Fox vs Nexstar Media Group
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The short version
- Fox is the larger business, with $17.1B of revenue in fiscal 2026 against $4.9B for Nexstar Media Group, about 3.5 times as much.
- Fox grew revenue faster (5.1%, against −8.5%).
- Nexstar Media Group turned more of its sales into free cash flow (15.0% FCF margin, against 8.6%).
- Fox earned a higher return on the capital invested in it (14.8%, against 5.6%).
| Latest fiscal year | FOXA · FY26 | NXST · FY25 |
|---|---|---|
| Size | ||
| Market cap | $29.2B | $5.2B |
| Revenue | $17.1B | $4.9B |
| Free cash flow | $1.5B | $743M |
| Net income | $1.7B | $109M |
| Growth | ||
| Revenue growth | 5.1% | −8.5% |
| 5-year growth | 5.8% | 1.9% |
| Share count change | −4.8% | −6.4% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | 17.2% |
| Net margin | 10.1% | 2.2% |
| FCF margin | 8.6% | 15.0% |
| Return on capital | 14.8% | 5.6% |
| Return on equity | 14.6% | 5.1% |
| Balance sheet | ||
| Net debt | $2.4B | $6.1B |
| Net debt / EBITDA | 0.8x | 4.6x |
| Dividends and buybacks | $2.3B | $351M |
| Valuation & quality | ||
| P/E | — | 31.8x |
| Piotroski F-score | 6 | 5 |
Revenue
FY17
FOXA $9.9B
NXST $2.4B
FY18
FOXA $10.2B
NXST $2.8B
FY19
FOXA $11.4B
NXST $3.0B
FY20
FOXA $12.3B
NXST $4.5B
FY21
FOXA $12.9B
NXST $4.6B
FY22
FOXA $14.0B
NXST $5.2B
FY23
FOXA $14.9B
NXST $4.9B
FY24
FOXA $14.0B
NXST $5.4B
FY25
FOXA $16.3B
NXST $4.9B
FY26
FOXA $17.1B
NXST —
FOXA
NXST
Operating margin
FY17
FOXA —
NXST 20.8%
FY18
FOXA —
NXST 27.4%
FY19
FOXA —
NXST 21.6%
FY20
FOXA —
NXST 30.6%
FY21
FOXA —
NXST 25.3%
FY22
FOXA —
NXST 25.2%
FY23
FOXA —
NXST 14.4%
FY24
FOXA —
NXST 23.5%
FY25
FOXA —
NXST 17.2%
FY26
FOXA —
NXST —
FOXA
NXST
Free cash flow
FY17
FOXA $1.5B
NXST $36.6M
FY18
FOXA $1.1B
NXST $631M
FY19
FOXA $2.3B
NXST $220M
FY20
FOXA $2.0B
NXST $1.0B
FY21
FOXA $2.2B
NXST $1.1B
FY22
FOXA $1.6B
NXST $1.2B
FY23
FOXA $1.4B
NXST $850M
FY24
FOXA $1.5B
NXST $1.1B
FY25
FOXA $3.0B
NXST $743M
FY26
FOXA $1.5B
NXST —
FOXA
NXST
Return on capital
FY17
FOXA —
NXST 12.1%
FY18
FOXA —
NXST 9.6%
FY19
FOXA 17.4%
NXST 5.2%
FY20
FOXA 9.9%
NXST 9.9%
FY21
FOXA 18.8%
NXST 8.9%
FY22
FOXA 11.4%
NXST 10.4%
FY23
FOXA 11.3%
NXST 5.1%
FY24
FOXA 13.7%
NXST 10.2%
FY25
FOXA 19.2%
NXST 5.6%
FY26
FOXA 14.8%
NXST —
FOXA
NXST
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.