Boston Omaha Corporation (NYSE: BOC) is a diversified holding company that allocates capital across multiple subsidiary businesses and minority investments, often drawing comparisons to a smaller-scale Berkshire Hathaway. The company operates through four primary segments: Link Media Outdoor, Boston Omaha Broadband, General Indemnity Group, and Boston Omaha Asset Management.
Link Media Outdoor is the company's largest revenue generator, operating thousands of billboard advertising faces primarily across the Southeast and Midwest United States. Boston Omaha Broadband provides high-speed fiber-to-the-home (FTTH) internet services to residential and business customers in markets such as Utah, Arizona, and Florida. General Indemnity Group operates in the specialized surety insurance market, providing commercial and contract surety bonds. The asset management division oversees minority investments in various sectors, including aviation infrastructure (Sky Harbour), residential homebuilding, commercial real estate, and banking.
In fiscal year 2025, Boston Omaha generated $114.4 million in total revenue. The revenue was distributed across its core segments, with Billboard Rentals contributing approximately 40.1% ($45.9 million), Broadband Services accounting for 36.0% ($41.2 million), and Insurance (premiums and commissions) making up 22.0% ($25.2 million). The company's strategy revolves around acquiring and building businesses with durable competitive advantages and recurring cash flows, which are then reinvested into further growth opportunities or share repurchases.
