The New York Times Company

NYT

Communication ServicesPublishingNYSE

$80.18

Market Cap: $12.98B

The New York Times Company (NYT) Valuation Summary

Updated Apr 6, 2026 22:27

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$31.39 – $125.25	$49.17	-42.3%
Growth Exit 10Y	$37.19 – $143.82	$57.58	-32.4%
EBITDA Exit 5Y	$47.00 – $82.00	$63.08	-25.9%
EBITDA Exit 10Y	$49.39 – $94.12	$68.60	-19.4%
▸ Trading Multiples
P/E	$17.58 – $21.47	$18.41	-78.4%
EV/EBITDA	$25.97 – $121.36	$60.53	-28.9%
EV/Revenue	$64.17 – $435.72	$117.16	+37.6%
▸ PEG
PEG Fair Value	$62.65 – $62.65	$62.65	-26.4%
▸ Earnings Power Value
Earnings Power Value	$24.55 – $36.56	$29.33	-65.6%
▸ Dividend Discount
Dividend Discount	$15.52 – $41.83	$24.13	-71.7%

Valuation History

DCF Analysis

Fair Value

$49.17

Market Price

$80.18

Upside / Downside

-38.7%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project The New York Times Company's cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 8.4% to 8.0% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 37, DPO 36, DIO 60). At a 7.3% WACC with mid-year discounting, the terminal value (83% of enterprise value) is derived from the Gordon Growth Model on Year 6 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $49.17 per share, suggesting NYT is overvalued by 38.7% at the current price of $80.18.

FCFF Present Value Calculation

WACC

7.32%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	483	517	551	596	643	659
(−) Net Interest	1	1	1	1	2	2
(+) D&A	31	33	34	38	42	43
EBITDA	516	551	586	635	687	705

(−) Tax	117	125	133	144	155	159
(−) CapEx	40	43	46	49	53	55
(−) ΔWC	258	29	30	38	41	42
Free Cash Flow (FCFF)	101	354	378	404	438	449

Terminal Value						9,306
WACC / Discount Rate	7.3%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	97	319	317	316	318	6,536

Enterprise Value	7,903
Projection Period	1,367	17.3%
Terminal Value	6,536	82.7%

(−) Current Net Debt	(207)

Equity Value	8,110
(/) Outstanding Shares	165

Fair Price	$49.17

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
5.3%	$65	$73	$84	$100	$125
6.3%	$51	$56	$62	$70	$81
7.3%	$42	$45	$49	$54	$60
8.3%	$36	$38	$41	$44	$47
9.3%	$31	$33	$35	$37	$39

Current price: $80.18. Green = undervalued, Red = overvalued.

Fair Value

$57.58

Market Price

$80.18

Upside / Downside

-28.2%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project The New York Times Company's cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 8.4% to 3.8% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 37, DPO 36, DIO 60). At a 7.3% WACC with mid-year discounting, the terminal value (68% of enterprise value) is derived from the Gordon Growth Model on Year 11 FCFF at a 2.5% perpetual rate. After subtracting net debt, the equity value implies a fair price of $57.58 per share, suggesting NYT is overvalued by 28.2% at the current price of $80.18.

FCFF Present Value Calculation

WACC

7.32%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	483	517	551	596	643	690	733	774	810	841	862
(−) Net Interest	1	1	1	1	2	2	2	2	2	2	2
(+) D&A	31	33	34	38	42	46	50	53	57	60	62
EBITDA	516	551	586	635	687	738	785	829	869	904	926

(−) Tax	117	125	133	144	155	167	177	187	196	203	208
(−) CapEx	40	43	46	49	53	57	61	64	67	70	71
(−) ΔWC	258	29	30	38	41	40	37	35	31	27	27
Free Cash Flow (FCFF)	101	354	378	404	438	474	509	543	575	604	619

Terminal Value											12,843
WACC / Discount Rate	7.3%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	97	319	317	316	318	322	322	320	315	309	6,336

Enterprise Value	9,290
Projection Period	2,954	31.8%
Terminal Value	6,336	68.2%

(−) Current Net Debt	(207)

Equity Value	9,497
(/) Outstanding Shares	165

Fair Price	$57.58

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
5.3%	$80	$88	$100	$117	$144
6.3%	$62	$67	$73	$81	$92
7.3%	$51	$54	$58	$62	$68
8.3%	$43	$45	$47	$50	$53
9.3%	$37	$39	$40	$42	$44

Current price: $80.18. Green = undervalued, Red = overvalued.

Fair Value

$63.09

Market Price

$80.18

Upside / Downside

-21.3%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project The New York Times Company's cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 8.4% to 8.0% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 37, DPO 36, DIO 60). At a 7.3% WACC with mid-year discounting, the terminal value (87% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 17.9x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $63.08 per share, suggesting NYT is overvalued by 21.3% at the current price of $80.18.

FCFF Present Value Calculation

WACC

7.32%

3% – 20%

EV/EBITDA Exit Multiple

17.85x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	483	517	551	596	643	659
(−) Net Interest	1	1	1	1	2	2
(+) D&A	31	33	34	38	42	43
EBITDA	516	551	586	635	687	705

(−) Tax	117	125	133	144	155	—
(−) CapEx	40	43	46	49	53	—
(−) ΔWC	258	29	30	38	41	—
Free Cash Flow (FCF)	101	354	378	404	438	—

Peers' EBITDA Multiple						17.9x
Terminal Value						12,576
WACC / Discount Rate	7.32%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	97	319	317	316	318	8,833

Enterprise Value	10,200
Projection Period	1,367	13.4%
Terminal Value	8,833	86.6%

(−) Current Net Debt	(207)
Equity Value	10,406
(÷) Outstanding Shares	165M
Fair Price	$63	-21.3%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	13.8x	15.8x	17.8x	19.8x	21.8x
5.3%	$56	$62	$69	$75	$82
6.3%	$53	$60	$66	$72	$78
7.3%	$51	$57	$63	$69	$75
8.3%	$49	$55	$60	$66	$72
9.3%	$47	$52	$58	$63	$69

Current price: $80.18. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$68.61

Market Price

$80.18

Upside / Downside

-14.4%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project The New York Times Company's cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 8.4% to 3.8% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 37, DPO 36, DIO 60). At a 7.3% WACC with mid-year discounting, the terminal value (73% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 17.9x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $68.60 per share, suggesting NYT is fairly valued by 14.4% at the current price of $80.18.

FCFF Present Value Calculation

WACC

7.32%

3% – 20%

EV/EBITDA Exit Multiple

17.85x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	483	517	551	596	643	690	733	774	810	841	862
(−) Net Interest	1	1	1	1	2	2	2	2	2	2	2
(+) D&A	31	33	34	38	42	46	50	53	57	60	62
EBITDA	516	551	586	635	687	738	785	829	869	904	926

(−) Tax	117	125	133	144	155	167	177	187	196	203	—
(−) CapEx	40	43	46	49	53	57	61	64	67	70	—
(−) ΔWC	258	29	30	38	41	40	37	35	31	27	—
Free Cash Flow (FCF)	101	354	378	404	438	474	509	543	575	604	—

Peers' EBITDA Multiple											17.9x
Terminal Value											16,532
WACC / Discount Rate	7.32%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	97	319	317	316	318	322	322	320	315	309	8,156

Enterprise Value	11,110
Projection Period	2,954	26.6%
Terminal Value	8,156	73.4%

(−) Current Net Debt	(207)
Equity Value	11,316
(÷) Outstanding Shares	165M
Fair Price	$69	-14.4%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	13.8x	15.8x	17.8x	19.8x	21.8x
5.3%	$67	$74	$81	$87	$94
6.3%	$62	$68	$74	$80	$87
7.3%	$58	$63	$69	$74	$80
8.3%	$53	$58	$63	$68	$73
9.3%	$49	$54	$59	$63	$68

Current price: $80.18. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$18.41

Market Price

$80.18

Upside / Downside

-77.0%

Verdict

Overvalued

Using the industry peer median P/E Multiples multiple (trailing + forward), The New York Times Company (NYT) has a fair value of $18.41 based on 2 comparable companies in the Publishing industry.

P/E Valuation — Publishing

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
The New York Times CompanyNYT	13,225	38.4x	42.3x
Millicom International Cellular S.A.TIGO	13,508	10.3x	13.8x
Liberty Broadband CorporationLBRDA	7,357	8.4x	4.4x
Industry Median		9.4x	9.1x
(*) Profit after tax		344	313
Equity Value		3,220	2,852
(/) Outstanding shares		165	165
Fair Price		$20	$17

Selected Fair Value (avg of trailing + forward)

$18.41

-77.0%

Fair Value

$60.53

Market Price

$80.18

Upside / Downside

-24.5%

Verdict

Overvalued

Using the industry peer median EV/EBITDA multiple (trailing + forward), The New York Times Company (NYT) has a fair value of $60.53 based on 3 comparable companies in the Publishing industry.

EV/EBITDA Valuation — Publishing

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
The New York Times CompanyNYT	13,225	24.2x	26.5x
Millicom International Cellular S.A.TIGO	13,508	7.6x	7.7x
Liberty Broadband CorporationLBRDA	7,357	36.9x	34.0x
Lumen Technologies, Inc.LUMN	6,800	17.8x	20.3x
Industry Median		17.8x	20.3x
(*) EBITDA		537	492
= Enterprise Value		9,591	9,965
(-) Net Debt		-207	-207
Equity Value		9,798	10,171
(/) Outstanding shares		165	165
Fair Price		$59	$62

Selected Fair Value (avg of trailing + forward)

$60.53

-24.5%

Fair Value

$117.16

Market Price

$80.18

Upside / Downside

+46.1%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), The New York Times Company (NYT) has a fair value of $117.16 based on 4 comparable companies in the Publishing industry.

EV/Revenue Valuation — Publishing

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
The New York Times CompanyNYT	13,225	4.6x	5.0x
Millicom International Cellular S.A.TIGO	13,508	3.7x	3.7x
Liberty Live GroupLLYVK	9,078	25.4x	25.4x
Liberty Broadband CorporationLBRDA	7,357	10.8x	10.0x
Lumen Technologies, Inc.LUMN	6,800	1.9x	2.2x
Industry Median		7.3x	6.9x
(*) Revenue		2,825	2,586
= Enterprise Value		20,512	17,726
(-) Net Debt		-207	-207
Equity Value		20,718	17,932
(/) Outstanding shares		165	165
Fair Price		$126	$109

Selected Fair Value (avg of trailing + forward)

$117.16

+46.1%

PEG Fair Value

Fair Value

$62.65

Market Price

$80.18

Upside / Downside

-21.9%

Verdict

Overvalued

Using the PEG framework with analyst consensus forward EPS growth of 23.1% plus 0.8% dividend yield, the company has a fair value of $62.65 based on NTM EPS (FY2026) of $2.71. The current PEG ratio is 1.36.

PEG Ratio

1.36Fair Value

01.02.03.0+

PEG = P/E ÷ (Growth + Yield) = 31.4 ÷ (22.3% + 0.8%) = 1.36

PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.

Growth Category: Fast GrowerPEG highly applicable

PEG is most informative for high-growth companies — the PEG sweet spot.

Fair Value Calculation

EPS Growth RateForward	22.3%
Dividend Yield	+0.8%
Adjusted Growth (clamped 8–25%)	23.1%
Fair P/E	23.1x
NTM EPS (FY2026)	$2.71
Fair Value	$62.65

Growth Analysis

Forward GrowthActive

Period	EPS Est.	Growth	Analysts
FY2025 (actual)	$2.09	—	—
FY2026E	$2.71	+29.8%	6
FY2027E	$3.13	+15.2%	5

2Y Forward EPS CAGR: 22.3%

Historical Growth

Year	Net Income	EPS	YoY
FY2021	$220.0M	$1.31	—
FY2022	$173.9M	$1.04	-20.6%
FY2023	$232.4M	$1.40	+34.6%
FY2024	$293.8M	$1.77	+26.4%
FY2025	$344.0M	$2.09	+18.1%

4Y Historical EPS CAGR: 12.4%

Earnings Power Value

Fair Value

$29.33

Market Price

$80.18

Upside / Downside

-63.4%

Verdict

Overvalued

Using the Earnings Power Value framework with a WACC of 7.3% and normalized earnings of $339.0M, the company has a fair value of $29.33 per share. The EPV range is $24.55 – $36.56 based on WACC sensitivity (5.8% – 8.8%).

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	339	339	339
(/) WACC	8.8%	7.3%	5.8%
Enterprise Value	3,843	4,630	5,823
(-) Net debt	-207	-207	-207
Equity Value	4,050	4,837	6,030
(/) Outstanding shares	165	165	165
Fair Price	$24.55	$29.33	$36.56

Dividend Discount Model

Fair Value

$24.13

Market Price

$80.18

Upside / Downside

-69.9%

Verdict

Overvalued

Using the Two-Stage Dividend Discount Model with a Cost of Equity of 7.3% and projected dividend growth of 15.0%, the fair value is $24.13 per share. The DDM range is $15.52 – $41.83 based on sensitivity analysis across Cost of Equity and growth rate assumptions.

Dividend Profile

Current DPS

$0.67

Dividend Yield

0.80%

Payout Ratio

32.1%

Dividend Coverage

3.12x

FCF Payout Ratio20.0%

DPS CAGR (4Y)25.6%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2025	$0.67	32.1%	+33.9%
2024	$0.50	28.2%	+19.2%
2023	$0.42	29.9%	+23.4%
2022	$0.34	32.7%	+26.3%
2021	$0.27	20.6%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2026	$0.77	15.0%	0.9316	$0.72
2027	$0.88	15.0%	0.8679	$0.77
2028	$1.02	15.0%	0.8086	$0.82
2029	$1.17	15.0%	0.7533	$0.88
2030	$1.35	15.0%	0.7017	$0.94
Terminal Value	$1.38 DPS	2.5%		$20.00

PV of Projected Dividends$4.13

PV of Terminal Value$20.00

Fair Value per Share$24.13

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	13.0%	14.0%	15.0%	15.0%	15.0%
5.3%	$38	$40	$42	$42	$42
6.3%	$28	$29	$31	$31	$31
7.3%	$22	$23	$24	$24	$24
8.3%	$18	$19	$20	$20	$20
9.3%	$16	$16	$17	$17	$17

Disclaimer: Sweet Value Lab provides estimated intrinsic values for informational purposes only. This is not financial advice. All models rely on assumptions that may not reflect future performance. Always do your own research before making investment decisions.

The New York Times Company (NYT) Valuation Summary

Updated Apr 6, 2026 22:27

Model	Range	Fair Value	Upside
▸ Discounted Cash Flow
Growth Exit 5Y	$31.39 – $125.25	$49.17	-42.3%
Growth Exit 10Y	$37.19 – $143.82	$57.58	-32.4%
EBITDA Exit 5Y	$47.00 – $82.00	$63.08	-25.9%
EBITDA Exit 10Y	$49.39 – $94.12	$68.60	-19.4%
▸ Trading Multiples
P/E	$17.58 – $21.47	$18.41	-78.4%
EV/EBITDA	$25.97 – $121.36	$60.53	-28.9%
EV/Revenue	$64.17 – $435.72	$117.16	+37.6%
▸ PEG
PEG Fair Value	$62.65 – $62.65	$62.65	-26.4%
▸ Earnings Power Value
Earnings Power Value	$24.55 – $36.56	$29.33	-65.6%
▸ Dividend Discount
Dividend Discount	$15.52 – $41.83	$24.13	-71.7%

Valuation History

DCF Analysis

Fair Value

$49.17

Market Price

$80.18

Upside / Downside

-38.7%

Verdict

Overvalued

FCFF Present Value Calculation

WACC

7.32%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	483	517	551	596	643	659
(−) Net Interest	1	1	1	1	2	2
(+) D&A	31	33	34	38	42	43
EBITDA	516	551	586	635	687	705

(−) Tax	117	125	133	144	155	159
(−) CapEx	40	43	46	49	53	55
(−) ΔWC	258	29	30	38	41	42
Free Cash Flow (FCFF)	101	354	378	404	438	449

Terminal Value						9,306
WACC / Discount Rate	7.3%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	97	319	317	316	318	6,536

Enterprise Value	7,903
Projection Period	1,367	17.3%
Terminal Value	6,536	82.7%

(−) Current Net Debt	(207)

Equity Value	8,110
(/) Outstanding Shares	165

Fair Price	$49.17

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
5.3%	$65	$73	$84	$100	$125
6.3%	$51	$56	$62	$70	$81
7.3%	$42	$45	$49	$54	$60
8.3%	$36	$38	$41	$44	$47
9.3%	$31	$33	$35	$37	$39

Current price: $80.18. Green = undervalued, Red = overvalued.

Fair Value

$57.58

Market Price

$80.18

Upside / Downside

-28.2%

Verdict

Overvalued

FCFF Present Value Calculation

WACC

7.32%

3% – 20%

Terminal Growth

2.50%

0% – 6%

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	483	517	551	596	643	690	733	774	810	841	862
(−) Net Interest	1	1	1	1	2	2	2	2	2	2	2
(+) D&A	31	33	34	38	42	46	50	53	57	60	62
EBITDA	516	551	586	635	687	738	785	829	869	904	926

(−) Tax	117	125	133	144	155	167	177	187	196	203	208
(−) CapEx	40	43	46	49	53	57	61	64	67	70	71
(−) ΔWC	258	29	30	38	41	40	37	35	31	27	27
Free Cash Flow (FCFF)	101	354	378	404	438	474	509	543	575	604	619

Terminal Value											12,843
WACC / Discount Rate	7.3%
Long-term Growth Rate	2.5%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	97	319	317	316	318	322	322	320	315	309	6,336

Enterprise Value	9,290
Projection Period	2,954	31.8%
Terminal Value	6,336	68.2%

(−) Current Net Debt	(207)

Equity Value	9,497
(/) Outstanding Shares	165

Fair Price	$57.58

Sensitivity Analysis

WACC \ Terminal Growth Rate	1.5%	2.0%	2.5%	3.0%	3.5%
5.3%	$80	$88	$100	$117	$144
6.3%	$62	$67	$73	$81	$92
7.3%	$51	$54	$58	$62	$68
8.3%	$43	$45	$47	$50	$53
9.3%	$37	$39	$40	$42	$44

Current price: $80.18. Green = undervalued, Red = overvalued.

Fair Value

$63.09

Market Price

$80.18

Upside / Downside

-21.3%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project The New York Times Company's cash flows over 5 years with line-by-line expense modeling. Revenue is projected revenue growing from 8.4% to 8.0% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 37, DPO 36, DIO 60). At a 7.3% WACC with mid-year discounting, the terminal value (87% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 17.9x to Year 6 EBITDA. After subtracting net debt, the equity value implies a fair price of $63.08 per share, suggesting NYT is overvalued by 21.3% at the current price of $80.18.

FCFF Present Value Calculation

WACC

7.32%

3% – 20%

EV/EBITDA Exit Multiple

17.85x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	Terminal
Profit Before Tax	483	517	551	596	643	659
(−) Net Interest	1	1	1	1	2	2
(+) D&A	31	33	34	38	42	43
EBITDA	516	551	586	635	687	705

(−) Tax	117	125	133	144	155	—
(−) CapEx	40	43	46	49	53	—
(−) ΔWC	258	29	30	38	41	—
Free Cash Flow (FCF)	101	354	378	404	438	—

Peers' EBITDA Multiple						17.9x
Terminal Value						12,576
WACC / Discount Rate	7.32%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5
Present Value of FCF	97	319	317	316	318	8,833

Enterprise Value	10,200
Projection Period	1,367	13.4%
Terminal Value	8,833	86.6%

(−) Current Net Debt	(207)
Equity Value	10,406
(÷) Outstanding Shares	165M
Fair Price	$63	-21.3%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	13.8x	15.8x	17.8x	19.8x	21.8x
5.3%	$56	$62	$69	$75	$82
6.3%	$53	$60	$66	$72	$78
7.3%	$51	$57	$63	$69	$75
8.3%	$49	$55	$60	$66	$72
9.3%	$47	$52	$58	$63	$69

Current price: $80.18. Green = undervalued, Red = overvalued.

Based on default parameters

Fair Value

$68.61

Market Price

$80.18

Upside / Downside

-14.4%

Verdict

Overvalued

Using an unlevered Free Cash Flow to Firm (FCFF) model, we project The New York Times Company's cash flows over 10 years with analyst estimates for the first 3–5 years, fading toward long-term GDP growth for the remaining years with line-by-line expense modeling. Revenue is projected revenue growing from 8.4% to 3.8% annually, with expenses (COGS, SG&A, R&D) held at historical ratios. Depreciation is computed from a vintage matrix based on a 5-year useful life. Working capital is modeled using historical turnover days (DSO 37, DPO 36, DIO 60). At a 7.3% WACC with mid-year discounting, the terminal value (73% of enterprise value) is derived by applying the industry peer median EV/EBITDA multiple of 17.9x to Year 11 EBITDA. After subtracting net debt, the equity value implies a fair price of $68.60 per share, suggesting NYT is fairly valued by 14.4% at the current price of $80.18.

FCFF Present Value Calculation

WACC

7.32%

3% – 20%

EV/EBITDA Exit Multiple

17.85x

1x – 40x

Forecast Period

5 Yrs

+ Terminal Year

Adjust parameters to explore scenarios. Changes are for exploration only and do not affect saved valuations.

Currency: USD Millions

	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035	Terminal
Profit Before Tax	483	517	551	596	643	690	733	774	810	841	862
(−) Net Interest	1	1	1	1	2	2	2	2	2	2	2
(+) D&A	31	33	34	38	42	46	50	53	57	60	62
EBITDA	516	551	586	635	687	738	785	829	869	904	926

(−) Tax	117	125	133	144	155	167	177	187	196	203	—
(−) CapEx	40	43	46	49	53	57	61	64	67	70	—
(−) ΔWC	258	29	30	38	41	40	37	35	31	27	—
Free Cash Flow (FCF)	101	354	378	404	438	474	509	543	575	604	—

Peers' EBITDA Multiple											17.9x
Terminal Value											16,532
WACC / Discount Rate	7.32%

Timing of FCF (mid year)	0.5	1.5	2.5	3.5	4.5	5.5	6.5	7.5	8.5	9.5	5
Present Value of FCF	97	319	317	316	318	322	322	320	315	309	8,156

Enterprise Value	11,110
Projection Period	2,954	26.6%
Terminal Value	8,156	73.4%

(−) Current Net Debt	(207)
Equity Value	11,316
(÷) Outstanding Shares	165M
Fair Price	$69	-14.4%

Sensitivity Analysis

WACC \ EV/EBITDA Exit Multiple	13.8x	15.8x	17.8x	19.8x	21.8x
5.3%	$67	$74	$81	$87	$94
6.3%	$62	$68	$74	$80	$87
7.3%	$58	$63	$69	$74	$80
8.3%	$53	$58	$63	$68	$73
9.3%	$49	$54	$59	$63	$68

Current price: $80.18. Green = undervalued, Red = overvalued.

Based on default parameters

Trading Multiples

Fair Value

$18.41

Market Price

$80.18

Upside / Downside

-77.0%

Verdict

Overvalued

Using the industry peer median P/E Multiples multiple (trailing + forward), The New York Times Company (NYT) has a fair value of $18.41 based on 2 comparable companies in the Publishing industry.

P/E Valuation — Publishing

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing P/E	Forward P/E
The New York Times CompanyNYT	13,225	38.4x	42.3x
Millicom International Cellular S.A.TIGO	13,508	10.3x	13.8x
Liberty Broadband CorporationLBRDA	7,357	8.4x	4.4x
Industry Median		9.4x	9.1x
(*) Profit after tax		344	313
Equity Value		3,220	2,852
(/) Outstanding shares		165	165
Fair Price		$20	$17

Selected Fair Value (avg of trailing + forward)

$18.41

-77.0%

Fair Value

$60.53

Market Price

$80.18

Upside / Downside

-24.5%

Verdict

Overvalued

Using the industry peer median EV/EBITDA multiple (trailing + forward), The New York Times Company (NYT) has a fair value of $60.53 based on 3 comparable companies in the Publishing industry.

EV/EBITDA Valuation — Publishing

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/EBITDA	Forward EV/EBITDA
The New York Times CompanyNYT	13,225	24.2x	26.5x
Millicom International Cellular S.A.TIGO	13,508	7.6x	7.7x
Liberty Broadband CorporationLBRDA	7,357	36.9x	34.0x
Lumen Technologies, Inc.LUMN	6,800	17.8x	20.3x
Industry Median		17.8x	20.3x
(*) EBITDA		537	492
= Enterprise Value		9,591	9,965
(-) Net Debt		-207	-207
Equity Value		9,798	10,171
(/) Outstanding shares		165	165
Fair Price		$59	$62

Selected Fair Value (avg of trailing + forward)

$60.53

-24.5%

Fair Value

$117.16

Market Price

$80.18

Upside / Downside

+46.1%

Verdict

Undervalued

Using the industry peer median EV/Revenue multiple (trailing + forward), The New York Times Company (NYT) has a fair value of $117.16 based on 4 comparable companies in the Publishing industry.

EV/Revenue Valuation — Publishing

USD in millions except Fair Price. Subject company highlighted.

	Mkt Cap ($M)	Trailing EV/Revenue	Forward EV/Revenue
The New York Times CompanyNYT	13,225	4.6x	5.0x
Millicom International Cellular S.A.TIGO	13,508	3.7x	3.7x
Liberty Live GroupLLYVK	9,078	25.4x	25.4x
Liberty Broadband CorporationLBRDA	7,357	10.8x	10.0x
Lumen Technologies, Inc.LUMN	6,800	1.9x	2.2x
Industry Median		7.3x	6.9x
(*) Revenue		2,825	2,586
= Enterprise Value		20,512	17,726
(-) Net Debt		-207	-207
Equity Value		20,718	17,932
(/) Outstanding shares		165	165
Fair Price		$126	$109

Selected Fair Value (avg of trailing + forward)

$117.16

+46.1%

PEG Fair Value

Fair Value

$62.65

Market Price

$80.18

Upside / Downside

-21.9%

Verdict

Overvalued

PEG Ratio

1.36Fair Value

01.02.03.0+

PEG = P/E ÷ (Growth + Yield) = 31.4 ÷ (22.3% + 0.8%) = 1.36

PEG < 1 = bargain, 1–1.5 = fair, > 2 = expensive.

Growth Category: Fast GrowerPEG highly applicable

PEG is most informative for high-growth companies — the PEG sweet spot.

Fair Value Calculation

EPS Growth RateForward	22.3%
Dividend Yield	+0.8%
Adjusted Growth (clamped 8–25%)	23.1%
Fair P/E	23.1x
NTM EPS (FY2026)	$2.71
Fair Value	$62.65

Growth Analysis

Forward GrowthActive

Period	EPS Est.	Growth	Analysts
FY2025 (actual)	$2.09	—	—
FY2026E	$2.71	+29.8%	6
FY2027E	$3.13	+15.2%	5

2Y Forward EPS CAGR: 22.3%

Historical Growth

Year	Net Income	EPS	YoY
FY2021	$220.0M	$1.31	—
FY2022	$173.9M	$1.04	-20.6%
FY2023	$232.4M	$1.40	+34.6%
FY2024	$293.8M	$1.77	+26.4%
FY2025	$344.0M	$2.09	+18.1%

4Y Historical EPS CAGR: 12.4%

Earnings Power Value

Fair Value

$29.33

Market Price

$80.18

Upside / Downside

-63.4%

Verdict

Overvalued

Currency: USD Millions

	Low	Selected	High
Normalized Earnings	339	339	339
(/) WACC	8.8%	7.3%	5.8%
Enterprise Value	3,843	4,630	5,823
(-) Net debt	-207	-207	-207
Equity Value	4,050	4,837	6,030
(/) Outstanding shares	165	165	165
Fair Price	$24.55	$29.33	$36.56

Dividend Discount Model

Fair Value

$24.13

Market Price

$80.18

Upside / Downside

-69.9%

Verdict

Overvalued

Dividend Profile

Current DPS

$0.67

Dividend Yield

0.80%

Payout Ratio

32.1%

Dividend Coverage

3.12x

FCF Payout Ratio20.0%

DPS CAGR (4Y)25.6%

Historical Dividends Per Share

Year	DPS	Payout Ratio	YoY Growth
2025	$0.67	32.1%	+33.9%
2024	$0.50	28.2%	+19.2%
2023	$0.42	29.9%	+23.4%
2022	$0.34	32.7%	+26.3%
2021	$0.27	20.6%	—

Dividend Projections (5-Year)

Year	Projected DPS	Growth	Discount Factor	Present Value
2026	$0.77	15.0%	0.9316	$0.72
2027	$0.88	15.0%	0.8679	$0.77
2028	$1.02	15.0%	0.8086	$0.82
2029	$1.17	15.0%	0.7533	$0.88
2030	$1.35	15.0%	0.7017	$0.94
Terminal Value	$1.38 DPS	2.5%		$20.00

PV of Projected Dividends$4.13

PV of Terminal Value$20.00

Fair Value per Share$24.13

Sensitivity Analysis

Fair value under different Cost of Equity (rows) and DPS Growth Rate (columns) assumptions.

Ke \ Growth	13.0%	14.0%	15.0%	15.0%	15.0%
5.3%	$38	$40	$42	$42	$42
6.3%	$28	$29	$31	$31	$31
7.3%	$22	$23	$24	$24	$24
8.3%	$18	$19	$20	$20	$20
9.3%	$16	$16	$17	$17	$17