Latest Ratios: P/E Ratio 59.8x · EV/EBITDA 7.3x · ROE 5.0%. (1999–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $5.5B | $6.2B | $5.2B | $5.6B | $7.0B | $6.6B | $5.1B | $5.6B | $3.7B | $3.6B | $2.0B |
| Enterprise Value | $12.1B | $12.8B | $11.8B | $12.6B | $13.8B | $13.9B | $12.7B | $13.9B | $7.6B | $7.8B | $4.3B |
| P/E Ratio → | 59.81 | 67.68 | 7.38 | 16.23 | 7.24 | 7.95 | 6.29 | 24.43 | 9.58 | 7.77 | 21.90 |
| P/S Ratio | 1.11 | 1.26 | 0.96 | 1.14 | 1.35 | 1.43 | 1.13 | 1.85 | 1.35 | 1.47 | 1.82 |
| P/B Ratio | 2.67 | 3.02 | 2.28 | 2.43 | 2.54 | 2.32 | 2.01 | 2.74 | 1.99 | 2.26 | 7.05 |
| P/FCF | 7.37 | 8.39 | 4.69 | 6.61 | 5.65 | 6.24 | 4.92 | 25.55 | 5.91 | 97.68 | 7.94 |
| P/OCF | 6.15 | 7.00 | 4.14 | 5.62 | 5.01 | 5.47 | 4.07 | 13.46 | 5.06 | 32.80 | 7.05 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.59 | 2.19 | 2.55 | 2.65 | 2.99 | 2.81 | 4.57 | 2.73 | 3.22 | 3.86 |
| EV / EBITDA | 7.32 | 7.77 | 5.71 | 7.64 | 7.01 | 7.88 | 6.52 | 13.05 | 7.01 | 9.30 | 10.45 |
| EV / EBIT | 13.97 | 24.22 | 8.45 | 14.86 | 8.90 | 10.11 | 8.79 | 20.48 | 10.03 | 16.21 | 13.70 |
| EV / FCF | — | 17.25 | 10.72 | 14.82 | 11.10 | 13.07 | 12.20 | 63.10 | 12.00 | 213.62 | 16.88 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 39.0% | 39.0% | 58.9% | 56.9% | 61.5% | 59.9% | 61.8% | 55.6% | 59.6% | 57.4% | 62.2% |
| Operating Margin | 17.4% | 17.4% | 23.5% | 14.4% | 25.2% | 25.3% | 30.6% | 21.6% | 27.4% | 21.3% | 26.0% |
| Net Profit Margin | 2.2% | 2.2% | 13.4% | 7.0% | 18.6% | 17.9% | 18.0% | 7.6% | 14.1% | 19.5% | 8.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.0% | 5.0% | 31.5% | 13.6% | 34.5% | 30.9% | 35.4% | 11.7% | 22.6% | 50.9% | 49.4% |
| ROA | 1.0% | 1.0% | 6.1% | 2.8% | 7.5% | 6.3% | 5.9% | 2.2% | 5.4% | 9.1% | 3.8% |
| ROIC | 7.4% | 7.4% | 10.4% | 5.6% | 10.0% | 8.7% | 10.1% | 6.1% | 9.9% | 9.3% | 10.6% |
| ROCE | 8.2% | 8.2% | 11.6% | 6.2% | 10.8% | 9.3% | 10.7% | 6.7% | 11.3% | 10.8% | 12.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 3.33 | 3.33 | 3.00 | 3.08 | 2.53 | 2.61 | 3.04 | 4.14 | 2.13 | 2.76 | 8.24 |
| Debt / EBITDA | 4.16 | 4.16 | 3.28 | 4.32 | 3.55 | 4.23 | 3.97 | 7.98 | 3.69 | 5.18 | 5.75 |
| Net Debt / Equity | — | 3.19 | 2.94 | 3.02 | 2.45 | 2.54 | 2.98 | 4.02 | 2.05 | 2.69 | 7.93 |
| Net Debt / EBITDA | 3.99 | 3.99 | 3.21 | 4.23 | 3.44 | 4.12 | 3.89 | 7.76 | 3.56 | 5.04 | 5.53 |
| Debt / FCF | — | 8.85 | 6.04 | 8.22 | 5.46 | 6.83 | 7.28 | 37.56 | 6.08 | 115.94 | 8.93 |
| Interest Coverage | 1.40 | 1.40 | 3.16 | 1.90 | 4.61 | 4.86 | 4.29 | 2.23 | 3.41 | 2.00 | 2.68 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.07 | 2.07 | 1.66 | 1.53 | 1.81 | 1.79 | 1.66 | 1.43 | 1.90 | 1.57 | 1.92 |
| Quick Ratio | 2.07 | 2.07 | 1.66 | 1.53 | 1.81 | 1.79 | 1.66 | 1.43 | 1.84 | 1.47 | 1.70 |
| Cash Ratio | 0.39 | 0.39 | 0.18 | 0.15 | 0.23 | 0.24 | 0.21 | 0.24 | 0.36 | 0.17 | 0.46 |
| Asset Turnover | — | 0.45 | 0.47 | 0.41 | 0.41 | 0.35 | 0.34 | 0.22 | 0.39 | 0.33 | 0.37 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 49.31 | 14.42 | 9.98 |
| Days Sales Outstanding | — | 79.28 | 69.40 | 81.02 | 75.65 | 80.18 | 73.37 | 106.15 | 72.20 | 84.49 | 72.15 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.1% | 2.7% | 4.2% | 3.4% | 2.0% | 1.8% | 2.0% | 1.5% | 1.8% | 1.6% | 1.5% |
| Payout Ratio | 155.0% | 155.0% | 30.3% | 55.2% | 14.6% | 14.1% | 12.4% | 36.0% | 17.6% | 11.8% | 32.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.7% | 1.5% | 13.6% | 6.2% | 13.8% | 12.6% | 15.9% | 4.1% | 10.4% | 12.9% | 4.6% |
| FCF Yield | 13.6% | 11.9% | 21.3% | 15.1% | 17.7% | 16.0% | 20.3% | 3.9% | 16.9% | 1.0% | 12.6% |
| Buyback Yield | 2.2% | 1.9% | 11.6% | 10.8% | 12.5% | 8.1% | 5.5% | 0.8% | 1.4% | 2.8% | 0.0% |
| Total Shareholder Yield | 5.3% | 4.6% | 15.8% | 14.2% | 14.5% | 9.9% | 7.5% | 2.3% | 3.2% | 4.3% | 1.5% |
| Shares Outstanding | — | $31M | $33M | $36M | $40M | $44M | $47M | $48M | $47M | $46M | $32M |
Linear subscriber churn acceleration
According to current market data, Nexstar trades at a forward P/E of 4.87, which, when compared to its TTM P/E of 54.67, suggests that investors are pricing in a significant recovery in earnings power following the current off-cycle trough in political advertising revenue.
The wide divergence between trailing and forward multiples indicates that the market is heavily discounting the impact of the biennial political cycle on GAAP earnings. Investors should monitor whether the forward P/E remains compressed, as this may imply a lack of confidence in the company's ability to sustain long-term growth beyond cyclical spikes.
Based on reported financial figures, Nexstar's ROIC has remained in a narrow range between 1.5% and 3.5% over the last ten quarters, suggesting that the company's aggressive acquisition strategy has yet to yield significant improvements in the underlying efficiency of its invested capital base.
The persistent low ROIC relative to the company's cost of capital warrants further investigation into whether the integration of large-scale assets like The CW is diluting returns. The reliance on inorganic growth appears to be masking the potential decay in returns from the core local television station portfolio.
As reported in recent quarterly filings, Nexstar's Days Sales Outstanding (DSO) has fluctuated between 63 and 88 days, reflecting the inherent difficulty in managing cash collection cycles across a diverse, geographically dispersed network of local television stations during varying advertising demand environments.
The variability in DSO suggests that the company's working capital efficiency is highly sensitive to the credit quality of its advertising base and the timing of political ad payments. This volatility complicates cash flow forecasting and may indicate that the company lacks significant leverage over its transactional advertising customers.
According to recent balance sheet disclosures, Nexstar's debt-to-EBITDA ratio reached 26.76 in 2026Q1, a significant escalation from previous periods that suggests the company's ability to service its $12.3 billion debt load is becoming increasingly sensitive to fluctuations in operating cash flow.
The sharp rise in leverage ratios appears to be a direct consequence of the company's aggressive capital allocation toward acquisitions and content investments. Investors should monitor interest coverage trends closely, as any further contraction in operating margins could jeopardize the company's financial flexibility in a high-interest-rate environment.
As indicated by the discrepancy between operating and net margins, the P/E ratio is a frequently misapplied metric for Nexstar, as it fails to account for the substantial non-cash depreciation and amortization charges inherent in the broadcast industry's asset-heavy business model.
Analysts should prioritize EV/EBITDA or P/FCF over P/E to better capture the company's true cash-generating capacity, which is often obscured by accounting adjustments. Relying on net income may lead to an overly pessimistic valuation, as it ignores the significant tax and non-operating expenses that do not reflect the underlying operational health.
Includes 30+ ratios · 26 years · Updated daily
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Quick answers to the most common questions about buying NXST stock.
Nexstar Media Group, Inc.'s current P/E ratio is 59.8x. The historical average is 17.5x. This places it at the 92th percentile of its historical range.
Nexstar Media Group, Inc.'s current EV/EBITDA is 7.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.0x.
Nexstar Media Group, Inc.'s return on equity (ROE) is 5.0%. The historical average is 16.0%.
Based on historical data, Nexstar Media Group, Inc. is trading at a P/E of 59.8x. This is at the 92th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Nexstar Media Group, Inc.'s current dividend yield is 3.07% with a payout ratio of 155.0%.
Nexstar Media Group, Inc. has 39.0% gross margin and 17.4% operating margin. Operating margin between 10-20% is typical for established companies.
Nexstar Media Group, Inc.'s Debt/EBITDA ratio is 4.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.