Is the business good?
How good a business is NYT?
The New York Times Company earns 27% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
27%
Return on invested capital · cost of capital 9.0% · 18 points above what the capital costs: growth creates value
- Operating margin
- 16%
Operating margin · Communication Services median 12% · 12 months to Q2 2026
- Cash conversion
- 1.59×
Cash conversion · 1.42× a year ago · every dollar of reported profit arrived as cash, and more
- Share count, year on year
- −0.79%
Share count, year on year · flat: no meaningful dilution
| Year | Operating margin |
|---|---|
| FY2020 | 9.9% |
| FY2021 | 13% |
| FY2022 | 8.8% |
| FY2023 | 11% |
| FY2024 | 14% |
| FY2025 | 15% |
Details›
- Gross margin12 months to Q2 2026
- 51%
- Operating margin12 months to Q2 2026
- 16%
- Net margin12 months to Q2 2026
- 13%
- Free cash flow margin
- 21%
- R&D as % of revenue
- 9.2%
- Revenue, trailing twelve months
- $2.98B
- Free cash flow, trailing twelve months
- $623M
- Net income, trailing twelve months
- $393M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 27%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Communication Services
Ranks #20 of 100 by Smart Score