MeritValue

E.W. SCRIPPS Co

SSPdata completeness 100%17 fiscal years on file
The thesis, from the filings

E.W. SCRIPPS Co earns about -0% on invested capital, with a roughly flat share count. The applicable estimate puts fair value near $14.45 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$2.28B1$2.45B2$2.29B3$2.51B3$2.15B3
Net income$122.7M4$195.9M5−$947.8M6$146.2M6−$100.9M6
Operating cash flow$237M7$311.4M8$111.6M9$365.7M9$53.1M9
Capital expenditure$60.7M10$45.8M11$59.6M12$65.3M12$46.6M12
Free cash flow (derived)$176.3M7$265.6M8$52M9$300.4M9$6.52M9
Total debt$6.36B13$5.79B14$5.86B15$5.18B16$2.59B16
Cash & equivalents$66.2M17$18M17$35.3M18$23.9M19$27.9M19
Diluted shares88.0M87.3M84.3M86.1M88.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$141.56
your share of equity
Profit it earned you last year
−$11.46
Free cash flow it threw off
$0.74
Debt you’d be carrying
$294.74

10 shares is a claim on $141.56 of net worth that earned you −$11.46 and generated $0.74 of cash last year, against $294.74 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-0% avg · 5y
FY21 3%FY22 4%FY23 -9%FY24 2%FY25 -2%

It earned an average -0% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+0% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has fallen 59% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth0.0%
  • fcfBase$52M
DCF · Growth Exit 5Y
not applicable
negative equity value — refusing to publish per-share figure
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth0.0%
  • fcfBase$52M
Earnings Power Value
$14.45
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$122.7M
  • growthAssumed0.0%
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0000832428-24-000015 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-12-31 · accession 0000832428-25-000012 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-12-31 · accession 0000832428-26-000010 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-12-31 · accession 0000832428-24-000015 (ProfitLoss)
  5. 10-K · period ending 2022-12-31 · accession 0000832428-25-000012 (ProfitLoss)
  6. 10-K · period ending 2023-12-31 · accession 0000832428-26-000010 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0000832428-24-000015 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0000832428-25-000012 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0000832428-26-000010 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-12-31 · accession 0000832428-24-000015 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-12-31 · accession 0000832428-25-000012 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-12-31 · accession 0000832428-26-000010 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0000832428-23-000009 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-12-31 · accession 0000832428-24-000015 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-12-31 · accession 0000832428-25-000012 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-12-31 · accession 0000832428-26-000010 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-12-31 · accession 0000832428-24-000015 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0000832428-25-000012 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0000832428-26-000010 (CashAndCashEquivalentsAtCarryingValue)