# Broadcasting — company-by-company sector analysis

> Broadcasting: Nexstar Media Group, Inc. owns the largest revenue base; CuriosityStream Inc. has the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Broadcasting has outperformed S&P 500 by 1% over 52 weeks and 11.1% over 13 weeks. 0 of 9 covered companies beat the S&P 500 on Mansfield relative strength, while 0 of 9 beat the sector itself. Nexstar Media Group, Inc. leads with revenue of $5,112 million, based on 10 of 11 comparable companies through Mar 2026.

### Is the Broadcasting sector outperforming S&P 500?

Broadcasting has outperformed S&P 500 by 1% over 52 weeks and 11.1% over 13 weeks. 0 of 9 covered companies beat the S&P 500 on Mansfield relative strength, while 0 of 9 beat the sector itself.

### Which Broadcasting company is largest by revenue?

Nexstar Media Group, Inc. leads with revenue of $5,112 million, based on 10 of 11 comparable companies through Mar 2026.

### Which Broadcasting company is growing fastest?

CuriosityStream Inc. has the fastest current revenue growth at 31.5%, across 9 of 11 comparable companies.

### Which Broadcasting company has the strongest 4-Factor Sector Score?

Newsmax Inc. ranks first at 52.2/100 with 58.7% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Broadcasting company reports the most CAPEX?

iHeartMedia, Inc. reports the largest latest CAPEX at $22 million, with 10 of 11 companies comparable.

### Which Broadcasting company has the least gross debt?

CuriosityStream Inc. has the lowest comparable gross debt at $3 million. Nexstar Media Group, Inc. has the highest at $12,204 million.

### Which Broadcasting company has the lowest comparable PEG?

Nexstar Media Group, Inc. has the lowest comparable Guarded PEG at 0.17, among 1 of 11 companies that pass the metric’s comparability rules.

### How much history does this Broadcasting comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Mar 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Broadcasting has outperformed S&P 500 by 1% over the last 52 weeks. Over 13 weeks the gap is a lead of 11.1%. 0 of 9 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. iHeartMedia, Inc. is the strongest against the sector itself at -12.8%.

13-week sector return versus NIFTY 500: 11%
52-week sector return versus NIFTY 500: 1.0%
Stocks leading NIFTY: 0/9
Stocks leading sector: 0/9

Central tension: The central tension: the companies with the most scale are not necessarily the companies creating the most change.

Companies: 11
Combined market value: ₹10.1K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Newsmax Inc. (NMAX): 52/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 24.4/35 | Capital efficiency 9.1/25 | Valuation 10.0/20 | Relative strength 8.7/20
   - Exact sum: 24.4 + 9.1 + 10 + 8.7 = 52.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
2. FuboTV Inc. (FUBO): 47/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 23.4/35 | Capital efficiency 9.2/25 | Valuation 11.5/20 | Relative strength 3.0/20
   - Exact sum: 23.4 + 9.2 + 11.5 + 3 = 47.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
3. Nexstar Media Group, Inc. (NXST): 47/100 — Mixed-negative evidence; evidence 86%
   - Growth & earnings 13.2/35 | Capital efficiency 13.2/25 | Valuation 13.5/20 | Relative strength 6.8/20
   - Exact sum: 13.2 + 13.2 + 13.5 + 6.8 = 46.7
   - Decision use: Cheap but unconfirmed: require improving earnings before treating the valuation as an opportunity.
4. Sinclair, Inc. (SBGI): 46/100 — Mixed-negative evidence; evidence 62%
   - Growth & earnings 17.8/35 | Capital efficiency 8.2/25 | Valuation 9.0/20 | Relative strength 11.0/20
   - Exact sum: 17.8 + 8.2 + 9 + 11 = 46
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. iHeartMedia, Inc. (IHRT): 45/100 — Mixed-negative evidence; evidence 68%
   - Growth & earnings 20.5/35 | Capital efficiency 5.7/25 | Valuation 9.5/20 | Relative strength 9.1/20
   - Exact sum: 20.5 + 5.7 + 9.5 + 9.1 = 44.8
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
6. The E.W. Scripps Company (SSP): 41/100 — Mixed-negative evidence; evidence 62%
   - Growth & earnings 13.3/35 | Capital efficiency 9.3/25 | Valuation 11.0/20 | Relative strength 7.6/20
   - Exact sum: 13.3 + 9.3 + 11 + 7.6 = 41.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
7. CuriosityStream Inc. (CURI): 38/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 13.9/35 | Capital efficiency 8.3/25 | Valuation 10.0/20 | Relative strength 5.3/20
   - Exact sum: 13.9 + 8.3 + 10 + 5.3 = 37.5
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
8. Gray Media, Inc. (GTN-A): 37/100 — Mixed-negative evidence; evidence 62%
   - Growth & earnings 11.8/35 | Capital efficiency 11.3/25 | Valuation 10.0/20 | Relative strength 4.1/20
   - Exact sum: 11.8 + 11.3 + 10 + 4.1 = 37.2
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
9. TV Channels Network Inc. (TVCN): 54/100 — Thin evidence · provisional; evidence 9%
   - Growth & earnings 17.5/35 | Capital efficiency 16.8/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - Exact sum: 17.5 + 16.8 + 10 + 10 = 54.3
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
10. FreeCast, Inc. (CAST): 52/100 — Thin evidence · provisional; evidence 35%
   - Growth & earnings 17.1/35 | Capital efficiency 15.0/25 | Valuation 10.0/20 | Relative strength 10.0/20
   - Exact sum: 17.1 + 15 + 10 + 10 = 52.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
11. Urban One, Inc. (UONEK): 41/100 — Thin evidence · provisional; evidence 46%
   - Growth & earnings 13.3/35 | Capital efficiency 10.8/25 | Valuation 10.5/20 | Relative strength 6.4/20
   - Exact sum: 13.3 + 10.8 + 10.5 + 6.4 = 41
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: Nexstar Media Group, Inc. is the scale leader at $5,112 million, 29.7% ahead of iHeartMedia, Inc.. CuriosityStream Inc.'s growth is 31.5% from a $71 million base, with 20 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Nexstar Media Group, Inc. is the scale benchmark; CuriosityStream Inc. is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Nexstar Media Group, Inc.'s growth falls below CuriosityStream Inc.'s for two consecutive comparable reports while operating margin also compresses.

Evidence: Nexstar Media Group, Inc. · $5,112 million | 29.7% versus #2 · iHeartMedia, Inc. | 4/8 recent comparable periods | 10/11 companies · 186 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Nexstar Media Group, Inc. (NXST): ₹5.1K Cr
2. iHeartMedia, Inc. (IHRT): ₹3.9K Cr
3. Sinclair, Inc. (SBGI): ₹3.2K Cr
4. Gray Media, Inc. (GTN-A): ₹3.1K Cr
5. FuboTV Inc. (FUBO): ₹2.7K Cr

### Revenue growth — fastest growers
1. CuriosityStream Inc. (CURI): 32%
2. FuboTV Inc. (FUBO): 19%
3. Newsmax Inc. (NMAX): 11%
4. iHeartMedia, Inc. (IHRT): 2.1%
5. Nexstar Media Group, Inc. (NXST): -4.6%

### 20-quarter Revenue history
- NXST: Jun 2021 ₹1.1K Cr | Sep 2021 ₹1.2K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.2K Cr | Jun 2022 ₹1.2K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.5K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.2K Cr | Sep 2023 ₹1.1K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.3K Cr | Sep 2024 ₹1.4K Cr | Dec 2024 ₹1.5K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.3K Cr | Mar 2026 ₹1.4K Cr
- NMAX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹41 Cr | Jun 2024 ₹39 Cr | Sep 2024 ₹44 Cr | Dec 2024 ₹48 Cr | Mar 2025 ₹45 Cr | Jun 2025 ₹46 Cr | Sep 2025 ₹45 Cr | Dec 2025 ₹52 Cr | Mar 2026 ₹52 Cr
- SBGI: Jun 2021 ₹1.6K Cr | Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹837 Cr | Sep 2022 ₹843 Cr | Dec 2022 ₹960 Cr | Mar 2023 ₹773 Cr | Jun 2023 ₹768 Cr | Sep 2023 ₹767 Cr | Dec 2023 ₹826 Cr | Mar 2024 ₹798 Cr | Jun 2024 ₹829 Cr | Sep 2024 ₹917 Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹776 Cr | Jun 2025 ₹784 Cr | Sep 2025 ₹773 Cr | Dec 2025 ₹836 Cr | Mar 2026 ₹807 Cr
- IHRT: Jun 2021 ₹862 Cr | Sep 2021 ₹928 Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹843 Cr | Jun 2022 ₹954 Cr | Sep 2022 ₹989 Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹811 Cr | Jun 2023 ₹920 Cr | Sep 2023 ₹953 Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹799 Cr | Jun 2024 ₹929 Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹807 Cr | Jun 2025 ₹934 Cr | Sep 2025 ₹997 Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹884 Cr
- GTN-A: Jun 2021 ₹547 Cr | Sep 2021 ₹601 Cr | Dec 2021 ₹721 Cr | Mar 2022 ₹827 Cr | Jun 2022 ₹868 Cr | Sep 2022 ₹909 Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹801 Cr | Jun 2023 ₹813 Cr | Sep 2023 ₹803 Cr | Dec 2023 ₹864 Cr | Mar 2024 ₹823 Cr | Jun 2024 ₹826 Cr | Sep 2024 ₹950 Cr | Dec 2024 ₹1.0K Cr | Mar 2025 ₹782 Cr | Jun 2025 ₹772 Cr | Sep 2025 ₹749 Cr | Dec 2025 ₹792 Cr | Mar 2026 ₹768 Cr
- SSP: Jun 2021 ₹565 Cr | Sep 2021 ₹555 Cr | Dec 2021 ₹622 Cr | Mar 2022 ₹566 Cr | Jun 2022 ₹594 Cr | Sep 2022 ₹612 Cr | Dec 2022 ₹681 Cr | Mar 2023 ₹528 Cr | Jun 2023 ₹583 Cr | Sep 2023 ₹567 Cr | Dec 2023 ₹616 Cr | Mar 2024 ₹561 Cr | Jun 2024 ₹574 Cr | Sep 2024 ₹646 Cr | Dec 2024 ₹728 Cr | Mar 2025 ₹524 Cr | Jun 2025 ₹540 Cr | Sep 2025 ₹526 Cr | Dec 2025 ₹560 Cr | Mar 2026 ₹517 Cr
- FUBO: Jun 2021 ₹131 Cr | Sep 2021 ₹157 Cr | Dec 2021 ₹231 Cr | Mar 2022 ₹242 Cr | Jun 2022 ₹222 Cr | Sep 2022 ₹225 Cr | Dec 2022 ₹319 Cr | Mar 2023 ₹324 Cr | Jun 2023 ₹313 Cr | Sep 2023 ₹321 Cr | Dec 2023 ₹410 Cr | Mar 2024 ₹402 Cr | Jun 2024 ₹391 Cr | Sep 2024 ₹386 Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹416 Cr | Jun 2025 ₹380 Cr | Sep 2025 ₹377 Cr | Dec 2025 ₹1.5K Cr | Mar 2026 —
- UONEK: Jun 2021 ₹108 Cr | Sep 2021 ₹111 Cr | Dec 2021 ₹130 Cr | Mar 2022 ₹112 Cr | Jun 2022 ₹119 Cr | Sep 2022 ₹121 Cr | Dec 2022 ₹133 Cr | Mar 2023 ₹110 Cr | Jun 2023 ₹130 Cr | Sep 2023 ₹118 Cr | Dec 2023 ₹120 Cr | Mar 2024 ₹104 Cr | Jun 2024 ₹118 Cr | Sep 2024 ₹110 Cr | Dec 2024 ₹117 Cr | Mar 2025 ₹92 Cr | Jun 2025 ₹92 Cr | Sep 2025 ₹93 Cr | Dec 2025 — | Mar 2026 —
- CURI: Jun 2021 ₹15 Cr | Sep 2021 ₹19 Cr | Dec 2021 ₹27 Cr | Mar 2022 ₹18 Cr | Jun 2022 ₹22 Cr | Sep 2022 ₹24 Cr | Dec 2022 ₹14 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹14 Cr | Sep 2023 ₹16 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹12 Cr | Jun 2024 ₹12 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹14 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹18 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹15 Cr
- CAST: Jun 2021 ₹0 Cr | Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr

### 20-quarter Revenue growth history
- NXST: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 10.0% | Sep 2022 9.7% | Dec 2022 19% | Mar 2023 3.9% | Jun 2023 -0.4% | Sep 2023 -11% | Dec 2023 -12% | Mar 2024 2.2% | Jun 2024 2.3% | Sep 2024 21% | Dec 2024 14% | Mar 2025 -3.9% | Jun 2025 -3.2% | Sep 2025 -12% | Dec 2025 -13% | Mar 2026 13%
- NMAX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 9.8% | Jun 2025 18% | Sep 2025 2.3% | Dec 2025 8.3% | Mar 2026 16%
- SBGI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -48% | Sep 2022 -45% | Dec 2022 -35% | Mar 2023 -40% | Jun 2023 -8.2% | Sep 2023 -9.0% | Dec 2023 -14% | Mar 2024 3.2% | Jun 2024 7.9% | Sep 2024 20% | Dec 2024 22% | Mar 2025 -2.8% | Jun 2025 -5.4% | Sep 2025 -16% | Dec 2025 -17% | Mar 2026 4.0%
- IHRT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 11% | Sep 2022 6.6% | Dec 2022 6.0% | Mar 2023 -3.8% | Jun 2023 -3.6% | Sep 2023 -3.6% | Dec 2023 -5.2% | Mar 2024 -1.5% | Jun 2024 1.0% | Sep 2024 5.8% | Dec 2024 4.8% | Mar 2025 1.0% | Jun 2025 0.5% | Sep 2025 -1.1% | Dec 2025 0.8% | Mar 2026 9.5%
- GTN-A: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 59% | Sep 2022 51% | Dec 2022 49% | Mar 2023 -3.1% | Jun 2023 -6.3% | Sep 2023 -12% | Dec 2023 -19% | Mar 2024 2.8% | Jun 2024 1.6% | Sep 2024 18% | Dec 2024 21% | Mar 2025 -5.0% | Jun 2025 -6.5% | Sep 2025 -21% | Dec 2025 -24% | Mar 2026 -1.8%
- SSP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 5.1% | Sep 2022 10% | Dec 2022 9.5% | Mar 2023 -6.7% | Jun 2023 -1.9% | Sep 2023 -7.4% | Dec 2023 -9.5% | Mar 2024 6.3% | Jun 2024 -1.5% | Sep 2024 14% | Dec 2024 18% | Mar 2025 -6.6% | Jun 2025 -5.9% | Sep 2025 -19% | Dec 2025 -23% | Mar 2026 -1.3%
- FUBO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 102% | Jun 2022 69% | Sep 2022 43% | Dec 2022 38% | Mar 2023 34% | Jun 2023 41% | Sep 2023 43% | Dec 2023 29% | Mar 2024 24% | Jun 2024 25% | Sep 2024 20% | Dec 2024 170% | Mar 2025 3.5% | Jun 2025 -2.8% | Sep 2025 -2.3% | Dec 2025 40% | Mar 2026 —
- UONEK: Jun 2021 — | Sep 2021 — | Dec 2021 14% | Mar 2022 23% | Jun 2022 10% | Sep 2022 9.0% | Dec 2022 2.3% | Mar 2023 -1.8% | Jun 2023 9.2% | Sep 2023 -2.5% | Dec 2023 -9.8% | Mar 2024 -5.5% | Jun 2024 -9.2% | Sep 2024 -6.8% | Dec 2024 -2.5% | Mar 2025 -12% | Jun 2025 -22% | Sep 2025 -15% | Dec 2025 — | Mar 2026 —
- CURI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 47% | Sep 2022 26% | Dec 2022 -48% | Mar 2023 -33% | Jun 2023 -36% | Sep 2023 -33% | Dec 2023 7.1% | Mar 2024 0.0% | Jun 2024 -14% | Sep 2024 -19% | Dec 2024 -6.7% | Mar 2025 25% | Jun 2025 58% | Sep 2025 38% | Dec 2025 36% | Mar 2026 0.0%

## Operating Economics & Margin Trend

What the numbers say: Nexstar Media Group, Inc. leads opm at 19%; Newsmax Inc. leads margin change at +16.8 percentage points.

Investor read: Nexstar Media Group, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Nexstar Media Group, Inc. · 19% | 81% versus #2 · Gray Media, Inc. | 4/8 recent comparable periods | 9/11 companies · 168 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Nexstar Media Group, Inc. (NXST): 19%
2. Gray Media, Inc. (GTN-A): 11%
3. Urban One, Inc. (UONEK): 6.0% — older report
4. The E.W. Scripps Company (SSP): 4.8%
5. Sinclair, Inc. (SBGI): 3.3%

### Margin change — fastest expanders
1. Newsmax Inc. (NMAX): +16.8 pp
2. iHeartMedia, Inc. (IHRT): +3.4 pp
3. FuboTV Inc. (FUBO): +2.2 pp
4. Sinclair, Inc. (SBGI): +1.5 pp
5. Nexstar Media Group, Inc. (NXST): +1.2 pp

### 20-quarter OPM history
- NXST: Jun 2021 26% | Sep 2021 24% | Dec 2021 26% | Mar 2022 27% | Jun 2022 27% | Sep 2022 28% | Dec 2022 20% | Mar 2023 16% | Jun 2023 14% | Sep 2023 8.3% | Dec 2023 18% | Mar 2024 21% | Jun 2024 19% | Sep 2024 25% | Dec 2024 28% | Mar 2025 18% | Jun 2025 17% | Sep 2025 15% | Dec 2025 19% | Mar 2026 19%
- NMAX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -125% | Jun 2024 -12% | Sep 2024 -20% | Dec 2024 -11% | Mar 2025 -26% | Jun 2025 -165% | Sep 2025 -16% | Dec 2025 -9.0% | Mar 2026 -8.7%
- SBGI: Jun 2021 -11% | Sep 2021 4.8% | Dec 2021 5.1% | Mar 2022 269% | Jun 2022 -13% | Sep 2022 18% | Dec 2022 26% | Mar 2023 2.7% | Jun 2023 -0.4% | Sep 2023 4.8% | Dec 2023 -47% | Mar 2024 5.3% | Jun 2024 7.7% | Sep 2024 20% | Dec 2024 27% | Mar 2025 1.8% | Jun 2025 2.7% | Sep 2025 7.5% | Dec 2025 9.6% | Mar 2026 3.3%
- IHRT: Jun 2021 3.3% | Sep 2021 8.6% | Dec 2021 12% | Mar 2022 1.5% | Jun 2022 8.7% | Sep 2022 -21% | Dec 2022 15% | Mar 2023 -6.0% | Jun 2023 -98% | Sep 2023 7.2% | Dec 2023 7.5% | Mar 2024 -4.3% | Jun 2024 -98% | Sep 2024 7.6% | Dec 2024 9.3% | Mar 2025 -3.2% | Jun 2025 3.8% | Sep 2025 -12% | Dec 2025 7.6% | Mar 2026 0.2%
- GTN-A: Jun 2021 20% | Sep 2021 11% | Dec 2021 15% | Mar 2022 20% | Jun 2022 25% | Sep 2022 27% | Dec 2022 34% | Mar 2023 8.4% | Jun 2023 15% | Sep 2023 11% | Dec 2023 13% | Mar 2024 15% | Jun 2024 18% | Sep 2024 26% | Dec 2024 31% | Mar 2025 12% | Jun 2025 11% | Sep 2025 14% | Dec 2025 15% | Mar 2026 11%
- SSP: Jun 2021 18% | Sep 2021 21% | Dec 2021 20% | Mar 2022 13% | Jun 2022 15% | Sep 2022 17% | Dec 2022 24% | Mar 2023 3.1% | Jun 2023 -107% | Sep 2023 9.4% | Dec 2023 -33% | Mar 2024 7.7% | Jun 2024 9.7% | Sep 2024 19% | Dec 2024 26% | Mar 2025 5.2% | Jun 2025 14% | Sep 2025 7.2% | Dec 2025 7.5% | Mar 2026 4.8%
- FUBO: Jun 2021 -62% | Sep 2021 -66% | Dec 2021 -48% | Mar 2022 -51% | Jun 2022 -41% | Sep 2022 -46% | Dec 2022 -4.3% | Mar 2023 -25% | Jun 2023 -17% | Sep 2023 -26% | Dec 2023 -18% | Mar 2024 -16% | Jun 2024 -9.1% | Sep 2024 -15% | Dec 2024 -3.5% | Mar 2025 -6.1% | Jun 2025 -1.6% | Sep 2025 -5.3% | Dec 2025 -1.3% | Mar 2026 —
- UONEK: Jun 2021 35% | Sep 2021 31% | Dec 2021 17% | Mar 2022 33% | Jun 2022 34% | Sep 2022 28% | Dec 2022 16% | Mar 2023 23% | Jun 2023 25% | Sep 2023 25% | Dec 2023 9.8% | Mar 2024 12% | Jun 2024 17% | Sep 2024 19% | Dec 2024 19% | Mar 2025 9.3% | Jun 2025 10% | Sep 2025 6.0% | Dec 2025 — | Mar 2026 —
- CURI: Jun 2021 -72% | Sep 2021 -44% | Dec 2021 -66% | Mar 2022 -111% | Jun 2022 -72% | Sep 2022 -19% | Dec 2022 -106% | Mar 2023 -63% | Jun 2023 -57% | Sep 2023 -153% | Dec 2023 -32% | Mar 2024 -30% | Jun 2024 -21% | Sep 2024 -26% | Dec 2024 -27% | Mar 2025 0.5% | Jun 2025 2.5% | Sep 2025 -25% | Dec 2025 -18% | Mar 2026 -10%
- CAST: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 -794% | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 -813% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter Margin change history
- NXST: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.3 pp | Sep 2022 +4.1 pp | Dec 2022 −6.2 pp | Mar 2023 −11.0 pp | Jun 2023 −12.4 pp | Sep 2023 −19.8 pp | Dec 2023 −2.1 pp | Mar 2024 +5.2 pp | Jun 2024 +4.5 pp | Sep 2024 +16.2 pp | Dec 2024 +10.3 pp | Mar 2025 −3.6 pp | Jun 2025 −1.6 pp | Sep 2025 −9.9 pp | Dec 2025 −9.2 pp | Mar 2026 +1.2 pp
- NMAX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 +99.7 pp | Jun 2025 −152.4 pp | Sep 2025 +4.3 pp | Dec 2025 +2.4 pp | Mar 2026 +16.8 pp
- SBGI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −1.8 pp | Sep 2022 +13.5 pp | Dec 2022 +21.3 pp | Mar 2023 −266.4 pp | Jun 2023 +12.4 pp | Sep 2023 −13.5 pp | Dec 2023 −73.1 pp | Mar 2024 +2.6 pp | Jun 2024 +8.1 pp | Sep 2024 +14.7 pp | Dec 2024 +73.2 pp | Mar 2025 −3.5 pp | Jun 2025 −5.0 pp | Sep 2025 −12.0 pp | Dec 2025 −16.9 pp | Mar 2026 +1.5 pp
- IHRT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +5.4 pp | Sep 2022 −30.0 pp | Dec 2022 +3.8 pp | Mar 2023 −7.5 pp | Jun 2023 −106.2 pp | Sep 2023 +28.6 pp | Dec 2023 −7.9 pp | Mar 2024 +1.7 pp | Jun 2024 −0.4 pp | Sep 2024 +0.4 pp | Dec 2024 +1.8 pp | Mar 2025 +1.1 pp | Jun 2025 +101.7 pp | Sep 2025 −19.3 pp | Dec 2025 −1.7 pp | Mar 2026 +3.4 pp
- GTN-A: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +5.4 pp | Sep 2022 +15.9 pp | Dec 2022 +19.3 pp | Mar 2023 −11.4 pp | Jun 2023 −10.5 pp | Sep 2023 −16.5 pp | Dec 2023 −20.8 pp | Mar 2024 +6.7 pp | Jun 2024 +3.8 pp | Sep 2024 +15.8 pp | Dec 2024 +18.0 pp | Mar 2025 −3.3 pp | Jun 2025 −7.8 pp | Sep 2025 −12.7 pp | Dec 2025 −16.5 pp | Mar 2026 −1.3 pp
- SSP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −3.4 pp | Sep 2022 −3.8 pp | Dec 2022 +4.2 pp | Mar 2023 −9.5 pp | Jun 2023 −121.6 pp | Sep 2023 −7.6 pp | Dec 2023 −56.8 pp | Mar 2024 +4.6 pp | Jun 2024 +116.3 pp | Sep 2024 +9.4 pp | Dec 2024 +59.0 pp | Mar 2025 −2.5 pp | Jun 2025 +4.5 pp | Sep 2025 −11.6 pp | Dec 2025 −18.8 pp | Mar 2026 −0.4 pp
- FUBO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 +3.7 pp | Jun 2022 +20.7 pp | Sep 2022 +19.8 pp | Dec 2022 +43.3 pp | Mar 2023 +25.6 pp | Jun 2023 +24.4 pp | Sep 2023 +20.1 pp | Dec 2023 −13.3 pp | Mar 2024 +9.4 pp | Jun 2024 +7.7 pp | Sep 2024 +10.8 pp | Dec 2024 +14.1 pp | Mar 2025 +9.6 pp | Jun 2025 +7.5 pp | Sep 2025 +9.9 pp | Dec 2025 +2.2 pp | Mar 2026 —
- UONEK: Jun 2021 — | Sep 2021 — | Dec 2021 −14.7 pp | Mar 2022 +6.5 pp | Jun 2022 −1.3 pp | Sep 2022 −3.3 pp | Dec 2022 −1.0 pp | Mar 2023 −9.8 pp | Jun 2023 −9.4 pp | Sep 2023 −2.7 pp | Dec 2023 −6.5 pp | Mar 2024 −10.4 pp | Jun 2024 −7.2 pp | Sep 2024 −6.2 pp | Dec 2024 +9.3 pp | Mar 2025 −3.0 pp | Jun 2025 −7.0 pp | Sep 2025 −12.7 pp | Dec 2025 — | Mar 2026 —
- CURI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.2 pp | Sep 2022 +25.4 pp | Dec 2022 −39.9 pp | Mar 2023 +47.7 pp | Jun 2023 +14.9 pp | Sep 2023 −134.3 pp | Dec 2023 +73.6 pp | Mar 2024 +32.5 pp | Jun 2024 +36.3 pp | Sep 2024 +127.1 pp | Dec 2024 +4.9 pp | Mar 2025 +30.9 pp | Jun 2025 +23.1 pp | Sep 2025 +1.3 pp | Dec 2025 +9.8 pp | Mar 2026 −10.7 pp
- CAST: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −846.9 pp | Sep 2022 +1,184.5 pp | Dec 2022 +988.1 pp | Mar 2023 +1,347.8 pp | Jun 2023 −768.2 pp | Sep 2023 −1,317.9 pp | Dec 2023 −2,042.1 pp | Mar 2024 −19.3 pp | Jun 2024 −452.2 pp | Sep 2024 +232.9 pp | Dec 2024 +1,246.4 pp | Mar 2025 −1,485.3 pp | Jun 2025 +1,939.1 pp | Sep 2025 +1,531.6 pp | Dec 2025 −1,863.6 pp | Mar 2026 −2,460.7 pp

## Profit Scale & Acceleration

What the numbers say: FuboTV Inc. leads with $304 million of TTM profit, 108.2% above Nexstar Media Group, Inc.. Nexstar Media Group, Inc. shows -76.2% growth from a $146 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: FuboTV Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: FuboTV Inc. · $304 million | 108.2% versus #2 · Nexstar Media Group, Inc. | Not enough history | 10/11 companies · 186 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. FuboTV Inc. (FUBO): ₹304 Cr
2. Nexstar Media Group, Inc. (NXST): ₹146 Cr
3. Sinclair, Inc. (SBGI): ₹83 Cr
4. CuriosityStream Inc. (CURI): ₹-8 Cr
5. FreeCast, Inc. (CAST): ₹-14 Cr

### Profit growth — fastest growers
1. Nexstar Media Group, Inc. (NXST): -76%

### 20-quarter Net profit history
- NXST: Jun 2021 ₹200 Cr | Sep 2021 ₹169 Cr | Dec 2021 ₹262 Cr | Mar 2022 ₹252 Cr | Jun 2022 ₹226 Cr | Sep 2022 ₹288 Cr | Dec 2022 ₹177 Cr | Mar 2023 ₹88 Cr | Jun 2023 ₹75 Cr | Sep 2023 ₹8 Cr | Dec 2023 ₹99 Cr | Mar 2024 ₹167 Cr | Jun 2024 ₹106 Cr | Sep 2024 ₹180 Cr | Dec 2024 ₹230 Cr | Mar 2025 ₹97 Cr | Jun 2025 ₹91 Cr | Sep 2025 ₹65 Cr | Dec 2025 ₹-170 Cr | Mar 2026 ₹160 Cr
- NMAX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹-51 Cr | Jun 2024 ₹-5 Cr | Sep 2024 ₹-10 Cr | Dec 2024 ₹-7 Cr | Mar 2025 ₹-17 Cr | Jun 2025 ₹-75 Cr | Sep 2025 ₹-4 Cr | Dec 2025 ₹-3 Cr | Mar 2026 ₹-2 Cr
- SBGI: Jun 2021 ₹-328 Cr | Sep 2021 ₹17 Cr | Dec 2021 ₹-41 Cr | Mar 2022 ₹2.6K Cr | Jun 2022 ₹-6 Cr | Sep 2022 ₹29 Cr | Dec 2022 ₹62 Cr | Mar 2023 ₹193 Cr | Jun 2023 ₹-87 Cr | Sep 2023 ₹-45 Cr | Dec 2023 ₹-340 Cr | Mar 2024 ₹25 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹96 Cr | Dec 2024 ₹225 Cr | Mar 2025 ₹-154 Cr | Jun 2025 ₹-62 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹123 Cr | Mar 2026 ₹21 Cr
- IHRT: Jun 2021 ₹-32 Cr | Sep 2021 ₹4 Cr | Dec 2021 ₹112 Cr | Mar 2022 ₹-49 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹-310 Cr | Dec 2022 ₹81 Cr | Mar 2023 ₹-222 Cr | Jun 2023 ₹-883 Cr | Sep 2023 ₹-9 Cr | Dec 2023 ₹14 Cr | Mar 2024 ₹-18 Cr | Jun 2024 ₹-982 Cr | Sep 2024 ₹-41 Cr | Dec 2024 ₹32 Cr | Mar 2025 ₹-281 Cr | Jun 2025 ₹-84 Cr | Sep 2025 ₹-66 Cr | Dec 2025 ₹-41 Cr | Mar 2026 ₹-96 Cr
- GTN-A: Jun 2021 ₹39 Cr | Sep 2021 ₹-17 Cr | Dec 2021 ₹29 Cr | Mar 2022 ₹62 Cr | Jun 2022 ₹99 Cr | Sep 2022 ₹108 Cr | Dec 2022 ₹186 Cr | Mar 2023 ₹-31 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹-40 Cr | Dec 2023 ₹-9 Cr | Mar 2024 ₹88 Cr | Jun 2024 ₹22 Cr | Sep 2024 ₹96 Cr | Dec 2024 ₹169 Cr | Mar 2025 ₹-9 Cr | Jun 2025 ₹-56 Cr | Sep 2025 ₹-10 Cr | Dec 2025 ₹-10 Cr | Mar 2026 ₹-20 Cr
- SSP: Jun 2021 ₹1 Cr | Sep 2021 ₹58 Cr | Dec 2021 ₹53 Cr | Mar 2022 ₹22 Cr | Jun 2022 ₹42 Cr | Sep 2022 ₹46 Cr | Dec 2022 ₹86 Cr | Mar 2023 ₹-19 Cr | Jun 2023 ₹-670 Cr | Sep 2023 ₹-4 Cr | Dec 2023 ₹-256 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹1 Cr | Sep 2024 ₹48 Cr | Dec 2024 ₹95 Cr | Mar 2025 ₹-3 Cr | Jun 2025 ₹-36 Cr | Sep 2025 ₹-33 Cr | Dec 2025 ₹-29 Cr | Mar 2026 ₹-2 Cr
- FUBO: Jun 2021 ₹-95 Cr | Sep 2021 ₹-106 Cr | Dec 2021 ₹-207 Cr | Mar 2022 ₹-269 Cr | Jun 2022 ₹-211 Cr | Sep 2022 ₹-259 Cr | Dec 2022 ₹-248 Cr | Mar 2023 ₹-167 Cr | Jun 2023 ₹-104 Cr | Sep 2023 ₹-168 Cr | Dec 2023 ₹-142 Cr | Mar 2024 ₹-113 Cr | Jun 2024 ₹-52 Cr | Sep 2024 ₹-108 Cr | Dec 2024 ₹-80 Cr | Mar 2025 ₹377 Cr | Jun 2025 ₹-16 Cr | Sep 2025 ₹-38 Cr | Dec 2025 ₹-19 Cr | Mar 2026 —
- UONEK: Jun 2021 ₹18 Cr | Sep 2021 ₹14 Cr | Dec 2021 ₹5 Cr | Mar 2022 ₹16 Cr | Jun 2022 ₹16 Cr | Sep 2022 ₹3 Cr | Dec 2022 ₹-2 Cr | Mar 2023 ₹-3 Cr | Jun 2023 ₹70 Cr | Sep 2023 ₹-54 Cr | Dec 2023 ₹-11 Cr | Mar 2024 ₹7 Cr | Jun 2024 ₹-45 Cr | Sep 2024 ₹-32 Cr | Dec 2024 ₹-36 Cr | Mar 2025 ₹-12 Cr | Jun 2025 ₹-78 Cr | Sep 2025 ₹-3 Cr | Dec 2025 — | Mar 2026 —
- CURI: Jun 2021 ₹-8 Cr | Sep 2021 ₹1 Cr | Dec 2021 ₹-11 Cr | Mar 2022 ₹-16 Cr | Jun 2022 ₹-16 Cr | Sep 2022 ₹-5 Cr | Dec 2022 ₹-15 Cr | Mar 2023 ₹-8 Cr | Jun 2023 ₹-10 Cr | Sep 2023 ₹-27 Cr | Dec 2023 ₹-5 Cr | Mar 2024 ₹-5 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹-3 Cr | Dec 2024 ₹-3 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹-4 Cr | Dec 2025 ₹-4 Cr | Mar 2026 ₹-1 Cr
- CAST: Jun 2021 ₹-2 Cr | Sep 2021 ₹-2 Cr | Dec 2021 ₹-2 Cr | Mar 2022 ₹-4 Cr | Jun 2022 ₹-4 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹-2 Cr | Mar 2023 ₹-2 Cr | Jun 2023 ₹-2 Cr | Sep 2023 ₹-3 Cr | Dec 2023 ₹-3 Cr | Mar 2024 ₹-3 Cr | Jun 2024 ₹-4 Cr | Sep 2024 ₹-4 Cr | Dec 2024 ₹-4 Cr | Mar 2025 ₹-3 Cr | Jun 2025 ₹-3 Cr | Sep 2025 ₹-3 Cr | Dec 2025 ₹-3 Cr | Mar 2026 ₹-5 Cr

### 20-quarter Profit growth history
- NXST: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 13% | Sep 2022 70% | Dec 2022 -32% | Mar 2023 -65% | Jun 2023 -67% | Sep 2023 -97% | Dec 2023 -44% | Mar 2024 90% | Jun 2024 41% | Sep 2024 2,150% | Dec 2024 132% | Mar 2025 -42% | Jun 2025 -14% | Sep 2025 -64% | Dec 2025 -174% | Mar 2026 65%
- SBGI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 71% | Dec 2022 — | Mar 2023 -93% | Jun 2023 — | Sep 2023 -255% | Dec 2023 -648% | Mar 2024 -87% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -716% | Jun 2025 -426% | Sep 2025 -99% | Dec 2025 -45% | Mar 2026 —
- IHRT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -7,850% | Dec 2022 -28% | Mar 2023 — | Jun 2023 -5,987% | Sep 2023 — | Dec 2023 -83% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 129% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 -228% | Mar 2026 —
- GTN-A: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 154% | Sep 2022 — | Dec 2022 541% | Mar 2023 -150% | Jun 2023 -96% | Sep 2023 -137% | Dec 2023 -105% | Mar 2024 — | Jun 2024 450% | Sep 2024 — | Dec 2024 — | Mar 2025 -110% | Jun 2025 -355% | Sep 2025 -110% | Dec 2025 -106% | Mar 2026 —
- SSP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 4,100% | Sep 2022 -21% | Dec 2022 62% | Mar 2023 -186% | Jun 2023 -1,695% | Sep 2023 -109% | Dec 2023 -398% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 -250% | Jun 2025 -3,700% | Sep 2025 -169% | Dec 2025 -131% | Mar 2026 —
- UONEK: Jun 2021 — | Sep 2021 — | Dec 2021 -81% | Mar 2022 — | Jun 2022 -11% | Sep 2022 -79% | Dec 2022 -140% | Mar 2023 -119% | Jun 2023 338% | Sep 2023 -1,900% | Dec 2023 — | Mar 2024 — | Jun 2024 -164% | Sep 2024 — | Dec 2024 — | Mar 2025 -271% | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- CURI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -600% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

## Capacity Spending & Returns On It

What the numbers say: iHeartMedia, Inc. reports $22 million of CAPEX; Urban One, Inc. has the highest covered intensity at 3.2%. Coverage is only 10 of 11 companies and 177 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: iHeartMedia, Inc. · $22 million | 0% versus #2 · Nexstar Media Group, Inc. | 8/8 recent comparable periods | 10/11 companies · 177 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. iHeartMedia, Inc. (IHRT): ₹22 Cr
2. Nexstar Media Group, Inc. (NXST): ₹22 Cr
3. Gray Media, Inc. (GTN-A): ₹19 Cr
4. Sinclair, Inc. (SBGI): ₹15 Cr
5. The E.W. Scripps Company (SSP): ₹3 Cr

### CAPEX intensity — highest reinvestment intensity
1. Urban One, Inc. (UONEK): 3.2% — older report
2. Gray Media, Inc. (GTN-A): 2.5%
3. iHeartMedia, Inc. (IHRT): 2.5%
4. Sinclair, Inc. (SBGI): 1.9%
5. Nexstar Media Group, Inc. (NXST): 1.6%

### 20-quarter CAPEX history
- NXST: Jun 2021 ₹35 Cr | Sep 2021 ₹38 Cr | Dec 2021 ₹46 Cr | Mar 2022 ₹29 Cr | Jun 2022 ₹34 Cr | Sep 2022 ₹37 Cr | Dec 2022 ₹57 Cr | Mar 2023 ₹36 Cr | Jun 2023 ₹41 Cr | Sep 2023 ₹36 Cr | Dec 2023 ₹36 Cr | Mar 2024 ₹44 Cr | Jun 2024 ₹37 Cr | Sep 2024 ₹29 Cr | Dec 2024 ₹35 Cr | Mar 2025 ₹35 Cr | Jun 2025 ₹29 Cr | Sep 2025 ₹30 Cr | Dec 2025 ₹54 Cr | Mar 2026 ₹22 Cr
- NMAX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹1 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹0 Cr
- SBGI: Jun 2021 ₹18 Cr | Sep 2021 ₹24 Cr | Dec 2021 ₹18 Cr | Mar 2022 ₹21 Cr | Jun 2022 ₹24 Cr | Sep 2022 ₹29 Cr | Dec 2022 ₹31 Cr | Mar 2023 ₹20 Cr | Jun 2023 ₹20 Cr | Sep 2023 ₹30 Cr | Dec 2023 ₹22 Cr | Mar 2024 ₹21 Cr | Jun 2024 ₹23 Cr | Sep 2024 ₹17 Cr | Dec 2024 ₹23 Cr | Mar 2025 ₹16 Cr | Jun 2025 ₹17 Cr | Sep 2025 ₹22 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹15 Cr
- IHRT: Jun 2021 ₹32 Cr | Sep 2021 ₹50 Cr | Dec 2021 ₹82 Cr | Mar 2022 ₹23 Cr | Jun 2022 ₹50 Cr | Sep 2022 ₹40 Cr | Dec 2022 ₹48 Cr | Mar 2023 ₹39 Cr | Jun 2023 ₹23 Cr | Sep 2023 ₹29 Cr | Dec 2023 ₹12 Cr | Mar 2024 ₹22 Cr | Jun 2024 ₹21 Cr | Sep 2024 ₹29 Cr | Dec 2024 ₹25 Cr | Mar 2025 ₹20 Cr | Jun 2025 ₹20 Cr | Sep 2025 ₹23 Cr | Dec 2025 ₹19 Cr | Mar 2026 ₹22 Cr
- GTN-A: Jun 2021 ₹108 Cr | Sep 2021 ₹33 Cr | Dec 2021 ₹53 Cr | Mar 2022 ₹47 Cr | Jun 2022 ₹112 Cr | Sep 2022 ₹139 Cr | Dec 2022 ₹138 Cr | Mar 2023 ₹110 Cr | Jun 2023 ₹103 Cr | Sep 2023 ₹75 Cr | Dec 2023 ₹60 Cr | Mar 2024 ₹34 Cr | Jun 2024 ₹29 Cr | Sep 2024 ₹40 Cr | Dec 2024 ₹40 Cr | Mar 2025 ₹15 Cr | Jun 2025 ₹25 Cr | Sep 2025 ₹25 Cr | Dec 2025 ₹43 Cr | Mar 2026 ₹19 Cr
- SSP: Jun 2021 ₹24 Cr | Sep 2021 ₹17 Cr | Dec 2021 ₹16 Cr | Mar 2022 ₹13 Cr | Jun 2022 ₹15 Cr | Sep 2022 ₹8 Cr | Dec 2022 ₹10 Cr | Mar 2023 ₹8 Cr | Jun 2023 ₹18 Cr | Sep 2023 ₹18 Cr | Dec 2023 ₹16 Cr | Mar 2024 ₹22 Cr | Jun 2024 ₹24 Cr | Sep 2024 ₹13 Cr | Dec 2024 ₹6 Cr | Mar 2025 ₹5 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹15 Cr | Dec 2025 ₹14 Cr | Mar 2026 ₹3 Cr
- FUBO: Jun 2021 ₹1 Cr | Sep 2021 ₹2 Cr | Dec 2021 ₹1 Cr | Mar 2022 ₹1 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹2 Cr | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹1 Cr | Mar 2026 —
- UONEK: Jun 2021 ₹2 Cr | Sep 2021 ₹2 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹2 Cr | Jun 2022 ₹2 Cr | Sep 2022 ₹26 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹2 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹30 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹2 Cr | Sep 2024 ₹2 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹3 Cr | Dec 2025 — | Mar 2026 —
- CURI: Jun 2021 ₹0 Cr | Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 —
- CAST: Jun 2021 ₹0 Cr | Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 — | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 — | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 — | Mar 2026 ₹0 Cr

### 20-quarter CAPEX intensity history
- NXST: Jun 2021 3.1% | Sep 2021 3.3% | Dec 2021 3.7% | Mar 2022 2.4% | Jun 2022 2.7% | Sep 2022 2.9% | Dec 2022 3.8% | Mar 2023 2.9% | Jun 2023 3.3% | Sep 2023 3.2% | Dec 2023 2.8% | Mar 2024 3.4% | Jun 2024 2.9% | Sep 2024 2.1% | Dec 2024 2.4% | Mar 2025 2.8% | Jun 2025 2.4% | Sep 2025 2.5% | Dec 2025 4.2% | Mar 2026 1.6%
- NMAX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.0% | Dec 2024 0.0% | Mar 2025 0.0% | Jun 2025 2.2% | Sep 2025 2.2% | Dec 2025 1.9% | Mar 2026 0.0%
- SBGI: Jun 2021 1.1% | Sep 2021 1.6% | Dec 2021 1.2% | Mar 2022 1.6% | Jun 2022 2.9% | Sep 2022 3.4% | Dec 2022 3.2% | Mar 2023 2.6% | Jun 2023 2.6% | Sep 2023 3.9% | Dec 2023 2.7% | Mar 2024 2.6% | Jun 2024 2.8% | Sep 2024 1.9% | Dec 2024 2.3% | Mar 2025 2.1% | Jun 2025 2.2% | Sep 2025 2.8% | Dec 2025 2.3% | Mar 2026 1.9%
- IHRT: Jun 2021 3.7% | Sep 2021 5.4% | Dec 2021 7.7% | Mar 2022 2.7% | Jun 2022 5.2% | Sep 2022 4.0% | Dec 2022 4.3% | Mar 2023 4.8% | Jun 2023 2.5% | Sep 2023 3.0% | Dec 2023 1.1% | Mar 2024 2.8% | Jun 2024 2.3% | Sep 2024 2.9% | Dec 2024 2.2% | Mar 2025 2.5% | Jun 2025 2.1% | Sep 2025 2.3% | Dec 2025 1.7% | Mar 2026 2.5%
- GTN-A: Jun 2021 20% | Sep 2021 5.5% | Dec 2021 7.4% | Mar 2022 5.7% | Jun 2022 13% | Sep 2022 15% | Dec 2022 13% | Mar 2023 14% | Jun 2023 13% | Sep 2023 9.3% | Dec 2023 6.9% | Mar 2024 4.1% | Jun 2024 3.5% | Sep 2024 4.2% | Dec 2024 3.8% | Mar 2025 1.9% | Jun 2025 3.2% | Sep 2025 3.3% | Dec 2025 5.4% | Mar 2026 2.5%
- SSP: Jun 2021 4.2% | Sep 2021 3.1% | Dec 2021 2.6% | Mar 2022 2.3% | Jun 2022 2.5% | Sep 2022 1.3% | Dec 2022 1.5% | Mar 2023 1.5% | Jun 2023 3.1% | Sep 2023 3.2% | Dec 2023 2.6% | Mar 2024 3.9% | Jun 2024 4.2% | Sep 2024 2.0% | Dec 2024 0.8% | Mar 2025 1.0% | Jun 2025 2.2% | Sep 2025 2.9% | Dec 2025 2.5% | Mar 2026 0.6%
- FUBO: Jun 2021 0.8% | Sep 2021 1.3% | Dec 2021 0.4% | Mar 2022 0.4% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.2% | Mar 2024 0.0% | Jun 2024 0.0% | Sep 2024 0.5% | Dec 2024 — | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 0.1% | Mar 2026 —
- UONEK: Jun 2021 1.9% | Sep 2021 1.8% | Dec 2021 1.5% | Mar 2022 1.8% | Jun 2022 1.7% | Sep 2022 22% | Dec 2022 1.5% | Mar 2023 1.8% | Jun 2023 1.5% | Sep 2023 25% | Dec 2023 0.8% | Mar 2024 1.9% | Jun 2024 1.7% | Sep 2024 1.8% | Dec 2024 1.7% | Mar 2025 3.3% | Jun 2025 1.1% | Sep 2025 3.2% | Dec 2025 — | Mar 2026 —
- CURI: Jun 2021 0.0% | Sep 2021 0.0% | Dec 2021 0.0% | Mar 2022 0.0% | Jun 2022 0.0% | Sep 2022 0.0% | Dec 2022 0.0% | Mar 2023 0.0% | Jun 2023 0.0% | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 0.0% | Jun 2025 0.0% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: Newsmax Inc. has the clearest covered balance-sheet capacity with $121 million net cash and gross debt of $8 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: CuriosityStream Inc. · $3 million | 40% versus #2 · FreeCast, Inc. | 8/8 recent comparable periods | 10/11 companies · 180 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. CuriosityStream Inc. (CURI): ₹3 Cr
2. FreeCast, Inc. (CAST): ₹5 Cr
3. Newsmax Inc. (NMAX): ₹8 Cr
4. FuboTV Inc. (FUBO): ₹414 Cr
5. Urban One, Inc. (UONEK): ₹522 Cr — older report

### Net debt — lowest net debt
1. Newsmax Inc. (NMAX): ₹-121 Cr
2. FuboTV Inc. (FUBO): ₹-38 Cr
3. CuriosityStream Inc. (CURI): ₹-17 Cr
4. FreeCast, Inc. (CAST): ₹5 Cr
5. Urban One, Inc. (UONEK): ₹443 Cr — older report

### 20-quarter Gross debt history
- NXST: Jun 2021 ₹7.6K Cr | Sep 2021 ₹7.6K Cr | Dec 2021 ₹7.5K Cr | Mar 2022 ₹7.3K Cr | Jun 2022 ₹7.3K Cr | Sep 2022 ₹7.2K Cr | Dec 2022 ₹7.0K Cr | Mar 2023 ₹7.0K Cr | Jun 2023 ₹6.9K Cr | Sep 2023 ₹6.9K Cr | Dec 2023 ₹6.8K Cr | Mar 2024 ₹6.9K Cr | Jun 2024 ₹6.8K Cr | Sep 2024 ₹6.7K Cr | Dec 2024 ₹6.6K Cr | Mar 2025 ₹6.5K Cr | Jun 2025 ₹6.4K Cr | Sep 2025 ₹6.4K Cr | Dec 2025 ₹6.4K Cr | Mar 2026 ₹12.2K Cr
- NMAX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹12 Cr | Dec 2023 ₹12 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹8 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹7 Cr | Jun 2025 ₹6 Cr | Sep 2025 ₹5 Cr | Dec 2025 ₹9 Cr | Mar 2026 ₹8 Cr
- SBGI: Jun 2021 ₹12.8K Cr | Sep 2021 ₹12.7K Cr | Dec 2021 ₹12.6K Cr | Mar 2022 ₹4.6K Cr | Jun 2022 ₹4.5K Cr | Sep 2022 ₹4.4K Cr | Dec 2022 ₹4.4K Cr | Mar 2023 ₹4.4K Cr | Jun 2023 ₹4.4K Cr | Sep 2023 ₹4.3K Cr | Dec 2023 ₹4.3K Cr | Mar 2024 ₹4.3K Cr | Jun 2024 ₹4.3K Cr | Sep 2024 ₹4.3K Cr | Dec 2024 ₹4.3K Cr | Mar 2025 ₹4.3K Cr | Jun 2025 ₹4.3K Cr | Sep 2025 ₹4.2K Cr | Dec 2025 ₹4.5K Cr | Mar 2026 ₹4.5K Cr
- IHRT: Jun 2021 ₹6.9K Cr | Sep 2021 ₹6.6K Cr | Dec 2021 ₹6.6K Cr | Mar 2022 ₹6.6K Cr | Jun 2022 ₹6.5K Cr | Sep 2022 ₹6.5K Cr | Dec 2022 ₹6.3K Cr | Mar 2023 ₹6.3K Cr | Jun 2023 ₹6.2K Cr | Sep 2023 ₹6.1K Cr | Dec 2023 ₹6.1K Cr | Mar 2024 ₹6.0K Cr | Jun 2024 ₹6.0K Cr | Sep 2024 ₹6.0K Cr | Dec 2024 ₹5.9K Cr | Mar 2025 ₹5.8K Cr | Jun 2025 ₹5.9K Cr | Sep 2025 ₹5.9K Cr | Dec 2025 ₹5.8K Cr | Mar 2026 ₹5.8K Cr
- GTN-A: Jun 2021 ₹4.0K Cr | Sep 2021 ₹4.0K Cr | Dec 2021 ₹6.8K Cr | Mar 2022 ₹6.8K Cr | Jun 2022 ₹6.8K Cr | Sep 2022 ₹6.7K Cr | Dec 2022 ₹6.5K Cr | Mar 2023 ₹6.2K Cr | Jun 2023 ₹6.3K Cr | Sep 2023 ₹6.3K Cr | Dec 2023 ₹6.2K Cr | Mar 2024 ₹6.2K Cr | Jun 2024 ₹6.2K Cr | Sep 2024 ₹6.0K Cr | Dec 2024 ₹5.7K Cr | Mar 2025 ₹5.7K Cr | Jun 2025 ₹5.7K Cr | Sep 2025 ₹5.7K Cr | Dec 2025 ₹5.8K Cr | Mar 2026 ₹5.8K Cr
- SSP: Jun 2021 ₹3.4K Cr | Sep 2021 ₹3.3K Cr | Dec 2021 ₹3.3K Cr | Mar 2022 ₹3.2K Cr | Jun 2022 ₹3.2K Cr | Sep 2022 ₹3.1K Cr | Dec 2022 ₹3.0K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹3.0K Cr | Sep 2023 ₹3.0K Cr | Dec 2023 ₹3.0K Cr | Mar 2024 ₹3.0K Cr | Jun 2024 ₹3.0K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹2.7K Cr | Mar 2025 ₹2.7K Cr | Jun 2025 ₹2.7K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹2.7K Cr | Mar 2026 ₹2.6K Cr
- FUBO: Jun 2021 ₹321 Cr | Sep 2021 ₹324 Cr | Dec 2021 ₹361 Cr | Mar 2022 ₹444 Cr | Jun 2022 ₹444 Cr | Sep 2022 ₹444 Cr | Dec 2022 ₹443 Cr | Mar 2023 ₹443 Cr | Jun 2023 ₹447 Cr | Sep 2023 ₹448 Cr | Dec 2023 ₹443 Cr | Mar 2024 ₹430 Cr | Jun 2024 ₹401 Cr | Sep 2024 ₹380 Cr | Dec 2024 ₹378 Cr | Mar 2025 ₹377 Cr | Jun 2025 ₹375 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹414 Cr | Mar 2026 —
- UONEK: Jun 2021 ₹864 Cr | Sep 2021 ₹861 Cr | Dec 2021 ₹860 Cr | Mar 2022 ₹858 Cr | Jun 2022 ₹824 Cr | Sep 2022 ₹800 Cr | Dec 2022 ₹773 Cr | Mar 2023 ₹745 Cr | Jun 2023 ₹744 Cr | Sep 2023 ₹746 Cr | Dec 2023 ₹749 Cr | Mar 2024 ₹677 Cr | Jun 2024 ₹643 Cr | Sep 2024 ₹628 Cr | Dec 2024 ₹611 Cr | Mar 2025 ₹584 Cr | Jun 2025 ₹522 Cr | Sep 2025 ₹522 Cr | Dec 2025 — | Mar 2026 —
- CURI: Jun 2021 ₹0 Cr | Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹5 Cr | Sep 2022 ₹5 Cr | Dec 2022 ₹5 Cr | Mar 2023 ₹5 Cr | Jun 2023 ₹4 Cr | Sep 2023 ₹4 Cr | Dec 2023 ₹4 Cr | Mar 2024 ₹4 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹4 Cr | Dec 2024 ₹4 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹3 Cr
- CAST: Jun 2021 ₹2 Cr | Sep 2021 — | Dec 2021 — | Mar 2022 ₹3 Cr | Jun 2022 ₹3 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹6 Cr | Jun 2023 ₹6 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹3 Cr | Jun 2024 ₹3 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹3 Cr | Mar 2025 ₹4 Cr | Jun 2025 ₹4 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹5 Cr

### 20-quarter Net debt history
- NXST: Jun 2021 ₹7.6K Cr | Sep 2021 ₹7.6K Cr | Dec 2021 ₹7.4K Cr | Mar 2022 ₹7.3K Cr | Jun 2022 ₹7.3K Cr | Sep 2022 ₹7.2K Cr | Dec 2022 ₹7.0K Cr | Mar 2023 ₹7.0K Cr | Jun 2023 ₹6.9K Cr | Sep 2023 ₹6.9K Cr | Dec 2023 ₹6.8K Cr | Mar 2024 ₹6.6K Cr | Jun 2024 ₹6.7K Cr | Sep 2024 ₹6.5K Cr | Dec 2024 ₹6.4K Cr | Mar 2025 ₹6.3K Cr | Jun 2025 ₹6.1K Cr | Sep 2025 ₹6.2K Cr | Dec 2025 ₹6.1K Cr | Mar 2026 ₹12.1K Cr
- NMAX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 ₹5 Cr | Dec 2023 ₹5 Cr | Mar 2024 — | Jun 2024 — | Sep 2024 ₹-74 Cr | Dec 2024 ₹-74 Cr | Mar 2025 ₹-210 Cr | Jun 2025 ₹-192 Cr | Sep 2025 ₹-125 Cr | Dec 2025 ₹-122 Cr | Mar 2026 ₹-121 Cr
- SBGI: Jun 2021 ₹11.8K Cr | Sep 2021 ₹11.7K Cr | Dec 2021 ₹11.8K Cr | Mar 2022 ₹4.1K Cr | Jun 2022 ₹4.0K Cr | Sep 2022 ₹3.8K Cr | Dec 2022 ₹3.6K Cr | Mar 2023 ₹3.8K Cr | Jun 2023 ₹3.7K Cr | Sep 2023 ₹3.7K Cr | Dec 2023 ₹3.7K Cr | Mar 2024 ₹3.7K Cr | Jun 2024 ₹3.9K Cr | Sep 2024 ₹3.8K Cr | Dec 2024 ₹3.6K Cr | Mar 2025 ₹3.7K Cr | Jun 2025 ₹3.6K Cr | Sep 2025 ₹3.7K Cr | Dec 2025 ₹3.7K Cr | Mar 2026 ₹3.7K Cr
- IHRT: Jun 2021 ₹6.3K Cr | Sep 2021 ₹6.2K Cr | Dec 2021 ₹6.2K Cr | Mar 2022 ₹6.3K Cr | Jun 2022 ₹6.2K Cr | Sep 2022 ₹6.2K Cr | Dec 2022 ₹6.0K Cr | Mar 2023 ₹6.1K Cr | Jun 2023 ₹6.0K Cr | Sep 2023 ₹5.9K Cr | Dec 2023 ₹5.7K Cr | Mar 2024 ₹5.7K Cr | Jun 2024 ₹5.7K Cr | Sep 2024 ₹5.6K Cr | Dec 2024 ₹5.6K Cr | Mar 2025 ₹5.7K Cr | Jun 2025 ₹5.7K Cr | Sep 2025 ₹5.7K Cr | Dec 2025 ₹5.5K Cr | Mar 2026 ₹5.6K Cr
- GTN-A: Jun 2021 ₹3.3K Cr | Sep 2021 ₹3.7K Cr | Dec 2021 ₹6.6K Cr | Mar 2022 ₹6.6K Cr | Jun 2022 ₹6.6K Cr | Sep 2022 ₹6.5K Cr | Dec 2022 ₹6.5K Cr | Mar 2023 ₹6.2K Cr | Jun 2023 ₹6.3K Cr | Sep 2023 ₹6.2K Cr | Dec 2023 ₹6.2K Cr | Mar 2024 ₹6.1K Cr | Jun 2024 ₹6.1K Cr | Sep 2024 ₹5.9K Cr | Dec 2024 ₹5.6K Cr | Mar 2025 ₹5.5K Cr | Jun 2025 ₹5.5K Cr | Sep 2025 ₹5.5K Cr | Dec 2025 ₹5.4K Cr | Mar 2026 ₹5.6K Cr
- SSP: Jun 2021 ₹3.3K Cr | Sep 2021 ₹3.2K Cr | Dec 2021 ₹3.2K Cr | Mar 2022 ₹3.2K Cr | Jun 2022 ₹3.1K Cr | Sep 2022 ₹3.1K Cr | Dec 2022 ₹3.0K Cr | Mar 2023 ₹3.0K Cr | Jun 2023 ₹3.0K Cr | Sep 2023 ₹3.0K Cr | Dec 2023 ₹3.0K Cr | Mar 2024 ₹2.9K Cr | Jun 2024 ₹2.9K Cr | Sep 2024 ₹2.8K Cr | Dec 2024 ₹2.6K Cr | Mar 2025 ₹2.7K Cr | Jun 2025 ₹2.7K Cr | Sep 2025 ₹2.7K Cr | Dec 2025 ₹2.7K Cr | Mar 2026 ₹2.5K Cr
- FUBO: Jun 2021 ₹-86 Cr | Sep 2021 ₹-69 Cr | Dec 2021 ₹-10 Cr | Mar 2022 ₹-8 Cr | Jun 2022 ₹71 Cr | Sep 2022 ₹142 Cr | Dec 2022 ₹106 Cr | Mar 2023 ₹84 Cr | Jun 2023 ₹153 Cr | Sep 2023 ₹188 Cr | Dec 2023 ₹198 Cr | Mar 2024 ₹261 Cr | Jun 2024 ₹246 Cr | Sep 2024 ₹234 Cr | Dec 2024 ₹217 Cr | Mar 2025 ₹55 Cr | Jun 2025 ₹91 Cr | Sep 2025 — | Dec 2025 ₹-38 Cr | Mar 2026 —
- UONEK: Jun 2021 ₹735 Cr | Sep 2021 ₹750 Cr | Dec 2021 ₹728 Cr | Mar 2022 ₹712 Cr | Jun 2022 ₹701 Cr | Sep 2022 ₹714 Cr | Dec 2022 ₹698 Cr | Mar 2023 ₹674 Cr | Jun 2023 ₹513 Cr | Sep 2023 ₹550 Cr | Dec 2023 ₹516 Cr | Mar 2024 ₹522 Cr | Jun 2024 ₹511 Cr | Sep 2024 ₹513 Cr | Dec 2024 ₹474 Cr | Mar 2025 ₹469 Cr | Jun 2025 ₹436 Cr | Sep 2025 ₹443 Cr | Dec 2025 — | Mar 2026 —
- CURI: Jun 2021 ₹-100 Cr | Sep 2021 ₹-81 Cr | Dec 2021 ₹-81 Cr | Mar 2022 ₹-78 Cr | Jun 2022 ₹-72 Cr | Sep 2022 ₹-59 Cr | Dec 2022 ₹-50 Cr | Mar 2023 ₹-44 Cr | Jun 2023 ₹-40 Cr | Sep 2023 ₹-36 Cr | Dec 2023 ₹-34 Cr | Mar 2024 ₹-35 Cr | Jun 2024 ₹-36 Cr | Sep 2024 ₹-29 Cr | Dec 2024 ₹-28 Cr | Mar 2025 ₹-29 Cr | Jun 2025 ₹-24 Cr | Sep 2025 ₹-24 Cr | Dec 2025 ₹-24 Cr | Mar 2026 ₹-17 Cr
- CAST: Jun 2021 ₹2 Cr | Sep 2021 — | Dec 2021 — | Mar 2022 ₹3 Cr | Jun 2022 ₹3 Cr | Sep 2022 — | Dec 2022 — | Mar 2023 ₹4 Cr | Jun 2023 ₹4 Cr | Sep 2023 — | Dec 2023 — | Mar 2024 ₹-2 Cr | Jun 2024 ₹-2 Cr | Sep 2024 ₹1 Cr | Dec 2024 ₹1 Cr | Mar 2025 ₹3 Cr | Jun 2025 ₹3 Cr | Sep 2025 ₹3 Cr | Dec 2025 ₹3 Cr | Mar 2026 ₹5 Cr

## Return On Capital Employed

What the numbers say: TV Channels Network Inc. leads ROCE at 94.5%, 16.6 percentage points above FreeCast, Inc.. FreeCast, Inc. has the strongest latest improvement at +2875 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: TV Channels Network Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: TV Channels Network Inc. · 94.5% | 21.3% versus #2 · FreeCast, Inc. | Not enough history | 11/11 companies · 173 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. TV Channels Network Inc. (TVCN): 95%
2. FreeCast, Inc. (CAST): 78%
3. Urban One, Inc. (UONEK): 7.2% — older report
4. Nexstar Media Group, Inc. (NXST): 1.9%
5. Gray Media, Inc. (GTN-A): 0.8%

### ROCE change — fastest improvers
1. FreeCast, Inc. (CAST): +2,875.0 pp
2. Newsmax Inc. (NMAX): +8.6 pp
3. FuboTV Inc. (FUBO): +4.8 pp
4. iHeartMedia, Inc. (IHRT): +0.5 pp
5. Sinclair, Inc. (SBGI): +0.2 pp

### 20-quarter ROCE history
- NXST: Jun 2021 — | Sep 2021 2.2% | Dec 2021 2.6% | Mar 2022 2.6% | Jun 2022 2.7% | Sep 2022 2.9% | Dec 2022 2.4% | Mar 2023 1.7% | Jun 2023 1.5% | Sep 2023 0.8% | Dec 2023 2.0% | Mar 2024 2.4% | Jun 2024 2.1% | Sep 2024 3.0% | Dec 2024 3.8% | Mar 2025 2.0% | Jun 2025 2.0% | Sep 2025 1.6% | Dec 2025 2.3% | Mar 2026 1.9%
- NMAX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 0.0% | Dec 2023 0.0% | Mar 2024 — | Jun 2024 — | Sep 2024 -41% | Dec 2024 -25% | Mar 2025 -11% | Jun 2025 -93% | Sep 2025 -7.7% | Dec 2025 -5.1% | Mar 2026 -2.6%
- SBGI: Jun 2021 — | Sep 2021 0.6% | Dec 2021 0.6% | Mar 2022 38% | Jun 2022 -1.2% | Sep 2022 1.7% | Dec 2022 2.9% | Mar 2023 0.4% | Jun 2023 -0.1% | Sep 2023 0.7% | Dec 2023 -7.0% | Mar 2024 0.8% | Jun 2024 1.2% | Sep 2024 3.4% | Dec 2024 5.2% | Mar 2025 0.3% | Jun 2025 0.4% | Sep 2025 1.2% | Dec 2025 1.5% | Mar 2026 0.5%
- IHRT: Jun 2021 — | Sep 2021 1.0% | Dec 2021 1.5% | Mar 2022 0.2% | Jun 2022 1.0% | Sep 2022 -2.7% | Dec 2022 2.2% | Mar 2023 -0.6% | Jun 2023 -13% | Sep 2023 1.0% | Dec 2023 1.2% | Mar 2024 -0.5% | Jun 2024 -16% | Sep 2024 1.4% | Dec 2024 1.9% | Mar 2025 -0.5% | Jun 2025 0.7% | Sep 2025 -2.5% | Dec 2025 1.9% | Mar 2026 0.0%
- GTN-A: Jun 2021 — | Sep 2021 0.9% | Dec 2021 1.2% | Mar 2022 1.8% | Jun 2022 2.4% | Sep 2022 2.7% | Dec 2022 3.4% | Mar 2023 0.6% | Jun 2023 1.1% | Sep 2023 0.8% | Dec 2023 1.1% | Mar 2024 1.2% | Jun 2024 1.5% | Sep 2024 2.4% | Dec 2024 3.2% | Mar 2025 0.9% | Jun 2025 0.8% | Sep 2025 1.0% | Dec 2025 1.2% | Mar 2026 0.8%
- SSP: Jun 2021 — | Sep 2021 2.5% | Dec 2021 2.3% | Mar 2022 1.1% | Jun 2022 1.5% | Sep 2022 1.7% | Dec 2022 2.7% | Mar 2023 0.3% | Jun 2023 -11% | Sep 2023 0.9% | Dec 2023 -3.7% | Mar 2024 0.8% | Jun 2024 1.1% | Sep 2024 2.4% | Dec 2024 4.0% | Mar 2025 0.6% | Jun 2025 1.6% | Sep 2025 0.8% | Dec 2025 0.9% | Mar 2026 0.5%
- FUBO: Jun 2021 -9.4% | Sep 2021 -14% | Dec 2021 -13% | Mar 2022 -12% | Jun 2022 -9.3% | Sep 2022 -11% | Dec 2022 -1.5% | Mar 2023 -8.1% | Jun 2023 -5.6% | Sep 2023 -9.9% | Dec 2023 -9.3% | Mar 2024 -8.3% | Jun 2024 -4.8% | Sep 2024 -8.6% | Dec 2024 -6.0% | Mar 2025 -4.0% | Jun 2025 -0.9% | Sep 2025 -2.7% | Dec 2025 -1.2% | Mar 2026 —
- UONEK: Jun 2021 12% | Sep 2021 12% | Dec 2021 9.7% | Mar 2022 11% | Jun 2022 12% | Sep 2022 12% | Dec 2022 11% | Mar 2023 10% | Jun 2023 9.6% | Sep 2023 9.9% | Dec 2023 9.1% | Mar 2024 8.5% | Jun 2024 8.2% | Sep 2024 7.6% | Dec 2024 9.2% | Mar 2025 9.0% | Jun 2025 9.5% | Sep 2025 7.2% | Dec 2025 — | Mar 2026 —
- CURI: Jun 2021 — | Sep 2021 -7.1% | Dec 2021 -15% | Mar 2022 -11% | Jun 2022 -9.6% | Sep 2022 -2.7% | Dec 2022 -11% | Mar 2023 -5.7% | Jun 2023 -6.5% | Sep 2023 -22% | Dec 2023 -4.7% | Mar 2024 -3.9% | Jun 2024 -2.9% | Sep 2024 -4.4% | Dec 2024 -5.5% | Mar 2025 0.1% | Jun 2025 0.8% | Sep 2025 -7.6% | Dec 2025 -6.3% | Mar 2026 -3.0%
- CAST: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 64% | Jun 2022 64% | Sep 2022 — | Dec 2022 — | Mar 2023 53% | Jun 2023 68% | Sep 2023 — | Dec 2023 — | Mar 2024 -172% | Jun 2024 -307% | Sep 2024 965% | Dec 2024 1,068% | Mar 2025 -2,797% | Jun 2025 -2,579% | Sep 2025 139% | Dec 2025 136% | Mar 2026 78%

### 20-quarter ROCE change history
- NXST: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.7 pp | Dec 2022 −0.2 pp | Mar 2023 −0.9 pp | Jun 2023 −1.2 pp | Sep 2023 −2.1 pp | Dec 2023 −0.4 pp | Mar 2024 +0.7 pp | Jun 2024 +0.6 pp | Sep 2024 +2.2 pp | Dec 2024 +1.8 pp | Mar 2025 −0.4 pp | Jun 2025 −0.1 pp | Sep 2025 −1.4 pp | Dec 2025 −1.5 pp | Mar 2026 −0.1 pp
- NMAX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 −40.7 pp | Dec 2024 −25.1 pp | Mar 2025 — | Jun 2025 — | Sep 2025 +33.0 pp | Dec 2025 +20.0 pp | Mar 2026 +8.6 pp
- SBGI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.1 pp | Dec 2022 +2.3 pp | Mar 2023 −37.5 pp | Jun 2023 +1.1 pp | Sep 2023 −1.0 pp | Dec 2023 −9.9 pp | Mar 2024 +0.4 pp | Jun 2024 +1.3 pp | Sep 2024 +2.7 pp | Dec 2024 +12.2 pp | Mar 2025 −0.5 pp | Jun 2025 −0.8 pp | Sep 2025 −2.2 pp | Dec 2025 −3.7 pp | Mar 2026 +0.2 pp
- IHRT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −3.7 pp | Dec 2022 +0.7 pp | Mar 2023 −0.8 pp | Jun 2023 −13.6 pp | Sep 2023 +3.7 pp | Dec 2023 −1.0 pp | Mar 2024 +0.1 pp | Jun 2024 −3.5 pp | Sep 2024 +0.4 pp | Dec 2024 +0.7 pp | Mar 2025 0.0 pp | Jun 2025 +16.8 pp | Sep 2025 −3.9 pp | Dec 2025 0.0 pp | Mar 2026 +0.5 pp
- GTN-A: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +1.8 pp | Dec 2022 +2.2 pp | Mar 2023 −1.2 pp | Jun 2023 −1.3 pp | Sep 2023 −1.9 pp | Dec 2023 −2.3 pp | Mar 2024 +0.6 pp | Jun 2024 +0.4 pp | Sep 2024 +1.6 pp | Dec 2024 +2.1 pp | Mar 2025 −0.3 pp | Jun 2025 −0.7 pp | Sep 2025 −1.4 pp | Dec 2025 −2.0 pp | Mar 2026 −0.1 pp
- SSP: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.8 pp | Dec 2022 +0.4 pp | Mar 2023 −0.8 pp | Jun 2023 −12.5 pp | Sep 2023 −0.8 pp | Dec 2023 −6.4 pp | Mar 2024 +0.5 pp | Jun 2024 +12.1 pp | Sep 2024 +1.5 pp | Dec 2024 +7.7 pp | Mar 2025 −0.2 pp | Jun 2025 +0.5 pp | Sep 2025 −1.6 pp | Dec 2025 −3.1 pp | Mar 2026 −0.1 pp
- FUBO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.1 pp | Sep 2022 +2.7 pp | Dec 2022 +11.7 pp | Mar 2023 +3.5 pp | Jun 2023 +3.7 pp | Sep 2023 +1.5 pp | Dec 2023 −7.8 pp | Mar 2024 −0.2 pp | Jun 2024 +0.8 pp | Sep 2024 +1.3 pp | Dec 2024 +3.3 pp | Mar 2025 +4.3 pp | Jun 2025 +3.9 pp | Sep 2025 +5.9 pp | Dec 2025 +4.8 pp | Mar 2026 —
- UONEK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +0.2 pp | Sep 2022 +0.1 pp | Dec 2022 +1.2 pp | Mar 2023 −0.8 pp | Jun 2023 −2.1 pp | Sep 2023 −1.7 pp | Dec 2023 −1.8 pp | Mar 2024 −1.8 pp | Jun 2024 −1.4 pp | Sep 2024 −2.3 pp | Dec 2024 +0.1 pp | Mar 2025 +0.5 pp | Jun 2025 +1.3 pp | Sep 2025 −0.4 pp | Dec 2025 — | Mar 2026 —
- CURI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.4 pp | Dec 2022 +4.7 pp | Mar 2023 +5.2 pp | Jun 2023 +3.1 pp | Sep 2023 −19.1 pp | Dec 2023 +5.8 pp | Mar 2024 +1.8 pp | Jun 2024 +3.6 pp | Sep 2024 +17.4 pp | Dec 2024 −0.8 pp | Mar 2025 +4.0 pp | Jun 2025 +3.7 pp | Sep 2025 −3.2 pp | Dec 2025 −0.8 pp | Mar 2026 −3.1 pp
- CAST: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 −11.6 pp | Jun 2023 +3.6 pp | Sep 2023 — | Dec 2023 — | Mar 2024 −224.5 pp | Jun 2024 −374.9 pp | Sep 2024 — | Dec 2024 — | Mar 2025 −2,625.2 pp | Jun 2025 −2,272.3 pp | Sep 2025 −825.6 pp | Dec 2025 −932.0 pp | Mar 2026 +2,875.0 pp

## Valuation Against Growth & Quality

What the numbers say: Nexstar Media Group, Inc. has the lowest comparable Guarded PEG at 0.17×. Only 1 of 11 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Nexstar Media Group, Inc. · 0.17× | Not enough peers | 0/8 recent comparable periods | 1/11 companies · 3 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. Nexstar Media Group, Inc. (NXST): 0.2

### P/E — lowest P/E
1. FuboTV Inc. (FUBO): 5.6
2. The E.W. Scripps Company (SSP): 6.1
3. Urban One, Inc. (UONEK): 8.5 — older report
4. Gray Media, Inc. (GTN-A): 14.1
5. iHeartMedia, Inc. (IHRT): 14.3

### 20-quarter Guarded PEG history
- NXST: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 0.2 | Dec 2024 — | Mar 2025 — | Jun 2025 0.2 | Sep 2025 — | Dec 2025 — | Mar 2026 —
- UONEK: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.1 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

### 20-quarter P/E history
- NXST: Jun 2021 — | Sep 2021 7.3 | Dec 2021 8.0 | Mar 2022 9.2 | Jun 2022 7.5 | Sep 2022 6.7 | Dec 2022 7.2 | Mar 2023 8.2 | Jun 2023 9.2 | Sep 2023 12.4 | Dec 2023 16.3 | Mar 2024 14.6 | Jun 2024 13.1 | Sep 2024 9.6 | Dec 2024 7.4 | Mar 2025 9.1 | Jun 2025 9.0 | Sep 2025 12.3 | Dec 2025 67.7 | Mar 2026 38.8
- SBGI: Jun 2021 — | Sep 2021 16.3 | Dec 2021 — | Mar 2022 0.9 | Jun 2022 0.6 | Sep 2022 0.5 | Dec 2022 0.4 | Mar 2023 4.8 | Jun 2023 5.8 | Sep 2023 8.6 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 3.4 | Mar 2025 7.9 | Jun 2025 16.7 | Sep 2025 — | Dec 2025 — | Mar 2026 14.4
- IHRT: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 82.3 | Jun 2022 14.4 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —
- GTN-A: Jun 2021 — | Sep 2021 9.4 | Dec 2021 50.4 | Mar 2022 34.5 | Jun 2022 13.2 | Sep 2022 5.4 | Dec 2022 2.6 | Mar 2023 2.6 | Jun 2023 3.4 | Sep 2023 9.5 | Dec 2023 — | Mar 2024 — | Jun 2024 74.3 | Sep 2024 3.6 | Dec 2024 0.9 | Mar 2025 1.9 | Jun 2025 3.0 | Sep 2025 14.1 | Dec 2025 — | Mar 2026 —
- SSP: Jun 2021 — | Sep 2021 11.0 | Dec 2021 23.9 | Mar 2022 22.4 | Jun 2022 9.3 | Sep 2022 9.2 | Dec 2022 8.1 | Mar 2023 8.0 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 2.2 | Mar 2025 3.2 | Jun 2025 6.1 | Sep 2025 — | Dec 2025 — | Mar 2026 —
- FUBO: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 15.4 | Jun 2025 15.4 | Sep 2025 11.5 | Dec 2025 5.6 | Mar 2026 —
- UONEK: Jun 2021 9.1 | Sep 2021 6.2 | Dec 2021 5.0 | Mar 2022 5.1 | Jun 2022 4.5 | Sep 2022 5.0 | Dec 2022 — | Mar 2023 — | Jun 2023 4.2 | Sep 2023 — | Dec 2023 — | Mar 2024 8.5 | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 —

## Enterprise Value & Book Value

What the numbers say: Urban One, Inc. leads ev/ebitda at 7.49×; Gray Media, Inc. leads p/bv at 0.21×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: Urban One, Inc. · 7.49× | 25.1% versus #2 · The E.W. Scripps Company | 0/8 recent comparable periods | 7/11 companies · 110 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. Urban One, Inc. (UONEK): 7.5 — older report
2. The E.W. Scripps Company (SSP): 10.0
3. Gray Media, Inc. (GTN-A): 10.7
4. Nexstar Media Group, Inc. (NXST): 13.8
5. iHeartMedia, Inc. (IHRT): 17.3

### P/BV — lowest P/BV
1. Gray Media, Inc. (GTN-A): 0.2
2. The E.W. Scripps Company (SSP): 0.3
3. Urban One, Inc. (UONEK): 0.4 — older report
4. Sinclair, Inc. (SBGI): 2.0
5. Nexstar Media Group, Inc. (NXST): 2.6

### 20-quarter EV/EBITDA history
- NXST: Jun 2021 — | Sep 2021 7.6 | Dec 2021 6.2 | Mar 2022 9.9 | Jun 2022 9.7 | Sep 2022 10.1 | Dec 2022 6.8 | Mar 2023 6.8 | Jun 2023 6.7 | Sep 2023 6.8 | Dec 2023 7.3 | Mar 2024 7.4 | Jun 2024 7.2 | Sep 2024 6.3 | Dec 2024 5.4 | Mar 2025 6.0 | Jun 2025 6.0 | Sep 2025 7.0 | Dec 2025 7.5 | Mar 2026 13.8
- SBGI: Jun 2021 — | Sep 2021 12.4 | Dec 2021 28.1 | Mar 2022 10.3 | Jun 2022 6.9 | Sep 2022 6.8 | Dec 2022 1.1 | Mar 2023 7.1 | Jun 2023 6.4 | Sep 2023 7.5 | Dec 2023 — | Mar 2024 — | Jun 2024 296.8 | Sep 2024 30.3 | Dec 2024 5.7 | Mar 2025 6.2 | Jun 2025 9.4 | Sep 2025 7.8 | Dec 2025 9.6 | Mar 2026 18.0
- IHRT: Jun 2021 — | Sep 2021 16.6 | Dec 2021 14.8 | Mar 2022 12.5 | Jun 2022 9.7 | Sep 2022 15.5 | Dec 2022 13.7 | Mar 2023 17.1 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 15.1 | Sep 2024 — | Dec 2024 — | Mar 2025 15.9 | Jun 2025 16.6 | Sep 2025 17.8 | Dec 2025 19.6 | Mar 2026 17.3
- GTN-A: Jun 2021 — | Sep 2021 8.9 | Dec 2021 15.3 | Mar 2022 16.1 | Jun 2022 12.2 | Sep 2022 9.2 | Dec 2022 6.2 | Mar 2023 7.5 | Jun 2023 8.3 | Sep 2023 9.9 | Dec 2023 10.7 | Mar 2024 13.0 | Jun 2024 12.5 | Sep 2024 9.7 | Dec 2024 5.8 | Mar 2025 6.1 | Jun 2025 6.5 | Sep 2025 8.0 | Dec 2025 10.5 | Mar 2026 10.7
- SSP: Jun 2021 — | Sep 2021 8.2 | Dec 2021 8.8 | Mar 2022 8.8 | Jun 2022 7.9 | Sep 2022 7.8 | Dec 2022 7.3 | Mar 2023 7.6 | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 33.9 | Sep 2024 19.4 | Dec 2024 5.7 | Mar 2025 6.0 | Jun 2025 5.8 | Sep 2025 6.8 | Dec 2025 10.1 | Mar 2026 10.0
- UONEK: Jun 2021 7.8 | Sep 2021 7.8 | Dec 2021 7.4 | Mar 2022 7.1 | Jun 2022 6.6 | Sep 2022 6.4 | Dec 2022 6.3 | Mar 2023 7.5 | Jun 2023 8.0 | Sep 2023 8.0 | Dec 2023 6.8 | Mar 2024 7.0 | Jun 2024 7.0 | Sep 2024 7.5 | Dec 2024 6.5 | Mar 2025 6.1 | Jun 2025 6.9 | Sep 2025 7.5 | Dec 2025 — | Mar 2026 —
- CURI: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 3.3 | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 0.2 | Mar 2024 — | Jun 2024 — | Sep 2024 13.1 | Dec 2024 9.5 | Mar 2025 15.2 | Jun 2025 30.1 | Sep 2025 36.7 | Dec 2025 27.1 | Mar 2026 26.8

### 20-quarter P/BV history
- NXST: Jun 2021 — | Sep 2021 2.4 | Dec 2021 2.2 | Mar 2022 2.6 | Jun 2022 2.2 | Sep 2022 2.2 | Dec 2022 2.4 | Mar 2023 2.4 | Jun 2023 2.3 | Sep 2023 2.1 | Dec 2023 2.3 | Mar 2024 2.5 | Jun 2024 2.4 | Sep 2024 2.4 | Dec 2024 2.1 | Mar 2025 2.4 | Jun 2025 2.3 | Sep 2025 2.6 | Dec 2025 3.0 | Mar 2026 2.6
- NMAX: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 60.4 | Jun 2025 18.3 | Sep 2025 15.1 | Dec 2025 9.4 | Mar 2026 6.3
- SBGI: Jun 2021 — | Sep 2021 -1.5 | Dec 2021 -1.1 | Mar 2022 2.6 | Jun 2022 2.0 | Sep 2022 1.8 | Dec 2022 1.4 | Mar 2023 1.3 | Jun 2023 1.2 | Sep 2023 1.1 | Dec 2023 2.9 | Mar 2024 2.7 | Jun 2024 2.6 | Sep 2024 2.5 | Dec 2024 1.8 | Mar 2025 2.5 | Jun 2025 2.7 | Sep 2025 3.0 | Dec 2025 2.4 | Mar 2026 2.0
- IHRT: Jun 2021 — | Sep 2021 4.5 | Dec 2021 3.3 | Mar 2022 3.1 | Jun 2022 1.3 | Sep 2022 1.8 | Dec 2022 1.3 | Mar 2023 1.2 | Jun 2023 -1.3 | Sep 2023 -1.1 | Dec 2023 -1.0 | Mar 2024 -0.8 | Jun 2024 -0.1 | Sep 2024 -0.2 | Dec 2024 -0.2 | Mar 2025 -0.2 | Jun 2025 -0.2 | Sep 2025 -0.2 | Dec 2025 -0.3 | Mar 2026 -0.2
- GTN-A: Jun 2021 — | Sep 2021 1.2 | Dec 2021 1.1 | Mar 2022 1.2 | Jun 2022 0.9 | Sep 2022 0.7 | Dec 2022 0.5 | Mar 2023 0.4 | Jun 2023 0.4 | Sep 2023 0.3 | Dec 2023 0.4 | Mar 2024 0.3 | Jun 2024 0.3 | Sep 2024 0.3 | Dec 2024 0.1 | Mar 2025 0.2 | Jun 2025 0.2 | Sep 2025 0.3 | Dec 2025 0.2 | Mar 2026 0.2
- SSP: Jun 2021 — | Sep 2021 0.7 | Dec 2021 0.7 | Mar 2022 0.8 | Jun 2022 0.4 | Sep 2022 0.4 | Dec 2022 0.4 | Mar 2023 0.3 | Jun 2023 0.5 | Sep 2023 0.3 | Dec 2023 0.5 | Mar 2024 0.3 | Jun 2024 0.2 | Sep 2024 0.1 | Dec 2024 0.1 | Mar 2025 0.2 | Jun 2025 0.2 | Sep 2025 0.2 | Dec 2025 0.3 | Mar 2026 0.3
- FUBO: Jun 2021 7.5 | Sep 2021 5.8 | Dec 2021 3.5 | Mar 2022 1.7 | Jun 2022 0.8 | Sep 2022 1.4 | Dec 2022 0.9 | Mar 2023 0.8 | Jun 2023 1.4 | Sep 2023 2.3 | Dec 2023 3.2 | Mar 2024 1.9 | Jun 2024 1.5 | Sep 2024 2.0 | Dec 2024 2.2 | Mar 2025 2.5 | Jun 2025 3.2 | Sep 2025 1.6 | Dec 2025 3.2 | Mar 2026 —
- UONEK: Jun 2021 1.1 | Sep 2021 1.4 | Dec 2021 0.6 | Mar 2022 1.0 | Jun 2022 0.8 | Sep 2022 0.7 | Dec 2022 0.5 | Mar 2023 0.8 | Jun 2023 0.8 | Sep 2023 0.8 | Dec 2023 0.6 | Mar 2024 0.4 | Jun 2024 0.3 | Sep 2024 0.3 | Dec 2024 0.3 | Mar 2025 0.2 | Jun 2025 0.4 | Sep 2025 0.4 | Dec 2025 — | Mar 2026 —
- CURI: Jun 2021 — | Sep 2021 3.2 | Dec 2021 1.9 | Mar 2022 1.0 | Jun 2022 0.7 | Sep 2022 0.6 | Dec 2022 0.0 | Mar 2023 0.6 | Jun 2023 0.5 | Sep 2023 0.5 | Dec 2023 0.4 | Mar 2024 0.9 | Jun 2024 1.0 | Sep 2024 1.7 | Dec 2024 1.5 | Mar 2025 2.6 | Jun 2025 6.5 | Sep 2025 6.5 | Dec 2025 5.4 | Mar 2026 4.8
- CAST: Jun 2021 — | Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -26.1

## Market action

iHeartMedia, Inc. has the strongest one-year price move in Broadcasting at +96.1%. It also leads on Mansfield relative strength against the S&P 500 at -7.6%. 0 of 9 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. iHeartMedia, Inc. (IHRT): 96%
2. The E.W. Scripps Company (SSP): 6.2%
3. Nexstar Media Group, Inc. (NXST): 5.0%
4. Sinclair, Inc. (SBGI): 0.1%
5. Urban One, Inc. (UONEK): -24%

### Strongest relative strength versus NIFTY 500
1. iHeartMedia, Inc. (IHRT): -7.6%
2. Sinclair, Inc. (SBGI): -9.3%
3. Nexstar Media Group, Inc. (NXST): -10%
4. Newsmax Inc. (NMAX): -15%
5. The E.W. Scripps Company (SSP): -17%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.
- Thin comparisons: Valuation have fewer than three usable current readings.

## Every company
- Nexstar Media Group, Inc. (NXST) — market value ₹5.9K Cr; latest fundamentals Mar 2026
- Newsmax Inc. (NMAX) — market value ₹1.0K Cr; latest fundamentals Mar 2026
- Sinclair, Inc. (SBGI) — market value ₹1.0K Cr; latest fundamentals Mar 2026
- iHeartMedia, Inc. (IHRT) — market value ₹554 Cr; latest fundamentals Mar 2026
- Gray Media, Inc. (GTN-A) — market value ₹428 Cr; latest fundamentals Mar 2026
- The E.W. Scripps Company (SSP) — market value ₹282 Cr; latest fundamentals Mar 2026
- FuboTV Inc. (FUBO) — market value ₹266 Cr; latest fundamentals Dec 2025
- Urban One, Inc. (UONEK) — market value ₹220 Cr; latest fundamentals Sep 2025
- TV Channels Network Inc. (TVCN) — market value ₹185 Cr; latest fundamentals unavailable
- CuriosityStream Inc. (CURI) — market value ₹145 Cr; latest fundamentals Mar 2026
- FreeCast, Inc. (CAST) — market value ₹96 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Mar 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Broadcasting company is the biggest?

Nexstar Media Group, Inc. is the largest, with trailing-twelve-month revenue of $5,112 million, ahead of iHeartMedia, Inc. at $3,942 million. That covers 10 of 11 companies with comparable reporting through Mar 2026.

### Which Broadcasting company is growing fastest?

CuriosityStream Inc. has the fastest revenue growth at 31.5% year on year, across 9 of 11 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Broadcasting company has the best profit margins?

Nexstar Media Group, Inc. has the highest operating margin at 19%, from 9 of 11 comparable companies. Newsmax Inc. shows the biggest recent improvement, at +16.8 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Broadcasting company makes the most profit?

FuboTV Inc. earns the most, at $304 million of trailing-twelve-month net profit, from 10 of 11 comparable companies. Nexstar Media Group, Inc. has the fastest profit growth at -76.2%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Broadcasting company earns the highest return on capital?

TV Channels Network Inc. leads on return on capital employed at 94.5%, across 11 of 11 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Broadcasting stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — Nexstar Media Group, Inc. screens cheapest at 0.17×. Only 1 of 11 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Broadcasting company has the strongest balance sheet?

CuriosityStream Inc. carries the lowest comparable gross debt at $3 million, from 10 of 11 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Broadcasting company is investing most in new capacity?

iHeartMedia, Inc. reports the largest capital spending at $22 million, across 10 of 11 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Broadcasting sector beating the market?

Broadcasting has outperformed S&P 500 by 1% over the last 52 weeks and 11.1% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 0 of 9 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Broadcasting stock has the strongest price momentum?

iHeartMedia, Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Broadcasting company scores highest for research priority?

Newsmax Inc. scores 52.2 out of 100 with 58.7% evidence confidence, from 24.4 points on growth and earnings, 9.1 on capital efficiency, 10 on valuation and 8.7 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Broadcasting companies does this comparison cover, and over what period?

It compares 11 listed companies over up to 20 reported quarters of fundamentals and 6 fiscal years of capital allocation, ending Mar 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Broadcasting sector?

The 11 Broadcasting companies on this page carry $10,142 million of combined market value. Nexstar Media Group, Inc. is the largest at $5,918 million, about 58% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Broadcasting sector's P/E ratio?

The median price-to-earnings ratio across the 11 Broadcasting companies on this page is 14.1×, measured on the 7 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Broadcasting sector performing?

0 of the 9 covered Broadcasting companies are beating S&P 500 on Mansfield relative strength. The sector itself is 1% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Broadcasting stocks are listed in the US?

This comparison covers 11 listed Broadcasting companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Mar 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/broadcasting