Fox Corp
FOXAdata completeness 100%10 fiscal years on fileData notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'
Fox Corp earns about 8% on invested capital, below its ~9% cost of capital, and has bought back 23% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $23.53 and $36.12 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|---|---|
| Revenue | $14B1 | $14.9B2 | $14B3 | $16.3B3 | $17.1B3 |
| Net income | $1.23B4 | $1.25B5 | $1.55B6 | $2.29B6 | $1.73B6 |
| Operating cash flow | $1.88B7 | $1.8B8 | $1.84B9 | $3.32B9 | $1.97B9 |
| Capital expenditure | $307M10 | $357M11 | $345M12 | $331M12 | $502M12 |
| Free cash flow (derived) | $1.58B7 | $1.44B8 | $1.5B9 | $2.99B9 | $1.47B9 |
| Total debt | $14.4B13 | $14.4B14 | $14.4B15 | $13.2B16 | $13.2B16 |
| Cash & equivalents | $5.2B17 | $4.27B18 | $4.32B18 | $5.35B18 | $4.21B18 |
| Diluted shares | 570.0M | 531.0M | 480.0M | 461.0M | 439.0M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $264.87 of net worth that earned you $39.34 and generated $33.44 of cash last year, against $300.96 of debt.
It earned about 8% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is down 23% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has held roughly steady.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $23.53 and $36.12 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.8%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$1.5B
assumptions (10)
- riskFreeRate4.8%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$1.5B
assumptions (8)
- riskFreeRate4.8%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$1.55B
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $27.08 |
| Base | 0.0% | $27.08 |
| Bull | 5.0% | $38.57 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2022-06-30 · accession 0001628280-24-036123 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-06-30 · accession 0001628280-25-038077 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2024-06-30 · accession 0001628280-26-053960 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-06-30 · accession 0001628280-24-036123 (ProfitLoss)
- 10-K · period ending 2023-06-30 · accession 0001628280-25-038077 (ProfitLoss)
- 10-K · period ending 2024-06-30 · accession 0001628280-26-053960 (ProfitLoss)
- 10-K · period ending 2022-06-30 · accession 0001628280-24-036123 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-06-30 · accession 0001628280-25-038077 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-06-30 · accession 0001628280-26-053960 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-06-30 · accession 0001628280-24-036123 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-06-30 · accession 0001628280-25-038077 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2024-06-30 · accession 0001628280-26-053960 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-06-30 · accession 0001628280-23-029065 (LongTermDebtNoncurrent)
- 10-K · period ending 2023-06-30 · accession 0001628280-24-036123 (LongTermDebtNoncurrent)
- 10-K · period ending 2024-06-30 · accession 0001628280-25-038077 (LongTermDebtNoncurrent)
- 10-K · period ending 2025-06-30 · accession 0001628280-26-053960 (LongTermDebtNoncurrent)
- 10-K · period ending 2022-06-30 · accession 0001628280-25-038077 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
- 10-K · period ending 2023-06-30 · accession 0001628280-26-053960 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)