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Fox
(NASDAQ:FOX)
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Rating:74Outperform
Price Target:
$59.00
▲(19.41% Upside)
Action:Upgraded
Date:05/14/26
The score is led by strong underlying financial quality (healthy margins and very strong free cash flow) and a supportive earnings-call outlook (record-EBITDA confidence, strong cash generation, buybacks, and improving streaming economics at Tubi). Technicals are constructive with positive momentum. The main constraint is valuation (P/E ~33.9 and a sub-1% dividend yield) alongside near-term revenue softness and event-driven advertising volatility.
Positive Factors
Strong free cash flow
Consistent, high free cash flow (TTM ~$2.36B and Q3 $1.77B) provides durable internal funding for content rights, digital investment, and capital returns. FCF tracking ~90% of net income signals earnings quality and long-term flexibility for buybacks and strategic spends.
Negative Factors
Top-line softness
Modest negative TTM revenue growth (-2.3%) signals underlying top-line pressure that could persist through lumpy ad cycles and distribution shifts. Sustained revenue stagnation would force greater reliance on cost cuts, rights amortization management, or increased buybacks to support EPS.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong free cash flow
Consistent, high free cash flow (TTM ~$2.36B and Q3 $1.77B) provides durable internal funding for content rights, digital investment, and capital returns. FCF tracking ~90% of net income signals earnings quality and long-term flexibility for buybacks and strategic spends.
Read all positive factors
Fox Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down revenue by business segment, revealing which parts of the company are performing well and where there might be opportunities or challenges.
Breaks down revenue by business segment, revealing which parts of the company are performing well and where there might be opportunities or challenges.
Data provided by:
The Fly
The FlyFox (FOX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$23.27B
Dividend Yield1.08%
Average Volume (3M)2.46M
Price to Earnings (P/E)13.6
Beta (1Y)0.61
Revenue Growth0.60%
EPS Growth-5.58%
CountryUS
Employees10,400
SectorCommunication Services
Sector Strength97
IndustryEntertainment
Share Statistics
EPS (TTM)3.83
Shares Outstanding220,426,210
10 Day Avg. Volume1,329,289
30 Day Avg. Volume2,456,752
Financial Highlights & Ratios
PEG Ratio0.18
Price to Book (P/B)1.99
Price to Sales (P/S)1.46
P/FCF Ratio7.95
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$54.00Price Target Upside9.29% Upside
Rating ConsensusModerate Sell
Number of Analyst Covering1
EPS Forecast (FY)5.83
Revenue Forecast (FY)$17.34B
Fox Business Overview & Revenue Model
Company Description
Fox Corporation is a prominent media conglomerate primarily focused on news, sports, and entertainment operations within the United States. Its business is structured across three main divisions: Cable Network Programming; Television; and a segmen...
How the Company Makes Money
Fox primarily makes money by monetizing its news, sports, and entertainment content across broadcast, cable, and digital distribution. Key revenue streams include: (1) Advertising: Fox sells national and local advertising across the FOX broadcast ...
Fox Earnings Call Summary
Earnings Call Date:May 11, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Aug 06, 2026
Earnings Call Sentiment Positive
The call emphasized multiple strong operating and financial trends: record third-quarter adjusted EBITDA (+11%), robust free cash flow ($1.77B), aggressive share repurchases, strong audience and pricing gains at FOX News (CPMs +45%), meaningful growth and improving profitability at Tubi (revenue +23%, view time +19%, near-breakeven), early success of Fox One stabilizing distribution trends, and strong sports ratings and strategic NFL additions. The primary negatives were headline advertising declines and GAAP net income compression driven by the absence of the prior-year Super Bowl and higher sports rights amortization in the Cable segment. Overall, the positive operational momentum, cash generation, and capital returns outweigh the event-driven advertising and GAAP earnings headwinds.Positive Updates
Record Quarterly EBITDA and Stable Revenue
Total company revenue of $4.0 billion and adjusted EBITDA of $954 million, an 11% year-over-year increase, marking a record third quarter for Fox.
Negative Updates
Headline Advertising Revenue Decline (Super Bowl Impact)
Total company advertising revenue declined 24% on a headline basis due to lapping Super Bowl LIX; Television segment advertising revenue declined 30% YoY driven by the absence of the Super Bowl which generated significant prior-year ad revenue.
Read all updates
Q3-2026 Updates
Positive
Negative
Record Quarterly EBITDA and Stable Revenue
Total company revenue of $4.0 billion and adjusted EBITDA of $954 million, an 11% year-over-year increase, marking a record third quarter for Fox.
Read all positive updates
Company Guidance
Management reiterated they're positioned to deliver record EBITDA for fiscal 2026 after reporting Q3 revenue of $4.0B and adjusted EBITDA of $954M (up 11%), and provided forward metrics including TV distribution revenue expected to be about flat for the full year before returning to growth in fiscal '27 (with just north of one‑third of distribution income up for renewal in FY27); company distribution revenue grew 3% (cable distribution +5%), headline advertising was down 24% due to Super Bowl (would have grown double‑digits ex‑Super Bowl), content & other +12%, Q3 free cash flow $1.77B, fiscal YTD buybacks $1.95B (>$8.5B cumulative, ~36% of shares repurchased since 2019), cash ~$3.6B and debt ~$6.6B; management expects net digital investments for the year to be comfortably inside $290M, noted Tubi momentum (revenue +23%, total view time +19%, nearly 100M MAUs and Q3 at or better than breakeven), Fox One adding subscribers and stabilizing sub erosion below ~6.5% (excluding Fox One), and said the FIFA World Cup’s financial impact will be roughly 50/50 between Q4 and Q1 and is expected to be broadcast‑revenue and EBITDA accretive (cable nets less so).Fox Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
71
Positive
Cash Flow
78
Positive
| Breakdown | TTM | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | Jun 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 16.20B | 16.30B | 13.98B | 14.91B | 13.97B | 12.91B |
| Gross Profit | 5.67B | 5.40B | 13.98B | 14.91B | 13.97B | 12.91B |
| EBITDA | 3.09B | 3.85B | 2.90B | 2.50B | 2.43B | 3.61B |
| Net Income | 1.71B | 2.26B | 1.50B | 1.24B | 1.21B | 2.15B |
Balance Sheet | ||||||
| Total Assets | 21.78B | 23.20B | 21.97B | 21.87B | 22.18B | 22.93B |
| Cash, Cash Equivalents and Short-Term Investments | 3.60B | 5.35B | 4.32B | 4.27B | 5.20B | 5.89B |
| Total Debt | 6.61B | 7.46B | 8.15B | 8.21B | 7.72B | 8.45B |
| Total Liabilities | 10.71B | 10.84B | 10.92B | 11.21B | 10.62B | 11.54B |
| Stockholders Equity | 10.97B | 11.96B | 10.71B | 10.38B | 11.34B | 11.12B |
Cash Flow | ||||||
| Free Cash Flow | 2.36B | 2.99B | 1.50B | 1.44B | 1.58B | 2.15B |
| Operating Cash Flow | 2.62B | 3.32B | 1.84B | 1.80B | 1.88B | 2.64B |
| Investing Cash Flow | -673.00M | -537.00M | -452.00M | -438.00M | -513.00M | -528.00M |
| Financing Cash Flow | -3.16B | -1.75B | -1.34B | -2.29B | -2.06B | -870.00M |
Fox Technical Analysis
Positive
49.41
Price Trends
52.39
Negative
53.93
Negative
56.46
Negative
Market Momentum
-0.41
Negative
45.17
Neutral
28.18
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FOX, the sentiment is Positive. The current price of 49.41 is below the 20-day moving average (MA) of 50.44, below the 50-day MA of 52.39, and below the 200-day MA of 56.46, indicating a neutral trend. The MACD of -0.41 indicates Negative momentum. The RSI at 45.17 is Neutral, neither overbought nor oversold. The STOCH value of 28.18 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FOX.
Fox Risk Analysis
Fox disclosed 25 risk factors in its most recent earnings report. Fox reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Fox Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $166.98B | 15.37 | 10.29% | 1.58% | 4.02% | 27.66% | |
75 Outperform | $304.68B | 22.20 | 47.96% | ― | 17.62% | 34.80% | |
74 Outperform | $23.27B | 13.56 | 14.86% | 1.13% | 0.60% | -5.58% | |
74 Outperform | $21.52B | 106.51 | 7.64% | ― | 16.78% | ― | |
64 Neutral | $16.06B | 41.82 | 4.88% | 0.73% | -6.39% | -12.34% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
55 Neutral | $63.86B | -38.12 | -4.94% | ― | -2.78% | 84.26% |
* Communication Services Sector Average
FOX
Fox
51.94
1.74
3.46%
NWSA
News Corp
27.56
-1.31
-4.54%
DIS
Walt Disney
96.19
-18.74
-16.30%
NFLX
Netflix
71.71
-44.15
-38.11%
ROKU
Roku
145.01
65.03
81.31%
WBD
Warner Bros
26.30
13.43
104.35%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.