What Have New York Times Stock Holders Had To Sit Through

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A $10,000 investment made in The New York Times Company (NYT) in November 2016 was worth about $66,700 ten years later, before dividends. The same money in the S&P 500 grew to about $36,100. In hindsight, New York Times looks like an easy stock to have owned. The harder question is whether you could have held on. How many times do you think the stock fell 20% or more along the way?

How Often Did New York Times Stock Fall?

New York Times shares dropped 20% or more six times over those ten years, and only one of those declines went past 30%.

The deepest slide stretched from January 2021 to June 2022. Over those dates, the stock lost 50.3% while the S&P 500 slipped 1.7%. Shareholders then waited another 28 months after the low before the stock closed above its old high in November 2024.

What Did A New York Times Fall Feel Like?

The latest decline began in April 2026, and shareholders are still in it. The stock lost 27.9% over five and a half months to reach its low on September 23. New York Times shares have not closed above their April high since.

Each of the five earlier falls ended with the stock climbing back above its old high. An investor watching the price slide month after month in 2026 had no way to know whether this one would.

Was Something Wrong With New York Times's Business?

Not on revenue or operating margin during the deepest fall. Twelve-month revenue stood 23.1% higher at the June 2022 low than it did at the January 2021 high, and the operating margin edged up to 10.7% from 9.9%.

The 2026 decline followed much the same pattern. Twelve-month revenue came in 2.6% higher at the September low than at the April high, and the operating margin held at 16.5%. The company sells digital subscriptions and advertising built around its journalism. On its November 4, 2026 call, management said digital subscription revenues grew 14.6% in the third quarter of 2026.

In both falls, twelve-month revenue rose while the stock fell, and the operating margin did not shrink. Falls like these are part of the risk of holding the stock.

What Selling New York Times Stock Would Have Cost

New York Times stock is up 160.6% since its June 2022 low. Anyone who sold there missed the entire gain. Today the stock sits 15.3% below its April 2026 high.

For New York Times, those six falls were what holders paid for a gain that beat the S&P 500. The next time New York Times stock falls hard, the thing to watch is whether revenue is falling with it, and the next report is expected in February 2027.

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