Salem Media Financials
This page shows Salem Media (SALM) 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
Based on FY2022 annual data. Scores normalized against common benchmarks. How we calculate these scores
Salem Media has an operating margin of 1.9%, meaning the company retains $2 of operating profit per $100 of revenue. This below-average margin results in a low score of 27/100, suggesting thin profitability after operating expenses. This is down from 17.9% the prior year.
Salem Media's revenue grew a modest 3.4% year-over-year to $267.0M. This slow but positive growth earns a score of 39/100.
Salem Media carries a low D/E ratio of 0.86, meaning only $0.86 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 85/100, indicating a strong balance sheet with room for future borrowing.
Salem Media's current ratio of 0.70 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 8/100, which could limit financial flexibility.
Salem Media generates a -1.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 7/100. This is down from 23.3% the prior year.
Salem Media scores 0.43, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Salem Media passes 4 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Salem Media generates $-2.39 in operating cash flow ($7.7M OCF vs -$3.2M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Salem Media earns $0.4 in operating income for every $1 of interest expense ($5.2M vs $13.1M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Salem Media generated $267.0M in revenue in fiscal year 2022. This represents an increase of 3.4% from the prior year.
Salem Media's EBITDA was $17.8M in fiscal year 2022, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 69.9% from the prior year.
Salem Media reported -$3.2M in net income in fiscal year 2022. This represents a decrease of 107.8% from the prior year.
Salem Media earned $-0.12 per diluted share (EPS) in fiscal year 2022. This represents a decrease of 107.9% from the prior year.
Cash & Balance Sheet
Salem Media held $0 in cash against $150.4M in long-term debt as of fiscal year 2022.
Margins & Returns
Salem Media's operating margin was 1.9% in fiscal year 2022, reflecting core business profitability. This is down 16.0 percentage points from the prior year.
Salem Media's net profit margin was -1.2% in fiscal year 2022, showing the share of revenue converted to profit. This is down 17.3 percentage points from the prior year.
Salem Media's ROE was -1.8% in fiscal year 2022, measuring profit generated per dollar of shareholder equity. This is down 25.1 percentage points from the prior year.
Capital Allocation
SALM Income Statement
| Metric | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $63.5M-3.5% | $65.8M+3.6% | $63.5M-7.7% | $68.8M+2.9% | $66.9M-2.6% | $68.7M+9.7% | $62.6M-9.4% | $69.1M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $4.5M-3.0% | $4.7M-6.8% | $5.0M+21.1% | $4.1M-14.8% | $4.8M+1.2% | $4.8M-0.6% | $4.8M+1.9% | $4.7M |
| Operating Income | -$36.3M-784.9% | -$4.1M+1.9% | -$4.2M-355.8% | $1.6M+118.6% | -$8.8M-219.9% | $7.3M+47.3% | $5.0M-75.7% | $20.5M |
| Interest Expense | $3.6M+2.5% | $3.5M+3.1% | $3.4M+9.4% | $3.1M-0.2% | $3.1M-7.3% | $3.4M-0.1% | $3.4M-13.2% | $3.9M |
| Income Tax | -$8.8M-1465.4% | -$561K+75.4% | -$2.3M-370.3% | $842K+1327.1% | $59K+105.5% | -$1.1M-412.8% | -$211K+83.0% | -$1.2M |
| Net Income | -$31.3M-341.2% | -$7.1M-37.6% | -$5.2M-133.5% | -$2.2M+81.4% | -$11.9M-230.4% | $9.1M+424.3% | $1.7M-89.7% | $16.8M |
| EPS (Diluted) | $-1.15-342.3% | $-0.26-36.8% | $-0.19 | N/A | $-0.44-233.3% | $0.33+450.0% | $0.06 | N/A |
SALM Balance Sheet
| Metric | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $471.3M-7.1% | $507.2M-1.2% | $513.3M+1.6% | $505.1M-0.4% | $507.1M-1.6% | $515.3M-1.6% | $523.7M+1.5% | $516.1M |
| Current Assets | $53.8M+16.8% | $46.1M+4.8% | $44.0M-2.5% | $45.1M-4.1% | $47.0M-1.5% | $47.7M+10.0% | $43.3M+4.4% | $41.5M |
| Cash & Equivalents | $0-100.0% | $2K-33.3% | $3K | $0-100.0% | $838K-67.0% | $2.5M | $0-100.0% | $1.8M |
| Inventory | $1.4M+5.7% | $1.3M-23.4% | $1.7M+12.9% | $1.5M+3.8% | $1.5M-4.6% | $1.5M+11.5% | $1.4M+42.8% | $960K |
| Accounts Receivable | $29.6M+0.1% | $29.5M+3.7% | $28.5M-7.4% | $30.8M+1.1% | $30.4M+3.9% | $29.3M+4.5% | $28.0M+9.1% | $25.7M |
| Goodwill | $22.8M-3.1% | $23.5M-7.3% | $25.3M+5.2% | $24.1M+0.9% | $23.9M0.0% | $23.9M-0.5% | $24.0M0.0% | $24.0M |
| Total Liabilities | $339.1M-1.4% | $343.9M+0.3% | $343.0M+4.0% | $329.8M+0.1% | $329.6M+1.1% | $325.9M-5.1% | $343.5M+1.7% | $337.9M |
| Current Liabilities | $81.4M+4.7% | $77.8M+2.4% | $76.0M+17.6% | $64.6M+8.0% | $59.8M+6.5% | $56.2M-1.5% | $57.0M+10.8% | $51.5M |
| Long-Term Debt | $152.6M+0.2% | $152.3M+0.2% | $152.0M+1.1% | $150.4M-3.5% | $155.8M+0.1% | $155.6M-7.5% | $168.3M-1.3% | $170.6M |
| Total Equity | $132.2M-19.1% | $163.3M-4.1% | $170.3M-2.9% | $175.4M-1.2% | $177.5M-6.2% | $189.3M+5.1% | $180.2M+1.1% | $178.2M |
| Retained Earnings | -$83.3M-60.2% | -$52.0M-15.8% | -$44.9M-13.0% | -$39.7M-5.9% | -$37.5M-46.3% | -$25.7M+26.2% | -$34.8M+4.8% | -$36.5M |
SALM Cash Flow Statement
| Metric | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $2.0M+168.4% | -$2.9M-406.0% | -$570K+74.9% | -$2.3M-202.6% | $2.2M-36.6% | $3.5M-19.2% | $4.3M-44.3% | $7.7M |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | -$1.5M-287.8% | $822K+108.7% | -$9.5M-78.5% | -$5.3M-37.0% | -$3.9M-129.5% | $13.2M+370.5% | -$4.9M-155.2% | $8.8M |
| Financing Cash Flow | -$432K-121.0% | $2.1M-79.5% | $10.1M+49.1% | $6.8M+25122.2% | -$27K+99.8% | -$14.1M-1056.8% | -$1.2M+96.8% | -$38.6M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
SALM Financial Ratios
| Metric | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -57.1%-50.9pp | -6.2%+0.3pp | -6.6%-8.9pp | 2.4%+15.5pp | -13.1%-23.8pp | 10.7%+2.7pp | 7.9%-21.6pp | 29.6% |
| Net Margin | -49.3%-38.5pp | -10.8%-2.7pp | -8.1%-4.9pp | -3.2%+14.6pp | -17.8%-31.1pp | 13.3%+10.5pp | 2.8%-21.6pp | 24.4% |
| Return on Equity | -23.7%-19.3pp | -4.3%-1.3pp | -3.0%-1.8pp | -1.3%+5.4pp | -6.7%-11.5pp | 4.8%+3.9pp | 1.0%-8.5pp | 9.4% |
| Return on Assets | -6.6%-5.2pp | -1.4%-0.4pp | -1.0%-0.6pp | -0.4%+1.9pp | -2.3%-4.1pp | 1.8%+1.4pp | 0.3%-2.9pp | 3.3% |
| Current Ratio | 0.66+0.1 | 0.59+0.0 | 0.58-0.1 | 0.70-0.1 | 0.79-0.1 | 0.85+0.1 | 0.76-0.0 | 0.81 |
| Debt-to-Equity | 1.15+0.2 | 0.93+0.0 | 0.89+0.0 | 0.86-0.0 | 0.88+0.1 | 0.82-0.1 | 0.93-0.0 | 0.96 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Note: The current ratio is below 1.0 (0.70), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Salem Media's annual revenue?
Salem Media (SALM) reported $267.0M in total revenue for fiscal year 2022. This represents a 3.4% 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 Salem Media's revenue growing?
Salem Media (SALM) revenue grew by 3.4% year-over-year, from $258.2M to $267.0M in fiscal year 2022.
Is Salem Media profitable?
No, Salem Media (SALM) reported a net income of -$3.2M in fiscal year 2022, with a net profit margin of -1.2%.
What is Salem Media's EBITDA?
Salem Media (SALM) had EBITDA of $17.8M in fiscal year 2022, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Salem Media have?
As of fiscal year 2022, Salem Media (SALM) had $0 in cash and equivalents against $150.4M in long-term debt.
What is Salem Media's operating margin?
Salem Media (SALM) had an operating margin of 1.9% in fiscal year 2022, reflecting the profitability of core business operations before interest and taxes.
What is Salem Media's net profit margin?
Salem Media (SALM) had a net profit margin of -1.2% in fiscal year 2022, representing the share of revenue converted into profit after all expenses.
What is Salem Media's return on equity (ROE)?
Salem Media (SALM) has a return on equity of -1.8% for fiscal year 2022, measuring how efficiently the company generates profit from shareholder equity.
What is Salem Media's operating cash flow?
Salem Media (SALM) generated $7.7M in operating cash flow during fiscal year 2022, representing cash generated from core business activities.
What are Salem Media's total assets?
Salem Media (SALM) had $505.1M in total assets as of fiscal year 2022, including both current and long-term assets.
What is Salem Media's current ratio?
Salem Media (SALM) had a current ratio of 0.70 as of fiscal year 2022, which is below 1.0, which may suggest potential liquidity concerns.
What is Salem Media's debt-to-equity ratio?
Salem Media (SALM) had a debt-to-equity ratio of 0.86 as of fiscal year 2022, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Salem Media's return on assets (ROA)?
Salem Media (SALM) had a return on assets of -0.6% for fiscal year 2022, measuring how efficiently the company uses its assets to generate profit.
What is Salem Media's Altman Z-Score?
Salem Media (SALM) has an Altman Z-Score of 0.43, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Salem Media's Piotroski F-Score?
Salem Media (SALM) has a Piotroski F-Score of 4 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 Salem Media's earnings high quality?
Salem Media (SALM) has an earnings quality ratio of -2.39x, 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 Salem Media cover its interest payments?
Salem Media (SALM) has an interest coverage ratio of 0.4x, 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 Salem Media?
Salem Media (SALM) scores 33 out of 100 on our Financial Profile, indicating weak 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.