Nexstar Media (NXST)
Market Price (5/24/2026): $188.75 | Market Cap: $5.7 BilSector: Communication Services | Industry: Broadcasting
Nexstar Media (NXST)
Market Price (5/24/2026): $188.75Market Cap: $5.7 BilSector: Communication ServicesIndustry: Broadcasting
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.8%, Dividend Yield is 3.9%, FCF Yield is 12% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14% Stock buyback supportStock Buyback 3Y Total is 1.2 Bil Low stock price volatilityVol 12M is 33% Megatrend and thematic driversMegatrends include Digital Advertising, and Digital Content & Streaming. Themes include Ad-Tech Platforms, and Video Streaming. | Weak multi-year price returns2Y Excs Rtn is -20%, 3Y Excs Rtn is -50% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 206% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.6%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.7% Short seller reportGrizzly Reports report on 4/30/2025. Key risksNXST key risks include [1] a substantial debt burden with significant interest expenses, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 6.8%, Dividend Yield is 3.9%, FCF Yield is 12% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14% |
| Stock buyback supportStock Buyback 3Y Total is 1.2 Bil |
| Low stock price volatilityVol 12M is 33% |
| Megatrend and thematic driversMegatrends include Digital Advertising, and Digital Content & Streaming. Themes include Ad-Tech Platforms, and Video Streaming. |
| Weak multi-year price returns2Y Excs Rtn is -20%, 3Y Excs Rtn is -50% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 206% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -4.6%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -0.7% |
| Short seller reportGrizzly Reports report on 4/30/2025. |
| Key risksNXST key risks include [1] a substantial debt burden with significant interest expenses, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Nexstar Media (NXST) stock has lost about 10% since 1/31/2026 because of the following key factors:
1. Significant Decline in Q4 2025 Financial Performance.
Nexstar Media Group reported a net revenue of $1.29 billion for the fourth quarter of 2025, marking a 13.4% year-over-year decrease. The company experienced a net loss of $170 million, a substantial decline from a net income of $229 million in the prior year's fourth quarter, with adjusted EBITDA falling 31.1% year-over-year to $433 million. This downturn was largely attributed to a significant $233 million decrease in political advertising revenue compared to Q4 2024. This weak financial report, released on February 26, 2026, contributed to a 23.5% drop in Nexstar's stock price by April 14, 2026.
2. Increased Debt and Regulatory Uncertainty from TEGNA Acquisition.
While Nexstar completed its acquisition of TEGNA Inc. on March 19, 2026, boosting its scale, the deal also led to a substantial increase in the company's consolidated debt, which rose from $6.3 billion at the end of 2025 to $12.1 billion by March 31, 2026. Furthermore, a federal judge issued a preliminary injunction on March 31, 2026, requiring Nexstar to operate TEGNA separately during ongoing legal challenges to the acquisition, creating uncertainty for investors despite the acquisition's closing.
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1. Significant Decline in Q4 2025 Financial Performance.
Nexstar Media Group reported a net revenue of $1.29 billion for the fourth quarter of 2025, marking a 13.4% year-over-year decrease. The company experienced a net loss of $170 million, a substantial decline from a net income of $229 million in the prior year's fourth quarter, with adjusted EBITDA falling 31.1% year-over-year to $433 million. This downturn was largely attributed to a significant $233 million decrease in political advertising revenue compared to Q4 2024. This weak financial report, released on February 26, 2026, contributed to a 23.5% drop in Nexstar's stock price by April 14, 2026.
2. Increased Debt and Regulatory Uncertainty from TEGNA Acquisition.
While Nexstar completed its acquisition of TEGNA Inc. on March 19, 2026, boosting its scale, the deal also led to a substantial increase in the company's consolidated debt, which rose from $6.3 billion at the end of 2025 to $12.1 billion by March 31, 2026. Furthermore, a federal judge issued a preliminary injunction on March 31, 2026, requiring Nexstar to operate TEGNA separately during ongoing legal challenges to the acquisition, creating uncertainty for investors despite the acquisition's closing.
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Stock Movement Drivers
Fundamental Drivers
The -9.6% change in NXST stock from 1/31/2026 to 5/23/2026 was primarily driven by a -67.9% change in the company's Net Income Margin (%).| (LTM values as of) | 1312026 | 5232026 | Change |
|---|---|---|---|
| Stock Price ($) | 208.71 | 188.67 | -9.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,148 | 5,112 | -0.7% |
| Net Income Margin (%) | 10.0% | 3.2% | -67.9% |
| P/E Multiple | 12.2 | 34.7 | 183.7% |
| Shares Outstanding (Mil) | 30 | 30 | -0.2% |
| Cumulative Contribution | -9.6% |
Market Drivers
1/31/2026 to 5/23/2026| Return | Correlation | |
|---|---|---|
| NXST | -9.6% | |
| Market (SPY) | 8.1% | 17.5% |
| Sector (XLC) | -3.5% | 15.1% |
Fundamental Drivers
The -1.0% change in NXST stock from 10/31/2025 to 5/23/2026 was primarily driven by a -72.9% change in the company's Net Income Margin (%).| (LTM values as of) | 10312025 | 5232026 | Change |
|---|---|---|---|
| Stock Price ($) | 190.52 | 188.67 | -1.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,316 | 5,112 | -3.8% |
| Net Income Margin (%) | 11.9% | 3.2% | -72.9% |
| P/E Multiple | 9.1 | 34.7 | 282.4% |
| Shares Outstanding (Mil) | 30 | 30 | -0.5% |
| Cumulative Contribution | -1.0% |
Market Drivers
10/31/2025 to 5/23/2026| Return | Correlation | |
|---|---|---|
| NXST | -1.0% | |
| Market (SPY) | 9.9% | 17.6% |
| Sector (XLC) | 1.2% | 17.7% |
Fundamental Drivers
The 32.1% change in NXST stock from 4/30/2025 to 5/23/2026 was primarily driven by a 466.7% change in the company's P/E Multiple.| (LTM values as of) | 4302025 | 5232026 | Change |
|---|---|---|---|
| Stock Price ($) | 142.87 | 188.67 | 32.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,406 | 5,112 | -5.4% |
| Net Income Margin (%) | 13.4% | 3.2% | -75.8% |
| P/E Multiple | 6.1 | 34.7 | 466.7% |
| Shares Outstanding (Mil) | 31 | 30 | 2.0% |
| Cumulative Contribution | 32.1% |
Market Drivers
4/30/2025 to 5/23/2026| Return | Correlation | |
|---|---|---|
| NXST | 32.1% | |
| Market (SPY) | 36.0% | 27.1% |
| Sector (XLC) | 22.5% | 28.7% |
Fundamental Drivers
The 23.3% change in NXST stock from 4/30/2023 to 5/23/2026 was primarily driven by a 487.6% change in the company's P/E Multiple.| (LTM values as of) | 4302023 | 5232026 | Change |
|---|---|---|---|
| Stock Price ($) | 153.01 | 188.67 | 23.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,211 | 5,112 | -1.9% |
| Net Income Margin (%) | 18.6% | 3.2% | -82.7% |
| P/E Multiple | 5.9 | 34.7 | 487.6% |
| Shares Outstanding (Mil) | 38 | 30 | 23.5% |
| Cumulative Contribution | 23.3% |
Market Drivers
4/30/2023 to 5/23/2026| Return | Correlation | |
|---|---|---|
| NXST | 23.3% | |
| Market (SPY) | 86.3% | 38.1% |
| Sector (XLC) | 99.2% | 39.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| NXST Return | 39% | 20% | -8% | 5% | 34% | -5% | 107% |
| Peers Return | 6% | -30% | -17% | -9% | 74% | -11% | -13% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 98% |
Monthly Win Rates [3] | |||||||
| NXST Win Rate | 58% | 25% | 50% | 50% | 58% | 60% | |
| Peers Win Rate | 45% | 35% | 40% | 50% | 57% | 44% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| NXST Max Drawdown | -14% | -23% | -36% | -16% | -21% | -29% | |
| Peers Max Drawdown | -36% | -45% | -49% | -47% | -34% | -26% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: FOXA, WBD, SBGI, GTN, SSP. See NXST Returns vs. Peers.
[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 5/22/2026 (YTD)
How Low Can It Go
| Event | NXST | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -25.6% | -9.5% |
| % Gain to Breakeven | 34.4% | 10.5% |
| Time to Breakeven | 141 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -22.9% | -6.7% |
| % Gain to Breakeven | 29.7% | 7.1% |
| Time to Breakeven | 526 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -14.2% | -24.5% |
| % Gain to Breakeven | 16.6% | 32.4% |
| Time to Breakeven | 119 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -64.0% | -33.7% |
| % Gain to Breakeven | 177.5% | 50.9% |
| Time to Breakeven | 318 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -12.7% | -19.2% |
| % Gain to Breakeven | 14.5% | 23.8% |
| Time to Breakeven | 10 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -13.9% | -3.7% |
| % Gain to Breakeven | 16.2% | 3.9% |
| Time to Breakeven | 7 days | 6 days |
In The Past
Nexstar Media's stock fell -6.3% during the 2025 US Tariff Shock. Such a loss loss requires a 6.7% gain to breakeven.
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Asset Allocation
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| Event | NXST | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -25.6% | -9.5% |
| % Gain to Breakeven | 34.4% | 10.5% |
| Time to Breakeven | 141 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -22.9% | -6.7% |
| % Gain to Breakeven | 29.7% | 7.1% |
| Time to Breakeven | 526 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -64.0% | -33.7% |
| % Gain to Breakeven | 177.5% | 50.9% |
| Time to Breakeven | 318 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -32.8% | -12.2% |
| % Gain to Breakeven | 48.8% | 13.9% |
| Time to Breakeven | 82 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -20.2% | -6.8% |
| % Gain to Breakeven | 25.3% | 7.3% |
| Time to Breakeven | 18 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -36.9% | -17.9% |
| % Gain to Breakeven | 58.4% | 21.8% |
| Time to Breakeven | 62 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -33.6% | -15.4% |
| % Gain to Breakeven | 50.6% | 18.2% |
| Time to Breakeven | 219 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -94.5% | -53.4% |
| % Gain to Breakeven | 1724.2% | 114.4% |
| Time to Breakeven | 996 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -43.2% | -8.6% |
| % Gain to Breakeven | 76.1% | 9.5% |
| Time to Breakeven | 1996 days | 47 days |
In The Past
Nexstar Media's stock fell -6.3% during the 2025 US Tariff Shock. Such a loss loss requires a 6.7% 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 Nexstar Media (NXST)
Nexstar Media Group, Inc., a television broadcasting and digital media company, focuses on the acquisition, development, and operation of television stations and interactive community websites and digital media services in the United States. The company offers free programming to television viewing audiences. As of December 31, 2020, it provided sales, programming, and other services through various local service agreements to 37 power television stations owned by independent third parties; and owned, operated, programmed, or provided sales and other services to 198 television stations. The company also offers video and display advertising platforms that are delivered locally or nationally through its own and various third party websites and mobile applications, as well as owns WGN America, a national general entertainment cable network. Its stations are affiliates of ABC, NBC, FOX, CBS, The CW, MyNetworkTV, and other broadcast television networks. The company was formerly known as Nexstar Broadcasting Group, Inc. and changed its name to Nexstar Media Group, Inc. in January 2017. Nexstar Media Group, Inc. was founded in 1996 and is headquartered in Irving, Texas.
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It's like the Marriott or Hilton of local broadcast TV stations, operating hundreds of network affiliates across the U.S.
Think of it as the McDonald's of local TV stations, managing hundreds of local broadcast affiliates for major networks like ABC, NBC, and CBS.
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- Local Television Broadcasting: Operates and programs a large portfolio of local television stations, delivering free programming to viewing audiences.
- Digital Media Services: Provides interactive community websites and various digital media services that complement its broadcast operations.
- Advertising Services: Offers video and display advertising platforms delivered through its own and third-party websites and mobile applications.
- National Cable Network: Owns and operates a national general entertainment cable network, WGN America (now NewsNation).
- Broadcast Station Services: Provides sales, programming, and other operational services to independent third-party owned television stations.
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Nexstar Media Group, Inc. (NXST) primarily sells its services and advertising inventory to other companies rather than directly to individuals. Based on the provided company description, its major customers fall into the following categories:
- Advertisers: Businesses and organizations that purchase video and display advertising platforms to reach local and national audiences through Nexstar's television stations, websites, and mobile applications.
- Cable, Satellite, and Streaming TV Providers: Companies that carry Nexstar's national general entertainment cable network (WGN America/NewsNation) and its affiliated local television stations, paying carriage fees and retransmission consent fees.
- Independent Third-Party Television Stations: Other television stations that contract with Nexstar for various services, including sales, programming, and other operational support, as mentioned for the 37 power television stations.
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- The Walt Disney Company (DIS)
- Comcast Corporation (CMCSA)
- Fox Corporation (FOX)
- Paramount Global (PARA)
- Warner Bros. Discovery (WBD)
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Perry A. Sook, Chairman and Chief Executive Officer
Perry A. Sook founded Nexstar Media Group in 1996 with the acquisition of a single local television station, WYOU in Scranton, Pennsylvania. He has over 37 years of experience in the television and radio broadcasting industries, encompassing ownership, mergers and acquisitions, management, sales, on-air talent, and news. Before founding Nexstar, Mr. Sook was a principal of Superior Communication Group, Inc., which was sold to Sinclair Broadcast Group in 1995. Prior to Superior, he served as President/CEO of Seaway Communication, Inc. Nexstar was initially backed by ABRY Partners.
Lee Ann Gliha, Executive Vice President and Chief Financial Officer
Lee Ann Gliha was appointed Executive Vice President and Chief Financial Officer in August 2021. She oversees all financial aspects of the company, including financial reporting, internal audit, investor relations, treasury, and capital markets functions, and plays a prominent role in strategic planning, business development, and mergers and acquisitions. From April 2016 to July 2021, Ms. Gliha was a Managing Director at Jefferies LLC, where she oversaw transactions exceeding $90 billion, primarily in the technology, media, and telecommunications sector. Before Jefferies, she worked as an investment banker at Houlihan Lokey from 2008 to 2016, specializing in media and out-of-home entertainment. Ms. Gliha also held positions at UBS Investment Bank and Banc of America Securities and previously served as Executive Vice President of Corporate Finance at Live Nation, Inc. from 2006 to 2008, where she was responsible for M&A, financing, and investor relations.
Michael Biard, President and Chief Operating Officer
Michael Biard serves as President and Chief Operating Officer of Nexstar Media Group. He participates in discussions about Nexstar Media Group's strategy and operations.
Rachel Morgan, EVP/General Counsel and Corporate Secretary
Rachel Morgan is the Executive Vice President, General Counsel, and Corporate Secretary for Nexstar Media Group.
Brett Jenkins, EVP/Chief Technology & Digital Officer
Brett Jenkins is the Executive Vice President, Chief Technology & Digital Officer. In this role, he is responsible for overseeing Nexstar's digital technology and operations, including its local websites, mobile applications, and the BestReviews platform.
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Nexstar Media Group (NXST) faces several key risks to its business as the media landscape continues to evolve. One of the most significant risks is the **changing consumer preferences and the decline of the traditional broadcast model**. As consumers increasingly shift to digital platforms and streaming services, linear TV viewership and subscriber numbers are declining, directly impacting Nexstar's traditional broadcast revenue streams from both distribution and advertising. This trend necessitates ongoing investment in digital capabilities and content to remain relevant. A substantial near-term risk involves the **regulatory hurdles and potential integration challenges associated with its proposed acquisition of TEGNA**. The merger is subject to regulatory approvals, including FCC consent and antitrust clearance. Delays, denials, or requirements for significant divestitures could derail the acquisition, impacting Nexstar's strategic growth plans and potentially leading to a considerable termination fee. Even if approved, effectively combining the operations, cultures, and systems of two large entities presents significant integration risks. Finally, Nexstar Media is susceptible to **fluctuations in advertising revenue, particularly due to its dependence on cyclical political advertising and increasing competition from digital platforms**. While political advertising provides a significant boost in election years, its absence in off-cycle periods can lead to revenue downturns. Beyond political cycles, the broader advertising market is subject to economic conditions and intense competition from diverse digital channels, impacting Nexstar's ability to maintain and grow non-political advertising income.AI Analysis | Feedback
The clear emerging threats for Nexstar Media are the accelerating trends of cord-cutting and the comprehensive shift in viewership and advertising spend towards Over-The-Top (OTT) streaming services and digital platforms. As consumers increasingly abandon traditional cable and satellite subscriptions and opt for a multitude of on-demand streaming options (both subscription-based and ad-supported), Nexstar's core revenue streams—retransmission fees from cable/satellite providers and advertising dollars for its broadcast stations and national cable network (WGN America)—are directly undermined. Concurrently, the proliferation of digital advertising platforms (e.g., Google, Meta, Amazon) offering highly targeted and measurable ad solutions draws significant advertising expenditure away from traditional linear television, further pressuring Nexstar's financial performance.
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Nexstar Media Group, Inc. (NXST) operates within several significant addressable markets in the United States, primarily deriving revenue from television broadcasting and digital media services. Here are the addressable market sizes for Nexstar Media's main products and services: * **U.S. Broadcasting and Cable TV Market (Overall):** This broad market encompasses television broadcasting and cable services, which directly relates to Nexstar's core business of owning and operating local television stations and national networks. * The U.S. broadcasting and cable TV market was valued at over $127.53 billion in 2025 and is projected to surpass $155.46 billion by 2035. * Another report indicates revenues of $133.7 billion in 2024 for the U.S. broadcasting and cable TV market. * **U.S. Television Advertising Market:** This market is a major component of Nexstar's revenue through the sale of commercial airtime on its stations and networks. * The U.S. television advertising market size was approximately $60.79 billion in 2024 and is projected to reach around $93.29 billion by 2034. * More specifically, local TV advertising in the U.S. is projected to reach $17.27 billion in 2025. For 2025, BIA Advisory Services forecasts $14.51 billion in local TV over-the-air (OTA) ad revenue, expecting it to grow to $18.18 billion in 2026. * **U.S. Digital Advertising Market (including Digital Video and Connected TV Advertising):** Nexstar's digital media services and platforms contribute to this market. * The U.S. digital advertising market size was estimated at $246.43 billion in 2024 and is projected to grow to $266.14 billion in 2025. * Within digital advertising, the U.S. digital video advertising market is expected to reach $34.6 billion by 2027. * Connected TV (CTV) ad spend in the U.S. surpassed $30 billion in 2025. This figure is also projected to reach $32.57 billion in 2025.AI Analysis | Feedback
Nexstar Media (NXST) is anticipated to drive future revenue growth over the next 2-3 years through several key initiatives: * Political Advertising: Nexstar is strategically positioned to benefit significantly from political advertising spending, especially during election cycles. The company explicitly plans to capitalize on political advertising opportunities in the 2025–2026 election cycle, with political advertising projected to account for a low double-digit share of the total broadcast political advertising spend. * Distribution Revenue Growth: Distribution revenue, including retransmission consent fees and income from virtual multichannel video programming distributors (vMVPDs), remains a consistent and growing revenue stream. Nexstar regularly renews distribution contracts on favorable terms and is experiencing growth in vMVPD subscribers. The company expects distribution revenue growth to be in the low to mid-single digits for 2026, with a substantial portion of its subscriber base up for renewal. * Digital Media and Advertising Expansion: Nexstar is heavily investing in and focusing on its digital platforms to drive future growth. This includes monetizing digital content across its local websites, mobile applications, and other digital assets. Digital revenue grew in the high single digits in 2025 and is projected to surpass national advertising revenue by 2026, marking a significant strategic milestone for the company. * The CW Network's Path to Profitability and Sports Programming: Nexstar's acquisition of a majority stake in The CW Network is a key element of its growth strategy, with the aim of achieving profitability by 2026. This involves diversifying programming, particularly by significantly increasing sports content to attract a broader audience and boost advertising revenue. The CW has already shown a substantial year-over-year increase in viewership and reduced its losses in 2025. * Strategic Mergers & Acquisitions and Deregulation: Nexstar's growth strategy includes strategic acquisitions to expand its market presence and diversify revenue streams. The proposed acquisition of TEGNA is a major initiative expected to enhance Nexstar's competitive position. Furthermore, the company is actively pursuing deregulation and the potential loosening of FCC ownership caps, which could enable additional acquisitions and further expansion into new markets and network affiliations.AI Analysis | Feedback
Share Repurchases
- Nexstar's Board of Directors approved a new share repurchase program in July 2024, authorizing up to $1.5 billion in repurchases, building upon an existing program that had $496 million remaining as of May 8, 2024.
- In 2024, Nexstar returned $601 million to shareholders through share repurchases, contributing to a nearly 9% reduction in shares outstanding during that year.
- The company repurchased 441,164 shares for $75 million in the first quarter of 2025 and 311,998 shares for $50 million in the second quarter of 2025.
Outbound Investments
- In October 2022, Nexstar acquired a 75% controlling stake in The CW Network, subsequently increasing its ownership to 77.1% in December 2024.
- Nexstar announced the acquisition of WBNX-TV/TV55 in Cleveland, Ohio, in October 2024, which commenced operations as a CW affiliate on September 1, 2025, creating a duopoly in the market.
- In August 2025, Nexstar entered a definitive agreement to acquire TEGNA Inc. for $6.2 billion, an all-cash transaction inclusive of TEGNA's net debt and transaction expenses, with the closing anticipated by the second half of 2026.
Capital Expenditures
- Capital expenditures for the fourth quarter of 2024 were $35 million.
- In the second quarter of 2025, capital expenditures decreased to $29 million from $37 million in the comparable prior-year quarter, mainly due to the timing of projects and lower overall capital expenditures in non-election years.
- For the fourth quarter of 2025, capital expenditures increased to $54 million, up from $35 million in the fourth quarter of 2024.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Nexstar Media Earnings Notes | 12/29/2026 | |
| With Nexstar Media Stock Surging, Have You Considered The Downside? | 10/17/2025 | |
| NXST's 11% One Week Pop Begs The Question: Is IBKR Better Instead? | 08/18/2025 | |
| How Does Nexstar Media Stock Stack Up Against Its Peers? | 08/13/2025 | |
| Better Bet Than NXST Stock: Pay Less Than Nexstar Media To Get More From CALM, PTCT | 08/12/2025 | |
| NXST Dip Buy Analysis | 07/10/2025 | |
| Nexstar Media (NXST) Operating Cash Flow Comparison | 02/17/2025 | |
| ARTICLES | ||
| Small Cap Stocks Trading At 52-Week High | 08/12/2025 |
Trade Ideas
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| 04242026 | CMCSA | Comcast | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | -1.9% | -1.9% | -2.9% |
| 04022026 | TTD | Trade Desk | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 7.0% | 7.0% | -8.9% |
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| 03062026 | CARG | CarGurus | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | 8.3% | 8.3% | -8.3% |
| 02132026 | YELP | Yelp | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 31.6% | 31.6% | -5.7% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 20.45 |
| Mkt Cap | 3.4 |
| Rev LTM | 4,156 |
| Op Inc LTM | 656 |
| FCF LTM | 431 |
| FCF 3Y Avg | 546 |
| CFO LTM | 535 |
| CFO 3Y Avg | 702 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -6.9% |
| Rev Chg 3Y Avg | -2.6% |
| Rev Chg Q | -1.2% |
| QoQ Delta Rev Chg LTM | -0.3% |
| Op Inc Chg LTM | -39.2% |
| Op Inc Chg 3Y Avg | 1.0% |
| Op Mgn LTM | 10.2% |
| Op Mgn 3Y Avg | 14.3% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 8.3% |
| CFO/Rev 3Y Avg | 13.4% |
| FCF/Rev LTM | 5.5% |
| FCF/Rev 3Y Avg | 9.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 3.4 |
| P/S | 0.7 |
| P/Op Inc | 6.1 |
| P/EBIT | 7.0 |
| P/E | 6.1 |
| P/CFO | 6.0 |
| Total Yield | 2.1% |
| Dividend Yield | 2.5% |
| FCF Yield 3Y Avg | 16.7% |
| D/E | 3.4 |
| Net D/E | 2.9 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -9.5% |
| 3M Rtn | -6.9% |
| 6M Rtn | -5.3% |
| 12M Rtn | 15.7% |
| 3Y Rtn | 0.3% |
| 1M Excs Rtn | -14.7% |
| 3M Excs Rtn | -13.0% |
| 6M Excs Rtn | -17.5% |
| 12M Excs Rtn | -12.0% |
| 3Y Excs Rtn | -82.6% |
Price Behavior
Price Behavior
| Market Price | $188.67 | |
| Market Cap ($ Bil) | 5.7 | |
| First Trading Date | 11/25/2003 | |
| Distance from 52W High | -24.9% | |
| 50 Days | 200 Days | |
| DMA Price | $200.25 | $202.04 |
| DMA Trend | up | down |
| Distance from DMA | -5.8% | -6.6% |
| 3M | 1YR | |
| Volatility | 42.7% | 33.5% |
| Downside Capture | 162.13 | 73.25 |
| Upside Capture | 42.30 | 65.86 |
| Correlation (SPY) | 17.1% | 24.2% |
NXST Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.61 | 0.52 | 0.40 | 0.39 | 0.72 | 0.89 |
| Up Beta | -1.03 | -0.69 | -0.60 | -0.37 | 0.61 | 0.87 |
| Down Beta | 5.69 | 0.07 | 0.51 | 0.55 | 1.00 | 0.97 |
| Up Capture | 52% | 41% | 72% | 70% | 71% | 59% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 14 | 22 | 33 | 64 | 134 | 391 |
| Down Capture | -217% | 191% | 88% | 61% | 63% | 97% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 8 | 21 | 31 | 61 | 118 | 361 |
[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 NXST | |
|---|---|---|---|---|
| NXST | 14.6% | 33.3% | 0.45 | - |
| Sector ETF (XLC) | 16.0% | 13.2% | 0.87 | 26.6% |
| Equity (SPY) | 29.5% | 12.0% | 1.86 | 24.0% |
| Gold (GLD) | 35.5% | 26.8% | 1.11 | -4.5% |
| Commodities (DBC) | 42.9% | 18.7% | 1.77 | -10.5% |
| Real Estate (VNQ) | 15.2% | 13.1% | 0.82 | 23.8% |
| Bitcoin (BTCUSD) | -31.3% | 41.8% | -0.78 | 9.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with NXST | |
|---|---|---|---|---|
| NXST | 2.5% | 34.3% | 0.15 | - |
| Sector ETF (XLC) | 9.7% | 20.6% | 0.38 | 41.7% |
| Equity (SPY) | 14.0% | 17.0% | 0.64 | 42.3% |
| Gold (GLD) | 18.8% | 18.0% | 0.85 | 4.9% |
| Commodities (DBC) | 10.4% | 19.4% | 0.42 | 14.4% |
| Real Estate (VNQ) | 3.8% | 18.8% | 0.10 | 39.2% |
| Bitcoin (BTCUSD) | 11.6% | 55.3% | 0.41 | 14.0% |
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 NXST | |
|---|---|---|---|---|
| NXST | 14.3% | 40.1% | 0.49 | - |
| Sector ETF (XLC) | 9.6% | 22.2% | 0.50 | 51.6% |
| Equity (SPY) | 15.7% | 17.9% | 0.75 | 54.7% |
| Gold (GLD) | 13.0% | 16.0% | 0.67 | -1.8% |
| Commodities (DBC) | 7.8% | 17.9% | 0.35 | 23.8% |
| Real Estate (VNQ) | 5.5% | 20.7% | 0.23 | 48.5% |
| Bitcoin (BTCUSD) | 66.7% | 66.9% | 1.06 | 10.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/7/2026 | -1.4% | -0.6% | |
| 2/26/2026 | 5.9% | 5.6% | -5.6% |
| 11/6/2025 | -3.6% | -3.3% | 0.8% |
| 8/7/2025 | -1.3% | 12.3% | 12.4% |
| 5/8/2025 | 5.4% | 12.0% | 9.6% |
| 2/27/2025 | 11.1% | 15.9% | 22.7% |
| 11/7/2024 | 2.9% | -9.4% | -6.2% |
| 8/8/2024 | -4.9% | -6.6% | -5.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 15 | 15 | 17 |
| # Negative | 10 | 10 | 7 |
| Median Positive | 5.4% | 9.8% | 9.2% |
| Median Negative | -3.0% | -3.2% | -6.0% |
| Max Positive | 32.1% | 34.6% | 45.2% |
| Max Negative | -4.9% | -11.3% | -22.9% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/08/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 11/09/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Compton, Sean | President, Networks | Direct | Sell | 5192026 | 196.00 | 5,000 | 980,000 | 2,205,392 | Form |
| 2 | Lanzano, Dan | See Remarks | Direct | Sell | 5192026 | 196.37 | 237 | Form | ||
| 3 | Weaver, Robert S | EVP, Government Relations | Direct | Sell | 3262026 | 218.53 | 1,101 | 240,604 | 409,092 | Form |
| 4 | Weitman, Gary | See Remarks | Direct | Sell | 3262026 | 218.53 | 333 | 72,771 | 1,247,161 | Form |
| 5 | Russell, Blake | EVP, Operations | Direct | Sell | 3262026 | 218.53 | 333 | 72,771 | 5,644,895 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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