NEWS CORP
NWSAdata completeness 100%15 fiscal years on fileData notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'
NEWS CORP earns about 5% on invested capital, below its ~9% cost of capital, and has bought back 6% of its shares over 5 years — no moat visible in the numbers. The estimate methods put fair value between $10.47 and $15.17 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|---|---|
| Revenue | $10.4B1 | $8.01B2 | $8.25B3 | $8.45B3 | $9.03B3 |
| Net income | $623M4 | $149M5 | $266M6 | $1.18B6 | $573M6 |
| Operating cash flow | $1.35B7 | $1.09B7 | $1.1B7 | $978M8 | $1.24B8 |
| Capital expenditure | $499M9 | $347M10 | $357M11 | $407M11 | $426M11 |
| Free cash flow (derived) | $855M7 | $745M7 | $741M7 | $571M8 | $811M8 |
| Total debt | $6.14B12 | $5.93B13 | $4.2B14 | $3.92B15 | $3.98B15 |
| Cash & equivalents | $1.82B16 | $1.76B17 | $1.87B18 | $2.4B18 | $2.1B18 |
| Diluted shares | 592.5M | 578.8M | 573.5M | 569.9M | 558.4M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $152.69 of net worth that earned you $10.26 and generated $14.52 of cash last year, against $71.24 of debt.
It earned about 5% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.
seeing a moat in the numbers →Share count is down 6% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 35% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $10.47 and $15.17 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.8%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth0.0%
- fcfBase$741M
assumptions (10)
- riskFreeRate4.8%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth0.0%
- fcfBase$741M
assumptions (8)
- riskFreeRate4.8%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$573M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $15.17 |
| Base | 0.0% | $15.17 |
| Bull | 5.0% | $19.65 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 0.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2022-06-30 · accession 0001564708-24-000408 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-06-30 · accession 0001564708-25-000419 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2024-06-30 · accession 0001564708-26-000175 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-06-30 · accession 0001564708-24-000408 (NetIncomeLoss)
- 10-K · period ending 2023-06-30 · accession 0001564708-25-000419 (NetIncomeLoss)
- 10-K · period ending 2024-06-30 · accession 0001564708-26-000175 (NetIncomeLoss)
- 10-K · period ending 2022-06-30 · accession 0001564708-24-000408 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2025-06-30 · accession 0001564708-26-000175 (NetCashProvidedByUsedInOperatingActivitiesContinuingOperations)
- 10-K · period ending 2022-06-30 · accession 0001564708-24-000408 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-06-30 · accession 0001564708-25-000419 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2024-06-30 · accession 0001564708-26-000175 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-06-30 · accession 0001564708-23-000368 (LongTermDebtNoncurrent)
- 10-K · period ending 2023-06-30 · accession 0001564708-24-000408 (LongTermDebtNoncurrent)
- 10-K · period ending 2024-06-30 · accession 0001564708-25-000419 (LongTermDebtNoncurrent)
- 10-K · period ending 2025-06-30 · accession 0001564708-26-000175 (LongTermDebtNoncurrent)
- 10-K · period ending 2022-06-30 · accession 0001564708-23-000368 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-06-30 · accession 0001564708-25-000419 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-06-30 · accession 0001564708-26-000175 (CashAndCashEquivalentsAtCarryingValue)