Nexxen International (NEXN) valuation at a glance
- Price
- $9.16
- Forward P/E
- 7.4×
- Market cap
- $522M
- P/S (TTM)
- 1.4×
CompaniesNEXN
NEXN
Nexxen International
Communication ServicesAd techConnected TVProgrammaticNet cashHigh FCF yieldIsrael
Overview
$9.16-0.4%
Market Cap
$522M
yfinance
P/E (TTM)
39.9×
yfinance
Rev Growth YoY
10.5%
+10.5%yfinance
Gross Margin
82.5%
yfinance
FCF Yield
13.0%
Calculated from yfinance
Fair Value
Not established
yfinance
Conviction
3/5An integrated programmatic-advertising platform at 4.28 times lease-adjusted trailing EBITDA, with net cash excluding leases equal to 25.3% of market value and a 13.0% free-cash-flow yield; the discount is counterweighted by volatile earnings, heavy competition and an unresolved capital-allocation question after no shares were repurchased in the latest quarter.
Research Depth
ScreeningDeep ResearchFull Model
Updated 1d ago
Quality Snowflake
Overall 68/100
Value3/4
Future2/3
Past4/4
Health4/4
Dividend0/1
Each axis scores the checks for which data is available (filled = pass, hollow = no data). Computed from the sourced metrics on this page, not a third-party rating.
Thesis
Nexxen combines a demand-side platform, supply-side platform and data layer for programmatic advertising, with connected television central to the strategy described in its latest company filing. The numeric case is unusually split. yfinance statement frames produce trailing revenue of $382.862M, EBITDA of $90.994M and free cash flow of $68.073M. Against a $521.675M market value, cash of $132.044M and $36.734M of total debt, the standard enterprise value is $426.365M, or 4.69 times EBITDA. Because the full debt field equals the lease-obligation field, borrowings excluding leases are zero; on that transparent lease-adjusted basis enterprise value is $389.631M, or 4.28 times EBITDA, and net cash is 25.3% of market value. The tension is quality rather than price: the latest quarter's revenue rose 10.52% year on year, yet trailing net margin is only 3.41%, annual revenue was nearly flat in 2025, and annual net income fell from $35.437M to $25.043M. Free cash flow has remained positive in every displayed year, but repurchases of $101.702M exceeded 2025 free cash flow; the company made no repurchases in the latest quarter while preserving financial flexibility. The page therefore treats the $14.64 analyst mean target as a market reference, not intrinsic value, and makes cash conversion, programmatic focus and capital allocation the disconfirming tests.
Bull Case
The valuation starts below five timesStandard enterprise value of $426.365M divided by trailing EBITDA of $90.994M is 4.69 times. Excluding the $36.734M of lease obligations from debt gives $389.631M and 4.28 times. Both calculations are rebuilt from yfinance statement fields rather than copied from a vendor multiple.
A quarter of the equity value is net cashCash is $132.044M and yfinance classifies the entire $36.734M debt balance as lease obligations. Net cash excluding leases is therefore $132.044M, 25.3% of the $521.675M market value; including leases, net cash is $95.310M, or 18.3%.
Cash conversion is the strongest reported outputTrailing operating cash flow of $113.709M less $45.636M of capital expenditure produces $68.073M of free cash flow and a 13.0% yield. Annual free cash flow was positive in each of 2022 through 2025, including $80.414M in 2025.
The latest quarter reacceleratedQuarterly revenue moved from $90.948M to $100.518M year on year, an increase of 10.52%, after full-year 2025 revenue was almost unchanged. The next test is whether this becomes a sequence rather than a single comparison.
The stack is integratedThe latest company filing describes a connected platform spanning demand, supply and data, and reports continued momentum in connected television and programmatic activity. If integration improves utilisation and removes handoffs, the high gross margin has room to absorb operating costs.
Consensus is materially above the priceThe yfinance analyst range is $12.00 to $25.40, with a $14.64 mean across 10 opinions. The mean is 59.8% above $9.16, but it is used only as a reference range, not as independently verified fair value.
Bear Case
The net margin is thinTrailing gross margin is 82.51%, but operating margin is 5.12% and net margin 3.41%. A large gap between gross and operating profitability makes the result sensitive to sales, technology and corporate spending.
The annual earnings direction is downRevenue was $364.780M in 2025 against $365.477M in 2024, while operating income fell from $40.821M to $32.449M and net income from $35.437M to $25.043M. The quarterly acceleration has not yet repaired the annual earnings record.
Repurchases outran free cash flowThe yfinance cash-flow frame shows $101.702M of repurchases in 2025 against $80.414M of free cash flow. The latest company filing says no shares were repurchased in Q2 2026 as management preserved financial flexibility and evaluated strategic opportunities, leaving the future use of cash open.
Competition is structuralThe company competes across both buying and selling sides of ad tech, where larger specialised platforms, vertically integrated media owners and privacy changes can all pressure take rates or access to data. Integration is useful only if customers value independence and measurable outcomes.
Advertising remains cyclicalEven a technically differentiated platform depends on advertiser budgets and campaign volumes. A macro slowdown can reach revenue faster than the fixed investment in engineering, data and infrastructure can be reduced.
The auditor transition needs watchingA recent company filing says the board approved EY's engagement to replace KPMG, contingent on shareholder approval, while stating that KPMG's prior reports did not contain an adverse opinion or disclaimer. The proposed change is not itself evidence of a problem, but the next audit and any control disclosures deserve explicit review.
Key Metrics
Market Cap
$522M
yfinance
Enterprise Value
$426M
Calculated from yfinance
Revenue (TTM)
$383M
yfinance
P/E (TTM)
39.9×
yfinance
Forward P/E
7.4×
yfinance
P/S (TTM)
1.4×
yfinance
P/B
1.1×
yfinance
EV/EBITDA
4.7×
Calculated from yfinance
PEG
–
Calculated from yfinance
Revenue Growth
10.5%
yfinance
Gross Margin
82.5%
yfinance
Operating Margin
5.1%
yfinance
Net Margin
3.4%
yfinance
Free Cash Flow
$68M
yfinance
FCF Yield
13.0%
Calculated from yfinance
Debt / Equity
0.1×
yfinance
Current Ratio
1.3×
yfinance
Short Interest
4.8%
Yahoo Finance, NEXN holders
Institutional Own.
75.5%
Yahoo Finance, NEXN holders
Insider Own.
10.4%
Yahoo Finance, NEXN holders
Shares Out.
57.0M
yfinance
Float
48.7M
Yahoo Finance, NEXN holders
Valuation
Valuation Evidence
Valuation pending
Scenario fair-value range awaiting model.
DCF Summary
DCF awaiting Phase 2+
Discounted cash-flow model is built once research reaches the deep-research stage.
Historical Multiples
Multiple history pending
This section is being deepened.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| NEXN | $522M | 41.6× | 1.4× | 8.0× | +10.5% | 82.5% | 3.4% |
| TTD | $6.74B | 17.1× | 2.3× | 8.2× | +3.0% | 76.9% | 13.6% |
| MGNI | $3.41B | 21.6× | 4.6× | 22.2× | +11.2% | 64.8% | 22.5% |
| DV | $2.08B | 38.3× | 2.7× | 13.8× | +2.5% | 82.4% | 7.7% |
| PUBM | $751M | – | 2.6× | 268.3× | +10.5% | 64.4% | -4.7% |
| IAS | $1.74B | 36.9× | 2.9× | 15.4× | +15.6% | 77.4% | 7.9% |
Financials
| Line item | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|
| Revenue | $335.250M | $331.993M | $365.477M | $364.780M | $382.862M |
| Gross profit | $274.505M | $269.723M | $304.457M | $309.801M | $315.913M |
| Operating income | $50.764M | -$16.805M | $40.821M | $32.449M | $19.591M |
| Net income | $22.737M | -$21.487M | $35.437M | $25.043M | $13.069M |
| EBITDA | $89.736M | $69.501M | $106.154M | $102.583M | $90.994M |
| Item | FY2022 | FY2023 | FY2024 | FY2025 | Jun-26 |
|---|---|---|---|---|---|
| Total assets | $956.161M | $904.803M | $840.513M | $756.073M | $787.334M |
| Total liabilities | $404.546M | $361.255M | $309.659M | $281.402M | $311.388M |
| Stockholders' equity | $551.615M | $543.548M | $530.854M | $474.671M | $475.946M |
| Cash and equivalents | Not reported | Not reported | Not reported | $133.308M | $132.044M |
| Total debt / lease obligations | Not reported | Not reported | Not reported | Not reported | $36.734M |
| Current assets / liabilities | Not reported | Not reported | Not reported | Not reported | $363.909M / $289.100M |
| Line item | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|
| Operating cash flow | $83.008M | $60.741M | $150.835M | $110.109M | $113.709M |
| Capital expenditure | -$15.183M | -$19.621M | -$23.521M | -$29.695M | -$45.636M |
| Free cash flow | $67.825M | $41.120M | $127.314M | $80.414M | $68.073M |
| Share repurchases | -$86.048M | -$9.518M | -$60.735M | -$101.702M | Not reported |
US dollars from yfinance annual statement frames for calendar 2022 through 2025 and four-quarter trailing sums through June 2026. The trailing cash-flow bridge uses four complete quarterly periods for both operating cash flow and capital expenditure; it never mixes an annual denominator with a trailing numerator. Yahoo Finance, NEXN financials ↗
Catalysts
Expected
Earningshigh relevance
Next earnings date in the yfinance calendar
The key tests are sequential programmatic growth, cash conversion and whether the latest quarter's year-on-year acceleration persists.
Ongoing
Product
Connected-TV and enterprise utilisation
The latest company filing describes continued connected-TV and programmatic momentum and deeper enterprise engagement. Evidence should appear as repeatable growth and better cost absorption, not product language alone.
Ongoing
Technology
AI interoperability moves from architecture to adoption
Management describes interoperability work using Model Context Protocol and agent-to-agent standards. The investable test is customer utilisation and retention, not the presence of an AI label.
Open
Capitalhigh relevance
Strategic flexibility becomes a concrete allocation decision
Management says no shares were repurchased in Q2 2026 while strategic opportunities were evaluated. A transaction, a subsequent repurchase or a clearly defined investment programme would resolve the present ambiguity.
Risks
| Risk | Category | Severity | Probability | Impact on Thesis |
|---|---|---|---|---|
| High gross margin is not reaching the bottom line. | Profitability | High | Measured | Trailing gross margin is 82.51%, operating margin 5.12% and net margin 3.41%. The spread makes valuation highly dependent on operating expense discipline. |
| The quarterly recovery may be one period rather than a trend. | Execution | High | Open | The latest quarter grew 10.52% year on year, while full-year 2025 revenue fell 0.19% and net income fell to $25.043M from $35.437M. Another quarter is required to establish direction. |
| Programmatic advertising is exposed to platform and privacy power. | Industry | High | Continuous | Browser, operating-system and media-owner policy changes can reduce addressability or raise the cost of access. Larger competitors can invest across the same demand, supply and data surfaces. |
| Capital allocation is temporarily undefined. | Capital | medium | Live | The 2025 yfinance cash-flow frame shows $101.702M of repurchases against $80.414M of free cash flow; management says no shares were repurchased in Q2 2026 while strategic opportunities were considered. |
| The proposed auditor transition adds a monitoring point. | Reporting | medium | Pending | The board approved EY's engagement to replace KPMG contingent on shareholder approval, while stating that KPMG's prior reports carried neither an adverse opinion nor a disclaimer. Future audit and control language should be compared directly. |
| The shares have market sensitivity and concentrated ownership. | Market | medium | Measured | The yfinance snapshot reports beta of 1.447, short interest of 4.77% of float and one institution holding 30.42% of shares. Price moves can therefore reflect positioning as well as fundamentals. |
Technical Snapshot
52-Week Range
$5.70$9.16$10.95
RSI (14)
35.8
neutral
50-Day MA
$10.03
-8.7%below
200-Day MA
$7.80
+17.4%above
Avg Vol (30d)
500K
-39%vs average
Support Levels
Resistance Levels
Technical inputs: yfinance. closing prices, 251 available sessions through the last market close on 11 September 2026; average volume over the last 30 sessions
Ownership & Insider Activity
Institutional Holdersvia Yahoo Finance, NEXN holders
| Institution | Shares | % Held | Chg QoQ | Reported |
|---|---|---|---|---|
| Mithaq Capital SPC | 17,326,679 | 30.42% | flat | 2026-06-30 |
| Lombard Odier Asset Management (Europe) | 2,667,552 | 4.68% | +100% | 2026-06-30 |
| Rice, Hall, James & Associates | 2,186,838 | 3.84% | +3.3% | 2026-06-30 |
| BlackRock | 1,855,887 | 3.26% | +7.8% | 2026-06-30 |
| Acadian Asset Management | 1,375,977 | 2.42% | +43.9% | 2026-06-30 |
| Rock Point Advisors | 843,222 | 1.48% | -17.6% | 2026-06-30 |
| Morgan Stanley | 748,994 | 1.32% | +29.4% | 2026-06-30 |
| Arrowstreet Capital | 513,805 | 0.90% | +75.0% | 2026-06-30 |
| AQR Capital Management | 513,961 | 0.90% | +77.1% | 2026-06-30 |
| Lombard Odier Asset Management (USA) | 503,393 | 0.88% | +2.9% | 2026-06-30 |
Insider Activity
The yfinance holder snapshot reports insiders at 10.393%, institutions at 75.509% of shares and 84.266% of float, across 184 institutions. Mithaq Capital SPC is the largest reported institution at 17,326,679 shares, or 30.42%. The six-month insider activity table shows 123,687 shares purchased and 454,605 sold, a net 330,918 shares sold. These are provider-reported holder records, not a reconstructed filing rollup.
| Name | Title | Action | Shares | Price | Date | Value |
|---|---|---|---|---|---|---|
| Sagi Niri | Chief Financial Officer | Grant | 22,822 | $0.00 | 2026-09-04 | $0 |
| Daniel Yosef Kerstein | Director | Sell | 11,000 | $10.38 | 2026-08-17 | $114,180 |
| Sagi Niri | Chief Financial Officer | Sell | 17,578 | $10.51 | 2026-07-28 | $184,773 |
| Sagi Niri | Chief Financial Officer | Sell | 35,000 | $10.31 | 2026-07-16 | $360,976 |
| Sagi Niri | Chief Financial Officer | Sell | 106,345 | $9.96–$10.16 | 2026-07-15 | $1,065,937 |
| Sagi Niri | Chief Financial Officer | Sell | 3,655 | $9.73 | 2026-07-10 | $35,580 |
| Sagi Niri | Chief Financial Officer | Sell | 199 | $9.54 | 2026-07-06 | $1,898 |
| Sagi Niri | Chief Financial Officer | Sell | 49,826 | $9.49–$9.57 | 2026-07-02 | $475,574 |
| Sagi Niri | Chief Financial Officer | Sell | 42,692 | $9.13–$9.52 | 2026-07-01 | $399,739 |
| Sagi Niri | Chief Financial Officer | Sell | 75,069 | $9.06–$9.13 | 2026-06-30 | $682,024 |
| Sagi Niri | Chief Financial Officer | Sell | 2,098 | $8.78 | 2026-06-17 | $18,413 |
| Sagi Niri | Chief Financial Officer | Sell | 35,827 | $8.71–$8.91 | 2026-06-16 | $314,560 |
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| NEXN | $522M | 41.6× | 1.4× | 8.0× | +10.5% | 82.5% | 3.4% |
| TTD | $6.74B | 17.1× | 2.3× | 8.2× | +3.0% | 76.9% | 13.6% |
| MGNI | $3.41B | 21.6× | 4.6× | 22.2× | +11.2% | 64.8% | 22.5% |
| DV | $2.08B | 38.3× | 2.7× | 13.8× | +2.5% | 82.4% | 7.7% |
| PUBM | $751M | – | 2.6× | 268.3× | +10.5% | 64.4% | -4.7% |
| IAS | $1.74B | 36.9× | 2.9× | 15.4× | +15.6% | 77.4% | 7.9% |
Recognizable sector comparables. Source basis: yfinance; lowest multiple in each column highlighted. Loss-making peers show no P/E.
Research Notes
2026-09-13Data
One numeric authority, with period consistency enforced
Every published financial, valuation, price, technical, peer and ownership number comes from yfinance 1.2.0. Statement frames were captured on 7 September and recomputed against a fresh quote on 13 September. The free-cash-flow bridge uses four complete quarterly periods for both operating cash flow and capital expenditure; an earlier mixed-period candidate screen was rejected.
2026-09-13Research
Forty-agent qualitative pass, zero numeric trust
Forty parallel research roles completed successfully, followed by one synthesis. Their output was quarantined from the numeric pipeline and used only to generate questions. Claims retained here were independently corroborated against company filings; all model-produced digits were discarded regardless of plausibility.
2026-09-13Forensic
Debt is entirely lease obligations in the provider frame
At June 2026 the yfinance balance-sheet frame reports $36.734M for total debt and the same $36.734M for lease obligations. The page therefore shows both standard enterprise value of $426.365M and lease-adjusted enterprise value of $389.631M; the adjustment is explicit, not hidden inside the headline multiple.
2026-09-13Valuation
Analyst targets are market references, not fair value
The $12.00, $14.64 and $25.40 figures are yfinance's low, mean and high analyst targets across 10 opinions. They are not presented as bear, base or bull intrinsic values, do not support a margin-of-safety calculation and are not a discounted-cash-flow result. The decision-relevant evidence is the cash balance, cash conversion and internally recomputed enterprise-value ratios.
Sources
Evidence
NEXN yfinance numeric evidence ledger ↗Versioned primitives, capture times and SHA-256 hashes for the raw yfinance artifacts used by the numeric gate.
Statements
Yahoo Finance NEXN cash flow ↗Operating cash flow, capital expenditure, free cash flow and repurchases.
Statements
Yahoo Finance NEXN balance sheet ↗Cash, debt, lease obligations, assets, liabilities and equity.
Company filing
Nexxen Q2 2026 results ↗Business model, programmatic and connected-TV activity, AI interoperability, repurchases and strategic review.
Company filing
Nexxen proposed auditor transition ↗Board approval, shareholder contingency and prior audit-report language.
Nexxen International valuation questions
What is Nexxen International's forward P/E ratio?
Nexxen International (NEXN) trades at a forward P/E of 7.4×, and 1.4× trailing sales.
What is Nexxen International's market cap?
Nexxen International (NEXN) has a market capitalization (its market value, often searched as "net worth") of $522M, and an enterprise value of $426M.