Nexstar Media Group, Inc. (NXST) Stock Price & How to Invest

Nexstar Media Group, Inc. (Nasdaq: NXST) owns, operates or services 265 full power television stations across 132 markets in 44 states and the District of Columbia, reaching roughly ~80% of US television households as of June 30, 2026. The stations carry CBS, FOX, NBC, ABC, The CW and MyNetworkTV affiliations, and the money arrives in two streams: distribution revenue (retransmission fees paid by cable, satellite and streaming pay-TV operators for the right to carry those signals) and advertising sold locally and nationally. Beyond the stations, Nexstar holds an ~81.1% interest in The CW Network, runs the NewsNation cable news channel and The Hill, owns the Premion connected-TV ad platform, BestReviews and the Locked On podcast network, and carries a ~31.3% stake in Television Food Network. On March 19, 2026 it closed the acquisition of TEGNA after clearing both the FCC and the Department of Justice, which is what took station count and reach to their current levels.

The investment picture turns on a courtroom. Second quarter 2026 revenue of ~$1.99 billion was an all-time record, up ~62.2% year over year, with ~$697 million of that increase coming straight from TEGNA and the rest from a strong midterm political cycle and FIFA World Cup advertising on FOX affiliates. Adjusted EBITDA reached ~$633 million and adjusted free cash flow ~$238 million. Working against those numbers, DIRECTV and a coalition of state attorneys general sued to unwind the deal, and on April 17, 2026 the US District Court for the Eastern District of California issued a preliminary injunction requiring Nexstar and TEGNA to be held separate until the case resolves. Trial is set for July 6, 2027. Because the credit agreement only counts synergies expected within 18 months of closing, Nexstar removed TEGNA synergies from its covenant leverage math starting in the second quarter, which pushed reported total net leverage to ~4.22x. The equity therefore prices a business generating record cash while its central strategic rationale sits frozen.

The dominant risk is legal rather than operational: a federal court has ordered Nexstar and TEGNA held separate, trial on the merits is not until July 6, 2027, and an adverse outcome could force divestiture of assets Nexstar has already paid ~$3.7 billion in cash to acquire. Financial risk sits alongside it, since total debt of ~$11.7 billion against ~$218 million of cash and a ~$5.7 billion market cap means the equity absorbs the full swing in enterprise value, and reported total net leverage of ~4.22x now excludes the synergies that were originally expected to bring it down. Structurally, traditional pay-TV subscribers keep declining, national advertising keeps migrating to streaming and digital platforms, and the political revenue that flatters even years vanishes in odd ones. Two specific disclosed matters deserve attention: fiscal 2025 net income of ~$83 million was crushed by a ~$381 million other-than-temporary impairment on the Television Food Network equity stake, showing how quickly non-core assets can be written down, and the FCC has issued a Notice of Apparent Liability against Nexstar and its Mission Broadcasting affiliate over WPIX that could ultimately require divesting the station or reducing national reach. No active securities-fraud class action is on file against Nexstar; the pending litigation is an antitrust challenge to the TEGNA acquisition brought by DIRECTV and state attorneys general, which the company says it will contest through trial.

8 analysts publish price targets on NXST, averaging $246.75 against a $184.80 price as of August 2026, or +33.5%. The published targets run from $205.00 to $290.00, a moderate spread, and the ratings split 7 buy, 1 hold, 0 sell. Over the last six months there have been 6 raises and 4 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full NXST forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Nexstar Media Group, Inc.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. TEGNA scale, with the synergies still locked up. TEGNA added ~$697 million of revenue and ~$187 million of adjusted EBITDA in its first full quarter inside Nexstar, so the acquisition is already contributing at the top and middle of the income statement. The most optimistic published target, $290.00, assumes this works close to its best case.

The case against. The dominant risk is legal rather than operational: a federal court has ordered Nexstar and TEGNA held separate, trial on the merits is not until July 6, 2027, and an adverse outcome could force divestiture of assets Nexstar has already paid ~$3.7 billion in cash to acquire. The most pessimistic target, $205.00, is roughly what NXST is worth if this bites instead.

Read the full bull and bear case on NXST, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Nexstar Media Group, Inc.'s investor relations page or your broker.

• Revenue (TTM): ~$5.88B, boosted by TEGNA consolidating from March 19, 2026
• Q2 2026 (quarter ended Jun 30, 2026): ~$1,993M revenue (+62.2% YoY), a record; net income ~$113M; adjusted EBITDA ~$633M (~31.8% margin)
• Cash generation: ~$298M operating cash flow and ~$238M adjusted free cash flow in Q2; ~$658M adjusted FCF in H1 2026
• Valuation: ~$5.7B market cap at ~$185 per share on ~30.8M shares, about ~35x trailing EPS of ~$5.34 and roughly ~1.0x trailing sales
• Balance sheet: ~$11.74B total debt and ~$218M cash at Jun 30, 2026 for an enterprise value near ~$17B; total net leverage ~4.22x, first lien net ~3.21x against a 4.75x covenant
• Shareholder returns: ~$1.86 quarterly dividend (~$7.44 annualized, ~4.0% yield); ~$57M paid and ~$409M of debt repaid in Q2, with buybacks paused in H1 2026

Trailing earnings are distorted at both ends. Fourth quarter 2025 carried the ~$381 million Television Food Network write-down, which is why full-year 2025 diluted EPS of ~$3.00 came in below the ~$8.57 reported through nine months, and the trailing multiple near ~35x reflects that hole rather than current run-rate profitability. Pulling the other way, first half 2026 results include only about three and a half months of TEGNA, so the trailing revenue figure understates the combined company. Capital allocation has shifted decisively toward the balance sheet: Nexstar repaid ~$437 million of debt in the first half, refinanced ~$1,714 million of notes due July 2027 with ~$1,725 million of new 2034 notes in April, and bought back no stock at all versus ~$125 million in the same period of 2025.

Other names that sit close to NXST: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get NXST exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so NXST sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where NXST fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

NXST couples record revenue, a ~4% dividend and genuine deregulatory tailwinds with an antitrust trial that will not be heard until July 2027 and a balance sheet carrying more than twice the equity value in debt, which is the trade being priced at ~35x trailing earnings.

Whether NXST is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is NXST a buy or a sell?, and where the stock could go from here in the NXST stock forecast.

For income investors, whether NXST pays a dividend and how the payout looks is covered in does NXST pay a dividend? And to weigh NXST against a peer, read the full side-by-side comparisons: NXST vs CMCSA and NXST vs CHTR.