Latest Ratios: P/E Ratio 29.6x · EV/EBITDA 18.0x · ROE 17.3%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $10.1B | $11.5B | $8.6B | $8.1B | $5.4B | $8.1B | $8.7B | $5.4B | $3.7B | $3.0B | $2.2B |
| Enterprise Value | $9.8B | $11.2B | $8.5B | $7.9B | $5.3B | $7.9B | $8.5B | $5.2B | $3.7B | $3.1B | $2.3B |
| P/E Ratio → | 29.61 | 33.22 | 29.41 | 34.99 | 31.21 | 36.87 | 86.28 | 38.30 | 29.72 | 616.67 | 73.89 |
| P/S Ratio | 3.56 | 4.05 | 3.34 | 3.35 | 2.35 | 3.92 | 4.88 | 2.97 | 2.13 | 1.81 | 1.39 |
| P/B Ratio | 5.00 | 5.61 | 4.48 | 4.60 | 3.39 | 5.28 | 6.55 | 4.59 | 3.57 | 3.39 | 2.56 |
| P/FCF | 18.26 | 20.80 | 22.63 | 24.01 | 47.71 | 34.72 | 33.02 | 37.31 | 46.73 | 1551.23 | 33.76 |
| P/OCF | 17.20 | 19.59 | 21.02 | 22.51 | 36.00 | 30.25 | 29.20 | 28.38 | 23.68 | 35.05 | 22.98 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 3.98 | 3.28 | 3.24 | 2.28 | 3.80 | 4.75 | 2.88 | 2.13 | 1.85 | 1.49 |
| EV / EBITDA | 18.03 | 20.60 | 19.13 | 21.18 | 17.87 | 23.53 | 34.28 | 21.40 | 14.98 | 13.03 | 13.26 |
| EV / EBIT | 21.84 | 24.85 | 22.05 | 25.92 | 22.23 | 27.07 | 72.88 | 27.26 | 18.32 | 22.56 | 33.28 |
| EV / FCF | — | 20.42 | 22.23 | 23.29 | 46.28 | 33.63 | 32.13 | 36.10 | 46.88 | 1585.59 | 36.04 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 50.8% | 50.8% | 49.4% | 48.5% | 47.6% | 49.9% | 46.2% | 45.5% | 45.8% | 63.2% | 59.5% |
| Operating Margin | 16.0% | 16.0% | 13.6% | 11.4% | 8.7% | 12.9% | 9.9% | 9.7% | 10.9% | 10.5% | 7.2% |
| Net Profit Margin | 12.2% | 12.2% | 11.4% | 9.6% | 7.5% | 10.6% | 5.6% | 7.7% | 7.2% | 0.3% | 1.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.3% | 17.3% | 15.9% | 13.8% | 11.1% | 15.3% | 8.0% | 12.6% | 13.0% | 0.5% | 3.5% |
| ROA | 11.8% | 11.8% | 10.6% | 8.9% | 6.8% | 9.0% | 4.6% | 6.5% | 5.9% | 0.2% | 1.3% |
| ROIC | 18.7% | 18.7% | 16.0% | 14.0% | 11.1% | 16.9% | 12.6% | 12.8% | 14.1% | 13.5% | 7.9% |
| ROCE | 19.8% | 19.8% | 16.2% | 13.6% | 10.2% | 14.0% | 10.2% | 11.1% | 11.9% | 10.2% | 6.2% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.02 | 0.02 | 0.02 | 0.02 | 0.04 | 0.04 | 0.04 | 0.05 | 0.24 | 0.28 | 0.29 |
| Debt / EBITDA | 0.09 | 0.09 | 0.11 | 0.12 | 0.20 | 0.19 | 0.21 | 0.23 | 1.02 | 1.05 | 1.42 |
| Net Debt / Equity | — | -0.10 | -0.08 | -0.14 | -0.10 | -0.17 | -0.18 | -0.15 | 0.01 | 0.07 | 0.17 |
| Net Debt / EBITDA | -0.38 | -0.38 | -0.34 | -0.66 | -0.55 | -0.77 | -0.95 | -0.72 | 0.05 | 0.28 | 0.84 |
| Debt / FCF | — | -0.38 | -0.40 | -0.73 | -1.43 | -1.09 | -0.89 | -1.21 | 0.15 | 34.35 | 2.28 |
| Interest Coverage | 387.68 | 387.68 | 378.01 | 299.41 | 296.00 | 378.78 | 159.78 | 50.08 | 6.56 | 4.64 | 1.58 |
Net cash position: cash ($255M) exceeds total debt ($49M)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.54 | 1.54 | 1.53 | 1.28 | 1.15 | 1.70 | 1.72 | 1.64 | 1.33 | 1.80 | 2.00 |
| Quick Ratio | 1.54 | 1.54 | 1.53 | 1.28 | 1.15 | 1.70 | 1.72 | 1.64 | 1.33 | 1.80 | 2.00 |
| Cash Ratio | 0.96 | 0.96 | 0.92 | 0.74 | 0.61 | 1.18 | 1.22 | 0.99 | 0.91 | 1.18 | 1.38 |
| Asset Turnover | — | 0.94 | 0.91 | 0.89 | 0.91 | 0.81 | 0.77 | 0.87 | 0.80 | 0.80 | 0.71 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 37.58 | 35.22 | 36.48 | 34.40 | 40.97 | 37.59 | 42.98 | 46.44 | 40.27 | 46.31 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.1% | 1.0% | 1.0% | 0.9% | 1.0% | 0.6% | 0.4% | 0.6% | 0.7% | 0.9% | 1.2% |
| Payout Ratio | 32.1% | 32.1% | 28.2% | 29.9% | 32.7% | 20.6% | 38.4% | 22.6% | 21.0% | 605.3% | 89.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.4% | 3.0% | 3.4% | 2.9% | 3.2% | 2.7% | 1.2% | 2.6% | 3.4% | 0.2% | 1.4% |
| FCF Yield | 5.5% | 4.8% | 4.4% | 4.2% | 2.1% | 2.9% | 3.0% | 2.7% | 2.1% | 0.1% | 3.0% |
| Buyback Yield | 1.6% | 1.4% | 1.0% | 0.5% | 1.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.7% |
| Total Shareholder Yield | 2.7% | 2.4% | 1.9% | 1.4% | 3.0% | 0.6% | 0.4% | 0.6% | 0.7% | 0.9% | 1.9% |
| Shares Outstanding | — | $165M | $166M | $166M | $167M | $169M | $168M | $168M | $167M | $164M | $163M |
Includes 30+ ratios · 30 years · Updated daily
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10-year return with dividends reinvested.
Compare growth, multiples, and margins vs sector.
Quick answers to the most common questions about buying NYT stock.
The New York Times Company's current P/E ratio is 29.6x. The historical average is 34.5x. This places it at the 50th percentile of its historical range.
The New York Times Company's current EV/EBITDA is 18.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.2x.
The New York Times Company's return on equity (ROE) is 17.3%. The historical average is 11.6%.
Based on historical data, The New York Times Company is trading at a P/E of 29.6x. This is at the 50th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
The New York Times Company's current dividend yield is 1.08% with a payout ratio of 32.1%.
The New York Times Company has 50.8% gross margin and 16.0% operating margin. Operating margin between 10-20% is typical for established companies.
The New York Times Company's Debt/EBITDA ratio is 0.1x, indicating low leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
SBC dilution and margin volatility
Metrics are mathematically derived from official filings.
Margin Expansion with Seasonal Volatility
NYT's operating margin expanded from 8.1% in 2024Q1 to 15.5% in 2026Q2, per reported financials, while gross margin improved to 51.8%, indicating strong pricing power and operating leverage.
The sequential dip in Q1 margins (46.2% gross, 9.2% operating in 2025Q1) suggests seasonality in subscription and advertising revenue, but the overall upward trend reflects successful digital transition. Net margin at 12.3% in 2026Q2 is supported by low interest expense and minimal debt, though SBC nearly tripled over the period, which may understate true earnings quality.
ROIC Cyclicality Masks Underlying Improvement
ROIC swung from 2.4% in 2024Q1 to 7.0% in 2025Q4, as per balance sheet data, with 2026Q2 at 4.9%, reflecting seasonal revenue patterns and asset growth.
The 10-quarter range of 2.4% to 7.0% indicates that quarterly ROIC is heavily influenced by seasonality, but the trend suggests improving capital efficiency as digital revenue scales. ROE similarly fluctuates, peaking at 6.5% in Q4 quarters, implying that annualized returns are likely higher than any single quarter suggests. Investors should focus on full-year figures to assess true capital compounding.
Working Capital Efficiency with Subscription Float
DSO improved from 32 days in 2024Q1 to 28 days in 2026Q2, per reported figures, while DPO remained stable around 33-36 days, indicating efficient receivables management.
The absence of inventory (DIO not reported) reflects the digital asset-light model, and the negative CCC (implied) suggests NYT collects cash from subscribers before paying suppliers, a structural advantage. Deferred revenue growth from $174.9M to $211.2M over the period, as per balance sheet data, provides interest-free float and enhances cash conversion.
Minimal Leverage with Exceptional Coverage
NYT's debt-to-equity is negligible at 0.02, with interest coverage exceeding 579x in 2025Q4, as per financial statements, indicating a fortress balance sheet.
The only debt appears in Q4 quarters (likely seasonal), but D/EBITDA of 0.26 is trivial, and interest coverage of 579x suggests debt service is not a constraint. This conservative leverage provides ample flexibility for buybacks and dividends, though investors should monitor if debt is used for future acquisitions.
Liquidity Strengthens with Digital Shift
Current ratio improved from 1.25 in 2024Q1 to 1.58 in 2026Q2, per balance sheet data, with quick ratio identical, indicating no inventory dependence.
The steady improvement in liquidity reflects growing cash reserves and deferred revenue, which acts as a liability but also a prepaid subscription buffer. Under stress, the asset-light model and high FCF margin (34.8% in 2026Q2) would likely sustain operations without external financing, though Q1 seasonality could temporarily pressure liquidity.
P/E Misleads in Subscription Model
NYT's trailing P/E of 31.0 appears rich, but forward P/E of 22.7 and PEG of 1.09, per valuation data, suggest the market is pricing in sustained growth.
The most commonly misapplied ratio is P/E, because it fails to capture the subscription-based revenue model's high visibility and low capital intensity. EV/EBITDA of 18.9 is more appropriate, but even that understates value given the negative working capital cycle and deferred revenue float. Investors should use EV/FCF or EV/EBITDA with adjustments for SBC to better reflect true earning power.