News Corp stock forecast 2027–2029
MyStockButler's October 2026 analysis: News Corp's weighted price reaches $32.21 in October 2027. It hinges on property monetization, Dow Jones growth and cash conversion holding while the holding-company discount remains substantial.
Where could News Corp's shares be by 2029?
News Corp offers moderate upside: its weighted price reaches $32.21 in October 2027 and $38.07 in October 2029 if property monetization, Dow Jones growth and cash conversion hold while the holding-company discount remains substantial.
Management does not ordinarily project company-wide operating results. Its clearest guidance is Dow Jones revenue growth and margin expansion, with a five-year ambition of $1 billion in annual Segment EBITDA. The forecast implies a +5% total return at the first date and +26% at the last, including dividends. It assigns 30% to the bear case and 50% to the base case. The bull case receives 20%.
| Case | Probability | October 2027 | October 2028 | October 2029 |
|---|---|---|---|---|
| Bear | 30 % | 26.31 (-14 %) | 23.11 (-24 %) | 20.12 (-34 %) |
| Base | 50 % | 33.50 (+10 %) | 37.17 (+22 %) | 41.83 (+38 %) |
| Bull | 20 % | 37.86 (+24 %) | 45.95 (+51 %) | 55.59 (+83 %) |
| Weighted | 100 % | 32.21 (+5 %) | 34.71 (+14 %) | 38.07 (+26 %) |
What this means. The weighted row is the average expected share value after giving more influence to cases with higher probabilities.
What has to go right, and what could go wrong for News Corp?
The bear case assumes 4% annual asset-value decline and a $200M annual reduction in parent net cash, producing the lower NAV row. The bull case assumes 10% annual growth and a $300M annual cash improvement. Those paths require, respectively, persistent property, subscription or advertising pressure, or successful lead monetization, Dow Jones expansion and better cash conversion. FY2026 free cash flow was $811M, but dividends and buybacks consumed $753M, so cash retention remains a constraint.
How much cash does News Corp really make?
The stock carries a 29.8x trailing P/E and a 23.3x forward P/E, making earnings quality and growth central to the price. Operating margin rose from 6.9% in FY2023 to 11.4% in FY2026. Real free cash flow, calculated here as free cash flow less stock compensation, reached 8.1% of revenue in FY2026 from 4.3% in FY2023.
| Jun 2026 | Jun 2025 | Jun 2024 | Jun 2023 | Jun 2022 | |
|---|---|---|---|---|---|
| = Free cash flow | 811 | 571 | 540 | 430 | 643 |
| − Stock pay | 77 | 84 | 91 | 87 | 57 |
| = Real free cash flow | 734 | 487 | 449 | 343 | 586 |
| Free cash flow, % of revenue | 9.0% | 6.8% | 6.5% | 5.4% | 7.6% |
| Real free cash flow, % of revenue | 8.1% | 5.8% | 5.4% | 4.3% | 6.9% |
What does an investor pay for News Corp today?
The price-to-earnings ratio, or P/E, says how much investors pay for each dollar of annual earnings. At 29.8x trailing earnings and 23.3x forward earnings, the market expects improvement, but the earnings base needs care. FY2025 included an $87 million gain from selling PropertyGuru, which cannot recur every year, while Foxtel’s disposal changed the businesses included in the comparison.
| Today (Oct 24, 2026) | |
|---|---|
| Share price | 30.735 |
| P/E, last 12 months (calculated) | 29.8x |
| P/E, next 12 months (calculated) | 23.3x |
| Free cash flow yield (calculated) | 4.9% |
| Real free cash flow yield (calculated) | 4.4% |
What this means. The enterprise value is lower than the market value because the company has more cash and short-term investments than debt.