Newsmax
NMAXNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $7.55 Prior regular-session close from the quote source.
- $7.61–$7.98 Regular-session low and high so far today.
- 636.6K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Nov 12 projected Projected for 2026-11-12 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $5.11–$12.11 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own NMAX if that audience is converted into materially better gross margins, operating leverage, and dilution-light funding.
NMAX price history
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Investment thesis
What must happen next
Newsmax’s differentiated television-news audience must remain valuable enough to advertisers and distributors that demand converts into higher monetization, not just viewership.StrengtheningMateriality: High
FY2025 GAAP annual revenue was $189.3 million, up from $171.0 million in FY2024. If the audience monetizes, revenue can scale into a larger platform; if advertisers or distributors do not value it, growth will not fund the cost base.
Watch: Large news networks such as Fox News or CNN recapture audience attention and national advertising budgets.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2025 GAAP annual revenue was $189.3 million, up from $171.0 million in FY2024.
Open source ↗Programming, production, and distribution costs must show scale economies; if incremental Newsmax revenue requires proportionally more direct cost, the audience asset lacks pricing power.WeakeningMateriality: High
FY2025 GAAP annual gross profit remained positive at $74.4 million. Gross-margin recovery is the bridge between audience demand and a profitable media business.
Watch: Distributors, talent, production vendors, or content partners capture the economics of audience growth through higher fees.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2025 GAAP annual gross profit remained positive at $74.4 million.
Open source ↗The approximately 500-person Newsmax operating platform must become more productive as revenue scales; otherwise newsroom, production, and corporate overhead will continue to absorb all gross profit.WeakeningMateriality: Medium
FY2025 GAAP annual gross profit of $74.4 million provides a contribution base that could absorb overhead if revenue scales. Operating leverage determines whether shareholders own a scalable media platform or a permanently loss-making broadcaster.
Watch: Management expands headcount, studios, talent contracts, or election-cycle coverage costs faster than monetization improves.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2025 GAAP annual gross profit of $74.4 million provides a contribution base that could absorb overhead if revenue scales.
Open source ↗Until Newsmax’s monetization covers cash costs, financing terms rather than audience growth will drive per-share value.StrengtheningMateriality: Medium
FY2025 GAAP annual operating_cash_flow was negative $104.5 million. Even a growing media brand can be a poor stock if cash burn forces expensive debt or equity issuance before profitability arrives.
Watch: Newsmax secures material nondilutive financing or prepaid distribution economics.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
FY2025 GAAP annual operating_cash_flow was negative $104.5 million.
Open source ↗
Full investment case & evidence
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Original research
Newsmax’s differentiated television-news audience must remain valuable enough to advertisers and distributors that demand converts into higher monetization, not just viewership. If the audience monetizes, revenue can scale into a larger platform; if advertisers or distributors do not value it, growth will not fund the cost base.
Programming, production, and distribution costs must show scale economies; if incremental Newsmax revenue requires proportionally more direct cost, the audience asset lacks pricing power. Gross-margin recovery is the bridge between audience demand and a profitable media business.
The approximately 500-person Newsmax operating platform must become more productive as revenue scales; otherwise newsroom, production, and corporate overhead will continue to absorb all gross profit. Operating leverage determines whether shareholders own a scalable media platform or a permanently loss-making broadcaster.
Until Newsmax’s monetization covers cash costs, financing terms rather than audience growth will drive per-share value. Even a growing media brand can be a poor stock if cash burn forces expensive debt or equity issuance before profitability arrives.
All standing thesis claims
Original report summary
that audience is converted into materially better gross margins, operating leverage, and dilution-light funding.
Bull case and bear case
Bull case and bear case for Newsmax
Where the evidence on Newsmax disagrees: Mixed on the latest evidence (Nov 10, 2026). Of its 4 thesis points, 2 strengthening and 2 weakening.
Bull case: what the evidence supports
Newsmax’s differentiated television-news audience must remain valuable enough to advertisers and distributors that demand converts into higher monetization, not just viewership.
Until Newsmax’s monetization covers cash costs, financing terms rather than audience growth will drive per-share value.
Bear case: what the evidence questions
Programming, production, and distribution costs must show scale economies; if incremental Newsmax revenue requires proportionally more direct cost, the audience asset lacks pricing power.
The approximately 500-person Newsmax operating platform must become more productive as revenue scales; otherwise newsroom, production, and corporate overhead will continue to absorb all gross profit.
Thesis-Break Engine
Thesis-break watch · Newsmax
No break has crossed Newsmax’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedReported results of operations (earnings release).
Newsmax filed an SEC 8-K on 2026-08-13: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Newsmax filed an SEC 8-K on 2026-05-14: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Large news networks such as Fox News or CNN recapture audience attention and national advertising budgets.
- Distributors, talent, production vendors, or content partners capture the economics of audience growth through higher fees.
- Management expands headcount, studios, talent contracts, or election-cycle coverage costs faster than monetization improves.
- Newsmax secures material nondilutive financing or prepaid distribution economics.
NMAX news
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Financial statements
NMAX income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
NMAX: quick answers
- When does Newsmax (NMAX) report earnings next?
- Newsmax's next results are projected for November 12, 2026, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on August 13, 2026. Earnings calendar
- What is NMAX's short interest?
- As of October 30, 2026, 5.0M NMAX shares were sold short, 5.57% of its shares outstanding, down 0.2% from the count before. At the stock's average daily volume that is 7.0 days to cover. FINRA publishes the count twice a month. NMAX short interest history