Grufity logoGrufity logo
StocksFundsScreenerSectorsWatchlists
NXST

NXST - Nexstar Media Group Inc Stock Price, Fair Value and News

164.11USD+1.00 (+0.61%)Market Closed

Market Summary

NXST
USD164.11+1.00
Market Closed
0.61%

NXST Alerts

  • 3 major insider sales recently.

NXST Stock Price

View Fullscreen

NXST RSI Chart

NXST Valuation

Market Cap

5.5B

Price/Earnings (Trailing)

15.86

Price/Sales (Trailing)

1.11

EV/EBITDA

13.47

Price/Free Cashflow

6.45

NXST Price/Sales (Trailing)

NXST Profitability

EBT Margin

8.13%

Return on Equity

15.05%

Return on Assets

2.86%

Free Cashflow Yield

15.49%

NXST Fundamentals

NXST Revenue

Revenue (TTM)

4.9B

Rev. Growth (Yr)

-12.31%

Rev. Growth (Qtr)

15.19%

NXST Earnings

Earnings (TTM)

346.0M

Earnings Growth (Yr)

-43.84%

Earnings Growth (Qtr)

356%

Breaking Down NXST Revenue

Last 7 days

2.6%

Last 30 days

-1%

Last 90 days

-5.2%

Trailing 12 Months

-6.3%

How does NXST drawdown profile look like?

NXST Financial Health

Current Ratio

1.53

Debt/Equity

2.92

Debt/Cashflow

0.15

NXST Investor Care

Dividend Yield

3.29%

Dividend/Share (TTM)

5.4

Buy Backs (1Y)

9.09%

Diluted EPS (TTM)

9.61

Historical Charts for Stock Metrics

Get all data in R, Python etc through our Historical Stock Data APIs
Net sales
YearQ1Q2Q3Q4
20235.3B5.3B5.1B4.9B
20224.7B4.9B5.0B5.2B
20214.5B4.7B4.8B4.6B
20202.8B3.0B3.5B4.5B
20192.8B2.8B2.7B2.3B
20182.5B2.5B2.6B2.8B
20171.4B1.8B2.1B2.4B
2016950.3M992.9M1.0B1.1B
2015699.2M771.6M836.9M896.4M
2014524.0M544.7M576.6M631.3M
2013407.2M444.5M480.4M502.3M
2012320.2M333.5M348.7M378.6M
2011314.7M315.6M317.3M306.5M
20100272.4M292.9M313.4M
2009000252.0M
Get all data in R, Python etc through our Historical Stock Data APIs
GRUFITY'S FAIR VALUE MODEL

Stocks Marked 'Very Cheap' by Grufity's Fair Value Model Have Outperformed Russell 2000 Index

Small Caps and Mid Caps are mostly overlooked by investors as all the focus goes to Magnificent 7. These stocks that are not part of the beauty contest require a deeper look. However, all large cap stocks were once small caps. Grufity's Fair Value model opens up this unverse as it separates high-performing, rewarding stocks from low-performing risky stocks. <b>Russell 2000 stocks that were marked 'Very Cheap' by the model doubled in three years while the index was flat.</b>

PurpleZone


Returns of $10,000 invested in:

Very Cheap Stocks: $21,859
Russell 2000 Index: $10,334
Very Expensive Stocks: $8,224

Russell 2000 stocks considered 'Very Cheap' by the model greatly outperformed Russell 2000 index and the 'Very Expensive' bucket over past three years.

Russell 2000 Index
Very Expensive Stocks
Very Cheap Stocks
Try For Just $1.99

Tracking the Latest Insider Buys and Sells of Nexstar Media Group Inc

Filter Transactions
Datesorted ascendingNameBuy/Sell$ ValueAvg. Price# SharesTitle
Apr 15, 2024
alford andrew
acquired
159,870
159
1,000
president, broadcasting
Apr 15, 2024
alford andrew
sold (taxes)
-39,008
159
-244
president, broadcasting
Apr 10, 2024
armstrong d geoffrey
acquired
101,844
162
625
-
Apr 10, 2024
pompadur martin
acquired
101,844
162
625
-
Apr 10, 2024
weitman gary
acquired
407,375
162
2,500
see remarks
Apr 10, 2024
zimmer dana
sold (taxes)
-157,573
162
-967
president, distribution
Apr 10, 2024
weitman gary
sold (taxes)
-99,236
162
-609
see remarks
Apr 10, 2024
zimmer dana
acquired
407,375
162
2,500
president, distribution
Apr 10, 2024
mcmillen charles thomas
acquired
101,844
162
625
-
Apr 10, 2024
grossman jay m.
acquired
101,844
162
625
-

1–10 of 50

Which funds bought or sold NXST recently?

View All Details
Datesorted ascendingFund NameType% Chg$ Change$ Held% Portfolio
Apr 23, 2024
Global Retirement Partners, LLC
reduced
-4.76
-334
10,337
 -%
Apr 23, 2024
FIFTH THIRD BANCORP
added
1.69
20,709
196,583
 -%
Apr 23, 2024
ARCADIA INVESTMENT MANAGEMENT CORP/MI
reduced
-0.53
249,327
2,920,660
 0.52%
Apr 23, 2024
AMALGAMATED BANK
reduced
-0.88
315,000
3,835,000
 0.03%
Apr 23, 2024
WEDGE CAPITAL MANAGEMENT L L P/NC
reduced
-5.94
155,509
4,744,520
 0.08%
Apr 23, 2024
Louisiana State Employees Retirement System
added
2.2
175,872
1,602,300
 0.03%
Apr 23, 2024
Venturi Wealth Management, LLC
unchanged
-
295
3,274
 -%
Apr 23, 2024
Strategic Investment Advisors / MI
new
-
242,240
242,240
 0.03%
Apr 23, 2024
NEW MEXICO EDUCATIONAL RETIREMENT BOARD
unchanged
-
102,000
1,137,000
 0.04%
Apr 23, 2024
BFSG, LLC
reduced
-8.36
1,838
254,990
 0.03%

1–10 of 49

Are Funds Buying or Selling NXST?

Are funds buying NXST calls or puts?
Calls
Puts
No. of funds holding Calls - Puts
Net Call Options
No. of funds that own NXST
No. of Funds

NXST Alerts

Unveiling Nexstar Media Group Inc's Major ShareHolders

Date FiledName of FilerPercent of ClassNo. of SharesForm Type
Apr 10, 2024
vanguard group inc
10.08%
3,370,415
SC 13G/A
Mar 04, 2024
sook perry a
5.2%
1,763,952
SC 13G
Feb 13, 2024
vanguard group inc
9.56%
3,242,632
SC 13G/A
Jan 25, 2024
blackrock inc.
8.8%
2,983,603
SC 13G/A
Feb 10, 2023
neuberger berman group llc
4.49%
1,693,280
SC 13G/A
Feb 09, 2023
fmr llc
-
0
SC 13G/A
Feb 09, 2023
vanguard group inc
9.17%
3,459,083
SC 13G/A
Feb 03, 2023
blackrock inc.
8.9%
3,369,622
SC 13G
Feb 14, 2022
neuberger berman group llc
5.10%
2,085,124
SC 13G/A
Feb 09, 2022
fmr llc
-
0
SC 13G/A

Recent SEC filings of Nexstar Media Group Inc

View All Filings
Date Filed Form Type Document
Apr 16, 2024
4
Insider Trading
Apr 12, 2024
4
Insider Trading
Apr 12, 2024
4
Insider Trading
Apr 12, 2024
4
Insider Trading
Apr 12, 2024
4
Insider Trading
Apr 12, 2024
4
Insider Trading
Apr 12, 2024
4
Insider Trading
Apr 12, 2024
4
Insider Trading
Apr 12, 2024
4
Insider Trading
Apr 12, 2024
4
Insider Trading

Peers (Alternatives to Nexstar Media Group Inc)

NameMkt Capsorted ascendingRevenuePrice %, 1MReturns, 1YP/EP/SRev 1-YrInc 1-Yr
LARGE-CAP
NFLX
239.2B
34.9B
 -8.04% 75.53%
37.18
6.85
 9.47% 53.23%
DIS
209.1B
88.9B
 -1.83% 14.12%
70.01
2.35
 5.35% -10.06%
LYV
20.7B
22.7B
 -15.03% 34.02%
36.74
0.91
 36.38% 90.31%
SIRI
12.1B
9.0B
 -18.56% -15.43%
9.65
1.36
 -0.55% 3.71%
MID-CAP
ROKU
8.9B
3.5B
 -2.89% 4.54%
-12.5
2.55
 11.45% -42.48%
PARA
8.3B
29.7B
 13.24% -43.58%
-13.6
0.28
 -1.66% -155.07%
EDR
7.9B
6.0B
 3.29% 7.02%
22.16
1.33
 13.14% 176.08%
NXST
5.5B
4.9B
 -1.00% -6.29%
15.86
1.11
 -5.33% -64.37%
MSGS
4.5B
879.6M
 1.56% -7.03%
115.89
5.08
 2.95% -31.65%
PLAY
2.1B
2.2B
 -7.89% 63.88%
16.94
0.97
 12.26% -7.46%
CNK
2.1B
3.1B
 -0.83% 8.20%
7.55
0.69
 24.93% 166.91%
SMALL-CAP
AMC
866.2M
4.8B
 -16.91% -92.25%
-2.18
0.18
 23.04% 59.26%
AMCX
504.0M
2.7B
 -0.69% -37.63%
2.34
0.19
 -12.42% 2737.29%
CSSE
12.2M
294.4M
 -11.76% -92.11%
-0.02
0.04
 16.45% -513.05%

Nexstar Media Group Inc News

Latest updates
Yahoo Singapore News • 26 hours ago
Should Value Investors Buy Nexstar Media Group (NXST) Stock?
Yahoo News Canada • 39 hours ago
Nexstar Broadcasting Group (NXST) Stock Sinks As Market Gains: What You Should Know
MarketBeat • 21 Apr 2024 • 07:29 am
Nexstar Media Group, Inc. (NASDAQ:NXST) Receives Consensus Rating of "Moderate Buy" from Analysts
Simply Wall St • 14 Apr 2024 • 07:00 am
The total return for Nexstar Media Group (NASDAQ:NXST) investors has risen faster than earnings growth over the last ...
Yahoo Finance • 21 Mar 2024 • 07:00 am
Director Lisbeth Mcnabb Sells 2,500 Shares of Nexstar Media Group Inc (NXST)
Nexstar • 28 Feb 2024 • 08:00 am
Nexstar Media Group Reports Fourth Quarter Net Revenue of $1.3 Billion
Simply Wall St • 2 months ago
Is Now The Time To Look At Buying Nexstar Media Group, Inc. (NASDAQ:NXST)?
Simply Wall St • 2 months ago
Nexstar Media Group, Inc. (NASDAQ:NXST) Looks Interesting, And It's About To Pay A Dividend
Nexstar • 5 months ago
Nexstar Media Group Reports Third Quarter Net Revenue of $1.13 Billion
Nexstar • 8 months ago
Nexstar Media Group Reports Second Quarter Net Revenue of $1.24 Billion

Nexstar Media Group Inc Earnings Report: Key Takeaways & Analysis

Income Statement (Last 12 Months)
(In Millions)
Income Statement (Quarterly)
(In Millions)
(*) denotes actual numbers (not divided by Millions)
Description(%) Q/Q2023Q42023Q32023Q22023Q12022Q42022Q32022Q22022Q12021Q42021Q32021Q22021Q12020Q42020Q32020Q22020Q12019Q42019Q32019Q22019Q12018Q4
Revenue15.2%1,3041,1321,2401,2571,4871,2691,2451,2101,2461,1571,1321,1141,3771,1189151,092369664649627798
Costs and Expenses3.4%1,0731,0381,0611,0531,194913911881921880843829846775718787164542499500-
Operating Expenses-------------------499500525
  S&GA Expenses2.3%288281262266328260266248280258243243274227193218260183144142159
EBITDA Margin-9.6%0.18*0.20*0.25*0.27*0.30*0.38*0.35*0.33*0.30*0.32*-----------
Interest Expenses-2.2%-115-113-111-107-103-89.00-76.00-69.00-70.40-70.40-70.10-72.10-74.50-77.26-82.25-101-106-93.20-51.36-52.96-53.89
Income Taxes700.0%48.006.0035.0042.0068.0082.0072.0052.0067.0066.0071.0060.0013065.0037.0064.0054.0040.0027.0016.0059.00
Earnings Before Taxes950.0%14714.0011013024537029830432923527125949225413622216834.0097.0073.00213
EBT Margin-16.7%0.08*0.10*0.16*0.20*0.23*0.26*0.24*0.24*0.24*0.26*-----------
Net Income356.0%11425.0096.0011120328922725226317020020136419110015765.00-5.8568.0055.00153
Net Income Margin-17.5%0.07*0.09*0.13*0.16*0.19*0.21*0.19*0.19*0.18*0.20*-----------
Free Cashflow43.1%146102144458161339256490288248-----------
Balance Sheet
(In Millions)
Balance Sheet
(In Millions)
(*) denotes actual numbers (not divided by Millions)
Description(%) Q/Q2023Q42023Q32023Q22023Q12022Q42022Q32022Q22022Q12021Q42021Q32021Q22021Q12020Q42020Q32020Q22020Q12019Q42019Q32019Q22019Q12018Q4
Assets0.3%12,07812,04712,31012,46412,67913,09812,91613,09113,26513,28313,28813,34813,40413,29113,54013,57513,99014,1037,03213,99010,554
  Current Assets9.4%1,4661,3401,5731,6981,6151,6661,4551,4821,4131,3121,3931,3761,2101,3411,5431,5141,3521,43677674433.00
    Cash Equivalents-10.0%13515034641320436329234220721033035616942768145124933480.00129145
  Net PPE-0.8%1,2691,2791,2671,2561,2621,4911,4931,5021,5131,5861,5921,6011,6051,5981,5811,5471,2901,25774974042.00
  Goodwill-0.6%2,9462,9652,9612,9612,9613,0523,0523,0523,0523,0522,9832,9832,9612,8612,8814.002,9978962,1662,997136
Liabilities0.7%9,7659,7019,7479,8119,91010,15010,04610,16910,40710,65010,66210,75710,86711,03611,33811,45911,93612,1535,0735,1985,283
  Current Liabilities12.8%9618528368648939157467347877116397307316728229169481,09449443024.00
  Long Term Debt-0.4%6,7136,7426,7716,7996,8277,0537,1107,2057,3687,5067,5867,5677,6477,8607,9787,9918,3838,3933,6903,797241
    LT Debt, Current0%12412412412412412412455.0047.0041.0034.0025.0021.0023.0060.0056.0010914395.0096.003.00
    LT Debt, Non Current-0.4%6,7136,7426,7716,7996,8277,0537,1107,2057,3687,5067,5867,5677,6477,8607,9787,9918,3838,3933,6903,797241
Shareholder's Equity-1.4%2,2992,3322,5632,6532,7412,9482,8692,9212,8572,6332,6252,5912,5372,2552,2022,1162,0541,9501,9581,8991,869
  Retained Earnings2.2%3,1883,1203,1423,0943,0332,8642,6102,4192,2041,9641,8241,6591,4881,150984910779675702655620
  Additional Paid-In Capital1.1%1,2831,2691,2631,2751,2881,2711,2581,2691,3111,3351,3271,3341,3631,3511,3411,3341,3541,3471,3371,3331,352
Shares Outstanding-1.7%34.0034.0035.0036.0037.0040.0040.0041.0042.0042.0043.0043.00---------
Minority Interest0%14.0014.0020.0029.0028.0022.00-0.606.007.0015.0015.0017.0018.0020.0021.00-22.00----
Float---5,587---6,144---6,000,194---3,645---4,502--
Cashflow (Last 12 Months)
(In Millions)
Cashflow (Quarterly)
(In Millions)
(*) denotes actual numbers (not divided by Millions)
Description(%) Q/Q2023Q42023Q32023Q22023Q12022Q42022Q32022Q22022Q12021Q42021Q32021Q22021Q12020Q42020Q32020Q22020Q12019Q42019Q32019Q22019Q12018Q4
Cashflow From Operations31.9%18213818549421837629051933328614744837716030241510180.00112125250
  Share Based Compensation-5.9%16.0017.0013.0014.0019.0017.0013.0013.0013.0012.0010.0012.0012.0012.0013.0011.0010.0011.0010.008.008.00
Cashflow From Investing43.8%-36.00-64.00-37.00-36.001364.007.00-22.00-38.20-150-20.30-22.80-300-61.49-29.18351-120-4,545-23.10-13.75-26.23
Cashflow From Financing39.6%-163-270-215-251-497-309-347-362-298-254-153-238-333-353-42.44-564-66.834,720-137-127-196
  Dividend Payments-2.1%46.0047.0048.0050.0034.0035.0036.0037.0029.0029.0030.0030.0025.0025.0025.0026.0021.0021.0021.0021.0017.00
  Buy Backs-100.0%-19413917626021524815813414413812184.00125-73.00-----

NXST Income Statement

2023-12-31
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($)
shares in Thousands, $ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Revenues [Abstract]   
Net revenue$ 4,933$ 5,211$ 4,648
Operating expenses (income):   
Direct operating, excluding depreciation and amortization2,1532,0051,862
Selling, general and administrative, excluding depreciation and amortization1,0961,1021,024
Depreciation and amortization941662589
Goodwill and long-lived asset impairments3513323
Spectrum repack reimbursements (3)(20)
Other  (5)
Total operating expenses4,2253,8993,473
Income from operations7081,3121,175
Gain on bargain purchase 56 
Income from equity method investments, net104153125
Interest expense, net(447)(337)(283)
Loss on extinguishment of debt (3)(3)
Pension and other postretirement plans credit, net364381
Other expenses, net (7)(2)
Income before income taxes4011,2171,093
Income tax expense(131)(274)(263)
Net income270943830
Net loss attributable to noncontrolling interests76284
Net income attributable to Nexstar Media Group, Inc.$ 346$ 971$ 834
Net income per common share attributable to Nexstar Media Group, Inc.:   
Basic$ 9.78$ 24.68$ 19.81
Diluted$ 9.64$ 24.16$ 18.98
Weighted average number of common shares outstanding:   
Basic (in thousands)35,31739,34942,133
Diluted (in thousands)35,83440,18743,982
Net income$ 270$ 943$ 830
Other comprehensive income (loss):   
Change in unrecognized amounts included in pension and other postretirement benefit obligations, net of tax benefit (expense) of $9 in 2023, $39 in 2022, and ($37) in 2021(26)(114)107
Total comprehensive income244829937
Total comprehensive loss attributable to noncontrolling interests76284
Total comprehensive income attributable to Nexstar Media Group, Inc.$ 320$ 857$ 941

NXST Balance Sheet

2023-12-31
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Dec. 31, 2023
Dec. 31, 2022
Current assets:  
Cash and cash equivalents$ 135$ 204
Restricted cash and cash equivalents1216
Accounts receivable, net of allowance for credit losses of $20 and $18, respectively1,0951,080
Broadcast rights136194
Prepaid expenses and other current assets88121
Total current assets1,4661,615
Property and equipment, net1,2691,262
Goodwill2,9462,961
FCC licenses2,9292,910
Intangible assets, net2,1242,434
Investments9581,119
Other noncurrent assets, net386378
Total assets[1]12,07812,679
Current liabilities:  
Current portion of debt124124
Accounts payable235198
Broadcast rights payable136151
Accrued expenses350319
Operating lease liabilities4750
Other current liabilities6951
Total current liabilities961893
Debt6,7136,827
Deferred tax liabilities1,5201,606
Other noncurrent liabilities571584
Total liabilities[1]9,7659,910
Commitments and contingencies (Note 16)
Stockholders' equity:  
Preferred stock - $0.01 par value, 200,000 shares authorized; none issued and outstanding at each of December 31, 2023 and December 31, 2022
Common stock - $0.01 par value, 100,000,000 shares authorized; 47,282,823 shares issued, 33,600,926 shares outstanding as of December 31, 2023 and 47,282,823 shares issued, 36,810,186 shares outstanding as of December 31, 2022
Additional paid-in capital1,2831,288
Accumulated other comprehensive income127
Retained earnings3,1883,033
Treasury stock - at cost; 13,681,897 and 10,472,637 shares as of December 31, 2023 and December 31, 2022, respectively(2,173)(1,607)
Total Nexstar Media Group, Inc. stockholders’ equity2,2992,741
Noncontrolling interests1428
Total stockholders' equity2,3132,769
Total liabilities and stockholders’ equity12,07812,679
Network affiliation agreements [Member]  
Current assets:  
Intangible assets, net1,6831,871
Other Intangible Assets [Member]  
Current assets:  
Intangible assets, net$ 441$ 563
[1]The consolidated total assets as of December 31, 2023 and 2022 include certain assets held by consolidated VIEs of $300 million and $304 million, respectively, which are not available to be used to settle the obligations of Nexstar. The consolidated total liabilities as of December 31, 2023 and 2022 include certain liabilities of consolidated VIEs of $152 million and $148 million, respectively, for which the creditors of the VIEs have no recourse to the general credit of Nexstar. See Note 2 for additional information.

About Nexstar Media Group Inc

NXST
Nexstar Media Group, Inc., a television broadcasting and digital media company, focuses on the acquisition, development, and operation of television stations and interactive community websites and digital media services in the United States. The company offers free programming to television viewing audiences. It owns, operates, programs, or provides sales and other services to various markets. The company also offers video and display advertising platforms that are delivered locally or nationally through its own and various third party websites, mobile and over-the-top applications, other digital media solutions to media publishers, and advertisers and a consumer product reviews platform. In addition, it owns NewsNation, a national cable news network; and WGN-AM, a Chicago radio station, as well as owns and operates digital multicast networks and other multicast network services. Further, it engages in digital business; and management of real estate assets, including leasing of owned office and production facilities. Its stations are affiliates of ABC, NBC, FOX, CBS, The CW, MyNetworkTV, and other broadcast television networks. The company was formerly known as Nexstar Broadcasting Group, Inc. and changed its name to Nexstar Media Group, Inc. in January 2017. Nexstar Media Group, Inc. was founded in 1996 and is headquartered in Irving, Texas.
 CEO
 WEBSITEnexstar.tv
 INDUSTRYEntertainment
 EMPLOYEES11666

Nexstar Media Group Inc Frequently Asked Questions

What is the ticker symbol for Nexstar Media Group Inc? What does NXST stand for in stocks?

NXST is the stock ticker symbol of Nexstar Media Group Inc. Every public company that trades on a stock exchange gets a ticker symbol.

What is the market capital of Nexstar Media Group Inc (NXST)?

As of Tue Apr 23 2024, market cap of Nexstar Media Group Inc is 5.45 Billion. The market capitalization is calculated by multiplying the stock price with the number of shares outstanding.

What is the fair value of NXST stock?

You can check NXST's fair value in chart for subscribers.

What is the fair value of NXST stock?

You can check NXST's fair value in chart for subscribers. The fair value of Nexstar Media Group Inc is provided for various growth and macro-economic scenarios from very pessimiatic to very optimistic assumptions. These fair values are estimates from Grufity's Fair Value model based on company's past performance. However, past performance of Nexstar Media Group Inc is no guarantee of future performance. These fairvalue estimates should only be used as one of the inputs in your stock analysis. We provide model's historical fair value estimates for NXST so that you know how good or bad the model has been in the past so you can discard it if needed. There are others that provide fair values of stocks such as wallmine, finbox, gurufocus and finviz. Most provide point in time estimates. We provide a history of our models fair value estimates so that you can get a sense of it's usefulness. Otherwise this data point is of little use.

Is Nexstar Media Group Inc a good stock to buy?

The fair value guage provides a quick view whether NXST is over valued or under valued. Whether Nexstar Media Group Inc is cheap or expensive depends on the assumptions which impact Nexstar Media Group Inc's fair value. We provide several scenarios of inflation and growth to encompass these range of assumptions for NXST.

What is Nexstar Media Group Inc's Price to Earnings (PE) and Price to sales (PS) ratio?

As of Tue Apr 23 2024, NXST's PE ratio (Price to Earnings) is 15.76 and Price to Sales (PS) ratio is 1.11. The price to earnings and price to sales ratio are two most important valuation metrics for any company. PE ratio tell us the number of years of earnings investors are ready to pay for owning the company. Historically, S&P500 price to earnings ratio has fallen below 12 during periods of gloom and gone past 30 during periods of euphoria. NXST PE ratio will change depending on the future growth rate expectations of investors.

What is 5 year return on Nexstar Media Group Inc's stock?

In the past 10 years, Nexstar Media Group Inc has provided 0.17 (multiply by 100 for percentage) rate of return.