# 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.

## Reported holder observations

- [David Hoeft](https://gigainvestors.com/DAC): 11,223,096 FOXA shares; USD 585,397,000 reported position value; 0.31% of portfolio; add; quarter 2026 Q2.
- [David Hoeft](https://gigainvestors.com/DAC): 7,266,093 FOX shares; USD 340,344,000 reported position value; 0.18% of portfolio; add; quarter 2026 Q2.
- [Donald Yacktman](https://gigainvestors.com/YAM): 5,649,828 FOX shares; USD 264,638,000 reported position value; 3.27% of portfolio; add; quarter 2026 Q2.
- [Donald Yacktman](https://gigainvestors.com/YAM): 1,185,089 FOXA shares; USD 61,814,000 reported position value; 0.76% of portfolio; reduce; quarter 2026 Q2.

# FOX — Fox Corporation CL B

Held by 2 investors · USD 604,982,000 total · 2026 Q2 · reported price USD 46.84 (split-adjusted).
Page: https://gigainvestors.com/s/FOX

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| David Hoeft (https://gigainvestors.com/DAC) | USD 340,344,000 | 0.2% | add +1.21% |
| Donald Yacktman (https://gigainvestors.com/YAM) | USD 264,638,000 | 3.3% | add +1.5% |

## Total held by quarter

- 2014 Q2: USD 91,157,331 · 1 holder · USD 34.23
- 2014 Q3: USD 839,412,000 · 1 holder · USD 33.31
- 2014 Q4: USD 1,117,767,000 · 1 holder · USD 36.89
- 2015 Q1: USD 1,031,938,800 · 1 holder · USD 32.88
- 2015 Q2: USD 1,436,410,581 · 1 holder · USD 32.22
- 2015 Q3: USD 1,457,823,286 · 2 holders · USD 27.07
- 2015 Q4: USD 1,466,439,900 · 2 holders · USD 27.23
- 2016 Q1: USD 1,539,845,039 · 2 holders · USD 28.20
- 2016 Q2: USD 1,487,970,827 · 2 holders · USD 27.25
- 2016 Q3: USD 1,425,133,697 · 2 holders · USD 24.74
- 2016 Q4: USD 1,651,470,827 · 2 holders · USD 27.25
- 2017 Q1: USD 1,926,008,913 · 2 holders · USD 31.78
- 2017 Q2: USD 1,689,045,576 · 2 holders · USD 27.87
- 2017 Q3: USD 1,565,733,492 · 2 holders · USD 25.79
- 2017 Q4: USD 2,218,403,651 · 3 holders · USD 34.12
- 2018 Q1: USD 2,776,207,097 · 3 holders · USD 36.37
- 2018 Q2: USD 3,174,091,401 · 3 holders · USD 49.27
- 2018 Q3: USD 1,810,381,328 · 2 holders · USD 45.82
- 2018 Q4: USD 2,905,899,807 · 3 holders · USD 47.78
- 2019 Q1: USD 580,533,520 · 3 holders · USD 35.88
- 2019 Q2: USD 479,203,426 · 2 holders · USD 36.53
- 2019 Q3: USD 422,741,375 · 2 holders · USD 31.54
- 2019 Q4: USD 511,784,910 · 2 holders · USD 36.40
- 2020 Q1: USD 386,753,178 · 2 holders · USD 22.88
- 2020 Q2: USD 432,337,754 · 2 holders · USD 26.84
- 2020 Q3: USD 472,481,995 · 2 holders · USD 27.97
- 2020 Q4: USD 426,171,676 · 2 holders · USD 28.88
- 2021 Q1: USD 500,200,884 · 2 holders · USD 34.93
- 2021 Q2: USD 303,163,309 · 1 holder · USD 35.20
- 2021 Q3: USD 318,086,031 · 1 holder · USD 37.12
- 2021 Q4: USD 296,744,273 · 1 holder · USD 34.27
- 2022 Q1: USD 310,233,581 · 1 holder · USD 36.28
- 2022 Q2: USD 256,479,963 · 1 holder · USD 29.70
- 2022 Q3: USD 246,507,587 · 1 holder · USD 28.50
- 2022 Q4: USD 247,099,971 · 1 holder · USD 28.45
- 2023 Q1: USD 273,535,119 · 1 holder · USD 31.31
- 2023 Q2: USD 279,486,129 · 1 holder · USD 31.89
- 2023 Q3: USD 251,728,592 · 1 holder · USD 28.88
- 2023 Q4: USD 237,717,225 · 1 holder · USD 27.65
- 2024 Q1: USD 574,556,832 · 2 holders · USD 28.62
- 2024 Q2: USD 643,610,869 · 2 holders · USD 32.02
- 2024 Q3: USD 749,992,166 · 2 holders · USD 38.80
- 2024 Q4: USD 848,160,845 · 2 holders · USD 45.74
- 2025 Q1: USD 878,550,461 · 2 holders · USD 52.71
- 2025 Q2: USD 698,823,305 · 2 holders · USD 51.63
- 2025 Q3: USD 749,576,000 · 2 holders · USD 57.29
- 2025 Q4: USD 832,897,237 · 2 holders · USD 64.93
- 2026 Q1: USD 676,781,377 · 2 holders · USD 53.10
- 2026 Q2: USD 604,982,000 · 2 holders · USD 46.84