One-glance verdict
Undervalued
$114.98 our estimate vs market $69.94
Wall Street consensus: $79.00 (-31.3% lower than our fair-value estimate)
39% below our estimate, below the bear case
Fundamentals snapshot
The New York Times Company
NYT · NYQ · Communication Services · Publishing
Current price
$69.94
52-week range
$54.10 - $87.10
Market cap
$11.28B
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: 18.7%).
What this company does
The New York Times Company
The New York Times Company is a media business that sells news, sports coverage through The Athletic, and lifestyle products like Games and Cooking directly to people through subscriptions. This business model creates a steady stream of recurring revenue (income that is predictable and likely to continue in the future), making the company less dependent on the more volatile advertising market.
How the company got here
Founded in 1851, The New York Times started as a newspaper committed to conservative and objective reporting, a contrast to the sensationalism common in that era. A key turning point came in 1896 when Adolph Ochs took over, introducing the famous slogan "All the News That's Fit to Print" and focusing on impartial news. Facing financial struggles in the 2000s as the internet disrupted the news industry, the company made a pivotal decision in 2011 to charge for its online content, a strategy that has since become its primary engine for growth. More recently, it has expanded beyond news by acquiring the sports media company The Athletic and the popular puzzle game Wordle.
What it actually does
The New York Times Company is a media organization that creates and distributes news, information, and entertainment. Most people know it for its daily newspaper, The New York Times, which is available in print and digitally through its website and mobile app. Beyond the news, the company also offers popular online products like NYT Games (including The Crossword and Wordle), NYT Cooking for recipes, and The Athletic for sports coverage. It also produces podcasts, offers product recommendations through its Wirecutter service, and sells advertising space across its various platforms.
The New York Times Group
This is the company's main and largest business, centered around the flagship New York Times brand. It makes money primarily through subscriptions, where readers pay a recurring fee for access to news content, both online and in the printed newspaper. This segment also includes revenue (money a company receives from selling its products or services) from digital products like Games, Cooking, and Wirecutter. Another significant part of this group's income is from selling advertising to businesses that want to reach the Times' audience.
The Athletic
This is a newer and smaller part of the company focused entirely on sports media. The Athletic operates on a subscription model, where sports fans pay for in-depth articles, podcasts, and coverage of their favorite teams and leagues. It is run separately from the main New York Times newsroom. This segment represents a focused bet on dedicated sports fans being willing to pay for high-quality, ad-free content.
What management is betting on now
Management's core strategy is to become the "essential subscription" for English-speaking people who want to understand the world. They are focused on a "bundle" strategy, encouraging subscribers to pay for a package that includes not just news, but also Games, Cooking, and The Athletic, which increases customer loyalty. The company is heavily investing in its digital products to make them a daily habit for users. A major priority is growing its base of paying subscribers to over 15 million by the end of 2027, making the company less reliant on the unpredictable advertising market.
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
Fetching…
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 $114.98 vs current price $69.94
Wall Street consensus is the average analyst price target: $79.00 (-31.3% lower than our fair-value estimate).
Our most-likely fair value is $114.98 a share — about 64.4% above today's price of $69.94, 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 $1.46B Interest coverage 2.08x -99% vs NYT Carries about 185.5x less debt cushion than NYT.
Total debt $419.50M 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: 18.7%).
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)
30.15x
Forward P/E
22.27x
P/B
5.52x
P/S
3.82x
EV/EBITDA
19.05x
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
2.32
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
2026-07-08