USA TODAY Co., Inc.
TDAY Communication Services Publishing
USA TODAY Co., Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.3 billion, down 8.25% from fiscal 2024. In the quarter to June 2026, revenue fell 8.30%, EPS fell 88.9%, free cash flow grew 1.14% and total debt fell 3.91%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years.
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USA TODAY Co., Inc. (TDAY) Altman Z-score
USA TODAY Co., Inc.'s Altman Z-score for fiscal 2025 is 0.76, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 0.76 | 0.11 |
| FY2024 | 0.65 | (0.12) |
| FY2023 | 0.77 | 0.14 |
| FY2022 | 0.62 | (0.33) |
| FY2021 | 0.96 | 0.63 |
| FY2020 | 0.32 | (0.08) |
| FY2019 | 0.41 | (1.38) |
| FY2018 | 1.79 | (0.27) |
| FY2017 | 2.06 | 0.05 |
| FY2016 | 2.01 | (0.42) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | (0.07) | — | −0.08 | |
| Retained earnings / total assets | (0.57) | — | −0.80 | |
| EBIT / total assets | 0.04 | — | 0.12 | |
| Market value of equity / total liabilities | 0.44 | — | 0.27 | |
| Sales / total assets | 1.25 | — | 1.25 | |
| Altman Z-score | Distress zone | 0.76 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Distress zone | −1.98 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| NYT The New York Times Company compare | 9.9× |
| PSO Pearson, PLC compare | 2.7× |
| WLYB John Wiley & Sons, Inc. compare | 2.5× |
| WLY John Wiley & Sons, Inc. compare | 2.5× |
| SCHL Scholastic Corporation compare | 2.5× |
| EDUC Educational Development Corporation compare | 1.9× |
| TDAY USA TODAY Co., Inc. | 0.8× |
| LEE Lee Enterprises, Incorporated compare | 0.1× |
| TNMG TNL Mediagene compare | −7.3× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets