NWSA
News CorporationCommunication Services·Entertainment
$26.10
$14.7B market cap
Revenue
$9.0B
Free Cash Flow
$566.0M
Rev Growth
+8.8%
FCF Margin
6.3%
P/FCF
25.9x
EV/FCF
27.1x
Fwd EV/EBITDA
--
Fair Value
--
Upside
--
News Corporation, a media and information services company, creates and distributes authoritative and engaging content, and other products and services for consumers and businesses worldwide. It operates in six segments: Digital Real Estate Services, Subscription Video Services, Dow Jones, Book Publishing, News Media, and Other. The company distributes content and data products, including The Wall Street Journal, Barron's, MarketWatch, Investor's Business Daily, Factiva, Dow Jones Risk & Complia
2-Year Price History
$25.89-3.4%
Quarterly Financials & Projections
Quarterly Waterfall ($ M)
| Period | Rev | EBITDA | OpIn | NI | OCF | FCF | CapEx | Cash | Debt | Shares | ROIC | IntCov | EV/EBITDA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act | 2026-Q3 | 2,185 | 341.0 | 219.0 | 89.0 | 499.0 | 399.0 | -100.0 | 2,171 | 2,842 | 561.5 | 11.6% | -- | 9.2x |
| Act | 2026-Q2 | 2,590 | 630.0 | 472.0 | 121.0 | 236.0 | 137.0 | -99.0 | 2,051 | 2,848 | 576.2 | 28.9% | 16.6x | 10.9x |
| Act | 2026-Q1 | 2,144 | 335.0 | 223.0 | 112.0 | 80.0 | -1.0 | -81.0 | 2,204 | 2,927 | 569.7 | 11.7% | 55.8x | 11.8x |
| Act | 2025-Q4 | 2,109 | 322.0 | 202.0 | 743.0 | 188.0 | 31.0 | -157.0 | 2,403 | 2,940 | 569.7 | 11.1% | 17.9x | 10.7x |
| Act | 2025-Q3 | 2,009 | 290.0 | 176.0 | 103.0 | 578.0 | 485.0 | -93.0 | 2,095 | 2,923 | 569.5 | 10.4% | 290.0x | 11.1x |
| Act | 2025-Q2 | 2,238 | 546.0 | 365.0 | 215.0 | 304.0 | 242.0 | -62.0 | 1,751 | 2,923 | 570.1 | 19.1% | 182.0x | 11.2x |
| Act | 2025-Q1 | 2,096 | 325.0 | 213.0 | 119.0 | 64.0 | -31.0 | -95.0 | 1,778 | 4,051 | 571.2 | 9.6% | 18.1x | 14.4x |
| Act | 2024-Q4 | 2,577 | 320.0 | 188.0 | 50.0 | 254.0 | 111.0 | -143.0 | 1,960 | 4,053 | 573.0 | 9.6% | 17.8x | 14.0x |
| Act | 2024-Q3 | 1,994 | 259.0 | 145.0 | 30.0 | 539.0 | 447.0 | -92.0 | 1,943 | 4,064 | 573.6 | 7.3% | 28.8x | 15.1x |
| Act | 2024-Q2 | 2,135 | 332.0 | 290.0 | 156.0 | 359.0 | 329.0 | -30.0 | 1,724 | 4,243 | 574.0 | 11.8% | 47.4x | 12.7x |
| Act | 2024-Q1 | 2,499 | 289.0 | 193.0 | 30.0 | -55.0 | -179.0 | -124.0 | 1,529 | 4,158 | 574.0 | 10.1% | 12.6x | 12.3x |
| Act | 2023-Q4 | 2,433 | 183.0 | 163.0 | -8.0 | 422.0 | 273.0 | -149.0 | 1,833 | 4,207 | 573.0 | 9.2% | 8.3x | 10.8x |
| Act | 2023-Q3 | 2,447 | 299.0 | 137.0 | 50.0 | 509.0 | 376.0 | -133.0 | 1,659 | 4,193 | 577.9 | 6.5% | 12.0x | 11.3x |
| Act | 2023-Q2 | 2,521 | 355.0 | 235.0 | 67.0 | 192.0 | 79.0 | -113.0 | 1,328 | 4,228 | 578.0 | 10.5% | 13.7x | 10.0x |
| Act | 2023-Q1 | 2,478 | 307.0 | 171.0 | 40.0 | -31.0 | -135.0 | -104.0 | 1,458 | 4,019 | 583.2 | 8.8% | 11.4x | 8.5x |
| Act | 2022-Q4 | 2,674 | 194.0 | 132.0 | 110.0 | 324.0 | 142.0 | -182.0 | 1,822 | 4,155 | 589.0 | 7.9% | 6.3x | 9.5x |
| Act | 2022-Q3 | 2,492 | 330.0 | 186.0 | 82.0 | 600.0 | 493.0 | -107.0 | 1,865 | 3,986 | 592.1 | 9.3% | 13.2x | -- |
| Act | 2022-Q2 | 2,717 | 550.0 | 418.0 | 235.0 | 362.0 | 255.0 | -107.0 | 2,184 | 3,448 | 594.7 | 20.4% | 26.2x | -- |
| Act | 2022-Q1 | 2,502 | 525.0 | 245.0 | 196.0 | 68.0 | -35.0 | -103.0 | 2,100 | 3,488 | 594.4 | 11.3% | 23.9x | -- |
Historical Valuation
Multiples vs the company's own history — cheap or rich relative to itself? Historical fiscal years, then TTM, then forward projections (E). Forward rows hold today's price against projected earnings, so the multiple compresses if the company grows into it.
| Year | Price | Rev Gr | EBITDA % | EBITDA | EV/EBITDA | EV/FCF | P/E | P/S |
|---|---|---|---|---|---|---|---|---|
| 2022 | 17.66 | — | 15.4% | 1,599 | 7.1× | 13.3× | 14.4× | 0.9× |
| 2023 | 24.10 | -4.9% | 11.6% | 1,144 | 12.1× | 23.3× | 76.8× | 1.2× |
| 2024 | 27.23 | -6.8% | 13.0% | 1,200 | 14.3× | 24.2× | 56.4× | 1.6× |
| 2025 | 26.01 | -8.2% | 17.6% | 1,483 | 11.4× | 23.3× | 13.9× | 1.9× |
| TTM | 26.10 | +1.2% | 18.0% | 1,628 | 0.0× | 0.0× | 0.0× | 0.0× |
EBITDA in reporting-currency $M. Historical multiples use year-end market cap (split-adjusted price history); TTM & forward years use today's.
Valuation & Metrics
Market Stats
Price$26.10
Market Cap$14.7B
Enterprise Value$15.3B
P/S Ratio1.6x
P/FCF25.9x
EV/FCF27.1x
FCF Margin (TTM)6.3%
FCF Yield3.9%
Dividend Yield (TTM)1.1%
Annual Dilution-1.4%
CurrencyUSD
TTM Financial Snapshot
Revenue$9.0B
Net Income$1.1B
Free Cash Flow$566.0M
Revenue Growth (YoY)+8.8%
EBITDA Margin18.0%
Net Margin11.8%
FCF Margin6.3%
CapEx % of Revenue4.8%
SBC % of Revenue0.0%
ROIC15.8%
WC Change % Rev-2.3%
Interest Coverage62.6x
Forward Outlook & Risk
Short Interest
Short % of Float2.7%
Short Shares14.8M
Days to Cover4.5
Change (vs Prior)-7.8%
Short % Float History
2.70%+1.20pp
Options
Call IV (ATM)27%
Put IV (ATM)28%
ATM Spread1.2%
Call $OI (near money)$3.9M
Put $OI (near money)$39K
ATM ExpiryJuly 17, 2026 (56D)
ATM Strike$25.0
Major Expirations3
Near-money chain · July 17, 2026
| Strike | Call Bid/Ask | Call OI | Put Bid/Ask | Put OI |
|---|---|---|---|---|
| $12.50 | $12.20/$15.40 | 0 | --/$0.95 | 0 |
| $15.00 | $9.80/$13.00 | 0 | --/$0.95 | 0 |
| $17.50 | $7.40/$9.90 | 0 | --/$0.95 | 0 |
| $20.00 | $5.20/$8.10 | 0 | --/$0.95 | 110 |
| $22.50 | $3.10/$5.00 | 4 | $0.15/$0.35 | 287 |
| $25.00 | $1.55/$1.85 | 2,829 | $0.55/$0.80 | 94 |
| $30.00 | $0.10/$0.25 | 12,213 | $3.00/$4.90 | 0 |
| $35.00 | --/$0.25 | 10,085 | $7.70/$10.50 | 0 |
Snapshot: 2026-05-22
Employees
Headcount23,900
Revenue / Employee$377,741
Gross Profit / Employee$279,163
2022: 25,500 → 2023: 25,000 → 2024: 23,900 → 2025: 22,300 (-4% CAGR)
Institutional Ownership
Headline & net flow
NET BUYING
In Q1 2026 so far (quarter still filing), institutions are net buyers — bought 8.5% of float, sold 2.0%. 2 filers moved >1% of shares (2 buying, 0 selling).
Net flow · Q1 2026still filing
+6.5% of float (net)
Bought 8.5% · Sold 2.0%
592 filers reported (last quarter: 588)
Ownership composition
Active
43.0%(-3.0% YoY)
557 filers
hedge / family / endowment
Retail funds
—
Fidelity, Schwab, 401(k)
Passive
22.7%(-1.4% YoY)
12 filers
Vanguard, iShares, SPDR
Market makers
0.3%(+0.1% YoY)
9 filers
Citadel, Susquehanna
Insiders
0.1%
Form 4 — latest per insider
ActiveRetail fundsPassiveMarket makersRetail direct
Top holders
| Fund | $ value | Cost basis | Δ QoQ | Δ YoY | α life | Fund AUM |
|---|---|---|---|---|---|---|
| STATE STREET CORPPassive | $970M | $25.83 | +$293M | +$190M | -0.2% | $2.89T |
| Independent Franchise Partners LLP | $771M | $23.71 | +$24.7M | +$93.1M | -0.4% | $14.29B |
| BlackRock, Inc.Passive | $745M | $26.57 | −$5.1M | +$25.5M | -0.2% | $5.69T |
| VANGUARD CAPITAL MANAGEMENT LLCPassive | $652M | $24.93 | +$652M | +$652M | — | $4.04T |
| BARCLAYS PLC | $453M | $26.38 | +$223M | +$210M | -0.1% | $279.69B |
| VANGUARD PORTFOLIO MANAGEMENT LLCPassive | $419M | $24.93 | +$419M | +$419M | — | $1.91T |
| PRICE T ROWE ASSOCIATES INC /MD/ | $335M | $16.85 | −$45.6M | −$286M | -0.2% | $864.93B |
| 59 North Capital Management, LP | $310M | $25.24 | −$12.8M | +$32.5M | +0.9% | $3.35B |
| DODGE & COX | $306M | $27.10 | −$4.8M | −$39.6M | -0.6% | $181.98B |
| Point72 Asset Management, L.P. | $280M | $26.81 | +$3.7M | +$261M | +0.9% | $54.88B |
| GEODE CAPITAL MANAGEMENT, LLCPassive | $266M | $23.74 | +$5.6M | +$18.3M | +2.3% | $1.61T |
| Metropolis Capital Ltd | $220M | $21.30 | +$46.0M | +$96.9M | +1.1% | $2.95B |
| STATE OF WISCONSIN INVESTMENT BOARD | $189M | $23.57 | +$5.8M | +$29.5M | -0.2% | $43.36B |
| YACKTMAN ASSET MANAGEMENT LP | $184M | $17.35 | +$1.5M | −$28.4M | +0.7% | $7.38B |
| Invesco Ltd. | $177M | $25.10 | −$33.9M | +$42.2M | -0.2% | $652.04B |
| AQR CAPITAL MANAGEMENT LLC | $144M | $28.66 | +$15.7M | +$109M | -0.2% | $218.19B |
| MORGAN STANLEY | $143M | $21.69 | +$8.5M | +$11.8M | -0.3% | $1.65T |
| Starboard Value LP | $140M | $25.63 | −$7.2M | −$39.8M | -0.9% | $4.57B |
| BANK OF MONTREAL /CAN/ | $139M | $25.91 | −$2.4M | +$132M | -0.1% | $234.58B |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $123M | $22.18 | +$3.3M | +$10.6M | +0.7% | $645.81B |
Cost basis is a volume-weighted estimate from accumulation periods within our 13F history; holders who built their position before our window started will show a stale basis. % above the cost basis is the unrealized gain at the current price.
Trading behavior
Smart-money alpha (lifetime, %/qtr)NEUTRAL
Holders
-0.11%
avg per quarter
Holders (ex-self)
-0.02%
excl. this stock
Buyers (this Q)
-0.08%
218 buyers · $2.10B in
Sellers (this Q)
-0.25%
223 sellers · $0.73B out
alpha coverage: 88% of $ has a lifetime-alpha record
Holder behavior on this stocksource: stock
On big dips (−10%+)
-11.6%
how holders react when this stock falls
On quiet Qs
-1.8%
−10% to +10% baseline
On rallies (+10%+)
-38.4%
how they react when this stock rises
Holders' portfolio flow this Q
+2.2%
inflows — adds are organic
Sellers' portfolio flow this Q
+2.9%
Sellers grew AUM elsewhere — opinionated cut of this stock.
▸ Compare to holder-profile behavior (across all their stocks)
Holder dip (any stock)
-0.2%
Holder mid (any stock)
-1.5%
Holder rally (any stock)
-7.8%
Biggest decreases this quarter
Qube Research & Technologies Ltdexited−$64.2MPRICE T ROWE ASSOCIATES INC /MD/−$45.6Mα-0.2Invesco Ltd.−$33.9Mα-0.2Trexquant Investment LPexited−$21.9MRivermont Capital Management LPexited−$20.2MGOLDMAN SACHS GROUP INC−$19.1Mα-0.2HRT FINANCIAL LPexited−$19.1MHIGHBRIDGE CAPITAL MANAGEMENT LLCexited−$19.0M59 North Capital Management, LP−$12.8Mα+0.9Grantham, Mayo, Van Otterloo & Co. LLCexited−$12.2M
New buyers this quarter
Top-5 holders · 36.9%
STATE STREET CORP--
Independent Franchise Partners LLP--
BlackRock, Inc.--
VANGUARD CAPITAL MANAGEMENT LLC--
BARCLAYS PLC--
Put / call ratio: 0.02 (-36.5% QoQ) — net bullish options
Top Holders Over Time
5-year share-count history (top 10 holders by peak, incl. exited) + price
hover the chart for per-quarter detailprice (right axis)
PRICE T ROWE ASSOCIATES INC /MD/13.5MIndependent Franchise Partners LLP30.9MBARCLAYS PLC18.2M59 North Capital Management, LP12.5MYACKTMAN ASSET MANAGEMENT LP7.4MDODGE & COX12.3MPoint72 Asset Management, L.P.11.2MBurgundy Asset Management Ltd.—AQR CAPITAL MANAGEMENT LLC5.8MContour Asset Management LLC—
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Analyst Coverage
Analyst Coverage
Price Targets
Last Quarter (2 analysts)$31.702150.0%
Last Year (3 analysts)$31.932230.0%
Current Price$26.10
Analyst Ratings
22
5
Buy: 22Hold: 5Sell: 1Consensus: Buy
Consensus Estimates
| Quarter | Revenue | EBITDA | Net Inc | EPS | EPS Range | # Analysts |
|---|---|---|---|---|---|---|
| 2028 Q1 | 2.5B | 514M | 198M | $0.35 | $0.35 – $0.36 | 1 |
| 2028 Q2 | 2.4B | 491M | 169M | $0.30 | $0.30 – $0.30 | 1 |
| 2028 Q3 | 2.4B | 494M | 181M | $0.32 | $0.32 – $0.33 | 1 |
| 2028 Q4 | 2.7B | 561M | 285M | $0.51 | $0.50 – $0.51 | 1 |
| 2029 Q1 | 2.9B | 597M | 292M | $0.52 | $0.51 – $0.53 | 1 |
| 2029 Q2 | 2.4B | 501M | 158M | $0.28 | $0.28 – $0.28 | 1 |
| 2029 Q3 | 2.5B | 513M | 222M | $0.40 | $0.39 – $0.40 | 1 |
| 2029 Q4 | 2.9B | 590M | 334M | $0.60 | $0.59 – $0.60 | 1 |
| 2030 Q1 | 3.2B | 663M | 398M | $0.71 | $0.70 – $0.72 | 1 |
| 2030 Q2 | 2.5B | 520M | 191M | $0.34 | $0.34 – $0.34 | 1 |
Corporate
Executive Compensation (2013-2014)
Direct Pay$24.5M
Incentive & Other$7.3M
Total Compensation$31.8M
% of Revenue0.1%
Order Flow (FINRA, ~3w lag)
24.4%retail+6.3pp
17.3%dark+2.9pp
week of 2026-04-27
Off-exchange volume from FINRA. Retail = non-ATS (wholesaler PFOF + broker internalization). Dark = ATS (dark-pool crossing networks, institutional). Lit-exchange = remainder.
Revenue Breakdown
Revenue Segments
By Product (2026-Q3)
| Dow Jones Segment | $619.0M | +8% |
| Book Publishing Segment | $555.0M | +8% |
| News And Information Services Segment | $538.0M | +5% |
| Digital Real Estate Services Segment | $473.0M | +17% |