NYT · NYSE · Newspapers: Publishing or Publishing & Printing
$69.23 · $11.4B market value · fiscal year to 31 Dec 2025
Live from the latest filings
5 of 10
Buffett tests pass
Margin of safety 1.2%
Bear
$41.67
Base
$70.04
Bull
$109.94
Price $69.23
5 pass · 4 mixed · 1 fail · 0 can't tell
Return on equity averaged 11%, reaching 15% in 3 of the years measured; the weakest year was 0.5%.
Why this testDebt isn't reported in the filings, so payback can't be measured. Operating income covers interest 3888×, which suggests debt is modest.
Why this testThe diluted share count has changed by 0.1% a year. Shrinking means buybacks are returning value; growing means owners are being diluted.
Why this testAt $69.23, the price is 1.2% below the base-case value of $70.04 (the bear case is $41.67). The standard lens asks for a 25% margin.
Why this testThe owner-earnings yield is 3.4% against a 10-year Treasury yield of 5.2%.
Why this testNo loss years across 15 years of filings, with operating margin varying by 2.4% around its average.
Why this testAfter-tax return on invested capital averaged 19% over 10 years and was 24% in the latest year.
Why this testNormalised owner earnings are $391.2M, and free cash flow has averaged 134% of reported profit.
Why this testCapital spending has averaged 0.7× depreciation; estimated maintenance capex was $0.0 last year.
Why this testEach dollar retained over the period has been matched by 8.1× of market value created ($1.1B retained in total).
Why this testDiscounted owner earnings
Bear
$41.67
Base
$70.04
Bull
$109.94
Price $69.23
| Scenario | Starting owner earnings | Growth (yrs 1–5) | Terminal | Discount | Value / share |
|---|---|---|---|---|---|
| bear | $391.2M | 6.0% | 1.5% | 9.7% | $41.67 |
| base | $391.2M | 10.0% | 2.5% | 8.2% | $70.04 |
| bull | $391.2M | 13.0% | 3.0% | 7.2% | $109.94 |
How sensitive is that?
| Discount ↓ / Growth → | 6.0% | 8.0% | 10.0% | 12.0% | 14.0% |
|---|---|---|---|---|---|
| 6.2% | $86 | $97 | $109 | $122 |
Fiscal year to 31 Dec 2025
Replicly is a research and education tool. It is not financial advice and does not recommend that you buy or sell any investment. Analyses apply Buffett-inspired principles to public data and can be wrong. Warren Buffett and Berkshire Hathaway are not affiliated with and do not endorse Replicly. Capital is at risk.
| $136 |
| 7.1% | $68 | $76 | $85 | $95 | $106 |
|---|
| 8.2% | $57 | $63 | $70 | $78 | $87 |
|---|
| 9.2% | $48 | $54 | $60 | $66 | $73 |
|---|
| 10.2% | $42 | $47 | $52 | $57 | $63 |
|---|
Green: at least 25% above the price. Amber: above it. Red: below it. n/a means the discount rate is at or below growth, where the model has no finite answer. The corners combine the most extreme assumptions, so treat them as bounds.
Discount rate: 10-year Treasury (5.2%) plus a 3% equity hurdle. Price $69.23 on 20 Oct 2026. End-of-day prices from free public sources, may be delayed or missing.
Revenue
$2.8B
Revenue growth (CAGR)
6.9%
Operating margin (avg)
11%
Return on equity (avg)
11%
ROIC (avg)
19%
Normalised owner earnings
$391.2M
Cash conversion
134%
Net cash
$642.2M
Debt payback
n/a
Share count change (CAGR)
0.1%
Price / earnings
33×
Owner earnings yield
3.4%
Missing from the filings: debt.