TDAYUSA TODAY Co., Inc.

Newspapers: Publishing Or Publishing & Printing

Revenue: $2.3B; 8.3% YoY
Operating margin: —
EBITDA: —
Market cap: $907M
Employees: 7,500; $307K revenue each
Net debt / EBITDA: —; $863M net debt
AI in 10-K: 8.1; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 0 of 7

TSR below peersNo
2 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$4M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
65× net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
3% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
29% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$307K · 44th pct
Bottom quartile of its SIC industry
Quiet on AINo
8.1 per 10K words · 90th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
7.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$907M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$79K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3.2B	$2.9B	$2.7B	$2.5B	$2.3B	8.3%
Operating income	$109M	−$34M	$86M	−$43M	—
Net income	−$135M	−$78M	−$28M	−$26M	$2M	107%
Operating cash flow	$127M	$41M	$95M	$100M	$114M	14%
Capex	$40M	$45M	$38M	$50M	$51M	3.9%
Stock-based comp	$18M	$17M	$17M	$13M	$9M	27%
Buybacks	$3M	$7M	$3M	$3M	$3M	2.5%
Dividends	$0	—	—	—	—

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Oct 11, 2022	Fortress Investment Group LLC	SC 13D/A	4.7%	Passive
Jan 12, 2021	Fortress Investment Group LLC	SC 13D/A	5.0%	Passive
Feb 18, 2020	Fortress Investment Group LLC	SC 13D	5.7%	Passive
Dec 4, 2019	MNG Enterprises, Inc.	SC 13D/A	3.9%	Passive
Oct 31, 2019	MNG Enterprises, Inc.	SC 13D/A	8.5%	Passive
Aug 9, 2019	MNG Enterprises, Inc.	SC 13D	9.4%	Active
Aug 8, 2019	COOPERMAN LEON G	SC 13D/A	9.9%	Passive
Aug 6, 2019	COOPERMAN LEON G	SC 13D/A	9.6%	Passive
Aug 2, 2019	COOPERMAN LEON G	SC 13D/A	8.3%	Passive
Jul 24, 2019	COOPERMAN LEON G	SC 13D	6.7%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $79K · 1
Net: −$79K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$4M	$3M	153	152
FY2024	$4M	$7M	151	140
FY2023	$4M	$3M	68	126
FY2022	$3M	−$5M	60	94
FY2021	$8M	$12M	159	124