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NEXSTAR MEDIA GROUP, INC.（NXST）与华纳音乐集团（WMG）财务数据对比。点击上方公司名可切换其他公司
华纳音乐集团的季度营收约是NEXSTAR MEDIA GROUP, INC.的1.4倍（$1.8B vs $1.3B），华纳音乐集团净利率更高（9.6% vs -12.9%，领先22.5%），华纳音乐集团同比增速更快（10.4% vs -13.4%），华纳音乐集团自由现金流更多（$420.0M vs $136.0M），过去两年华纳音乐集团的营收复合增速更高（11.0% vs 0.2%）
Nexstar Media Group, Inc.是美国上市传媒企业，总部设于得克萨斯州欧文、曼哈顿中城及芝加哥，1996年6月17日成立。作为美国规模最大的电视台运营商，集团在全美共拥有197家电视台，多数为美国四大广播电视网及MyNetworkTV附属台，覆盖从纽约到得州圣安杰洛等不同规模的市场。
华纳音乐集团（简称WMG）是总部位于美国纽约的跨国娱乐及唱片集团，属于全球唱片行业“三大巨头”之一，市场规模位居全球音乐行业第三位，仅次于环球音乐集团与索尼音乐娱乐。
NXST vs WMG — 直观对比
营收规模更大
WMG
是对方的1.4倍
$1.3B
营收增速更快
WMG
高出23.9%
-13.4%
净利率更高
WMG
高出22.5%
-12.9%
自由现金流更多
WMG
多$284.0M
$136.0M
两年增速更快
WMG
近两年复合增速
0.2%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $1.3B | $1.8B |
| 净利润 | $-166.0M | $176.0M |
| 毛利率 | — | 46.4% |
| 营业利润率 | 18.7% | 15.7% |
| 净利率 | -12.9% | 9.6% |
| 营收同比 | -13.4% | 10.4% |
| 净利润同比 | -168.6% | -25.4% |
| 每股收益（稀释后） | $-5.57 | — |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收NXSTWMG
| Q4 25 | $1.3B | $1.8B | ||
| Q3 25 | $1.2B | $1.9B | ||
| Q2 25 | $1.2B | $1.7B | ||
| Q1 25 | $1.2B | $1.5B | ||
| Q4 24 | $1.5B | $1.7B | ||
| Q3 24 | $1.4B | $1.6B | ||
| Q2 24 | $1.3B | $1.6B | ||
| Q1 24 | $1.3B | $1.5B |
净利润NXSTWMG
| Q4 25 | $-166.0M | $176.0M | ||
| Q3 25 | $70.0M | $109.0M | ||
| Q2 25 | $97.0M | $-16.0M | ||
| Q1 25 | $108.0M | $36.0M | ||
| Q4 24 | $242.0M | $236.0M | ||
| Q3 24 | $187.0M | $41.0M | ||
| Q2 24 | $118.0M | $139.0M | ||
| Q1 24 | $175.0M | $96.0M |
毛利率NXSTWMG
| Q4 25 | — | 46.4% | ||
| Q3 25 | — | 44.6% | ||
| Q2 25 | — | 45.9% | ||
| Q1 25 | — | 46.7% | ||
| Q4 24 | — | 46.3% | ||
| Q3 24 | — | 47.6% | ||
| Q2 24 | — | 46.6% | ||
| Q1 24 | — | 47.1% |
营业利润率NXSTWMG
| Q4 25 | 18.7% | 15.7% | ||
| Q3 25 | 14.6% | 7.7% | ||
| Q2 25 | 17.3% | 10.0% | ||
| Q1 25 | 17.8% | 11.3% | ||
| Q4 24 | 28.1% | 12.8% | ||
| Q3 24 | 24.5% | 8.8% | ||
| Q2 24 | 18.9% | 13.3% | ||
| Q1 24 | 21.4% | 8.0% |
净利率NXSTWMG
| Q4 25 | -12.9% | 9.6% | ||
| Q3 25 | 5.8% | 5.8% | ||
| Q2 25 | 7.9% | -0.9% | ||
| Q1 25 | 8.8% | 2.4% | ||
| Q4 24 | 16.3% | 14.2% | ||
| Q3 24 | 13.7% | 2.5% | ||
| Q2 24 | 9.3% | 8.9% | ||
| Q1 24 | 13.6% | 6.4% |
每股收益（稀释后）NXSTWMG
| Q4 25 | $-5.57 | — | ||
| Q3 25 | $2.14 | — | ||
| Q2 25 | $3.06 | — | ||
| Q1 25 | $3.37 | — | ||
| Q4 24 | $7.44 | — | ||
| Q3 24 | $5.27 | — | ||
| Q2 24 | $3.54 | — | ||
| Q1 24 | $5.16 | — |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $280.0M | $751.0M |
| 总债务越低越好 | $6.3B | $4.4B |
| 股东权益账面价值 | $2.1B | $720.0M |
| 总资产 | $10.8B | $10.0B |
| 负债/权益比越低杠杆越低 | 3.07× | 6.07× |
8季度趋势，按日历期对齐
现金及短期投资NXSTWMG
| Q4 25 | $280.0M | $751.0M | ||
| Q3 25 | $236.0M | $532.0M | ||
| Q2 25 | $234.0M | $527.0M | ||
| Q1 25 | $253.0M | $637.0M | ||
| Q4 24 | $144.0M | $802.0M | ||
| Q3 24 | $181.0M | $694.0M | ||
| Q2 24 | $146.0M | $607.0M | ||
| Q1 24 | $237.0M | $587.0M |
总债务NXSTWMG
| Q4 25 | $6.3B | $4.4B | ||
| Q3 25 | $6.4B | $4.4B | ||
| Q2 25 | $6.4B | $4.4B | ||
| Q1 25 | $6.5B | $4.3B | ||
| Q4 24 | $6.5B | $4.0B | ||
| Q3 24 | $6.7B | $4.0B | ||
| Q2 24 | $6.8B | $4.0B | ||
| Q1 24 | $6.8B | $4.0B |
股东权益NXSTWMG
| Q4 25 | $2.1B | $720.0M | ||
| Q3 25 | $2.3B | $647.0M | ||
| Q2 25 | $2.3B | $589.0M | ||
| Q1 25 | $2.2B | $567.0M | ||
| Q4 24 | $2.3B | $545.0M | ||
| Q3 24 | $2.2B | $518.0M | ||
| Q2 24 | $2.3B | $483.0M | ||
| Q1 24 | $2.3B | $433.0M |
总资产NXSTWMG
| Q4 25 | $10.8B | $10.0B | ||
| Q3 25 | $11.2B | $9.8B | ||
| Q2 25 | $11.3B | $9.8B | ||
| Q1 25 | $11.4B | $9.6B | ||
| Q4 24 | $11.5B | $9.1B | ||
| Q3 24 | $11.7B | $9.2B | ||
| Q2 24 | $11.8B | $8.8B | ||
| Q1 24 | $11.9B | $8.7B |
负债/权益比NXSTWMG
| Q4 25 | 3.07× | 6.07× | ||
| Q3 25 | 2.78× | 6.75× | ||
| Q2 25 | 2.83× | 7.41× | ||
| Q1 25 | 2.89× | 7.57× | ||
| Q4 24 | 2.89× | 7.26× | ||
| Q3 24 | 3.02× | 7.75× | ||
| Q2 24 | 2.99× | 8.24× | ||
| Q1 24 | 2.93× | 9.20× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $190.0M | $440.0M |
| 自由现金流经营现金流 - 资本支出 | $136.0M | $420.0M |
| 自由现金流率自由现金流/营收 | 10.6% | 22.8% |
| 资本支出强度资本支出/营收 | 4.2% | 1.1% |
| 现金转化率经营现金流/净利润 | — | 2.50× |
| 过去12个月自由现金流最近4个季度 | $743.0M | $663.0M |
8季度趋势，按日历期对齐
经营现金流NXSTWMG
| Q4 25 | $190.0M | $440.0M | ||
| Q3 25 | $117.0M | $231.0M | ||
| Q2 25 | $247.0M | $46.0M | ||
| Q1 25 | $337.0M | $69.0M | ||
| Q4 24 | $411.0M | $332.0M | ||
| Q3 24 | $387.0M | $304.0M | ||
| Q2 24 | $176.0M | $188.0M | ||
| Q1 24 | $276.0M | $-31.0M |
自由现金流NXSTWMG
| Q4 25 | $136.0M | $420.0M | ||
| Q3 25 | $87.0M | $203.0M | ||
| Q2 25 | $218.0M | $7.0M | ||
| Q1 25 | $302.0M | $33.0M | ||
| Q4 24 | $376.0M | $296.0M | ||
| Q3 24 | $358.0M | $271.0M | ||
| Q2 24 | $139.0M | $160.0M | ||
| Q1 24 | $232.0M | $-57.0M |
自由现金流率NXSTWMG
| Q4 25 | 10.6% | 22.8% | ||
| Q3 25 | 7.3% | 10.9% | ||
| Q2 25 | 17.7% | 0.4% | ||
| Q1 25 | 24.5% | 2.2% | ||
| Q4 24 | 25.3% | 17.8% | ||
| Q3 24 | 26.2% | 16.6% | ||
| Q2 24 | 11.0% | 10.3% | ||
| Q1 24 | 18.1% | -3.8% |
资本支出强度NXSTWMG
| Q4 25 | 4.2% | 1.1% | ||
| Q3 25 | 2.5% | 1.5% | ||
| Q2 25 | 2.4% | 2.3% | ||
| Q1 25 | 2.8% | 2.4% | ||
| Q4 24 | 2.4% | 2.2% | ||
| Q3 24 | 2.1% | 2.0% | ||
| Q2 24 | 2.9% | 1.8% | ||
| Q1 24 | 3.4% | 1.7% |
现金转化率NXSTWMG
| Q4 25 | — | 2.50× | ||
| Q3 25 | 1.67× | 2.12× | ||
| Q2 25 | 2.55× | — | ||
| Q1 25 | 3.12× | 1.92× | ||
| Q4 24 | 1.70× | 1.41× | ||
| Q3 24 | 2.07× | 7.41× | ||
| Q2 24 | 1.49× | 1.35× | ||
| Q1 24 | 1.58× | -0.32× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
NXST
| Distribution Service | $704.0M | 55% |
| Advertising | $491.0M | 38% |
| Other | $78.0M | 6% |
| Corporate | $3.0M | 0% |
WMG
| Digital | $976.0M | 53% |
| Music Publishing | $362.0M | 20% |
| Artist Services And Expanded Rights | $231.0M | 13% |
| Licensing | $121.0M | 7% |
| Performance | $64.0M | 3% |
| Synchronization | $60.0M | 3% |
| Mechanical | $18.0M | 1% |
| Other | $5.0M | 0% |
