Nexstar Media Group, Inc. (NXST) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+161.0%

$463.35

vs $177.54 price

Levered DCF

$164.85

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.08

Distress zone

Rating

C+

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	66.79×	7.27×	15.99×	7.09×	7.62×	6.05×	23.4×	9.23×
P/B	2.99×	2.26×	2.41×	2.51×	2.23×	1.95×	2.65×	1.94×
P/S	1.25×	0.94×	1.12×	1.32×	1.37×	1.09×	1.77×	1.3×
EV / EBITDA	9.7×	5.32×	7×	6.18×	6.94×	6.21×	12.57×	6.92×
Gross margin	39.0%	58.9%	56.9%	61.5%	59.9%	61.8%	55.6%	59.6%
Operating margin	17.4%	23.5%	14.4%	25.2%	25.3%	30.6%	21.6%	27.4%
Net margin	2.2%	13.4%	7.0%	18.6%	17.9%	18.0%	7.6%	14.1%
Current ratio	2.07×	1.66×	1.53×	1.81×	1.79×	1.66×	1.43×	1.9×
Debt / equity	3.32×	3.02×	3.1×	2.55×	2.62×	3.06×	4.18×	2.15×
Interest coverage	2.28×	2.86×	1.58×	3.89×	4.15×	4.1×	2.15×	3.43×
Dividend yield	2.7%	4.3%	3.5%	2.1%	1.9%	2.1%	1.5%	1.9%
Payout ratio	155.0%	30.3%	55.2%	14.6%	14.1%	12.4%	36.0%	17.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.3%	32.0%	15.1%	35.4%	29.3%	32.2%	11.3%	21.0%
Return on invested capital	4.6%	8.3%	4.2%	8.5%	7.1%	7.9%	3.2%	8.2%
Return on assets	1.0%	6.3%	2.9%	7.7%	6.3%	6.1%	1.6%	5.5%
Free cash flow yield	12.1%	21.6%	15.4%	18.1%	16.7%	21.1%	4.1%	17.5%
Earnings yield	1.8%	14.1%	6.3%	14.1%	13.1%	16.5%	4.3%	10.8%
Enterprise value	$12.7B	$11.8B	$12.5B	$13.7B	$13.6B	$12.5B	$13.7B	$7.4B
Net debt / EBITDA	5.01×	3.02×	3.9×	3.07×	3.7×	3.77×	7.6×	3.57×
Cash conversion cycle (days)	63	48	41	40	32	27	64	57