NXSTNEXSTAR MEDIA GROUP, INC.

Television Broadcasting Stations

Revenue: $4.9B; 8.5% YoY
Operating margin: 17.2%; 27% YoY
EBITDA: $1.3B; 25% YoY
Market cap: $5.3B
Employees: 12,832; $386K revenue each
Net debt / EBITDA: 8.7×; $11.5B net debt
AI in 10-K: 0.0; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$36M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
11× net income
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
39% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
28% of assets
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$386K · 26th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.0 per 10K words · 0th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
8.7× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.3B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$9M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$4.6B	$5.2B	$4.9B	$5.4B	$4.9B	8.5%
Operating income	$1.2B	$1.3B	$708M	$1.3B	$849M	33%
Net income	$830M	$944M	$270M	$683M	$83M	88%
Operating cash flow	$1.2B	$1.4B	$999M	$1.3B	$891M	29%
Capex	$151M	$157M	$149M	$145M	$148M	2.1%
Stock-based comp	$47M	$62M	$60M	$78M	$78M	0.0%
Buybacks	$537M	$881M	$605M	$601M	$125M	79%
Dividends	$118M	$142M	$191M	$219M	$226M	3.2%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $2M · 1
Open-market sells, 12 mo: $11M · 61
Net: −$9M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$40M	$47M	217	113
FY2024	$36M	$44M	162	83
FY2023	$29M	$27M	154	68
FY2022	$39M	$45M	167	75
FY2021	$21M	$37M	141	102