What are the investment strengths of New York Times Co (NYT)?

Subscription flywheel: 536.5M FCF TTM funds content investment, driving subscriber growth with zero debt risk. P/CF 20.3x reasonable for recurring revenue model. Profitability outlier: 15.7% operating margin vs 0% median in structurally challenged industry. Brand moat enables premium pricing.

What are the investment risks for New York Times Co (NYT)?

Valuation stretched: P/E 33.3x and P/B 8.7x price in execution perfection. P/S 4.2x vs 3.9x median despite slower growth profile. Goodwill 409M is 21% of equity - acquisition-driven growth carries impairment risk if subscriber churn accelerates.

New York Times Co

NYT

—

New York Times Co AI Insights

Informational only. Not investment advice.

As of 2025-12-18

Snapshot

Zero debt with 17.6% ROE TTM and 536.5M FCF - self-funding digital transformation without leverage[Debt to Equity]
Operating margin 15.7% TTM vs industry median of 0% - rare profitable media company[Operating Margin]
FCF yield 4.6% (536.5M/11.6B market cap) with capex only 1.3% of revenue TTM[Free Cash Flow]

Watch Triggers

Operating Margin: Falls below 12% — Would signal digital transition costs exceeding print savings, invalidating margin thesis
Free Cash Flow: Declines >20% YoY — FCF funds buybacks and dividends; decline would pressure capital return story
Research and Development: Drops below 8% of revenue — R&D cuts would signal reduced digital investment, risking competitive position

Bull Case

Subscription flywheel: 536.5M FCF TTM funds content investment, driving subscriber growth with zero debt risk. P/CF 20.3x reasonable for recurring revenue model.

Free Cash FlowDebt to EquityPCF Ratio

Profitability outlier: 15.7% operating margin vs 0% median in structurally challenged industry. Brand moat enables premium pricing.

Operating MarginROEROIC

Bear Case

Valuation stretched: P/E 33.3x and P/B 8.7x price in execution perfection. P/S 4.2x vs 3.9x median despite slower growth profile.

PE RatioPB RatioPS Ratio

Goodwill 409M is 21% of equity - acquisition-driven growth carries impairment risk if subscriber churn accelerates.

GoodwillGoodwill and Other Intangible Assets

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

55%

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Forward Thesis

Digital subscription model should sustain 15%+ operating margins as legacy print costs decline

1-3ymed

R&D spend 259M TTM (9.4% of revenue) signals digital investment
Minimal capex (35.5M TTM) vs legacy media peers
Zero debt enables reinvestment flexibility

Operating margin 15.7% TTM vs 0% industry medianFCF margin 19.5% TTM exceeds net margin 12.3%Debt/equity 0 vs industry reliance on leverage

Valuation Context

Caveats

Public Strategies Rankings

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NYT Fundamentals

Information → Newspaper, Periodical, Book, and Directory Publishers

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$11.75B		—
Enterprise Value	$11.5B		—
P/E Ratio	34		—
Total Revenue - TTM	$2.75B	+8.4%	—
Earnings Per Share (diluted) - TTM	$2.12	+23.7%	—
Operating Margin - TTM	15.7%	+2.3%	—
Net Margin - TTM	12.3%	+1.2%	—
Free Cash Flow - TTM	$536.52M	+45.8%	—
Return on Common Equity - TTM	0.18	+1.7%	—
Beta 5Y (Monthly)	unknown		—

NYT Dividend History

86 dividends

2026

$0.1800

01/06/26$0.1800

2025

$0.6700

10/08/25$0.1800

07/09/25$0.1800

04/01/25$0.1800

01/10/25$0.1300

2024

$0.5000

10/09/24$0.1300

07/09/24$0.1300

04/01/24$0.1300

01/02/24$0.1100

2023

$0.4200

10/06/23$0.1100

07/10/23$0.1100

04/04/23$0.1100

01/03/23$0.0900

2022

$0.3400

10/06/22$0.0900

07/08/22$0.0900

04/05/22$0.0900

01/04/22$0.0700

2021

$0.2700

10/07/21$0.0700

07/09/21$0.0700

04/06/21$0.0700

01/05/21$0.0600

2020

$0.2300

10/06/20$0.0600

07/09/20$0.0600

04/07/20$0.0600

01/07/20$0.0500

2019

$0.1900

10/01/19$0.0500

07/09/19$0.0500

04/02/19$0.0500

01/08/19$0.0400

2018

$0.1600

10/02/18$0.0400

07/10/18$0.0400

04/03/18$0.0400

01/09/18$0.0400

2017

$0.1600

10/03/17$0.0400

07/10/17$0.0400

04/03/17$0.0400

01/09/17$0.0400

2016

$0.1600

10/03/16$0.0400

07/11/16$0.0400

04/04/16$0.0400

01/11/16$0.0400

2015

$0.1600

10/05/15$0.0400

07/13/15$0.0400

04/06/15$0.0400

01/12/15$0.0400

2014

$0.1600

10/06/14$0.0400

07/15/14$0.0400

04/07/14$0.0400

01/13/14$0.0400

2013

$0.0400

10/07/13$0.0400

2008

$0.7500

11/26/08$0.0600

08/28/08$0.2300

05/29/08$0.2300

02/28/08$0.2300

2007

$0.8650

11/29/07$0.2300

08/30/07$0.2300

05/30/07$0.2300

02/27/07$0.1750

2006

$0.6900

11/29/06$0.1750

08/30/06$0.1750

05/30/06$0.1750

02/27/06$0.1650

2005

$0.6500

11/29/05$0.1650

08/30/05$0.1650

05/27/05$0.1650

02/25/05$0.1550

2004

$0.6100

11/29/04$0.1550

08/30/04$0.1550

05/27/04$0.1550

02/26/04$0.1450

2003

$0.5700

11/26/03$0.1450

08/28/03$0.1450

05/29/03$0.1450

02/27/03$0.1350

2002

$0.5300

11/27/02$0.1350

08/30/02$0.1350

05/30/02$0.1350

02/27/02$0.1250

2001

$0.4900

11/29/01$0.1250

08/30/01$0.1250

05/30/01$0.1250

02/27/01$0.1150

2000

$0.4500

11/29/00$0.1150

08/30/00$0.1150

05/30/00$0.1150

02/28/00$0.1050

NYT Stock Splits

No stock splits

NYT SEC Filings

Filing Date	Report Date	Report Type	Filing Link
11/05/25	09/30/25	10-Q	0000071691-25-000126
08/06/25	06/30/25	10-Q	0000071691-25-000119
05/07/25	03/31/25	10-Q	0000071691-25-000100
02/27/25	12/31/24	10-K	0000071691-25-000047
11/04/24	09/30/24	10-Q	0000071691-24-000160
08/07/24	06/30/24	10-Q	0000071691-24-000132
05/08/24	03/31/24	10-Q	0000071691-24-000105
02/20/24	12/31/23	10-K	0000071691-24-000030
11/08/23	09/30/23	10-Q	0000071691-23-000034
08/08/23	06/30/23	10-Q	0000071691-23-000022
05/10/23	03/31/23	10-Q	0000071691-23-000016
02/28/23	12/31/22	10-K	0000071691-23-000006
11/02/22	09/25/22	10-Q	0000071691-22-000034
08/03/22	06/26/22	10-Q	0000071691-22-000028
05/04/22	03/27/22	10-Q	0000071691-22-000019
02/23/22	12/26/21	10-K	0000071691-22-000006
11/03/21	09/26/21	10-Q	0000071691-21-000035
08/04/21	06/27/21	10-Q	0000071691-21-000026
05/05/21	03/28/21	10-Q	0000071691-21-000019
02/25/21	12/27/20	10-K	0000071691-21-000006
11/05/20	09/27/20	10-Q	0000071691-20-000018
08/06/20	06/28/20	10-Q	0000071691-20-000012
05/07/20	03/29/20	10-Q	0000071691-20-000009
02/27/20	12/29/19	10-K	0000071691-20-000003
11/06/19	09/29/19	10-Q	0000071691-19-000018
08/07/19	06/30/19	10-Q	0000071691-19-000014
05/08/19	03/31/19	10-Q	0000071691-19-000010
02/26/19	12/30/18	10-K	0000071691-19-000003
11/02/18	09/30/18	10-Q	0000071691-18-000017
08/08/18	07/01/18	10-Q	0000071691-18-000014
05/04/18	04/01/18	10-Q	0000071691-18-000011
02/27/18	12/31/17	10-K	0000071691-18-000004
11/01/17	09/24/17	10-Q	0000071691-17-000020
08/01/17	06/25/17	10-Q	0000071691-17-000017
05/03/17	03/26/17	10-Q	0000071691-17-000011
02/22/17	12/25/16	10-K	0000071691-17-000003
11/03/16	09/25/16	10-Q	0000071691-16-000038
07/29/16	06/26/16	10-Q	0000071691-16-000035
05/05/16	03/27/16	10-Q	0000071691-16-000030
02/24/16	12/27/15	10-K	0000071691-16-000023
11/04/15	09/27/15	10-Q	0000071691-15-000020
08/06/15	06/28/15	10-Q	0000071691-15-000017
05/06/15	03/29/15	10-Q	0000071691-15-000012
02/24/15	12/28/14	10-K	0000071691-15-000004
11/05/14	09/28/14	10-Q	0000071691-14-000021
08/05/14	06/29/14	10-Q	0000071691-14-000017
05/06/14	03/30/14	10-Q	0000071691-14-000011
02/26/14	12/29/13	10-K	0000071691-14-000004
11/07/13	09/29/13	10-Q	0000071691-13-000022
08/08/13	06/30/13	10-Q	0000071691-13-000016
05/09/13	03/31/13	10-Q	0000071691-13-000011
02/28/13	12/30/12	10-K	0000071691-13-000004
11/02/12	09/23/12	10-Q	0000071691-12-000019
08/03/12	06/24/12	10-Q	0000071691-12-000016
05/03/12	03/25/12	10-Q	0000071691-12-000010
02/23/12	12/25/11	10-K	0000071691-12-000003
11/03/11	09/25/11	10-Q	0000071691-11-000012
08/04/11	06/26/11	10-Q	0000071691-11-000009
05/05/11	03/27/11	10-Q	0000071691-11-000004
02/22/11	12/26/10	10-K	0001193125-11-042247
10/28/10	09/26/10	10-Q	0001193125-10-239842
08/05/10	06/27/10	10-Q	0001193125-10-179375
04/30/10	03/28/10	10-Q	0001193125-10-101838
02/22/10	12/27/09	10-K	0001193125-10-036478
11/04/09	09/27/09	10-Q	0001193125-09-223880
08/06/09	06/28/09	10-Q	0001193125-09-167318
05/07/09	03/29/09	10-Q	0001104659-09-030530
02/26/09	12/31/08	11-K	0001193125-09-140755
11/07/08	09/30/08	Unknown	--
08/06/08	06/30/08	Unknown	--
05/07/08	03/31/08	10-Q	0001104659-08-030806
02/26/08	12/31/07	Unknown	--
11/08/07	09/30/07	10-Q	0001104659-07-081029
08/09/07	06/30/07	Unknown	--
05/10/07	03/30/07	Unknown	--
03/01/07	12/31/06	10-K	0001104659-07-015629
11/03/06	09/30/06	Unknown	--
08/04/06	06/30/06	Unknown	--
05/05/06	03/30/06	Unknown	--
02/23/06	12/31/05	Unknown	--
11/04/05	09/30/05	Unknown	--
08/04/05	06/30/05	Unknown	--
05/05/05	03/30/05	Unknown	--
02/24/05	12/31/04	Unknown	--
11/05/04	09/30/04	Unknown	--
08/05/04	06/30/04	Unknown	--
05/05/04	03/30/04	Unknown	--
02/20/04	12/31/03	Unknown	--
11/05/03	09/30/03	4	0001182489-03-000632
08/12/03	06/30/03	4	0001182489-03-000226
05/12/03	03/31/03	10-Q	0000950136-03-001169
02/24/03	12/31/02	ARS	9999999997-03-007367
11/08/02	09/30/02	Unknown	--
08/13/02	06/30/02	10-Q	0001169232-02-000782
05/10/02	03/30/02	Unknown	--
02/22/02	12/31/01	ARS	9999999997-02-012767
11/08/01	09/30/01	10-Q	0001005477-01-501755
08/15/01	06/30/01	Unknown	--
05/15/01	03/30/01	Unknown	--
02/21/01	12/31/00	10-K405	0001005477-01-001357
11/08/00	09/30/00	Unknown	--
08/09/00	06/30/00	Unknown	--
05/10/00	03/30/00	Unknown	--