LEE · LEE ENTERPRISES, Inc

Lee Enterprises, Incorporated, a digital-first subscription and marketing services company, provides local news and information, and advertising services in the United States. The company offers digital subscription platforms; daily and weekly newspapers; and niche products for national and international news are accessible across digital and print formats through websites and mobile applications. It also provides subscription services through digital and print subscriptions; and omni-channel marketing solutions, including digital, print, programmatic, video, and social media campaigns. In addition, the company offers commercial printing, distribution, and other digital services through SaaS content management solution. Lee Enterprises, Incorporated was founded in 1890 and is based in Davenport, Iowa.

Cap structure and valuation

Cap structure
SP	$8.42
SO	22.2M
Options	0.0M
Warrants	0.6M
FD SO	22.9M
MC	$192.6M

Cash	$53.3M
Total debt	$506.4M
EV	$645.7M

TTM Multiples
EV / Revenue	1.2x
EV / EBITDA	20.5x
MC / Net Income	—
EV / FCF	84.1x
MC / FCF	25.1x

MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-04-30. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative.

Financial statements

	3/29/26	12/28/25	9/28/25	6/29/25
Total Revenue	121.96	130.06	139.11	141.29
Revenue YoY %	(11.2%)	(10.0%)	(12.3%)	(6.2%)

Operating Income	8.54	5.21	(1.46)	4.66
Operating Income YoY %	289.7%	255.4%	60.2%	(5.3%)
Operating Margin %	7.0%	4.0%	(1.0%)	3.3%
EBITDA	12.06	8.79	2.17	8.44
EBITDA Margin %	9.9%	6.8%	1.6%	6.0%

Interest Expense	7.63	10.25	10.14	10.13
Pretax Income	1.74	(4.20)	(11.45)	(4.42)
Tax Provision	3.45	0.93	(5.62)	(2.74)
Net Income	(1.71)	(5.13)	(5.83)	(1.68)
Net Income to Common	(2.15)	(5.61)	(6.41)	(1.92)
Net Margin %	(1.4%)	(3.9%)	(4.2%)	(1.2%)

Diluted EPS	-$0.16	-$0.92	-$1.04	-$0.31
Basic EPS	-$0.16	-$0.92	-$1.04	-$0.31
Diluted Avg Shares	13.8	6.1	0.0	6.1
Basic Avg Shares	13.8	6.1	0.0	6.1

	LTM	9/28/25	9/29/24	9/24/23	9/25/22
Total Revenue	532.43	562.34	611.38	691.14	780.97
Revenue YoY %	(5.3%)	(8.0%)	(11.5%)	(11.5%)	—

Operating Income	16.95	(4.65)	4.55	37.17	24.85
Operating Income YoY %	464.6%	(202.3%)	(87.8%)	49.6%	—
Operating Margin %	3.2%	(0.8%)	0.7%	5.4%	3.2%
EBITDA	31.46	14.19	32.16	67.79	61.40
EBITDA Margin %	5.9%	2.5%	5.3%	9.8%	7.9%

Interest Expense	38.15	40.51	41.23	41.47	41.77
Pretax Income	(18.33)	(42.65)	(31.18)	(3.08)	0.80
Tax Provision	(3.99)	(6.90)	(7.61)	(0.35)	0.70
Net Income	(14.34)	(35.75)	(23.57)	(2.73)	0.10
Net Income to Common	(16.09)	(37.59)	(25.84)	(5.27)	(2.02)
Net Margin %	(2.7%)	(6.4%)	(3.9%)	(0.4%)	0.0%

Diluted EPS	-$2.43	-$6.20	-$4.35	-$0.90	-$0.35
Basic EPS	-$2.43	-$6.20	-$4.35	-$0.90	-$0.35
Diluted Avg Shares	13.8	6.1	5.9	5.9	5.8
Basic Avg Shares	13.8	6.1	5.9	5.9	5.8

	3/29/26	12/28/25	9/28/25	6/29/25
Cash & Equivalents	53.27	12.62	9.99	14.12
Receivables	45.57	51.11	54.61	57.11
Inventory	5.18	4.83	4.70	5.27
Total Current Assets	112.48	82.88	89.44	96.87

Net PPE	33.20	34.52	35.56	39.73
Goodwill	323.86	323.86	323.86	323.86
Total Assets	618.64	592.56	601.73	622.65

Accounts Payable	40.88	50.28	41.72	47.46
Total Current Liabilities	98.36	112.25	113.36	117.88
Long-term Debt	455.47	455.47	455.47	455.47
Total Liabilities	621.80	639.00	642.69	660.85

Retained Earnings	(337.69)	(335.55)	(329.93)	(323.52)
Total Equity	(3.16)	(46.44)	(40.96)	(38.20)

	LTM	9/28/25	9/29/24	9/24/23	9/25/22
Cash & Equivalents	53.27	9.99	9.60	14.55	16.18
Receivables	45.57	54.61	60.65	69.10	69.52
Inventory	5.18	4.70	5.64	7.50	8.27
Total Current Assets	112.48	89.44	97.77	106.53	109.12

Net PPE	33.20	35.56	44.37	61.23	73.71
Goodwill	323.86	323.86	328.04	329.50	329.50
Total Assets	618.64	601.73	649.17	711.62	744.04

Accounts Payable	40.88	41.72	36.29	36.29	28.61
Total Current Liabilities	98.36	113.36	115.35	114.34	131.14
Long-term Debt	455.47	455.47	445.94	455.74	462.55
Total Liabilities	621.80	642.69	656.50	687.91	726.80

Retained Earnings	(337.69)	(329.93)	(292.34)	(266.50)	(261.23)
Total Equity	(3.16)	(40.96)	(7.33)	23.71	17.24

	3/29/26	12/28/25	9/28/25	6/29/25
Net Income	(2.15)	(5.61)	(6.41)	(1.92)
D&A	3.52	3.58	3.62	3.78
Stock-Based Comp	—	0.33	0.43	0.54
Operating Cash Flow	—	4.47	(6.31)	8.89

CapEx	—	(0.76)	2.00	(0.62)
Investing Cash Flow	—	(0.76)	2.58	1.94

Financing Cash Flow	—	(1.08)	(0.41)	(1.37)

Free Cash Flow	—	3.71	(4.31)	8.28

	LTM	9/28/25	9/29/24	9/24/23	9/25/22
Net Income	(16.09)	(37.59)	(25.84)	(5.27)	(2.02)
D&A	14.50	18.84	27.62	30.62	36.54
Stock-Based Comp	—	1.76	1.75	1.81	1.34
Operating Cash Flow	—	(5.54)	1.12	(3.18)	2.85

CapEx	—	(1.54)	(9.21)	(5.11)	(7.54)
Investing Cash Flow	—	7.71	3.73	8.64	6.91

Debt Issuance	—	—	—	—	0.00
Debt Repayment	—	—	—	—	0.00
Financing Cash Flow	—	(1.78)	(9.80)	(7.09)	(19.69)

Free Cash Flow	—	(7.08)	(8.09)	(8.29)	(4.68)

	3/29/26	12/28/25	9/28/25	6/29/25
Current Ratio	1.14	0.74	0.79	0.82
Quick Ratio	1.09	0.70	0.75	0.78
Debt / Equity	-196.52	-13.76	-15.69	-17.30
EBITDA Margin %	9.9%	6.8%	1.6%	6.0%
Working Capital	14.12	(29.38)	(23.91)	(21.01)
Net Debt	402.19	442.84	445.48	441.34
ROE %	54.0%	11.0%	14.2%	4.4%
ROA %	(0.3%)	(0.9%)	(1.0%)	(0.3%)

	LTM	9/28/25	9/29/24	9/24/23	9/25/22
Current Ratio	1.14	0.79	0.85	0.93	0.83
Quick Ratio	1.09	0.75	0.80	0.87	0.77
Debt / Equity	-196.52	-15.69	-89.52	29.02	42.17
EBITDA Margin %	5.9%	2.5%	5.3%	9.8%	7.9%
Working Capital	14.12	(23.91)	(17.58)	(7.81)	(22.01)
Net Debt	402.19	445.48	436.35	441.19	446.37
ROE %	453.3%	87.3%	321.4%	(11.5%)	0.6%
ROA %	(2.3%)	(5.9%)	(3.6%)	(0.4%)	0.0%

Insider activity (last 2 years)

Date Filed	Reporter	Relationship	Trans. Date	Code	Shares	Price	Total Value
2026-05-18	Hoffmann David Henry	Director, 10% Owner	2026-05-18	P	10,600	$8.93	$94,658
2026-05-18	Hoffmann David Henry	Director, 10% Owner	2026-05-15	P	8,100	$8.71	$70,551
2026-05-18	Hoffmann David Henry	Director, 10% Owner	2026-05-14	P	8,100	$7.78	$63,018
2026-05-14	Hoffmann David Henry	Director, 10% Owner	2026-05-13	P	7,400	$7.99	$59,126
2026-05-14	Hoffmann David Henry	Director, 10% Owner	2026-05-12	P	8,100	$7.82	$63,342
2026-03-13	Hoffmann David Henry	Director, 10% Owner	2026-03-13	P	27,800	$9.35	$259,930
2026-03-13	Hoffmann David Henry	Director, 10% Owner	2026-03-12	P	27,800	$9.40	$261,320
2026-03-13	Hoffmann David Henry	Director, 10% Owner	2026-03-11	P	27,800	$9.33	$259,374
2026-03-10	Hoffmann David Henry	Director, 10% Owner	2026-03-10	P	27,800	$8.99	$249,922
2026-03-10	Hoffmann David Henry	Director, 10% Owner	2026-03-09	P	27,800	$9.30	$258,540
2026-03-10	Hoffmann David Henry	Director, 10% Owner	2026-03-06	P	19,000	$9.19	$174,610
2026-03-10	MAGID BRENT	Director	2026-03-06	S	(26,804)	$9.08	-$243,380
2026-03-06	Hoffmann David Henry	Director, 10% Owner	2026-03-05	P	19,000	$9.26	$175,940
2026-03-06	Hoffmann David Henry	Director, 10% Owner	2026-03-04	P	19,000	$9.16	$174,040
2026-03-05	Quint Digital Ltd	10% Owner	2026-03-03	P	500	$9.87	$4,935
2026-03-05	Quint Digital Ltd	10% Owner	2026-03-03	P	500	$9.85	$4,925
2026-03-05	Quint Digital Ltd	10% Owner	2026-03-03	P	500	$9.60	$4,800
2026-03-05	Quint Digital Ltd	10% Owner	2026-03-03	P	500	$9.32	$4,660
2026-03-05	Quint Digital Ltd	10% Owner	2026-03-03	P	1,000	$9.17	$9,170
2026-03-05	Quint Digital Ltd	10% Owner	2026-03-03	P	2,000	$8.99	$17,980
2026-03-05	Quint Digital Ltd	10% Owner	2026-03-03	P	1,500	$9.20	$13,800
2026-03-05	Quint Digital Ltd	10% Owner	2026-03-03	P	2,000	$8.84	$17,680
2026-03-05	Quint Digital Ltd	10% Owner	2026-03-03	P	1,000	$8.80	$8,800
2026-03-05	Quint Digital Ltd	10% Owner	2026-03-03	P	500	$9.05	$4,525
2026-03-03	Hoffmann David Henry	Director, 10% Owner	2026-03-03	P	19,000	$9.16	$174,040
2026-03-03	Hoffmann David Henry	Director, 10% Owner	2026-03-02	P	19,000	$8.85	$168,150
2026-03-03	Quint Digital Ltd	10% Owner	2026-03-02	P	2,204	$9.25	$20,387
2026-03-03	Quint Digital Ltd	10% Owner	2026-03-02	P	3,000	$8.88	$26,640
2026-03-03	Quint Digital Ltd	10% Owner	2026-03-02	P	2,000	$8.77	$17,540
2026-03-03	Quint Digital Ltd	10% Owner	2026-03-02	P	6,000	$8.76	$52,560
2026-03-03	Quint Digital Ltd	10% Owner	2026-03-02	P	3,000	$8.75	$26,250
2026-03-03	Quint Digital Ltd	10% Owner	2026-03-02	P	2,000	$8.97	$17,940
2026-03-03	Quint Digital Ltd	10% Owner	2026-03-02	P	2,000	$8.98	$17,960
2026-03-03	Quint Digital Ltd	10% Owner	2026-03-02	P	250	$8.94	$2,235
2026-03-03	Hoffmann David Henry	Director, 10% Owner	2026-02-27	P	15,200	$9.11	$138,472
2026-02-26	Hoffmann David Henry	Director, 10% Owner	2026-02-26	P	15,200	$9.03	$137,256
2026-02-26	Hoffmann David Henry	Director, 10% Owner	2026-02-25	P	13,710	$8.64	$118,454
2026-02-26	Hoffmann David Henry	Director, 10% Owner	2026-02-24	P	15,200	$8.84	$134,368
2026-02-23	Hoffmann David Henry	Director, 10% Owner	2026-02-23	P	15,200	$8.91	$135,432
2026-02-23	Hoffmann David Henry	Director, 10% Owner	2026-02-20	P	10,600	$9.11	$96,566
2026-02-23	Hoffmann David Henry	Director, 10% Owner	2026-02-19	P	10,600	$7.81	$82,786
2026-02-18	Hoffmann David Henry	Director, 10% Owner	2026-02-18	P	10,600	$7.17	$76,002
2026-02-18	Hoffmann David Henry	Director, 10% Owner	2026-02-17	P	10,600	$7.10	$75,260
2026-02-18	Hoffmann David Henry	Director, 10% Owner	2026-02-13	P	6,099	$7.17	$43,730
2026-02-11	Quint Digital Ltd	10% Owner	2026-02-05	P	2,451,346	$3.25	$7,966,874
2026-02-09	MOWBRAY KEVIN	Director, Officer (President & CEO)	2026-02-05	F	(7,867)	$5.46	-$42,954
2026-02-09	MOWBRAY KEVIN	Director, Officer (President & CEO)	2025-03-11	A	13,380	—	$0
2026-02-09	MOWBRAY KEVIN	Director, Officer (President & CEO)	2025-03-11	A	16,374	—	$0
2026-02-06	Millage Timothy R.	Officer (V.P., CFO and Treasurer)	2026-02-03	F	(4,055)	$5.46	-$22,140
2026-02-06	Millage Timothy R.	Officer (V.P., CFO and Treasurer)	2025-03-11	A	5,203	—	$0
2026-02-06	Millage Timothy R.	Officer (V.P., CFO and Treasurer)	2025-03-11	A	6,364	—	$0
2026-02-05	Millage Timothy R.	Officer (V.P., CFO and Treasurer)	2026-02-03	F	(12,121)	$5.46	-$66,181
2026-02-05	Millage Timothy R.	Officer (V.P., CFO and Treasurer)	2025-03-11	A	5,203	—	$0
2026-02-05	Millage Timothy R.	Officer (V.P., CFO and Treasurer)	2025-03-11	A	6,364	—	$0
2025-12-18	MOWBRAY KEVIN	Director, Officer (President & CEO)	2025-12-16	F	(768)	$3.45	-$2,650
2025-12-18	Millage Timothy R.	Officer (V.P., CFO and Treasurer)	2025-12-16	F	(299)	$3.45	-$1,032
2025-12-18	Garcia Astrid J	Officer (V.P. - Human Resources)	2025-12-16	F	(100)	$3.45	-$345
2025-12-18	BEKKE NATHAN E.	Officer (Chief Operating Officer)	2025-12-16	F	(342)	$3.45	-$1,180
2025-12-18	Battistoni Joseph J	Officer (V.P. - Sales and Marketing)	2025-12-16	F	(148)	$3.45	-$511
2025-12-18	MOWBRAY KEVIN	Director, Officer (President & CEO)	2025-12-09	F	(4,223)	$4.15	-$17,525
2025-12-18	Millage Timothy R.	Officer (V.P., CFO and Treasurer)	2025-12-09	F	(2,048)	$4.15	-$8,499
2025-12-18	Garcia Astrid J	Officer (V.P. - Human Resources)	2025-12-09	F	(1,182)	$4.15	-$4,905
2025-12-18	BEKKE NATHAN E.	Officer (Chief Operating Officer)	2025-12-09	F	(1,970)	$4.15	-$8,176
2025-12-18	Battistoni Joseph J	Officer (V.P. - Sales and Marketing)	2025-12-09	F	(1,230)	$4.15	-$5,104
2025-12-18	MOWBRAY KEVIN	Director, Officer (President & CEO)	2025-03-11	A	13,380	—	$0
2025-12-18	MOWBRAY KEVIN	Director, Officer (President & CEO)	2025-03-11	A	16,374	—	$0
2025-12-18	Millage Timothy R.	Officer (V.P., CFO and Treasurer)	2025-03-11	A	5,203	—	$0
2025-12-18	Millage Timothy R.	Officer (V.P., CFO and Treasurer)	2025-03-11	A	6,364	—	$0
2025-12-18	Garcia Astrid J	Officer (V.P. - Human Resources)	2025-03-11	A	1,734	—	$0
2025-12-18	Garcia Astrid J	Officer (V.P. - Human Resources)	2025-03-11	A	2,121	—	$0
2025-12-18	BEKKE NATHAN E.	Officer (Chief Operating Officer)	2025-03-11	A	5,946	—	$0
2025-12-18	BEKKE NATHAN E.	Officer (Chief Operating Officer)	2025-03-11	A	7,273	—	$0
2025-12-18	Battistoni Joseph J	Officer (V.P. - Sales and Marketing)	2025-03-11	A	2,478	—	$0
2025-12-18	Battistoni Joseph J	Officer (V.P. - Sales and Marketing)	2025-03-11	A	3,030	—	$0
2025-12-18	MOWBRAY KEVIN	Director, Officer (President & CEO)	2022-12-09	F	(6,071)	$16.74	-$101,629
2025-12-18	Millage Timothy R.	Officer (V.P., CFO and Treasurer)	2022-12-09	F	(1,639)	$16.74	-$27,437
2025-12-18	Garcia Astrid J	Officer (V.P. - Human Resources)	2022-12-09	F	(759)	$16.74	-$12,706
2025-12-18	BEKKE NATHAN E.	Officer (Chief Operating Officer)	2022-12-09	F	(972)	$16.74	-$16,271
2025-12-18	Battistoni Joseph J	Officer (V.P. - Sales and Marketing)	2022-12-09	F	(191)	$16.74	-$3,197
2025-06-04	MOLONEY HERBERT W III	Director	2025-06-02	A	8,740	—	$0
2025-06-04	MILLER JON	Director	2025-06-02	A	8,740	—	$0
2025-06-04	McIntosh Madeline E.	Director	2025-06-02	A	8,740	—	$0
2025-06-04	McAlmont Shaun	Director	2025-06-02	A	8,740	—	$0
2025-06-04	MAGID BRENT	Director	2025-06-02	A	8,740	—	$0
2025-06-04	Liberman Margaret R.	Director	2025-06-02	A	8,740	—	$0
2025-06-04	Fletcher Steven C.	Director	2025-06-02	A	8,740	—	$0
2025-05-23	Ottolenghi Les	Officer (Chief Transformation Officer)	2025-03-11	A	15,000	—	$0
2025-03-13	Sherman Jolene N.	Officer (VP - Bus Development & Market)	2025-03-11	A	1,136	—	$0
2025-03-13	Sherman Jolene N.	Officer (VP - Bus Development & Market)	2025-03-11	A	1,858	—	$0
2025-03-13	Sherman Jolene N.	Officer (VP - Bus Development & Market)	2025-03-11	A	2,273	—	$0
2025-03-13	Ottolenghi Les	Officer (Chief Transformation Officer)	2025-03-11	A	3,636	—	$0
2025-03-13	Ottolenghi Les	Officer (Chief Transformation Officer)	2025-03-11	A	5,946	—	$0
2025-03-13	Ottolenghi Les	Officer (Chief Transformation Officer)	2025-03-11	A	7,273	—	$0
2025-03-13	MOWBRAY KEVIN	Director, Officer (President & CEO)	2025-03-11	A	8,182	—	$0
2025-03-13	MOWBRAY KEVIN	Director, Officer (President & CEO)	2025-03-11	A	13,380	—	$0
2025-03-13	MOWBRAY KEVIN	Director, Officer (President & CEO)	2025-03-11	A	16,374	—	$0
2025-03-13	Millage Timothy R.	Officer (V.P., CFO and Treasurer)	2025-03-11	A	3,182	—	$0
2025-03-13	Millage Timothy R.	Officer (V.P., CFO and Treasurer)	2025-03-11	A	5,203	—	$0
2025-03-13	Millage Timothy R.	Officer (V.P., CFO and Treasurer)	2025-03-11	A	6,364	—	$0
2025-03-13	Garcia Astrid J	Officer (V.P. - Human Resources)	2025-03-11	A	1,061	—	$0
2025-03-13	Garcia Astrid J	Officer (V.P. - Human Resources)	2025-03-11	A	1,734	—	$0
2025-03-13	Garcia Astrid J	Officer (V.P. - Human Resources)	2025-03-11	A	2,121	—	$0
2025-03-13	Battistoni Joseph J	Officer (V.P. - Sales and Marketing)	2025-03-11	A	1,515	—	$0
2025-03-13	Battistoni Joseph J	Officer (V.P. - Sales and Marketing)	2025-03-11	A	2,478	—	$0
2025-03-13	Battistoni Joseph J	Officer (V.P. - Sales and Marketing)	2025-03-11	A	3,030	—	$0
2025-03-13	BEKKE NATHAN E.	Officer (V.P. - Audience Strategy)	2025-03-11	A	3,636	—	$0
2025-03-13	BEKKE NATHAN E.	Officer (V.P. - Audience Strategy)	2025-03-11	A	5,946	—	$0
2025-03-13	BEKKE NATHAN E.	Officer (V.P. - Audience Strategy)	2025-03-11	A	7,273	—	$0
2025-02-20	Fletcher Steven C.	Director	2025-02-19	P	1,000	$11.57	$11,570
2024-12-12	Sherman Jolene N.	Officer (VP - Bus Development & Market)	2024-12-10	F	(821)	$16.83	-$13,817
2024-12-12	MOWBRAY KEVIN	Director, Officer (President & CEO)	2024-12-10	F	(4,046)	$16.83	-$68,094
2024-12-12	Millage Timothy R.	Officer (V.P., CFO and Treasurer)	2024-12-10	F	(2,529)	$16.83	-$42,563
2024-12-12	JUNCK MARY E	Director	2024-12-10	A	11,003	—	$0
2024-12-12	Garcia Astrid J	Officer (V.P. - Human Resources)	2024-12-10	F	(810)	$16.83	-$13,632
2024-12-12	BEKKE NATHAN E.	Officer (V.P. - Audience Strategy)	2024-12-10	F	(2,529)	$16.83	-$42,563
2024-12-12	Battistoni Joseph J	Officer (V.P. - Sales and Marketing)	2024-12-10	F	(2,441)	$16.83	-$41,082
2024-11-04	MILLER JON	Director	2024-11-01	A	3,543	—	$0
2024-11-04	McIntosh Madeline E.	Director	2024-11-01	A	3,543	—	$0
2024-10-17	Bahl Raghav Nath	Other (Member of 10% Owner Group)	2024-10-15	S	(26,000)	$15.00	-$390,000
2024-10-17	Bahl Raghav Nath	Other (Member of 10% Owner Group)	2024-10-15	S	(36,000)	$15.00	-$540,000
2024-10-17	Bahl Raghav Nath	Other (Member of 10% Owner Group)	2024-10-15	S	(9,000)	$15.00	-$135,000
2024-08-09	Fletcher Steven C.	Director	2024-08-07	P	1,000	$9.35	$9,350
2024-06-04	PEARSON DAVID T.	Director	2024-06-03	A	4,694	—	$0
2024-06-04	MOLONEY HERBERT W III	Director	2024-06-03	A	4,694	—	$0
2024-06-04	McAlmont Shaun	Director	2024-06-03	A	4,694	—	$0
2024-06-04	MAGID BRENT	Director	2024-06-03	A	4,694	—	$0
2024-06-04	Liberman Margaret R.	Director	2024-06-03	A	4,694	—	$0
2024-06-04	Fletcher Steven C.	Director	2024-06-03	A	4,694	—	$0