Latest Ratios: P/E Ratio 35.3x · EV/EBITDA 21.5x · 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 | $11.9B | $11.5B | $8.6B | $8.1B | $5.4B | $8.1B | $8.7B | $5.4B | $3.7B | $3.0B | $2.2B |
| Enterprise Value | $11.7B | $11.2B | $8.5B | $7.9B | $5.3B | $7.9B | $8.5B | $5.2B | $3.7B | $3.1B | $2.3B |
| P/E Ratio → | 35.27 | 33.22 | 29.41 | 34.99 | 31.21 | 36.87 | 86.28 | 38.30 | 29.72 | 616.67 | 73.89 |
| P/S Ratio | 4.22 | 4.05 | 3.34 | 3.35 | 2.35 | 3.92 | 4.88 | 2.97 | 2.13 | 1.81 | 1.39 |
| P/B Ratio | 5.96 | 5.61 | 4.48 | 4.60 | 3.39 | 5.28 | 6.55 | 4.59 | 3.57 | 3.39 | 2.56 |
| P/FCF | 21.68 | 20.80 | 22.63 | 24.01 | 47.71 | 34.72 | 33.02 | 37.31 | 46.73 | 1551.23 | 33.76 |
| P/OCF | 20.42 | 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 | 21.48 | 20.60 | 19.13 | 21.18 | 17.87 | 23.53 | 34.28 | 21.40 | 14.98 | 13.03 | 13.26 |
| EV / EBIT | 26.02 | 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 | 0.9% | 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 | 2.8% | 3.0% | 3.4% | 2.9% | 3.2% | 2.7% | 1.2% | 2.6% | 3.4% | 0.2% | 1.4% |
| FCF Yield | 4.6% | 4.8% | 4.4% | 4.2% | 2.1% | 2.9% | 3.0% | 2.7% | 2.1% | 0.1% | 3.0% |
| Buyback Yield | 1.4% | 1.4% | 1.0% | 0.5% | 1.9% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.7% |
| Total Shareholder Yield | 2.3% | 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 |
AI-driven traffic commoditization
According to current market data, NYT trades at a forward P/E of 24.73, which suggests investors are pricing the company as a digital subscription platform rather than a legacy publisher, a valuation premium that warrants careful scrutiny against the company's actual long-term digital subscriber growth trajectory.
The current P/S ratio of 4.06 indicates that the market is willing to pay a significant multiple for the recurring nature of the company's subscription revenue. This valuation appears to imply an expectation of sustained margin expansion, which may be challenged if the costs associated with content production and subscriber acquisition continue to scale alongside revenue.
Based on reported figures, ROIC has fluctuated between 2.4% and 7.0% over the last ten quarters, indicating that the company's ability to compound returns on invested capital is currently hampered by the heavy reinvestment required to maintain its competitive moat in a digital-first media environment.
The modest ROIC levels suggest that while the business model is highly scalable, the high fixed costs of maintaining a premium newsroom act as a structural drag on capital efficiency. Investors should monitor whether the integration of recent acquisitions can eventually drive these returns toward the higher end of the historical range.
As evidenced by quarterly financial statements, the company maintains a consistent DSO profile averaging around 28 days, which suggests that the shift toward digital subscriptions has successfully streamlined the cash conversion cycle compared to the more complex billing requirements of legacy print distribution models.
The stability in DSO indicates that the company faces minimal friction in collecting subscription payments, which is a critical advantage for a recurring revenue business. This efficiency allows for more predictable cash flow forecasting, though the lack of significant inventory turnover data reflects the company's transition away from physical product reliance.
According to recent SEC filings, the current ratio has improved to 1.60 as of 2026Q1, providing a robust liquidity cushion that insulates the company from short-term operational volatility and allows management to pursue opportunistic capital allocation strategies without the need for external financing.
This liquidity position is particularly impressive given the company's minimal debt load, suggesting that the balance sheet is well-positioned to weather potential advertising downturns or increased legal costs. The absence of significant short-term liabilities relative to current assets underscores a conservative and resilient financial posture.
The most commonly misapplied metric for this business is the traditional P/E ratio, which fails to account for the significant non-cash amortization of intangible assets from recent acquisitions, thereby obscuring the true underlying cash-generating capacity of the company's digital-first subscription ecosystem.
Analysts should prioritize EV/EBITDA or P/FCF to better capture the company's operational performance, as these metrics normalize for the accounting distortions inherent in the current growth-by-acquisition strategy. Relying solely on P/E may lead to an overly pessimistic view of the company's valuation during periods of aggressive investment.
Includes 30+ ratios · 30 years · Updated daily
DCF models, multiple analysis, and analyst estimates.
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Quick answers to the most common questions about buying NYT stock.
The New York Times Company's current P/E ratio is 35.3x. The historical average is 34.5x. This places it at the 65th percentile of its historical range.
The New York Times Company's current EV/EBITDA is 21.5x. 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 35.3x. This is at the 65th 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 0.91% 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.