Nexstar Media Group, Inc.
NXST Communication Services Broadcasting
Nexstar Media Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.9 billion, down 8.47% from fiscal 2024. In the quarter to June 2026, revenue grew 62.2%, EPS grew 18.1%, free cash flow grew 21.0% and total debt rose 84.0%, each against the same quarter a year earlier. Dividend growth for ten consecutive years; insiders bought in the last twelve months.
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Nexstar Media Group, Inc. (NXST) Altman Z-score
Nexstar Media Group, Inc.'s Altman Z-score for fiscal 2025 is 1.68, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.68 | 0.01 |
| FY2024 | 1.67 | 0.31 |
| FY2023 | 1.36 | (0.21) |
| FY2022 | 1.57 | 0.27 |
| FY2021 | 1.30 | 0.16 |
| FY2020 | 1.14 | 0.39 |
| FY2019 | 0.76 | (0.59) |
| FY2018 | 1.35 | 0.32 |
| FY2017 | 1.03 | (0.08) |
| FY2016 | 1.11 | (0.24) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.07 | — | 0.08 | |
| Retained earnings / total assets | 0.33 | — | 0.46 | |
| EBIT / total assets | 0.08 | — | 0.26 | |
| Market value of equity / total liabilities | 0.70 | — | 0.42 | |
| Sales / total assets | 0.46 | — | 0.46 | |
| Altman Z-score | Distress zone | 1.68 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.29 | ||
Z and Z″ put Nexstar Media Group, Inc. in different zones: distress zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| NMAX Newsmax Inc. compare | 1.8× |
| NXST Nexstar Media Group, Inc. | 1.7× |
| SBGI Sinclair, Inc. compare | 0.9× |
| GTN.A Gray Media Inc. compare | 0.7× |
| GTN Gray Media Inc. compare | 0.6× |
| SSP E.W. Scripps Company (The) compare | 0.5× |
| IHRT iHeartMedia, Inc. compare | −0.4× |
| CURI CuriosityStream Inc. compare | −1.6× |
| FUBO fuboTV Inc. compare | −1.7× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets