2021–2025 (latest 5 aligned FYs; v3 window cap 5): revenue $916M to $742M, decreasing; diluted EPS 0.83 to -11.55, decreasing.
—
Not enough years of gross-margin data to score pricing power.
0
Median ROIC -2.2%, above the 12% hurdle in 0% of years.
28
Net debt/EBITDA n/ax, interest coverage -2x.
64
Owner earnings changed trend unclear over up to the ten most recent annual observations.
The pricingPower component abstained: Not enough years of gross-margin data to score pricing power. The other four 20% weights were renormalized over the scored 80%.
Price vs. value if growth stopped today
A cautious baseline, not a price target: what the shares may support if normalized owner earnings simply hold steady.
Above value if growth stopped todayBelow value if growth stopped today
No price data
Not reported
Unavailable — insufficient owner-earnings data
Unavailable — insufficient growth-model data
$0.01
No price data
This zero-growth estimate assumes trailing owner earnings persist — unreliable for declining businesses. CMLS revenue fell in each of the three most recent year-over-year FY comparisons, so this estimate is flagged as unreliable for this company.
Model details under moat-index@3.0.0: zero-growth multiple 11.1×, capped-growth comparison at no more than 18×; 9% discount rate; high-end growth 0% (capped at 4%) using min(5y revenue CAGR, 5y diluted-EPS CAGR), clamped to 0%–4%; maintenance capex uses min(capex, D&A); abstain when D&A is unavailable. This is a disclosed model range, not intrinsic value as fact.
18 years of fundamentals
The business, in plain English
Across the filed record, revenue shrank from $1.1B (FY2019) to $742M (FY2025) — about −6.5% a year compounded over 6 years.
It earned −23.3% on invested capital in the latest filed year, FY2025. Across the full 14-year measurable filed record, median ROIC was 1.8%. Over the v3 recent window (8 measurable filed years), median ROIC was −2.2%. The Returns on Capital filter above scores it 0/100.
The balance sheet carried $743M of total debt in FY2025. Balance-Sheet Safety scores it 28/100.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
FY2008–FY2025 · 18 fiscal years, normalized from CMLS’s SEC filings
Sales, as filed$742M FY2025Revenue kept after cost of goods99.7% FY2019Standard ROIC or separately labeled Operating ROICROIC −23.3% FY2025
Not meaningful FY2017: invested capital is negative (cash exceeds debt + equity)
Cash an owner could take out−$167M FY2025
The explained ROIC gaps have filed inputs but no meaningful positive invested-capital denominator. Other gaps mean the item is not in the filings for that year. The series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Flagship explainer
How Cumulus Media Inc makes its money
Cumulus Media Inc's filing does not supply enough comparable lines for a truthful flow chart — here's what is filed:
Position size uses shares and filed value from each manager’s 13F. Portfolio weight uses the eligible long-share filing denominator. Changes compare only with the immediately preceding calendar quarter.
Records still being gathered — partial as of retrieval Aug 10, 2026.
Partial coverage: the incomplete Form 4 walk cannot establish no activity, an activity date, or zero counts.
Moat Score history
15 logged readings since Jul 17, 2026 · append-only, never rewritten
Moat Score over timeLast scored reading of each day, on the 0–100 scale27.9 / 100
Breaks in the line mark methodology or normalizer upgrades — readings across versions aren’t compared, so a level shift there isn’t a change in the business.
Tier changesSame-methodology and same-normalizer crossings of the Wide / Narrow / Shallow bars
Scores are logged append-only and never overwritten — this record cannot be reconstructed retroactively, which is exactly why it’s worth keeping.
Insider activity
Form 4 reports mix P/S market or private transactions with compensation-plan mechanics. Activity casually described as “insider selling” can include compensation mechanics; awards, tax withholding, and option exercises are shown by their exact filed class here, never collapsed into “Bought” or “Sold.”
These are disclosed filing facts and arithmetic aggregates, not a signal or verdict.
This machine-readable surface covers SEC ownership filings from 2003; it does not represent earlier paper-era records.
Records still being gathered — partial as of retrieval Aug 10, 2026.
9 filings were skipped because the SEC primary document returned 404; the omission is disclosed and aggregates are withheld.
Trailing-12-month totals and the 90-day cluster result are withheld because this issuer walk is incomplete.
No reported Form 4 rows were captured for CMLS; the incomplete walk cannot establish zero activity, zero counts, or a negative cluster result.
A filing source-event date will appear when a Form 4 row is captured.
Retrieved .
Communications context
#94 of 134 scored Communications companies, ranked by Moat Score.
Based on its FY2025 SEC filings, the Moat Index scores Cumulus Media Inc (CMLS) 27.9 out of 100 — below the Shallow-moat bar, so no moat. The five questions behind that score begin at 20% each; if exactly one genuinely lacks data, the other four weights are renormalized and disclosed. revenue and EPS trend 20, pricing power not measurable from the filings, returns on capital 0, balance-sheet safety 28, capital allocation 64.
How has CMLS's Moat Score changed over time?
The record logs 15 readings since Jul 17, 2026; the latest reads 27.9 out of 100 (no moat). No tier changes on record yet. (Methodology or normalizer upgrades on Jul 20, 2026, Jul 23, 2026, Jul 26, 2026 re-based the score; readings across versions aren't compared.) The history is append-only — readings are only ever added, never rewritten.
Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell CMLS. See the disclaimer.