NYTNEW YORK TIMES CO

Newspapers: Publishing Or Publishing & Printing

Revenue: $2.8B; 9.2% YoY
Operating margin: 15.3%; 13% YoY
EBITDA: $517M; 19% YoY
Market cap: $11.5B
Employees: 6,000; $471K revenue each
Net debt / EBITDA: 0.0×; $14M net debt
AI in 10-K: 7.4; mentions per 10K words

Takeover score 0 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
170% of net income
Cash flow under 80% of net income
Dilutive SBCNo
3% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
47% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
14% of assets
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$471K · 100th pct
Bottom quartile of its SIC industry
Quiet on AINo
7.4 per 10K words · 89th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
0.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$11.5B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$10M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$2.1B	$2.3B	$2.4B	$2.6B	$2.8B	9.2%
Operating income	$268M	$202M	$276M	$351M	$432M	23%
Net income	$220M	$174M	$232M	$294M	$344M	17%
Operating cash flow	$269M	$151M	$361M	$411M	$584M	42%
Capex	$35M	$37M	$23M	$29M	$34M	16%
Stock-based comp	$22M	$35M	$55M	$67M	$74M	9.9%
Buybacks	$0	$105M	$45M	$85M	$165M	94%
Dividends	$45M	$57M	$69M	$83M	$110M	33%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Aug 18, 2023	VA Partners I, LLC	SC 13D/A	4.6%	Passive
Aug 18, 2023	VA Partners I, LLC	SC 13D/A	4.6%	Passive
Aug 14, 2023	VA Partners I, LLC	SC 13D/A	6.2%	Passive
Nov 7, 2022	VA Partners I, LLC	SC 13D/A	7.8%	Passive
Aug 11, 2022	VA Partners I, LLC	SC 13D	6.7%	Active

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $10M · 10
Net: −$10M

Pay vs performance

No pay-versus-performance disclosure yet.