| Factor | Score | Distribution | Value | Avg | Rank |
|---|---|---|---|---|---|
Valuation | 81 | 32.1x | 17.8x | Top tier | |
Growth | 43 | 10.5% | 7.1% | Around median | |
Quality | 80 | 8.4% | 4.5% | Top tier | |
Safety | 31 | 7.8x | 2.6x | Bottom tier | |
Capital Return | 63 | 4.40% | 2.12% | Around median | |
Momentum | 22 | -6.0% | 2.9% | Bottom tier | |
Sentiment | 74 | 5 | 3 | Top tier |
Estimates — analyst targets and a simplified DCF, not investment advice.
Ten ratios that matter, each compared against its sector median and average — so you can see whether a number is rich or cheap relative to peers in the same sector.
Nexstar Media Group operates a media ecosystem that combines local television stations, The CW and NewsNation networks, and digital assets, generating revenue primarily from content distribution fees and political and non-political advertising. Distribution revenue in fiscal Q2 2026 was approximately $1.1 billion, while advertising revenue was $862 million, meaning the two businesses together accounted for most of the quarterly net revenue of $1.99 billion. TEGNA added approximately $697 million in revenue during the quarter, and Nexstar also owns a 31% stake in TV Food Network.
The company recorded fiscal Q2 2026 record revenue of $2.0 billion according to EDGAR data, net income of $120 million, and earnings per share of $3.61. Adjusted earnings before interest, taxes, depreciation, and amortization reached $633 million at a 31.8% margin, compared with $389 million in the comparable period, with TEGNA operations contributing $187 million of the increase. Adjusted free cash flow also more than doubled to $238 million, compared with $101 million in fiscal Q2 2025.
The reported 62.2% year-over-year revenue increase reflects the inclusion of TEGNA throughout fiscal Q2 2026, so the combined comparison basis presents a more conservative picture, with combined revenue rising only 4.7%. Reported distribution revenue increased 52.3% to $1.1 billion, and reported advertising revenue rose 81.5% to $862 million, but combined non-political advertising declined 5.8%. Revenue for the twelve months ended in fiscal 2026 was approximately $5.9 billion, with net income of $188 million and earnings per share of approximately $6.08.
Automated analysis for informational purposes only — not investment advice.
The analyst consensus is “Buy,” with an average price target of $240, which is also the highest and lowest target, meaning there is no apparent dispersion in the available estimates. The target is approximately 5.6% below the 52-week range high of $254.30, while the range extends to a low of $154.47. This breadth reflects repricing associated with a combination of TEGNA growth and strong cash flow, weighed against $11.7 billion in debt, litigation risks, and weakness in non-political advertising. The valuation requires balancing the unified analyst target and the company's ability to deleverage against the absence of variation among analyst targets that could reveal an independent downside scenario.
Figures in the text are as of 2026-08-30; the live price is shown at the top of the page.
Net revenue reached $1.99 billion, representing a reported increase of 62.2%, and TEGNA added approximately $697 million in revenue. Distribution revenue was $1.1 billion and advertising revenue was $862 million, supported by political advertising, the FIFA World Cup, and growth in local digital advertising. On a more comparable combined basis, revenue increased 4.7%, showing that the acquisition was responsible for most of the reported jump.
Outstanding debt reached $11.7 billion on June 30, 2026, compared with $6.3 billion at the end of fiscal 2025, and total net leverage reached 4.22 times. The company repaid $409 million during fiscal Q2 2026 and expects to repay more than $1 billion from the acquisition date through the end of 2026. However, the quarterly cash interest expense run rate was approximately $185 million, so the pace of debt reduction remains a central factor in the stock's valuation.
Management is targeting profitability for The CW in fiscal Q4 2026 and an improvement in fiscal 2026 losses of more than 30%. 18 of the first 19 NASCAR O'Reilly Auto Parts Series events attracted more than one million viewers during 2026, and the network also signed an agreement with WWE covering 20 NXT Premium Live Events and distribution partnerships with ESPN and Roku. At NewsNation, total viewership increased 44% in June 2026 compared with the same period in 2025.
Nexstar closed the transaction and benefits from its financial cash flows, but it cannot fully integrate the stations because of the preliminary injunction. Expected oral arguments before the Ninth Circuit Court of Appeals were scheduled for fiscal Q4 2026, and the initial trial was scheduled for July 6, 2027. The company removed transaction synergies from its leverage calculation and also incurred acquisition-related one-time costs, separation fees, compensation, and legal and professional fees during fiscal Q2 2026.
Political advertising reached $147 million in fiscal Q2 2026, up 8% from 2022 and 99% from 2024 on a combined basis. Strong spending came from California, Georgia, Colorado, Texas, and Maine, while management expected Ohio to be a major driver in fiscal Q3 2026. Meanwhile, displacement by political advertising partly caused combined non-political advertising to decline 5.8%, making the quality of the growth mix an important factor alongside the scale of election spending.
The consensus rates the stock “Buy,” with an average target of $240 and both the highest and lowest targets matching at the same level. This target is approximately 5.6% below the 52-week range high of $254.30, while the range low is $154.47. The breadth of the historical trading range indicates the valuation's sensitivity to progress in repaying debt, the outcome of the TEGNA litigation, and the sustainability of cash flows after the 2026 political advertising cycle.
