Stock Analysis

Stock Analysis · Fox Corp (FOXA)

Overview

Fox Corporation is a U.S. media company focused on producing and distributing news, sports, and entertainment content. Its portfolio includes well-known brands such as the FOX broadcast network, FOX News Media, FOX Sports, and television stations it owns and operates in major U.S. markets. The company primarily earns money by selling advertising and by charging fees to cable, satellite, and digital TV distributors that carry its channels (often called “affiliate” or “distribution” fees in company reporting).

In its SEC filings, Fox reports results mainly through two segments: Television (which includes FOX broadcast network, FOX Sports, FOX Entertainment, and local stations) and Cable Network Programming (which includes brands such as FOX News). The business is heavily tied to U.S. audiences and the U.S. advertising market, with sports and live news playing an outsized role in viewership and pricing power.

Main revenue sources (highest to lowest, as typically described in company filings):

Advertising (including national advertising tied to sports, entertainment, and news, and local advertising at owned TV stations)
Affiliate / distribution fees (fees paid by cable/satellite/virtual pay-TV distributors to carry Fox’s cable networks and stations)
Other revenue (which can include content licensing and digital-related revenue, depending on the period and reporting detail)

Because the exact revenue mix can shift year to year (for example due to major sports events, political advertising cycles, and changes in pay-TV distribution), percentages are best taken directly from the most recent annual report segment and revenue footnotes.

Across recent fiscal years shown, total revenue has generally trended upward (about $12.9B in FY2021 to about $16.3B in FY2025). Over the same span, operating income and net income have not moved in a straight line, which highlights how programming costs, advertising conditions, and the timing of major events can meaningfully affect profitability in any given year.

Key Figures

Metric	Value	Industry ⓘ
Date	Feb 07, 2026
Context
Sector	Communication Services
Industry	Entertainment
Market Cap ⓘ	$27.56B
Beta ⓘ	0.51
Fundamental
P/E Ratio ⓘ	15.53	50.96
Profit Margin ⓘ	11.41%	4.93%
Revenue Growth ⓘ	2.00%	5.20%
Debt to Equity ⓘ	76.35%	80.15%
PEG ⓘ	16.25
Free Cash Flow ⓘ	$2.54B

Fox Corporation’s market capitalization is about $27.6B, and the stock shows a beta of ~0.51, which describes how much the shares have historically moved relative to the broader market (lower than 1.0 implies less sensitivity, though this can change over time).

On valuation and profitability metrics, Fox shows a P/E ratio of ~15.5 versus an industry median near 51.0, while its profit margin is ~11.4% versus an industry median near 4.9%. Revenue growth year over year is around 2.0% compared with an industry median near 5.2%. Debt-to-equity is about 76%, close to the industry median near 80%. Trailing twelve-month free cash flow is about $2.54B.

Growth (Medium)

Fox operates in an industry that is changing rather than expanding smoothly. Traditional linear TV distribution (cable and satellite) has faced long-term pressure as audiences shift toward streaming, while advertising budgets can fluctuate with the economy. At the same time, live programming—especially sports and breaking news—has remained one of the strongest categories for maintaining large real-time audiences, which is valuable for advertisers and distributors.

Fox’s strategy, as reflected in its business mix and disclosures, is centered on content that tends to be “appointment viewing,” alongside a national footprint of local stations. This positioning can support pricing in distribution negotiations and advertising demand during major events, but it also concentrates the company’s results in areas where rights costs and reputational factors can matter a lot.

Recent year-over-year revenue growth has been uneven, with periods of contraction followed by rebounds. The latest reading shown is about 2%, which is positive but modest and below the industry median on this measure. This pattern is consistent with a business influenced by event timing (sports calendars), political advertising cycles, and broader ad-market conditions.

Free cash flow has also fluctuated across the periods shown (roughly from about $1.1B at the low point to about $2.4B–$2.5B at the high end). For long-term analysis, this matters because free cash flow is what ultimately funds debt reduction, share repurchases, dividends (if applicable), and investment in programming and distribution.