Fox
FOX on Nasdaq. Fox sells news, sports and entertainment programming to cable, satellite, telecom and digital platforms. Market value $23.6bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to June 2026.
The company doesn't report operating profit, so we work it out from pre-tax profit and interest.
Should I look at this?
Worth a closer look
Why it could be worth it
What to watch out for
Nothing stood out in the numbers we check.
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $6.02 of spare cash in the past 12 months. A savings account pays about $4.
You pay 10.0 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 15 cents a year. Above 10 is good.
Quality score: 99 of 100. Price score: 100 of 100. Our list needs 70 on quality and 60 on price.
$55.58 a share, 26% above its 1-year low
Over the past year the price has ranged from $44.08 to $68.18.
Dividend: 1.2% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $14.0bn | $14.9bn | $14.0bn | $16.3bn | $17.1bn |
| Operating margin | |||||
| Operating margin | 14.8% | 14.0% | 17.9% | 21.3% | 15.6% |
| Debt to equity | |||||
| Debt to equity | 0.64 | 0.69 | 0.67 | 0.55 | 0.57 |
| Shares outstanding | |||||
| Shares outstanding | 0.57bn | 0.53bn | 0.48bn | 0.46bn | 0.44bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)6 of 7 checks we could run
- Profit backed by cash (accruals)Yes
- Debt0.57× equity
- Revenue growth, five yearsSlow, 5.8% a year
- Buying back its own sharesYes, 23% fewer since 2022
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $4.2 billion last quarter, up 28% on a year ago.
- Profit: $691 million, down 4% on a year ago.
- Spare cash over the past 12 months: $1.5 billion, down from $3 billion.
- Debt is $2.4 billion more than cash, up from $1.3 billion a year ago.
- Sales grew on a year ago in 3 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $3.6bn |
| December 2024 | $5.1bn |
| March 2025 | $4.4bn |
| June 2025 | $3.3bn |
| September 2025 | $3.7bn |
| December 2025 | $5.2bn |
| March 2026 | $4.0bn |
| June 2026 | $4.2bn |
| Quarter to | Amount |
|---|---|
| September 2024 | $827m |
| December 2024 | $373m |
| March 2025 | $346m |
| June 2025 | $717m |
| September 2025 | $599m |
| December 2025 | $229m |
| March 2026 | $166m |
| June 2026 | $691m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- 29 October 2026
- Last annual report (10-K)
- 6 August 2026
- Next quarterly (estimated, 10-Q)
- 10 August 2026
Who owns it
4 long-term investors we follow own it, unchanged from 4 last quarter. 510 funds in all.
- Dodge & CoxDodge & Cox investment committee
- Value
- $340m
- Share of fund
- 0.2%
- Yacktman Asset ManagementStephen Yacktman
- Value
- $265m
- Share of fund
- 3.3%
- GAMCO InvestorsMario Gabelli
- Value
- $27m
- Share of fund
- 0.2%
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Dodge & CoxDodge & Cox investment committee | $340m | 0.2% | |
| Yacktman Asset ManagementStephen Yacktman | $265m | 3.3% | |
| GAMCO InvestorsMario Gabelli | $27m | 0.2% | |
| GMOJeremy Grantham | $5m | <0.1% | Cut |
Largest holders overall
- State Street$601mCut
- BlackRock$596m
- Vanguard Capital Management$400m
- State of Wisconsin Investment Board$374mAdded
- Goldman Sachs Group$344m
- Dodge & Cox$340m
- Vanguard Portfolio Management$301mCut
- Yacktman Asset Management$265m
- Independent Franchise Partners LLP$257mAdded
- Geode Capital Management$176m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
6 investors own more than 5%.
- Cruden 2, LLCInsider or founderat least 38.7%+2.5 pts(filed with 3 related holders)Since 14 June 2026
What they said
Item 4 of the Schedule 13D is supplemented as follows, as of the date hereof: As previously disclosed by the Issuer (in its Form 8-K filed with the SEC on June 15, 2026), the Issuer entered into an Agreement and Plan of Merger, dated as of June 14, 2026 (the "Merger Agreement"),…
Read the filing - STATE STREET CORPORATIONPassive investor8.8%−1.0 ptsSince 30 June 2026
- Vanguard Capital ManagementPassive investor7.2%Since 31 March 2026
- SSGA FUNDS MANAGEMENT, INC.Passive investor5.9%+0.9 ptsSince 31 March 2026
- Dodge & CoxPassive investor5.4%−1.1 ptsSince 31 March 2026
- BlackRock, Inc.Passive investor5.1%+0.7 ptsSince 31 March 2026
- Independent Franchise Partners, LLPPassive investorSold down below 5%Since 31 December 2025
- K. Rupert MurdochPassive investorSold down below 5%Since 6 September 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- MFT SH Family TrustSold down below 5%Since 6 September 2025
What they said
The Reporting Persons have sold all of their beneficial ownership of the Shares. The filing of this Schedule 13D constitutes an exit filing for the Reporting Persons.
Read the filing
| Holder | Stake | Since | |
|---|---|---|---|
Cruden 2, LLC Insider or founder | at least 38.7%+2.5 pts (filed with 3 related holders) | 14 June 2026 | What they saidItem 4 of the Schedule 13D is supplemented as follows, as of the date hereof: As previously disclosed by the Issuer (in its Form 8-K filed with the SEC on June 15, 2026), the Issuer entered into an Agreement and Plan of Merger, dated as of June 14, 2026 (the "Merger Agreement"),… Read the filing |
STATE STREET CORPORATION Passive investor | 8.8%−1.0 pts | 30 June 2026 | |
Vanguard Capital Management Passive investor | 7.2% | 31 March 2026 | |
SSGA FUNDS MANAGEMENT, INC. Passive investor | 5.9%+0.9 pts | 31 March 2026 | |
Dodge & Cox Passive investor | 5.4%−1.1 pts | 31 March 2026 | |
BlackRock, Inc. Passive investor | 5.1%+0.7 pts | 31 March 2026 | |
Independent Franchise Partners, LLP Passive investor | Sold down below 5% | 31 December 2025 | |
K. Rupert Murdoch Passive investor | Sold down below 5% | 6 September 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
MFT SH Family Trust | Sold down below 5% | 6 September 2025 | What they saidThe Reporting Persons have sold all of their beneficial ownership of the Shares. The filing of this Schedule 13D constitutes an exit filing for the Reporting Persons. Read the filing |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $21m of shares on the open market. 5 sold $115m, $92m of it under preset trading plans.
- MURDOCH LACHLAN KExecutive Chair, CEO, DirectorSold
- Date
- 15 September 2026
- Shares
- 149,934
- Price
- $68.53
- Value
- $10m
- MURDOCH LACHLAN KExecutive Chair, CEO, DirectorBought
- Date
- 15 September 2026
- Shares
- 149,934
- Price
- $68.53
- Value
- $10m
- MURDOCH LACHLAN KExecutive Chair, CEO, DirectorSoldunder a preset trading plan
- Date
- 13 March 2026
- Shares
- 637,752
- Price
- $58.20
- Value
- $37m
- MURDOCH LACHLAN KExecutive Chair, CEO, DirectorBoughtunder a preset trading plan
- Date
- 13 March 2026
- Shares
- 175,372
- Price
- $60.63
- Value
- $11m
- MURDOCH LACHLAN KExecutive Chair, CEO, DirectorSoldunder a preset trading plan
- Date
- 12 March 2026
- Shares
- 247,257
- Price
- $57.69
- Value
- $14m
- NALLEN JOHNPresident, COOSoldunder a preset trading plan
- Date
- 12 March 2026
- Shares
- 216,806
- Price
- $57.68
- Value
- $13m
- MURDOCH LACHLAN KExecutive Chair, CEO, DirectorSoldunder a preset trading plan
- Date
- 11 March 2026
- Shares
- 242,747
- Price
- $57.74
- Value
- $14m
- NALLEN JOHNPresident, COOSoldunder a preset trading plan
- Date
- 11 March 2026
- Shares
- 242,309
- Price
- $57.74
- Value
- $14m
- Ciongoli Adam G.Chief Legal and Policy OfficerSold
- Date
- 9 December 2025
- Shares
- 29,897
- Price
- $69.55
- Value
- $2m
- Tomsic StevenChief Financial OfficerSold
- Date
- 10 November 2025
- Shares
- 138,397
- Price
- $66.54
- Value
- $9m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 15 September 2026 | MURDOCH LACHLAN K Executive Chair, CEO, Director | Sold | 149,934 | $68.53 | $10m |
| 15 September 2026 | MURDOCH LACHLAN K Executive Chair, CEO, Director | Bought | 149,934 | $68.53 | $10m |
| 13 March 2026 | MURDOCH LACHLAN K Executive Chair, CEO, Director | Sold under a preset trading plan | 637,752 | $58.20 | $37m |
| 13 March 2026 | MURDOCH LACHLAN K Executive Chair, CEO, Director | Bought under a preset trading plan | 175,372 | $60.63 | $11m |
| 12 March 2026 | MURDOCH LACHLAN K Executive Chair, CEO, Director | Sold under a preset trading plan | 247,257 | $57.69 | $14m |
| 12 March 2026 | NALLEN JOHN President, COO | Sold under a preset trading plan | 216,806 | $57.68 | $13m |
| 11 March 2026 | MURDOCH LACHLAN K Executive Chair, CEO, Director | Sold under a preset trading plan | 242,747 | $57.74 | $14m |
| 11 March 2026 | NALLEN JOHN President, COO | Sold under a preset trading plan | 242,309 | $57.74 | $14m |
| 9 December 2025 | Ciongoli Adam G. Chief Legal and Policy Officer | Sold | 29,897 | $69.55 | $2m |
| 10 November 2025 | Tomsic Steven Chief Financial Officer | Sold | 138,397 | $66.54 | $9m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 6 Aug 2026, plus 1 later 8-K.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.