# USA Today (TDAY.US)

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

Analysis as of: 2026-10-16T07:32:16.331Z. Financial observations: FY2010–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $7.18 per share; close as of 2026-10-15.

Estimated value: low $5.61 per share, central $6.34 per share, high $7.32 per share. Buy at or below the central value $6.34 per share. Valuation as of 2026-10-16T07:32:16.331Z; scenarios are not confidence intervals.

Expected annual return: 9.1% at the stated quote. About 9.1% 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: fail

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

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 7

- Operating margin variation: 5.48×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.05×

- FY2017: 0.03×

- FY2018: 0.04×

- FY2019: 0.04×

- FY2020: -0.13×

- FY2021: 0.03×

- FY2022: -0.01×

- FY2023: 0.03×

- FY2024: -0.02×

- FY2025: 0.04×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 7.8pp below the typical margin (limit 4pp)

- ROIC, median of available years: 5.0%

- ROIC, second-lowest year: -4.2%

- Typical minus recent gross margin: 7.8 pp

- Typical gross margin (annual median): 39.3%

- Recent gross margin (lower of latest and 3-year median): 31.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.2%

- ROIC including acquisitions, ten-year median: 5.8%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 8.7%

- FY2017: 3.6%

- FY2018: 6.6%

- FY2019: 3.0%

- FY2020: -23.1%

- FY2021: 6.4%

- FY2022: -2.4%

- FY2023: 7.0%

- FY2024: -4.2%

- FY2025: 10.0%

### economics: fail

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $375M

- Net income, five-year total: -$265M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -1.1 pp

- Working capital / revenue, change between three-year averages: -6.8 pp

- Working capital / revenue, final three-year average: 4.6%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: $29M

- FY2022: $59M

- FY2023: $90M

- FY2024: $80M

- FY2025: $116M

### management: fail

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

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 6.6% vs 7.0%

- Per-share earnings: 0.70 to -0.18 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 12.7%

- Ordinary dilution, 5-year annual growth: 2.1%

- Market cap gain: $33M

- Cumulative retained earnings: -$1.1B

- Diluted shares, 10-year annual growth: 12.7%

- Diluted shares, 5-year annual growth: 2.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: -$0.88

- Per-share value, starting three-year median: $0.70

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

- Buybacks concentrated in cheaper years (correlation): -0.66

- Average buyback yield: 0.6%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $1.3B

- Cumulative net income, 10 years: -$1.0B

- ROIC, first three-year median: 6.6%

- ROIC, last three-year median: 7.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.70

- FY2017: -$0.02

- FY2018: $0.31

- FY2019: -$1.77

- FY2020: -$5.09

- FY2021: -$1.00

- FY2022: -$0.57

- FY2023: -$0.20

- FY2024: -$0.18

- FY2025: $0.01

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: -6.1%

- Receivables to sales index (DSRI): 1.02×

- Restructuring years, last five: 5

- Stock compensation / operating cash flow: 8.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 65.40×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 5.52×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.0%

- FY2017: -8.7%

- FY2018: -6.3%

- FY2019: -3.6%

- FY2020: -23.4%

- FY2021: -9.3%

- FY2022: -5.0%

- FY2023: -5.6%

- FY2024: -6.2%

- FY2025: -6.1%

## Holders

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

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

## Price story

Price needs cash profits to grow 2.5% a year for ten years · sales -8.3%

Story as of 2026-10-16T09:59:39.965Z; price observation 2026-10-15.

Price needs cash profits to grow 2.5% a year for ten years

### Sales · FY2024–2025

sales -8.3%; source https://www.sec.gov/Archives/edgar/data/1579684/000157968426000010/tday-20251231.htm; observed 2026-02-26.

- FY2016: $1.3B 

- FY2017: $1.3B 

- FY2018: $1.5B 

- FY2019: $1.9B 

- FY2020: $3.4B 

- FY2021: $3.2B 

- FY2022: $2.9B 

- FY2023: $2.7B 

- FY2024: $2.5B 

- FY2025: $2.3B 

### Gross margin · FY2025

gross margin 31.5%; source https://www.sec.gov/Archives/edgar/data/1579684/000157968426000010/tday-20251231.htm; observed 2026-02-26.

- FY2016: 44.3% 

- FY2017: 44.6% 

- FY2018: 43.3% 

- FY2019: 36.2% 

- FY2020: 40.3% 

- FY2021: 40.7% 

- FY2022: 36.8% 

- FY2023: 36.5% 

- FY2024: 38.4% 

- FY2025: 31.5% 

## Owner memo

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

### How it makes money

Operates in publishing; annual sales are USD 2.3 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1579684/000157968426000010/tday-20251231.htm (filed 2026-02-26); FY2025: revenue 2302226000; grossProfit 725679000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); TDAY.US: USA TODAY Co., Inc. operates as a media and digital marketing solutions company in the United States. It operates through three segments: Domestic Gannett Media, Newsquest, and Digital Marketing Solutions. The company's print offerings include home delivery on a subscription basis; single copy; and non-daily publications, such as shoppers and niche publications. It also provides digital-only subscription, including local media brands, USA TODAY NETWORK community events platform, magazines, sports, and games; and E-newspapers; and digital advertising and marketing services. In addition, the company offers digital news and media brands; daily and weekly newspapers; digital advertising and marketing products and solutions under the LocaliQ brand; cloud-based platform that offers a suite of products and solutions for marketing automation, AI-driven advertising optimization, and customizable reporting; commercial printing and distribution arrangements services; and prints commercial materials, including flyers, business cards, and invitations. USA TODAY Co., Inc. was formerly known as Gannett Co., Inc. and changed its name to USA TODAY Co., Inc. in October 2025. The company was founded in 1906 and is headquartered in Pittsford, New York.

### Why customers stay

Margins ranged from 31.5% to 38.4% during 2023–25; it earns 5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 36.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = 38.4%.

- Source: https://www.sec.gov/Archives/edgar/data/1579684/000157968426000010/tday-20251231.htm (filed 2026-02-26); FY2025: grossProfit / revenue = 31.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on capital observations [[2016,0.08667975480918619],[2017,0.03623230903161948],[2018,0.06586363744512978],[2019,0.02966030633296968],[2020,-0.23067007664631153],[2021,0.06360127983703114],[2022,-0.02426082442095026],[2023,0.06968813491385878],[2024,-0.042086044906512125],[2025,0.099797847786778]]; median 0.04991679443432531. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 4 of 10 years; bought back USD 3.1 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2016: growth capex 0; upkeep 10631000; cash acquisitions 137486000; owner earnings 88784000. Growth capex plus acquisitions / owner earnings = 1.5485447828437557.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2017: growth capex 0; upkeep 11090000; cash acquisitions 164155000; owner earnings 62389000. Growth capex plus acquisitions / owner earnings = 2.6311529275994165.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2018: growth capex 0; upkeep 11639000; cash acquisitions 204877000; owner earnings 91348000. Growth capex plus acquisitions / owner earnings = 2.242818671454219.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2021: growth capex 0; upkeep 39560000; cash acquisitions 125000; owner earnings 29436000. Growth capex plus acquisitions / owner earnings = 0.004246500883272184.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2022: growth capex 0; upkeep 45376000; cash acquisitions 15432000; owner earnings 58644000. Growth capex plus acquisitions / owner earnings = 0.2631471250255781.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: growth capex 0; upkeep 38116000; cash acquisitions 0; owner earnings 90015000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: growth capex 0; upkeep 49534000; cash acquisitions 0; owner earnings 80399000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1579684/000157968426000010/tday-20251231.htm (filed 2026-02-26); FY2025: growth capex 0; upkeep 51486000; owner earnings 116022000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,59760000],[2017,75608000],[2018,87195000],[2019,91936000],[2020,0],[2021,0],[2022,0],[2023,0],[2024,0],[2025,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1579684/000157968426000010/tday-20251231.htm (filed 2026-02-26); FY2025: cash repurchases 3064000 USD.

### What the price says

The price assumes cash profits grow 2.5% yearly over ten years; actual decline was 11.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Ten-year compound average after fade. Initial solved rate 0.023149628802944355. Price 7.18; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.832244048139033 → FY2025 0.7947964405351527. Closing-price date 2026-10-15.

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

- 2016-10: $14.40 per share

- 2016-11: $15.36 per share

- 2016-12: $15.99 per share

- 2017-01: $15.24 per share

- 2017-02: $15.43 per share

- 2017-03: $14.21 per share

- 2017-04: $13.16 per share

- 2017-05: $12.93 per share

- 2017-06: $13.48 per share

- 2017-07: $13.94 per share

- 2017-08: $13.79 per share

- 2017-09: $14.79 per share

- 2017-10: $15.97 per share

- 2017-11: $17.36 per share

- 2017-12: $16.78 per share

- 2018-01: $16.90 per share

- 2018-02: $17.25 per share

- 2018-03: $17.14 per share

- 2018-04: $16.58 per share

- 2018-05: $16.70 per share

- 2018-06: $18.48 per share

- 2018-07: $17.99 per share

- 2018-08: $15.90 per share

- 2018-09: $15.69 per share

- 2018-10: $14.05 per share

- 2018-11: $13.20 per share

- 2018-12: $11.57 per share

- 2019-01: $13.67 per share

- 2019-02: $13.32 per share

- 2019-03: $10.50 per share

- 2019-04: $10.69 per share

- 2019-05: $9.23 per share

- 2019-06: $9.44 per share

- 2019-07: $10.77 per share

- 2019-08: $8.78 per share

- 2019-09: $8.81 per share

- 2019-10: $8.81 per share

- 2019-11: $6.36 per share

- 2019-12: $6.38 per share

- 2020-01: $6.11 per share

- 2020-02: $4.20 per share

- 2020-03: $1.48 per share

- 2020-04: $1.13 per share

- 2020-05: $1.31 per share

- 2020-06: $1.38 per share

- 2020-07: $1.48 per share

- 2020-08: $1.73 per share

- 2020-09: $1.30 per share

- 2020-10: $1.15 per share

- 2020-11: $2.84 per share

- 2020-12: $3.36 per share

- 2021-01: $4.48 per share

- 2021-02: $4.95 per share

- 2021-03: $5.38 per share

- 2021-04: $4.54 per share

- 2021-05: $5.13 per share

- 2021-06: $5.49 per share

- 2021-07: $5.77 per share

- 2021-08: $6.35 per share

- 2021-09: $6.68 per share

- 2021-10: $5.80 per share

- 2021-11: $5.11 per share

- 2021-12: $5.33 per share

- 2022-01: $4.86 per share

- 2022-02: $4.96 per share

- 2022-03: $4.51 per share

- 2022-04: $4.01 per share

- 2022-05: $3.93 per share

- 2022-06: $2.90 per share

- 2022-07: $3.01 per share

- 2022-08: $2.32 per share

- 2022-09: $1.53 per share

- 2022-10: $1.45 per share

- 2022-11: $2.50 per share

- 2022-12: $2.03 per share

- 2023-01: $2.26 per share

- 2023-02: $3.03 per share

- 2023-03: $1.87 per share

- 2023-04: $1.90 per share

- 2023-05: $2.22 per share

- 2023-06: $2.25 per share

- 2023-07: $2.82 per share

- 2023-08: $2.91 per share

- 2023-09: $2.45 per share

- 2023-10: $2.34 per share

- 2023-11: $1.85 per share

- 2023-12: $2.30 per share

- 2024-01: $2.47 per share

- 2024-02: $2.13 per share

- 2024-03: $2.44 per share

- 2024-04: $2.42 per share

- 2024-05: $3.76 per share

- 2024-06: $4.61 per share

- 2024-07: $4.91 per share

- 2024-08: $5.29 per share

- 2024-09: $5.62 per share

- 2024-10: $4.69 per share

- 2024-11: $5.19 per share

- 2024-12: $5.06 per share

- 2025-01: $4.52 per share

- 2025-02: $4.04 per share

- 2025-03: $2.89 per share

- 2025-04: $3.20 per share

- 2025-05: $3.54 per share

- 2025-06: $3.58 per share

- 2025-07: $3.81 per share

- 2025-08: $4.11 per share

- 2025-09: $4.13 per share

- 2025-10: $5.30 per share

- 2025-11: $5.01 per share

- 2025-12: $5.15 per share

- 2026-01: $5.92 per share

- 2026-02: $5.95 per share

- 2026-03: $7.05 per share

- 2026-04: $7.23 per share

- 2026-05: $7.81 per share

- 2026-06: $8.55 per share

- 2026-07: $8.69 per share

- 2026-08: $6.29 per share

- 2026-09: $6.29 per share

- 2026-10: $7.18 per share

## Annual estimated value (USD per share)

- FY2016: low $24.66 per share, central $27.61 per share, high $31.54 per share

- FY2017: low $19.88 per share, central $22.57 per share, high $26.17 per share

- FY2018: low $17.41 per share, central $19.76 per share, high $22.90 per share

- FY2019: low $19.81 per share, central $22.30 per share, high $25.62 per share

- FY2020: low $15.27 per share, central $19.06 per share, high $22.13 per share

- FY2021: low $2.88 per share, central $3.21 per share, high $3.65 per share

- FY2022: low $2.42 per share, central $2.71 per share, high $3.11 per share

- FY2023: low $2.25 per share, central $2.51 per share, high $2.86 per share

- FY2024: low $4.23 per share, central $4.75 per share, high $5.46 per share

- FY2025: low $5.83 per share, central $6.59 per share, high $7.60 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/1579684/000157968426000010/tday-20251231.htm); period 2025-12-31, filed 2026-02-26.

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.