NWSNEWS CORP

Newspapers: Publishing Or Publishing & Printing

Revenue: $9.0B; 6.8% YoY
Operating margin: —
EBITDA: —
Market cap: $18.4B
Employees: 21,700; $416K revenue each
Net debt / EBITDA: —; −$106M net debt
AI in 10-K: 10.9; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
$20M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
166% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
68% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
29% of assets
Over 40% of assets
Shareholder dissentNo
89% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$416K · 67th pct
Bottom quartile of its SIC industry
Quiet on AINo
10.9 per 10K words · 93rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$18.4B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DYes
1 filing
Active-intent 13D in 18 months
Net insider sellingNo
−$3M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$8.4B	$8.0B	$8.3B	$8.5B	$9.0B	6.8%
Net income	$760M	$187M	$354M	$1.3B	$743M	45%
Operating cash flow	$1.4B	$1.1B	$1.1B	$978M	$1.2B	26%
Capex	$310M	$347M	$357M	$407M	$426M	4.7%
Stock-based comp	$57M	$87M	$91M	$84M	$77M	8.3%
Buybacks	$179M	$243M	$117M	$150M	$641M	327%
Dividends	$175M	$174M	$172M	$185M	$204M	10%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Sep 12, 2025	Cruden 2, LLC	SCHEDULE 13D	33.2%	Active
Sep 12, 2025	MFT SH Family Trust	SCHEDULE 13D	0.0%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $3M · 5
Net: −$3M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	$20M	$21M	—	49
FY2025	$21M	$24M	—	70
FY2024	$20M	$32M	—	68
FY2023	$19M	$26M	—	71
FY2022	$20M	$5M	—	71