Nexstar Media Group

NXST

Broadcasting · Communication Services

Price

$186.14

-1.15 (-0.61%)

Market Cap

$5.68B

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Strong

Stability

Weak

Valuation

Good

Dividends

Mixed

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Share count falling — buybacks

−30.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 44.0M (2021) → 30.7M (2025)

Winston Score History

The full picture

Nexstar Media Group owns and operates local television stations across the United States. It runs over 200 TV stations in roughly 115 markets, reaching about 68% of all U.S. TV households. Nexstar is the largest local TV broadcaster in the country and also owns the cable news network The Hill (formerly NewsNation).

Nexstar makes money in two main ways: selling advertising time on its stations and collecting retransmission fees, which are payments from cable and satellite companies that carry its channels. The company operates entirely within the U.S. and generates several billion dollars in annual revenue. Its moat comes from owning broadcast licenses in dozens of local markets, which are difficult to replicate. The biggest risk Nexstar faces is the ongoing decline of traditional pay-TV, as more Americans cancel cable subscriptions, which directly threatens the retransmission fees that make up a large share of its revenue.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+150.6% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+26.9% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (12%)

Research and development spending

Insider Activity

7.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$605M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Nexstar Media Group grew revenue 151% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

64.7%

Premium pricing power — 64.7% gross margin

Profit after running costs

Operating Margin

11.8%

Modest — 11.8% operating margin

Return on the money invested

ROCE

7.6%

Weak — 7.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+31.0%

Fast-growing sales (+31.0% YoY)

Profit growth

EPS YoY

-70.7%

Earnings shrinking (-70.7% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

476%

Turns 476% of profit into real cash

Spare cash per sale

FCF Margin

10.7%

Modest free cash flow (10.7%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

5.18

Heavy debt load (5.18)

Covers its interest

Interest Cover

2.14x

Tight — interest eats into profit (2.1x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

31.7x

Pricey — P/E 31.7

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+26.6

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (31.7 → 5.1)

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Dividends

Dividend

Dividend Yield

4.00%

Moderate income — 4.00% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+2.3%

Dividend flat

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