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olivLaw · US equity research

Nexxen International Ltd. NEXN

Services-Computer Programming, Data Processing, Etc. · SIC 7370 · Vertical: Services-Computer Programming, Data Processing, Etc. (SIC 7370)

9.12USD+4.59% · 1 dayClose 04 Nov 2026

Nexxen is a global advertising technology platform with deep expertise in data and advanced TV, helping advertisers, agencies, publishers and broadcasters plan, buy, sell and measure digital ads. It operates in a digital advertising market estimated at about 792 billion USD, where video and CTV grow faster than other formats, while its revenue eased slightly in 2025 under second-half pressures.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Nexxen International Ltd. (NEXN) stock was 9.12 USD (+4.59% on the day), with market capitalisation 513.3 m USD, P/E 22.2 on diluted EPS of 0.41 USD over the last 12 months, beta 1.14, 52-week range 5.70–10.95 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
513.3 m USD
shares as of 31 Dec 2025
P/E (TTM)
22.2
Diluted EPS TTM 0.41 · TTM to 31 Dec 2025
E/P (TTM)
4.50%
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
1.14
Volatility (1y) 45%
52-week range
5.7010.95

Price history

Loading chart…

Technical reading

RSI (14)
54.9
neutral
Bollinger (20, 2)
8.54 – 9.23
in the upper half of the band · %B 0.84 · band width 7.8%
SMA 50 / 200
9.11 / 8.25
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
-0.08 / -0.11
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+4.8%−1.1%+5.9 pp—
3 months−12.9%−0.5%−12.4 pp—
6 months+19.5%+4.4%+15.1 pp—
Year to date+39.4%+12.3%+27.1 pp—
1 year+11.9%+13.5%−1.6 pp−21.0%
3 years+147.8%+76.4%+71.4 pp−22.6%
5 years−48.9%+63.7%−112.6 pp—
Max drawdown (1y)
−29.1%
12 Nov 2025 → 05 Feb 2026
Max drawdown (5y)
−84.5%
10 Nov 2021 → 27 Oct 2023
Compound annual growth (5y)
−12.6%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 75 percentile of its own 4-quarter history (min 16.0, median 20.6, max 31.6; quarters with earnings only).

Fiscal years

Fiscal year2019202020212022202320242025
Revenue325.8 m211.9 m341.9 m335.3 m332.0 m365.5 m364.8 m
Revenue YoYunavailable−34.9%+61.4%−2.0%−1.0%+10.1%−0.2%
Net income6.2 m2.1 m73.2 m22.7 m-21.5 m35.4 m25.0 m
Net income YoYunavailable−65.6%+3,323.2%−68.9%−194.5%unavailable−29.3%
Diluted EPS0.050.020.480.30-0.300.510.41
Diluted EPS YoYunavailable−60.0%+2,300.0%−37.5%−200.0%unavailable−19.6%
net %1.9%1.0%21.4%6.8%-6.5%9.7%6.9%
Free cash flow44.0 m34.6 m166.7 m76.6 m56.2 m143.1 m98.0 m

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
133.3 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
474.7 m USD
Total assets
756.1 m USD
Debt / equity
unavailable
Current ratio
1.29x
ROE
5.0%
ROA
3.1%
FCF margin
26.9%

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
332.0 m
2024
365.5 m
2025
364.8 m

SEC (XBRL)· 04 Mar 2026verified

Cost of revenue
2023
62.3 m
2024
61.0 m
2025
55.0 m

SEC (XBRL)· 04 Mar 2026verified

Gross profit
2023
269.7 m ≈
2024
304.5 m ≈
2025
309.8 m ≈

SEC (XBRL)· 04 Mar 2026derived

Research & development
2023
49.7 m
2024
50.0 m
2025
58.1 m

SEC (XBRL)· 04 Mar 2026verified

Operating income
2023
-17.0 m
2024
40.8 m
2025
32.4 m

SEC (XBRL)· 04 Mar 2026verified

Depreciation & amortisation
2023
78.3 m
2024
58.7 m
2025
63.1 m

SEC (XBRL)· 04 Mar 2026verified

EBITDA
2023
61.3 m ≈
2024
99.5 m ≈
2025
95.6 m ≈

SEC (XBRL)· 04 Mar 2026derived

Interest expense
2023
10.2 m
2024
8.9 m
2025
2.2 m

SEC (XBRL)· 04 Mar 2026verified

Pre-tax income
2023
-19.0 m
2024
38.5 m
2025
37.3 m

SEC (XBRL)· 04 Mar 2026verified

Income tax
2023
2.5 m
2024
3.1 m
2025
12.2 m

SEC (XBRL)· 04 Mar 2026verified

Net income
2023
-21.5 m
2024
35.4 m
2025
25.0 m

SEC (XBRL)· 04 Mar 2026verified

Diluted EPS
2023
-0.30
2024
0.51
2025
0.41

SEC (XBRL)· 04 Mar 2026verified

Weighted average diluted shares
2023
71.8 m
2024
70.1 m
2025
61.1 m

SEC (XBRL)· 04 Mar 2026verified

Balance sheet · USD

Cash
2023
234.3 m
2024
187.1 m
2025
133.3 m

SEC (XBRL)· 04 Mar 2026verified

Current assets
2023
451.6 m
2024
413.0 m
2025
337.3 m

SEC (XBRL)· 04 Mar 2026verified

Property, plant & equipment, net
2023
21.4 m
2024
15.7 m
2025
18.0 m

SEC (XBRL)· 04 Mar 2026verified

Goodwill
2023
—
2024
—
2025
—

SEC (XBRL)· 15 Mar 2022verified

Total assets
2023
904.8 m
2024
840.5 m
2025
756.1 m

SEC (XBRL)· 04 Mar 2026verified

Long-term debt
2023
99.1 m
2024
0
2025
—

SEC (XBRL)· 05 Mar 2025verified

Current liabilities
2023
229.4 m
2024
286.1 m
2025
262.0 m

SEC (XBRL)· 04 Mar 2026verified

Total liabilities
2023
361.3 m
2024
309.7 m
2025
281.4 m

SEC (XBRL)· 04 Mar 2026verified

Equity
2023
543.5 m
2024
530.9 m
2025
474.7 m

SEC (XBRL)· 04 Mar 2026verified

Shares outstanding at year end
2023
146.2 m
2024
65.6 m
2025
56.3 m

SEC (XBRL)· 04 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
60.7 m
2024
150.8 m
2025
110.1 m

SEC (XBRL)· 04 Mar 2026verified

Capex
2023
4.5 m
2024
7.7 m
2025
12.1 m

SEC (XBRL)· 04 Mar 2026verified

Free cash flow
2023
56.2 m ≈
2024
143.1 m ≈
2025
98.0 m ≈

SEC (XBRL)· 04 Mar 2026derived

Investing cash flow
2023
-17.0 m
2024
-21.2 m
2025
-48.6 m

SEC (XBRL)· 04 Mar 2026verified

Financing cash flow
2023
-26.5 m
2024
-174.7 m
2025
-117.5 m

SEC (XBRL)· 04 Mar 2026verified

Share repurchases
2023
9.5 m
2024
60.7 m
2025
101.7 m

SEC (XBRL)· 04 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-0.2%
computed by olivLawFY 2025
Revenue CAGR 3Y
2.9%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
11.5%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
-20.5%
computed by olivLawFY 2025
Net income growth (YoY)
-29.3%
computed by olivLawFY 2025
Net income CAGR 3Y
3.3%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
63.6%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
-19.6%
computed by olivLawFY 2025
EPS CAGR 3Y
11.0%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
83.0%
computed by olivLawFY 2020 → FY 2025
FCF growth (YoY)
-31.5%
computed by olivLawFY 2025

Profitability

Gross margin
84.9%
computed by olivLawFY 2025
EBITDA margin
26.2%
computed by olivLawFY 2025
EBIT margin
8.9%
computed by olivLawFY 2025
Net margin
6.9%
computed by olivLawFY 2025
FCF margin
26.9%
computed by olivLawFY 2025

Returns

ROE
5.0%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
3.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
input data missing
ROCE
6.6%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
14.7x
computed by olivLawFY 2025

Liquidity

Current ratio
1.3x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
0.5x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
110.1 m USD
computed by olivLawFY 2025
Capital expenditure
12.1 m USD
computed by olivLawFY 2025
Free cash flow
98.0 m USD
computed by olivLawFY 2025
FCF conversion
391.3%
computed by olivLawFY 2025
Cash conversion
115.2%
computed by olivLawFY 2025

Efficiency

Days sales outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing

Market and valuation

Market capitalisation
513.3 m USD
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
unavailable
input data missing
Market cap / net income TTM
20.5x
computed by olivLawFY 2025
P/E (TTM)
22.2x
computed by olivLawFY 2025
Earnings yield
4.5%
computed by olivLawFY 2025
P/B
1.1x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
1.4x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
5.2x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
FCF yield
19.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero
Shareholder yield (distributions)
19.8%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

4 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

9.12 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 513.3 m USD

Key indicators

Market capitalisation
513.3 m USD
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
22.2x
computed by olivLawFY 2025
P/B
1.1x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
5.0%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
6.9%
computed by olivLawFY 2025
Revenue growth (YoY)
-0.2%
computed by olivLawFY 2025
Dividend yield
unavailable
no dividend in the structured statements; a missing line is not a confirmed zero

Coverage and freshness

29/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: SEC (XBRL)published 04 Mar 2026
verified 182

Score by group

77% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)

no valuation method could be computed

Multiple comparisons use the SIC vertical: Services-Computer Programming, Data Processing, Etc. (SIC 7370)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
Gross margin · Quality84.9%100 (on a fixed band)14%
EBIT margin · Quality8.9%78 (vs peers)11%
FCF margin · Quality26.9%100 (on a fixed band)11%
Revenue CAGR 3Y · Growth2.9%11 (on a fixed band)22%
Revenue growth (YoY) · Growth-0.2%22 (vs peers)11%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Current ratio · Balance sheet1.3x29 (on a fixed band)8%
EV/Sales · Valuationunavailableunavailable—
FCF yield · Valuation19.1%100 (on a fixed band)17%
Shareholder yield (distributions) · Returns19.8%100 (on a fixed band)6%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial29/100 · 1/2 factors with a value
  • Growth15/100 · 2/2 factors with a value
  • Quality93/100 · 3/3 factors with a value
  • Returns100/100 · 1/1 factors with a value
  • Valuation· partial100/100 · 1/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

NEXXEN INTERNATIONAL LTD. (NEXN). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 364.8 m USD in 2025; YoY growth -0.2%; net margin 6.9%; ROE 5.0%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Gross margin: 84.9%
  • EBIT margin: 8.9%
  • FCF margin: 26.9%
  • FCF yield: 19.1%
  • Shareholder yield (distributions): 19.8%

What contradicts it

  • Revenue CAGR 3Y: 2.9%
  • Revenue growth (YoY): -0.2%
  • Current ratio: 1.3x

Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales.

Versus the vertical median

Services-Computer Programming, Data Processing, Etc. (SIC 7370) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
22.2x
vertical median 28.8x
below median (−22.7%)
EV/EBITDA
—
vertical median 15.0x
P/S
1.4x
vertical median 2.0x
below median (−27.9%)
P/B
1.1x
vertical median 1.9x
below median (−42.1%)
ROE
5.0%
vertical median -4.1%
above median
Net margin
6.9%
vertical median -6.5%
above median
EBIT margin
8.9%
vertical median -0.5%
above median
Revenue YoY
-0.2%
vertical median 10.0%
below median (−101.9%)
Net debt/EBITDA
—
vertical median 0.7x
Dividend yield
—
vertical median 0.4%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
GOOGLAlphabet Inc.3,552.1 bn15.144.3%50.0%+15.1%−10% / +118%
APPAppLovin Corporation90.0 bn18.3210.1%65.9%+70.0%−55% / +625%
FLUTFlutter Entertainment plc14.2 bn—-14.3%-7.1%+16.6%−61% / −48%
FDSFactset Research Systems Inc12.1 bn23.525.5%21.5%+6.7%+23% / −25%
DOCNDigitalOcean Holdings, Inc.9.9 bn281.35.1%3.1%+15.5%+89% / +184%
SOGPSound Group Inc.8.8 bn350.370.4%7.1%+59.4%−21% / +265%
NIQNIQ Global Intelligence plc6.0 bn—-65.3%-8.0%+5.7%+29% / unavailable
SIFYSify Technologies Ltd5.8 bn—-4.1%-2.0%+9.0%+20% / +53%
DVDoubleVerify Holdings, Inc.2.1 bn34.05.8%8.2%+13.9%+29% / −59%
BZKanzhun Limited1.7 bn41.616.0%33.1%+17.3%−21% / +6%
WBWeibo Corporation1.6 bn3.812.1%25.6%+0.1%−35% / −36%
DJTTrump Media & Technology Group Corp.1.2 bn—-78.9%-28,867.7%+1.8%−61% / −74%
HSTMHealthstream Inc949.7 m45.46.0%6.6%+4.3%+29% / +30%
NXDRNextdoor Holdings, Inc934.4 m—-7.2%-11.1%+4.2%unavailable / unavailable
TBLATaboola.com Ltd.921.2 m7.014.3%6.8%+8.3%−33% / −21%
CEVACeva, Inc.788.9 m—-3.6%-9.5%+2.5%+30% / +29%
RXTRackspace Technology, Inc.716.2 m——-5.9%−1.9%+165% / +123%
NEXNNexxen International Ltd.513.3 m22.25.0%6.9%−0.2%+12% / +148%
HUYAHUYA Inc.470.7 m—-1.9%-1.7%+11.6%−27% / −38%
RZLVRezolve AI plc460.8 m—-98.7%-216.7%+2,224.2%−55% / −87%
ZIPZiprecruiter, Inc.321.9 m12.9—6.2%−5.3%−5% / −66%
MFMindForge Inc.172.5 m—-167.2%-222.9%−49.9%−83% / unavailable
GOAIEva Live Inc31.8 m—-58.5%-39.3%+82.6%unavailable / unavailable
HOLOMicroCloud Hologram Inc.27.2 m—-2.3%-12.4%+38.6%−66% / −100%
TEADTeads Holding Co.27.0 m—-196.2%-43.3%+46.1%−61% / −93%

1- and 3-year price returns: for NEXN from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
5.75
Total return -37% · Per year -37%
10.18
Total return 12% · Per year 12%
15.34
Total return 68% · Per year 68%
3 years
5.40
Total return -41% · Per year -16%
10.77
Total return 18% · Per year 6%
17.85
Total return 96% · Per year 25%
5 years
5.07
Total return -44% · Per year -11%
11.39
Total return 25% · Per year 5%
20.76
Total return 128% · Per year 18%
What moves the 3-year price the most
  • Exit P/E± 2.69
  • Net margin± 1.88
  • Annual revenue growth± 1.57
  • Annual dilution± 0.16

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 04 Mar 2026; since then the company filed 6-K (13 Oct 2026), 6-K (30 Sept 2026), 6-K (19 Aug 2026), 6-K (12 Aug 2026), 6-K (03 Aug 2026), 6-K (13 May 2026).

In brief

Nexxen is a global advertising technology platform with deep expertise in data and advanced TV, helping advertisers, agencies, publishers and broadcasters plan, buy, sell and measure digital ads. It operates in a digital advertising market estimated at about 792 billion USD, where video and CTV grow faster than other formats, while its revenue eased slightly in 2025 under second-half pressures.

SWOT

Strengths

  • The company has an integrated end-to-end platform combining DSP, SSP and Nexxen Data Platform that covers the whole advertising chain 1.
  • Nexxen holds exclusive access to ACR data through a partnership with V, extended to 2029 for North America 1.
  • The company has no principal long-term debt, which gives it financial flexibility 1.

Weaknesses

  • CTV revenue fell in 2025, and dependence on a few large clients makes results sensitive to changes in their budgets 1.
  • Total comprehensive income declined in 2025, with a significant drop in the overall result 1.
  • Revenue is seasonal, and the first quarter is usually the weakest 1.

Opportunities

  • The shift of linear TV budgets to CTV and digital live sports could increase demand on the platform 1.
  • Mobile in-app advertising, less exposed to generative AI shifts, could become a growth channel 1.
  • The investment in V could strengthen the position in North American CTV if the partnership expands 1.

Threats

  • Supply path optimization by large DSPs could reduce the volume of spending flowing through the company's platform 1.
  • Privacy regulation and cookie removal could limit ad targeting capabilities 1.
  • Tariffs, geopolitical hostilities and economic uncertainty could reduce advertiser budgets 1.

Risks

  • Dependence on large clientshigh

    Reduced spending by one large DSP customer in Q4 2025 weighed on video revenue, and losing similar clients could have significant effects 1.

  • CTV pricing pressuremedium

    More competitive CTV CPMs contributed to lower revenue in this category in 2025 1.

  • Data regulationmedium

    New privacy laws and limits on third-party cookies could affect how the company collects and uses data 1.

  • Macroeconomic and geopolitical factorsmedium

    Trade uncertainty, tariffs and geopolitical hostilities reduced some clients' advertising spend in 2025 1.

  • Seasonalitylow

    Revenue fluctuates considerably from quarter to quarter, with the first quarter usually the weakest, which makes results harder to forecast 1.

Investment thesis

What would need to be true (bull case)

  • If video and CTV keep growing faster than the overall market and linear TV budget migration accelerates, the company could quickly recover volume lost in 2025 1.
  • The end-to-end platform combined with exclusive ACR data could attract agencies seeking to consolidate spend with fewer providers 1.
  • The absence of principal long-term debt gives the company room for strategic investments such as those in V 1.

What would break the thesis

  • If large DSPs keep reducing their number of suppliers, the company's revenue could remain under pressure even in a growing market 1.
  • The decline in CTV revenue and in total comprehensive income in 2025 could signal difficulty sustaining growth in key segments 1.
  • If privacy rules and economic uncertainty intensify, advertising budgets could shrink and ad targeting could become more costly 1.

What to watch

  • Trend in Video and CTV revenue and any recovery in spending from large clientsQ1 2026
  • Effect of the second V investment tranche and expansion of the ACR partnershipQ3 2026
  • Development of adjusted EBITDA and total comprehensive income versus 2025 levelsNext 20-F annual report
  • Use of the revolving credit facility and any further strategic investments2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 04 Mar 2026; since then the company filed 6-K (13 Oct 2026), 6-K (30 Sept 2026), 6-K (19 Aug 2026), 6-K (12 Aug 2026), 6-K (03 Aug 2026), 6-K (13 May 2026).

The business

Nexxen offers a DSP for ad buyers, an SSP for publishers and the Nexxen Data Platform that links both using data and artificial intelligence. The platform served 627 active customers and 1,304 active publishers as of 31 December 2025, and ads were served in about 180 countries 1. Revenue comes from platform fees based on a percentage of spend, flat fees or fixed CPMs 1.

In fiscal 2025, Video revenue rose to 242.0 million USD from 232.4 million USD, while CTV revenue fell to 109.4 million USD from 113.8 million USD 1. Digital video made up 66% of revenue in 2025 1. Adjusted EBITDA was broadly stable at 115.1 million USD 1.

The company has no principal long-term debt and held 133.3 million USD in cash and cash equivalents at 31 December 2025 1. Its senior secured revolving credit facility was reduced from 90 to 50 million USD and extended to September 2027 1.

Segments

Video

Video, spanning desktop, mobile and CTV, grew in 2025 to 242.0 million USD, led mainly by desktop video 1. Growth was constrained in the second half by reduced spending from one large DSP customer and the absence of political advertising seen in 2024 1.

CTV

CTV revenue fell to 109.4 million USD in 2025 from 113.8 million USD, amid more competitive CTV CPMs 1. The company points to the migration of linear TV budgets and live sports to digital as supporting long-term demand 1.

Market context

The global digital advertising market is forecast at about 792 billion USD for 2025 and could grow at roughly 10% a year through 2029, according to eMarketer as cited in the company's filing 1. US CTV and Video ad spend are also expanding, though Nexxen's share depends on competing in a fragmented market 1.

The company describes the market as fragmented and moving toward consolidation around larger platforms, which could favour providers with full ecosystems 1. Constraints in 2025 included cautious consumer spending, tariffs and supply path optimization 1.

Trends

  • Growth of Video and CTVtailwind

    Spending on video and CTV is growing faster than other formats, and Nexxen concentrates its strategy on these segments 1. If budgets keep shifting from linear TV, demand on the platform could increase 1.

  • Supply path optimizationheadwind

    Larger DSPs are consolidating suppliers, which reduced spending from one important customer in Q4 2025 1. If the trend spreads, revenue could be affected 1.

  • Data privacy rulesmixed

    Privacy regulation and the removal of third-party cookies require firms to adapt continuously 1. A focus on proprietary data and ACR could offer an advantage but also compliance costs 1.

  • Political advertising and macro conditionsmixed

    The absence of political spending from the 2024 election cycle, together with trade uncertainty, tariffs and geopolitical hostilities, weighed on ad spending in 2025 1. A recovery in spending could support revenue 1.

Competitive position

The company competes with platforms offering DSP and SSP services, and above all with large players that control advertising flows. Nexxen differentiates through its end-to-end solution and exclusive ACR data access, but larger companies may have superior scale 1.

  • The Trade DeskTTD

    DSP with which Nexxen is integrated, but which can also compete for advertiser budgets 1.

  • Google DV360

    Global DSP with which Nexxen is integrated and which competes for agency budgets 1.

  • Large SSP and DSP platforms

    Major industry providers, especially those reducing the number of partners, can exert pressure on the company 1.

  • Connected TV platforms

    Smart TV and connected TV operators can compete with Nexxen for CTV advertising inventory 1.

News & filings

Sources

  1. [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Nexxen International Ltd. · 04 Mar 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.