Newsmax
NMAX on NYSE. Newsmax operates broadcasting, radio, publishing, insurance, and marketing businesses through subsidiaries. Market value $1.2bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Look carefully before going further
Why it could be worth it
Nothing stands out yet.
Read the warning sign in its own filings
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-6.61 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: not known. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$10.01 a share, 96% above its 1-year low
Over the past year the price has ranged from $5.11 to $13.07.
Dividend: 0.0% a year
Paid in its latest year
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: a shortfall of $72 million in the past 12 months, a shortfall of $107 million in the year to December 2025.
| Revenue | |
| Revenue | $189m |
| Operating margin | |
| Operating margin | -52.8% |
| Debt to equity | |
| Debt to equity | n/a |
| Shares outstanding | |
| Shares outstanding | 0.11bn |
Health checks
- Free cash flow positive0 of 1 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)Not enough data
- DebtUnknown
- Revenue growth, five yearsUnknown
- Buying back its own sharesRoughly flat
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $54 million last quarter, up 17% on a year ago.
- Profit: $3 million, after a loss of $75 million a year ago.
- 1% more shares than a year ago. Each share owns a bit less of the company.
| Quarter to | Amount |
|---|---|
| March 2025 | $45m |
| June 2025 | $46m |
| September 2025 | $45m |
| December 2025 | $52m |
| March 2026 | $52m |
| June 2026 | $54m |
| Quarter to | Amount |
|---|---|
| March 2025 | -$17m |
| June 2025 | -$75m |
| September 2025 | -$4m |
| December 2025 | -$3m |
| March 2026 | -$2m |
| June 2026 | $3m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 26 March 2026
- Next quarterly (estimated, 10-Q)
- 12 November 2026
Who owns it
None of the long-term investors we follow own it. 232 funds in all.
Largest holders overall
- Greenwich Wealth Management$189m
- BlackRock$23mAdded
- Vanguard Capital Management$12mNew
- AQR Capital Management$11mAdded
- State Street$6mAdded
- Geode Capital Management$5mAdded
- Goldman Sachs Group$5mCut
- Vanguard Portfolio Management$4mAdded
- HRT Financial LP$3mNew
- Citadel Advisors$3mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- Christopher Ruddy Revocable Trust dated October 12, 2007Insider or founderat least 30.6%(filed with 1 related holder)Since 28 March 2025
What they said
The disclosure provided in Item 3 above is incorporated herein by reference. Mr. Ruddy serves as the Chief Executive Officer and is a member of the Board of Directors of the Issuer and, in such capacity, may have influence over the corporate activities of the Issuer, including…
Read the filing - Thomas PeterffyPassive investorat least 25.9%(filed with 1 related holder)Since 31 March 2025
- Naples Investment Holdco LLCPassive investorat least 22.2%(filed with 6 related holders)Since 28 March 2025
| Holder | Stake | Since | |
|---|---|---|---|
Christopher Ruddy Revocable Trust dated October 12, 2007 Insider or founder | at least 30.6% (filed with 1 related holder) | 28 March 2025 | What they saidThe disclosure provided in Item 3 above is incorporated herein by reference. Mr. Ruddy serves as the Chief Executive Officer and is a member of the Board of Directors of the Issuer and, in such capacity, may have influence over the corporate activities of the Issuer, including… Read the filing |
Thomas Peterffy Passive investor | at least 25.9% (filed with 1 related holder) | 31 March 2025 | |
Naples Investment Holdco LLC Passive investor | at least 22.2% (filed with 6 related holders) | 28 March 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought or sold on the open market in the last 12 months.
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.
1 serious warning sign in Newsmax’s filings.
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 26 Mar 2026, plus the 10-Q filed 13 Aug 2026 and 3 later 8-Ks.
Weak checks on its own accounts
SeriousThe company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.
“Based on such evaluation, our CEO and CFO have concluded that as of June 30, 2026, our disclosure controls and procedures were not effective due to material weaknesses in our internal control over financial reporting described below.”
Show the full paragraph
Our management, with the participation of our CEO and CFO, evaluated the effectiveness of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15(d)-15(e) of the Exchange Act. In addition, management evaluated the effectiveness of our internal control over financial reporting based on the criteria set forth in the Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on such evaluation, our CEO and CFO have concluded that as of June 30, 2026, our disclosure controls and procedures were not effective due to material weaknesses in our internal control over financial reporting described below.
From the 10-Q filed 13 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing
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.