Fox Corporation (FOX)
被低估基本面
76
价格
$56.30
市值
$24.12B
第一部分 · 这家公司值多少
概览
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.
盈利方式
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.
分部营收
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.
护城河
品牌 · 狭窄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.
需求驱动因素
周期性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.
主要风险
- 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.
看多理由
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.
看空理由
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.
资产负债表与流动性
营收
$17.13B
最近12个月（截至2026/6/30）
净利润
$1.73B
最近12个月（截至2026/6/30）
自由现金流
$1.47B
股东权益合计
$11.63B
负债合计
$10.75B
流动比率
3.17
利息覆盖率
-
债务/EBITDA
1.95
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$86.02
当前价格
$56.30
安全边际
+34.6%
公允价值区间
$55.91 - $116.13
所用估值方法之间的离散区间，并非经过统计校准的置信区间。
估算方法
估值指标
市盈率（P/E）
14.66
ROE
14.9%
市净率（P/B）
1.22
P/FCF
9.66
毛利率
-
ROIC
-
盈利能力雷达图
价值创造（经济护城河）
ROIC
-
WACC
7.2%
ROIC − WACC
-
基本面分析标准
通过（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
未通过（4）
- CapEx intensity
- Low reliance on intangibles
- PEG Ratio 12.51
- Net Margin Trend 10.1% vs 14.1%
不可用（5）
- ROIC NaN%
- Gross Margin NaN%
- Dividend Payout NaN%
- Operating Margin NaN%
- Interest Coverage
Piotroski F-评分
财务状况强健
盈利质量
高质量：盈利有现金流支撑
股权稀释
正在回购股份，对股东友好
机构持股
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| 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 | - |
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损益历史
via SEC EDGAR
Latest News
Recent headlines for FOX, sourced from Markets Gazette.