# New York Times (NYT.US)

Canonical: https://gigainvestors.com/s/NYT

Analysis as of: 2026-10-16T07:30:49.224Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $68.94 per share; close as of 2026-10-15.

Estimated value: low $35.68 per share, central $47.87 per share, high $55.51 per share. Buy at or below the central value $47.87 per share. Valuation as of 2026-10-16T07:30:49.224Z; scenarios are not confidence intervals.

Expected annual return: 7.8% at the stated quote. About 7.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.22×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.07×

- FY2017: 0.11×

- FY2018: 0.11×

- FY2019: 0.10×

- FY2020: 0.10×

- FY2021: 0.13×

- FY2022: 0.09×

- FY2023: 0.11×

- FY2024: 0.14×

- FY2025: 0.16×

### moat: pass

- ROIC, median of available years: 24.0%

- ROIC, second-lowest year: 19.5%

- Typical minus recent gross margin: -0.4 pp

- Typical gross margin (annual median): 48.9%

- Recent gross margin (lower of latest and 3-year median): 49.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.8%

- ROIC including acquisitions, ten-year median: 18.5%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 20.4%

- FY2017: 19.5%

- FY2018: 25.4%

- FY2019: 22.8%

- FY2020: 25.2%

- FY2021: 26.2%

- FY2022: 16.6%

- FY2023: 22.6%

- FY2024: 27.0%

- FY2025: 33.1%

### economics: pass

- Owner earnings / net income, 5-yr: 1.23×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.5B

- Net income, five-year total: $1.3B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -1.4 pp

- Working capital / revenue, final three-year average: 5.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.15×

- FY2022: 1.32×

- FY2023: 1.31×

- FY2024: 1.21×

- FY2025: 1.18×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 20.4% vs 27.0%

- Per-share earnings: 0.18 to 1.77 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.1%

- Ordinary dilution, 5-year annual growth: -0.4%

- Market cap gain: $9.3B

- Cumulative retained earnings: $1.2B

- Diluted shares, 10-year annual growth: -0.1%

- Diluted shares, 5-year annual growth: -0.4%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 33.2%

- Per-share value change: $1.59

- Per-share value, starting three-year median: $0.18

- Per-share value, ending three-year median: $1.77

- Buybacks concentrated in cheaper years (correlation): 0.43

- Average buyback yield: 0.9%

- Buyback history: 7 years

- Debt-funded buybacks: No

- Acquisition spending: $561M

- Cumulative net income, 10 years: $1.7B

- ROIC, first three-year median: 20.4%

- ROIC, last three-year median: 27.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.18

- FY2017: $0.03

- FY2018: $0.75

- FY2019: $0.84

- FY2020: $0.60

- FY2021: $1.31

- FY2022: $1.04

- FY2023: $1.40

- FY2024: $1.77

- FY2025: $2.09

### accounting: pass

- Sloan accruals: -8.0%

- Receivables to sales index (DSRI): 1.07×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 12.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.70×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.31×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.0%

- FY2017: -3.9%

- FY2018: -1.4%

- FY2019: -2.4%

- FY2020: -8.6%

- FY2021: -1.9%

- FY2022: 0.9%

- FY2023: -4.7%

- FY2024: -4.1%

- FY2025: -8.0%

## Holders

- [Gavin Abrams](https://gigainvestors.com/ABI): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Warren Buffett](https://gigainvestors.com/BRK): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Francois Rochon](https://gigainvestors.com/GC): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 10.9% a year for ten years · "New York Times Stock Sinks 13% as Subscriber Growth Slows" (finance.yahoo.com, Aug 2026) · sales +9.2%

Story as of 2026-10-16T09:59:18.323Z; price observation 2026-10-15.

Price needs cash profits to grow 10.9% a year for ten years

- 2025-05-08: The New York Times Q1 Earnings Beat, Subscription Revenues Jump ([finance.yahoo.com](https://finance.yahoo.com/news/york-times-q1-earnings-beat-145300671.html))

- 2025-08-12: NYT Q2 Deep Dive: Subscription Growth, Advertising Momentum, and New AI Licensing Drive Results ([finance.yahoo.com](https://finance.yahoo.com/news/nyt-q2-deep-dive-subscription-071832375.html))

- 2025-11-05: New York Times beats top-line and bottom-line estimates; initiates Q4 outlook ([seekingalpha.com](https://seekingalpha.com/news/4515576-new-york-times-beats-top-line-and-bottom-line-estimates-initiates-q4-outlook?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-08-05: New York Times Stock Sinks 13% as Subscriber Growth Slows ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/york-times-stock-sinks-13-181741335.html))

### Sales · FY2024–2025

sales +9.2%; source https://www.sec.gov/Archives/edgar/data/71691/000007169126000011/nyt-20251231.htm; observed 2026-02-27.

- FY2016: $1.6B 

- FY2017: $1.7B 

- FY2018: $1.7B 

- FY2019: $1.8B 

- FY2020: $1.8B 

- FY2021: $2.1B 

- FY2022: $2.3B 

- FY2023: $2.4B 

- FY2024: $2.6B 

- FY2025: $2.8B 

### Gross margin · FY2025

gross margin 50.8%; source https://www.sec.gov/Archives/edgar/data/71691/000007169126000011/nyt-20251231.htm; observed 2026-02-27.

- FY2016: 59.5% 

- FY2017: 63.2% 

- FY2018: 45.8% 

- FY2019: 45.5% 

- FY2020: 46.2% 

- FY2021: 49.9% 

- FY2022: 47.6% 

- FY2023: 48.5% 

- FY2024: 49.4% 

- FY2025: 50.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in publishing; annual sales are USD 2.8 billion.

- Source: https://www.sec.gov/Archives/edgar/data/71691/000007169126000011/nyt-20251231.htm (filed 2026-02-27); FY2025: revenue 2824918000; grossProfit 1435205000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 48.5% to 50.8% during 2023–25; it earns 24% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2023: grossProfit / revenue = 48.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2024: grossProfit / revenue = 49.4%.

- Source: https://www.sec.gov/Archives/edgar/data/71691/000007169126000011/nyt-20251231.htm (filed 2026-02-27); FY2025: grossProfit / revenue = 50.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); 10-year return on capital observations [[2016,0.20364850812409208],[2017,0.1953796045229475],[2018,0.25428141961986345],[2019,0.22770554285439634],[2020,0.25183437650801005],[2021,0.2619072090369965],[2022,0.16615964848214412],[2023,0.22644504702901708],[2024,0.2698917825283737],[2025,0.3307543090550762]]; median 0.23976995968120318. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Revenue per user rose 2.7%.

- Source: https://www.sec.gov/Archives/edgar/data/71691/000007169126000011/nyt-20251231.htm (filed 2026-02-27); [p0] the 12.21 million digital-only subscribers, approximately 6.48 million were bundle and multiproduct subscribers. Compared with the end of 2024, there was a net increase of approximately 1,400,000 digital-only subscribers. •Total digital-only average revenue per user (“ARPU”) grew 2.7% year-over-year to $9.68 driven primarily by subscribers transitioning from promotional to higher prices and price increases on certain tenured subscribers. •Operating profit increased 22.9% to $431.6 million in 2025 from $351.1 million in 2024. Adjusted operating profit (“AOP”), defined as operating profit before depreciation, amortization, severance, multiemployer pension plan withdrawal costs and special items (a non-GAAP measure discussed below under “Non-GAAP Financial Measures”), increased 20.8% to $550.1 million in 2025 from $455.4 million in 2024. Operating profit margin (operating profit expressed as a percentage of revenues) increased to 15.3% in 2025, compared with 13.6% in 2024. Adjusted operating profit margin (adjusted operating profit expressed as a percentage of revenues) increased to 19.5% in 2025, compared with 17.6% in 2024. •Total revenues increased 9.2% to $2.82 billion in 2025 from $2.59 billion in 2024. •Total subscription revenues increased 9.1% to $1.95 billion in 2025 from $1.79 billion in 2024. Digital-only subscription revenues increased 14.3% to $1.43 billion in 2025 from $1.25 billion in 2024. •Total advertising revenues increased 11.8% to $566.0 million in 2025 from $506.3 million in 2024, due to an increase of 20.0% in digital advertising revenues, partially offset by a decrease of 5.4% in print advertising revenues. •Affiliate, licensing and other revenues increased 5.7% to $308.1 million in 2025 from $291.4 million in 2024, as a result of higher licensing revenues. •Operating costs increased 7.1% to $2.39 

[p1] d of 2024, there was a net increase of approximately 1,400,000 digital-only subscribers. •Total digital-only average revenue per user (“ARPU”) grew 2.7% year-over-year to $9.68 driven primarily by subscribers transitioning from promotional to higher prices and price increases on certain tenured subscribers. •Operating profit increased 22.9% to $431.6 million in 2025 from $351.1 million in 2024. Adjusted operating profit (“AOP”), defined as operating profit before depreciation, amortization, severance, multiemployer pension plan withdrawal costs and special items (a non-GAAP measure discussed below under “Non-GAAP Financial Measures”), increased 20.8% to $550.1 million in 2025 from $455.4 million in 2024. Operating profit margin (operating profit expressed as a percentage of revenues) increased to 15.3% in 2025, compared with 13.6% in 2024. Adjusted operating profit margin (adjusted operating profit expressed as a percentage of revenues) increased to 19.5% in 2025, compared with 17.6% in 2024. •Total revenues increased 9.2% to $2.82 billion in 2025 from $2.59 billion in 2024. •Total subscription revenues increased 9.1% to $1.95 billion in 2025 from $1.79 billion in 2024. Digital-only subscription revenues increased 14.3% to $1.43 billion in 2025 from $1.25 billion in 2024. •Total advertising revenues increased 11.8% to $566.0 million in 2025 from $506.3 million in 2024, due to an increase of 20.0% in digital advertising revenues, partially offset by a decrease of 5.4% in print advertising revenues. •Affiliate, licensing and other revenues increased 5.7% to $308.1 million in 2025 from $291.4 million in 2024, as a result of higher licensing revenues. •Operating costs increased 7.1% to $2.39 billion in 2025 from $2.23 billion in 2024. Adjusted operating costs, defined as operating costs before depreciation, amortization, s

[p2] there was a net increase of approximately 1,400,000 digital-only subscribers. •Total digital-only average revenue per user (“ARPU”) grew 2.7% year-over-year to $9.68 driven primarily by subscribers transitioning from promotional to higher prices and price increases on certain tenured subscribers. •Operating profit increased 22.9% to $431.6 million in 2025 from $351.1 million in 2024. Adjusted operating profit (“AOP”), defined as operating profit before depreciation, amortization, severance, multiemployer pension plan withdrawal costs and special items (a non-GAAP measure discussed below under “Non-GAAP Financial Measures”), increased 20.8% to $550.1 million in 2025 from $455.4 million in 2024. Operating profit margin (operating profit expressed as a percentage of revenues) increased to 15.3% in 2025, compared with 13.6% in 2024. Adjusted operating profit margin (adjusted operating profit expressed as a percentage of revenues) increased to 19.5% in 2025, compared with 17.6% in 2024. •Total revenues increased 9.2% to $2.82 billion in 2025 from $2.59 billion in 2024. •Total subscription revenues increased 9.1% to $1.95 billion in 2025 from $1.79 billion in 2024. Digital-only subscription revenues increased 14.3% to $1.43 billion in 2025 from $1.25 billion in 2024. •Total advertising revenues increased 11.8% to $566.0 million in 2025 from $506.3 million in 2024, due to an increase of 20.0% in digital advertising revenues, partially offset by a decrease of 5.4% in print advertising revenues. •Affiliate, licensing and other revenues increased 5.7% to $308.1 million in 2025 from $291.4 million in 2024, as a result of higher licensing revenues. •Operating costs increased 7.1% to $2.39 billion in 2025 from $2.23 billion in 2024. Adjusted operating costs, defined as operating costs before depreciation, amortization, severance, m

[p3] t subscription revenue decreased primarily due to a decrease in home-delivery subscription revenue, which was driven by a lower number of average print subscribers, reflecting secular trends, partially offset by an increase in domestic home-delivery prices. The following table summarizes digital and print subscription revenues for the years ended December 31, 2025, and December 31, 2024: Years Ended % Change (In thousands) December 31, 2025 December 31, 2024 2025 vs. 2024 Digital-only subscription revenues(1) $ 1,434,336 $ 1,254,592 14.3 % Print subscription revenues(2) 516,442 533,615 (3.2) % Total subscription revenues $ 1,950,778 $ 1,788,207 9.1 % (1)Includes revenue from bundled and standalone subscriptions to our news product, as well as The Athletic and our Audio, Cooking, Games and Wirecutter products. (2)Includes domestic home-delivery subscriptions, which include access to our digital products. Also includes single-copy, NYT International and Other subscription revenues. P. 36 – THE NEW YORK TIMES COMPANY A subscriber is defined as a user who has subscribed (and for whom a valid method of payment has been provided) for the right to access one or more of the Company’s products. The Company ended 2025 with approximately 12.78 million subscribers to its print and digital products, including approximately 12.21 million digital-only subscribers. Compared with the end of 2024, there was a net increase of approximately 1,400,000 digital-only subscribers. Print domestic home-delivery subscribers totaled approximately 570,000 at the end of 2025, a net decrease of approximately 40,000 subscribers compared with the end of 2024. Subscribers with a domestic home-delivery print subscription to The New York Times, which includes access to our digital products, are excluded from digital-only subscribers. We currently report t

[p4] r of 2025. The number of group subscribers is derived using the value of the relevant contract and a discounted subscription rate. (3)As of the second quarter of 2025, includes subscribers related to family subscriptions. Each family subscription is priced higher than a comparable individual subscription and is counted as one billed subscriber and one additional subscriber to reflect the additional entitlements in these subscriptions. The additional subscribers represented less than 3% of total digital-only subscribers as of the end of the fourth quarter of 2025. (4)Subscribers with only a digital-only news product subscription. (5)Subscribers with only one digital-only subscription to The Athletic or to our Audio, Cooking, Games or Wirecutter products. (6)Subscribers with digital-only subscriptions to one or more of our news product, The Athletic, or our Audio, Cooking, Games and Wirecutter products. (7)Subscribers with a domestic home-delivery or mail print subscription to The New York Times, which includes access to our digital products, or a print subscription to our Book Review or Large Type Weekly products. The sum of individual metrics may not always equal total amounts indicated due to rounding. Subscribers (including net subscriber additions) are rounded to the nearest ten thousand. THE NEW YORK TIMES COMPANY – P. 37 ARPU, a metric we calculate to track the revenue generation of our digital subscriber base, represents the average revenue per digital subscriber over a 28-day billing cycle during the applicable period. The following table sets forth ARPU metrics relating to the above digital-only subscriber categories for the two most recent fiscal years. Years Ended 

[p5] eir implications for expected credit losses. Investments We elected the fair value measurement alternative for our investment interests below 20% and account for these non-marketable equity securities at cost less impairments, adjusted by observable price changes in orderly transactions for the identical or similar investments of the same issuer given our equity instruments are without readily determinable fair values. We evaluate whether there has been an impairment of our investments annually or in an interim period if circumstances indicate that a possible impairment may exist. Property, Plant and Equipment Property, plant and equipment are stated at cost. Depreciation is computed by the straight-line method over the shorter of estimated asset service lives or lease terms as follows: buildings, building equipment and improvements—10 to 40 years; equipment—three to 30 years; and software—two to five years. We capitalize certain staffing costs as part of the cost of major projects. We evaluate whether there has been an impairment of long-lived assets, primarily property, plant and equipment, if certain circumstances indicate that a possible impairment may exist. These assets are tested for impairment at the asset group level associated with the lowest level of cash flows. An impairment exists if the carrying value of the asset (i) is not recoverable (the carrying value of the asset is greater than the sum of undiscounted cash flows) and (ii) is greater than its fair value. See Note 7 for more information regarding material impairments of property, plant and equipment. P. 70 – THE NEW YORK TIMES COMPANY Leases Lessee activities We enter into operating leases for office space and equipment. We determine if an arrangement is a lease at inception. Options to extend the term of operating leases are not recognized as part o

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 165.3 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2016: growth capex 0; upkeep 30095000; owner earnings 60696000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2017: growth capex 22882000; upkeep 61871000; owner earnings 4296000. Growth capex / owner earnings = 5.32635009310987.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2018: growth capex 18476000; upkeep 59011000; owner earnings 125684000. Growth capex / owner earnings = 0.14700359632093185.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2019: growth capex 0; upkeep 45441000; owner earnings 162570000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2020: growth capex 0; upkeep 34451000; owner earnings 136356000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2021: growth capex 0; upkeep 34637000; cash acquisitions 0; owner earnings 252324000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2022: growth capex 0; upkeep 36961000; cash acquisitions 515586000; owner earnings 229521000. Growth capex plus acquisitions / owner earnings = 2.2463565425385914.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2023: growth capex 0; upkeep 22669000; cash acquisitions 0; owner earnings 305065000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2024: growth capex 0; upkeep 29173000; cash acquisitions 0; owner earnings 356676000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/71691/000007169126000011/nyt-20251231.htm (filed 2026-02-27); FY2025: growth capex 0; upkeep 33984000; owner earnings 405146000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Dividend observations: [[2016,25897000],[2017,26004000],[2018,26418000],[2019,31604000],[2020,38437000],[2021,45337000],[2022,56790000],[2023,69464000],[2024,82855000],[2025,110363000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/71691/000007169126000011/nyt-20251231.htm (filed 2026-02-27); FY2025: cash repurchases 165341000 USD.

### Are managers owners

Insiders own 11.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); NYT.US SharesStats.PercentInsiders = 11.29 percentage points; cache date 2026-10-16.

### What could break it

Depends on Apple's app store to reach customers.

- Source: https://www.sec.gov/Archives/edgar/data/71691/000007169126000011/nyt-20251231.htm (filed 2026-02-27); sults will be adversely affected.

Our ability to attract, retain and monetize a significant portion of our users and our ability to maintain and grow our licensing revenues are dependent on third parties over which we do not have control. Actions or changes by these third parties could adversely affect our business, financial condition and results of operations.

Our ability to attract, retain and monetize a portion of our users is dependent upon platforms owned by third parties. For example, some of our subscribers choose to subscribe to our products through apps on operating systems run by Apple and Alphabet. If these third parties do not continue to provide their services as we expect or adversely change their user experiences, fees, commissions or terms for doing so, and if we are unable to adapt effectively to these changes, it could result in a loss of users or revenue; the ineffective monetization of products and/or other missed opportunities; increase our costs; damage our reputation; and adversely affect our financial results. In addition, we are reliant on accurate and timely reporting from these third-party platforms to accurately report certain financial results.



### What the price says

The price assumes cash profits grow 10.9% yearly over ten years; actual growth was 15.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Ten-year compound average after fade. Initial solved rate 0.1910145228190271. Price 68.94; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.588127842906329 → FY2025 2.456278835719006. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $10.90 per share

- 2016-11: $13.00 per share

- 2016-12: $13.30 per share

- 2017-01: $13.50 per share

- 2017-02: $14.40 per share

- 2017-03: $14.40 per share

- 2017-04: $14.45 per share

- 2017-05: $17.60 per share

- 2017-06: $17.70 per share

- 2017-07: $19.00 per share

- 2017-08: $18.65 per share

- 2017-09: $19.60 per share

- 2017-10: $19.10 per share

- 2017-11: $18.80 per share

- 2017-12: $18.50 per share

- 2018-01: $23.25 per share

- 2018-02: $24.10 per share

- 2018-03: $24.10 per share

- 2018-04: $23.45 per share

- 2018-05: $22.75 per share

- 2018-06: $25.90 per share

- 2018-07: $24.80 per share

- 2018-08: $23.30 per share

- 2018-09: $23.15 per share

- 2018-10: $26.40 per share

- 2018-11: $26.83 per share

- 2018-12: $22.29 per share

- 2019-01: $25.71 per share

- 2019-02: $32.85 per share

- 2019-03: $32.85 per share

- 2019-04: $33.15 per share

- 2019-05: $31.82 per share

- 2019-06: $32.62 per share

- 2019-07: $35.68 per share

- 2019-08: $29.20 per share

- 2019-09: $28.48 per share

- 2019-10: $30.90 per share

- 2019-11: $32.25 per share

- 2019-12: $32.17 per share

- 2020-01: $32.01 per share

- 2020-02: $37.46 per share

- 2020-03: $30.71 per share

- 2020-04: $32.52 per share

- 2020-05: $39.23 per share

- 2020-06: $42.03 per share

- 2020-07: $46.14 per share

- 2020-08: $43.33 per share

- 2020-09: $42.79 per share

- 2020-10: $39.66 per share

- 2020-11: $42.91 per share

- 2020-12: $51.77 per share

- 2021-01: $49.59 per share

- 2021-02: $51.17 per share

- 2021-03: $50.62 per share

- 2021-04: $45.41 per share

- 2021-05: $42.82 per share

- 2021-06: $43.55 per share

- 2021-07: $43.78 per share

- 2021-08: $50.78 per share

- 2021-09: $49.27 per share

- 2021-10: $54.59 per share

- 2021-11: $47.50 per share

- 2021-12: $48.30 per share

- 2022-01: $40.03 per share

- 2022-02: $43.99 per share

- 2022-03: $45.84 per share

- 2022-04: $38.32 per share

- 2022-05: $34.49 per share

- 2022-06: $27.90 per share

- 2022-07: $31.95 per share

- 2022-08: $30.49 per share

- 2022-09: $28.75 per share

- 2022-10: $28.96 per share

- 2022-11: $36.65 per share

- 2022-12: $32.46 per share

- 2023-01: $34.84 per share

- 2023-02: $38.50 per share

- 2023-03: $38.88 per share

- 2023-04: $39.75 per share

- 2023-05: $35.42 per share

- 2023-06: $39.38 per share

- 2023-07: $40.76 per share

- 2023-08: $44.27 per share

- 2023-09: $41.20 per share

- 2023-10: $40.31 per share

- 2023-11: $46.99 per share

- 2023-12: $48.99 per share

- 2024-01: $48.56 per share

- 2024-02: $44.28 per share

- 2024-03: $43.22 per share

- 2024-04: $43.03 per share

- 2024-05: $51.20 per share

- 2024-06: $51.21 per share

- 2024-07: $53.59 per share

- 2024-08: $54.93 per share

- 2024-09: $55.67 per share

- 2024-10: $55.84 per share

- 2024-11: $54.26 per share

- 2024-12: $52.05 per share

- 2025-01: $54.30 per share

- 2025-02: $48.09 per share

- 2025-03: $49.60 per share

- 2025-04: $52.06 per share

- 2025-05: $57.12 per share

- 2025-06: $55.98 per share

- 2025-07: $51.89 per share

- 2025-08: $59.84 per share

- 2025-09: $57.40 per share

- 2025-10: $56.99 per share

- 2025-11: $64.50 per share

- 2025-12: $69.42 per share

- 2026-01: $73.31 per share

- 2026-02: $79.79 per share

- 2026-03: $83.73 per share

- 2026-04: $79.03 per share

- 2026-05: $75.21 per share

- 2026-06: $69.98 per share

- 2026-07: $74.89 per share

- 2026-08: $67.27 per share

- 2026-09: $63.70 per share

- 2026-10: $68.94 per share

## Annual estimated value (USD per share)

- FY2016: low $9.66 per share, central $10.55 per share, high $11.74 per share

- FY2017: low $8.22 per share, central $8.97 per share, high $9.97 per share

- FY2018: low $9.04 per share, central $9.81 per share, high $10.83 per share

- FY2019: low $9.69 per share, central $10.70 per share, high $12.05 per share

- FY2020: low $11.67 per share, central $12.82 per share, high $14.35 per share

- FY2021: low $13.96 per share, central $15.38 per share, high $17.27 per share

- FY2022: low $15.34 per share, central $17.21 per share, high $19.70 per share

- FY2023: low $19.44 per share, central $22.31 per share, high $25.59 per share

- FY2024: low $29.57 per share, central $40.21 per share, high $46.65 per share

- FY2025: low $33.14 per share, central $44.39 per share, high $51.45 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/71691/000007169126000011/nyt-20251231.htm); period 2025-12-31, filed 2026-02-27.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.