Start here if you're new
what it is
Newsmax sells conservative news through TV, websites, radio, podcasts, and subscriptions, then makes money from ads, licensing, and paid products.
how it gets paid
Last year Newsmax made $171M in revenue. tv advertising was the main engine at part of $171M annual sales, or 40% of sales.
what just happened
The quarter was all about $137M in revenue, but the company still lost money.
At a glance
n/a balance sheet
-$0.85 fy2025 eps est
$171M fy2024 rev est
~$908M market cap
small cap
What they do
Newsmax sells conservative news through TV, websites, radio, podcasts, and subscriptions, then makes money from ads, licensing, and paid products.
Newsmax reaches over 100 million U.S. homes and sells content across TV, web, radio, podcasts, and 12-plus subscription products. Distribution → shelf space everywhere → more chances to sell ads and subscriptions. If your audience follows the brand across formats, leaving is less natural.
How they make money
$171M
annual revenue
tv advertising
part of $171M annual sales
digital advertising
part of $171M annual sales
paid subscriptions
part of $171M annual sales
print publications
part of $171M annual sales
licensing and other media services
part of $171M annual sales
The products that matter
linear television broadcasting
Newsmax TV
4M+ viewers on a major news event
its 2026 State of the Union coverage drew over 4 million viewers. That proves the brand can still pull a crowd in big political moments. Your question is whether those moments become recurring ad dollars and carriage economics.
audience driver
digital news and subscriptions
Newsmax.com & Digital
90%+ gross margin potential
management says digital-only subscriptions can run above 90% gross margin. In human-speak: if this segment scales, it could be the part that finally makes the model work. Right now, the company has not disclosed enough segment detail to prove it can carry a $908M equity story.
margin lever
reported revenue base
Service & Product revenue
$86M + $85M
the company reports $86M of service revenue and $85M of product revenue. Nearly even mix, about 44% gross margin, and still a -56% net margin. That is the quiet part loud.
core economics
Key numbers
$908M
market cap
You are paying about 5.3 times the $171M 2024 sales estimate for a company still expected to lose $0.85 per share in 2025.
$171M
2024 revenue
That is your best annual sales anchor, and it makes the current valuation look heavy for a business with negative earnings.
$0.85
2025 eps
EPS → profit per share → so what: analysts still see losses next year, which means the stock is priced on hope, not profits.
$2M
long-term debt
Debt is tiny, which removes one common blowup risk even if the operating business is still losing money.
Financial health
n/a
strength
- balance sheet grade n/a
- long-term debt $2M (0% of capital)
n/a — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for NMAX right now.
source: institutional data · return history unavailable
What just happened
beat estimates
The quarter was all about $137M in revenue, but the company still lost money.
Revenue rose 203% vs. prior year to $137M. EPS was -$1.00 and gross margin was 38.7%, so scale showed up faster than profitability.
$137M
revenue
$1.00
eps
38.7%
gross margin
the number that mattered
$137M matters most because it is the clearest hard revenue print you have, and it rose 203% vs. prior year.
source: company earnings report, 2026
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
the #1 risk is failing to convert politically driven audience spikes into durable, profitable revenue.
high
profitability still looks far away
A -56% net margin on $171M of revenue means the business is not close to self-funding. At 5.5x sales, the market is already asking you to pay for a comeback.
if losses stay this deep, multiple compression can happen even if revenue keeps growing
med
competition is bigger and better funded
Newsmax is fighting for viewers and ad budgets against Fox and digital platforms with much larger scale. Audience share can be won in moments. Keeping it is harder.
that pressures ad pricing, distribution leverage, and customer acquisition economics
med
valuation and fundamentals are telling different stories
One available reference points to $21.50. Another points to $3.73 by late 2026. When the spread is that wide, you are underwriting narrative risk as much as business risk.
wide disagreement usually means the stock can reprice hard on very little new information
med
thin coverage means thinner signal
Institutional ownership is still being compiled and analyst coverage is sparse. That means fewer outside checkpoints and more room for the stock to trade on sentiment.
lower information quality raises the odds of sharp moves that fundamentals do not immediately explain
a $171M revenue business with a -56% net margin and a 5.5x sales multiple does not have much room for execution mistakes.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
march 26 earnings
Q4 2025 results are due March 26, 2026. For this stock, the next print is the whole plot.
metric
net margin moving off -56%
A smaller EPS loss helps. What matters more is whether the full business starts keeping any meaningful share of its revenue.
trend
event audiences turning into repeat economics
The 4M+ State of the Union audience proves reach in big moments. You need signs that viewers stick around after the political spike fades.
risk
short interest and volatility
Short interest rose in early March 2026 and the stock already has a $5–$265 range. That can turn routine headlines into violent trading.
Analyst rankings
coverage
thin
not enough broad sell-side coverage to lean on rankings with confidence
street read
mixed
in human-speak, the street barely agrees on what this business is worth
what that means
high noise
when coverage is sparse, price can move harder on headlines, momentum, and positioning
source: institutional data
Institutional activity
institutional ownership data for NMAX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$6
current price
n/a
target midpoint · n/a from current
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive