The New York Times Company (NYT)
Communication Services · NYQ · US
Fundamentals
Valuation and ratings
The New York Times Company trades at USD76.71, which is 17% below the USD89.70 our discounted cash flow model puts on the business. On that measure alone it screens as undervalued, though a DCF is an argument rather than a measurement, and the market is frequently right about why something is cheap.
Our moat model scores it 69 out of 100, which is a moat, but not a deep one. A moat is a structural reason competitors cannot take the profits away, and it matters more to a long holding period than any single quarter's numbers do.
It changes hands at 32.2 times earnings. Be careful reading that in isolation: for a cyclical business a low P/E arrives at the top of the cycle, when profits are peaking and about to fall, which is exactly when the shares look cheapest and are not.
About The New York Times Company
The New York Times Company, together with its subsidiaries, creates, collects, and distributes news and information worldwide. It operates through two segments, The New York Times Group and The Athletic. It offers The New York Times (The Times) through company's mobile application, website, printed newspaper, and associated content, such as podcast. The company offers The Athletic, a sports media product; Cooking, a recipe product; Games, a puzzle games product; and Audio, an audio product. In addition, the company offers a portfolio of advertising products and services to advertisers, such as luxury goods, technology, and financial companies, to promote products, services or brands on digital platforms in the form of display ads, audio and video, in print in the form of column-inch ads, and at live events; and Wirecutter, a product review and recommendation product. Further, the company licenses content to digital aggregators in the business, professional, academic and library markets, and third-party digital platforms; articles, graphics, and photographs, including newspapers, magazines, and websites; and for use in television, films, and books, as well as provide rights to reprint articles, and create and sell new digests. Additionally, the company engages in commercial printing and distribution for third parties; and operates the NYTimes.com website. The company was founded in 1851 and is headquartered in New York, New York.
NYT passes 2 of our 30 screens today
Each screen prints the exact criteria it used, and the circumstances in which it is wrong.
Smart money ownership
5 of the funds we track reported a position in their latest SEC 13F filing. Largest first:
- Warren Buffett, BERKSHIRE HATHAWAY INC$1.27B · 0.5% of book
- Cliff Asness, AQR CAPITAL MANAGEMENT LLC$683.56M · 0.3% of book
- Baillie Gifford, BAILLIE GIFFORD & CO$243.76M · 0.3% of book
- Renaissance Technologies, RENAISSANCE TECHNOLOGIES LLC$230.77M · 0.4% of book
- Two Sigma, TWO SIGMA INVESTMENTS, LP$193.32M · 0.2% of book
A word of warning on reading these figures: a 13F reports the market value of a holding, so a fund that traded nothing at all still appears to have sold when the price fell. We found 102 companies where the standard reading gives the opposite answer. Only the share count is honest.
Common questions
Is The New York Times Company (NYT) undervalued?
Against our discounted cash flow estimate of USD89.70, NYT at USD76.71 is 17% below fair value. That is one model's answer, not a recommendation, and most of a DCF's output sits in a terminal value nobody can forecast.
Which funds own NYT?
5 of the institutions we track reported a position in NYT in their most recent SEC 13F filing. A 13F is filed up to 45 days after quarter end, so it tells you what a fund held then, not what it holds now.
What is NYT's P/E ratio?
NYT trades at 32.2 times earnings. A low P/E is not automatically cheap: on a cyclical company it is usually a warning that earnings are at a peak.
The full research page for NYT, with financial statements, ownership detail, peer comparison and alerts, is free inside the app.
Data from company filings, exchange quotes and SEC EDGAR 13F disclosures. Quotes are delayed. Metrics we do not have are left out rather than estimated. Educational information, not financial advice.