Fox Corporation (FOX)
割安ファンダメンタル
76
株価
$55.46
時価総額
$24.12B
パート1 · 企業の価値
概要
Fox Corporation owns a cluster of American television businesses built around live news and sports: Fox News, Fox Sports, the Fox broadcast network and regional and national cable channels. It makes money mainly by selling advertising around live programming and by charging cable, satellite and streaming distributors a per-subscriber fee to carry its channels. Unlike most media rivals it never built a general-entertainment streaming service, choosing instead to concentrate on content people still prefer to watch live.
収益の仕組み
Two revenue streams do most of the work: advertising sold around news and sports broadcasts, and affiliate fees that distributors pay for the right to carry Fox channels, which are contractually renegotiated every few years. Live sports rights and news production are by far the largest costs, so profitability depends on renewing distribution deals at rates that keep pace with those costs even as the number of pay-TV households keeps shrinking every year.
セグメント別売上高
The Fox broadcast network, local stations and Tubi streaming, carrying NFL football and other major live sports and entertainment.
Fox News, Fox Business and Fox Sports cable channels, earning both advertising and per-subscriber affiliate fees.
Residual corporate revenue not attributed to the two main operating segments, including shared administrative activity.
競争優位性（moat）
ブランド · 狭いFox News and Fox Sports have built loyal audiences that keep watching live rather than switching to on-demand alternatives, which gives Fox real leverage when it negotiates affiliate fees with distributors. That loyalty is valuable but not unlimited: news and sports rights can in principle be replicated by well-funded rivals, and cord-cutting steadily shrinks the base of pay-TV households paying those fees in the first place.
需要を左右する要因
景気循環型Advertising revenue rises and falls with the broader economy and spikes in even years thanks to political advertising around elections, then fades back in odd years. Affiliate fee revenue is steadier because it is contractual, but it is on a slow structural decline as fewer households subscribe to traditional pay-TV bundles, so the two revenue streams partly offset each other's swings.
主なリスク
- Murdoch family voting control — A dual-class share structure gives the Murdoch family and its trust control of shareholder votes well beyond their economic stake, limiting other shareholders' influence over major decisions.
- Cord-cutting — The number of households paying for traditional cable and satellite bundles keeps declining, which steadily shrinks the subscriber base that generates Fox's affiliate fee revenue.
- Rising sports rights costs — Live sports rights, a core draw for both channels, are renegotiated periodically at increasingly competitive prices, and losing a major rights package would weaken the audience that advertising and affiliate fees rely on.
- Advertising cyclicality — Advertising spending falls in economic downturns and swings between election and non-election years, adding volatility to a large share of Fox's revenue.
強気材料
Buyers argue that Fox News and live sports remain the parts of television advertisers and distributors still pay a premium for, that the company converts a large share of revenue into free cash flow without the streaming losses many peers carry, and that affiliate fee renewals keep capturing more value per shrinking subscriber.
弱気材料
Sellers worry that cord-cutting will eventually outrun the higher per-subscriber fees Fox negotiates, that sports rights costs keep climbing faster than the audience willing to pay for them, and that a governance structure concentrating control with one family reduces the pressure to change course if the pay-TV model keeps eroding.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年9月18日 with claude-haiku-4-5 — shared with all users
Disney's ABC broadcast network, ABC-owned local stations and ESPN compete head-on with the FOX Network, FOX Television Stations and FOX Sports for the same U.S. viewers, the same sports rights and the same national and local advertising budgets.
CBS, CBS Sports and the free ad-supported service Pluto TV line up almost one-to-one against the FOX Network, FOX Sports and Tubi, competing for NFL and college-football packages and for the same advertisers.
Through NBC, its owned local stations, NBC Sports and Peacock, Comcast bids against Fox for the same live sports rights and sells advertising to the same national and local buyers.
CNN is FOX News Channel's direct rival for cable-news audiences, while TNT and TBS compete with FS1 for live sports and for the affiliate fees paid by pay-TV distributors.
Named by Fox itself among its sports-viewing rivals, Netflix now bids for live sports events and sells an ad-supported tier, taking viewing time and advertising dollars that would otherwise go to FOX and Tubi.
貸借対照表と流動性
売上高
$17.13B
直近12か月（2026/6/30まで）
純利益
$1.73B
直近12か月（2026/6/30まで）
フリーキャッシュフロー
$1.47B
自己資本合計
$11.63B
負債合計
$10.75B
流動比率
3.17
利払い倍率
-
負債/EBITDA
1.95
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$86.02
現在株価
$55.46
安全マージン
+35.5%
適正価値レンジ
$55.91 - $116.13
使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。
推定方法
バリュエーション指標
P/E レシオ
14.66
ROE
14.9%
P/B レシオ
1.22
P/FCF
9.66
粗利益率
-
ROIC
-
収益性レーダー
価値創造（経済的モート）
ROIC
-
WACC
7.2%
ROIC − WACC
-
ファンダメンタル分析基準
合格（19）
- EPS shows upward trend
- EPS CAGR 6.33%
- Price CAGR 6.61%
- P/FCF 9.66
- P/B Ratio 1.22
- Debt/Equity ratio
- Positive Free Cash Flow
- Current Ratio
- Debt/EBITDA
- Return on Tangible Assets
- Price below Graham Number
- DCF valuation (Undervalued)
- ROE 14.7%
- Revenue Growth 5Y 5.8%
- Analyst Consensus 59% Buy
- Earnings Surprise avg 39.1%
- Earnings Quality (OCF/NI) 1.14
- Share Dilution -3.7%
- Piotroski F-Score 7/9
不合格（4）
- CapEx intensity
- Low reliance on intangibles
- PEG Ratio 12.51
- Net Margin Trend 10.1% vs 14.1%
データなし（5）
- ROIC NaN%
- Gross Margin NaN%
- Dividend Payout NaN%
- Operating Margin NaN%
- Interest Coverage
Piotroski F-スコア
財務健全性が高い
利益の質
高品質：利益はキャッシュに裏付けられている
株式希薄化
株式を買い戻している。株主に友好的
機関投資家の保有
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| Mr. Lachlan Keith Murdoch | Executive Chairman & CEO | 54 |
| Mr. John P. Nallen | President & COO | 68 |
| Mr. Steven Silvester Tomsic | Chief Financial Officer | 56 |
| Mr. Adam G. Ciongoli J.D. | Chief Legal & Policy Officer | 56 |
| Ms. Gabrielle Brown | Executive VP & Chief Investor Relations Officer | - |
| Mr. Nicholas Trutanich | Executive VP of Litigation, Chief Ethics & Compliance Officer | - |
| Mr. Brian Nick | Chief Communications Officer & Executive VP | - |
| Mr. Jeff Collins | President of Advertising Sales, Marketing & Brand Partnership | - |
| Mr. Kevin E. Lord | Executive VP & Chief Human Resources Officer | 62 |
| Mr. Jason Klarman | Chief Digital & Marketing Officer of FOX News Media | - |
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
業績推移
via SEC EDGAR
Latest News
Recent headlines for FOX, sourced from Markets Gazette.