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what it is
Saga Communications runs 112 radio stations across 28 local markets and sells ads, digital marketing, and other local media services.
how it gets paid
Last year Sga made $84M in revenue.
why it's growing
Revenue grew 191.7% last year. The number that matters is -$0.15 EPS because an 8.8% yield gets very awkward when the latest quarter loses money.
what just happened
Latest quarter EPS landed at -$0.15, down 87% vs. prior year, on just $29M of revenue.
At a glance
B balance sheet — gets the job done, barely
25/100 earnings predictability — expect surprises
39.5x trailing p/e — you're paying up for this one
8.8% dividend yield — cash in your pocket every quarter
2.1% return on capital — nothing to write home about
xvary composite: 45/100 — below average
What they do
Saga Communications runs 112 radio stations across 28 local markets and sells ads, digital marketing, and other local media services.
Local radio is boring until you need to reach people in 28 different hometown markets fast. Saga owns 82 FM and 30 AM stations, plus 79 metro signals, so your local car dealer, hospital, or political campaign can buy audience access without building its own megaphone. That scale is small next to iHeart, but in local media small and local beats far-away and generic.
How they make money
$84M
annual revenue · their business grew +191.7% last year
total revenue
$84M
+191.7%
The products that matter
broadcasts local programming
Local Radio Stations
$107.1M · the whole company
this is the platform that carries the $107.1M business, but that revenue still fell 5.1% from last year. if the platform weakens, the rest of the page gets thinner fast.
legacy core
sells on-air ad spots
Radio Advertising
~$102M · about 95% of visible mix
this is still the money engine. it brought in roughly $102M last year, so every small decline here hits the dividend story first.
core revenue
online ads and content
Digital Services
$5M · small base
this is the part management wants you to care about, but it remains only $5M against a roughly $107M business. in human-speak: too small to offset radio weakness yet.
needs scale
Key numbers
8.8%
dividend yield
You are getting paid like this is a sleepy income stock, even though earnings fell from $1.55 in 2023 to $0.55 in 2024.
39.5x
trailing p/e
Jargon: P/E → price versus profit → so what: you are paying a growth-stock multiple for a business with shrinking earnings.
6.8%
operating margin
That is the slice left after paying to run the stations, and it is thin for a company sending out large dividends.
$10M
long-term debt
Debt is only 12% of capital, which means the balance sheet is not the main problem. The income statement is.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 4 — safer than 20% of stocks
- price stability 50 / 100
- long-term debt $10M (12% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for SGA right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Latest quarter EPS landed at -$0.15, down 87% vs. prior year, on just $29M of revenue.
The ugly part is not just one bad quarter. Full-year EPS fell from $1.55 in 2023 to $0.55 in 2024, while historical sales growth ran at negative 2.5%.
$29M
latest-quarter revenue
$0.15
latest-quarter eps
87%
eps vs. last year
the number that mattered
The number that matters is -$0.15 EPS because an 8.8% yield gets very awkward when the latest quarter loses money.
source: SEC filing and company earnings data, 2026
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What could go wrong
the #1 risk is local radio advertising erosion during a leadership transition.
high
structural ad revenue decline
full-year revenue fell 5.1% to $107.1M and radio advertising was roughly $102M of the business. if local ad budgets keep shifting away from broadcast radio, the core engine keeps shrinking.
this pressure touches most of the visible revenue base.
high
dividend sustainability
the annual dividend is $1.00 per share, or about $6.4M in cash outflow. an 8.8% yield looks great until operating profit keeps sliding and the payout becomes the story.
if the dividend is cut, a big part of the shareholder base may leave with it.
med
management transition and digital execution
ceo christopher forgy began a temporary medical leave on feb 12, 2026 and no return date has been given. the digital side is only $5M, so execution mistakes show up fast when the core is already weak.
the company needs steadier leadership and a real digital lift at the same time.
if revenue stays near $107.1M, the dividend and reinvestment budget start fighting over the same dollar. that is the whole trap.
source: institutional data · regulatory filings · risk analysis
Pay attention to
dividend
whether the $1.00 annual payout holds
an 8.8% yield is the main reason many people look at SGA. if management trims it, the stock's income case changes fast.
next report
q1 2026 earnings
you want to see if the 9.3% quarterly revenue drop was a one-quarter wobble or the new baseline.
business mix
digital revenue above the current $5M base
this segment needs to become large enough to matter. until then, the radio trend still decides the stock.
leadership
CEO return or permanent succession plan
there is no announced return date for christopher forgy. clarity here reduces one of the most avoidable uncertainties on the page.
Analyst rankings
earnings predictability
25 / 100
in human-speak, analysts do not trust this earnings stream to repeat neatly. one-offs and weak revenue trends make clean forecasting harder.
risk profile
4
in human-speak, risk rank 4 means this sits in the riskier half of the market. small cap size, thin growth, and leadership uncertainty all show up here.
income profile
8.8%
in human-speak, the yield is the headline, not the moat. if the payout is doing all the work, the business has to keep funding it.
source: institutional data
Institutional activity
institutional ownership data for SGA is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$11
current price
n/a
target midpoint · n/a from current
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