# Publishing — company-by-company sector analysis

> Publishing: The New York Times Company owns the largest revenue base AND the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-07-28. Not investment advice.

## Bottom line

Publishing has outperformed S&P 500 by 40.2% over 52 weeks and 6.7% over 13 weeks. 6 of 6 covered companies beat the S&P 500 on Mansfield relative strength, while 2 of 6 beat the sector itself. The New York Times Company leads with revenue of $2,901 million, based on 3 of 6 comparable companies through Mar 2026.

### Is the Publishing sector outperforming S&P 500?

Publishing has outperformed S&P 500 by 40.2% over 52 weeks and 6.7% over 13 weeks. 6 of 6 covered companies beat the S&P 500 on Mansfield relative strength, while 2 of 6 beat the sector itself.

### Which Publishing company is largest by revenue?

The New York Times Company leads with revenue of $2,901 million, based on 3 of 6 comparable companies through Mar 2026.

### Which Publishing company is growing fastest?

The New York Times Company has the fastest current revenue growth at 10.4%, across 3 of 6 comparable companies.

### Which Publishing company has the strongest 4-Factor Sector Score?

John Wiley & Sons, Inc. ranks first at 64.6/100 with 76.2% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Publishing company reports the most CAPEX?

Pearson plc reports the largest latest CAPEX at $15 million, with 6 of 6 companies comparable.

### Which Publishing company has the least gross debt?

The New York Times Company has the lowest comparable gross debt at $0 million. USA TODAY Co., Inc. has the highest at $1,132 million.

### Which Publishing company has the lowest comparable PEG?

The New York Times Company has the lowest comparable Guarded PEG at 1.35, among 1 of 6 companies that pass the metric’s comparability rules.

### How much history does this Publishing comparison include?

The page compares up to 20 reported quarters per company for fundamentals, CAPEX, debt and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

## Sector relative strength

Publishing has outperformed S&P 500 by 40.2% over the last 52 weeks. Over 13 weeks the gap is a lead of 6.7%. 6 of 6 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. USA TODAY Co., Inc. is the strongest against the sector itself at +11.4%.

13-week sector return versus NIFTY 500: 6.7%
52-week sector return versus NIFTY 500: 40%
Stocks leading NIFTY: 6/6
Stocks leading sector: 2/6

Central tension: The central tension: current leadership is concentrated, so durability matters more than rank.

Companies: 6
Combined market value: ₹27.6K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. John Wiley & Sons, Inc. (WLY): 65/100 — Mixed-positive evidence; evidence 76%
   - Growth & earnings 20.7/35 | Capital efficiency 14.2/25 | Valuation 11.5/20 | Relative strength 18.2/20
   - Exact sum: 20.7 + 14.2 + 11.5 + 18.2 = 64.6
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
2. USA TODAY Co., Inc. (TDAY): 52/100 — Thin evidence · provisional; evidence 51%
   - Growth & earnings 19.5/35 | Capital efficiency 7.2/25 | Valuation 8.5/20 | Relative strength 17.0/20
   - Exact sum: 19.5 + 7.2 + 8.5 + 17 = 52.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
3. Scholastic Corporation (SCHL): 48/100 — Thin evidence · provisional; evidence 53%
   - Growth & earnings 18.0/35 | Capital efficiency 13.3/25 | Valuation 10.3/20 | Relative strength 6.6/20
   - Exact sum: 18 + 13.3 + 10.3 + 6.6 = 48.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
4. The New York Times Company (NYT): 48/100 — Mixed-negative evidence; evidence 82%
   - Growth & earnings 20.3/35 | Capital efficiency 16.1/25 | Valuation 10.8/20 | Relative strength 0.9/20
   - Exact sum: 20.3 + 16.1 + 10.8 + 0.9 = 48.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
5. Lee Enterprises, Incorporated (LEE): 42/100 — Thin evidence · provisional; evidence 59%
   - Growth & earnings 17.5/35 | Capital efficiency 3.1/25 | Valuation 10.9/20 | Relative strength 10.7/20
   - Exact sum: 17.5 + 3.1 + 10.9 + 10.7 = 42.2
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
6. Pearson plc (PSO): 49/100 — Thin evidence · provisional; evidence 35%
   - Growth & earnings 16.9/35 | Capital efficiency 11.1/25 | Valuation 9.7/20 | Relative strength 11.4/20
   - Exact sum: 16.9 + 11.1 + 9.7 + 11.4 = 49.1
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Revenue Scale & Growth Durability

What the numbers say: The New York Times Company is the scale leader at $2,901 million, 73% ahead of John Wiley & Sons, Inc.. The New York Times Company's growth is 10.4% from a $2,901 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: The New York Times Company is the scale benchmark; The New York Times Company is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: The New York Times Company's growth falls below The New York Times Company's for two consecutive comparable reports while operating margin also compresses.

Evidence: The New York Times Company · $2,901 million | 73% versus #2 · John Wiley & Sons, Inc. | 8/8 recent comparable periods | 3/6 companies · 104 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. The New York Times Company (NYT): ₹2.9K Cr
2. John Wiley & Sons, Inc. (WLY): ₹1.7K Cr
3. Lee Enterprises, Incorporated (LEE): ₹532 Cr

### Revenue growth — fastest growers
1. The New York Times Company (NYT): 10%
2. John Wiley & Sons, Inc. (WLY): -0.1%
3. Lee Enterprises, Incorporated (LEE): -10%

### 20-quarter Revenue history
- NYT: Sep 2021 ₹509 Cr | Dec 2021 ₹594 Cr | Mar 2022 ₹537 Cr | Jun 2022 ₹556 Cr | Sep 2022 ₹548 Cr | Dec 2022 ₹668 Cr | Mar 2023 ₹561 Cr | Jun 2023 ₹591 Cr | Sep 2023 ₹598 Cr | Dec 2023 ₹676 Cr | Mar 2024 ₹594 Cr | Jun 2024 ₹625 Cr | Sep 2024 ₹640 Cr | Dec 2024 ₹727 Cr | Mar 2025 ₹636 Cr | Jun 2025 ₹686 Cr | Sep 2025 ₹701 Cr | Dec 2025 ₹802 Cr | Mar 2026 ₹712 Cr | Jun 2026 —
- PSO: Sep 2021 — | Dec 2021 ₹1.8K Cr | Mar 2022 — | Jun 2022 ₹1.8K Cr | Sep 2022 — | Dec 2022 ₹2.1K Cr | Mar 2023 — | Jun 2023 ₹1.9K Cr | Sep 2023 — | Dec 2023 ₹1.8K Cr | Mar 2024 — | Jun 2024 ₹1.8K Cr | Sep 2024 — | Dec 2024 ₹1.8K Cr | Mar 2025 — | Jun 2025 ₹1.7K Cr | Sep 2025 — | Dec 2025 ₹1.9K Cr | Mar 2026 — | Jun 2026 —
- WLY: Sep 2021 ₹488 Cr | Dec 2021 ₹533 Cr | Mar 2022 ₹516 Cr | Jun 2022 ₹546 Cr | Sep 2022 ₹488 Cr | Dec 2022 ₹515 Cr | Mar 2023 ₹491 Cr | Jun 2023 ₹526 Cr | Sep 2023 ₹451 Cr | Dec 2023 ₹493 Cr | Mar 2024 ₹461 Cr | Jun 2024 ₹468 Cr | Sep 2024 ₹404 Cr | Dec 2024 ₹427 Cr | Mar 2025 ₹405 Cr | Jun 2025 ₹443 Cr | Sep 2025 ₹397 Cr | Dec 2025 ₹422 Cr | Mar 2026 ₹410 Cr | Jun 2026 ₹448 Cr
- TDAY: Sep 2021 ₹800 Cr | Dec 2021 ₹827 Cr | Mar 2022 ₹748 Cr | Jun 2022 ₹749 Cr | Sep 2022 ₹718 Cr | Dec 2022 ₹731 Cr | Mar 2023 ₹669 Cr | Jun 2023 ₹672 Cr | Sep 2023 ₹653 Cr | Dec 2023 ₹669 Cr | Mar 2024 ₹636 Cr | Jun 2024 ₹640 Cr | Sep 2024 ₹612 Cr | Dec 2024 ₹621 Cr | Mar 2025 ₹572 Cr | Jun 2025 ₹585 Cr | Sep 2025 ₹561 Cr | Dec 2025 — | Mar 2026 ₹548 Cr | Jun 2026 —
- SCHL: Sep 2021 ₹260 Cr | Dec 2021 ₹524 Cr | Mar 2022 ₹345 Cr | Jun 2022 ₹514 Cr | Sep 2022 ₹263 Cr | Dec 2022 ₹588 Cr | Mar 2023 ₹325 Cr | Jun 2023 ₹528 Cr | Sep 2023 ₹229 Cr | Dec 2023 ₹563 Cr | Mar 2024 ₹324 Cr | Jun 2024 ₹475 Cr | Sep 2024 ₹237 Cr | Dec 2024 ₹545 Cr | Mar 2025 ₹335 Cr | Jun 2025 ₹508 Cr | Sep 2025 ₹226 Cr | Dec 2025 ₹551 Cr | Mar 2026 ₹329 Cr | Jun 2026 —
- LEE: Sep 2021 ₹194 Cr | Dec 2021 ₹202 Cr | Mar 2022 ₹190 Cr | Jun 2022 ₹195 Cr | Sep 2022 ₹194 Cr | Dec 2022 ₹185 Cr | Mar 2023 ₹171 Cr | Jun 2023 ₹171 Cr | Sep 2023 ₹164 Cr | Dec 2023 ₹156 Cr | Mar 2024 ₹147 Cr | Jun 2024 ₹151 Cr | Sep 2024 ₹159 Cr | Dec 2024 ₹145 Cr | Mar 2025 ₹137 Cr | Jun 2025 ₹141 Cr | Sep 2025 ₹139 Cr | Dec 2025 ₹130 Cr | Mar 2026 ₹122 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- NYT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 12% | Sep 2022 7.7% | Dec 2022 12% | Mar 2023 4.5% | Jun 2023 6.3% | Sep 2023 9.1% | Dec 2023 1.2% | Mar 2024 5.9% | Jun 2024 5.8% | Sep 2024 7.0% | Dec 2024 7.5% | Mar 2025 7.1% | Jun 2025 9.8% | Sep 2025 9.5% | Dec 2025 10% | Mar 2026 12% | Jun 2026 —
- PSO: Sep 2021 — | Dec 2021 -3.9% | Mar 2022 — | Jun 2022 12% | Sep 2022 — | Dec 2022 12% | Mar 2023 — | Jun 2023 5.1% | Sep 2023 — | Dec 2023 -13% | Mar 2024 — | Jun 2024 -6.7% | Sep 2024 — | Dec 2024 0.2% | Mar 2025 — | Jun 2025 -1.8% | Sep 2025 — | Dec 2025 3.2% | Mar 2026 — | Jun 2026 —
- WLY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 0.0% | Dec 2022 -3.4% | Mar 2023 -4.8% | Jun 2023 -3.7% | Sep 2023 -7.6% | Dec 2023 -4.3% | Mar 2024 -6.1% | Jun 2024 -11% | Sep 2024 -10% | Dec 2024 -13% | Mar 2025 -12% | Jun 2025 -5.3% | Sep 2025 -1.7% | Dec 2025 -1.2% | Mar 2026 1.2% | Jun 2026 1.1%
- TDAY: Sep 2021 — | Dec 2021 — | Mar 2022 -3.7% | Jun 2022 -6.8% | Sep 2022 -10% | Dec 2022 -12% | Mar 2023 -11% | Jun 2023 -10% | Sep 2023 -9.1% | Dec 2023 -8.5% | Mar 2024 -4.9% | Jun 2024 -4.8% | Sep 2024 -6.3% | Dec 2024 -7.2% | Mar 2025 -10% | Jun 2025 -8.6% | Sep 2025 -8.3% | Dec 2025 — | Mar 2026 -4.2% | Jun 2026 —
- SCHL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 28% | Sep 2022 1.2% | Dec 2022 12% | Mar 2023 -5.8% | Jun 2023 2.7% | Sep 2023 -13% | Dec 2023 -4.3% | Mar 2024 -0.3% | Jun 2024 -10% | Sep 2024 3.5% | Dec 2024 -3.2% | Mar 2025 3.4% | Jun 2025 7.0% | Sep 2025 -4.6% | Dec 2025 1.1% | Mar 2026 -1.8% | Jun 2026 —
- LEE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -0.5% | Sep 2022 0.0% | Dec 2022 -8.4% | Mar 2023 -10% | Jun 2023 -12% | Sep 2023 -15% | Dec 2023 -16% | Mar 2024 -14% | Jun 2024 -12% | Sep 2024 -3.1% | Dec 2024 -7.1% | Mar 2025 -6.8% | Jun 2025 -6.6% | Sep 2025 -13% | Dec 2025 -10% | Mar 2026 -11% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: John Wiley & Sons, Inc. leads opm at 24.6%; Lee Enterprises, Incorporated leads margin change at +10.3 percentage points.

Investor read: John Wiley & Sons, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: John Wiley & Sons, Inc. · 24.6% | 93.7% versus #2 · The New York Times Company | 8/8 recent comparable periods | 5/6 companies · 95 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. John Wiley & Sons, Inc. (WLY): 25%
2. The New York Times Company (NYT): 13%
3. USA TODAY Co., Inc. (TDAY): 8.2%
4. Lee Enterprises, Incorporated (LEE): 7.0%
5. Scholastic Corporation (SCHL): -8.2%

### Margin change — fastest expanders
1. Lee Enterprises, Incorporated (LEE): +10.3 pp
2. John Wiley & Sons, Inc. (WLY): +7.3 pp
3. USA TODAY Co., Inc. (TDAY): +6.5 pp
4. The New York Times Company (NYT): +3.5 pp
5. Scholastic Corporation (SCHL): −1.1 pp

### 20-quarter OPM history
- NYT: Sep 2021 9.6% | Dec 2021 16% | Mar 2022 1.2% | Jun 2022 9.3% | Sep 2022 9.3% | Dec 2022 14% | Mar 2023 5.0% | Jun 2023 9.4% | Sep 2023 11% | Dec 2023 19% | Mar 2024 8.1% | Jun 2024 13% | Sep 2024 12% | Dec 2024 20% | Mar 2025 9.2% | Jun 2025 16% | Sep 2025 15% | Dec 2025 20% | Mar 2026 13% | Jun 2026 —
- WLY: Sep 2021 8.4% | Dec 2021 14% | Mar 2022 8.9% | Jun 2022 11% | Sep 2022 -3.5% | Dec 2022 11% | Mar 2023 -14% | Jun 2023 16% | Sep 2023 -3.6% | Dec 2023 9.4% | Mar 2024 -10% | Jun 2024 15% | Sep 2024 7.2% | Dec 2024 15% | Mar 2025 13% | Jun 2025 17% | Sep 2025 7.8% | Dec 2025 17% | Mar 2026 15% | Jun 2026 25%
- TDAY: Sep 2021 3.9% | Dec 2021 3.0% | Mar 2022 -0.3% | Jun 2022 -2.8% | Sep 2022 -3.5% | Dec 2022 2.0% | Mar 2023 3.0% | Jun 2023 2.0% | Sep 2023 5.4% | Dec 2023 5.5% | Mar 2024 -7.8% | Jun 2024 1.9% | Sep 2024 -1.0% | Dec 2024 4.4% | Mar 2025 1.7% | Jun 2025 1.3% | Sep 2025 -0.7% | Dec 2025 — | Mar 2026 8.2% | Jun 2026 —
- SCHL: Sep 2021 -12% | Dec 2021 16% | Mar 2022 -5.7% | Jun 2022 13% | Sep 2022 -22% | Dec 2022 17% | Mar 2023 -8.5% | Jun 2023 17% | Sep 2023 -43% | Dec 2023 18% | Mar 2024 -11% | Jun 2024 9.9% | Sep 2024 -37% | Dec 2024 14% | Mar 2025 -7.1% | Jun 2025 11% | Sep 2025 -41% | Dec 2025 15% | Mar 2026 -8.2% | Jun 2026 —
- LEE: Sep 2021 7.0% | Dec 2021 12% | Mar 2022 -1.7% | Jun 2022 3.3% | Sep 2022 -1.8% | Dec 2022 6.0% | Mar 2023 1.7% | Jun 2023 7.1% | Sep 2023 6.7% | Dec 2023 5.0% | Mar 2024 -3.1% | Jun 2024 3.3% | Sep 2024 -2.3% | Dec 2024 -2.3% | Mar 2025 -3.3% | Jun 2025 3.3% | Sep 2025 -1.0% | Dec 2025 4.0% | Mar 2026 7.0% | Jun 2026 —

### 20-quarter Margin change history
- NYT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −5.4 pp | Sep 2022 −0.3 pp | Dec 2022 −1.9 pp | Mar 2023 +3.8 pp | Jun 2023 +0.1 pp | Sep 2023 +1.3 pp | Dec 2023 +5.2 pp | Mar 2024 +3.1 pp | Jun 2024 +3.3 pp | Sep 2024 +1.4 pp | Dec 2024 +1.1 pp | Mar 2025 +1.1 pp | Jun 2025 +2.8 pp | Sep 2025 +3.0 pp | Dec 2025 −0.1 pp | Mar 2026 +3.5 pp | Jun 2026 —
- WLY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −11.9 pp | Dec 2022 −2.7 pp | Mar 2023 −22.5 pp | Jun 2023 +5.0 pp | Sep 2023 −0.1 pp | Dec 2023 −1.8 pp | Mar 2024 +3.5 pp | Jun 2024 −1.0 pp | Sep 2024 +10.8 pp | Dec 2024 +5.6 pp | Mar 2025 +22.9 pp | Jun 2025 +2.6 pp | Sep 2025 +0.6 pp | Dec 2025 +2.3 pp | Mar 2026 +2.5 pp | Jun 2026 +7.3 pp
- TDAY: Sep 2021 — | Dec 2021 — | Mar 2022 −1.3 pp | Jun 2022 −8.5 pp | Sep 2022 −7.4 pp | Dec 2022 −1.0 pp | Mar 2023 +3.3 pp | Jun 2023 +4.8 pp | Sep 2023 +8.9 pp | Dec 2023 +3.5 pp | Mar 2024 −10.8 pp | Jun 2024 −0.1 pp | Sep 2024 −6.4 pp | Dec 2024 −1.1 pp | Mar 2025 +9.5 pp | Jun 2025 −0.6 pp | Sep 2025 +0.3 pp | Dec 2025 — | Mar 2026 +6.5 pp | Jun 2026 —
- SCHL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +10.3 pp | Sep 2022 −9.8 pp | Dec 2022 +1.1 pp | Mar 2023 −2.8 pp | Jun 2023 +4.7 pp | Sep 2023 −21.3 pp | Dec 2023 +1.0 pp | Mar 2024 −2.3 pp | Jun 2024 −7.5 pp | Sep 2024 +6.1 pp | Dec 2024 −4.3 pp | Mar 2025 +3.7 pp | Jun 2025 +0.6 pp | Sep 2025 −3.6 pp | Dec 2025 +1.3 pp | Mar 2026 −1.1 pp | Jun 2026 —
- LEE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −3.7 pp | Sep 2022 −8.8 pp | Dec 2022 −6.4 pp | Mar 2023 +3.4 pp | Jun 2023 +3.8 pp | Sep 2023 +8.5 pp | Dec 2023 −1.0 pp | Mar 2024 −4.8 pp | Jun 2024 −3.8 pp | Sep 2024 −9.0 pp | Dec 2024 −7.3 pp | Mar 2025 −0.2 pp | Jun 2025 0.0 pp | Sep 2025 +1.3 pp | Dec 2025 +6.3 pp | Mar 2026 +10.3 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: The New York Times Company leads with $383 million of TTM profit, 72.5% above John Wiley & Sons, Inc.. John Wiley & Sons, Inc. shows ≥100% on the scoring scale (164.3% uncapped) growth from a $222 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: The New York Times Company sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: The New York Times Company · $383 million | 72.5% versus #2 · John Wiley & Sons, Inc. | 8/8 recent comparable periods | 3/6 companies · 104 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. The New York Times Company (NYT): ₹383 Cr
2. John Wiley & Sons, Inc. (WLY): ₹222 Cr
3. Lee Enterprises, Incorporated (LEE): ₹-15 Cr

### Profit growth — fastest growers
1. John Wiley & Sons, Inc. (WLY): 100%
2. The New York Times Company (NYT): 26%

### 20-quarter Net profit history
- NYT: Sep 2021 ₹55 Cr | Dec 2021 ₹70 Cr | Mar 2022 ₹5 Cr | Jun 2022 ₹62 Cr | Sep 2022 ₹37 Cr | Dec 2022 ₹71 Cr | Mar 2023 ₹22 Cr | Jun 2023 ₹47 Cr | Sep 2023 ₹54 Cr | Dec 2023 ₹110 Cr | Mar 2024 ₹40 Cr | Jun 2024 ₹66 Cr | Sep 2024 ₹64 Cr | Dec 2024 ₹124 Cr | Mar 2025 ₹50 Cr | Jun 2025 ₹83 Cr | Sep 2025 ₹82 Cr | Dec 2025 ₹130 Cr | Mar 2026 ₹88 Cr | Jun 2026 —
- PSO: Sep 2021 — | Dec 2021 ₹142 Cr | Mar 2022 — | Jun 2022 ₹136 Cr | Sep 2022 — | Dec 2022 ₹108 Cr | Mar 2023 — | Jun 2023 ₹187 Cr | Sep 2023 — | Dec 2023 ₹193 Cr | Mar 2024 — | Jun 2024 ₹158 Cr | Sep 2024 — | Dec 2024 ₹277 Cr | Mar 2025 — | Jun 2025 ₹166 Cr | Sep 2025 — | Dec 2025 ₹170 Cr | Mar 2026 — | Jun 2026 —
- WLY: Sep 2021 ₹14 Cr | Dec 2021 ₹56 Cr | Mar 2022 ₹35 Cr | Jun 2022 ₹43 Cr | Sep 2022 ₹-18 Cr | Dec 2022 ₹38 Cr | Mar 2023 ₹-71 Cr | Jun 2023 ₹68 Cr | Sep 2023 ₹-92 Cr | Dec 2023 ₹-19 Cr | Mar 2024 ₹-114 Cr | Jun 2024 ₹25 Cr | Sep 2024 ₹-1 Cr | Dec 2024 ₹40 Cr | Mar 2025 ₹-23 Cr | Jun 2025 ₹68 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹45 Cr | Mar 2026 ₹30 Cr | Jun 2026 ₹135 Cr
- TDAY: Sep 2021 ₹15 Cr | Dec 2021 ₹-23 Cr | Mar 2022 ₹-3 Cr | Jun 2022 ₹-54 Cr | Sep 2022 ₹-54 Cr | Dec 2022 ₹33 Cr | Mar 2023 ₹10 Cr | Jun 2023 ₹-13 Cr | Sep 2023 ₹-3 Cr | Dec 2023 ₹-23 Cr | Mar 2024 ₹-85 Cr | Jun 2024 ₹14 Cr | Sep 2024 ₹-20 Cr | Dec 2024 ₹64 Cr | Mar 2025 ₹-7 Cr | Jun 2025 ₹78 Cr | Sep 2025 ₹-39 Cr | Dec 2025 — | Mar 2026 ₹20 Cr | Jun 2026 —
- SCHL: Sep 2021 ₹-24 Cr | Dec 2021 ₹68 Cr | Mar 2022 ₹-15 Cr | Jun 2022 ₹52 Cr | Sep 2022 ₹-45 Cr | Dec 2022 ₹75 Cr | Mar 2023 ₹-19 Cr | Jun 2023 ₹76 Cr | Sep 2023 ₹-74 Cr | Dec 2023 ₹77 Cr | Mar 2024 ₹-27 Cr | Jun 2024 ₹36 Cr | Sep 2024 ₹-63 Cr | Dec 2024 ₹49 Cr | Mar 2025 ₹-4 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹-71 Cr | Dec 2025 ₹56 Cr | Mar 2026 ₹63 Cr | Jun 2026 —
- LEE: Sep 2021 ₹5 Cr | Dec 2021 ₹13 Cr | Mar 2022 ₹-7 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹-7 Cr | Dec 2022 ₹2 Cr | Mar 2023 ₹-5 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹-1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹-12 Cr | Jun 2024 ₹-4 Cr | Sep 2024 ₹-9 Cr | Dec 2024 ₹-16 Cr | Mar 2025 ₹-12 Cr | Jun 2025 ₹-2 Cr | Sep 2025 ₹-6 Cr | Dec 2025 ₹-5 Cr | Mar 2026 ₹-2 Cr | Jun 2026 —

### 20-quarter Profit growth history
- NYT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 15% | Sep 2022 -33% | Dec 2022 1.4% | Mar 2023 340% | Jun 2023 -24% | Sep 2023 46% | Dec 2023 55% | Mar 2024 82% | Jun 2024 40% | Sep 2024 19% | Dec 2024 13% | Mar 2025 25% | Jun 2025 26% | Sep 2025 28% | Dec 2025 4.8% | Mar 2026 76% | Jun 2026 —
- PSO: Sep 2021 — | Dec 2021 -46% | Mar 2022 — | Jun 2022 656% | Sep 2022 — | Dec 2022 -24% | Mar 2023 — | Jun 2023 38% | Sep 2023 — | Dec 2023 79% | Mar 2024 — | Jun 2024 -16% | Sep 2024 — | Dec 2024 44% | Mar 2025 — | Jun 2025 5.1% | Sep 2025 — | Dec 2025 -39% | Mar 2026 — | Jun 2026 —
- WLY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 -229% | Dec 2022 -32% | Mar 2023 -303% | Jun 2023 58% | Sep 2023 — | Dec 2023 -150% | Mar 2024 — | Jun 2024 -63% | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 172% | Sep 2025 — | Dec 2025 13% | Mar 2026 — | Jun 2026 99%
- TDAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -460% | Sep 2022 -460% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -170% | Mar 2024 -950% | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 457% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- SCHL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 550% | Sep 2022 — | Dec 2022 10% | Mar 2023 — | Jun 2023 46% | Sep 2023 — | Dec 2023 2.7% | Mar 2024 — | Jun 2024 -53% | Sep 2024 — | Dec 2024 -36% | Mar 2025 — | Jun 2025 -58% | Sep 2025 — | Dec 2025 14% | Mar 2026 — | Jun 2026 —
- LEE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -100% | Sep 2022 -240% | Dec 2022 -85% | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -50% | Mar 2024 — | Jun 2024 -300% | Sep 2024 — | Dec 2024 -1,700% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Capacity Spending & Returns On It

What the numbers say: Pearson plc reports $15 million of CAPEX; Scholastic Corporation has the highest covered intensity at 4%. Coverage is only 6 of 6 companies and 105 reported observations, so this is partial evidence—not a complete sector rank.

Investor read: Use the CAPEX rank as a diligence queue. Verify commissioning, utilization, cash conversion and post-investment ROCE before treating spend as value creation.

This conclusion weakens if: CAPEX rises without higher utilization, operating cash flow or incremental returns.

Evidence: Pearson plc · $15 million | 15.4% versus #2 · Scholastic Corporation | 8/8 recent comparable periods | 6/6 companies · 105 observations

Definition: CAPEX is cash spent on property, plant, equipment and other reported capital assets. CAPEX intensity divides that spend by revenue; high intensity is a reinvestment signal, not proof that the reinvestment will earn attractive returns.

### CAPEX — largest spenders
1. Pearson plc (PSO): ₹15 Cr — older report
2. Scholastic Corporation (SCHL): ₹13 Cr
3. USA TODAY Co., Inc. (TDAY): ₹13 Cr
4. John Wiley & Sons, Inc. (WLY): ₹13 Cr
5. The New York Times Company (NYT): ₹11 Cr

### CAPEX intensity — highest reinvestment intensity
1. Scholastic Corporation (SCHL): 4.0%
2. John Wiley & Sons, Inc. (WLY): 2.9%
3. USA TODAY Co., Inc. (TDAY): 2.4%
4. The New York Times Company (NYT): 1.5%
5. Lee Enterprises, Incorporated (LEE): 0.8%

### 20-quarter CAPEX history
- NYT: Sep 2021 ₹9 Cr | Dec 2021 ₹11 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹10 Cr | Sep 2022 ₹9 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹6 Cr | Jun 2023 ₹5 Cr | Sep 2023 ₹6 Cr | Dec 2023 ₹6 Cr | Mar 2024 ₹6 Cr | Jun 2024 ₹8 Cr | Sep 2024 ₹7 Cr | Dec 2024 ₹8 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹8 Cr | Dec 2025 ₹7 Cr | Mar 2026 ₹11 Cr | Jun 2026 —
- PSO: Sep 2021 — | Dec 2021 ₹33 Cr | Mar 2022 — | Jun 2022 ₹21 Cr | Sep 2022 — | Dec 2022 ₹36 Cr | Mar 2023 — | Jun 2023 ₹16 Cr | Sep 2023 — | Dec 2023 ₹14 Cr | Mar 2024 — | Jun 2024 ₹18 Cr | Sep 2024 — | Dec 2024 ₹15 Cr | Mar 2025 — | Jun 2025 ₹14 Cr | Sep 2025 — | Dec 2025 ₹15 Cr | Mar 2026 — | Jun 2026 —
- WLY: Sep 2021 ₹18 Cr | Dec 2021 ₹20 Cr | Mar 2022 ₹23 Cr | Jun 2022 ₹28 Cr | Sep 2022 ₹18 Cr | Dec 2022 ₹21 Cr | Mar 2023 ₹19 Cr | Jun 2023 ₹24 Cr | Sep 2023 ₹20 Cr | Dec 2023 ₹20 Cr | Mar 2024 ₹17 Cr | Jun 2024 ₹19 Cr | Sep 2024 ₹15 Cr | Dec 2024 ₹15 Cr | Mar 2025 ₹13 Cr | Jun 2025 ₹19 Cr | Sep 2025 ₹12 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹13 Cr | Jun 2026 ₹13 Cr
- TDAY: Sep 2021 ₹11 Cr | Dec 2021 ₹12 Cr | Mar 2022 ₹11 Cr | Jun 2022 ₹13 Cr | Sep 2022 ₹13 Cr | Dec 2022 ₹9 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹13 Cr | Dec 2023 ₹8 Cr | Mar 2024 ₹13 Cr | Jun 2024 ₹10 Cr | Sep 2024 ₹14 Cr | Dec 2024 ₹13 Cr | Mar 2025 ₹14 Cr | Jun 2025 ₹15 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹13 Cr | Mar 2026 ₹13 Cr | Jun 2026 —
- SCHL: Sep 2021 ₹10 Cr | Dec 2021 ₹9 Cr | Mar 2022 ₹9 Cr | Jun 2022 ₹14 Cr | Sep 2022 ₹11 Cr | Dec 2022 ₹13 Cr | Mar 2023 ₹13 Cr | Jun 2023 ₹25 Cr | Sep 2023 ₹14 Cr | Dec 2023 ₹15 Cr | Mar 2024 ₹15 Cr | Jun 2024 ₹15 Cr | Sep 2024 ₹20 Cr | Dec 2024 ₹11 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹12 Cr | Sep 2025 ₹10 Cr | Dec 2025 ₹10 Cr | Mar 2026 ₹13 Cr | Jun 2026 —
- LEE: Sep 2021 ₹2 Cr | Dec 2021 ₹2 Cr | Mar 2022 ₹3 Cr | Jun 2022 ₹1 Cr | Sep 2022 ₹2 Cr | Dec 2022 ₹1 Cr | Mar 2023 ₹1 Cr | Jun 2023 ₹2 Cr | Sep 2023 ₹1 Cr | Dec 2023 ₹1 Cr | Mar 2024 ₹2 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹3 Cr | Dec 2024 ₹2 Cr | Mar 2025 ₹1 Cr | Jun 2025 ₹1 Cr | Sep 2025 ₹2 Cr | Dec 2025 ₹1 Cr | Mar 2026 ₹1 Cr | Jun 2026 —

### 20-quarter CAPEX intensity history
- NYT: Sep 2021 1.8% | Dec 2021 1.9% | Mar 2022 1.7% | Jun 2022 1.8% | Sep 2022 1.6% | Dec 2022 1.3% | Mar 2023 1.1% | Jun 2023 0.8% | Sep 2023 1.0% | Dec 2023 0.9% | Mar 2024 1.0% | Jun 2024 1.3% | Sep 2024 1.1% | Dec 2024 1.1% | Mar 2025 1.4% | Jun 2025 1.5% | Sep 2025 1.1% | Dec 2025 0.9% | Mar 2026 1.5% | Jun 2026 —
- PSO: Sep 2021 — | Dec 2021 1.8% | Mar 2022 — | Jun 2022 1.2% | Sep 2022 — | Dec 2022 1.8% | Mar 2023 — | Jun 2023 0.9% | Sep 2023 — | Dec 2023 0.8% | Mar 2024 — | Jun 2024 1.0% | Sep 2024 — | Dec 2024 0.8% | Mar 2025 — | Jun 2025 0.8% | Sep 2025 — | Dec 2025 0.8% | Mar 2026 — | Jun 2026 —
- WLY: Sep 2021 3.7% | Dec 2021 3.8% | Mar 2022 4.5% | Jun 2022 5.1% | Sep 2022 3.7% | Dec 2022 4.1% | Mar 2023 3.9% | Jun 2023 4.6% | Sep 2023 4.4% | Dec 2023 4.1% | Mar 2024 3.7% | Jun 2024 4.1% | Sep 2024 3.7% | Dec 2024 3.5% | Mar 2025 3.2% | Jun 2025 4.3% | Sep 2025 3.0% | Dec 2025 3.1% | Mar 2026 3.2% | Jun 2026 2.9%
- TDAY: Sep 2021 1.4% | Dec 2021 1.5% | Mar 2022 1.5% | Jun 2022 1.7% | Sep 2022 1.8% | Dec 2022 1.2% | Mar 2023 1.3% | Jun 2023 1.2% | Sep 2023 2.0% | Dec 2023 1.2% | Mar 2024 2.0% | Jun 2024 1.6% | Sep 2024 2.3% | Dec 2024 2.1% | Mar 2025 2.4% | Jun 2025 2.6% | Sep 2025 1.8% | Dec 2025 — | Mar 2026 2.4% | Jun 2026 —
- SCHL: Sep 2021 3.8% | Dec 2021 1.7% | Mar 2022 2.6% | Jun 2022 2.7% | Sep 2022 4.2% | Dec 2022 2.2% | Mar 2023 4.0% | Jun 2023 4.7% | Sep 2023 6.1% | Dec 2023 2.7% | Mar 2024 4.6% | Jun 2024 3.2% | Sep 2024 8.4% | Dec 2024 2.0% | Mar 2025 2.7% | Jun 2025 2.4% | Sep 2025 4.4% | Dec 2025 1.8% | Mar 2026 4.0% | Jun 2026 —
- LEE: Sep 2021 1.0% | Dec 2021 1.0% | Mar 2022 1.6% | Jun 2022 0.5% | Sep 2022 1.0% | Dec 2022 0.5% | Mar 2023 0.6% | Jun 2023 1.2% | Sep 2023 0.6% | Dec 2023 0.6% | Mar 2024 1.4% | Jun 2024 2.6% | Sep 2024 1.9% | Dec 2024 1.4% | Mar 2025 0.7% | Jun 2025 0.7% | Sep 2025 1.4% | Dec 2025 0.8% | Mar 2026 0.8% | Jun 2026 —

## Debt Load & Balance-Sheet Headroom

What the numbers say: The New York Times Company has the clearest covered balance-sheet capacity with $595 million net cash and gross debt of $0 million. Absolute debt alone does not identify the strongest balance sheet because company scale differs; net debt and debt-to-equity carry more information.

Investor read: Prioritize net-cash capacity and leverage relative to operating scale, not the smallest absolute rupee debt.

This conclusion weakens if: Net debt rises faster than revenue and profit for two consecutive reported periods.

Evidence: The New York Times Company · $0 million | 100% versus #2 · Scholastic Corporation | 8/8 recent comparable periods | 5/6 companies · 96 observations

Definition: Gross debt shows contractual borrowings. Net debt subtracts reported cash; a negative value means net cash. Lower debt can create capacity, but should be read against the scale and capital intensity of the business.

### Gross debt — lowest gross debt
1. The New York Times Company (NYT): ₹0 Cr
2. Scholastic Corporation (SCHL): ₹285 Cr
3. Lee Enterprises, Incorporated (LEE): ₹477 Cr
4. John Wiley & Sons, Inc. (WLY): ₹769 Cr
5. USA TODAY Co., Inc. (TDAY): ₹1.1K Cr

### Net debt — lowest net debt
1. The New York Times Company (NYT): ₹-595 Cr
2. Scholastic Corporation (SCHL): ₹180 Cr
3. Lee Enterprises, Incorporated (LEE): ₹424 Cr
4. John Wiley & Sons, Inc. (WLY): ₹693 Cr
5. USA TODAY Co., Inc. (TDAY): ₹1.0K Cr

### 20-quarter Gross debt history
- NYT: Sep 2021 ₹0 Cr | Dec 2021 ₹0 Cr | Mar 2022 ₹0 Cr | Jun 2022 ₹0 Cr | Sep 2022 ₹0 Cr | Dec 2022 ₹0 Cr | Mar 2023 ₹0 Cr | Jun 2023 ₹0 Cr | Sep 2023 ₹0 Cr | Dec 2023 ₹0 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹0 Cr | Sep 2024 ₹0 Cr | Dec 2024 ₹0 Cr | Mar 2025 ₹0 Cr | Jun 2025 ₹0 Cr | Sep 2025 ₹0 Cr | Dec 2025 ₹0 Cr | Mar 2026 ₹0 Cr | Jun 2026 —
- WLY: Sep 2021 ₹1.1K Cr | Dec 2021 ₹1.2K Cr | Mar 2022 ₹1.1K Cr | Jun 2022 ₹940 Cr | Sep 2022 ₹1.1K Cr | Dec 2022 ₹1.1K Cr | Mar 2023 ₹1.1K Cr | Jun 2023 ₹884 Cr | Sep 2023 ₹1.0K Cr | Dec 2023 ₹1.1K Cr | Mar 2024 ₹1.0K Cr | Jun 2024 ₹887 Cr | Sep 2024 ₹1.0K Cr | Dec 2024 ₹1.1K Cr | Mar 2025 ₹989 Cr | Jun 2025 ₹899 Cr | Sep 2025 ₹924 Cr | Dec 2025 ₹965 Cr | Mar 2026 ₹897 Cr | Jun 2026 ₹769 Cr
- TDAY: Sep 2021 ₹1.5K Cr | Dec 2021 ₹1.5K Cr | Mar 2022 ₹1.5K Cr | Jun 2022 ₹1.5K Cr | Sep 2022 ₹1.4K Cr | Dec 2022 ₹1.4K Cr | Mar 2023 ₹1.4K Cr | Jun 2023 ₹1.4K Cr | Sep 2023 ₹1.3K Cr | Dec 2023 ₹1.3K Cr | Mar 2024 ₹1.3K Cr | Jun 2024 ₹1.2K Cr | Sep 2024 ₹1.2K Cr | Dec 2024 ₹1.3K Cr | Mar 2025 ₹1.2K Cr | Jun 2025 ₹1.2K Cr | Sep 2025 ₹1.2K Cr | Dec 2025 ₹1.1K Cr | Mar 2026 ₹1.1K Cr | Jun 2026 —
- SCHL: Sep 2021 ₹227 Cr | Dec 2021 ₹93 Cr | Mar 2022 ₹132 Cr | Jun 2022 ₹97 Cr | Sep 2022 ₹93 Cr | Dec 2022 ₹90 Cr | Mar 2023 ₹90 Cr | Jun 2023 ₹101 Cr | Sep 2023 ₹112 Cr | Dec 2023 ₹114 Cr | Mar 2024 ₹134 Cr | Jun 2024 ₹118 Cr | Sep 2024 ₹347 Cr | Dec 2024 ₹368 Cr | Mar 2025 ₹391 Cr | Jun 2025 ₹375 Cr | Sep 2025 ₹443 Cr | Dec 2025 ₹386 Cr | Mar 2026 ₹285 Cr | Jun 2026 —
- LEE: Sep 2021 ₹549 Cr | Dec 2021 ₹526 Cr | Mar 2022 ₹523 Cr | Jun 2022 ₹520 Cr | Sep 2022 ₹516 Cr | Dec 2022 ₹514 Cr | Mar 2023 ₹511 Cr | Jun 2023 ₹507 Cr | Sep 2023 ₹500 Cr | Dec 2023 ₹496 Cr | Mar 2024 ₹494 Cr | Jun 2024 ₹492 Cr | Sep 2024 ₹484 Cr | Dec 2024 ₹481 Cr | Mar 2025 ₹486 Cr | Jun 2025 ₹486 Cr | Sep 2025 ₹482 Cr | Dec 2025 ₹480 Cr | Mar 2026 ₹477 Cr | Jun 2026 —

### 20-quarter Net debt history
- NYT: Sep 2021 ₹-682 Cr | Dec 2021 ₹-661 Cr | Mar 2022 ₹-222 Cr | Jun 2022 ₹-223 Cr | Sep 2022 ₹-293 Cr | Dec 2022 ₹-347 Cr | Mar 2023 ₹-375 Cr | Jun 2023 ₹-417 Cr | Sep 2023 ₹-398 Cr | Dec 2023 ₹-452 Cr | Mar 2024 ₹-379 Cr | Jun 2024 ₹-411 Cr | Sep 2024 ₹-493 Cr | Dec 2024 ₹-566 Cr | Mar 2025 ₹-522 Cr | Jun 2025 ₹-540 Cr | Sep 2025 ₹-617 Cr | Dec 2025 ₹-642 Cr | Mar 2026 ₹-595 Cr | Jun 2026 —
- WLY: Sep 2021 ₹1.0K Cr | Dec 2021 ₹1.1K Cr | Mar 2022 ₹970 Cr | Jun 2022 ₹840 Cr | Sep 2022 ₹982 Cr | Dec 2022 ₹1.0K Cr | Mar 2023 ₹959 Cr | Jun 2023 ₹777 Cr | Sep 2023 ₹945 Cr | Dec 2023 ₹979 Cr | Mar 2024 ₹930 Cr | Jun 2024 ₹804 Cr | Sep 2024 ₹945 Cr | Dec 2024 ₹991 Cr | Mar 2025 ₹884 Cr | Jun 2025 ₹813 Cr | Sep 2025 ₹842 Cr | Dec 2025 ₹898 Cr | Mar 2026 ₹802 Cr | Jun 2026 ₹693 Cr
- TDAY: Sep 2021 ₹1.4K Cr | Dec 2021 ₹1.4K Cr | Mar 2022 ₹1.3K Cr | Jun 2022 ₹1.4K Cr | Sep 2022 ₹1.3K Cr | Dec 2022 ₹1.3K Cr | Mar 2023 ₹1.3K Cr | Jun 2023 ₹1.3K Cr | Sep 2023 ₹1.2K Cr | Dec 2023 ₹1.2K Cr | Mar 2024 ₹1.2K Cr | Jun 2024 ₹1.1K Cr | Sep 2024 ₹1.1K Cr | Dec 2024 ₹1.2K Cr | Mar 2025 ₹1.1K Cr | Jun 2025 ₹1.1K Cr | Sep 2025 ₹1.1K Cr | Dec 2025 ₹1.0K Cr | Mar 2026 ₹1.0K Cr | Jun 2026 —
- SCHL: Sep 2021 ₹-82 Cr | Dec 2021 ₹-208 Cr | Mar 2022 ₹-177 Cr | Jun 2022 ₹-220 Cr | Sep 2022 ₹-147 Cr | Dec 2022 ₹-171 Cr | Mar 2023 ₹-109 Cr | Jun 2023 ₹-124 Cr | Sep 2023 ₹-14 Cr | Dec 2023 ₹-36 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹4 Cr | Sep 2024 ₹263 Cr | Dec 2024 ₹228 Cr | Mar 2025 ₹296 Cr | Jun 2025 ₹251 Cr | Sep 2025 ₹349 Cr | Dec 2025 ₹287 Cr | Mar 2026 ₹180 Cr | Jun 2026 —
- LEE: Sep 2021 ₹523 Cr | Dec 2021 ₹507 Cr | Mar 2022 ₹508 Cr | Jun 2022 ₹504 Cr | Sep 2022 ₹500 Cr | Dec 2022 ₹496 Cr | Mar 2023 ₹492 Cr | Jun 2023 ₹490 Cr | Sep 2023 ₹485 Cr | Dec 2023 ₹481 Cr | Mar 2024 ₹478 Cr | Jun 2024 ₹479 Cr | Sep 2024 ₹474 Cr | Dec 2024 ₹475 Cr | Mar 2025 ₹481 Cr | Jun 2025 ₹472 Cr | Sep 2025 ₹472 Cr | Dec 2025 ₹467 Cr | Mar 2026 ₹424 Cr | Jun 2026 —

## Return On Capital Employed

What the numbers say: Scholastic Corporation leads ROCE at 7.8%, 1.8 percentage points above John Wiley & Sons, Inc.. Scholastic Corporation has the strongest latest improvement at +3.5 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Scholastic Corporation sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Scholastic Corporation · 7.8% | 30% versus #2 · John Wiley & Sons, Inc. | 6/8 recent comparable periods | 6/6 companies · 114 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Scholastic Corporation (SCHL): 7.8%
2. John Wiley & Sons, Inc. (WLY): 6.0%
3. The New York Times Company (NYT): 4.1%
4. USA TODAY Co., Inc. (TDAY): 3.3%
5. Pearson plc (PSO): 2.5% — older report

### ROCE change — fastest improvers
1. Scholastic Corporation (SCHL): +3.5 pp
2. USA TODAY Co., Inc. (TDAY): +2.6 pp
3. Lee Enterprises, Incorporated (LEE): +2.5 pp
4. John Wiley & Sons, Inc. (WLY): +1.9 pp
5. The New York Times Company (NYT): +1.3 pp

### 20-quarter ROCE history
- NYT: Sep 2021 2.7% | Dec 2021 4.9% | Mar 2022 0.3% | Jun 2022 2.7% | Sep 2022 2.6% | Dec 2022 4.7% | Mar 2023 1.4% | Jun 2023 2.8% | Sep 2023 3.2% | Dec 2023 6.3% | Mar 2024 2.4% | Jun 2024 3.9% | Sep 2024 3.7% | Dec 2024 6.8% | Mar 2025 2.8% | Jun 2025 4.9% | Sep 2025 4.7% | Dec 2025 7.1% | Mar 2026 4.1% | Jun 2026 —
- PSO: Sep 2021 1.5% | Dec 2021 1.5% | Mar 2022 1.3% | Jun 2022 1.3% | Sep 2022 1.1% | Dec 2022 1.1% | Mar 2023 1.9% | Jun 2023 1.9% | Sep 2023 2.5% | Dec 2023 2.5% | Mar 2024 2.0% | Jun 2024 2.0% | Sep 2024 3.0% | Dec 2024 3.0% | Mar 2025 2.3% | Jun 2025 2.3% | Sep 2025 2.5% | Dec 2025 2.5% | Mar 2026 — | Jun 2026 —
- WLY: Sep 2021 — | Dec 2021 2.9% | Mar 2022 1.8% | Jun 2022 2.4% | Sep 2022 -0.7% | Dec 2022 2.2% | Mar 2023 -2.7% | Jun 2023 3.6% | Sep 2023 -0.7% | Dec 2023 2.0% | Mar 2024 -2.1% | Jun 2024 3.4% | Sep 2024 1.4% | Dec 2024 3.0% | Mar 2025 2.7% | Jun 2025 4.1% | Sep 2025 1.6% | Dec 2025 3.7% | Mar 2026 3.3% | Jun 2026 6.0%
- TDAY: Sep 2021 1.3% | Dec 2021 1.1% | Mar 2022 -0.1% | Jun 2022 -1.0% | Sep 2022 -1.2% | Dec 2022 0.7% | Mar 2023 1.0% | Jun 2023 0.7% | Sep 2023 2.0% | Dec 2023 2.2% | Mar 2024 -3.0% | Jun 2024 0.7% | Sep 2024 -0.4% | Dec 2024 1.7% | Mar 2025 0.7% | Jun 2025 0.5% | Sep 2025 2.0% | Dec 2025 2.0% | Mar 2026 3.3% | Jun 2026 —
- SCHL: Sep 2021 -2.3% | Dec 2021 5.9% | Mar 2022 -1.5% | Jun 2022 5.0% | Sep 2022 -4.6% | Dec 2022 7.6% | Mar 2023 -2.2% | Jun 2023 7.1% | Sep 2023 -8.1% | Dec 2023 8.1% | Mar 2024 -3.0% | Jun 2024 3.9% | Sep 2024 -7.1% | Dec 2024 5.8% | Mar 2025 -1.9% | Jun 2025 4.3% | Sep 2025 -6.9% | Dec 2025 6.2% | Mar 2026 -2.1% | Jun 2026 7.8%
- LEE: Sep 2021 1.9% | Dec 2021 3.6% | Mar 2022 -0.5% | Jun 2022 1.0% | Sep 2022 -0.5% | Dec 2022 1.7% | Mar 2023 0.5% | Jun 2023 2.0% | Sep 2023 1.8% | Dec 2023 1.3% | Mar 2024 -0.8% | Jun 2024 0.8% | Sep 2024 -0.6% | Dec 2024 -0.6% | Mar 2025 -0.8% | Jun 2025 0.9% | Sep 2025 -0.3% | Dec 2025 1.0% | Mar 2026 1.7% | Jun 2026 —

### 20-quarter ROCE change history
- NYT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.1 pp | Dec 2022 −0.2 pp | Mar 2023 +1.1 pp | Jun 2023 +0.1 pp | Sep 2023 +0.6 pp | Dec 2023 +1.6 pp | Mar 2024 +1.0 pp | Jun 2024 +1.1 pp | Sep 2024 +0.5 pp | Dec 2024 +0.5 pp | Mar 2025 +0.4 pp | Jun 2025 +1.0 pp | Sep 2025 +1.0 pp | Dec 2025 +0.3 pp | Mar 2026 +1.3 pp | Jun 2026 —
- PSO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −0.4 pp | Dec 2022 −0.4 pp | Mar 2023 +0.6 pp | Jun 2023 +0.6 pp | Sep 2023 +1.4 pp | Dec 2023 +1.4 pp | Mar 2024 +0.1 pp | Jun 2024 +0.1 pp | Sep 2024 +0.5 pp | Dec 2024 +0.5 pp | Mar 2025 +0.3 pp | Jun 2025 +0.3 pp | Sep 2025 −0.5 pp | Dec 2025 −0.5 pp | Mar 2026 — | Jun 2026 —
- WLY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 −0.7 pp | Mar 2023 −4.5 pp | Jun 2023 +1.2 pp | Sep 2023 0.0 pp | Dec 2023 −0.2 pp | Mar 2024 +0.6 pp | Jun 2024 −0.2 pp | Sep 2024 +2.1 pp | Dec 2024 +1.0 pp | Mar 2025 +4.8 pp | Jun 2025 +0.7 pp | Sep 2025 +0.2 pp | Dec 2025 +0.7 pp | Mar 2026 +0.6 pp | Jun 2026 +1.9 pp
- TDAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.5 pp | Dec 2022 −0.4 pp | Mar 2023 +1.1 pp | Jun 2023 +1.7 pp | Sep 2023 +3.2 pp | Dec 2023 +1.5 pp | Mar 2024 −4.0 pp | Jun 2024 0.0 pp | Sep 2024 −2.4 pp | Dec 2024 −0.5 pp | Mar 2025 +3.7 pp | Jun 2025 −0.2 pp | Sep 2025 +2.4 pp | Dec 2025 +0.3 pp | Mar 2026 +2.6 pp | Jun 2026 —
- SCHL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.3 pp | Dec 2022 +1.7 pp | Mar 2023 −0.7 pp | Jun 2023 +2.1 pp | Sep 2023 −3.5 pp | Dec 2023 +0.5 pp | Mar 2024 −0.8 pp | Jun 2024 −3.2 pp | Sep 2024 +1.0 pp | Dec 2024 −2.3 pp | Mar 2025 +1.1 pp | Jun 2025 +0.4 pp | Sep 2025 +0.2 pp | Dec 2025 +0.4 pp | Mar 2026 −0.2 pp | Jun 2026 +3.5 pp
- LEE: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −2.4 pp | Dec 2022 −1.9 pp | Mar 2023 +1.0 pp | Jun 2023 +1.0 pp | Sep 2023 +2.3 pp | Dec 2023 −0.4 pp | Mar 2024 −1.3 pp | Jun 2024 −1.2 pp | Sep 2024 −2.4 pp | Dec 2024 −1.9 pp | Mar 2025 0.0 pp | Jun 2025 +0.1 pp | Sep 2025 +0.3 pp | Dec 2025 +1.6 pp | Mar 2026 +2.5 pp | Jun 2026 —

## Valuation Against Growth & Quality

What the numbers say: The New York Times Company has the lowest comparable Guarded PEG at 1.35×. Only 1 of 6 companies pass the guard, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: The New York Times Company · 1.35× | Not enough peers | 0/8 recent comparable periods | 1/6 companies · 13 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data sources reconciled. A missing PEG is more honest than a low-base fiction.

### Guarded PEG — lowest PEG
1. The New York Times Company (NYT): 1.4

### P/E — lowest P/E
1. John Wiley & Sons, Inc. (WLY): 9.8
2. Lee Enterprises, Incorporated (LEE): 11.7
3. Scholastic Corporation (SCHL): 17.3
4. Pearson plc (PSO): 20.6 — older report
5. The New York Times Company (NYT): 35.9

### 20-quarter Guarded PEG history
- NYT: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 5.2 | Jun 2023 — | Sep 2023 2.8 | Dec 2023 1.1 | Mar 2024 1.0 | Jun 2024 0.6 | Sep 2024 0.7 | Dec 2024 1.1 | Mar 2025 1.2 | Jun 2025 1.5 | Sep 2025 1.3 | Dec 2025 1.9 | Mar 2026 1.4 | Jun 2026 —
- SCHL: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 1.5 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

### 20-quarter P/E history
- NYT: Sep 2021 54.6 | Dec 2021 36.2 | Mar 2022 43.6 | Jun 2022 26.3 | Sep 2022 27.2 | Dec 2022 31.2 | Mar 2023 33.8 | Jun 2023 37.2 | Sep 2023 35.5 | Dec 2023 35.0 | Mar 2024 28.8 | Jun 2024 31.6 | Sep 2024 32.9 | Dec 2024 29.4 | Mar 2025 27.0 | Jun 2025 28.9 | Sep 2025 28.0 | Dec 2025 33.2 | Mar 2026 35.9 | Jun 2026 —
- PSO: Sep 2021 22.8 | Dec 2021 26.7 | Mar 2022 24.3 | Jun 2022 19.3 | Sep 2022 23.9 | Dec 2022 28.6 | Mar 2023 23.2 | Jun 2023 20.5 | Sep 2023 18.6 | Dec 2023 18.3 | Mar 2024 20.4 | Jun 2024 19.9 | Sep 2024 17.9 | Dec 2024 20.2 | Mar 2025 19.3 | Jun 2025 16.7 | Sep 2025 18.2 | Dec 2025 20.6 | Mar 2026 — | Jun 2026 —
- WLY: Sep 2021 — | Dec 2021 23.1 | Mar 2022 19.6 | Jun 2022 19.4 | Sep 2022 25.4 | Dec 2022 24.1 | Mar 2023 — | Jun 2023 124.4 | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 55.3 | Jun 2025 28.5 | Sep 2025 21.7 | Dec 2025 19.6 | Mar 2026 10.9 | Jun 2026 9.8
- TDAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 515.0 | Mar 2026 117.5 | Jun 2026 —
- SCHL: Sep 2021 255.7 | Dec 2021 36.9 | Mar 2022 42.5 | Jun 2022 16.5 | Sep 2022 28.7 | Dec 2022 22.7 | Mar 2023 27.2 | Jun 2023 17.1 | Sep 2023 29.8 | Dec 2023 21.2 | Mar 2024 27.2 | Jun 2024 90.7 | Sep 2024 56.9 | Dec 2024 — | Mar 2025 36.5 | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 14.0 | Jun 2026 17.3
- LEE: Sep 2021 6.1 | Dec 2021 11.9 | Mar 2022 12.0 | Jun 2022 11.7 | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —

## Enterprise Value & Book Value

What the numbers say: John Wiley & Sons, Inc. leads ev/ebitda at 6.56×; Scholastic Corporation leads p/bv at 0.87×.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/bv signal.

Evidence: John Wiley & Sons, Inc. · 6.56× | 9.3% versus #2 · Pearson plc | 0/8 recent comparable periods | 6/6 companies · 97 observations

Definition: EV/EBITDA includes debt in enterprise value and is useful across different capital structures. P/BV prices the company against its own book. Both are market multiples on reported figures, not intrinsic-value estimates and not forecasts.

### EV/EBITDA — lowest EV/EBITDA
1. John Wiley & Sons, Inc. (WLY): 6.6
2. Pearson plc (PSO): 7.2 — older report
3. USA TODAY Co., Inc. (TDAY): 7.5
4. Lee Enterprises, Incorporated (LEE): 20.5
5. The New York Times Company (NYT): 23.2

### P/BV — lowest P/BV
1. Scholastic Corporation (SCHL): 0.9
2. Pearson plc (PSO): 1.8 — older report
3. John Wiley & Sons, Inc. (WLY): 5.1
4. The New York Times Company (NYT): 6.8
5. USA TODAY Co., Inc. (TDAY): 7.3

### 20-quarter EV/EBITDA history
- NYT: Sep 2021 24.6 | Dec 2021 21.8 | Mar 2022 25.8 | Jun 2022 17.0 | Sep 2022 15.1 | Dec 2022 17.0 | Mar 2023 19.1 | Jun 2023 18.8 | Sep 2023 19.0 | Dec 2023 20.5 | Mar 2024 17.1 | Jun 2024 19.4 | Sep 2024 20.3 | Dec 2024 18.0 | Mar 2025 16.7 | Jun 2025 17.8 | Sep 2025 17.0 | Dec 2025 20.1 | Mar 2026 23.2 | Jun 2026 —
- PSO: Sep 2021 23.8 | Dec 2021 5.9 | Mar 2022 7.4 | Jun 2022 6.9 | Sep 2022 7.6 | Dec 2022 8.3 | Mar 2023 7.7 | Jun 2023 7.3 | Sep 2023 7.1 | Dec 2023 7.3 | Mar 2024 8.1 | Jun 2024 7.6 | Sep 2024 7.3 | Dec 2024 8.9 | Mar 2025 8.8 | Jun 2025 7.7 | Sep 2025 7.4 | Dec 2025 7.2 | Mar 2026 — | Jun 2026 —
- WLY: Sep 2021 — | Dec 2021 10.0 | Mar 2022 8.9 | Jun 2022 8.5 | Sep 2022 10.2 | Dec 2022 9.3 | Mar 2023 14.1 | Jun 2023 10.8 | Sep 2023 11.1 | Dec 2023 11.4 | Mar 2024 11.3 | Jun 2024 12.4 | Sep 2024 13.2 | Dec 2024 12.9 | Mar 2025 8.3 | Jun 2025 8.5 | Sep 2025 7.8 | Dec 2025 7.5 | Mar 2026 6.2 | Jun 2026 6.6
- TDAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 10.3 | Mar 2026 7.5 | Jun 2026 —
- SCHL: Sep 2021 11.5 | Dec 2021 8.6 | Mar 2022 9.6 | Jun 2022 5.7 | Sep 2022 8.9 | Dec 2022 6.9 | Mar 2023 8.3 | Jun 2023 6.3 | Sep 2023 8.6 | Dec 2023 7.0 | Mar 2024 7.6 | Jun 2024 9.5 | Sep 2024 9.7 | Dec 2024 10.1 | Mar 2025 8.1 | Jun 2025 5.4 | Sep 2025 8.0 | Dec 2025 8.0 | Mar 2026 7.5 | Jun 2026 57.8
- LEE: Sep 2021 6.7 | Dec 2021 7.2 | Mar 2022 7.6 | Jun 2022 7.9 | Sep 2022 9.8 | Dec 2022 13.2 | Mar 2023 12.0 | Jun 2023 10.5 | Sep 2023 5.3 | Dec 2023 10.1 | Mar 2024 10.8 | Jun 2024 14.0 | Sep 2024 18.6 | Dec 2024 29.0 | Mar 2025 31.4 | Jun 2025 68.2 | Sep 2025 54.1 | Dec 2025 26.5 | Mar 2026 20.5 | Jun 2026 —

### 20-quarter P/BV history
- NYT: Sep 2021 5.9 | Dec 2021 5.2 | Mar 2022 5.3 | Jun 2022 3.2 | Sep 2022 3.0 | Dec 2022 3.4 | Mar 2023 4.1 | Jun 2023 4.0 | Sep 2023 4.1 | Dec 2023 4.6 | Mar 2024 4.1 | Jun 2024 4.7 | Sep 2024 4.9 | Dec 2024 4.4 | Mar 2025 4.3 | Jun 2025 4.7 | Sep 2025 4.7 | Dec 2025 5.5 | Mar 2026 6.8 | Jun 2026 —
- PSO: Sep 2021 1.3 | Dec 2021 1.1 | Mar 2022 1.3 | Jun 2022 1.3 | Sep 2022 1.4 | Dec 2022 1.5 | Mar 2023 1.5 | Jun 2023 1.4 | Sep 2023 1.6 | Dec 2023 1.7 | Mar 2024 1.9 | Jun 2024 1.7 | Sep 2024 1.7 | Dec 2024 2.1 | Mar 2025 2.3 | Jun 2025 2.0 | Sep 2025 1.9 | Dec 2025 1.8 | Mar 2026 — | Jun 2026 —
- WLY: Sep 2021 — | Dec 2021 2.7 | Mar 2022 2.5 | Jun 2022 4.5 | Sep 2022 2.7 | Dec 2022 2.2 | Mar 2023 2.5 | Jun 2023 4.1 | Sep 2023 2.0 | Dec 2023 1.9 | Mar 2024 2.5 | Jun 2024 9.7 | Sep 2024 3.6 | Dec 2024 3.5 | Mar 2025 3.2 | Jun 2025 8.5 | Sep 2025 2.8 | Dec 2025 2.6 | Mar 2026 2.2 | Jun 2026 5.1
- TDAY: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 4.9 | Mar 2026 7.3 | Jun 2026 —
- SCHL: Sep 2021 1.0 | Dec 2021 1.1 | Mar 2022 1.2 | Jun 2022 1.1 | Sep 2022 1.4 | Dec 2022 1.2 | Mar 2023 1.3 | Jun 2023 1.2 | Sep 2023 1.3 | Dec 2023 1.1 | Mar 2024 1.1 | Jun 2024 1.0 | Sep 2024 0.9 | Dec 2024 0.8 | Mar 2025 0.6 | Jun 2025 0.5 | Sep 2025 0.7 | Dec 2025 0.8 | Mar 2026 0.9 | Jun 2026 —
- LEE: Sep 2021 3.4 | Dec 2021 3.8 | Mar 2022 3.0 | Jun 2022 2.2 | Sep 2022 6.8 | Dec 2022 6.7 | Mar 2023 7.3 | Jun 2023 6.7 | Sep 2023 3.1 | Dec 2023 2.6 | Mar 2024 11.0 | Jun 2024 19.1 | Sep 2024 -5.5 | Dec 2024 -3.4 | Mar 2025 -1.7 | Jun 2025 -1.0 | Sep 2025 -0.8 | Dec 2025 -0.5 | Mar 2026 -34.5 | Jun 2026 —

## Market action

USA TODAY Co., Inc. has the strongest one-year price move in Publishing at +114.7%. It also leads on Mansfield relative strength against the S&P 500 at +33.8%. 6 of 6 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-07-28.

### Strongest one-year price performers
1. USA TODAY Co., Inc. (TDAY): 115%
2. Lee Enterprises, Incorporated (LEE): 71%
3. Scholastic Corporation (SCHL): 63%
4. The New York Times Company (NYT): 44%
5. John Wiley & Sons, Inc. (WLY): 42%

### Strongest relative strength versus NIFTY 500
1. USA TODAY Co., Inc. (TDAY): 34%
2. John Wiley & Sons, Inc. (WLY): 31%
3. Lee Enterprises, Incorporated (LEE): 15%
4. Pearson plc (PSO): 14%
5. Scholastic Corporation (SCHL): 11%

## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- 1 company has an older fundamental reporting date than the sector’s freshest reporters; its rank carries a stale marker.
- Thin comparisons: Valuation have fewer than three usable current readings.

## Every company
- The New York Times Company (NYT) — market value ₹12.2K Cr; latest fundamentals Mar 2026
- Pearson plc (PSO) — market value ₹10.5K Cr; latest fundamentals Dec 2025
- John Wiley & Sons, Inc. (WLY) — market value ₹2.8K Cr; latest fundamentals Jun 2026
- USA TODAY Co., Inc. (TDAY) — market value ₹1.3K Cr; latest fundamentals Mar 2026
- Scholastic Corporation (SCHL) — market value ₹766 Cr; latest fundamentals Jun 2026
- Lee Enterprises, Incorporated (LEE) — market value ₹177 Cr; latest fundamentals Mar 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-07-28.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Which Publishing company is the biggest?

The New York Times Company is the largest, with trailing-twelve-month revenue of $2,901 million, ahead of John Wiley & Sons, Inc. at $1,677 million. That covers 3 of 6 companies with comparable reporting through Mar 2026.

### Which Publishing company is growing fastest?

The New York Times Company has the fastest revenue growth at 10.4% year on year, across 3 of 6 comparable companies. Fast growth off a small base is not the same as proven scale — check whether the rate holds across several quarters on the chart above before treating it as a trend.

### Which Publishing company has the best profit margins?

John Wiley & Sons, Inc. has the highest operating margin at 24.6%, from 5 of 6 comparable companies. Lee Enterprises, Incorporated shows the biggest recent improvement, at +10.3 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Publishing company makes the most profit?

The New York Times Company earns the most, at $383 million of trailing-twelve-month net profit, from 3 of 6 comparable companies. John Wiley & Sons, Inc. has the fastest profit growth at 100%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Publishing company earns the highest return on capital?

Scholastic Corporation leads on return on capital employed at 7.8%, across 6 of 6 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Publishing stock is the cheapest?

On guarded PEG — where a LOWER number is cheaper — The New York Times Company screens cheapest at 1.35×. Only 1 of 6 companies pass the comparability guard, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Which Publishing company has the strongest balance sheet?

The New York Times Company carries the lowest comparable gross debt at $0 million, from 5 of 6 companies. Absolute rupee debt alone does not settle it, because company scale differs — net debt and debt-to-equity in the chart above carry more information, and a very low-debt balance sheet can also mean under-investment.

### Which Publishing company is investing most in new capacity?

Pearson plc reports the largest capital spending at $15 million, across 6 of 6 companies. Spending consumes cash before it earns anything, so treat the ranking as a diligence queue: check commissioning, utilisation and the return earned on the completed assets before reading spend as value creation.

### Is the Publishing sector beating the market?

Publishing has outperformed S&P 500 by 40.2% over the last 52 weeks and 6.7% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 6 of 6 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Publishing stock has the strongest price momentum?

USA TODAY Co., Inc. has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Publishing company scores highest for research priority?

John Wiley & Sons, Inc. scores 64.6 out of 100 with 76.2% evidence confidence, from 20.7 points on growth and earnings, 14.2 on capital efficiency, 11.5 on valuation and 18.2 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Publishing companies does this comparison cover, and over what period?

It compares 6 listed companies over up to 20 reported quarters of fundamentals and 6 fiscal years of capital allocation, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Publishing sector?

The 6 Publishing companies on this page carry $27,601 million of combined market value. The New York Times Company is the largest at $12,169 million, about 44% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-07-28.

### What is the Publishing sector's P/E ratio?

The median price-to-earnings ratio across the 6 Publishing companies on this page is 20.6×, measured on the 6 that report a comparable figure. A sector-level history for this multiple is not held here, so this is a cross-section of today, not a comparison with the sector’s own past. Figures are as of 2026-07-28.

### How is the Publishing sector performing?

6 of the 6 covered Publishing companies are beating S&P 500 on Mansfield relative strength. The sector itself is 40.2% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-07-28.

### How many Publishing stocks are listed in the US?

This comparison covers 6 listed Publishing companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.

Narrative sector analysis: https://www.sectoralpha.in/sectors/publishing