# The E.W. Scripps Company (SSP)

> Source: Nexqual · https://nexqual.com/SSP · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, The E.W. Scripps Company (SSP), nexqual.com/SSP" · informational, not investment advice.

**Price:** USD 2.49 (+3.11% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 2.42 · day 2.36–2.54 · 52w 1.52–5.39 · market cap $231M · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.09B, net income -$1.21B (-58.0% margin), free cash flow $35.0M (SEC filings).
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $1.1M; 1 not under a Rule 10b5-1 plan ($1.1M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $262K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 3.00 on a 1–5 scale) (4 analysts), mean target USD 4.93 (range 3–8).
- Total return with dividends: 1Y +39.1% vs S&P 500 +14.9%; 5Y -82.3% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD -0.02, revenue estimate $545M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.28B | $2.45B | $2.29B | $2.51B | $2.15B | $2.09B |
| Operating income | $401M | $428M | -$753M | $412M | $184M | -$1.05B |
| Net income | $123M | $196M | -$948M | $146M | -$101M | -$1.21B |
| EPS (diluted) | $0.61 | $1.22 | -$11.84 | $1.01 | -$1.87 | — |
| Free cash flow | $176M | $266M | $52.0M | $300M | $6.5M | $35.0M |
| Operating margin | 17.5% | 17.5% | -32.9% | 16.4% | 8.6% | -50.3% |
| Net margin | 5.4% | 8.0% | -41.3% | 5.8% | -4.7% | -58.0% |
| Revenue growth | +22.9% | +7.4% | -6.5% | +9.5% | -14.3% | — |
| Cash + short-term investments | $66.2M | $18.0M | $35.3M | $23.9M | $27.9M | — |
| Total debt | $3.21B | $2.92B | $2.95B | $2.61B | $2.59B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.1x · EV/Sales 1.3x · P/FCF 6.6x · P/B 2.3x · FCF yield 15.18% · Earnings yield -526.34% · Net debt $2.48B · EV $2.71B
P/E at fiscal year-ends: Dec 2024 1.0x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-15…2026-05-20 | McCabe Molly E |  | 326,675 | $1.1M | 100% | No | Too little history (no open-market trades in 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $262K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-14 | Granado Geraldine Scripps |  | 72,798 | $258K | 3.54 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-13 | Brickner Samantha J. |  | 1,262 | $4K | 3.53 | Too little history (no open-market trades in 2023–2025) |

## Analysts
Consensus Hold (mean 3.00 on a 1–5 scale), 4 analysts; mean target USD 4.93 (low 3, high 8).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-11 | Wells Fargo | Target lowered | Equal-Weight | $4.7 → $3.8 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +39.1% | -82.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +39.3% | -29.2% |
| Volatility (annualized) | 84.8% | 84.3% |
| Max drawdown | -53.1% (Apr 2026→Oct 2026) | -93.3% (Feb 2022→Mar 2025) |

## Peers (Broadcasting)
GTN-A (Gray Media, Inc.) USD 6.04 -12.46% · SBGI (Sinclair, Inc.) USD 12.8 +0.95% · NMAX (Newsmax, Inc.) USD 8.17 -2.51% · NXST (Nexstar Media Group, Inc.) USD 168.76 +2.38%

## More
Full page: https://nexqual.com/SSP · 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)

Named in SSP's own 10-K filed 2026-02-27 (https://www.sec.gov/Archives/edgar/data/832428/000083242826000010/ssp-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | GRAY MEDIA, INC (GTN) | "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 ATSC 3.0 transmission …" |
| Partner | NEXSTAR MEDIA GROUP, INC. (NXST) | "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 ATSC 3.0 transmission …" |
| Partner | Sinclair, Inc. (SBGI) | "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 ATSC 3.0 transmission …" |
| Partner | EdgeBeam Wireless | "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 ATSC 3.0 transmission …" |

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

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Local Media | $316.5M | 64.5% | -5.4% | $55.8M | 17.6% |
| Scripps Networks | $171.9M | 35.1% | -16.5% | $25.5M | 14.8% |
| Other | $5.9M | 1.2% | +38.1% | -$4.5M | -77.5% |
| Total revenue | $490.4M | 100% | — | $81.3M | 16.6% |

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

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Advertising | $315.8M | 64.4% | -5.9% |
| — Core advertising (part of Advertising) | $286.1M | 58.3% | -13.9% |
| — Political (part of Advertising) | $29.7M | 6.1% | +856.3% |
| Distribution | $163.9M | 33.4% | -16.1% |
| Other | $10.7M | 2.2% | +16.6% |
| Total revenue | $490.4M | 100% | — |

## Company outlook (8-K filed 2026-08-07)

- "The company now expects to have implemented about $100 million in annual run-rate savings by year end. • The company has completed three retransmission consent agreements representing the majority of its pay TV subscriber households scheduled for renewal in 2026."
- "The company now expects 2026 full-year local political revenue of between $225-$250 million. • Second-quarter segment, shared services and corporate expenses were down 3%, due to favorable programming expenses, employee cost savings and tight expense controls."

Analysts expect $545.5M for the current quarter, +129.7% vs the guidance midpoint $237.5M. Source: https://www.sec.gov/Archives/edgar/data/832428/000083242826000031/ssp-20260806ex991.htm

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.02 | $0.00 | — | $545.5M | 1 |
| Next quarter (ends 2026-12-31) | $0.62 | $0.68 | -8.8% | $631.1M | 1 |
| Current fiscal year (ends 2026-12-31) | $-12.38 | $0.01 | -123900.0% | $2.18B | 1 |
| Next fiscal year (ends 2027-12-31) | $-1.00 | $-0.83 | +20.5% | $1.97B | 1 |

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

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±35.1%; last 8 reports averaged ±24.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 232.8% | ±35.1% |
| 2026-12-18 | 56 | 101.4% | ±34.1% |
| 2027-03-19 | 147 | 80.4% | ±58.2% |