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Forensic Analysis · Television Broadcasting · as of Nov 8, 2026

Nexstar Media Group, Inc. (NXST)

A forensic read on Nexstar Media Group, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

B · Sound & dependable
Forensic grade
Grey Zone
Financial health
2.3
Distress distance
Clean
Earnings quality
2
Forensic signals
5.0%
ROE
-8.5%
Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Nexstar Media Group, Inc. earns a B (Sound & dependable) forensic quality grade, and its balance-sheet distress test reads 2.3, placing it in the Grey zone. 2 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

5.3%
FY2025
Return on invested capital. Return on invested capital is 5.3% in the latest fiscal year, against 4.3% in FY2023, having run between 4.3% and 8.3% across FY2023–FY2025 with no direction held. After-tax operating profit was $477M in FY2023 and $552M in FY2025, with operating income at 14.4% of revenue in FY2023, 23.5% in FY2024 and 17.2% in FY2025. The capital base behind it went from $11.1B in FY2023 to $10.3B in FY2025 (-7%), while the revenue it carried went from $4.9B to $4.9B.
$57M
FY2023–FY2025
Goodwill impairments. Took $57M of goodwill writedowns across 3 years (FY2023 ($19M), FY2024 ($24M), FY2025 ($14M)) — about 5% of net income over the span. Writedowns mean past acquisitions underperformed what was paid for them.

Key fundamentals

Latest Revenue$4.95B
Revenue Growth YoY-8.5%
Revenue CAGR (2yr)+0.2%
Net Margin2.2%
Free Cash Flow$743.0M
Return on Equity5.0%
Debt / Equity3.07x

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Data from SEC EDGAR public filings · metrics as of Nov 8, 2026. Forensic signals flag probability, not certainty.

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