A Business at a Glance
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NEXSTAR MEDIA GROUP, INC.
NXST
$5.6B
Mkt Cap
$183.31
+1.19%
NEXSTAR MEDIA GROUP, INC. (NXST) has a current P/E ratio of 61.1, compared to its historical median P/E of 7.3. The stock is currently considered Expensive based on its historical valuation range.
NEXSTAR MEDIA GROUP, INC. (NXST) has a 5-year average return on invested capital (ROIC) of 8.0%. This is below average and may indicate limited pricing power.
NEXSTAR MEDIA GROUP, INC. (NXST) has a market capitalization of $5.6B. It is classified as a mid-cap stock.
Yes, NEXSTAR MEDIA GROUP, INC. (NXST) pays a dividend with a trailing twelve-month yield of 4.02%. The company also returns capital through share buybacks, with a buyback yield of 2.23%.
Based on historical P/E analysis, NEXSTAR MEDIA GROUP, INC. (NXST) appears expensive. The current P/E of 61.1 is 735% above its historical median of 7.3. The estimated fair value CAGR (P/E method) is 6.2%.
NEXSTAR MEDIA GROUP, INC. (NXST) operates in the Television Broadcasting Stations industry, within the Communication Services sector.
Nexstar Media Group is a diversified media company that produces and distributes local and national news, sports, and entertainment content across television and digital platforms, generating $4.9 billion in revenue for 2025. The company operates America's largest local television broadcasting group with over 200 owned or partner stations in 116 U.S. markets across 40 states and the District of Columbia, reaching approximately 70% of U.S. television households, and employs approximately 6,000 journalists and 1,600 salespeople who produce over 317,000 hours of programming annually. Nexstar's national television properties include an 80.8% interest in The CW Network (the fifth major broadcast network), NewsNation (a national news network), two entertainment multicast networks (Antenna TV and REWIND TV), and a 31.3% ownership stake in Television Food Network, complemented by a portfolio of digital assets including local TV station apps, websites, The Hill, and NewsNationNow.com that collectively form a Top 10 U.S. digital news property attracting over 90 million monthly unique users. The company's revenue model combines local advertising (approximately 68% of advertising revenue excluding network assets), national advertising, and distribution revenue from multichannel video programming distributors and virtual MVPDs, with relationships spanning over 50,000 advertisers. Nexstar's competitive advantages include its focus on broadcast television (which reaches more viewers than any other distribution model and carries the nation's most-watched programming), its unique combination of scaled local audiences with powerful national reach, and its leading local franchises built on decades-old established brands, high-quality independent local programming, and dedicated local sales forces in each market. In August 2025, Nexstar entered into a definitive merger agreement to acquire TEGNA, which owns and operates 64 television stations and two radio stations in 51 DMAs, with the transaction anticipated to close by the second half of 2026.
【Political cycle and digital growth】 Management expects 2026 to be a significant growth year driven by the midterm election political advertising cycle, with AdImpact projecting approximately $10.8 billion in total political advertising for the 2025-2026 cycle and broadcasting expected to capture nearly 50% of that total. Nexstar anticipates capturing a low double-digit share of total broadcast political advertising spend, with a presence in more than 80% of contested election markets, and expects digital revenue to surpass national advertising revenue in 2026, representing an important milestone that strengthens the company's long-term non-political advertising trajectory. The company is continuing to streamline and centralize operations, automate select production functions, and align incentive compensation with performance, expecting these actions to drive additional operating expense reductions and enhanced execution across the company. The CW Network is expected to continue reducing losses by approximately 30% in 2026 from 2025 levels and achieve profitability in the fourth quarter, supported by expanded sports programming with nearly 47% of the schedule expected to be sports or sports-adjacent content, while NewsNation posted its strongest year ever in 2025 and was the fastest-growing cable news network in the adult 25-54 demographic.
| Metric | Target | Period |
|---|---|---|
| Adjusted EBITDA (Nexstar standalone) | $1.95 billion–$2.05 billion | FY2026 |
| Distribution revenue growth (net basis) | mid single digits | FY2026 |
| CapEx | $125 million–$130 million | FY2026 |
| Cash interest expense | $355 million–$365 million | FY2026 |
| Cash taxes | $315 million–$325 million | FY2026 |
| Programming payments in excess of amortization | $25 million–$30 million | FY2026 |
| The CW loss reduction | approximately 30% | FY2026 |
Adjusted EBITDA (Nexstar standalone) (FY2026): “We believe Nexstar standalone 2026 Adjusted EBITDA will be in the range of $1.95 billion-$2.05 billion.”
Distribution revenue growth (net basis) (FY2026): “In 2026, on a standalone Nexstar-only basis, we are projecting distribution revenue growth to be in the low single digits on a gross basis and in the mid single digits on a net basis for the full year.”
CapEx (FY2026): “we are currently projecting CapEx of $125 million-$130 million for the year”
“Based on the current yield curve, we anticipate full year 2025 cash interest expense to be in the $355 million-$365 million area, an improvement of $11 million versus 2025 levels at the midpoint.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 5.1B | 4.9B | 5.4B | 4.9B | 5.2B | 4.6B |
| Net Income | 146M | 92M | 702M | 346M | 971M | 834M |
| EPS | $2.90 | $3.00 | $21.41 | $9.64 | $24.16 | $18.98 |
| Free Cash Flow | 708M | 743M | 1.1B | 850M | 1.2B | 1.1B |
| ROIC | 5.7% | 6.0% | 10.1% | 5.1% | 10.2% | 8.8% |
| Gross Margin | - | 54.8% | 58.9% | 56.4% | 61.5% | 59.9% |
| Debt/Equity | 5.61 | 3.21 | 3.02 | 3.10 | 2.64 | 2.70 |
| Dividends/Share | $7.37 | $7.44 | $6.76 | $5.40 | $3.60 | $2.80 |
| Operating Income | 894M | 849M | 1.3B | 708M | 1.3B | 1.2B |
| Operating Margin | 17.5% | 17.2% | 23.5% | 14.4% | 25.2% | 25.3% |
| ROE | 6.7% | 4.3% | 30.8% | 13.7% | 34.7% | 31.1% |
| Shares Outstanding | 31M | 31M | 33M | 36M | 40M | 44M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 631M | 896M | 1.1B | 2.4B | 2.8B | 3.0B | 4.5B | 4.6B | 5.2B | 4.9B | 5.4B | 4.9B | 5.1B |
| Gross Margin | 70.3% | 66.3% | 65.4% | 59.2% | 59.6% | 55.6% | 61.8% | 59.9% | 61.5% | 56.4% | 58.9% | 54.8% | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 175M | 232M | 264M | 605M | 580M | 730M | 912M | 1.0B | 1.1B | 1.1B | 1.1B | 1.1B | 1.1B |
| EBIT | 173M | 206M | 287M | 506M | 758M | 655M | 1.4B | 1.2B | 1.3B | 708M | 1.3B | 849M | 894M |
| Op. Margin | 27.4% | 23.0% | 26.0% | 20.8% | 27.4% | 21.6% | 30.6% | 25.3% | 25.2% | 14.4% | 23.5% | 17.2% | 17.5% |
| Net Income | 65M | 78M | 92M | 475M | 389M | 230M | 812M | 834M | 971M | 346M | 702M | 92M | 146M |
| Net Margin | 10.2% | 8.7% | 8.3% | 19.5% | 14.1% | 7.6% | 18.0% | 17.9% | 18.6% | 7.0% | 13.0% | 1.9% | 2.9% |
| Non-Recurring | -638K | -2.1M | 14M | 9.8M | 14M | 38M | -4.8M | 6.2M | 91M | 34M | 36M | 14M | 14M |
| Returns on Capital | |||||||||||||
| ROIC | 9.6% | 9.5% | 8.8% | 12.3% | 9.6% | 5.1% | 9.8% | 8.8% | 10.2% | 5.1% | 10.1% | 6.0% | 5.7% |
| ROE | 328.4% | 116.6% | 73.3% | 54.6% | 22.8% | 11.9% | 35.7% | 31.1% | 34.7% | 13.7% | 30.8% | 4.3% | 6.7% |
| ROA | 5.0% | 4.8% | 3.8% | 9.1% | 5.4% | 2.2% | 5.9% | 6.3% | 7.5% | 2.8% | 6.0% | 0.8% | 0.8% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 167M | 205M | 284M | 109M | 737M | 417M | 1.3B | 1.2B | 1.4B | 999M | 1.3B | 891M | 843M |
| Free Cash Flow | 146M | 176M | 252M | 37M | 631M | 220M | 1.0B | 1.1B | 1.2B | 850M | 1.1B | 743M | 708M |
| Owner Earnings | 98M | 98M | 175M | -175M | 446M | -120M | 641M | 579M | 679M | 451M | 688M | 342M | 376M |
| CapEx | 20M | 29M | 32M | 72M | 106M | 198M | 217M | 151M | 157M | 149M | 145M | 148M | 135M |
| Maint. CapEx | 61M | 96M | 98M | 260M | 259M | 499M | 565M | 589M | 662M | 488M | 484M | 471M | 387M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 61M | 96M | 98M | 260M | 259M | 499M | 565M | 589M | 662M | 488M | 484M | 471M | 387M |
| CapEx/OCF | 12.2% | 14.7% | 12.2% | 66.4% | 14.4% | 47.3% | 17.3% | 12.4% | 11.2% | 14.9% | 11.6% | 16.6% | 16.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 18M | 24M | 29M | 56M | 69M | 83M | 101M | 118M | 142M | 191M | 219M | 226M | 225M |
| Dividend Yield | 1.7% | 1.8% | 2.3% | 2.3% | 2.4% | 2.1% | 2.8% | 2.2% | 2.3% | 3.6% | 4.3% | 4.2% | 4.0% |
| Share Buybacks | 0 | 49M | 0 | 99M | 51M | 45M | 282M | 537M | 881M | 605M | 601M | 125M | 125M |
| Buyback Yield | N/A | 3.4% | N/A | 3.4% | 1.7% | 1.0% | 6.5% | 9.2% | 14.3% | 11.6% | 11.8% | 1.7% | 2.2% |
| Stock-Based Comp | 7.6M | 11M | 11M | 24M | 31M | 39M | 48M | 47M | 62M | 60M | 78M | 78M | 80M |
| Debt Repayment | 72M | 166M | 80M | 1.9B | 653M | 902M | 2.2B | 590M | 3.0B | 145M | 382M | 3.6B | 3.6B |
| Balance Sheet | |||||||||||||
| Net Debt | 1.1B | 1.4B | 2.3B | 4.2B | 3.8B | 8.5B | 7.8B | 7.5B | 7.0B | 7.0B | 6.7B | 6.3B | 11.8B |
| Cash & Equiv. | 132M | 43M | 88M | 116M | 145M | 232M | 153M | 191M | 204M | 135M | 144M | 280M | 379M |
| Long-Term Debt | 1.2B | 1.5B | 2.3B | 4.3B | 3.9B | 8.4B | 7.6B | 7.4B | 6.8B | 6.7B | 6.4B | 6.2B | 11.9B |
| Debt/Equity | 23.23 | 18.30 | 13.85 | 2.78 | 2.15 | 4.29 | 3.15 | 2.70 | 2.64 | 3.10 | 3.02 | 3.21 | 5.61 |
| Interest Coverage | 2.8 | 2.6 | 2.5 | 2.1 | 3.4 | 2.2 | 4.1 | 4.2 | 3.9 | 1.6 | 2.9 | 2.2 | 1.8 |
| Equity | 53M | 81M | 169M | 1.6B | 1.9B | 2.0B | 2.5B | 2.9B | 2.7B | 2.3B | 2.3B | 2.1B | 2.2B |
| Total Assets | 1.4B | 1.8B | 3.0B | 7.5B | 7.1B | 14.0B | 13.4B | 13.3B | 12.7B | 12.1B | 11.5B | 10.8B | 18.1B |
| Total Liabilities | 1.4B | 1.7B | 2.7B | 5.9B | 5.2B | 11.9B | 10.9B | 10.4B | 9.9B | 9.8B | 9.2B | 8.8B | 15.9B |
| Intangibles | 194M | 314M | 325M | 1.6B | 1.5B | 3.3B | 2.9B | 2.7B | 2.4B | 2.1B | 1.8B | 1.6B | 3.0B |
| Retained Earnings | -346M | -268M | -177M | 300M | 620M | 779M | 1.5B | 2.2B | 3.0B | 3.2B | 3.7B | 3.5B | 3.6B |
| Working Capital | 179M | 114M | 174M | 386M | 363M | 404M | 479M | 625M | 722M | 505M | 514M | 762M | 983M |
| Current Assets | 276M | 260M | 363M | 1.1B | 767M | 1.4B | 1.2B | 1.4B | 1.6B | 1.5B | 1.3B | 1.5B | 2.3B |
| Current Liabilities | 97M | 146M | 190M | 671M | 404M | 948M | 731M | 787M | 893M | 961M | 783M | 711M | 1.3B |
| Per Share Data | |||||||||||||
| EPS | 2.02 | 2.42 | 2.89 | 10.07 | 8.21 | 4.80 | 17.37 | 18.98 | 24.16 | 9.64 | 21.41 | 3.00 | 2.90 |
| Owner EPS | 3.07 | 3.06 | 5.52 | -3.71 | 9.41 | -2.51 | 13.72 | 13.18 | 16.89 | 12.57 | 20.98 | 11.15 | 12.31 |
| Book Value | 1.64 | 2.51 | 5.34 | 33.30 | 39.06 | 42.35 | 53.91 | 64.87 | 68.20 | 64.05 | 68.84 | 67.30 | 70.99 |
| Cash Flow/Share | 5.21 | 6.40 | 8.97 | 2.31 | 15.53 | 8.70 | 26.85 | 27.65 | 34.91 | 27.83 | 38.12 | 29.05 | 17.45 |
| Dividends/Share | 0.60 | 0.76 | 0.96 | 1.20 | 1.50 | 1.80 | 2.24 | 2.80 | 3.60 | 5.40 | 6.76 | 7.44 | 7.37 |
| Shares Out. | 32.0M | 32.1M | 31.7M | 47.2M | 47.4M | 48.0M | 46.7M | 43.9M | 40.2M | 35.9M | 32.8M | 30.7M | 30.5M |
| Valuation | |||||||||||||
| P/E Ratio | 19.6 | 18.5 | 17.1 | 6.2 | 7.6 | 20.4 | 5.3 | 7.0 | 6.3 | 15.1 | 7.1 | 67.8 | 63.2 |
| P/FCF | 8.7 | 8.1 | 6.2 | 80.6 | 4.7 | 21.3 | 4.2 | 5.5 | 4.9 | 6.1 | 4.5 | 8.4 | 7.9 |
| EV/EBIT | 13.6 | 13.8 | 13.1 | 14.2 | 8.9 | 19.6 | 8.5 | 11.0 | 9.8 | 16.8 | 9.0 | 15.6 | 19.4 |
| Price/Book | 24.1 | 17.8 | 9.3 | 1.9 | 1.6 | 2.3 | 1.7 | 2.0 | 2.2 | 2.3 | 2.3 | 3.6 | 2.6 |
| Price/Sales | 1.7 | 1.5 | 1.1 | 1.0 | 1.0 | 1.3 | 0.8 | 1.2 | 1.2 | 1.1 | 1.0 | 1.3 | 1.1 |
| FCF Yield | 11.5% | 12.3% | 16.1% | 1.2% | 21.4% | 4.7% | 24.1% | 18.3% | 20.2% | 16.3% | 21.6% | 10.1% | 12.6% |
| Market Cap | 1.3B | 1.4B | 1.6B | 3.0B | 2.9B | 4.7B | 4.3B | 5.8B | 6.2B | 5.2B | 5.1B | 7.4B | 5.6B |
| Avg. Price | 33.51 | 41.04 | 39.75 | 50.91 | 60.13 | 83.00 | 77.32 | 124.57 | 153.73 | 147.88 | 155.75 | 174.42 | 183.31 |
| Year-End Price | 39.66 | 44.75 | 49.45 | 62.57 | 62.08 | 97.87 | 92.24 | 132.19 | 153.32 | 145.11 | 151.50 | 203.33 | 183.31 |
NEXSTAR MEDIA GROUP, INC. passes 4 of 9 quality checks, suggesting mixed fundamentals.
NEXSTAR MEDIA GROUP, INC. trades at 61.1x trailing earnings, compared to its 15-year median P/E of 7.3x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 7.5x vs a median of 5.8x. The company's 5-year average ROIC is 8.0% with a gross margin of 58.3%. Total shareholder yield (dividends + buybacks) is 6.3%. At current prices, the estimated annualized return to fair value is +18.7%.
NEXSTAR MEDIA GROUP, INC. (NXST) reported annual revenue of $4.9 billion in its most recent fiscal year, based on SEC EDGAR filings.
NEXSTAR MEDIA GROUP, INC. (NXST) has a net profit margin of 1.9%. This is a modest margin.
NEXSTAR MEDIA GROUP, INC. (NXST) generated $743 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
NEXSTAR MEDIA GROUP, INC. (NXST) has a debt-to-equity ratio of 3.21. This indicates higher leverage, which may increase financial risk.
NEXSTAR MEDIA GROUP, INC. (NXST) reported earnings per share (EPS) of $3.00 in its most recent fiscal year.
NEXSTAR MEDIA GROUP, INC. (NXST) has a return on equity (ROE) of 4.3%. This indicates moderate shareholder returns.
NEXSTAR MEDIA GROUP, INC. (NXST) has a 5-year average gross margin of 58.3%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 17 years of financial data for NEXSTAR MEDIA GROUP, INC. (NXST), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
NEXSTAR MEDIA GROUP, INC. (NXST) has a book value per share of $67.30, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects 2026 to be a significant growth year driven by the midterm election political advertising cycle, with AdImpact projecting approximately $10.8 billion in total political advertising for the 2025-2026 cycle and broadcasting expected to capture nearly 50% of that total. Nexstar anticipates capturing a low double-digit share of total broadcast political advertising spend, with a presence in more than 80% of contested election markets, and expects digital revenue to surpass national advertising revenue in 2026, representing an important milestone that strengthens the company's long-term non-political advertising trajectory. The company is continuing to streamline and centralize operations, automate select production functions, and align incentive compensation with performance, expecting these actions to drive additional operating expense reductions and enhanced execution across the company. The CW Network is expected to continue reducing losses by approximately 30% in 2026 from 2025 levels and achieve profitability in the fourth quarter, supported by expanded sports programming with nearly 47% of the schedule expected to be sports or sports-adjacent content, while NewsNation posted its strongest year ever in 2025 and was the fastest-growing cable news network in the adult 25-54 demographic.
Based on recent SEC filings and earnings calls, NEXSTAR MEDIA GROUP, INC. (NXST) has provided the following forward guidance: Adjusted EBITDA (Nexstar standalone): $1.95 billion–$2.05 billion (FY2026); Distribution revenue growth (net basis): mid single digits (FY2026); CapEx: $125 million–$130 million (FY2026); Cash interest expense: $355 million–$365 million (FY2026); Cash taxes: $315 million–$325 million (FY2026), plus 2 additional metrics.
Cash taxes (FY2026): “Full year 2026 cash taxes are expected to be approximately $315 million-$325 million range”
Programming payments in excess of amortization (FY2026): “In 2026, payments for programming are expected to be in excess of amortization by $25 million-$30 million”
The CW loss reduction (FY2026): “we expect The CW will continue to reduce its losses by another 30% in 2026 from 2025 levels and achieve profitability in the fourth quarter.”