On June 1, 2026, a shareholder of New York Times (NYT), the National Center for Public Policy Research, formally demanded access to internal records after a Nicholas Kristof column sparked criticism and legal threats.

The recent activist pressure arrives after a softer near term patch for the stock, with the share price down 6.8% over the past 30 days and 6.1% over 90 days, yet backed by a 34.6% 1 year total shareholder return and a 106.3% 3 year total shareholder return that point to momentum built over a longer horizon.

If this kind of corporate governance story has you thinking more broadly about opportunities, it could be a good moment to scan 20 top founder-led companies

With NYT shares recently easing back, despite a 1 year total return of 34.6% and a very large 3 year total return, and with valuation tools pointing to a possible discount, the key question is simple: is there still a buying opportunity here, or are markets already pricing in future growth?

Most Popular Narrative: 11.9% Undervalued

At a last close of $74.02 versus a narrative fair value of $84, the story centers on whether New York Times can turn its digital engine into higher earnings power over time.

Robust growth in digital subscriptions driven by an expanding portfolio of bundled offerings (news, Cooking, Games, The Athletic) and a focus on direct consumer relationships positions the company to capture more recurring revenue, strengthen ARPU, and reduce churn; this directly supports long-term revenue and margin expansion.

Read the complete narrative. Read the complete narrative.

Want to see what sits behind that margin story? The narrative leans on measured revenue growth, rising profitability and a richer earnings multiple. The specific trade offs between growth, margins and required return might surprise you.

Result: Fair Value of $84 (UNDERVALUED)

However, tech platforms reducing referral traffic and the risk that bundled promotional offers backfire on pricing power could quickly challenge the narrative of higher margins.

Another View: Earnings Multiple Points To A Richer Price

That 11.9% discount to fair value from the narrative sits awkwardly next to the P/E picture. NYT trades at 31.3x earnings, compared with 25.4x for peers and 22.2x for the US Media industry, while the fair ratio is 21.3x. That gap suggests less margin for error if growth or margins disappoint.

For anyone weighing whether that premium is justified by the story, it helps to see what the numbers say in detail, especially how earnings, peers and the fair ratio stack up side by side: See what the numbers say about this price — find out in our valuation breakdown.

Next Steps

If this mix of strong returns and valuation questions has you thinking hard about the story, now is the time to look through the details and weigh both sides for yourself, including the 3 key rewards and 1 important warning sign.

Looking for more investment ideas?

If this story sharpened your thinking, do not stop here, broaden your watchlist with fresh ideas that could fit your risk profile and income goals.

• Target potential value by scanning 47 high quality undervalued stocks that pair solid fundamentals with pricing that may still leave room on the table.
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• Dial down portfolio stress by reviewing 63 resilient stocks with low risk scores designed for resilience when conditions turn choppy.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.