A Business at a Glance
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NEW YORK TIMES CO
NYT
$11.8B
Mkt Cap
$71.65
+2.11%
NEW YORK TIMES CO (NYT) has a current P/E ratio of 34.3, compared to its historical median P/E of 33.8. The stock is currently considered Fair based on its historical valuation range.
NEW YORK TIMES CO (NYT) has a 5-year average return on invested capital (ROIC) of 19.6%. This indicates strong capital allocation and a potential competitive advantage.
NEW YORK TIMES CO (NYT) has a market capitalization of $11.7B. It is classified as a large-cap stock.
Yes, NEW YORK TIMES CO (NYT) pays a dividend with a trailing twelve-month yield of 1.01%. The company also returns capital through share buybacks, with a buyback yield of 1.39%.
Based on historical P/E analysis, NEW YORK TIMES CO (NYT) appears fair. The current P/E of 34.3 is 1% above its historical median of 33.8. The estimated fair value CAGR (P/E method) is 16.9%.
NEW YORK TIMES CO (NYT) operates in the Newspapers: Publishing Or Publishing & Printing industry, within the Communication Services sector.
NEW YORK TIMES CO (NYT) reported annual revenue of $2.8 billion in its most recent fiscal year, based on SEC EDGAR filings.
The New York Times Company is a global media organization that creates and distributes high-quality news and information through a diversified portfolio of digital and print products. The core business comprises The New York Times newspaper and website, complemented by specialized interest-specific products including The Athletic (sports), Audio, Cooking, Games, and Wirecutter (product reviews), all available across mobile applications and websites. The company generates revenues principally from subscriptions—both standalone and bundled multiproduct digital subscriptions as well as print subscriptions and single-copy sales—and from advertising across its portfolio. The subscription model emphasizes building daily habits and long-term customer relationships through high-value bundle offerings that provide multiple engagement reasons, while the advertising business leverages a large engaged audience, first-party data, proprietary ad products, and AI-powered targeting tools to serve marketers across news, sports, games, and shopping verticals. The company's competitive moat rests on its original, independent, high-quality journalism recognized with more Pulitzer Prizes than any other news organization, combined with a growing suite of interconnected digital products that create network effects and switching costs. As of December 31, 2025, the company had approximately 12.78 million total subscribers, the highest in its history, and serves a global audience of curious people seeking to understand and engage with the world.
【Subscriber growth and margin expansion】 Management expects 2026 to deliver healthy revenue growth, adjusted operating profit (AOP) growth, margin expansion, and strong free cash flow generation as the company executes against its strategy to reach 15 million total subscribers by year-end 2027. The company plans to continue disciplined investments in high-quality journalism and digital product experiences, with video journalism identified as a particularly important area of strategic investment expected to underpin long-term success and generate strong returns. Digital subscription revenue growth is expected to remain robust, driven by both subscriber base expansion and average revenue per user (ARPU) improvements from pricing step-ups and bundle price increases, while digital advertising is anticipated to benefit from strong marketer demand and continued expansion of advertising supply across the portfolio. The company remains on track to achieve its midterm targets for subscribers, AOP growth, and capital returns, with a stated commitment to return at least 50% of free cash flow to shareholders over the medium term.
| Metric | Target | Period |
|---|---|---|
| Total subscribers | 15 million | Year-end 2027 |
| Operating cash flow benefit from tax legislation | approximately $60 million | Full year 2026 |
Total subscribers (Year-end 2027): “Our current aim is to reach 15 million total subscribers by year-end 2027, up from approximately 12.78 million at the end of 2025.”
Operating cash flow benefit from tax legislation (Full year 2026): “Looking to full year 2026, we expect to benefit from the tax bill of approximately $60 million to operating cash flow.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.9B | 2.8B | 2.6B | 2.4B | 2.3B | 2.1B |
| Net Income | 382M | 344M | 294M | 232M | 174M | 220M |
| EPS | $2.32 | $2.09 | $1.77 | $1.40 | $1.04 | $1.31 |
| Free Cash Flow | 542M | 551M | 381M | 338M | 114M | 234M |
| ROIC | 25.9% | 23.4% | 19.8% | 16.3% | 13.5% | 25.2% |
| Gross Margin | - | 50.8% | 49.4% | 48.5% | 47.6% | 49.9% |
| Debt/Equity | 0.00 | 0.02 | 0.02 | 0.03 | 0.04 | 0.00 |
| Dividends/Share | $0.72 | $0.72 | $0.52 | $0.44 | $0.36 | $0.28 |
| Operating Income | 464M | 432M | 351M | 276M | 202M | 268M |
| Operating Margin | 16.0% | 15.3% | 13.6% | 11.4% | 8.7% | 12.9% |
| ROE | 19.1% | 17.3% | 15.9% | 13.8% | 11.1% | 15.4% |
| Shares Outstanding | 164M | 165M | 166M | 166M | 167M | 168M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.6B | 1.6B | 1.6B | 1.7B | 1.7B | 1.8B | 1.8B | 2.1B | 2.3B | 2.4B | 2.6B | 2.8B | 2.9B |
| Gross Margin | 59.5% | 60.9% | 59.5% | 63.2% | 45.8% | 45.4% | 46.2% | 49.9% | 47.6% | 48.5% | 49.4% | 50.8% | N/A |
| R&D | N/A | N/A | N/A | N/A | 84M | 106M | 133M | 161M | 204M | 229M | 248M | 264M | 268M |
| SG&A | 761M | 714M | 728M | 815M | 0 | 0 | 224M | 250M | 289M | 311M | 308M | 328M | 335M |
| EBIT | 92M | 137M | 113M | 177M | 190M | 176M | 176M | 268M | 202M | 276M | 351M | 432M | 464M |
| Op. Margin | 5.8% | 8.6% | 7.2% | 10.5% | 10.9% | 9.7% | 9.9% | 12.9% | 8.7% | 11.4% | 13.6% | 15.3% | 16.0% |
| Net Income | 33M | 63M | 29M | 4.3M | 126M | 140M | 100M | 220M | 174M | 232M | 294M | 344M | 382M |
| Net Margin | 2.1% | 4.0% | 1.9% | 0.3% | 7.2% | 7.7% | 5.6% | 10.6% | 7.5% | 9.6% | 11.4% | 12.2% | 13.2% |
| Non-Recurring | 0 | 0 | 17M | 0 | 0 | 4.0M | 0 | 0 | 8.7M | 7.6M | 7.5M | 0 | 0 |
| Returns on Capital | |||||||||||||
| ROIC | 15.0% | 14.9% | 16.4% | 17.9% | 20.8% | 17.9% | 17.9% | 25.2% | 13.5% | 16.3% | 19.8% | 23.4% | 25.9% |
| ROE | 4.2% | 8.1% | 3.5% | 0.5% | 13.0% | 12.7% | 8.0% | 15.4% | 11.1% | 13.8% | 15.9% | 17.3% | 19.1% |
| ROA | 1.3% | 2.5% | 1.3% | 0.2% | 5.8% | 6.5% | 4.6% | 9.0% | 6.8% | 8.9% | 10.6% | 11.8% | 13.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 80M | 179M | 104M | 87M | 157M | 190M | 298M | 269M | 151M | 361M | 411M | 584M | 578M |
| Free Cash Flow | 45M | 152M | 74M | 2.0M | 80M | 144M | 263M | 234M | 114M | 338M | 381M | 551M | 542M |
| Owner Earnings | -7.8M | 107M | 30M | 10M | 85M | 116M | 221M | 189M | 33M | 220M | 260M | 425M | 417M |
| CapEx | 35M | 27M | 30M | 85M | 77M | 45M | 34M | 35M | 37M | 23M | 29M | 34M | 35M |
| Maint. CapEx | 79M | 62M | 62M | 62M | 59M | 61M | 62M | 58M | 83M | 86M | 83M | 85M | 84M |
| Growth CapEx | 0 | 0 | 0 | 23M | 18M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 79M | 62M | 62M | 62M | 59M | 61M | 62M | 58M | 83M | 86M | 83M | 85M | 84M |
| CapEx/OCF | 43.9% | 15.4% | 29.0% | 97.7% | 49.3% | 23.9% | 11.6% | 12.9% | 24.5% | 6.3% | 7.1% | 5.8% | 6.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 25M | 27M | 26M | 26M | 26M | 32M | 38M | 45M | 57M | 69M | 83M | 110M | 119M |
| Dividend Yield | 1.2% | 1.3% | 1.4% | 1.2% | 0.7% | 0.6% | 0.6% | 0.6% | 1.0% | 1.1% | 1.0% | 1.2% | 1.0% |
| Share Buybacks | 0 | 69M | 16M | 0 | 0 | 85M | 0 | 0 | 105M | 45M | 85M | 165M | 163M |
| Buyback Yield | N/A | 3.3% | 0.8% | N/A | N/A | N/A | N/A | N/A | 2.0% | 0.6% | 1.0% | 1.4% | 1.4% |
| Stock-Based Comp | 8.9M | 11M | 12M | 15M | 13M | 13M | 14M | 22M | 35M | 55M | 67M | 74M | 76M |
| Debt Repayment | 39M | 224M | 190M | 552K | 552K | 253M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | -170M | -189M | -310M | -249M | -366M | -180M | -595M | -661M | -278M | -399M | -518M | -593M | -595M |
| Cash & Equiv. | 177M | 106M | 101M | 183M | 242M | 230M | 286M | 320M | 221M | 289M | 199M | 255M | 595M |
| Long-Term Debt | 420M | 236M | 240M | 243M | 247M | 253M | 0 | 0 | N/A | N/A | N/A | N/A | N/A |
| Debt/Equity | 0.89 | 0.51 | 0.28 | 0.27 | 0.24 | 0.22 | 0.00 | 0.00 | 0.04 | 0.03 | 0.02 | 0.02 | 0.00 |
| Interest Coverage | 1.7 | 3.5 | 3.2 | 8.9 | 11.5 | 46.0 | 7.6 | 8.1 | 5.0 | 13.1 | 9.6 | 205.5 | 205.5 |
| Equity | 726M | 827M | 848M | 897M | 1.0B | 1.2B | 1.3B | 1.5B | 1.6B | 1.8B | 1.9B | 2.0B | 2.0B |
| Total Assets | 2.6B | 2.4B | 2.2B | 2.1B | 2.2B | 2.1B | 2.3B | 2.6B | 2.5B | 2.7B | 2.8B | 3.0B | 2.9B |
| Total Liabilities | 1.8B | 1.6B | 1.3B | 1.2B | 1.2B | 915M | 980M | 1.0B | 934M | 951M | 914M | 956M | -99M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 14M | 317M | 285M | 258M | 229M | 222M |
| Retained Earnings | 1.3B | 1.3B | 1.3B | 1.3B | 1.5B | 1.6B | 1.7B | 1.8B | 2.0B | 2.1B | 2.3B | 2.6B | 2.6B |
| Working Capital | 548M | 299M | 397M | 334M | 221M | 279M | 349M | 394M | 84M | 170M | 323M | 361M | 349M |
| Current Assets | 1.1B | 863M | 796M | 750M | 894M | 717M | 836M | 953M | 656M | 782M | 936M | 1.0B | 927M |
| Current Liabilities | 601M | 564M | 399M | 416M | 673M | 438M | 487M | 559M | 571M | 612M | 614M | 667M | 578M |
| Per Share Data | |||||||||||||
| EPS | 0.20 | 0.38 | 0.18 | 0.03 | 0.75 | 0.83 | 0.60 | 1.31 | 1.04 | 1.40 | 1.77 | 2.09 | 2.32 |
| Owner EPS | -0.05 | 0.64 | 0.18 | 0.07 | 0.51 | 0.69 | 1.33 | 1.13 | 0.20 | 1.32 | 1.57 | 2.58 | 2.55 |
| Book Value | 4.36 | 4.97 | 5.25 | 6.27 | 6.21 | 6.95 | 7.94 | 9.16 | 9.56 | 10.62 | 11.61 | 12.40 | 12.23 |
| Cash Flow/Share | 0.48 | 1.08 | 0.64 | 0.61 | 0.94 | 1.13 | 1.79 | 1.60 | 0.90 | 2.17 | 2.47 | 3.55 | 2.85 |
| Dividends/Share | 0.16 | 0.16 | 0.16 | 0.16 | 0.16 | 0.20 | 0.24 | 0.28 | 0.36 | 0.44 | 0.52 | 0.72 | 0.72 |
| Shares Out. | 166.5M | 166.4M | 161.5M | 143.2M | 167.6M | 168.6M | 166.8M | 167.9M | 167.2M | 166.0M | 166.0M | 164.6M | 163.7M |
| Valuation | |||||||||||||
| P/E Ratio | 61.0 | 32.8 | 68.9 | 579.0 | 28.0 | 36.5 | 81.7 | 34.8 | 29.7 | 33.8 | 29.6 | 33.5 | 30.8 |
| P/FCF | 45.0 | 13.6 | 27.1 | N/A | 44.2 | 35.3 | 31.0 | 32.6 | 45.5 | 23.2 | 22.8 | 20.9 | 21.6 |
| EV/EBIT | 22.8 | 15.2 | 16.7 | 12.7 | 17.9 | 26.6 | N/A | N/A | N/A | N/A | N/A | N/A | 24.0 |
| Price/Book | 2.8 | 2.5 | 2.4 | 2.8 | 3.4 | 4.4 | 6.2 | 5.0 | 3.2 | 4.5 | 4.5 | 5.6 | 5.9 |
| Price/Sales | 1.3 | 1.3 | 1.2 | 1.3 | 2.1 | 2.7 | 3.5 | 3.7 | 2.5 | 2.7 | 3.2 | 3.2 | 4.0 |
| FCF Yield | 2.2% | 7.3% | 3.7% | 0.1% | 2.3% | 2.8% | 3.2% | 3.1% | 2.2% | 4.3% | 4.4% | 4.8% | 4.6% |
| Market Cap | 2.0B | 2.1B | 2.0B | 2.5B | 3.5B | 5.1B | 8.2B | 7.7B | 5.2B | 7.9B | 8.7B | 11.5B | 11.7B |
| Avg. Price | 12.72 | 12.03 | 11.46 | 15.72 | 22.38 | 29.49 | 37.53 | 45.65 | 34.37 | 39.00 | 49.34 | 55.08 | 71.65 |
| Year-End Price | 12.21 | 12.45 | 12.40 | 17.37 | 21.01 | 30.26 | 49.03 | 45.58 | 30.91 | 47.32 | 52.39 | 69.98 | 71.65 |
NEW YORK TIMES CO passes 6 of 9 quality checks, suggesting mixed fundamentals.
NEW YORK TIMES CO trades at 34.3x trailing earnings, compared to its 15-year median P/E of 33.8x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 20.9x vs a median of 31.0x. The company's 5-year average ROIC is 19.6% with a gross margin of 49.2%. Total shareholder yield (dividends + buybacks) is 2.4%. At current prices, the estimated annualized return to fair value is +20.9%.
NEW YORK TIMES CO (NYT) has a net profit margin of 12.2%. This is a healthy margin.
NEW YORK TIMES CO (NYT) generated $551 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
NEW YORK TIMES CO (NYT) has a debt-to-equity ratio of 0.02. This indicates a conservatively financed balance sheet.
NEW YORK TIMES CO (NYT) reported earnings per share (EPS) of $2.09 in its most recent fiscal year.
NEW YORK TIMES CO (NYT) has a return on equity (ROE) of 17.3%. This indicates the company generates strong returns for shareholders.
NEW YORK TIMES CO (NYT) has a 5-year average gross margin of 49.2%. This indicates decent pricing power.
The Ledger Terminal provides 16 years of financial data for NEW YORK TIMES CO (NYT), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
NEW YORK TIMES CO (NYT) has a book value per share of $12.40, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects 2026 to deliver healthy revenue growth, adjusted operating profit (AOP) growth, margin expansion, and strong free cash flow generation as the company executes against its strategy to reach 15 million total subscribers by year-end 2027. The company plans to continue disciplined investments in high-quality journalism and digital product experiences, with video journalism identified as a particularly important area of strategic investment expected to underpin long-term success and generate strong returns. Digital subscription revenue growth is expected to remain robust, driven by both subscriber base expansion and average revenue per user (ARPU) improvements from pricing step-ups and bundle price increases, while digital advertising is anticipated to benefit from strong marketer demand and continued expansion of advertising supply across the portfolio. The company remains on track to achieve its midterm targets for subscribers, AOP growth, and capital returns, with a stated commitment to return at least 50% of free cash flow to shareholders over the medium term.
Based on recent SEC filings and earnings calls, NEW YORK TIMES CO (NYT) has provided the following forward guidance: Total subscribers: 15 million (Year-end 2027); Operating cash flow benefit from tax legislation: approximately $60 million (Full year 2026).
No recent press releases.