Nexxen International Ltd. (NEXN) 10-Year Financial Performance & Capital Metrics

NEXN • • Industrial / General

Communication ServicesAdvertising & MarketingDigital Advertising PlatformsProgrammatic Advertising Platforms

AboutNexxen International Ltd. provides end-to-end software platform that enables advertisers to reach relevant audiences and publishers. The company's demand side platform (DSP) offers full-service and self-managed marketplace access to advertisers and agencies to execute their digital marketing campaigns in real time across various ad formats. Its sell supply side platform (SSP) provides access to data and a comprehensive product suite to drive inventory management and revenue optimization. The company also offers data management platform solution, which integrates DSP and SSP solutions enabling advertisers and publishers to use data from various sources in order to optimize results of their advertising campaigns. It serves ad buyers, advertisers, brands, agencies, and digital publishers in Israel, the United States, the Asia-Pacific, Europe, the Middle East, and Africa. The company was formerly known as Tremor International Ltd and changed its name to Nexxen International Ltd. in January 2024. Nexxen International Ltd. was incorporated in 2007 and is headquartered in Tel Aviv-Yafo, Israel.Show more

Revenue $365M +10.1%
EBITDA $99M +62.3%
Net Income $35M +264.9%
EPS (Diluted) 1.02 +270.0%
Gross Margin 83.3% +2.5%
EBITDA Margin 27.22% +47.4%
Operating Margin 11.17% +318.4%
Net Margin 9.7% +249.8%
ROE 6.6% +268.1%
ROIC 7.41% +364.0%
Debt/Equity 0.07 -72.0%
Interest Coverage 4.56 +374.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Company is almost debt free
✓Strong 5Y profit CAGR of 41.6%
✓Strong Piotroski F-Score: 8/9
✓FCF machine: 34.8% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 2.4% through buybacks

✗Weaknesses

✗Weak 3Y average ROE of 2.2%
✗Weak momentum: RS Rating 8 (bottom 8%)
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y19.2%

5Y2.33%

3Y2.24%

TTM7.8%

Profit (Net Income) CAGR

10Y19.24%

5Y41.6%

3Y-21.49%

TTM185.02%

EPS CAGR

10Y17.69%

5Y35.91%

3Y-19.01%

TTM229.75%

ROCE

10Y Avg12.16%

5Y Avg5.09%

3Y Avg3.75%

Latest6.64%

Peer Comparison

Programmatic Advertising Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MGNIMagnite, Inc.	2.14B	14.90	93.13	7.82%	8.25%	7.17%	9.46%	0.79
CRTOCriteo S.A.	1.05B	20.49	10.78	-0.83%	8.71%	14.55%	17.18%	0.10
NEXNNexxen International Ltd.	347.81M	6.14	6.02	10.09%	10.46%	8.36%	36.6%	0.07
DRCTDirect Digital Holdings, Inc.	2.12M	1.69	-1.02	-60.35%	-26.76%
MNTNMNTN Inc.	494.51M	11.18	-26	27.95%	-16.47%	-16.84%	6.59%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	75.83M	125.86M	210.93M	276.87M	325.76M	211.92M	341.94M	335.25M	331.99M	365.48M
Revenue Growth %	0.2%	0.66%	0.68%	0.31%	0.18%	-0.35%	0.61%	-0.02%	-0.01%	0.1%
Cost of Goods Sold+	54.72M	84.79M	143.18M	166M	213.53M	59.81M	71.65M	60.74M	62.27M	61.02M
COGS % of Revenue	0.72%	0.67%	0.68%	0.6%	0.66%	0.28%	0.21%	0.18%	0.19%	0.17%
Gross Profit+	21.11M	41.08M	67.74M	110.88M	112.23M	152.11M	270.29M	274.5M	269.72M	304.46M
Gross Margin %	0.28%	0.33%	0.32%	0.4%	0.34%	0.72%	0.79%	0.82%	0.81%	0.83%
Gross Profit Growth %	0.11%	0.95%	0.65%	0.64%	0.01%	0.36%	0.78%	0.02%	-0.02%	0.13%
Operating Expenses+	18.19M	21.34M	47.91M	84M	106.19M	158.14M	195.58M	229.75M	286.7M	263.64M
OpEx % of Revenue	0.24%	0.17%	0.23%	0.3%	0.33%	0.75%	0.57%	0.69%	0.86%	0.72%
Selling, General & Admin	10.69M	18.73M	39.57M	63.82M	83.91M	74.8M	132.9M	155.11M	152.46M	151.95M
SG&A % of Revenue	0.14%	0.15%	0.19%	0.23%	0.26%	0.35%	0.39%	0.46%	0.46%	0.42%
Research & Development	4.09M	2.62M	8.35M	20.19M	22.28M	13.26M	18.42M	33.66M	49.68M	49.99M
R&D % of Revenue	0.05%	0.02%	0.04%	0.07%	0.07%	0.06%	0.05%	0.1%	0.15%	0.14%
Other Operating Expenses	3.41M	0	0	0	0	70.08M	44.26M	40.98M	84.56M	61.7M
Operating Income+	2.92M	19.73M	19.83M	26.87M	6.04M	-6.03M	74.46M	44.75M	-16.98M	40.82M
Operating Margin %	0.04%	0.16%	0.09%	0.1%	0.02%	-0.03%	0.22%	0.13%	-0.05%	0.11%
Operating Income Growth %	-0.66%	5.75%	0%	0.36%	-0.78%	-2%	13.36%	-0.4%	-1.38%	3.4%
EBITDA+	6.39M	24.83M	33.33M	37.68M	38.4M	39.16M	114.72M	87.45M	61.31M	99.5M
EBITDA Margin %	0.08%	0.2%	0.16%	0.14%	0.12%	0.18%	0.34%	0.26%	0.18%	0.27%
EBITDA Growth %	-0.34%	2.88%	0.34%	0.13%	0.02%	0.02%	1.93%	-0.24%	-0.3%	0.62%
D&A (Non-Cash Add-back)	3.47M	5.1M	13.5M	10.81M	32.36M	45.19M	40.26M	42.7M	78.28M	58.68M
EBIT	3M	19.58M	17.88M	27.95M	4.68M	-5.58M	74.94M	47.04M	-8.78M	47.48M
Net Interest Income+	-132K	-149K	-307K	473K	-315K	-1.42M	-2.19M	-2.33M	-2.01M	-2.29M
Interest Income	75K	355K	257K	1.25M	773K	445K	483K	2.28M	8.19M	6.66M
Interest Expense	207K	504K	564K	778K	1.09M	1.86M	2.67M	4.61M	10.2M	8.95M
Other Income/Expense	-132K	-149K	-2.51M	296K	-2.46M	-1.42M	-2.19M	-2.33M	-2.01M	-2.29M
Pretax Income+	2.79M	19.58M	17.32M	27.17M	3.59M	-7.44M	72.28M	42.42M	-18.98M	38.53M
Pretax Margin %	0.04%	0.16%	0.08%	0.1%	0.01%	-0.04%	0.21%	0.13%	-0.06%	0.11%
Income Tax+	642K	3.12M	3.56M	5.01M	-2.64M	-9.58M	-948K	19.69M	2.5M	3.1M
Effective Tax Rate %	0.77%	0.84%	0.79%	0.82%	1.73%	-0.29%	1.01%	0.54%	1.13%	0.92%
Net Income+	2.15M	16.47M	13.76M	22.15M	6.22M	2.14M	73.22M	22.74M	-21.49M	35.44M
Net Margin %	0.03%	0.13%	0.07%	0.08%	0.02%	0.01%	0.21%	0.07%	-0.06%	0.1%
Net Income Growth %	-0.65%	6.66%	-0.16%	0.61%	-0.72%	-0.66%	33.23%	-0.69%	-1.95%	2.65%
Net Income (Continuing)	2.15M	16.47M	13.76M	22.15M	6.22M	2.14M	73.22M	22.74M	-21.49M	35.44M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.07	0.52	0.44	0.64	0.22	0.06	1.92	0.60	-0.60	1.02
EPS Growth %	-0.67%	6.88%	-0.15%	0.45%	-0.66%	-0.72%	30.17%	-0.69%	-2%	2.7%
EPS (Basic)	0.07	0.52	0.46	0.74	0.22	0.06	2.02	0.60	-0.60	1.02
Diluted Shares Outstanding	33M	31.77M	31.83M	34.85M	28.7M	34.68M	38.18M	38.26M	35.9M	35.04M
Basic Shares Outstanding	33M	31.34M	30.59M	30.19M	27.81M	33.5M	36.12M	37.48M	35.9M	34.49M
Dividend Payout Ratio	0.71%	0.24%	0.19%	0.29%	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	39.41M	50.8M	109.37M	138.39M	189.22M	270.65M	552M	461.5M	451.58M	412.98M
Cash & Short-Term Investments	18.69M	21.47M	26.98M	67.4M	79.05M	97.46M	367.72M	217.5M	234.31M	187.07M
Cash Only	10.17M	21.47M	26.98M	67.4M	79.05M	97.46M	367.72M	217.5M	234.31M	187.07M
Short-Term Investments	8.52M	0	0	0	0	0	0	0	0	0
Accounts Receivable	20.42M	28.76M	80.95M	69.67M	102.97M	159.13M	168.52M	229.58M	212.29M	222.45M
Days Sales Outstanding	98.29	83.41	140.09	91.84	115.38	274.09	179.89	249.95	233.39	222.16
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	150K	181K	386K	0	0	0	2.65M	0	0	525K
Total Non-Current Assets+	37.31M	33.78M	66.03M	58.87M	253.36M	264.36M	250.74M	494.66M	453.22M	427.53M
Property, Plant & Equipment	514K	433K	2.14M	2.88M	24.14M	21.95M	17.42M	53M	53.3M	47.23M
Fixed Asset Turnover	147.53x	290.67x	98.52x	96.17x	13.50x	9.66x	19.63x	6.33x	6.23x	7.74x
Goodwill	19.6M	19.6M	32.74M	32.98M	133.7M	152.86M	156.71M	245.74M	246.35M	245.83M
Intangible Assets	17.02M	13.45M	28.82M	20.62M	76.58M	71.64M	51.51M	152.36M	115.65M	90.94M
Long-Term Investments	0	0	0	0	76.58M	0	0	25M	25M	25M
Other Non-Current Assets	0	0	0	0	-75.25M	1.83M	672K	406K	525K	738K
Total Assets+	76.73M	84.58M	175.4M	197.26M	442.57M	535.01M	802.74M	956.16M	904.8M	840.51M
Asset Turnover	0.99x	1.49x	1.20x	1.40x	0.74x	0.40x	0.43x	0.35x	0.37x	0.43x
Asset Growth %	0.3%	0.1%	1.07%	0.12%	1.24%	0.21%	0.5%	0.19%	-0.05%	-0.07%
Total Current Liabilities+	26.32M	31.94M	74.22M	67.22M	109.09M	185.19M	220.67M	280.57M	229.44M	286.06M
Accounts Payable	20.37M	22.5M	46.23M	39.63M	70.43M	125.86M	161.81M	212.69M	183.3M	228.51M
Days Payables Outstanding	135.86	96.87	117.85	87.14	120.39	768.14	824.29	1.28K	1.07K	1.37K
Short-Term Debt	0	0	5.93M	12.27M	0	9.05M	0	0	165K	0
Deferred Revenue (Current)	0	0	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	3.14M	5.03M	11.5M	2.78M	6.61M	19.31M	1M	365K	5.49M	1.93M
Current Ratio	1.50x	1.59x	1.47x	2.06x	1.73x	1.46x	2.50x	1.64x	1.97x	1.44x
Quick Ratio	1.50x	1.59x	1.47x	2.06x	1.73x	1.46x	2.50x	1.64x	1.97x	1.44x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	5.13M	1.92M	36.27M	5.77M	32.88M	20.8M	9.7M	123.98M	131.82M	23.6M
Long-Term Debt	0	0	25.09M	0	0	0	0	98.54M	99.07M	0
Capital Lease Obligations	0	0	0	0	14.63M	12.16M	7.88M	15.23M	24.95M	22.86M
Deferred Tax Liabilities	2.68M	1.74M	1.59M	991K	17.69M	319K	1.4M	1.16M	754K	445K
Other Non-Current Liabilities	2.46M	176K	9.6M	4.78M	556K	8.32M	426K	9.04M	7.04M	300K
Total Liabilities	31.45M	33.86M	110.48M	72.99M	141.96M	205.99M	230.36M	404.55M	361.25M	309.66M
Total Debt+	0	0	31.02M	12.67M	24.27M	21.21M	14.99M	127.88M	136.13M	37.2M
Net Debt	-10.17M	-21.47M	4.03M	-54.73M	-54.78M	-76.25M	-352.72M	-89.62M	-98.17M	-149.87M
Debt / Equity	-	-	0.48x	0.10x	0.08x	0.06x	0.03x	0.23x	0.25x	0.07x
Debt / EBITDA	-	-	0.93x	0.34x	0.63x	0.54x	0.13x	1.46x	2.22x	0.37x
Net Debt / EBITDA	-1.59x	-0.86x	0.12x	-1.45x	-1.43x	-1.95x	-3.07x	-1.02x	-1.60x	-1.51x
Interest Coverage	14.12x	39.15x	35.16x	34.54x	5.55x	-3.24x	27.89x	9.71x	-1.66x	4.56x
Total Equity+	45.28M	50.72M	64.92M	124.27M	300.61M	329.01M	572.38M	551.62M	543.55M	530.85M
Equity Growth %	0.07%	0.12%	0.28%	0.91%	1.42%	0.09%	0.74%	-0.04%	-0.01%	-0.02%
Book Value per Share	1.37	1.60	2.04	3.57	10.47	9.49	14.99	14.42	15.14	15.15
Total Shareholders' Equity	45.28M	50.72M	64.92M	124.27M	300.61M	329.01M	572.38M	551.62M	543.55M	530.85M
Common Stock	190K	175K	180K	198K	351K	380K	442K	413K	417K	377K
Retained Earnings	7.07M	19.55M	30.58M	51.05M	58.78M	60.47M	133.76M	156.5M	135.01M	170.45M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	0	0	0	7.71M	494K	3.33M	698K	-5.8M	-2.44M	-2.48M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	6.18M	20.29M	30.76M	37.54M	45.07M	35.16M	170.09M	83.01M	60.74M	150.84M
Operating CF Margin %	0.08%	0.16%	0.15%	0.14%	0.14%	0.17%	0.5%	0.25%	0.18%	0.41%
Operating CF Growth %	-0.28%	2.28%	0.52%	0.22%	0.2%	-0.22%	3.84%	-0.51%	-0.27%	1.48%
Net Income	2.15M	16.47M	13.76M	22.15M	6.22M	2.14M	73.22M	22.74M	-21.49M	35.44M
Depreciation & Amortization	3.47M	5.1M	13.5M	10.81M	32.36M	45.19M	40.26M	42.7M	78.28M	58.68M
Stock-Based Compensation	574K	480K	0	0	0	14.49M	42.82M	50.51M	19.17M	11.46M
Deferred Taxes	0	0	0	-479K	-7.21M	-12.37M	-2.96M	8.14M	-4.57M	3.1M
Other Non-Cash Items	-381K	3.29M	-426K	157K	11.72M	-793K	1.65M	2.2M	1.82M	-1.11M
Working Capital Changes	368K	-5.06M	3.92M	4.9M	1.97M	-13.49M	15.1M	-43.27M	-12.47M	43.28M
Change in Receivables	-6.02M	-9.24M	2.75M	15.56M	36.47M	-39.35M	-11.68M	57.05M	30.6M	-14.46M
Change in Inventory	0	0	0	0	0	0	0	0	0	0
Change in Payables	6.42M	4M	647K	-10.58M	-34.2M	25.88M	26.84M	-100.14M	-43.08M	57.67M
Cash from Investing+	-19.01M	2.55M	-54.79M	-4M	19.44M	4.92M	-16.49M	-232.99M	-16.96M	-21.21M
Capital Expenditures	-336K	-1.46M	-1.7M	-2.9M	-6.74M	-5.45M	-8.34M	-15.18M	-19.62M	-7.74M
CapEx % of Revenue	0%	0.01%	0.01%	0.01%	0.02%	0.03%	0.02%	0.05%	0.06%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-2.56M	499K	-72K	-1.1M	847K	3.93M	2.44M	9.84M	1.16M	-13.47M
Cash from Financing+	-1.59M	-11.5M	29.5M	5.74M	-52.79M	-22.37M	116.86M	3.06M	-26.55M	-174.74M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-1.53M	-3.99M	-2.61M	-6.36M	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	0	0	0	0	-12.61M	-13.35M	-12.42M	-12.02M	233K	1.13M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	3.84M	18.83M	29.05M	34.64M	38.34M	29.71M	161.74M	67.83M	41.12M	127.31M
FCF Margin %	0.05%	0.15%	0.14%	0.13%	0.12%	0.14%	0.47%	0.2%	0.12%	0.35%
FCF Growth %	-0.49%	3.91%	0.54%	0.19%	0.11%	-0.23%	4.44%	-0.58%	-0.39%	2.1%
FCF per Share	0.12	0.59	0.91	0.99	1.34	0.86	4.24	1.77	1.15	3.63
FCF Conversion (FCF/Net Income)	2.88x	1.23x	2.24x	1.69x	7.24x	16.44x	2.32x	3.65x	-2.83x	4.26x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	4.91%	34.31%	23.8%	23.42%	2.93%	0.68%	16.25%	4.05%	-3.92%	6.6%
Return on Invested Capital (ROIC)	8.31%	45.99%	30.29%	29.11%	2.87%	-1.81%	23.64%	9.85%	-2.81%	7.41%
Gross Margin	27.84%	32.64%	32.12%	40.05%	34.45%	71.78%	79.05%	81.88%	81.24%	83.3%
Net Margin	2.83%	13.09%	6.52%	8%	1.91%	1.01%	21.41%	6.78%	-6.47%	9.7%
Debt / Equity	-	-	0.48x	0.10x	0.08x	0.06x	0.03x	0.23x	0.25x	0.07x
Interest Coverage	14.12x	39.15x	35.16x	34.54x	5.55x	-3.24x	27.89x	9.71x	-1.66x	4.56x
FCF Conversion	2.88x	1.23x	2.24x	1.69x	7.24x	16.44x	2.32x	3.65x	-2.83x	4.26x
Revenue Growth	20.13%	65.98%	67.59%	31.27%	17.66%	-34.95%	61.36%	-1.96%	-0.97%	10.09%

Revenue by Segment

	2024
Programmatic	324.47M
Programmatic Growth	-
Performance	41.01M
Performance Growth	-

Revenue by Geography

	2024
UNITED STATES	338.92M
UNITED STATES Growth	-
Asia Pacific	11.44M
Asia Pacific Growth	-

Frequently Asked Questions

Valuation & Price

Nexxen International Ltd. (NEXN) has a price-to-earnings (P/E) ratio of 6.0x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Nexxen International Ltd. (NEXN) reported $376.4M in revenue for fiscal year 2024. This represents a 1750% increase from $20.3M in 2011.

Nexxen International Ltd. (NEXN) grew revenue by 10.1% over the past year. This is steady growth.

Yes, Nexxen International Ltd. (NEXN) is profitable, generating $39.4M in net income for fiscal year 2024 (9.7% net margin).

Dividend & Returns

Nexxen International Ltd. (NEXN) has a return on equity (ROE) of 6.6%. This is below average, suggesting room for improvement.

Nexxen International Ltd. (NEXN) generated $114.5M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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