# Fox (FOX.US)

Canonical: https://gigainvestors.com/s/FOX

Analysis as of: 2026-10-16T07:28:37.165Z. Financial observations: FY2014–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $57.14 per share; close as of 2026-10-15.

Estimated value: low $51.57 per share, central $57.45 per share, high $65.28 per share. Buy at or below the central value $57.45 per share. Valuation as of 2026-10-16T07:28:37.165Z; scenarios are not confidence intervals.

Expected annual return: 10.0% at the stated quote. About 10.0% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.08×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.27×

- FY2018: 0.24×

- FY2019: 0.23×

- FY2020: 0.22×

- FY2021: 0.24×

- FY2022: 0.21×

- FY2023: 0.21×

- FY2024: 0.20×

- FY2025: 0.22×

- FY2026: 0.23×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 19.8%

- ROIC, second-lowest year: 10.0%

- Typical minus recent gross margin: 0.3 pp

- Typical gross margin (annual median): 35.8%

- Recent gross margin (lower of latest and 3-year median): 35.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.3%

- ROIC including acquisitions, ten-year median: 9.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 7.6%

- FY2018: 10.0%

- FY2019: 17.3%

- FY2020: 18.8%

- FY2021: 22.3%

- FY2022: 20.6%

- FY2023: 21.1%

- FY2024: 19.1%

- FY2025: 25.9%

- FY2026: 26.0%

### economics: pass

- Owner earnings / net income, 5-yr: 1.03×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $8.1B

- Net income, five-year total: $7.9B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -1.6 pp

- Working capital / revenue, change between three-year averages: -11.4 pp

- Working capital / revenue, final three-year average: 12.4%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.06×

- FY2023: 1.06×

- FY2024: 1.03×

- FY2025: 1.02×

- FY2026: 1.00×

### management: pass

- Historical market-dollar context (not the management verdict): 2019 to 2026 (7 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 10.0% vs 25.9%

- Per-share earnings: 2.21 to 3.84 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -3.4%

- Ordinary dilution, 5-year annual growth: -5.9%

- Market cap gain: -$2.1B

- Cumulative retained earnings: $4.1B

- Diluted shares, 10-year annual growth: -3.4%

- Diluted shares, 5-year annual growth: -5.9%

- $1 test, starting fiscal year: FY2019

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 7.1%

- Per-share value change: $1.63

- Per-share value, starting three-year median: $2.21

- Per-share value, ending three-year median: $3.84

- Buybacks concentrated in cheaper years (correlation): 0.11

- Average buyback yield: 6.7%

- Buyback history: 7 years

- Debt-funded buybacks: Yes

- Acquisition spending: $1.2B

- Cumulative net income, 10 years: $16B

- ROIC, first three-year median: 10.0%

- ROIC, last three-year median: 25.9%

Chart: Earnings per share; fiscal year observations.

- FY2017: $2.21

- FY2018: $3.52

- FY2019: $2.57

- FY2020: $1.62

- FY2021: $3.61

- FY2022: $2.11

- FY2023: $2.33

- FY2024: $3.13

- FY2025: $4.91

- FY2026: $3.84

### accounting: pass

- Sloan accruals: -1.3%

- Receivables to sales index (DSRI): 1.33×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 6.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.17×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.56×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -2.7%

- FY2018: 6.6%

- FY2019: -4.8%

- FY2020: -6.3%

- FY2021: -2.1%

- FY2022: -3.1%

- FY2023: -2.6%

- FY2024: -1.5%

- FY2025: -4.6%

- FY2026: -1.3%

## Holders

- [David Hoeft](https://gigainvestors.com/DAC): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Donald Yacktman](https://gigainvestors.com/YAM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 0.8% a year for ten years · "Advertising Revenue: 65% growth, driven by the Super Bowl and Tubi." (finance.yahoo.com, May 2025) · sales +5.1%

Story as of 2026-10-16T09:58:46.967Z; price observation 2026-10-15.

Price needs cash profits to grow 0.8% a year for ten years

- 2025-05-12: Fox beats quarterly revenue estimates as Super Bowl boosts advertising ([finance.yahoo.com](https://finance.yahoo.com/news/fox-reports-upbeat-third-quarter-120613966.html))

- 2025-08-26: Alphabet's YouTube Says Fox Channels Could Go Dark Over Payment Issue ([finance.yahoo.com](https://finance.yahoo.com/news/alphabet-apos-youtube-says-fox-110922763.html))

- 2025-10-30: Fox Revenue Rises on Higher Ad Sales ([finance.yahoo.com](https://finance.yahoo.com/m/447cf96c-180b-3541-8a0f-a780dce23b8a/fox-revenue-rises-on-higher.html))

- 2026-07-03: Fox (FOXA) Is Buying Roku For $22 Billion To Expand Its Streaming Reach ([finance.yahoo.com](https://finance.yahoo.com/media-advertising/articles/fox-foxa-buying-roku-22-191536704.html))

- 2026-08-06: Fox reports Q4 earnings beat on World Cup ad revenue boost, shares gain ([finance.yahoo.com](https://finance.yahoo.com/media-advertising/articles/fox-reports-q4-earnings-beat-124322708.html))

### Sales · FY2025–2026

sales +5.1%; source https://www.sec.gov/Archives/edgar/data/1754301/000162828026053960/fox-20260630.htm; observed 2026-08-06.

- FY2017: $9.9B 

- FY2018: $10B 

- FY2019: $11B 

- FY2020: $12B 

- FY2021: $13B 

- FY2022: $14B 

- FY2023: $15B 

- FY2024: $14B 

- FY2025: $16B 

- FY2026: $17B 

### Gross margin · FY2026

gross margin 36.6%; source https://www.sec.gov/Archives/edgar/data/1754301/000162828026053960/fox-20260630.htm; observed 2026-08-06.

- FY2017: 38.5% 

- FY2018: 35.9% 

- FY2019: 35.7% 

- FY2020: 36.5% 

- FY2021: 37.7% 

- FY2022: 34.8% 

- FY2023: 35.0% 

- FY2024: 35.0% 

- FY2025: 35.5% 

- FY2026: 36.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in entertainment; annual sales are USD 17.1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1754301/000162828026053960/fox-20260630.htm (filed 2026-08-06); FY2026: revenue 17126000000; grossProfit 6273000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 35% to 36.6% during 2024–26; it earns 19.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-06); FY2024: grossProfit / revenue = 35%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-06); FY2025: grossProfit / revenue = 35.5%.

- Source: https://www.sec.gov/Archives/edgar/data/1754301/000162828026053960/fox-20260630.htm (filed 2026-08-06); FY2026: grossProfit / revenue = 36.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-06); 10-year return on capital observations [[2017,0.07563799113482808],[2018,0.09995810640971932],[2019,0.17299016727080813],[2020,0.1880844821162444],[2021,0.22332801669667215],[2022,0.20628555706600057],[2023,0.21088102251525312],[2024,0.19070645786544907],[2025,0.25867224003312667],[2026,0.2603034127256359]]; median 0.19849600746572482. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Spends 5.5% of cash earnings on expansion; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-06); FY2017: growth capex 0; upkeep 191000000; owner earnings 1407000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-06); FY2018: growth capex 0; upkeep 215000000; owner earnings 2196000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-06); FY2019: growth capex 0; upkeep 235000000; owner earnings 1610000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-06); FY2020: growth capex 77000000; upkeep 282000000; owner earnings 999000000. Growth capex / owner earnings = 0.07707707707707707.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-06); FY2021: growth capex 76843254.3733241; upkeep 407156745.6266759; owner earnings 2064843254.3733242. Growth capex / owner earnings = 0.03721505456192406.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-06); FY2022: growth capex 0; upkeep 307000000; owner earnings 1279000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-06); FY2023: growth capex 0; upkeep 357000000; owner earnings 1309000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-06); FY2024: growth capex 0; upkeep 345000000; owner earnings 1545000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-06); FY2025: growth capex 0; upkeep 331000000; owner earnings 2317000000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1754301/000162828026053960/fox-20260630.htm (filed 2026-08-06); FY2026: growth capex 92000000; upkeep 410000000; owner earnings 1685000000. Growth capex / owner earnings = 0.05459940652818991.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-06); Dividend observations: [[2017,35000000],[2018,77000000],[2019,6688000000],[2020,335000000],[2021,330000000],[2022,307000000],[2023,299000000],[2024,281000000],[2025,277000000],[2026,287000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1754301/000162828026053960/fox-20260630.htm (filed 2026-08-06); FY2026: cash repurchases 2000000000 USD.

### Are managers owners

Insiders own 39.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); FOX.US SharesStats.PercentInsiders = 39.867999999999995 percentage points; cache date 2026-10-16.

### What could break it

"Acceptance of the Company's content by the public is difficult to predict" (SEC filing, Aug 2026)

- Source: https://www.sec.gov/Archives/edgar/data/1754301/000162828026053960/fox-20260630.htm (filed 2026-08-06); Acceptance of the Company's content by the public is difficult to predict

### What the price says

The price assumes cash profits grow 0.8% yearly over ten years; actual growth was 7.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-08-06); Ten-year compound average after fade. Initial solved rate -0.0011483473438466674. Price 57.14; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 1.9306451612903226 → FY2026 3.838268792710706. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2019-03: $35.88 per share

- 2019-04: $38.50 per share

- 2019-05: $34.71 per share

- 2019-06: $36.53 per share

- 2019-07: $37.20 per share

- 2019-08: $32.80 per share

- 2019-09: $31.54 per share

- 2019-10: $31.24 per share

- 2019-11: $34.98 per share

- 2019-12: $36.40 per share

- 2020-01: $36.33 per share

- 2020-02: $30.45 per share

- 2020-03: $22.88 per share

- 2020-04: $25.56 per share

- 2020-05: $28.78 per share

- 2020-06: $26.84 per share

- 2020-07: $25.77 per share

- 2020-08: $27.80 per share

- 2020-09: $27.97 per share

- 2020-10: $26.14 per share

- 2020-11: $28.38 per share

- 2020-12: $28.88 per share

- 2021-01: $29.89 per share

- 2021-02: $31.93 per share

- 2021-03: $34.93 per share

- 2021-04: $36.38 per share

- 2021-05: $36.28 per share

- 2021-06: $35.20 per share

- 2021-07: $33.24 per share

- 2021-08: $34.63 per share

- 2021-09: $37.12 per share

- 2021-10: $36.96 per share

- 2021-11: $33.60 per share

- 2021-12: $34.27 per share

- 2022-01: $37.18 per share

- 2022-02: $38.26 per share

- 2022-03: $36.28 per share

- 2022-04: $33.24 per share

- 2022-05: $32.71 per share

- 2022-06: $29.70 per share

- 2022-07: $30.90 per share

- 2022-08: $31.62 per share

- 2022-09: $28.50 per share

- 2022-10: $27.20 per share

- 2022-11: $30.52 per share

- 2022-12: $28.45 per share

- 2023-01: $31.70 per share

- 2023-02: $32.25 per share

- 2023-03: $31.31 per share

- 2023-04: $30.54 per share

- 2023-05: $29.21 per share

- 2023-06: $31.89 per share

- 2023-07: $31.41 per share

- 2023-08: $30.52 per share

- 2023-09: $28.88 per share

- 2023-10: $27.91 per share

- 2023-11: $27.66 per share

- 2023-12: $27.65 per share

- 2024-01: $30.01 per share

- 2024-02: $27.38 per share

- 2024-03: $28.62 per share

- 2024-04: $28.68 per share

- 2024-05: $31.94 per share

- 2024-06: $32.02 per share

- 2024-07: $35.43 per share

- 2024-08: $38.43 per share

- 2024-09: $38.80 per share

- 2024-10: $38.96 per share

- 2024-11: $44.73 per share

- 2024-12: $45.74 per share

- 2025-01: $48.60 per share

- 2025-02: $54.07 per share

- 2025-03: $52.71 per share

- 2025-04: $46.24 per share

- 2025-05: $50.28 per share

- 2025-06: $51.63 per share

- 2025-07: $51.14 per share

- 2025-08: $54.55 per share

- 2025-09: $57.29 per share

- 2025-10: $58.41 per share

- 2025-11: $58.26 per share

- 2025-12: $64.93 per share

- 2026-01: $65.57 per share

- 2026-02: $51.73 per share

- 2026-03: $53.10 per share

- 2026-04: $57.02 per share

- 2026-05: $57.39 per share

- 2026-06: $46.84 per share

- 2026-07: $51.94 per share

- 2026-08: $60.22 per share

- 2026-09: $56.30 per share

- 2026-10: $57.14 per share

## Annual estimated value (USD per share)

- FY2018: low $29.04 per share, central $32.54 per share, high $37.19 per share

- FY2019: low $33.27 per share, central $37.19 per share, high $42.41 per share

- FY2020: low $38.00 per share, central $42.26 per share, high $47.92 per share

- FY2021: low $43.09 per share, central $47.73 per share, high $53.90 per share

- FY2022: low $46.51 per share, central $51.74 per share, high $58.69 per share

- FY2023: low $35.58 per share, central $39.45 per share, high $44.61 per share

- FY2024: low $37.55 per share, central $41.57 per share, high $46.92 per share

- FY2025: low $53.61 per share, central $59.50 per share, high $67.34 per share

- FY2026: low $50.75 per share, central $56.54 per share, high $64.24 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:34:19.166Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1754301/000162828026053960/fox-20260630.htm); period 2026-06-30, filed 2026-08-06.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.