NEW YORK TIMES CO
$72.81
+1.35 (+1.89%) · delayed · Nov 13, 2026
Five-year price
52w $58.87 to $87.10
- Market cap
- $12.0B
- Enterprise value
- $11.8B
- P/E
- 34.8×
- 41.5× on 3y avg EPS
- EV / EBIT
- 27.2×
- FCF yield
- 4.6%
- ROIC
- 18.4%
- Debt / equity
- —
- Piotroski F
- 8/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
83
- ●ROIC > 12% (5y avg)5y avg ROIC 15.2%
- ○ROE > 15% (5y avg)5y avg ROE 14.1%
- ●Stable operating marginsMargin volatility 2.2% (σ, 5y)
- ●Earnings convert to cashFCF / net income 121% (5y avg)
- ●Growing revenueRevenue CAGR 5y 9.6%
- ●Shrinking share countDiluted shares -1.8% over 5y
Value
0
- ○P/E below 15P/E 34.8
- ○EV/EBIT below 12EV/EBIT 27.2
- ○FCF yield above 6%FCF yield 4.6%
- ○Price below Graham NumberGraham Number $24.12
- ○P/B below 3P/B 5.9
Safety
100
- –Debt / equity below 0.5D/E n/a
- ●Debt payable in < 4 yrs of earningsNet debt $-0.3B
- ●Interest coverage > 8xCoverage 3887.9x
- ●Current ratio > 1.5Current ratio 1.54
- ●Piotroski F-score ≥ 6F-score 8/9
Graham Defensive
57
- ●Adequate size (revenue > $2B)Revenue $2.8B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.54
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 448%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 41.5
- ○P/E × P/B ≤ 22.5Product 244.3
Valuation lab
What do you have to believe?
At $72.81, the market is pricing in about 6.5% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt −$255M · 165M shares · 5y revenue CAGR 9.6%
Intrinsic value
$94.32
Price
$72.81
Margin of safety
23%
What the price implies
The market is paying for 6.5% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
62% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 1,555 | 1,676 | 1,749 | 1,812 | 1,784 | 2,075 | 2,308 | 2,426 | 2,586 | 2,825 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 113 | 177 | 190 | 176 | 176 | 268 | 202 | 276 | 351 | 432 |
| Operating margin | 7.2% | 10.5% | 10.9% | 9.7% | 9.9% | 12.9% | 8.7% | 11.4% | 13.6% | 15.3% |
| Pre-tax income | 31 | 111 | 176 | 164 | 115 | 291 | 236 | 303 | 383 | 451 |
| Income tax | 4 | 104 | 49 | 24 | 15 | 71 | 62 | 70 | 90 | 107 |
| Net income | 29 | 4 | 126 | 140 | 100 | 220 | 174 | 232 | 294 | 344 |
| EPS (diluted) | 0.18 | 0.03 | 0.75 | 0.83 | 0.60 | 1.31 | 1.04 | 1.40 | 1.77 | 2.09 |
| Diluted shares | 163 | 164 | 167 | 168 | 168 | 169 | 167 | 166 | 166 | 165 |
Who owns it