2pp	67.4%+7.8pp	59.5%+2.1pp	57.5%
Operating Margin	-7.8%+1.4pp	-9.2%-2.8pp	-6.4%+35.3pp	-41.7%-30.8pp	-10.9%+19.1pp	-30.0%
Net Margin	-1.2%+6.1pp	-7.3%-19.9pp	12.6%-80.0pp	92.6%+92.7pp	-0.1%+3.5pp	-3.6%
Return on Equity	N/A	N/A	2.0%-8.6pp	10.6%	N/A	N/A
Return on Assets	-0.2%+0.7pp	-0.9%-2.4pp	1.5%-5.1pp	6.5%+6.6pp	-0.0%+0.3pp	-0.3%
Current Ratio	2.14-0.4	2.56+0.4	2.15-5.1	7.23-2.5	9.71+2.2	7.48
Debt-to-Equity	0.07+0.0	0.050.0	0.050.0	0.060.0	0.060.0	0.05
FCF Margin	-10.1%+27.1pp	-37.2%+18.5pp	-55.7%-32.4pp	-23.2%-15.8pp	-7.4%-23.9pp	16.4%

Metric	Q3'25	Q2'25	Q1'25	Q4'23	Q3'24	Q2'24	Q1'24	Q4'22
Gross Margin	66.2%+0.1pp	66.1%-1.2pp	67.3%+0.2pp	67.1%-0.4pp	67.4%-0.2pp	67.6%+2.5pp	65.2%-4.7pp	69.9%
Operating Margin	-3.7%-0.8pp	-2.9%-0.0pp	-2.9%+6.4pp	-9.3%-1.4pp	-7.9%-1.1pp	-6.8%+6.3pp	-13.1%-11.9pp	-1.2%
Net Margin	-9.0%-0.8pp	-8.2%-5.8pp	-2.4%+12.1pp	-14.5%-7.8pp	-6.7%-13.1pp	6.4%+20.9pp	-14.6%-44.8pp	30.3%
Return on Equity	1.0%	N/A	N/A	N/A	N/A	0.3%	N/A	1.4%
Return on Assets	-0.4%-0.0pp	-0.3%-0.2pp	-0.1%+0.4pp	-0.5%-0.3pp	-0.2%-0.4pp	0.2%+0.7pp	-0.5%-1.5pp	1.0%
Current Ratio	2.07+0.0	2.05-0.2	2.22-0.3	2.56-0.3	2.82-0.2	3.00+0.3	2.75+0.6	2.15
Debt-to-Equity	0.080.0	0.080.0	0.08+0.0	0.050.0	0.050.0	0.050.0	0.050.0	0.05
FCF Margin	-1.7%+8.0pp	-9.7%+5.8pp	-15.5%+4.5pp	-20.0%+38.3pp	-58.3%-17.4pp	-40.9%-11.8pp	-29.1%-5.0pp	-24.1%

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Frequently Asked Questions

What is Boston Omaha Corp's annual revenue?

Boston Omaha Corp (BOC) reported $108.3M in total revenue for fiscal year 2024. This represents a 12.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Boston Omaha Corp's revenue growing?

Boston Omaha Corp (BOC) revenue grew by 12.5% year-over-year, from $96.3M to $108.3M in fiscal year 2024.

Is Boston Omaha Corp profitable?

No, Boston Omaha Corp (BOC) reported a net income of -$1.3M in fiscal year 2024, with a net profit margin of -1.2%.

What is Boston Omaha Corp's earnings per share (EPS)?

Boston Omaha Corp (BOC) reported diluted earnings per share of $-0.04 for fiscal year 2024. This represents a 82.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Boston Omaha Corp's EBITDA?

Boston Omaha Corp (BOC) had EBITDA of $6.0M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Boston Omaha Corp have?

As of fiscal year 2024, Boston Omaha Corp (BOC) had $28.3M in cash and equivalents against $38.4M in long-term debt.

What is Boston Omaha Corp's gross margin?

Boston Omaha Corp (BOC) had a gross margin of 68.3% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Boston Omaha Corp's operating margin?

Boston Omaha Corp (BOC) had an operating margin of -7.8% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Boston Omaha Corp's net profit margin?

Boston Omaha Corp (BOC) had a net profit margin of -1.2% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

What is Boston Omaha Corp's free cash flow?

Boston Omaha Corp (BOC) generated -$11.0M in free cash flow during fiscal year 2024. This represents a 69.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Boston Omaha Corp's operating cash flow?

Boston Omaha Corp (BOC) generated $21.2M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Boston Omaha Corp's total assets?

Boston Omaha Corp (BOC) had $728.3M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Boston Omaha Corp's capital expenditures?

Boston Omaha Corp (BOC) invested $32.2M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

Does Boston Omaha Corp buy back shares?

Yes, Boston Omaha Corp (BOC) spent $18.4M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

What is Boston Omaha Corp's current ratio?

Boston Omaha Corp (BOC) had a current ratio of 2.14 as of fiscal year 2024, which is generally considered healthy.

What is Boston Omaha Corp's debt-to-equity ratio?

Boston Omaha Corp (BOC) had a debt-to-equity ratio of 0.07 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Boston Omaha Corp's return on assets (ROA)?

Boston Omaha Corp (BOC) had a return on assets of -0.2% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Boston Omaha Corp's Piotroski F-Score?

Boston Omaha Corp (BOC) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Boston Omaha Corp's earnings high quality?

Boston Omaha Corp (BOC) has an earnings quality ratio of -16.44x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Boston Omaha Corp cover its interest payments?

Boston Omaha Corp (BOC) has an interest coverage ratio of -5.3x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Boston Omaha Corp?

Boston Omaha Corp (BOC) scores 46 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.