The New York Times Company (NYT) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-9.2%

$63.41

vs $69.82 price

Levered DCF

$108.40

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

10.15

Safe zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	32.9×	29.08×	34.74×	31.21×	36.87×	86.28×	38.3×	29.33×
P/B	5.55×	4.44×	4.58×	3.39×	5.27×	6.52×	4.56×	3.53×
P/S	4.01×	3.31×	3.33×	2.35×	3.91×	4.85×	2.95×	2.1×
EV / EBITDA	20.31×	17.64×	19.61×	15.99×	21.92×	45.01×	19.92×	13.85×
Gross margin	50.8%	49.4%	48.5%	47.6%	49.9%	46.2%	45.5%	45.8%
Operating margin	16.0%	13.6%	11.4%	8.7%	12.9%	9.9%	9.7%	10.9%
Net margin	12.2%	11.4%	9.6%	7.5%	10.6%	5.6%	7.7%	7.2%
Current ratio	1.54×	1.53×	1.28×	1.15×	1.7×	1.72×	1.64×	1.33×
Debt / equity	0.02×	0.02×	0.02×	0.04×	0.04×	0.04×	0.05×	0.24×
Interest coverage	386.21×	345.23×	272.46×	252.46×	348.55×	242.44×	45.96×	6.12×
Dividend yield	1.0%	1.0%	0.9%	1.0%	0.6%	0.4%	0.6%	0.7%
Payout ratio	32.1%	28.2%	29.9%	32.7%	20.6%	38.4%	22.6%	21.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.9%	15.2%	13.2%	10.9%	14.3%	7.6%	11.9%	12.1%
Return on invested capital	14.7%	12.0%	10.1%	7.6%	10.1%	8.5%	9.0%	7.7%
Return on assets	11.5%	10.3%	8.6%	6.9%	8.6%	4.3%	6.7%	5.7%
Free cash flow yield	4.9%	4.5%	4.2%	2.1%	2.9%	3.0%	2.7%	2.2%
Earnings yield	3.0%	3.4%	2.9%	3.2%	2.7%	1.2%	2.6%	3.4%
Enterprise value	$11.1B	$8.4B	$7.8B	$5.3B	$7.9B	$8.4B	$5.2B	$3.7B
Net debt / EBITDA	-0.38×	-0.32×	-0.62×	-0.49×	-0.72×	-1.25×	-0.68×	0.05×
Cash conversion cycle (days)	2	1	2	-0	-4	-9	-0	3