Publishing

6 companies · $23.1B combined revenue · $3.1B operating profit

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The typical US-listed publishing company grew revenue 1.9% and earnings -22.8% in its latest year, at a 15.3% operating margin, and 2 of 4 earn a return on capital above 15%. Figures from each company's latest annual filing with the SEC, refreshed daily.

1.9%Median revenue growth
-22.8%Median earnings growth
4.1%Median revenue growth, 3 yrs
25.5%Median earnings growth, 3 yrs
15.3%Median operating margin
15%Median ROCE
Fastest revenue growthNew York Times NYT9.2%Fastest earnings growthJohn Wiley & Sons WLY163%Highest ROCENew York Times NYT18.5%Biggest margin gainJohn Wiley & Sons WLY+3.3 pts

Growth engines: the 4 Cylinders

All four working: 0% of companies

A company's earnings per share can grow in only four ways: more sales, profits growing faster than sales (operating leverage), wider margins, and less debt. Each bar is the share of companies where that engine worked in their latest year.

  • Sales growth · Revenue up 10% or more0%
  • Operating leverage · Operating income growing faster than a growing revenue20%
  • Margin expansion · Operating margin up 1 point or more40%
  • Debt reduction · Debt down 5% or more, or net cash80%

Combined revenue · 5 companies reporting in US dollars

Revenue
$0$10B$20B$30BFY22FY23FY24FY25

Combined operating margin

Operating margin
0%10%20%30%FY22FY23FY24FY25

All 6 companies

Median–1.9%-22.8%15.3%15%0.41x
TRIThomson Reuters$7.5B3%▲-31.9%▼28.5%▲14.7%▼0.18x▲
NWSANEWS$9.0B6.8%▲-51.4%▼––0.23x▲
NYTNew York Times$2.8B9.2%▲17.1%▲15.3%18.5%▲–
PSOPearsonGBP 3.6B0.7%▼-22.8%14.2%▼–0.41x
WLYJohn Wiley & Sons$1.7B-0.1%▼163%▲16.5%▲15.3%▲0.81x▼
MHMcGraw Hill$2.1B0.1%▼–13.2%▼6.6%▼3.54x▼

▲ better than the median, ▼ worse. n/a: the ratio doesn't apply to that kind of business (e.g. a bank's operating margin). Sort by any column. Figures from each company's latest 10-K (or 20-F/40-F).