USA TODAY Co., Inc. (TDAY) Stock

USA TODAY Co., Inc. (TDAY) is a Communication Services stock trading at $6.35 (as of 2026-09-11), with a market capitalization of $931.56M. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

USA TODAY Co., Inc. is a media and digital marketing company operating through Domestic Gannett Media, Newsquest, and Digital Marketing Solutions. It publishes and distributes news content across print and digital subscriptions and offers digital advertising and marketing products, including LocaliQ and a cloud-based marketing platform, serving consumers and business customers.

Understand USA TODAY Co., Inc.: how it makes money

USA TODAY Co. runs local newspapers, digital news properties, and the LocaliQ ad-tech platform, earning from print and digital subscriptions, advertising, and marketing platform fees. Print still drives 58% of revenue, but the company's 180M monthly unique visitors and growing digital subscription base are the strategic bet going forward.

Profit still flows from 180M local-news readers paying for print and ads, while the higher-margin digital engine (LocaliQ, AI licensing) has not yet filled the gap print leaves behind.

Revenue by segment (latest quarter)
Print & Commercial$0.3B
LocaliQ$0.1B
Digital Advertising$0.1B
Digital Subscriptions$0.1B

Business quality (Weak): Operating margin of 6% on declining revenue, combined with a P/E trading 19% above the industry average, points to a business in transition that the market is pricing for a turnaround that has not yet materialized.

Valuation: At 33× earnings, TDAY trades 19% above the Printing & Publishing average (28×).

Bull case

  • AI licensing opens new revenue: Management flagged high-margin Meta and Microsoft AI licensing agreements as expected drivers of digital revenue growth, a completely new line that sits on top of the existing platform.
  • Digital subscription monetization accelerating: Digital-only ARPU rose 23.7% year over year, showing that the 2.06M paid subscribers are paying meaningfully more for local news and that the subscription model is maturing.
  • Cost cuts fund debt paydown: Management expects double-digit 2026 free cash flow growth from cost reductions, which supports deleveraging and gives the balance-sheet room to invest in the digital and AI transition.

Bear case

  • Top line still shrinking: Quarterly revenue fell 4% to $500M, and management is guiding to flat-to-low-single-digit same-store decline in 2026, meaning the body of the business continues to contract.
  • Print drag dominates the mix: Print and Commercial Revenue of $290M accounts for 58% of total revenue and is declining 10.8% year over year, while the fastest-growing digital-only subscription line is only $50M (10% of revenue).
  • Valuation implies more than the trend: The stock trades at 32.8x earnings versus a 27.7x industry average (19% premium) despite 6% operating margins and negative top-line growth, leaving little margin for execution disappointment.
Valuation — source: SEC EDGAR (first-party)
Price$6.35
Market Cap$931.56M
EV / EBITDA9.6
Price / Book6.08
Price / Sales0.42
FCF Yield6.6%
DCF Value (model)$5.52
DCF Upside vs Price-13.1%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$2.30B
Net Margin0.1%
Return on Equity-26.3%
Debt / Equity6.20
Current Ratio0.81
Revenue Growth (YoY)-8.3%
EPS Growth (YoY)-88.9%
FCF Growth (YoY)11.8%
Financial Health — source: SEC EDGAR
Altman Z-Score0.70 (distress)
Piotroski F-Score8/9 (strong)
Valuation vs Sector & Industry
Sector P/E (Communication Services)20.5
Industry P/E (Printing & Publishing)25.5
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderCALIFORNIA STATE TEACHERS RETIREMENT SYSTEM ($152.39M)
Institutional Holders Tracked10
Company
SectorCommunication Services
IndustryPrinting & Publishing
CEOMichael E. Reed
Employees11,700
CountryUS
IPO Date2025-11-10

USA TODAY Co., Inc. earnings call transcripts

  • TDAY Q4 FY25 earnings call transcript (reported 2026-02-26) · analysis
  • TDAY Q3 FY25 earnings call transcript (reported 2025-10-30) · analysis

All TDAY earnings calls

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TDAY earnings history · TDAY institutional & insider holders · TDAY KPIs & operating metrics · TDAY financials · TDAY filings, presentations & press releases · TDAY investor presentations & press releases · TDAY SEC filings · TDAY peers · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-09-11.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.