# Nexstar Broadcasting Group (NXST.US)

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

Analysis as of: 2026-10-16T07:30:48.749Z. Financial observations: FY1999–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: $164.65 per share; close as of 2026-10-15.

Estimated value: low $635.33 per share, central $722.58 per share, high $838.72 per share. Buy at or below the central value $722.58 per share. Valuation as of 2026-10-16T07:30:48.749Z; scenarios are not confidence intervals.

Expected annual return: 36.3% at the stated quote. About 36.3% 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

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.23×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.21×

- FY2018: 0.27×

- FY2019: 0.22×

- FY2020: 0.31×

- FY2021: 0.25×

- FY2022: 0.25×

- FY2023: 0.14×

- FY2024: 0.23×

- FY2025: 0.17×

- LTM to Jun 2026: 0.15×

### moat: fail

- ROIC median below threshold

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

- Recent gross margin fell 20.3pp below the typical margin (limit 4pp)

- ROIC, median of available years: 13.4%

- ROIC, second-lowest year: 7.5%

- Typical minus recent gross margin: 20.3 pp

- Typical gross margin (annual median): 59.3%

- Recent gross margin (lower of latest and 3-year median): 39.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.0%

- ROIC including acquisitions, ten-year median: 11.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 9.6%

- FY2017: 14.1%

- FY2018: 15.7%

- FY2019: 5.8%

- FY2020: 14.2%

- FY2021: 12.6%

- FY2022: 15.5%

- FY2023: 7.5%

- FY2024: 15.0%

- FY2025: 9.8%

### economics: pass

- Owner earnings / net income, 5-yr: 2.02×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $6.0B

- Net income, five-year total: $3.0B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.8 pp

- Working capital / revenue, change between three-year averages: -4.5 pp

- Working capital / revenue, final three-year average: 17.1%

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

- FY2021: 1.53×

- FY2022: 1.52×

- FY2023: 3.29×

- FY2024: 1.92×

- FY2025: 6.84×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 14.1% vs 9.8%

- Per-share earnings: 2.89 to 9.66 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.4%

- Ordinary dilution, 5-year annual growth: -8.1%

- Market cap gain: $4.2B

- Cumulative retained earnings: $3.7B

- Diluted shares, 10-year annual growth: -0.4%

- Diluted shares, 5-year annual growth: -8.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 16.3%

- Per-share value change: $6.76

- Per-share value, starting three-year median: $2.89

- Per-share value, ending three-year median: $9.66

- Buybacks concentrated in cheaper years (correlation): 0.58

- Average buyback yield: 6.2%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: $9.6B

- Cumulative net income, 10 years: $5.0B

- ROIC, first three-year median: 14.1%

- ROIC, last three-year median: 9.8%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.89

- FY2017: $10.07

- FY2018: $8.21

- FY2019: $4.80

- FY2020: $17.37

- FY2021: $18.96

- FY2022: $24.16

- FY2023: $9.66

- FY2024: $22.01

- FY2025: $3.55

### accounting: pass

- Sloan accruals: -7.1%

- Receivables to sales index (DSRI): 1.14×

- Restructuring years, last five: 1

- Stock compensation / operating cash flow: 6.5%

- Earnings backed by cash: Yes

- Operating cash / earnings: 8.17×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 3.61×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.5%

- FY2017: 4.9%

- FY2018: -4.9%

- FY2019: -1.3%

- FY2020: -3.3%

- FY2021: -2.9%

- FY2022: -3.4%

- FY2023: -5.4%

- FY2024: -4.6%

- FY2025: -7.1%

## Holders

## Price story

Down 34% since Feb 2026 · "Political Advertising Revenue: $6 million, a decrease of $32 million from the prior year." (finance.yahoo.com, May 2025) · sales +40.7%

Story as of 2026-10-16T09:59:18.222Z; price observation 2026-10-15.

Price needs cash profits to shrink 18.5% a year for ten years

- 2025-05-08: NewsNation Parent Nexstar Raises Dividend Despite Q1 Revenue Decline, Stock Soars ([finance.yahoo.com](https://finance.yahoo.com/news/newsnation-parent-nexstar-raises-dividend-162921994.html))

- 2025-08-19: Nexstar Acquiring Tegna in $6.2 Billion Deal to Better Compete With Legacy Media Companies ([finance.yahoo.com](https://finance.yahoo.com/news/nexstar-acquiring-tegna-6-2-145630457.html))

- 2026-07-16: FCC Vote on TV Cap Lifts Nexstar 8.8%, Sparks Broadcast Rally ([finance.yahoo.com](https://finance.yahoo.com/media-advertising/articles/fcc-vote-tv-cap-lifts-192822350.html))

### Sales · FY2025–2026

sales +40.7%; source https://www.sec.gov/Archives/edgar/data/1142417/000119312526078361/nxst-20251231.htm; observed 2026-02-27.

- FY2017: $2.4B 

- FY2018: $2.8B 

- FY2019: $3.0B 

- FY2020: $4.5B 

- FY2021: $4.6B 

- FY2022: $5.2B 

- FY2023: $4.9B 

- FY2024: $5.4B 

- FY2025: $4.9B 

- FY2026: $7.0B 

### Gross margin · FY2025

gross margin 39%; source https://www.sec.gov/Archives/edgar/data/1142417/000119312526078361/nxst-20251231.htm; observed 2026-02-27.

- FY2016: 62.2% 

- FY2017: 57.4% 

- FY2018: 59.6% 

- FY2019: 55.6% 

- FY2020: 61.8% 

- FY2021: 59.9% 

- FY2022: 61.5% 

- FY2023: 56.9% 

- FY2024: 58.9% 

- FY2025: 39.0% 

## Owner memo

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

### How it makes money

Operates in broadcasting; annual sales are USD 4.9 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1142417/000119312526078361/nxst-20251231.htm (filed 2026-02-27); FY2025: revenue 4949000000; grossProfit 1929000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NXST.US: Nexstar Media Group, Inc. operates as a diversified media company that produces and distributes local and national news, sports, and entertainment contents on the television and digital platforms in the United States. It owns, operates, programs, or provides sales and other services to power television and radio stations; and provides television programming services. The company offers video and display advertising platforms through its own and various third party websites, mobile and over-the-top applications, digital media solutions to media publishers and advertisers, and a consumer product reviews platform. In addition, it owns NewsNation, a national cable news network; and WGN-AM, a Chicago radio station, as well as owns and operates digital multicast networks. Further, its digital assets include 125 local websites, 229 mobile applications, 110 connected television applications, television channels from The CW and The Hill, BestReviews, and advertising solutions. Additionally, the company engages in the digital business. Its stations are affiliates of ABC, NBC, FOX, CBS, The CW, MyNetworkTV, and other broadcast television networks. Nexstar Media Group, Inc. was formerly known as Nexstar Broadcasting Group, Inc. and changed its name to Nexstar Media Group, Inc. in January 2017. The company was founded in 1996 and is headquartered in Irving, Texas.

### Why customers stay

Margins ranged from 39% to 58.9% during 2023–25; it earns 13.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2023: grossProfit / revenue = 56.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2024: grossProfit / revenue = 58.9%.

- Source: https://www.sec.gov/Archives/edgar/data/1142417/000119312526078361/nxst-20251231.htm (filed 2026-02-27); FY2025: grossProfit / revenue = 39%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); 10-year return on capital observations [[2016,0.09574105289924617],[2017,0.14117138956984424],[2018,0.15680445938847995],[2019,0.05837244384617704],[2020,0.14154554768439728],[2021,0.12627996609675868],[2022,0.15457067650282497],[2023,0.07523804126048515],[2024,0.15041136982713646],[2025,0.09786287508722959]]; median 0.13372567783330147. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 2.9% of cash earnings; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2016: growth capex 0; upkeep 31870000; cash acquisitions 103970000; owner earnings 180000000. Growth capex plus acquisitions / owner earnings = 0.5776111111111111.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2017: growth capex 0; upkeep 72461000; cash acquisitions 2975254000; owner earnings 725602000. Growth capex plus acquisitions / owner earnings = 4.100393879840463.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2018: growth capex 0; upkeep 106246000; cash acquisitions 103976000; owner earnings 603768000. Growth capex plus acquisitions / owner earnings = 0.17221184295954736.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2019: growth capex 0; upkeep 197511000; cash acquisitions 5881179000; owner earnings 441458000. Growth capex plus acquisitions / owner earnings = 13.3221710785624.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2020: growth capex 0; upkeep 217038000; cash acquisitions 386400000; owner earnings 1159362000. Growth capex plus acquisitions / owner earnings = 0.33328675599165747.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2021: growth capex 0; upkeep 150761000; cash acquisitions 138000000; owner earnings 1272239000. Growth capex plus acquisitions / owner earnings = 0.10847018524035185.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2022: growth capex 0; upkeep 157300000; cash acquisitions 0; owner earnings 1475700000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2023: growth capex 0; upkeep 149000000; cash acquisitions 38000000; owner earnings 1138000000. Growth capex plus acquisitions / owner earnings = 0.033391915641476276.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2024: growth capex 0; upkeep 145000000; cash acquisitions 0; owner earnings 1385000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1142417/000119312526078361/nxst-20251231.htm (filed 2026-02-27); FY2025: growth capex 0; upkeep 148000000; cash acquisitions 22000000; owner earnings 746000000. Growth capex plus acquisitions / owner earnings = 0.029490616621983913.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Dividend observations: [[2016,29445000],[2017,55892000],[2018,68629000],[2019,82823000],[2020,101038000],[2021,118209000],[2022,142200000],[2023,191000000],[2024,219000000],[2025,169000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1142417/000119312526078361/nxst-20251231.htm (filed 2026-02-27); FY2025: cash repurchases 120000000 USD.

### Are managers owners

Insiders own 6.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NXST.US SharesStats.PercentInsiders = 6.687 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 18.5% yearly over ten years; actual growth was 16.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Ten-year compound average after fade. Initial solved rate -0.2673619782785833. Price 164.65; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 5.188806830575551 → FY2025 24.294134887810596. Closing-price date 2026-10-15.

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

- 2016-10: $48.80 per share

- 2016-11: $59.65 per share

- 2016-12: $63.30 per share

- 2017-01: $65.40 per share

- 2017-02: $68.95 per share

- 2017-03: $70.15 per share

- 2017-04: $69.00 per share

- 2017-05: $57.20 per share

- 2017-06: $59.80 per share

- 2017-07: $65.40 per share

- 2017-08: $60.20 per share

- 2017-09: $62.30 per share

- 2017-10: $63.80 per share

- 2017-11: $67.90 per share

- 2017-12: $78.20 per share

- 2018-01: $75.10 per share

- 2018-02: $71.45 per share

- 2018-03: $66.50 per share

- 2018-04: $62.25 per share

- 2018-05: $66.30 per share

- 2018-06: $73.40 per share

- 2018-07: $74.45 per share

- 2018-08: $82.00 per share

- 2018-09: $81.40 per share

- 2018-10: $74.89 per share

- 2018-11: $82.64 per share

- 2018-12: $78.64 per share

- 2019-01: $83.47 per share

- 2019-02: $97.73 per share

- 2019-03: $108.37 per share

- 2019-04: $117.05 per share

- 2019-05: $100.15 per share

- 2019-06: $101.00 per share

- 2019-07: $101.77 per share

- 2019-08: $98.89 per share

- 2019-09: $102.31 per share

- 2019-10: $97.29 per share

- 2019-11: $107.71 per share

- 2019-12: $117.25 per share

- 2020-01: $121.15 per share

- 2020-02: $114.98 per share

- 2020-03: $57.73 per share

- 2020-04: $70.04 per share

- 2020-05: $83.31 per share

- 2020-06: $83.69 per share

- 2020-07: $87.65 per share

- 2020-08: $96.01 per share

- 2020-09: $89.93 per share

- 2020-10: $82.40 per share

- 2020-11: $105.25 per share

- 2020-12: $109.19 per share

- 2021-01: $113.67 per share

- 2021-02: $137.55 per share

- 2021-03: $140.43 per share

- 2021-04: $147.41 per share

- 2021-05: $151.91 per share

- 2021-06: $147.88 per share

- 2021-07: $147.07 per share

- 2021-08: $149.75 per share

- 2021-09: $151.96 per share

- 2021-10: $149.93 per share

- 2021-11: $149.50 per share

- 2021-12: $150.98 per share

- 2022-01: $165.38 per share

- 2022-02: $185.05 per share

- 2022-03: $188.48 per share

- 2022-04: $158.42 per share

- 2022-05: $175.22 per share

- 2022-06: $162.88 per share

- 2022-07: $188.37 per share

- 2022-08: $191.32 per share

- 2022-09: $166.85 per share

- 2022-10: $171.30 per share

- 2022-11: $189.56 per share

- 2022-12: $175.03 per share

- 2023-01: $204.77 per share

- 2023-02: $185.90 per share

- 2023-03: $172.66 per share

- 2023-04: $173.45 per share

- 2023-05: $150.92 per share

- 2023-06: $166.55 per share

- 2023-07: $186.72 per share

- 2023-08: $162.80 per share

- 2023-09: $143.37 per share

- 2023-10: $140.08 per share

- 2023-11: $141.93 per share

- 2023-12: $156.75 per share

- 2024-01: $177.71 per share

- 2024-02: $166.17 per share

- 2024-03: $172.29 per share

- 2024-04: $160.06 per share

- 2024-05: $165.69 per share

- 2024-06: $166.01 per share

- 2024-07: $184.79 per share

- 2024-08: $170.88 per share

- 2024-09: $165.35 per share

- 2024-10: $175.92 per share

- 2024-11: $170.59 per share

- 2024-12: $157.97 per share

- 2025-01: $153.22 per share

- 2025-02: $169.15 per share

- 2025-03: $179.22 per share

- 2025-04: $149.66 per share

- 2025-05: $170.42 per share

- 2025-06: $172.95 per share

- 2025-07: $187.11 per share

- 2025-08: $204.53 per share

- 2025-09: $197.74 per share

- 2025-10: $195.73 per share

- 2025-11: $192.14 per share

- 2025-12: $203.05 per share

- 2026-01: $212.38 per share

- 2026-02: $251.02 per share

- 2026-03: $180.83 per share

- 2026-04: $208.14 per share

- 2026-05: $178.43 per share

- 2026-06: $178.59 per share

- 2026-07: $190.53 per share

- 2026-08: $182.13 per share

- 2026-09: $161.57 per share

- 2026-10: $164.65 per share

## Annual estimated value (USD per share)

- FY2016: low $71.62 per share, central $81.33 per share, high $94.25 per share

- FY2017: low $105.63 per share, central $120.00 per share, high $139.13 per share

- FY2018: low $120.38 per share, central $136.72 per share, high $158.46 per share

- FY2019: low $132.35 per share, central $150.10 per share, high $173.74 per share

- FY2020: low $231.15 per share, central $262.84 per share, high $305.02 per share

- FY2021: low $299.74 per share, central $340.76 per share, high $395.36 per share

- FY2022: low $367.53 per share, central $417.86 per share, high $484.86 per share

- FY2023: low $388.90 per share, central $442.33 per share, high $513.47 per share

- FY2024: low $465.23 per share, central $529.23 per share, high $614.42 per share

- FY2025: low $457.13 per share, central $519.35 per share, high $602.17 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

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1142417/000119312526078361/nxst-20251231.htm); period 2025-12-31, filed 2026-02-27.

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.