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Nexstar Media Group Inc NXST

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Stock XNAS Rating as of
$155.42 −3.19 (2.01%)
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Nexstar Faces Secular TV Headwinds That Acquiring Tegna Can't Fix

Matthew Dolgin

We expect that industry headwinds faced by linear television (the traditional form of TV that is watched at scheduled times) and the continued transition of advertising to digital media will result in ongoing challenges for Nexstar Media Group that lead its business to decline. Nexstar acquired Tegna in March 2026, though the deal is still subject to legal challenge. The consolidation should produce significant savings but does not change our outlook, as the deal increases reliance on linear television.

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Price vs Fair Value

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NXST is trading at a LOCK|X!>$!B% premium.
Price
$155.42
Fair Value
Rlq
Uncertainty
LOCK|&@
1-Star Price
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5-Star Price
LOCK|gn
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Owning Tegna gives Nexstar even more negotiating power over pay-TV distributors, which will be unable to do without the size and scale the firm brings.

Bears

Advertising spending is increasingly being diverted from broadcast and traditional media to digital methods of delivery, threatening Nexstar’s advertising revenue.

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Trading Information

Previous Close Price
$158.61
Day Range
$154.35–159.60
52-Week Range
$154.35–254.30
Bid/Ask
$152.33 / $184.53
Shares Outstanding
30.81M
Market Cap
$4.79B
Volume/Avg
349,601 / 350,078

Key Statistics

Price/Earnings (Normalized)
8.62
Price/Sales
0.83
Dividend Yield (Trailing)
4.79%
Dividend Yield (Forward)
4.79%
Dividend Payment Schedule
Feb, May, Aug, Nov
Total Yield
4.79%

Company Profile

Nexstar is the largest television station owner-operator in the United States with over 200 stations in 116 markets, reaching 220 million people. Of its 200 stations, 155 are affiliated with the four national broadcast networks: CBS, Fox, NBC, and ABC. Assuming its merger with Tegna is affirmed, Nexstar’s station total would exceed 259 and reach 80% of the US population. Nexstar also owns NewsNation (formerly WGN America), a cable news network, 75% of the fifth national broadcaster, The CW, and a 31% stake in Food Network and Cooking Channel.
Sector
Communication Services
Industry
Broadcasting
Stock Style Box
Small Value
Total Number of Employees
12,832
Website
https://www.nexstar.tv

Competitors

Valuation

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Metric
NXST
FOXA
AMCX
Price/Earnings (Normalized)
 8.6211.2618.10
Price/Book Value
 2.162.210.51
Price/Sales
 0.831.570.25
Price/Cash Flow
 4.407.650.57
Price/Earnings
NXST
FOXA
AMCX

Financial Strength

Metric
NXST
FOXA
AMCX
Quick Ratio
 1.402.871.41
Current Ratio
 1.563.171.76
Interest Coverage
 1.436.360.86
Quick Ratio
NXST
FOXA
AMCX

Profitability

Metric
NXST
FOXA
AMCX
Return on Assets (Normalized)
 4.12%10.66%0.94%
Return on Equity (Normalized)
 25.83%20.63%3.89%
Return on Invested Capital (Normalized)
 8.87%13.43%5.33%
Return on Assets
NXST
FOXA
AMCX

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