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    Versant Media (VSNT)

    Market Price (10/2/2026): $30.84 | Market Cap: $4.3 BilSector: Communication Services | Industry: Cable & Satellite

    Versant Media (VSNT)

    Market Price (10/2/2026): $30.84
    Market Cap: $4.3 Bil
    Sector: Communication Services
    Industry: Cable & Satellite

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

    0

    Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 27%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 23%, FCF Yield is 45%

    Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 31%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 29%, CFO LTM is 2.1 Bil

    Low stock price volatility
    Vol 12M is 40%

    Weak multi-year price returns
    2Y Excs Rtn is -55%, 3Y Excs Rtn is -101%

    Weak revenue growth
    Rev Chg QQuarterly Revenue Change % is -9.1%

    Key risks
    VSNT key risks include [1] reduced bargaining power in distribution negotiations as a result of its recent spin-off and [2] the high execution risk and capital intensity of transitioning to digital as a new, Show more.

    0 Attractive yield
    Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 27%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 23%, FCF Yield is 45%
    1 Attractive cash flow generation
    CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 31%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 29%, CFO LTM is 2.1 Bil
    2 Low stock price volatility
    Vol 12M is 40%
    3 Weak multi-year price returns
    2Y Excs Rtn is -55%, 3Y Excs Rtn is -101%
    4 Weak revenue growth
    Rev Chg QQuarterly Revenue Change % is -9.1%
    5 Key risks
    VSNT key risks include [1] reduced bargaining power in distribution negotiations as a result of its recent spin-off and [2] the high execution risk and capital intensity of transitioning to digital as a new, Show more.

    VSNT in ETFs

    Weight = VSNT's share of each fund

    VTI0.01%
    ITOT0.01%
    IWB0.01%
    IJR0.27%
    VB0.07%
    VIOV0.63%
    SLYV0.50%
    IJS0.47%
    +14 more covered ETFs

    Valuation & Metrics

    FYE: 12/31VSNT [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$6.7 Bil—
    FY 2026 Sales$6.5 Bil—
    FY 2027 Sales$6.2 Bil—
    FY 2026 Sales Growth-4.2%—
    FY 2027 Sales Growth-3.7%12.9%
    EARNINGS
    LTM Net Income (GAAP) [3]$1.2 Bil—
    FY 2026 Net Income (Non-GAAP)$597.9 Mil—
    FY 2027 Net Income (Non-GAAP)$1.1 Bil—
    FY 2027 Net Income Growth78.0%18.3%
    FY 2026 EPS (Non-GAAP)$4.06—
    FY 2027 EPS (Non-GAAP)$6.80—
    FY 2027 EPS Growth67.5%—
    VALUATION
    FY 2026 P/S0.71.6
    FY 2027 P/S0.7—
    FY 2026 P/E7.37.6
    FY 2027 P/E4.1—

    [1] VSNT forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 10/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
    VSNTS&P 500
    REVENUE GROWTHPOOR
    Rev LTM ($ Bil)6.7
    Rev Chg Q-9.1%9.3%
    Rev Chg LTM�8.3%
    PROFITABILITYGOOD
    Op Inc LTM ($ Bil)1.7
    CFO LTM ($ Bil)2.1
    Net Inc LTM ($ Bil)1.2
    Op Mgn LTM25.5%18.6%
    CFO/Rev LTM30.8%21.8%
    Net Inc Mgn17.3%13.1%
    VALUATIONVERY LOW
    P/S0.63.0
    P/CFO2.114.2
    P/FCF2.218.7
    P/E3.721.4
    STABILITYGOOD
    Debt/Equity0.680.21
    Cash/Assets0.120.07

    AI Analysis | Feedback

    MetricValueDateSource
    Annual Viewing Hours14.4 billion12042025Link
    Monthly Household Reach65 million1012026Link
    Annual Digital Transactions140 million12042025Link
    USA Network - Pay Television Households70 million11012023Link
    Fandango - Unique Monthly Visitors50 million3252025Link
    Rotten Tomatoes - Unique Monthly Visitors85.15 million11302025Link
    GolfNow - Registered Golfers3.5 million10132025Link

    Price Chart

    Upcoming
    10/01/2026DividendAmount: $0.38
    Payment On: 10/22/2026

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 10/1/2026

    Versant Media (VSNT) stock has lost about 10% since 6/30/2026 because of the following key factors:

    1. Continued Decline in Linear Distribution Revenue. Versant Media reported a 6.3% decrease in linear distribution revenue, falling to $954 million in its fiscal Q2 2026 (ended June 30, 2026), primarily driven by subscriber erosion. This ongoing shift away from traditional pay-TV services negatively impacts the company's core business, signaling a challenging trend for investors despite the company's efforts in digital platforms.

    2. Significant Drop in Net Income Despite Earnings Beat. For fiscal Q2 2026, Versant Media's net income attributable to the company plummeted 30% year-over-year to $211 million, or $1.49 per diluted share. This decline was attributed to increased costs associated with operating as an independent public company, higher interest obligations following its separation from Comcast, and a larger tax bill from the SportsEngine divestiture. While the company beat analyst EPS expectations, these significant cost pressures and the substantial net income reduction likely contributed to investor apprehension.

    Show more
    Updated on 10/1/2026

    Versant Media (VSNT) stock has lost about 10% since 6/30/2026 because of the following key factors:

    1. Continued Decline in Linear Distribution Revenue. Versant Media reported a 6.3% decrease in linear distribution revenue, falling to $954 million in its fiscal Q2 2026 (ended June 30, 2026), primarily driven by subscriber erosion. This ongoing shift away from traditional pay-TV services negatively impacts the company's core business, signaling a challenging trend for investors despite the company's efforts in digital platforms.

    2. Significant Drop in Net Income Despite Earnings Beat. For fiscal Q2 2026, Versant Media's net income attributable to the company plummeted 30% year-over-year to $211 million, or $1.49 per diluted share. This decline was attributed to increased costs associated with operating as an independent public company, higher interest obligations following its separation from Comcast, and a larger tax bill from the SportsEngine divestiture. While the company beat analyst EPS expectations, these significant cost pressures and the substantial net income reduction likely contributed to investor apprehension.

    3. Unfavorable Revenue Growth Projections Compared to Industry Trends. Despite raising its full-year 2026 guidance, Versant Media's revenue is forecast to decline by 4.5% per annum on average over the next three years. This contrasts sharply with the broader U.S. Media industry, which is expected to grow by 9.8% annually over the same period. This projected underperformance relative to the industry suggests investor concerns about Versant Media's long-term growth trajectory in a competitive and evolving media landscape.

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    Stock Movement Drivers

    Fundamental Drivers

    The -12.4% change in VSNT stock from 6/30/2026 to 10/1/2026 was primarily driven by a 2.7% change in the company's Shares Outstanding (Mil).
    (LTM values as of)630202610012026Change
    Stock Price ($)35.2130.84-12.4%
    Change Contribution By: 
    Total Revenues ($ Mil)�6,7450.0%
    Net Income Margin (%)�17.3%0.0%
    P/E Multiple�3.70.0%
    Shares Outstanding (Mil)1451412.7%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    6/30/2026 to 10/1/2026
    ReturnCorrelation
    VSNT-12.4% 
    Market (SPY)2.3%1.9%
    Sector (XLC)2.6%46.2%

    Fundamental Drivers

    The -13.9% change in VSNT stock from 3/31/2026 to 10/1/2026 was primarily driven by a 2.7% change in the company's Shares Outstanding (Mil).
    (LTM values as of)331202610012026Change
    Stock Price ($)35.8330.84-13.9%
    Change Contribution By: 
    Total Revenues ($ Mil)�6,7450.0%
    Net Income Margin (%)�17.3%0.0%
    P/E Multiple�3.70.0%
    Shares Outstanding (Mil)1451412.7%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    3/31/2026 to 10/1/2026
    ReturnCorrelation
    VSNT-13.9% 
    Market (SPY)17.8%14.3%
    Sector (XLC)-0.6%38.8%

    Fundamental Drivers

    null
    null

    Market Drivers

    9/30/2025 to 10/1/2026
    ReturnCorrelation
    VSNT  
    Market (SPY)15.6%18.2%
    Sector (XLC)-6.3%35.8%

    Fundamental Drivers

    null
    null

    Market Drivers

    9/30/2023 to 10/1/2026
    ReturnCorrelation
    VSNT  
    Market (SPY)84.9%18.2%
    Sector (XLC)73.0%35.8%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    VSNT Return------20%-20%
    Peers Return5%-29%-1%-15%24%-14%-33%
    S&P 500 Return27%-19%24%23%16%12%104%

    Monthly Win Rates [3]
    VSNT Win Rate-----67% 
    Peers Win Rate44%47%67%45%52%44% 
    S&P 500 Win Rate75%42%67%75%67%44% 

    Max Drawdowns [4]
    VSNT Max Drawdown------ 
    Peers Max Drawdown-44%-42%-47%-45%-43%-39% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: WBD, FOXA, PARA, AMCX, NWSA.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 10/1/2026 (YTD)

    How Low Can It Go

    VSNT has limited trading history. Below is the Communication Services sector ETF (XLC) in its place.

    EventXLCS&P 500
    2025 US Tariff Shock
      % Loss-17.7%-18.8%
      % Gain to Breakeven21.5%23.1%
      Time to Breakeven63 days79 days
    2022 Inflation Shock & Fed Tightening
      % Loss-38.7%-24.5%
      % Gain to Breakeven63.1%32.4%
      Time to Breakeven470 days427 days
    2020 COVID-19 Crash
      % Loss-30.1%-33.7%
      % Gain to Breakeven43.2%50.9%
      Time to Breakeven112 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-20.2%-19.2%
      % Gain to Breakeven25.3%23.8%
      Time to Breakeven109 days105 days

    Compare to WBD, FOXA, PARA, AMCX, NWSA

    In The Past

    State Street Communication Services Select Sector SPDR ETF's stock fell -17.7% during the 2025 US Tariff Shock. Such a loss loss requires a 21.5% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    VSNT has limited trading history. Below is the Communication Services sector ETF (XLC) in its place.

    EventXLCS&P 500
    2022 Inflation Shock & Fed Tightening
      % Loss-38.7%-24.5%
      % Gain to Breakeven63.1%32.4%
      Time to Breakeven470 days427 days
    2020 COVID-19 Crash
      % Loss-30.1%-33.7%
      % Gain to Breakeven43.2%50.9%
      Time to Breakeven112 days140 days
    Q4 2018 Fed Policy Error / Growth Scare
      % Loss-20.2%-19.2%
      % Gain to Breakeven25.3%23.8%
      Time to Breakeven109 days105 days

    Compare to WBD, FOXA, PARA, AMCX, NWSA

    In The Past

    State Street Communication Services Select Sector SPDR ETF's stock fell -17.7% during the 2025 US Tariff Shock. Such a loss loss requires a 21.5% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About Versant Media (VSNT)

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    • Business Identification and Acquisition: Versant Media's primary activity involves identifying, evaluating, and acquiring assets or businesses to complete a qualifying transaction as defined by stock exchange policies, as it currently operates as a Capital Pool Company with no active commercial operations or products.

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

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    AI Analysis | Feedback

    Mark Lazarus, Chief Executive Officer

    Mark Lazarus serves as the Chief Executive Officer of Versant. Prior to this role, he was the Chairman of NBCUniversal Media Group, where he oversaw NBCUniversal's TV and Streaming platforms, distribution, and monetization. He also served as Chairman, NBCUniversal Broadcast, Entertainment and Lifestyle Group, Sports and News, leading various content businesses including NBC News, CNBC, and the NBC Sports Group. Under his leadership at NBCUniversal, the company secured major deals with the Olympics, NFL, NASCAR, and the Premier League. Before joining NBCUniversal, Lazarus was President of Media and Marketing at CSE from 2008 to 2010 and President of Turner Entertainment Group from 2003 to 2008, where he managed all aspects of the networks.

    Anand Kini, Chief Financial Officer & Chief Operating Officer

    Anand Kini holds the positions of Chief Financial Officer and Chief Operating Officer at Versant, responsible for finance, strategy, and operational functions. Before joining Versant, Kini was Executive Vice President, Corporate Strategy at Comcast Corporation and served as Chief Financial Officer of NBCUniversal. In his role at NBCUniversal, he drove the company's global growth strategy and managed finance and strategy across the Media, Studio, and Theme Park divisions. He joined NBCUniversal in 2011 from Comcast Cable, where he was Senior Vice President of Finance, overseeing forecasting, budgeting, and strategic planning. Earlier in his career, from 2002 to 2007, Kini held various Finance and Strategy management roles at Activision Blizzard and Disney.

    Val Boreland, President, Entertainment

    Roy Cho, President, Distribution & Partnerships

    Keith Cocozza, Chief Communications Officer

    AI Analysis | Feedback

    Here are the key risks to Versant Media (symbol: VSNT):

    1. Secular Decline of Linear Television and Cord-Cutting: Versant Media Group, as a legacy cable content business, faces significant headwinds from the ongoing trend of cord-cutting, where consumers increasingly drop traditional cable television subscriptions in favor of streaming services. This trend is expected to lead to declining revenue and free cash flow for the company.
    2. Challenges with Carriage Deal Renewals and Post-Spin-off Independence: Having recently spun off from Comcast, Versant Media is no longer backed by the scale and leverage of a larger media conglomerate. A significant portion (55%) of its carriage deals, which are essential for distributing its content, are reportedly up for renewal by 2028, posing a substantial risk if the company cannot secure favorable terms independently.
    3. Necessity for Successful Digital Transformation and Innovation: To counteract the decline in its traditional linear television business, Versant Media needs to successfully innovate and diversify its revenue streams by expanding its digital platforms and services. There is a risk that the company's efforts to grow adjacent digital businesses may not be sufficient or timely enough to offset the ongoing secular decline in its core cable network portfolio, potentially requiring debt or equity infusions.

    AI Analysis | Feedback

    null

    AI Analysis | Feedback

    Versant Media (NASDAQ: VSNT) operates in the dynamic media and entertainment industry, with its primary products and services encompassing cable television networks and a growing portfolio of complementary digital platforms. The addressable markets for these offerings can be assessed across several key segments, primarily within the United States and globally. For its traditional cable television networks, which include channels such as USA Network, Golf Channel, Oxygen, E!, SYFY, CNBC, and MSNBC: * The **U.S. broadcasting and cable TV market** was valued at approximately USD 127.53 billion in 2025 and is projected to reach over USD 155.46 billion by 2035, growing at a compound annual growth rate (CAGR) of 2% from 2026 to 2035. In 2026, the industry size is estimated at USD 129.91 billion. For its digital platforms and services, including mobile apps (like CNBC and MS NOW), and digital assets such as Fandango, Rotten Tomatoes, GolfNow, GolfPass, SportsEngine, and Free TV Networks: * The **U.S. digital media market** reached USD 215.66 billion in 2025 and is projected to reach USD 526.09 billion by 2034, exhibiting a CAGR of 10.42% from 2026 to 2034. * Globally, the **digital media market** is estimated at USD 1.02 trillion in 2026 and is projected to reach USD 1.71 trillion by 2031, growing at a CAGR of 10.86% over 2026-2031. * The **U.S. OTT (Over-the-Top) market**, which includes streaming services, reached USD 136.67 billion in 2026 and is projected to climb to USD 234.73 billion by 2031, advancing at an 11.42% CAGR. * The **global online entertainment market** was valued at USD 124.41 billion in 2026 and is projected to reach USD 340.83 billion by 2034, exhibiting a CAGR of 13.43% from 2026–2034. Considering Versant Media's significant focus on news, sports, and entertainment content delivered across both linear and digital channels: * The **U.S. sports broadcasting media market** was valued at USD 30.23 billion in 2025 and is expected to grow to USD 34.40 billion by 2035, at a CAGR of 1.30% during 2026-2035. * The broader **global media and entertainment market** is estimated to be valued at approximately USD 3.76 trillion in 2026 and is projected to reach USD 7.34 trillion by 2035, expanding at a CAGR of 6.79% from 2026 to 2035. Another estimate places the global media and entertainment market at USD 3.12 trillion in 2026, growing to USD 3.78 trillion by 2031 at a CAGR of 3.93%. * The **U.S. entertainment media market** size is USD 971.77 billion in 2025 and is expected to reach USD 1430.10 billion by 2035, growing at a CAGR of 3.04% over the forecast period of 2026-2035. Versant Media operates in a landscape where the traditional broadcasting and cable TV market in the U.S. is experiencing more modest growth, while the digital media, online entertainment, and OTT markets are showing robust expansion. The company's strategy involves diversifying its revenue streams to account for these shifts in consumer behavior.

    AI Analysis | Feedback

    Versant Media (VSNT) anticipates several key drivers for future revenue growth over the next two to three years, as indicated by recent earnings reports and company commentary.

    Here are 3-5 expected drivers of future revenue growth:

    • Expansion of Digital and Non-Pay TV Platforms: Versant Media is strategically shifting towards digital and non-pay TV revenue streams. The company aims to increase non-pay TV revenue from 19% in 2025 to a target of 33% over the next three to five years, with an eventual goal of 50%. This growth is expected to be driven by high single-digit organic growth in its platforms business, which includes assets like GolfNow and Fandango. New direct-to-consumer (D2C) initiatives for brands such as CNBC and MS NOW (formerly MSNBC), along with an advertising-based video on demand (AVOD) service through Fandango, are central to this strategy.
    • Midterm Political Advertising: The company's revenue outlook for 2026, projected between $6.15 billion and $6.4 billion, is explicitly supported by anticipated midterm political advertising. This indicates that cyclical political advertising spending will be a significant revenue contributor during election years, offsetting some of the "advertising normalization" experienced in 2025 following the prior presidential election cycle.
    • Investments in Content and Platform Enhancement: Versant's management has highlighted ongoing investments in strengthening its programming, expanding its audience reach, and enhancing its platforms businesses as crucial for future growth. These investments are designed to extend existing revenue streams and create new ones, leveraging the strength of its brands, live news, and live sports content.
    • Stronger Box Office Slate: For its Fandango platform, a key component of its digital assets, a stronger box office slate is expected to contribute to a return to high single-digit revenue growth organically in 2026. This driver is directly tied to the performance and volume of new theatrical releases, which directly impact Fandango's transaction-based revenues.

    AI Analysis | Feedback

    Share Repurchases

    • Versant Media's Board of Directors authorized a $1 billion share repurchase program in March 2026.
    • This represents the company's first repurchase authorization.

    Share Issuance

    • Versant Media was spun off from Comcast, with shares distributed to Comcast shareholders on January 2, 2026.
    • Comcast shareholders received one share of Versant Class A or Class B common stock for every 25 shares of Comcast Class A or Class B stock held as of the December 16, 2025 record date.

    Outbound Investments

    • Versant Media completed the acquisition of INDY Cinema Group in the fourth quarter of 2025.
    • The company also completed the acquisition of Free TV Networks in January 2026.
    • These acquisitions aim to expand national over-the-air distribution and strengthen Fandango's digital and B2B platform capabilities.

    Capital Expenditures

    • Versant Media reported capital expenditures of $167 million in 2025.
    • Management plans to focus on investments in content and platform expansion in 2026.

    Peer Outperformance in Cable & Satellite

    null
    Share of Cable & Satellite constituents that VSNT has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    —
    insufficient peer history
    3Y
    —
    insufficient peer history
    5Y
    —
    insufficient peer history
    null
    Median price return by industry across the Communication Services sector, ranked by 5Y. Cable & Satellite is VSNT's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Integrated Telecommunication Services 3 -7.6%94.0%57.3% TDS 107% · T 57% · VZ 16%
    Wireless Telecommunication Services 3 -14.6%22.1%34.2% ECHO 248% · TMUS 34% · SHEN -64%
    Publishing 3 15.8%46.4%26.2% NYT 35% · NWSA 26% · SCHL 10%
    Broadcasting 4 9.1%66.3%21.0% FOXA 60% · NXST 22% · WBD 20%
    Movies & Entertainment 9 -2.0%98.7%10.7% MSGS 119% · CNK 85% · SPHR 83%
    Interactive Media & Services 7 -20.8%68.6%-17.1% GOOGL 150% · META 114% · CARG -9%
    Advertising 4 10.0%-0.2%-17.6% APP 276% · OMC 20% · ZD -56%
    Alternative Carriers 4 11.7%15.4%-50.2% IRDM 28% · UNIT -49% · LUMN -52%
    Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

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    Peer Comparisons

    Peers to compare with:

    Financials

    VSNTWBDFOXAPARAAMCXNWSAMedian
    NameVersant .Warner B.Fox Banzai I.AMC Glob.News  
    Mkt Price30.8430.9561.20--28.6330.89
    Mkt Cap4.377.725.6--15.620.6
    Rev LTM6,74536,11517,126--9,02813,077
    Op Inc LTM1,7182,2033,496--1,1421,960
    FCF LTM1,9582,1801,468--8111,713
    FCF 3Y Avg-4,3271,985--6411,985
    CFO LTM2,0803,4231,970--1,2372,025
    CFO 3Y Avg-5,4762,378--1,0372,378

    Growth & Margins

    VSNTWBDFOXAPARAAMCXNWSAMedian
    NameVersant .Warner B.Fox Banzai I.AMC Glob.News  
    Rev Chg LTM--6.1%5.1%--6.8%5.1%
    Rev Chg 3Y Avg--4.8%5.1%--4.2%4.2%
    Rev Chg Q-9.1%-11.2%28.1%--10.8%0.9%
    QoQ Delta Rev Chg LTM-2.4%-2.9%5.7%--2.6%0.1%
    Op Inc Chg LTM-129.0%8.3%--19.5%19.5%
    Op Inc Chg 3Y Avg-153.2%9.4%--19.2%19.2%
    Op Mgn LTM25.5%6.1%20.4%--12.6%16.5%
    Op Mgn 3Y Avg-2.4%19.3%--11.1%11.1%
    QoQ Delta Op Mgn LTM-1.4%1.4%0.4%--0.7%0.5%
    CFO/Rev LTM30.8%9.5%11.5%--13.7%12.6%
    CFO/Rev 3Y Avg-14.2%15.0%--11.9%14.2%
    FCF/Rev LTM29.0%6.0%8.6%--9.0%8.8%
    FCF/Rev 3Y Avg-11.2%12.5%--7.3%11.2%

    Valuation

    VSNTWBDFOXAPARAAMCXNWSAMedian
    NameVersant .Warner B.Fox Banzai I.AMC Glob.News  
    Mkt Cap4.377.725.6--15.620.6
    P/S0.62.21.5--1.71.6
    P/Op Inc2.535.37.3--13.710.5
    P/EBIT2.5-50.99.6--13.76.0
    P/E3.7-24.515.2--27.39.5
    P/CFO2.122.713.0--12.712.8
    Total Yield26.9%-4.1%7.7%--5.0%6.3%
    Dividend Yield0.0%0.0%1.1%--1.3%0.6%
    FCF Yield 3Y Avg-18.2%9.3%--4.3%9.3%
    D/E0.70.40.3--0.20.4
    Net D/E0.30.40.1--0.10.2

    Returns

    VSNTWBDFOXAPARAAMCXNWSAMedian
    NameVersant .Warner B.Fox Banzai I.AMC Glob.News  
    1M Rtn-22.6%9.3%-6.8%---6.2%-6.5%
    3M Rtn-17.8%16.9%8.8%--7.8%8.3%
    6M Rtn-15.7%13.3%4.9%--17.7%9.1%
    12M Rtn-21.5%59.9%-0.2%---0.4%-0.3%
    3Y Rtn-21.5%194.5%105.3%--46.4%75.8%
    1M Excs Rtn-23.0%8.8%-7.2%---6.7%-6.9%
    3M Excs Rtn-20.2%14.4%6.4%--5.4%5.9%
    6M Excs Rtn-31.8%-4.0%-11.4%---0.3%-7.7%
    12M Excs Rtn-36.1%43.9%-16.6%---20.7%-18.7%
    3Y Excs Rtn-100.9%110.1%25.3%---29.9%-2.3%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q1
    Period End6/30/20263/31/2026
    Filing Date8/6/20265/14/2026
    Key Financials Quarterly  
    Total Revenue1,6441,687
    Ebitda633706
    Operating Income367442
    Net Income211286
    EPS1.501.99
    Key Financials TTM  
    Total Revenue TTM6,7456,909
    Ebitda TTM2,7362,851
    Operating Income TTM1,7181,854
    Net Income TTM1,1661,328
    Growth Rates Quarterly  
    Total Revenue Growth-9.1%-
    EBITDA Growth-15.4%-
    Operating Income Growth-27.0%-
    Net Income Growth-43.4%-
    Margins Quarterly  
    EBITDA Margin38.5%41.8%
    Operating Income Margin22.3%26.2%
    Net Income Margin12.8%17.0%
    Cash & Debt  
    Total Cash1,4781,193
    Total Debt2,9542,952
    Net Debt / (Cash)1,4761,759
    Cash Flows Quarterly  
    FCF from Operations382585
    Cash Flows TTM  
    FCF from Operations TTM2,080-
    Returns to Shareholders Quarterly  
    Dividends00
    Share Repurchases100100
    Return on Invested Capital (ROIC) Quarterly  
    ROIC10.4%13.3%
    Return on Invested Capital (ROIC) TTM  
    ROIC TTM13.4%14.2%

    Segment Financials

    Revenue by Segment
    $ Mil2025
    Linear distribution4,092
    Advertising1,577
    Platforms826
    Content licensing and other193
    Total6,688


    Price Behavior

    null
    VSNT Betas & Captures as of 9/30/2026

     1M2M3M6M1Y3Y
    Beta-0.190.230.070.410.08-0.22
    Up Beta-2.86-1.07-1.51-0.49-0.360.09
    Down Beta-0.940.621.001.010.41-0.04
    Up Capture-102%16%10%27%20%2%
    Bmk +ve Days6162766132424
    Stock +ve Days61830669393
    Down Capture289%146%85%94%73%42%
    Bmk -ve Days16263760120328
    Stock -ve Days162333599191

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with VSNT
    VSNT-21.5%39.7%-0.74-
    Sector ETF (XLC)-6.3%15.9%-0.6035.8%
    Equity (SPY)15.7%13.0%0.8518.2%
    Gold (GLD)7.7%29.6%0.25-1.3%
    Commodities (DBC)43.7%20.8%1.64-10.2%
    Real Estate (VNQ)1.2%13.6%-0.1614.2%
    Bitcoin (BTCUSD)-27.0%44.5%-0.5820.5%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with VSNT
    VSNT-4.7%39.7%-0.74-
    Sector ETF (XLC)7.2%21.0%0.2535.8%
    Equity (SPY)13.0%17.2%0.5718.2%
    Gold (GLD)18.6%18.9%0.80-1.3%
    Commodities (DBC)10.3%19.6%0.40-10.2%
    Real Estate (VNQ)0.4%18.9%-0.0814.2%
    Bitcoin (BTCUSD)13.2%52.3%0.4320.5%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with VSNT
    VSNT-2.4%39.7%-0.74-
    Sector ETF (XLC)9.1%22.1%0.4535.8%
    Equity (SPY)15.3%17.9%0.7218.2%
    Gold (GLD)11.6%16.4%0.58-1.3%
    Commodities (DBC)8.2%18.1%0.37-10.2%
    Real Estate (VNQ)4.4%20.7%0.1714.2%
    Bitcoin (BTCUSD)63.9%66.2%1.0420.5%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date9152026
    Short Interest: Shares Quantity5.5 Mil
    Short Interest: % Change Since 8312026-7.1%
    Average Daily Volume1.3 Mil
    Days-to-Cover Short Interest4.1 days
    Basic Shares Quantity140.7 Mil
    Short % of Basic Shares3.9%

    Earnings Returns History

    Updated 9/9/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/6/20266.8%5.8%14.5%
    5/14/20269.9%3.6%0.2%
    3/3/20263.9%11.6%13.1%
    SUMMARY STATS   
    # Positive333
    # Negative000
    Median Positive6.8%5.8%13.1%
    Median Negative   
    Max Positive9.9%11.6%14.5%
    Max Negative   
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/6/20266.8%5.8%14.5%
    5/14/20269.9%3.6%0.2%
    3/3/20263.9%11.6%13.1%
    SUMMARY STATS   
    # Positive333
    # Negative000
    Median Positive6.8%5.8%13.1%
    Median Negative   
    Max Positive9.9%11.6%14.5%
    Max Negative   

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/06/202610-Q
    03/31/202605/14/202610-Q
    12/31/202503/03/202610-K
    06/30/202509/18/202510-12B
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/06/202610-Q
    03/31/202605/14/202610-Q
    12/31/202503/03/202610-K
    06/30/202509/18/202510-12B

    Recent Forward Guidance

    Updated 10/1/2026

    Latest: Q2 2026 Earnings Reported 8/6/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    Q3 2026 Share RepurchasesReported 100.00 Mil    
    2026 Total RevenueReported6.20 Bil6.33 Bil6.45 Bil   
    2026 Adjusted EBITDAReported1.90 Bil1.98 Bil2.05 Bil   
    2026 Free Cash FlowReported1.00 Bil1.10 Bil1.20 Bil  Affirmed


    Prior: Q1 2026 Earnings Reported 5/14/2026

    Forward GuidanceGuidance Change
    MetricSourceLowMidHigh% Chg% DeltaChangePrior
    Q2 2026 Accelerated Share RepurchaseReported 100.00 Mil    

    Insider Activity

    Updated 7/30/2026
    Expand for More
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Potter, LeonardDirectBuy316202637.652,50094,125597,807Form
    2Potter, LeonardDirectBuy316202637.885,000189,400506,759Form
    3Potter, LeonardDirectBuy316202638.343,000115,020321,213Form
    4Potter, LeonardDirectBuy316202637.313,000111,930200,653Form
    5Novak, David CDirectBuy309202636.85143,0005,269,5505,842,936Form
     Collapse to Preview
    #OwnerTitleHoldingActionFiling DatePriceSharesTransacted
    Value    		Value of
    Held Shares    		Form
    1Potter, LeonardDirectBuy316202637.652,50094,125597,807Form
    2Potter, LeonardDirectBuy316202637.885,000189,400506,759Form
    3Potter, LeonardDirectBuy316202638.343,000115,020321,213Form
    4Potter, LeonardDirectBuy316202637.313,000111,930200,653Form
    5Novak, David CDirectBuy309202636.85143,0005,269,5505,842,936Form

    Investor Activity (13F)

    Updated Oct 2, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Ranmore Fund Management Ltd$62.7 Mil8.3%20New13F
    Goldentree Asset Management LP$48.3 Mil2.9%29New13F
    Harbor Island Capital LLC$7.6 Mil2.8%16New13F
    Kettle Hill Capital Management, LLC$10.9 Mil2.7%45New13F
    Valueworks LLC$9.8 Mil2.7%35New13F
    Melqart Asset Management (UK) Ltd$20.1 Mil2.0%41New13F
    Gates Capital Management, Inc.$55.8 Mil1.9%31New13F
    Avantyr Capital Partners, LP$38.3 Mil1.8%22New13F
    Luxor Capital Group, LP$5.2 Mil0.8%38New13F
    Rothschild & Co Wealth Management UK Ltd$16.6 Mil0.3%25New13F
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Ranmore Fund Management Ltd$62.7 Mil8.3%20New13F
    Gates Capital Management, Inc.$55.8 Mil1.9%31New13F
    Goldentree Asset Management LP$48.3 Mil2.9%29New13F
    Avantyr Capital Partners, LP$38.3 Mil1.8%22New13F
    Melqart Asset Management (UK) Ltd$20.1 Mil2.0%41New13F
    Rothschild & Co Wealth Management UK Ltd$16.6 Mil0.3%25New13F
    Kettle Hill Capital Management, LLC$10.9 Mil2.7%45New13F
    Valueworks LLC$9.8 Mil2.7%35New13F
    Harbor Island Capital LLC$7.6 Mil2.8%16New13F
    Luxor Capital Group, LP$5.2 Mil0.8%38New13F
    Active Manager
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Ranmore Fund Management Ltd$62.7 Mil8.3%20New13F
    Gates Capital Management, Inc.$55.8 Mil1.9%31New13F
    Goldentree Asset Management LP$48.3 Mil2.9%29New13F
    Avantyr Capital Partners, LP$38.3 Mil1.8%22New13F
    Melqart Asset Management (UK) Ltd$20.1 Mil2.0%41New13F
    Rothschild & Co Wealth Management UK Ltd$16.6 Mil0.3%25New13F
    Kettle Hill Capital Management, LLC$10.9 Mil2.7%45New13F
    Valueworks LLC$9.8 Mil2.7%35New13F
    Harbor Island Capital LLC$7.6 Mil2.8%16New13F
    Luxor Capital Group, LP$5.2 Mil0.8%38New13F

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