Fox Corp Class A
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
The operating business supports itself and is rated investment grade (Baa2/BBB) — but three material operational questions remain open: how the balance sheet handles net debt jumping from $2.4 billion to roughly $15 billion via Roku without the promised, not-yet-realized synergies; how far the cable subscriber decline continues, which Fox itself describes as possibly accelerating; and how the unquantified $2.7 billion Smartmatic lawsuit ultimately resolves. That is not a substance risk like insolvency or a governance breach, but it is not a resolved picture either — hence yellow, not green. The stock price plays no role in this rating. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Fox Corporation shows two truths at once: a record operating year with $3,906 million in adjusted EBITDA — and a reported profit that dropped 26 percent because of a single peripheral stake. At the same time, the company is buying the streaming service Roku for about $24.7 billion, lifting net debt by our pro-forma calculation from $2.4 billion to roughly $15 billion — and letting only the voting Class B stock decide, not the publicly traded FOXA shares. Add a structural cable subscriber decline and an unquantified $2.7 billion lawsuit. Whoever invests is buying a solid but changing media business — without a say over its biggest decisions. Not investment advice.
Operating substance
Record operating profit in fiscal 2026: adjusted EBITDA $3,906 million (+32% since fiscal 2022), a cable segment with roughly 42 percent margin, net debt today only 0.63 times EBITDA, investment-grade ratings from Moody's (Baa2) and Standard & Poor's (BBB).
Earnings quality
Reported GAAP net income fell 26 percent to $1,685 million in fiscal 2026, almost entirely because of a $761 million valuation loss on the Flutter stake — the same line item lifted the prior year's result. Adjusted net income ($2,381 million, +8%) shows the operating picture more clearly.
Voting structure
FOXA shareholders have no vote, per the proxy statement dated September 1, 2026, over the roughly 144 million new Class A shares tied to the Roku acquisition; the decision on October 14, 2026, rests solely with Class B; the largest block (LGC Holdco, about 38.8%) is already committed.
Debt from Roku
The Roku financing (about $9.8 billion of permanent financing, a $12 billion bridge) would push net debt, by our calculation from the pro-forma balance sheet, to roughly 3.9 times EBITDA without Roku's earnings contribution and without synergies; pro-forma earnings per share for fiscal 2026 would sit at $1.05 instead of $3.84.
Subscriber losses
FOX News cable reach fell from 67 to 55 million U.S. households in two years (06/30/2024 to 06/30/2026); price increases have cushioned the revenue impact so far, but Fox itself expects no reversal — possibly even an acceleration.
Smartmatic legal risk
The $2.7 billion Smartmatic USA lawsuit continues with no reserve recorded since February 2021; as of the annual report filed August 6, 2026, no trial date has been set.
Worth Noting
This analysis was triggered by the fresh annual report (10-K) for fiscal 2026 filed August 6, 2026, together with the earnings release, and by the final proxy statement (Form 424B3) for the Roku acquisition dated September 1, 2026. Fundamental data as of August 31, 2026.
Don't confuse the two: FOXA (Class A) is the widely traded, effectively non-voting class this analysis focuses on; FOX (Class B) carries the voting rights and is roughly one-third owned by the Murdoch family holding company LGC Holdco.
Fox Corporation's fiscal year ends June 30, not December 31 — "fiscal 2026" refers to the period from July 1, 2025 through June 30, 2026.
Stock Watch
This analysis is as of September 2, 2026. Stock Watch will tell you what's changed at FOXA since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 48.80 $ to 76.10 $ · Last price: 65.00 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Entertainment
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Fox Corp Class A FOXA | 27.6 | 18.2 | 9.9 | 36.6 | 21.4 | 16.6 | 10.8 |
| Netflix Inc NFLX | 317.3 | 25.8 | 9.4 | 49.1 | 32.3 | 15.9 | -38.7 |
| Walt Disney Company DIS | 182.5 | 17.6 | 11.2 | 37.6 | 15.5 | 3.4 | -8.0 |
| Warner Bros Discovery Inc WBD | 70.7 | – | 7.3 | 47.8 | 8.6 | -5.2 | 57.0 |
| Live Nation Entertainment Inc LYV | 39.6 | – | 24.9 | 25.8 | -9.9 | 8.8 | 0.4 |
| TKO Group Holdings, Inc. TKO | 35.2 | 71.7 | 12.0 | 59.5 | 21.2 | 68.9 | -4.5 |
| Fox Corp Class B FOX | 24.7 | 16.4 | 9.9 | 36.6 | 21.4 | 16.6 | 10.2 |
| Liberty Media Corporation (Serie C) FWONK | 23.7 | 41.9 | 24.1 | 32.6 | 9.0 | 22.7 | -7.7 |
| Roku Inc ROKU | 23.0 | 116.6 | 29.0 | 45.5 | 4.3 | 15.2 | 56.7 |
| Median of companies shown | 35.2 | 25.8 | 11.2 | 37.6 | 15.5 | 15.9 | 0.4 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2017 | 9,921 | 2,535 | 1,372 | 2.21 | 1,655 | 6,093 | 10,348 |
| 2018 | 10,153 | 2,215 | 2,187 | 3.53 | 1,317 | 9,594 | 13,121 |
| 2019 | 11,389 | 2,431 | 1,595 | 2.57 | 2,524 | 9,958 | 19,509 |
| 2020 | 12,303 | 2,497 | 999 | 1.62 | 2,365 | 10,111 | 21,750 |
| 2021 | 12,909 | 2,765 | 2,150 | 3.61 | 2,639 | 11,123 | 22,926 |
| 2022 | 13,974 | 2,574 | 1,205 | 2.11 | 1,884 | 11,339 | 22,185 |
| 2023 | 14,913 | 2,764 | 1,239 | 2.33 | 1,800 | 10,378 | 21,866 |
| 2024 | 13,980 | 2,478 | 1,501 | 3.13 | 1,840 | 10,714 | 21,972 |
| 2025 | 16,300 | 3,229 | 2,263 | 4.91 | 3,324 | 11,962 | 23,195 |
| 2026 | 17,126 | 3,345 | 1,685 | 3.84 | 1,970 | 11,628 | 22,482 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.81 | 257.00 | 5,078 | 19.90 | 7.30 | -362 | -436 |
| 2025: Q1 | 0.75 | -46.50 | 4,371 | 26.80 | 7.90 | 2,015 | 1,941 |
| 2025: Q2 | 1.57 | 136.10 | 3,287 | 6.30 | 21.80 | 1,513 | 1,394 |
| 2025: Q3 | 1.32 | -26.10 | 3,738 | 4.90 | 16.00 | -130 | -234 |
| 2025: Q4 | 0.52 | -35.70 | 5,182 | 2.00 | 4.40 | -669 | -565 |
| 2026: Q1 | 0.38 | -48.80 | 3,994 | -8.60 | 4.20 | 1,902 | 1,767 |
| 2026: Q2 | 1.60 | 1.90 | 4,212 | 28.10 | 16.50 | 867 | 726 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 6 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Breakout & Setup
Earnings & Surprises
Momentum & Trend
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 06/30/2027 | 5.92 | 5.53 – 6.22 | 17,667 | 9.2% | 18 |
| 06/30/2028 | 5.84 | 5.18 – 6.54 | 17,635 | -1.4% | 18 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly -5.7% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $3.60B |
|---|---|
| Market cap | $27.63B |
| Free cash flow in year ten | $2.01B |
| Terminal value as a share of market value | 38.4% |
For comparison: over the past five years free cash flow shrank by 7.4% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Die Risikofaktoren der Geschäftsberichte benennen generative KI konkret als Gefahr für das eigene Modell — KI könne die Nachfrage nach den eigenen Inhalten senken, Wettbewerber könnten mit KI-Werbetechnik Werbeerlöse abziehen und KI-Entwickler die geschützten FOX-Inhalte unerlaubt nutzen oder nachahmen —, während die geprüften Filings keine KI-Umsatzquelle ausweisen.
View the full file — quotes, sources, reviewed filings
„Other new technological developments, such as the development and use of generative AI, including large language model applications, are rapidly evolving and increasingly being incorporated into business operations and content generation, and AI may be used in ways that could reduce demand for our content, products and services."
Andere neue technologische Entwicklungen, etwa die Entwicklung und Nutzung generativer KI einschließlich Anwendungen großer Sprachmodelle, entwickeln sich rasant und werden zunehmend in Geschäftsabläufe und die Erzeugung von Inhalten eingebunden; KI kann dabei so eingesetzt werden, dass sie die Nachfrage nach unseren Inhalten, Produkten und Dienstleistungen verringert.
10-K · 2026-08-06 · View SEC filing
„The use of AI tools in advertising technology also is becoming more prevalent and if our competitors are able to adopt the use of these tools more effectively than we are, it could negatively impact our advertising revenues."
Auch der Einsatz von KI-Werkzeugen in der Werbetechnik nimmt zu; wenn unsere Wettbewerber diese Werkzeuge wirksamer einsetzen können als wir, könnte das unsere Werbeerlöse beeinträchtigen.
10-K · 2026-08-06 · View SEC filing
„The legal landscape for new technologies remains uncertain, and legal developments in this area could negatively impact the Company’s ability to deploy new technologies or its ability to protect against uses of FOX’s proprietary content by unauthorized third parties, including generative AI developers."
Die Rechtslage für neue Technologien bleibt unsicher, und rechtliche Entwicklungen in diesem Bereich könnten die Fähigkeit des Unternehmens beeinträchtigen, neue Technologien einzusetzen oder sich gegen die Nutzung der geschützten FOX-Inhalte durch unbefugte Dritte zu wehren — darunter Entwickler generativer KI.
10-K · 2026-08-06 · View SEC filing
„Generative AI may enable new competitors to rapidly produce large volumes of content and replicate or imitate our proprietary content without authorization, attribution or compensation. This could dilute the value of our content, reduce audience engagement or lead to negative impacts on our revenues."
Generative KI kann neue Wettbewerber in die Lage versetzen, sehr schnell große Mengen an Inhalten zu erzeugen und unsere geschützten Inhalte ohne Genehmigung, Nennung oder Vergütung nachzubilden oder nachzuahmen. Das könnte den Wert unserer Inhalte verwässern, die Bindung des Publikums verringern oder sich negativ auf unsere Erlöse auswirken.
10-K · 2025-08-06 · View SEC filing
Filings Reviewed: 10-K 2026-08-06 · 10-K 2025-08-06 · 10-Q 2026-05-11 · 10-Q 2026-02-04 · 10-Q 2025-10-30 · 10-Q 2025-05-12
Rated on September 2, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 4.7%
- More than 10% revenue growth is expected for the coming year 4.3%
- Share count grows by less than 3% a year -6.1%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 13.6%
- Gross margin at 40% or higher and without meaningful erosion 36.6%
- Goodwill from acquisitions does not grow faster than revenue 16.2%
- Net debt below twice EBITDA 0.8 x EBITDA
- Operating cash flow covers the profits of the last three years 1,685 m
- Return on capital at 15% or higher, or up versus two years ago 16.9%
- Insiders hold at least 10% or are net buyers 1.3%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
8/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 6.3%
- Exp. sales growth 3Y > 5% 1.5%
- EBIT growth 10Y > 5% 3.1%
- Exp. EBIT growth 3Y > 5% 23.3%
- Net debt < 4x EBIT 0.7x
- EBIT positive, 10Y straight 10
- Max. EBIT decline < 50% 12.6%
- Return on equity > 15% 33.0%
- ROCE > 15% 16.9%
- Expected return > 10% 29.9%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 15, 2026 | Murdoch Lachlan K | Executive Chair, CEO | Buy | 149,934 | 68.53 | 10,274,977 |
| Sep 15, 2026 | Murdoch Lachlan K | Executive Chair, CEO | Sell | 149,934 | 68.53 | 10,274,977 |
The company
About the Company
Fox Corporation ist ein Nachrichten-, Sport- und Unterhaltungsunternehmen in den USA. Es ist in vier Segmenten tätig: Cable Network Programming, Television, Credible und The FOX Studio Lot.
- Employees
- 10,550
- Headquarters
- New York, NY
- Address
- 1211 Avenue of the Americas, 10036 New York, United States
- Phone
- 212 852 7000
- Website
- foxcorporation.com
- IPO Date
- 03/12/2019
- ISIN
- US35137L1052
Management
| Name | Title | Birth Year |
|---|---|---|
| Lachlan Keith Murdoch | Executive Chairman & CEO | 1971 |
| John P. Nallen | President & COO | 1957 |
| Steven Silvester Tomsic | Chief Financial Officer | 1969 |
| Adam G. Ciongoli J.D. | Chief Legal & Policy Officer | 1969 |
| Gabrielle Brown | Executive VP & Chief Investor Relations Officer | – |
| Nicholas Trutanich | Executive VP of Litigation, Chief Ethics & Compliance Officer | – |
| Brian Nick | Chief Communications Officer & Executive VP | – |
| Jeff Collins | President of Advertising Sales, Marketing & Brand Partnership | – |
| Kevin E. Lord | Executive VP & Chief Human Resources Officer | 1963 |
| Jason Klarman | Chief Digital & Marketing Officer of FOX News Media | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.