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New York Times

NYT on NYSE. The New York Times sells news subscriptions and advertising to readers and businesses. Market value $9.0bn.

Watch this stockFree. We tell you when something changes.

Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.

We can't read total debt from the filing, so debt is left out.

Should I look at this?

Worth a closer look

Why it could be worth it

What to watch out for

Nothing stood out in the numbers we check.

Read what could go wrong

This is not advice. Check the numbers below.

Compare with another stock

Cash yield
past 12 months to June 2026
5.9%fair

For every $100 of what the whole company costs, it produced $5.90 of spare cash in the past 12 months. A savings account pays about $4.

Price to profit
past 12 months to June 2026
n/a

The filings do not give us enough to work this out.

Return on capital
five annual reports to December 2025
n/a

The filings do not give us enough to work this out.

Quality score: 77 of 100. Price score: 70 of 100. Our list needs 70 on quality and 60 on price.

$64.07 a share, 18% above its 1-year low

Over the past year the price has ranged from $54.10 to $87.10.

Dividend: 1.0% a year

Paid every year for at least 5 years

Payouts have jumped around in recent years, so this may not repeat.

Prices from Tuesday’s close (6 October).

Five years of cash, in billions

0.2
0.1
0.3
0.4
0.6
0.6
2021202220232024202512 monthsto Jun '26
Revenue
$2.1bn$2.3bn$2.4bn$2.6bn$2.8bn
Operating margin
12.9%8.7%11.4%13.6%15.3%
Debt to equity
n/an/an/an/an/a
Shares outstanding
0.17bn0.17bn0.17bn0.17bn0.16bn

Health checks

  • Free cash flow positive5 of 5 years
  • Accounting looks honest (Beneish)Not enough data
  • Financial strength (Piotroski)7 of 7 checks we could run
  • Profit backed by cash (accruals)Yes
  • DebtUnknown
  • Revenue growth, five yearsSlow, 9.6% a year
  • Buying back its own sharesYes, 2% fewer since 2021

The quarter to June 2026

How the business did, compared with the same quarter a year earlier.

  • Sales: $762 million last quarter, up 11% on a year ago.
  • Profit: $93 million, up 13% on a year ago.
  • It keeps 16 cents of each $1 of sales as operating profit, up from 14 cents a year earlier.
  • Spare cash over the past 12 months: $623 million, up from $455 million.
  • 1% fewer shares than a year ago. Each share owns a bit more of the company.
  • Sales grew on a year ago in each of the last 4 quarters.
Sales by quarter
Sales by quarter
Quarter toAmount
September 2024$640m
December 2024$727m
March 2025$636m
June 2025$686m
September 2025$701m
December 2025$802m
March 2026$712m
June 2026$762m
Profit by quarter
Profit by quarter
Quarter toAmount
September 2024$64m
December 2024$124m
March 2025$50m
June 2025$83m
September 2025$82m
December 2025$130m
March 2026$88m
June 2026$93m

From the company's quarterly reports to the SEC.

Dates

Next results (estimated)
n/a
Last annual report (10-K)
27 February 2026
Next quarterly (estimated, 10-Q)
4 November 2026

Who owns it

6 long-term investors we follow own it, unchanged from 6 last quarter. 630 funds in all.

Jun '25
Dec '25
Jun '26

Sold out this quarter

Largest holders overall

From 13F filings for the quarter ended 30 June 2026.

Big holders and activists

6 investors own more than 5%.

From Schedule 13D and 13G filings: anyone owning more than 5% must file one.

What insiders did

No insider bought shares on the open market in the last 12 months. 7 sold $10m.

  • Welch Jacqueline M
    EVP and CHRO
    Sold
    Date
    3 June 2026
    Shares
    4,000
    Price
    $74.14
    Value
    $296,560
  • Bardeen William
    EVP, Chief Financial Officer
    Sold
    Date
    12 May 2026
    Shares
    4,121
    Price
    $77.85
    Value
    $320,820
  • KOPIT LEVIEN MEREDITH A.
    PRESIDENT & CEO, Director
    Sold
    Date
    12 May 2026
    Shares
    9,750
    Price
    $78.00
    Value
    $760,500
  • Perpich David S.
    Director
    Sold
    Date
    11 May 2026
    Shares
    9,000
    Price
    $77.06
    Value
    $693,540
  • Bardeen William
    EVP, Chief Financial Officer
    Sold
    Date
    3 March 2026
    Shares
    13,000
    Price
    $79.56
    Value
    $1m
  • KOPIT LEVIEN MEREDITH A.
    PRESIDENT & CEO, Director
    Sold
    Date
    3 March 2026
    Shares
    51,949
    Price
    $79.70
    Value
    $4m
  • Sulzberger Arthur G.
    Chairman and Publisher, Director
    Sold
    Date
    3 March 2026
    Shares
    13,000
    Price
    $79.95
    Value
    $1m
  • Brayton Diane
    EVP, CHIEF LEGAL OFFICER
    Sold
    Date
    20 February 2026
    Shares
    4,600
    Price
    $77.03
    Value
    $354,338
  • BENTEN R ANTHONY
    SVP, Treasurer & CAO
    Sold
    Date
    17 February 2026
    Shares
    1,913
    Price
    $73.57
    Value
    $140,739
  • KOPIT LEVIEN MEREDITH A.
    PRESIDENT & CEO, Director
    Sold
    Date
    6 November 2025
    Shares
    16,972
    Price
    $59.68
    Value
    $1m

From Form 4 filings: insiders must report trades in their own company's shares within two days.

Warning signs in its filings

Problems the company itself reported to the SEC, in its own words.

None of the warning signs we check for were found.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Feb 2026, plus the 10-Q filed 5 Aug 2026 and 4 later 8-Ks.

A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.

What could go wrong

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.

What changed in the risks this year

Companies must list what could hurt them each year. These are the parts that changed since last year’s report.

  • Our advertising revenues are affected by numerous factors, including market dynamics, evolving digital advertising trends and the evolution of our strategy.

    Could happen
    The evolving standards for delivery of digital advertising includes a shift toward products and surfaces that are monetized at different, and potentially lower, rates. In addition, our digital advertising offerings include products that use proprietary first-party data to target and generate predictive insights and help inform our clients’ advertising strategies. Certain technology, regulations, policies, practices and consumer expectations have developed and been implemented that adversely affect our ability to deliver, target or measure the effectiveness of advertising (including reduced browser support for third-party cookies, rapidly evolving privacy regulations and platform requirements providing for additional consumer rights) and may be exacerbated by a decrease in referral traffic from generative AI products. These developments may adversely affect our advertising revenues if we are unable to effectively evolve our products and develop effective solutions to mitigate their impact.
    Read more

Read it in the annual report

The deep dive

Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.

  • What the business is worth, as a range, and the margin of safety at today’s price
  • Prices to start buying, buy, and buy hard
  • The three things that would make this a mistake
  • Every number footnoted to the filing it came from
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What a finished deep dive looks like

Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.