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New York Times
(NYSE:NYT)
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Rating:77Outperform
Price Target:
$79.00
▲(15.46% Upside)
Action:Reiterated
Date:09/23/26
NYT scores well primarily on strong financial performance (steady growth, expanding margins, strong free cash flow, and an effectively debt-free balance sheet) and a positive earnings outlook with healthy Q3 guidance. The score is tempered by weak technicals (price below key moving averages and soft RSI) and a valuation that looks growth-priced (P/E ~27) with only a modest dividend yield.
Positive Factors
Digital Subscription Scale
Rapid digital subscription growth and a base of roughly 13.4 million subscribers reinforce NYT’s recurring-revenue model. Continued additions, modest ARPU growth, and progress toward 15 million subscribers can support durable revenue visibility and pricing power.
Negative Factors
Platform Traffic Headwinds
Reduced platform referrals can weaken audience acquisition and limit exposure for advertising and subscription conversion. NYT is building direct relationships and improving products, but the structural shift may raise the cost of replacing lost traffic over time.
Read all positive and negative factors
Positive Factors
Negative Factors
Digital Subscription Scale
Rapid digital subscription growth and a base of roughly 13.4 million subscribers reinforce NYT’s recurring-revenue model. Continued additions, modest ARPU growth, and progress toward 15 million subscribers can support durable revenue visibility and pricing power.
Read all positive factors
New York Times (NYT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$11.22B
Dividend Yield1.25%
Average Volume (3M)2.92M
Price to Earnings (P/E)28.8
Beta (1Y)0.20
Revenue Growth10.76%
EPS Growth23.78%
CountryUS
Employees6,000
SectorCommunication Services
Sector Strength97
IndustryPublishing
Share Statistics
EPS (TTM)2.42
Shares Outstanding160,502,870
10 Day Avg. Volume1,643,566
30 Day Avg. Volume2,920,459
Financial Highlights & Ratios
PEG Ratio1.84
Price to Book (P/B)5.55
Price to Sales (P/S)4.01
P/FCF Ratio20.57
Enterprise Value/Market Cap0.96
Enterprise Value/Revenue3.61
Enterprise Value/Gross Profit6.98
Enterprise Value/Ebitda18.08
Forecast
1Y Price Target
$77.00Price Target Upside12.54% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering8
EPS Forecast (FY)2.84
Revenue Forecast (FY)$3.11B
New York Times Business Overview & Revenue Model
Company Description
The New York Times Company, in conjunction with its subsidiaries, furnishes news and vital information to a worldwide readership and viewership through a diverse array of digital and traditional media. Its premier publication is The New York Times...
How the Company Makes Money
NYT generates revenue primarily through subscriptions and, to a lesser extent, advertising and other activities. (1) Subscriptions: The company’s largest revenue stream comes from selling paid subscriptions to its digital products and print newspa...
New York Times Earnings Call Summary
Earnings Call Date:Aug 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 04, 2026
Earnings Call Sentiment Positive
The call presented strong top-line growth across subscriptions, advertising and consolidated revenues, plus meaningful free cash flow and shareholder returns. Management highlighted strategic progress—scaling video, product enhancements, and audience engagement—with robust Q2 results and constructive Q3 guidance. Headwinds include higher-than-expected operating cost growth (largely driven by compensation, incentive payouts, marketing and new sales staffing), platform-driven traffic pressures, early-stage video monetization, and some timing-related lumpiness in affiliate revenues and cash flow. Overall, positive operational momentum and financial performance outweighed the cited challenges and near-term cost/headwind risks.Positive Updates
Strong Digital Subscription Growth
Digital subscription revenues grew ~16% year-over-year (16.4% per CFO) to $408M; added 280,000 net new digital subscribers in Q2, bringing the total subscriber base to ~13.4M and keeping the company on track toward a 15M milestone. Digital-only subscriber base was ~13.3% higher year-over-year and digital-only ARPU grew 3.1%.
Negative Updates
Higher-Than-Guided Cost Growth
Adjusted operating costs grew ~10% in Q2, exceeding the prior guidance range primarily due to higher compensation and benefits (including incremental variable compensation tied to financial outperformance) and increases in sales and marketing and advertising-related costs.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Digital Subscription Growth
Digital subscription revenues grew ~16% year-over-year (16.4% per CFO) to $408M; added 280,000 net new digital subscribers in Q2, bringing the total subscriber base to ~13.4M and keeping the company on track toward a 15M milestone. Digital-only subscriber base was ~13.3% higher year-over-year and digital-only ARPU grew 3.1%.
Read all positive updates
Company Guidance
For Q3 the Company guided digital‑only subscription revenues to increase 12%–15% and total subscription revenues to increase 9%–11%; digital advertising revenues to rise mid‑ to high‑teens and total advertising to increase high single‑ to low double‑digits; affiliate, licensing & other revenues to grow low‑ to mid‑single digits; and adjusted operating costs to increase 8%–9%. Management reiterated that it expects 2026 to be another year of healthy revenue and AOP growth with strong free cash flow and to remain on track for its midterm targets for subscribers, AOP growth and capital returns. For context, Q2 results underpinning the guide included +11% consolidated revenues, +16% AOP (~$155M), digital‑only subscription revenue up 16.4% to $408M with ~280k net new digital subs (total subs ~13.3–13.4M), total subscription revenue of ~$538M (+11.7%), digital advertising $114M (+20.7%) and total advertising $149M (+11.3%), adjusted diluted EPS $0.69 (up $0.11, +19%), H1 free cash flow ~$266M, and ~$160M returned to shareholders (≈$92M repurchases, $68M dividends).New York Times Financial Statement Overview
Summary
Income Statement
82
Very Positive
Balance Sheet
90
Very Positive
Cash Flow
86
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.98B | 2.82B | 2.59B | 2.43B | 2.31B | 2.07B |
| Gross Profit | 1.54B | 1.44B | 1.28B | 1.18B | 1.10B | 1.04B |
| EBITDA | 594.60M | 547.57M | 476.46M | 398.95M | 328.58M | 358.26M |
| Net Income | 392.82M | 343.98M | 293.82M | 232.39M | 173.91M | 219.97M |
Balance Sheet | ||||||
| Total Assets | 2.98B | 3.00B | 2.84B | 2.71B | 2.53B | 2.56B |
| Cash, Cash Equivalents and Short-Term Investments | 660.81M | 642.16M | 565.92M | 451.57M | 347.36M | 661.05M |
| Total Debt | 0.00 | 48.72M | 47.77M | 42.91M | 59.12M | 63.61M |
| Total Liabilities | 936.99M | 955.73M | 914.27M | 951.38M | 933.78M | 1.02B |
| Stockholders Equity | 2.05B | 2.04B | 1.93B | 1.76B | 1.60B | 1.54B |
Cash Flow | ||||||
| Free Cash Flow | 623.02M | 550.50M | 381.34M | 337.95M | 113.73M | 234.46M |
| Operating Cash Flow | 658.26M | 584.49M | 410.51M | 360.62M | 150.69M | 269.10M |
| Investing Cash Flow | -265.97M | -221.32M | -306.09M | -159.69M | -73.56M | -180.81M |
| Financing Cash Flow | -357.24M | -306.14M | -192.72M | -132.71M | -174.31M | -54.95M |
New York Times Technical Analysis
Positive
68.42
Price Trends
66.79
Positive
69.31
Positive
72.99
Negative
Market Momentum
0.97
Negative
63.57
Neutral
86.35
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NYT, the sentiment is Positive. The current price of 68.42 is above the 20-day moving average (MA) of 66.50, above the 50-day MA of 66.79, and below the 200-day MA of 72.99, indicating a neutral trend. The MACD of 0.97 indicates Negative momentum. The RSI at 63.57 is Neutral, neither overbought nor oversold. The STOCH value of 86.35 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NYT.
New York Times Risk Analysis
New York Times disclosed 30 risk factors in its most recent earnings report. New York Times reported the most risks in the "Tech & Innovation" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
New York Times Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
77 Outperform | $11.22B | 28.75 | 19.47% | 1.25% | 10.76% | 23.78% | |
72 Outperform | $17.16B | 32.79 | 6.62% | 0.65% | 1.06% | 26.22% | |
62 Neutral | $2.74B | 14.30 | 25.28% | 2.64% | -0.27% | 111.79% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
50 Neutral | $1.01B | -25.41 | -25.00% | 17.25% | -6.67% | -134.92% | |
45 Neutral | $140.89M | -4.08 | 38.08% | ― | -11.12% | 72.31% | |
42 Neutral | $2.47M | -0.02 | -249.02% | ― | -7.16% | 71.12% |
* Communication Services Sector Average
NYT
New York Times
70.66
14.05
24.81%
WLY
John Wiley Sons Cl A
53.63
17.98
50.43%
LEE
Lee Enterprises
6.17
1.50
32.23%
NWSA
News Corp
30.59
4.04
15.22%
TDAY
USA TODAY
6.72
3.04
82.61%
TNMG
TNL Mediagene
3.13
-49.99
-94.11%
New York Times Corporate Events
Business Operations and StrategyExecutive/Board Changes
New York Times Announces Leadership Change in HR Department
Neutral
Sep 9, 2026
On September 9, 2026, The New York Times Company announced that Jacqueline Welch will step down as Executive Vice President and Chief Human Resources Officer, effective January 1, 2027, marking a leadership change in its human resources function. ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.