# Nexstar Media Group, Inc. (NXST)

> Source: Nexqual · https://nexqual.com/NXST · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Nexstar Media Group, Inc. (NXST), nexqual.com/NXST" · informational, not investment advice.

**Price:** USD 168.76 (+2.38% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 164.83 · day 164.9–169.56 · 52w 153.17–254.3 · market cap $5.20B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $5.88B, net income $188M (3.2% margin), free cash flow $743M (SEC filings).
- Valuation: P/E 27.7x (avg 26.9x at the last 3 fiscal year-ends), EV/EBITDA 12.0x, net debt $11.5B.
- Analysts: Buy (mean 1.75 on a 1–5 scale) (8 analysts), mean target USD 246.75 (range 205–290).
- Total return with dividends: 1Y -8.5% vs S&P 500 +14.9%; 5Y +31.5% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 11.87, revenue estimate $2.07B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $4.65B | $5.21B | $4.93B | $5.41B | $4.95B | $5.88B |
| Operating income | $1.18B | $1.31B | $708M | $1.27B | $849M | $1.04B |
| Net income | $834M | $971M | $346M | $722M | $109M | $188M |
| EPS (diluted) | $18.98 | $24.16 | $9.64 | $21.41 | $3.00 | — |
| Free cash flow | $1.06B | $1.25B | $850M | $1.10B | $743M | $743M |
| Operating margin | 25.3% | 25.2% | 14.4% | 23.5% | 17.2% | 17.8% |
| Net margin | 17.9% | 18.6% | 7.0% | 13.4% | 2.2% | 3.2% |
| Revenue growth | +3.3% | +12.1% | -5.3% | +9.6% | -8.5% | — |
| Cash + short-term investments | $191M | $204M | $135M | $144M | $280M | — |
| Total debt | $7.42B | $6.95B | $6.84B | $6.52B | $6.33B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 27.7x · P/S 0.9x · EV/EBITDA 12.0x · EV/Sales 2.9x · P/FCF 7.0x · P/B 2.3x · FCF yield 14.29% · Earnings yield 3.62% · Dividend yield (paid, TTM) 4.35% · Net debt $11.5B · EV $16.7B
P/E at fiscal year-ends: Dec 2025 57.2x, Dec 2024 7.2x, Dec 2023 16.2x.

## Analysts
Consensus Buy (mean 1.75 on a 1–5 scale), 8 analysts; mean target USD 246.75 (low 205, high 290).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-07 | Wells Fargo | Target lowered | Overweight | $253 → $249 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -8.5% | +31.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -8.5% | +5.6% |
| Volatility (annualized) | 36.2% | 33.1% |
| Max drawdown | -38.4% (Mar 2026→Jun 2026) | -36.9% (Feb 2026→Sep 2026) |

## Peers (Broadcasting)
NMAX (Newsmax, Inc.) USD 8.17 -2.51% · SBGI (Sinclair, Inc.) USD 12.8 +0.95% · GTN-A (Gray Media, Inc.) USD 6.04 -12.46% · BIDU (Baidu, Inc.) USD 77.98 -1.07% · FOXA (Fox Corporation) USD 68.27 +3.69% · RDDT (Reddit, Inc.) USD 150.26 -1.97%

## More
Full page: https://nexqual.com/NXST · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name NXST in their own reports (relationship from NXST's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | E.W. SCRIPPS Co (SSP) | 10-K 2026-02-27 | "In January 2025, we announced the formation of a joint venture with Gray Media, Nexstar Media Group, Inc. and Sinclair, Inc. Leveraging broadcasters' uniquely efficient network architecture and the AT…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Reportable Broadcast | $1.24B | 62.0% | +7.5% |
| Reportable TEGNA | $697.0M | 35.0% | — |
| All Other Segments | $79.0M | 4.0% | -14.1% |
| Corporate | $1.0M | 0.1% | -50.0% |
| Total revenue | $1.99B | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Distribution Service | $739.0M | 37.1% | +2.9% |
| Advertising | $488.0M | 24.5% | +15.4% |
| Other | $9.0M | 0.5% | +0.0% |
| Total revenue | $1.99B | 100% | — |
The lines above cover 62% of total revenue.

## Customer concentration

Period ended 2026-06-30: 12%, 12% of revenue from unnamed direct customers (10-Q, filed 2026-08-07).

## Company outlook (8-K filed 2026-08-06)

- "The oral argument is anticipated to be heard in Q4 2026."
- "($ in millions) June 30, 2026 December 31, 2025 Cash on Hand $218 $280 Secured Credit Facilities $5,185 $3,622 Secured Notes (2) 3,798 - Unsecured Notes 2,761 2,711 Total Debt $11,744 $6,333 (1) We are currently subject to a preliminary injunction that has impacted our ability to execute on synergies anticipated in connection with the acquisition of TEGNA."
- "For synergies to be recognized for our covenant ratio test they must be anticipated to be realized within 18 months from the date of the transaction, which date would be September 19, 2027 (the "Outside Synergies Date")."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $11.87 | $8.83 | +34.4% | $2.07B | 1 |
| Next quarter (ends 2026-12-31) | $17.86 | $14.28 | +25.1% | $2.34B | 1 |
| Current fiscal year (ends 2026-12-31) | $35.06 | $34.19 | +2.6% | $7.80B | 3 |
| Next fiscal year (ends 2027-12-31) | $25.98 | $24.20 | +7.4% | $7.59B | 3 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±10.0%; last 8 reports averaged ±5.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 43.1% | ±10.0% |
| 2026-12-18 | 56 | 38.3% | ±12.4% |
| 2027-02-19 | 119 | 37.7% | ±17.4% |
| 2027-05-21 | 210 | 38.4% | ±23.0% |