One-glance verdict
Undervalued
$116.17 our estimate vs market $70.17
Wall Street consensus: $76.89 (-33.8% lower than our fair-value estimate)
40% below our estimate, below the bear case
Fundamentals snapshot
The New York Times Company
NYT · NYQ · Communication Services · Publishing
Current price
$70.17
52-week range
$56.48 - $87.10
Market cap
$11.32B
Balance sheet
Healthy
386.21x Strong cushion
Net cash $660.81M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Revenue grew 5.4% last year.
- Reward Returns 19.7% on equity, ahead of 80% of its peers.
- Reward Free cash flow was positive in 10/10 years.
- Risk Insider ownership is only 11.3% (peer median: 18.5%).
What this company does
The New York Times Company
The New York Times Company is like a digital and print newsstand, selling subscriptions to its famous newspaper, The Athletic sports news, and other digital products like cooking recipes and games. It also makes money by selling advertisements (ads) on its platforms and licensing its content to others. This matters because a strong mix of subscription and ad revenue helps keep the company stable, especially when one source of income might fluctuate.
How the company got here
The New York Times Company has a long history, founded way back in 1851. It started as a daily newspaper, and for over a century, its main business was selling physical newspapers and the advertisements within them. A major turning point came in the digital age, when the company decided to put its content online and, crucially, started charging for access to its digital articles. This shift was a gamble, moving away from a purely ad-supported model to a subscription-based one, which has become a cornerstone of its modern identity.
What it actually does
At its core, The New York Times Company is a news and information provider. Think of it as a digital and print publisher that offers a wide range of content. This includes in-depth news reporting, opinion pieces, sports coverage, cooking recipes, and even puzzle games. They make money by selling subscriptions to access this content and also by selling advertising space to businesses that want to reach their audience.
The New York Times (The Times)
This is the flagship product and the largest part of the company's business. It encompasses the well-known New York Times newspaper, its website (NYTimes.com), and its mobile app. People pay a subscription fee to get unlimited access to news articles, investigative journalism, opinion pieces, and more. Advertisers also pay to place their ads on the website, app, and in the print newspaper, reaching the Times's readership.
The Athletic
The Athletic is a sports media product that the company acquired. It focuses on in-depth sports journalism, offering analysis and reporting that goes beyond basic scores. This is primarily a subscription-based business, where sports fans pay to access exclusive content and dedicated coverage of their favorite teams and leagues. It represents a growing, but smaller, portion of the company's overall revenue compared to the main New York Times subscription.
Other Digital Products (Cooking, Games, Audio, Wirecutter)
Beyond core news and sports, the company has expanded into several other digital subscription areas. Cooking offers recipes and cooking guides, Games provides access to popular puzzles like the Mini Crossword and the Spelling Bee, and Audio offers a premium podcast experience. Wirecutter is a product review site that recommends various goods, earning affiliate revenue when users purchase items through its links. These are smaller, but important, contributors to the company's digital subscription revenue, diversifying its offerings.
Advertising
While subscriptions are a major focus, advertising remains a significant revenue stream. The company sells ad space across its digital platforms (website, app) and in its print newspaper. Advertisers, ranging from luxury brands to tech companies, pay to promote their products and services to the New York Times's audience. This segment is crucial for reaching consumers who may not subscribe to the content but are still exposed to the advertisements.
What management is betting on now
The New York Times Company is heavily focused on growing its digital subscriptions across all its products, including the core newspaper, The Athletic, and its other digital offerings like Cooking and Games. The strategy is to provide high-quality, engaging content that readers are willing to pay for consistently. They are also investing in expanding their advertising business, particularly in digital formats, to complement subscription revenue. The goal is to build a more resilient business less dependent on traditional print advertising by diversifying revenue streams and deepening reader engagement.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$118.44M
FY2024 Q4
$143.64M
FY2025 Q1
$89.85M
FY2025 Q2
$103.30M
FY2025 Q3
$199.73M
FY2025 Q4
$157.62M
FY2026 Q1
$81.51M
FY2026 Q2
$184.15M
Revenue
$762.46M
Net income
$93.42M
Diluted EPS
0.57
Operating cash flow
$194.26M
Free cash flow
$184.15M
Fetching…
Sources
Revenue
$712.24M
Net income
$87.92M
Diluted EPS
0.54
Operating cash flow
$92.24M
Free cash flow
$81.51M
Fetching…
Sources
Revenue
$802.31M
Net income
$129.84M
Diluted EPS
0.79
Operating cash flow
$164.16M
Free cash flow
$157.62M
Fetching…
Sources
Revenue
$700.82M
Net income
$81.65M
Diluted EPS
0.50
Operating cash flow
$207.61M
Free cash flow
$199.73M
Fetching…
Sources
Revenue
$685.87M
Net income
$82.94M
Diluted EPS
0.50
Operating cash flow
$113.64M
Free cash flow
$103.30M
Fetching…
Sources
Revenue
$635.91M
Net income
$49.55M
Diluted EPS
0.30
Operating cash flow
$99.09M
Free cash flow
$89.85M
Fetching…
Sources
Revenue
$726.63M
Net income
$123.72M
Diluted EPS
0.74
Operating cash flow
$151.70M
Free cash flow
$143.64M
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Sources
Revenue
$640.18M
Net income
$64.14M
Diluted EPS
0.39
Operating cash flow
$125.51M
Free cash flow
$118.44M
Fetching…
Sources
Is it cheap or expensive?
Fair value $116.17 vs current price $70.17
Wall Street consensus is the average analyst price target: $76.89 (-33.8% lower than our fair-value estimate).
Our most-likely fair value is $116.17 a share — about 65.6% above today's price of $70.17, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Healthy
Net cash $660.8M - more cash than debt. Interest coverage 386.2x.
Net debt
$-660.81M
Interest coverage
386.21x
The New York Times Company's profit covers its interest bill about 386.2 times over. which is stronger than every peer shown here.
Healthy
Worse cushion
Baseline
Better cushion
NYT
BASELINE
The New York Times Company
Total debt $0.00 Interest coverage 386.21x This is the baseline the peer rows are being compared against.
Total debt $2.92B Interest coverage 13.44x -97% vs NYT Carries about 28.7x less debt cushion than NYT.
Total debt $3.20B Interest coverage 10.87x -97% vs NYT Carries about 35.5x less debt cushion than NYT.
Total debt $1.40B Interest coverage 2.08x -99% vs NYT Carries about 185.5x less debt cushion than NYT.
Total debt $509.70M Interest coverage 1.85x -100% vs NYT Carries about 208.6x less debt cushion than NYT.
What you should know
The case for and against NYT
3 Rewards
1 Risk
Rewards
-
Revenue grew 5.4% last year.
-
Returns 19.7% on equity, ahead of 80% of its peers.
-
Free cash flow was positive in 10/10 years.
Risks
-
Insider ownership is only 11.3% (peer median: 18.5%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
29.24x
Forward P/E
22.45x
P/B
5.54x
P/S
3.84x
EV/EBITDA
19.11x
PEG ratio
3.79x
Profitability
How much profit each dollar creates
Gross margin
51.0%
Operating margin
17.1%
Net margin
13.3%
ROE
19.7%
ROA
10.4%
Health
Liquidity and balance-sheet strength
Debt / equity
—
Current ratio
1.58x
Quick ratio
1.39x
Total debt
$0.00
Total cash
$660.81M
Growth
How the business has been compounding
Revenue TTM
$2.98B
Revenue 5Y CAGR
8.0%
EPS TTM
2.40
EPS 5Y CAGR
26.2%
Cash flow
How much cash the business throws off
Operating CF TTM
$658.26M
Free CF TTM
$550.50M
FCF margin
18.5%
Dividend
Shareholder payout
Yield
1.3%
Payout ratio
32.1%
Last ex-div date
2026-10-07