An industry chapter · Publishing

Publishing

12 members, 9468 to WLYB, A to Z by ticker.

Gross profitability: median 39% — gross profit as a share of total assets, each member's median across its readable years; read on 8 of 12 members
Capital intensity: median 1.8% — capital expenditure as a share of revenue, each member's median across its readable years; read on 12 of 12 members
Net cash: 6 of the 12 members with a readable debt line hold more cash and short-term investments than total debt

Figures describe the list as a group, from each member's own filed record; they name no member and form no rank. A member missing an input is absent from that median, never counted against the others.

From the latest filings · data as of July 9, 2026.

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9468 Kadokawa

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings 2017–2026 ¥8.3B(¥4.4B)(¥505M)¥11.7B¥11.1B¥19.5B¥14.7B¥5.2B¥7.2B¥689M

Retained capital Retained ¥5.2B of earnings over 2017–2026; annual owner earnings grew ¥3.2B.

Balance sheet Net cash, +¥80.7B · dividend paid 10 of 10 yrs, never cut

DJCO Daily Journal Corp. (S.C.)

These organizations use the Journal Technologies family of products to help manage cases and information electronically, to interface with other critical justice partners and to extend electronic services to the public, including e-filing and a website to pay traffic citations and fees online.

Owner earnings 2016–2025 ($3M)($3M)($2M)$1M$2M$3M($5M)$15M($138K)$13M

Retained capital Retained $288M of earnings over 2016–2025; annual owner earnings grew $12M, $0.04 per $1 retained.

Balance sheet Net cash, +$514M

MH McGraw Hill Inc.

McGraw Hill is a leading global provider of education solutions for K-12, higher education and professional learning markets.

Owner earnings 2024–2026 $154M$575M$246M

Retained capital not read

Balance sheet Heavy net debt, $2.3B

NWS News Corporation

News Corporation is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services to consumers and businesses throughout the world.

Owner earnings 2016–2025 $622M$238M$393M$356M$342M$847M$855M$745M$741M$571M

Retained capital Paid out $3.0B more than it earned over 2016–2025; annual owner earnings grew $268M.

Balance sheet Net cash, +$441M · buybacks at an average near $20.75 · dividend paid 10 of 10 yrs, never cut

NWSA News Corp

Owner earnings 2016–2025 $622M$238M$393M$356M$342M$847M$855M$745M$741M$571M

Retained capital Paid out $3.0B more than it earned over 2016–2025; annual owner earnings grew $268M.

Balance sheet Net cash, +$441M · buybacks at an average near $20.75 · dividend paid 10 of 10 yrs, never cut

NYT New York Times Company (The)

Revenue is Subscription (69%), Advertising (20%) and Affiliate, licensing and other (11%).

Owner earnings 2016–2025 $74M$25M$98M$144M$263M$234M$114M$338M$381M$551M

Retained capital Retained $734M of earnings over 2016–2025; annual owner earnings grew $358M, $0.49 per $1 retained.

Balance sheet Net cash, +$211M · buybacks at an average near $40.71 · dividend paid 10 of 10 yrs, never cut

PSO Pearson Plc

Revenue is led by Assessments and Qualifications (45%) and Higher Education (22%), with 3 more segments behind.

Owner earnings 2016–2021 £322M£216M£392M£314M£336M£262M

Retained capital Paid out £2.0B more than it earned over 2016–2021; annual owner earnings fell £6M.

Balance sheet Meaningful net debt, £1.1B · dividend paid 6 of 6 yrs, cut at least once

SCHL Scholastic Corporation

Scholastic Corporation is the world's largest publisher and distributor of children's books, a leading provider of print and digital instructional materials for grades pre-kindergarten to grade 12 and a producer of entertaining literary and educational children's media.

Owner earnings 2016–2025 ($115M)$76M$20M$21M($61M)$24M$184M$87M$96M$72M

Retained capital Paid out $479M more than it earned over 2016–2025; annual owner earnings grew $91M.

Balance sheet Heavy net debt, $133M · dividend paid 10 of 10 yrs, never cut

TDAY USA TODAY Co. Inc.

For both the USA TODAY Media and Newsquest segments, we seek to strengthen the connection with our audience 5 by providing relevant content and expanded offerings that resonate with our readers.

Owner earnings 2016–2025 $84M$99M$98M$12M$21M$88M($5M)$56M$51M$63M

Retained capital Paid out $1.3B more than it earned over 2016–2025; annual owner earnings fell $37M.

Balance sheet Net debt against an operating loss, $864M · dividend paid 4 of 10 yrs, cut at least once

WBTN WEBTOON Entertainment Inc.

WEBTOON is a global storytelling platform where a vibrant community of creators and users discover, create and share new content.

Owner earnings 2022–2025 ($143M)$5M$15M$4M

Retained capital not read

Balance sheet Net cash, debt-free, +$582M

WLY John Wiley & Sons Inc.

Wiley is a predominantly digital company with 85% of revenue for the year ended April 30, 2026 generated by digital products and services.

Owner earnings 2017–2026 $210M$268M$174M$200M$283M$250M$196M$132M$141M$209M

Retained capital Paid out $420M more than it earned over 2017–2026; annual owner earnings fell $57M.

Balance sheet Meaningful net debt, $608M · dividend paid 10 of 10 yrs, never cut

WLYB John Wiley & Sons Inc.

Wiley is a predominantly digital company with 85% of revenue for the year ended April 30, 2026 generated by digital products and services.

Owner earnings 2017–2026 $210M$268M$174M$200M$283M$250M$196M$132M$141M$209M

Retained capital Paid out $420M more than it earned over 2017–2026; annual owner earnings fell $57M.

Balance sheet Meaningful net debt, $608M · dividend paid 10 of 10 yrs, never cut

The same four lines for every member, in strict ticker order; a figure that could not be read renders as "not read," never as a mark against the record beside it. The header describes the list and names no member; the entries carry no ranking and form no score. What a chapter cannot carry — understanding of the business, and a price — is yours.