Nexstar Media Group, Inc. (NXST) Stock

Nexstar Media Group, Inc. (NXST) is a Communication Services stock trading at $187.17 (as of 2026-08-20), with a market capitalization of $5.77B and a trailing P/E of 30.7. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Nexstar Media Group, Inc. operates television stations and related digital media in the United States, including local service arrangements and owned-and-operated stations. It also provides advertising services delivered through its own and third-party websites and mobile applications, and it owns the WGN America cable network.

Understand Nexstar Media Group, Inc.: how it makes money

Nexstar Media Group operates television stations and interactive community websites and digital media services, earning money mainly from distribution revenue (paid distribution of its signals) and advertising revenue.

Nexstar’s profit model depends on the mix of distribution revenue and advertising revenue, with election year political advertising acting as a potentially meaningful swing factor within that advertising stream.

Revenue by segment (latest quarter)
Distribution	$0.8B
Advertising	$0.6B

Business quality (Mixed): The provided snapshot shows 1.4B of revenue and a 19.0% operating margin for 2026-03-31, but the business mix includes items that can vary by agreement renewals and election cycles.

Valuation: At 35× earnings, NXST trades 97% above the Communication average (18×). Note: one-time items can distort reported P/E.

Bull case

Distribution revenue is a core revenue stream (distribution revenue is listed at 0.84B): This supports earnings power that is not purely tied to advertising demand.
Advertising revenue also contributes materially (advertising revenue is listed at 0.55B), including core television advertising and election year political advertising: That revenue mix can diversify results within advertising, because political advertising is called out separately from core television advertising.

Bear case

Distribution and advertising revenue can be sensitive to renewals and election timing: The presence of a KPI for “subscriber base covered by renewed distribution agreements” (60 percent) and a KPI for “election year political advertising revenue” (0.25B) highlights sources of variability.
A portion of the footprint includes stations served under local service agreements with independent third parties: That structure can create operational and commercial dependency on third party arrangements (for example, 37 power television stations are described as provided sales, programming, and other services through local service agreements).

Valuation — source: SEC EDGAR (first-party)
Price	$187.17
Market Cap	$5.77B
P/E Ratio	30.7
EV / EBITDA	12.4
Price / Book	2.57
Price / Sales	0.98
FCF Yield	12.9%
DCF Value (model)	$120.53
DCF Upside vs Price	-35.6%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$4.95B
Net Margin	2.2%
Revenue Growth (YoY)	62.2%
EPS Growth (YoY)	18.1%
FCF Growth (YoY)	16.1%

Financial Health — source: SEC EDGAR
Altman Z-Score	1.64 (distress)

Valuation vs Sector & Industry
Stock P/E	30.7
Sector P/E (Communication Services)	24.4
Industry P/E (Communication)	17.9
vs Sector	25.8%
vs Industry	71.0%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($593.95M)
Institutional Holders Tracked	10

Company
Sector	Communication Services
Industry	Communication
CEO	Perry A. Sook
Employees	11,773
Country	US
IPO Date	2003-11-25

Related Companies (Business model: Ad-Supported Digital Media / Social; 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.