Track market-moving stories before they get noisy

Key Takeaways AppLovin's AI-powered marketplace continues boosting monetization, targeting, and revenue growth.APP posted nearly 85% adjusted EBITDA margin in Q1 2026, highlighting strong scalability.AppLovin's e-commerce ad expansion may drive growth, but onboarding and valuation remain risks. AppLovin Corporation (APP - Free Report) has established itself as one of the most influential companies in the digital advertising industry, supported by its advanced algorithm-driven marketplace, robust profitability metrics and growing exposure to e-commerce advertising.

Still, despite these positives, the stock’s overall risk-reward profile remains relatively balanced, reflected in APP’s 15% year-to-date decline as strong operational execution competes against elevated valuation concerns.

Marketplace Strength Continues to Create Competitive AdvantagesAppLovin’s unified advertising marketplace continues to showcase significant structural advantages. The integration of MAX’s real-time bidding technology with ongoing Axon 2.0 enhancements has contributed to improved ad targeting, stronger bid density, and accelerated operating performance.

A major long-term catalyst remains the company’s opportunity to lift conversion rates from historically low single-digit percentages toward a more normalized higher range over time. This outlook is being supported by broader advertiser diversification outside gaming as well as continued optimization of its AI models.

As additional advertisers join the ecosystem, AppLovin benefits from rising demand, stronger monetization efficiency and favorable take-rate trends, reinforcing the company’s ability to expand market share and drive sustained revenue growth over the long run.

Profit Margins Continue to Separate APP From CompetitorsOne of AppLovin’s strongest investment characteristics remains its exceptional profitability profile. The company has continued to deliver industry-leading margins, with adjusted EBITDA reaching nearly 85% during the first quarter of 2026.

Such profitability demonstrates the scalability of AppLovin’s platform and highlights the strength of its operating leverage.

The company’s strong free cash flow generation also strengthens its financial position, allowing management to continue investing in technology initiatives while maintaining disciplined capital allocation practices. Guidance calling for continued margin stability in the second quarter further signals management’s confidence in the durability of the business model even as the company expands beyond gaming.

This earnings strength supports continued investment in AI-powered optimization tools while also reinforcing long-term shareholder value creation.

E-Commerce Advertising Could Unlock Another Growth EngineAppLovin’s expansion into web-based and e-commerce advertising represents an important incremental growth opportunity. Although the business remains in the early phases of development, the rollout of self-serve Axon Ads could significantly improve advertiser accessibility and accelerate customer onboarding.

The expected broader availability rollout during the first half of 2026 may become a key turning point, allowing greater adoption from advertisers outside the gaming industry.

At the same time, improvements in generative creative technologies, including interactive landing-page generation and future video-ad tools, are expected to strengthen campaign performance and improve conversion metrics.

Early momentum in prospecting campaigns also indicates that AppLovin is successfully broadening its reach across new customer categories, potentially supporting long-term diversification and additional revenue expansion.

Strong Balance Sheet Enhances Shareholder Return PotentialAppLovin’s healthy cash generation capabilities, alongside cash and equivalents totaling $2.76 billion and no current debt obligations, further support a disciplined shareholder return strategy.

With a strong liquidity profile reflected in a current ratio of 3.24 and continued share repurchase activity, the company has demonstrated its commitment to enhancing shareholder value while preserving flexibility for strategic investments.

This ability to simultaneously reinvest for growth and return capital to shareholders adds another layer of financial resilience, especially within the fast-changing digital advertising landscape. The company’s strong balance sheet should also help it navigate periods of market volatility while continuing to pursue long-term strategic objectives.

Early E-Commerce Execution Still Creates UncertaintyDespite the attractive growth potential, AppLovin’s e-commerce business remains in the early stages and still faces operational hurdles.

The company’s current referral-only onboarding model and conversion dynamics indicate that scaling efforts may require additional time, particularly while management continues refining creative tools and simplifying advertiser onboarding workflows.

In addition, seasonality and gradual rollout schedules could lead to inconsistent revenue contributions from non-gaming advertisers in the near term, potentially slowing diversification progress. Until self-serve onboarding becomes fully available and adoption gains traction, visibility into this segment may remain somewhat limited.

APP Valuation Appears ElevatedAPP currently trades at a forward P/E multiple of 33.6, noticeably above the industry average of 23.75.

                                                                    Image Source: Zacks Investment Research

Its forward price-to-sales ratio of 21.9 also stands far above the industry benchmark of 2.26, indicating that investor expectations for future growth remain extremely aggressive.

                                                           Image Source: Zacks Investment Research

When stocks trade at premium valuation levels, even modest growth slowdowns or softer guidance can lead to significant multiple compression. Consequently, APP shares could remain vulnerable if market sentiment shifts or expectations are revised lower.

Comparing AppLovin With Major U.S. Advertising Technology RivalsThe Trade Desk (TTD - Free Report) operates a demand-side advertising platform centered around programmatic advertising and advanced audience targeting capabilities. Although The Trade Desk benefits from strong exposure to premium advertising brands, its profitability profile tends to be more cyclical and sensitive to broader advertising spending trends compared with AppLovin. While TTD prioritizes scale and reach, AppLovin remains more focused on performance optimization and monetization efficiency.

Unity Software (U - Free Report) also maintains exposure to digital advertising through its real-time 3D platform and monetization offerings. However, Unity Software’s advertising operations remain closely connected to developer ecosystems and have historically demonstrated greater volatility. Unlike AppLovin, Unity Software continues to balance profitability objectives alongside growth expansion, making AppLovin’s consistent margin profile a notable competitive advantage among peers.

Hold Rating Reflects a More Balanced Investment OutlookOverall, AppLovin offers an attractive combination of strong execution, industry-leading profitability and significant long-term growth potential.

However, the developing nature of its e-commerce initiatives, combined with elevated valuation metrics, creates a more balanced investment setup at current levels.

With APP carrying a Zacks Rank #3 (Hold), maintaining a cautious approach appears reasonable as investors evaluate the company’s long-term structural advantages against shorter-term uncertainties. Existing shareholders may still benefit from holding the stock for potential long-term upside, while prospective investors could prefer waiting for improved valuation levels or greater visibility into future growth trends. You can see the complete list of today’s Zacks Rank #1 (Strong Buy) stocks here.

© nensuria / iStock via Getty Images

Ad-tech investors are staring at a tough tape in 2026 so far. Trade Desk (NASDAQ:TTD | TTD Price Prediction) trades near $21, while AppLovin (NASDAQ:APP) sits around $561 as some loyal shareholders start to lose patience.

The headline numbers tell the story. Trade Desk stock is down 44% year to date (YTD), while AppLovin stock is down 17%. Both names sit in the programmatic advertising arena, but the gap is wide enough to raise a serious question: is ad-tech dead money in 2026, or a setup for selective buyers?

It’s not about a single catalyst as much as a slow grind that has reset expectations across the group. Investors want to know whether the worst is priced in, or whether more downside is still on the table heading into the year’s second half.

The Why Behind the Divergence Trade Desk’s pain is fundamental. The company’s revenue growth decelerated from 25% year over year (YoY) in Q1 2025 to 12% in Q1 2026, and adjusted EBITDA margin compressed from 47% in Q4 2025 to 30% in Q1 2026. Moreover, Trade Desk’s non-GAAP diluted EPS fell to $0.28 from $0.33 a year earlier.

Trade Desk is also paying for ambition. The company is funding Koa Agents, OpenAds, and a Dollar General (NYSE:DG) retail-media push, all of which lift platform operating costs faster than revenue can absorb them. CEO Jeff Green stated, “Despite headwinds in the macro environment, we remain confident in our ability to lead and innovate within the programmatic ecosystem.”

AppLovin tells a very different operational story. Q1 2026 revenue rose 24% YoY to $1.84 billion, net income jumped 109%, and adjusted EBITDA margin reached 85%. Additionally, AppLovin’s management guided Q2 2026 revenue to $1.92 billion to $1.95 billion.

The Bear and Bull Cases The bear case for the sector is straightforward. Ad spending is softening at the edges, competition from walled gardens keeps tightening, and the valuation reset is still working through high-multiple names. Plus, AppLovin trades at a P/E ratio of 53x, leaving little room for any growth wobble.

Insider activity adds caution on both names. AppLovin has logged 194 recent insider transactions with a net selling direction, and Trade Desk shows 45 recent insider transactions, also leaning toward net selling. That can put a ceiling on near-term sentiment, even if the fundamentals improve.

The bull case is predicated on metrics and price predictions. Trade Desk’s customer retention sits above 95%, and the analyst consensus price target of $25 implies meaningful upside from current levels. For AppLovin, Wall Street is even more constructive, with a consensus target of $648.

One Stock Needs to Play Catch-Up For what it’s worth, retail traders’ mood is starting to thaw for these ad-tech names. Reddit sentiment for Trade Desk has bounced into bullish territory, with one widely shared post titled “Trade Desk is down 67% from its high while still growing revenue” drawing fresh attention this week. AppLovin’s social sentiment score sits at 82, even with news sentiment cooler at 46.84.

In any case, over the past 12 months, AppLovin stock is up 34% while Trade Desk stock is down 72%. Both companies need to execute in 2026, but clearly, TTD stock needs to play catch-up.

What to Watch The next test for Trade Desk is delivering on Q2 2026 revenue guidance of at least $750 million and stabilizing margins. The next test for AppLovin is hitting that $1.92 billion to $1.95 billion revenue range without giving back the recent operating leverage gains.

Investors may want to size their positions carefully here. Ad-tech has become a stock picker’s pocket of the market in 2026, where execution gaps now translate into very different price outcomes.

Watch for whether AppLovin can hold the recent rebound into the next earnings report and whether Trade Desk can prove that its AI investments produce real operating leverage. Until those answers arrive, don’t assume that these ad-tech stocks will escape the doldrums this year.

AppLovin Corporation, (NASDAQ: APP) (“AppLovin” or the “Company”) the leading marketing platform, today announced that it will participate in a fireside chat at the 54th Nasdaq & Jefferies Investor Conference on Tuesday, June 9, 2026 at 10:00am GMT.

A webcast of the event will be available on the Company's Investor Relations website at https://investors.applovin.com and a replay will be available following the conference in the Events & Presentations section of the Company’s Investor Relations website.

About AppLovin

AppLovin makes technologies that help businesses of every size connect to their ideal customers. The company provides end-to-end advertising solutions for businesses to reach, monetize and grow their global audiences. For more information about AppLovin, visit: www.applovin.com.

Source: AppLovin Corp.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260608414458/en/

AppLovin stock is among today’s weakest performers. Why is APP stock falling? Macro Pressures And Geopolitical FearsAnxiety is mounting ahead of Wednesday’s May CPI report. Following April’s hot 3.8% year-over-year print, another elevated reading could further delay Federal Reserve rate cuts. This environment historically batters high-beta software and ad-tech stocks by keeping borrowing costs higher for longer.

Compounding these inflation fears is a fresh geopolitical flashpoint. After a U.S. helicopter was shot down over the Strait of Hormuz, President Trump’s threats of retaliation stoked fears of a major oil supply disruption. A resulting spike in energy prices would feed directly back into sticky inflation and severely complicate the Fed’s path forward.

Rotation Away From GrowthToday's pressure on AppLovin is macro-driven rather than company-specific. As volatility picks up and the tech-heavy Nasdaq underperforms, investors are aggressively taking profits and rotating out of premium-valued growth stocks.

Despite the heavy pressure on tech, broader market breadth remains highly constructive. With nine sectors advancing and a 4.5 advance/decline ratio, AppLovin's steep drop stands out as a targeted pocket of growth weakness rather than a symptom of a market-wide selloff.

Critical Price Levels To Watch For APPFrom a trend perspective, APP is still up 35.52% over the past 12 months, but Tuesday's pullback keeps the stock in a choppy zone between key longer-term references. It's trading 9.4% above the 50-day SMA ($475.22) and 10.6% above the 100-day SMA ($470.00), but 1.9% below the 20-day SMA ($529.65) and 3.9% below the 200-day SMA ($540.81).

Momentum is best framed through MACD right now: MACD is above its signal line and the histogram is positive, which suggests downside pressure is easing versus the prior downswing even if price hasn't fully reclaimed longer-term resistance. In plain English, when MACD is above its signal line, it often signals that selling momentum is fading and buyers are starting to push back.

The moving-average structure is mixed: the 20-day SMA is above the 50-day SMA (a near-term bullish alignment), but the 50-day SMA remains below the 200-day SMA after the death cross in March, which can keep rallies "sold into" until the stock can hold above the 200-day. The recent swing low in April and swing high in June also frame this as a range-to-uptrend attempt that's still vulnerable to sharp pullbacks.

Key Resistance: $622.00 — a round-number/pivot area where rebounds can stall after the recent volatility Key Support: $430.50 — a prior demand zone that sits well below current price and marks a level buyers previously defended Applovin’s Benzinga Edge Rankings ExplainedBelow is the Benzinga Edge scorecard for Applovin, highlighting its strengths and weaknesses compared to the broader market:

The Verdict: Applovin’s Benzinga Edge signal reveals a growth-heavy profile with only moderate momentum and extremely weak value support. That combination can work well in risk-on markets, but it also means pullbacks can be sharp when the Nasdaq is leading to the downside.

APP Stock Price Activity TodayAPP Stock Price Activity: AppLovin shares were down 7.65% at $520.58 at the time of publication on Tuesday, according to Benzinga Pro data.

Image: Shutterstock

Market News and Data brought to you by Benzinga APIs

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

To add Benzinga News as your preferred source on Google, click here.

The recommendations of Wall Street analysts are often relied on by investors when deciding whether to buy, sell, or hold a stock. Media reports about these brokerage-firm-employed (or sell-side) analysts changing their ratings often affect a stock's price. Do they really matter, though?

Before we discuss the reliability of brokerage recommendations and how to use them to your advantage, let's see what these Wall Street heavyweights think about AppLovin (APP - Free Report) .

AppLovin currently has an average brokerage recommendation (ABR) of 1.37, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 30 brokerage firms. An ABR of 1.37 approximates between Strong Buy and Buy.

Of the 30 recommendations that derive the current ABR, 23 are Strong Buy and three are Buy. Strong Buy and Buy respectively account for 76.7% and 10% of all recommendations.

Brokerage Recommendation Trends for APP

Check price target & stock forecast for AppLovin here>>>

While the ABR calls for buying AppLovin, it may not be wise to make an investment decision solely based on this information. Several studies have shown limited to no success of brokerage recommendations in guiding investors to pick stocks with the best price increase potential.

Do you wonder why? As a result of the vested interest of brokerage firms in a stock they cover, their analysts tend to rate it with a strong positive bias. According to our research, brokerage firms assign five "Strong Buy" recommendations for every "Strong Sell" recommendation.

This means that the interests of these institutions are not always aligned with those of retail investors, giving little insight into the direction of a stock's future price movement. It would therefore be best to use this information to validate your own analysis or a tool that has proven to be highly effective at predicting stock price movements.

Zacks Rank, our proprietary stock rating tool with an impressive externally audited track record, categorizes stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), and is an effective indicator of a stock's price performance in the near future. Therefore, using the ABR to validate the Zacks Rank could be an efficient way of making a profitable investment decision.

ABR Should Not Be Confused With Zacks RankAlthough both Zacks Rank and ABR are displayed in a range of 1--5, they are different measures altogether.

Broker recommendations are the sole basis for calculating the ABR, which is typically displayed in decimals (such as 1.28). The Zacks Rank, on the other hand, is a quantitative model designed to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5.

It has been and continues to be the case that analysts employed by brokerage firms are overly optimistic with their recommendations. Because of their employers' vested interests, these analysts issue more favorable ratings than their research would support, misguiding investors far more often than helping them.

On the other hand, earnings estimate revisions are at the core of the Zacks Rank. And empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

Furthermore, the different grades of the Zacks Rank are applied proportionately across all stocks for which brokerage analysts provide earnings estimates for the current year. In other words, at all times, this tool maintains a balance among the five ranks it assigns.

Another key difference between the ABR and Zacks Rank is freshness. The ABR is not necessarily up-to-date when you look at it. But, since brokerage analysts keep revising their earnings estimates to account for a company's changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in indicating future price movements.

Is APP Worth Investing In?Looking at the earnings estimate revisions for AppLovin, the Zacks Consensus Estimate for the current year has remained unchanged over the past month at $15.86.

Analysts' steady views regarding the company's earnings prospects, as indicated by an unchanged consensus estimate, could be a legitimate reason for the stock to perform in line with the broader market in the near term.

The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for AppLovin. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

It may therefore be prudent to be a little cautious with the Buy-equivalent ABR for AppLovin.

AppLovin Corporation remains a buy as fundamentals outpace recent stock price weakness, with valuation now highly attractive. Q1 2026 delivered 59% YoY revenue growth and 66% YoY adjusted EBITDA growth, with FCF at 70% of sales and strong margin expansion. AXON platform's global self-serve rollout and hybrid monetization model are expected to drive major TAM expansion and revenue acceleration.

Investors with an interest in REIT and Equity Trust - Other stocks have likely encountered both Healthpeak (DOC) and National Health Investors (NHI). But which of these two stocks is more attractive to value investors?

, /PRNewswire/ -- Blueprint Healthcare Real Estate Advisors ("Blueprint"), a leading advisor in seniors housing and healthcare real estate transactions, announces its role as Advisor to National Health Investors, Inc. ("NHI") in its planned $560 million disposition of a 35-property healthcare portfolio to National HealthCare Corporation ("NHC").

Executive Managing Directors Brooks Blackmon and Michael Segal, along with Managing Director, Akash Vipani, provided strategic transaction guidance to NHI as part of the Company's broader portfolio repositioning initiative.

The portfolio comprises 32 skilled nursing facilities and three independent living communities located across multiple U.S. markets. The assets are currently operated by NHC subject to a long-term master lease agreement.

The proposed sale provides NHI with increased financial flexibility and further supports their strategic shift toward private-pay seniors housing assets. Additionally, the transaction reflects continued investor and operator focus on optimizing capital structures and aligning ownership with operations.

The transaction is expected to close July 1, 2026, subject to customary closing conditions.

For media inquiries, please contact: [email protected].

Chicago-based Blueprint was founded in 2013 with a mission to elevate healthcare real estate brokerage through collaboration and data. Today, Blueprint is the most active healthcare real estate advisory firm with expertise in seniors housing, skilled nursing, behavioral healthcare, and medical properties. The firm also offers dedicated capital markets support to offer our clients a full spectrum of comprehensive debt and equity solutions. With a proven track record of $18.6 Billion in transaction volume, Blueprint's model combines broad market coverage with unrivaled analytics to deliver results.

SOURCE Blueprint Healthcare Real Estate Advisors

, /PRNewswire/ -- National Health Investors, Inc. (NYSE: NHI) announced today its results for the quarter ended March 31, 2026.

CEO Comments

"NHI reported a solid start to 2026, with NAREIT FFO, Normalized FFO and FAD exceeding our internal expectations," said Eric Mendelsohn, NHI's President and CEO.

"During the quarter, we continued to expand our Senior Housing Operating Portfolio ("SHOP"), with first quarter invested capital of $742.5 million, a 106% increase from the prior year period. While same-store SHOP performance was impacted by near-term operating headwinds, we remain focused on executing our strategy and see solid performance from our recent SHOP additions. We also announced the acquisition of a seven-property portfolio for $106.9 million, which we expect to be accretive and to further support our growth."

"Year-to-date, we have announced $212.4 million of investments and continue to evaluate additional opportunities. Following the pending sale of the NHC portfolio, we expect pro forma leverage to decline below our target range, providing additional financial flexibility. We remain focused on expanding our private-pay senior housing portfolio and believe our positioning supports our longer-term growth objectives," concluded Mr. Mendelsohn.

Financial Results and Recent Events

Net income attributable to common stockholders per diluted share for the quarter ended March 31, 2026 increased by 10.8% to $0.82 per share compared to $0.74 per share for the same period in the prior year. Net income attributable to common stockholders for the quarter ended March 31, 2026 included $2.6 million of gains on dispositions of real estate properties. Net income attributable to common stockholders for the quarter ended March 31, 2025 included $0.3 million of proxy contest and related expenses for a proxy campaign associated with the Company's 2025 annual stockholders meeting and $1.2 million of costs incurred related to a large SHOP transaction that did not materialize. National Association of Real Estate Investment Trusts ("NAREIT") FFO per diluted share for the quarter ended March 31, 2026 increased by 7.9% to $1.23 per share compared to $1.14 per share for the same period in the prior year. NAREIT FFO for the quarter ended March 31, 2025 included the $0.3 million of proxy contest and related expenses and the $1.2 million of transaction costs described above. Normalized FFO per diluted share for the quarter ended March 31, 2026 increased by 7.0% to $1.23 per share compared to $1.15 per share for the same period in the prior year. Normalized FFO for the quarter ended March 31, 2025 included the $1.2 million of transaction costs described above. Normalized FAD for the quarter ended March 31, 2026 increased by 11.6% to $62.5 million compared to $56.0 million for the same period in the prior year. NHI is updating its 2026 full year guidance range as follows:

NAREIT FFO per diluted share from a range of $4.94 - $4.99 to a range of $4.74 - $4.79; Normalized FFO per diluted share from a range of $4.94 - $4.99 to a range of $4.74 - $4.79; and Normalized FAD from a range of $248.9 million - $251.4 million to a range of $240.6 million - $243.7 million. A detailed schedule of the Company's updated 2026 full year guidance range and the updated related assumptions used has been included in this press release.

Results for the quarter ended March 31, 2026 compared to the same period in the prior year were impacted by the following:

Rental income increased $4.3 million, or 6.2%, primarily due to $4.0 million of increased rental income from real estate properties in the Real Estate Investments segment that were acquired since January 1, 2025, partially offset by $2.1 million of rental income in the prior year period related to seven properties transitioned into the SHOP segment on August 1, 2025 from the Real Estate Investments segment. Resident fees and services, less senior housing operating expenses, increased $5.8 million, consisting of a $2.9 million increase related to the transitioned properties discussed above and a $3.0 million increase due to acquisitions in the SHOP segment since January 1, 2025. On a same store ("Same Store") basis, resident fees and services, less senior housing operating expenses, declined 2.4% primarily due to a decline in occupancy that was partially offset by increases in resident rental rates. Interest income from mortgage and other notes receivable decreased $1.5 million, or 23.8%, primarily due to a net reduction in the principal amounts of mortgage and other notes receivable outstanding in the current period compared to the prior year period. Depreciation and amortization increased $4.5 million, or 23.7%, which primarily related to a $4.0 million increase as a result of acquisitions since January 1, 2025. Interest expense increased $0.7 million, or 4.9%, primarily due to interest expense associated with the Company's 2033 Senior Notes which were issued in September 2025, partially offset by a decrease in the amounts outstanding under the Company's revolving credit facility and bank term loan in the current period compared to the prior year period. Legal expense decreased $1.1 million, or 78.6%. Legal expense for the quarter ended March 31, 2025 included $1.2 million of costs related to a large SHOP transaction that did not materialize. General and administrative expenses increased $1.0 million, or 15.0%, primarily due to higher compensation costs. Gains on dispositions of real estate properties, net, of $2.6 million for the quarter ended March 31, 2026 primarily related to the sale of a senior living campus located in Michigan. This property was part of the Real Estate Investments segment. National HealthCare Corporation ("NHC") Leased Portfolio Disposition

As previously announced on April 21, 2026, the Company executed a purchase and sale agreement, dated April 21, 2026, with NHC/Op, L.P., a wholly owned subsidiary of NHC, and certain of its affiliates (collectively, the "NHC Purchaser") related to the sale of the entire portfolio of real estate properties leased to NHC, which includes 32 skilled nursing facilities and three independent living facilities, for $560.0 million in net cash consideration. The Company anticipates closing the transaction on July 1, 2026, subject to certain customary closing conditions, including the expiration or termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. The NHC properties are included in the Real Estate Investments segment.

Pursuant to the terms of the purchase and sale agreement, contemporaneously with the closing of the transaction, the Company will execute a partial master lease termination and partial assignment and assumption of the master lease agreement which will result in the termination of its master lease agreement with NHC with respect to all properties, except for the four properties located in Florida that are subject to a sublease agreement. The Company will assign to the NHC Purchaser, and the NHC Purchaser will assume from the Company, the master lease for the four Florida properties. As of March 31, 2026, the aggregate net carrying amount of the NHC properties was $13.8 million.

Portfolio Activity

In January 2026, the Company sold a 42-unit senior living campus located in Michigan for $6.7 million in net cash consideration. The net carrying amount of the property was $4.2 million and a gain of $2.5 million was recognized on the sale of the property.

In February 2026, the Company acquired a portfolio of nine assisted living facilities located in Kentucky, South Carolina and Tennessee with a combined total of 460 units. The total purchase price was $105.5 million, including $1.0 million in closing costs. This portfolio of properties has been included in the SHOP segment and is being managed by Allegro Living Management, an affiliate of Spring Arbor Management, LLC, pursuant to a management agreement.

In April 2026, the combined rental income related to the four master lease agreements comprising the Bickford Senior Living ("Bickford") portfolio of 38 properties was reset to fair market value, or $38.4 million annually. Future base rental income will escalate on an annual basis at a rate ranging between 2.0% and 3.0% in accordance with each amended lease agreement. These amendments also provide for a new contingent rent clause requiring Bickford to pay additional rent based on a percentage of its combined monthly revenues for all properties that are in excess of a base amount. Bickford will continue to be recognized as a cash basis tenant under the amended master lease agreements until the substantial doubt about its ability to continue as a going concern has been alleviated.

In April 2026, the Company completed the sale of a property located in South Carolina upon the acceleration of an existing purchase option at the tenant's request. The Company received $3.2 million in net cash consideration and recognized a gain of $0.8 million related to the sale. As of March 31, 2026, the net carrying amount of the property was $2.3 million. During each of the quarters ended March 31, 2026 and 2025, the Company recognized rental income of $0.1 million related to this property.

In April 2026, the Company completed the sale of a property located in Ohio that was classified as assets held for sale as of March 31, 2026. The Company received $4.5 million in net cash consideration and recognized a gain of $0.9 million related to the sale. As of March 31, 2026, the net carrying amount of the property was $3.6 million. During each of the quarters ended March 31, 2026 and 2025, the Company recognized rental income of $0.2 million related to this property.

In May 2026, the Company completed the sale of a property located in Washington in which a purchase and sale agreement was outstanding as of March 31, 2026. The Company received $39.0 million in net cash consideration and will recognize a gain of approximately $20.1 million related to the sale. As of March 31, 2026, the net carrying amount of the property was $18.3 million. During the quarters ended March 31, 2026 and 2025, the Company recognized rental income of $0.6 million and $0.7 million, respectively, related to this property.

In May 2026, the Company acquired a portfolio of seven senior housing properties located in Colorado with a combined total of 532 units. The total purchase price was $106.9 million, including closing costs. The Company acquired the portfolio using a qualified intermediary to facilitate a potential reverse exchange transaction under Section 1031 of the Internal Revenue Code. This portfolio of properties has been included in the SHOP segment and is being managed by Generations, LLC pursuant to a management agreement.

Recent Pipeline Developments

The Company currently has approximately $20.3 million of investment opportunities under signed Letters of Intent ("LOI") with an average initial yield of approximately 7.5% and primarily structured as SHOP investments. In addition to the signed LOIs, the Company is currently evaluating a pipeline of approximately $560.0 million of investments which include SHOP, sale-leasebacks and loans with purchase options primarily for senior housing properties. The pipeline excludes portfolio deals. Balance Sheet and Liquidity

As of March 31, 2026, the Company had $1.2 billion in consolidated net debt, including $309.0 million outstanding on its $700.0 million revolving credit facility.

The Company continues to maintain a strong financial profile with a consolidated net debt to adjusted EBITDA ratio of 4.0x, which is currently well within the Company's target range of 3.5x to 4.5x. The Company is in compliance with all debt covenants and has investment grade credit ratings from Moody's, S&P Global and Fitch Ratings.

Shelf Registration Statement

In March 2026, the Company renewed its automatic shelf registration statement, on file with the SEC, which allows the Company to offer and sell to the public an unspecified amount of common stock, preferred stock, debt securities, warrants and/or units at prices and on terms to be announced when and if such securities are offered. The details of any future offerings, along with the use of proceeds from any securities offered, will be described in a prospectus supplement, or other offering materials, at the time of the offering.

ATM Equity Program

Concurrently with the renewal of its shelf registration statement, the Company entered into a new equity distribution agreement whereby the Company can sell up to $500.0 million in common stock under its ATM equity program. During the quarter ended March 31, 2026, the Company did not enter into any new ATM forward equity sales agreements or settle any of its outstanding ATM forward equity sales agreements. As of March 31, 2026, the Company had the ability to access 0.6 million shares of its common stock at a weighted average price of $68.81 per share, net of sales agent fees, under remaining active ATM forward equity sales agreements which mature in the second quarter of 2026 and represent $44.2 million of undrawn net proceeds.

2026 Updated Full Year Guidance

The Company updated its 2026 full year guidance range, including information on the underlying assumptions and timing of certain transactions, as set forth below (in millions, except per share amounts):

2026 Guidance Range

Low

High

Net income attributable to common stockholders

$       703.0

$       705.2

Adjustments to NAREIT FFO:

Depreciation, net1

94.4

95.0

Gains on dispositions, net, and impairments of real estate properties

(565.9)

(566.3)

Participating securities

0.8

1.0

NAREIT FFO attributable to common stockholders

232.3

234.9

Normalized FFO attributable to common stockholders

232.3

234.9

Adjustments to FAD attributable to common stockholders:

Straight-line rent revenue and lease incentives amortization, net1

(0.1)

(0.3)

Equity method investment adjustments

(1.7)

(1.5)

Equity method investment non-refundable fees received

1.6

1.8

Non-cash share-based compensation expense

7.5

7.2

SHOP1 and equity method investment recurring capital expenditures

(4.0)

(3.8)

Other1,2

5.0

5.4

FAD attributable to common stockholders

$       240.6

$       243.7

Weighted average common shares outstanding - diluted

49.0

49.0

NAREIT FFO per diluted share

$         4.74

$         4.79

Normalized FFO per diluted share

$         4.74

$         4.79

1

 Net of amounts attributable to noncontrolling interests.

2

 Includes credit loss expense, non-real estate depreciation, net, amortizations associated with debt facilities and participating securities.

The Company's updated 2026 full year guidance includes the following assumptions:

$180 million in unidentified new investments at an initial average NOI yield of 7.8%, and consisting of approximately 60% in new SHOP investments; Approximately $665 million in expected disposition proceeds in 2026 resulting in a gain ranging between $565.9 million - $566.3 million; Continued fulfillment of existing commitments; Same Store SHOP NOI on 15 properties ranging between 1% - 3% year over year; Total SHOP NOI on 42 properties, before the assumption for unidentified new SHOP investments, ranging between $44.1 million - $45.1 million; and Settlement of all existing forward equity sales agreements in 2026. In addition to the assumptions listed above, the Company's guidance range is based on several other assumptions, many of which are outside the Company's control and all of which are subject to change. The guidance range may change if actual results vary from these assumptions.

Investor Conference Call and Webcast

The Company will host a conference call on Tuesday, May 5, 2026, at 10:00 a.m. ET, to discuss its first quarter 2026 results. The number to call for this interactive teleconference is (888) 506-0062, with the confirmation number 419400. The live broadcast of the Company's first quarter conference call will be available online at www.nhireit.com. The online replay will follow shortly after the call and remain available for one year.

About National Health Investors, Inc.

National Health Investors, Inc. (NYSE: NHI), established in 1991 as a Maryland corporation, is a self-managed real estate investment trust ("REIT"). The Company owns, leases, operates and finances the development of high-quality real estate properties, focusing on senior housing communities and medical facilities. The Company operates through two reportable segments, Real Estate Investments and SHOP. The Company's investments in real estate properties include independent living facilities, assisted living facilities, entrance-fee communities, senior living campuses, skilled nursing facilities and hospitals. For more information, visit www.nhireit.com.

Reconciliation of FFO, Normalized FFO and Normalized FAD
(unaudited and $ in thousands, except per share amounts) 

Three Months Ended

March 31,

2026

2025

Net income attributable to common stockholders

$        40,024

$        34,113

Elimination of certain non-cash items in net income:

Real estate depreciation and amortization

22,832

18,764

Real estate depreciation related to noncontrolling interests

(402)

(413)

Gains on dispositions of real estate properties, net

(2,612)

(114)

Allocations to participating securities

(20)

—

NAREIT FFO attributable to common stockholders

59,822

52,350

Proxy contest and related expenses

—

264

Normalized FFO attributable to common stockholders

59,822

52,614

Non-cash rent revenue adjustments, net

(148)

(824)

Non-real estate depreciation, net

785

338

Amortization of debt issuance costs and discounts

854

974

Adjustments related to equity method investment, net

(399)

(680)

Recurring capital expenditures, net

(756)

(439)

Equity method investment non-refundable fees received

127

310

Credit loss (benefit) expense

(50)

(14)

Non-cash share-based compensation expense

2,240

2,558

Transaction costs

—

1,164

Allocations to participating securities

(4)

—

Normalized FAD attributable to common stockholders

$        62,471

$        56,001

Basic:

Weighted average common shares outstanding

48,323,945

45,720,496

NAREIT FFO attributable to common stockholders per share

$           1.24

$           1.15

    Normalized FFO attributable to common stockholders per share

$           1.24

$           1.15

Diluted:

Weighted average common shares outstanding

48,547,893

45,878,528

NAREIT FFO attributable to common stockholders per share

$           1.23

$           1.14

Normalized FFO attributable to common stockholders per share

$           1.23

$           1.15

See the accompanying notes to the reconciliations of FFO, Normalized FFO, Normalized FAD and NOI.

The following table reconciles net income, the most directly comparable generally accepted accounting principles ("GAAP") financial
measure, to NOI (unaudited and $ in thousands):

Three Months Ended

March 31,

2026

2025

Net income

$        39,752

$        33,817

Depreciation and amortization

23,691

19,157

Interest expense

15,040

14,337

Legal expense

305

1,426

Franchise, excise and other taxes

215

269

General and administrative expenses

7,851

6,829

Proxy contest and related expenses

—

264

Loan and realty gains, net

(50)

(14)

Gains on dispositions of real estate properties, net

(2,612)

(114)

Gains from equity method investment

—

(415)

Other non-operating income

(35)

—

NOI

$        84,157

$        75,556

The following table provides a summary of the Company's NOI by segment (unaudited and $ in thousands):

Three Months Ended

March 31,

2026

2025

Real Estate Investments segment

$        75,266

$        72,470

SHOP segment

8,891

3,086

Total NOI

$        84,157

$        75,556

The following table provides a summary of the Company's SHOP NOI by component (unaudited and $ in thousands):

Three Months Ended

March 31,

2026

2025

Same Store properties

$          3,012

$          3,086

Acquisitions

2,977

—

Transitioned properties

2,902

—

Total SHOP NOI

$          8,891

$          3,086

See the accompanying notes to the reconciliations of FFO, Normalized FFO, Normalized FAD and NOI.

Notes to the Reconciliations of FFO, Normalized FFO, Normalized FAD and NOI

The supplemental performance measures described below may not be comparable to similarly titled measures used by other REITs. Consequently, funds from operations ("FFO"), Normalized FFO, Normalized Funds Available for Distribution ("FAD") and NOI, as presented herein, may not provide a meaningful measure of the Company's performance as compared to that of other REITs. Since other REITs may not use a similar definition of these performance measures, caution should be exercised when comparing FFO, Normalized FFO, Normalized FAD and NOI, as presented herein, to that of other REITs. These performance measures do not represent cash generated from operating activities in accordance with GAAP as they exclude the changes in operating assets and liabilities, and therefore should not be considered an alternative to net income as an indication of performance or as an alternative to net cash flows from operating activities, as determined in accordance with GAAP as a measure of liquidity, and are not necessarily indicative of cash available to fund cash needs.

Funds From Operations - FFO

FFO, as defined by NAREIT and applied by the Company, is net income attributable to common stockholders (computed in accordance with GAAP), excluding gains or losses on dispositions of real estate properties, impairments of real estate properties, and real estate depreciation and amortization after adjustments for unconsolidated partnerships and joint ventures, if any. The Company's computation of FFO may not be comparable to FFO reported by other REITs that do not define the term in accordance with the current NAREIT definition or have a different interpretation of the current NAREIT definition from that of the Company; and therefore, caution should be exercised when comparing the Company's FFO to that of other REITs. FFO per diluted share attributable to common stockholders assumes the exercise of stock options and other potentially dilutive securities. Normalized FFO excludes from FFO certain items which, due to their infrequent or unpredictable nature, may create some difficulty in comparing FFO for the current period to similar prior periods, and may include, but are not limited to including, impairments of non-real estate assets, gains or losses attributable to acquisitions and dispositions of non-real estate assets and liabilities, and recoveries of previous write-downs.

FFO and Normalized FFO are important supplemental measures of operating performance for a REIT. Because the historical cost accounting convention used for real estate assets requires depreciation (except on land), such accounting presentation implies that the realizable value of real estate assets diminishes predictably over time. Since real estate asset values instead have historically risen and fallen with market conditions, presentations of operating results for a REIT that uses historical cost accounting for depreciation could be less informative and should be supplemented with a measure such as FFO. The term FFO was designed by the REIT industry to address this issue.

Funds Available for Distribution - FAD

In addition to the adjustments made to net income attributable to common stockholders that are included in the calculation of Normalized FFO, Normalized FAD excludes the impact of straight-line rent revenue adjustments and amortization of debt issuance costs and discounts. The Company also adjusts Normalized FAD for the net change in its credit loss reserves, non-cash share-based compensation expense, SHOP capital expenditures, as well as certain non-cash items related to the Company's equity method investment, such as straight-line lease expense and amortization of purchase accounting adjustments. Normalized FAD for the quarter ended March 31, 2025 included an adjustment for transaction costs incurred related to a large SHOP transaction that did not materialize.

Normalized FAD is an important supplemental performance measure for a REIT and a useful measure of liquidity as an indicator of the Company's ability to distribute dividends to its stockholders. GAAP requires a lessor to recognize contractual lease payments as income on a straight-line basis over the expected term of the lease. This straight-line rent adjustment has the effect of reporting rental income that is significantly more or less than the contractual cash flows received pursuant to the terms of the lease agreements. GAAP also requires any discount or premium related to indebtedness and debt issuance costs to be amortized as non-cash adjustments to earnings.

Net Operating Income - NOI

NOI is a non-GAAP supplemental financial measure used to evaluate the operating performance of real estate assets. NOI is defined as total revenues, less tenant reimbursements and property operating expenses. The Company believes NOI provides investors relevant and useful information as it measures the operating performance of the Company's real estate assets at the property level on an unleveraged basis. The Company uses NOI to make decisions about resource allocations to its segments and to assess the property level performance of its investment portfolios.

Same Store

The Company defines Same Store as real estate properties owned, consolidated and operational for the full period in both comparative periods and that are not otherwise excluded; provided, however, that the Company may include selected properties that otherwise meet the Same Store criteria if they are included in substantially all of, but not a full, period for one or both of the comparative periods, and in management's judgment such inclusion provides a more meaningful presentation of the Company's segment performance.

Newly acquired properties, recently developed or redeveloped properties, and properties undergoing an operator transition will be included in Same Store after five full quarters from the date of acquisition, transition or being placed into service. SHOP properties and properties with triple-net leases that have undergone operator or business model transitions will be included in Same Store once operating under consistent operating structures for the full period in both periods presented.

Properties are excluded from Same Store if they are: (i) sold, classified as assets held for sale or properties whose operations were classified as discontinued operations in accordance with GAAP; (ii) impacted by significant disruptive events such as flood or fire; (iii) those properties that are currently undergoing a significant disruptive redevelopment; or (iv) those properties that are scheduled to undergo operator or business model transitions, or have transitioned operators or business models after the start of the prior comparison period.

Consolidated Statements of Income
(unaudited and $ in thousands, except per share amounts) 

Three Months Ended

March 31,

2026

2025

Revenues:

Rental income

$        73,150

$        68,866

Resident fees and services

37,060

13,939

Interest and other income

4,920

6,491

Total revenues

115,130

89,296

Expenses:

Depreciation and amortization

23,691

19,157

Interest expense

15,040

14,337

Senior housing operating expenses

28,169

10,853

Legal expense

305

1,426

Franchise, excise and other taxes

215

269

General and administrative expenses

7,851

6,829

Proxy contest and related expenses

—

264

Taxes and insurance on leased properties

2,804

2,887

Loan and realty gains, net

(50)

(14)

Total expenses

78,025

56,008

Gains on dispositions of real estate properties, net

2,612

114

Gains from equity method investment

—

415

Other non-operating income

35

—

Net income

39,752

33,817

Add: Net loss attributable to noncontrolling interests

350

348

          Net income attributable to stockholders

40,102

34,165

Less: Net income allocated to participating securities

(78)

(52)

Net income attributable to common stockholders

$        40,024

$        34,113

Weighted average common shares outstanding:

Basic

48,323,945

45,720,496

Diluted

48,547,893

45,878,528

Earnings per share:

Basic

$           0.83

$           0.75

Diluted

$           0.82

$           0.74

Selected Condensed Consolidated Balance Sheet Data

($ in thousands)

March 31,

December 31,

2026

2025

(unaudited)

Real estate properties, net

$     2,555,288

$     2,473,758

Mortgage and other notes receivable, net

205,949

203,296

Cash and cash equivalents

24,948

19,624

Straight-line rents receivable

79,303

78,891

Assets held for sale, net

3,562

3,562

Other assets, net

20,815

17,756

Debt, net

1,269,668

1,163,814

National Health Investors, Inc. stockholders' equity

1,514,775

1,521,543

Forward-Looking Statements

This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding the Company's expected future financial positions, results of operations, cash flows, funds from operations, dividend and dividend plans, financing opportunities and plans, capital market transactions, business strategy, budgets, projected costs, operating metrics, capital expenditures, competitive positions, acquisitions, investment opportunities, dispositions, acquisition integration, growth opportunities, expected rental income, continued qualification as a REIT, plans and objectives of management for future operations, continued performance improvements, ability to service and refinance debt obligations, ability to finance growth opportunities, and similar statements including, without limitation, those containing words such as "may", "will", "should", "believes", "anticipates", "expects", "intends", "estimates", "plans", "projects", "target", "likely" and other similar expressions are forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results in future periods to differ materially from those projected or contemplated in the forward-looking statements. Such risks and uncertainties include those risks and uncertainties which are described under the heading "Risk Factors" in Item 1A in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 and the Quarterly Report on Form 10-Q for the quarter ended March 31, 2026. Many of these factors are beyond the control of the Company and its management. The Company assumes no obligation to update any forward-looking statements, except as required by law, and these statements speak only as of the date on which they are made. Investors are urged to carefully review and consider the various disclosures made by the Company in its periodic reports filed with the Securities and Exchange Commission ("SEC"), including the risk factors and other information in the above referenced Annual Report on Form 10-K and Quarterly Report on Form 10-Q. Copies of these filings are available at no cost on the SEC's web site at https://www.sec.gov or on the Company's website at www.nhireit.com. 

Contact: John L. Spaid, Chief Financial Officer
Phone: (615) 890-9100

SOURCE National Health Investors, Inc.

MURFREESBORO, Tenn., May 4, 2026 /PRNewswire/ -- National Health Investors, Inc. (NYSE: NHI) has issued the following investor update which can be found at: https://investors.nhireit.com/News/presentations-and-webcasts/default.aspx About National Health Investors, Inc. National Health Investors, Inc. (NYSE: NHI), established in 1991 as a Maryland corporation, is a self-managed real estate investment trust ("REIT").

National Health Investors (NHI - Free Report) came out with quarterly funds from operations (FFO) of $1.24 per share, beating the Zacks Consensus Estimate of $1.21 per share. This compares to FFO of $1.15 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an FFO surprise of +2.43%. A quarter ago, it was expected that this health care real estate investment trust would post FFO of $1.23 per share when it actually produced FFO of $1.22, delivering a surprise of -0.81%.

Over the last four quarters, the company has surpassed consensus FFO estimates three times.

National Health Investors, which belongs to the Zacks REIT and Equity Trust - Other industry, posted revenues of $115.13 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 6.13%. This compares to year-ago revenues of $89.3 million. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.

National Health Investors shares have added about 0.5% since the beginning of the year versus the S&P 500's gain of 5.6%.

What's Next for National Health Investors?While National Health Investors has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.

Ahead of this earnings release, the estimate revisions trend for National Health Investors was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $1.23 on $110.45 million in revenues for the coming quarter and $5.02 on $445.4 million in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Other is currently in the top 20% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, CareTrust REIT (CTRE - Free Report) , has yet to report results for the quarter ended March 2026. The results are expected to be released on May 7.

This health care real estate investment trust is expected to post quarterly earnings of $0.48 per share in its upcoming report, which represents a year-over-year change of +14.3%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

CareTrust REIT's revenues are expected to be $140.94 million, up 45.9% from the year-ago quarter.

Investors in National Health Investors, Inc. (NHI - Free Report) need to pay close attention to the stock based on moves in the options market lately. That is because the July 17, 2026 $40.00 Call had some of the highest implied volatility of all equity options today.

What is Implied Volatility?Implied volatility shows how much movement the market is expecting in the future. Options with high levels of implied volatility suggest that investors in the underlying stocks are expecting a big move in one direction or the other. It could also mean there is an event coming up soon that may cause a big rally or a huge sell-off. However, implied volatility is only one piece of the puzzle when putting together an options trading strategy.

What do the Analysts Think?Clearly, options traders are pricing in a big move for National Health Investors shares, but what is the fundamental picture for the company? Currently, National Health Investors is a Zacks Rank #3 (Hold) in the REIT and Equity Trust - Other industry that ranks in the Top 23% of our Zacks Industry Rank. Over the last 60 days, no analyst has increased his earnings estimate for the current quarter, while one has dropped their estimates. The net effect has taken our Zacks Consensus Estimate for the current quarter from $1.27 per shareto $1.23 in that period.

Given the way analysts feel about National Health Investors right now, this huge implied volatility could mean there’s a trade developing. Oftentimes, options traders look for options with high levels of implied volatility to sell premium. This is a strategy many seasoned traders use because it captures decay. At expiration, the hope for these traders is that the underlying stock does not move as much as originally expected.

Investors interested in stocks from the REIT and Equity Trust - Other sector have probably already heard of Sunstone Hotel Investors (SHO - Free Report) and National Health Investors (NHI - Free Report) . But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.

We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The proven Zacks Rank puts an emphasis on earnings estimates and estimate revisions, while our Style Scores work to identify stocks with specific traits.

Right now, Sunstone Hotel Investors is sporting a Zacks Rank of #2 (Buy), while National Health Investors has a Zacks Rank of #4 (Sell). This means that SHO's earnings estimate revision activity has been more impressive, so investors should feel comfortable with its improving analyst outlook. But this is just one factor that value investors are interested in.

Value investors analyze a variety of traditional, tried-and-true metrics to help find companies that they believe are undervalued at their current share price levels.

The Value category of the Style Scores system identifies undervalued companies by looking at a number of key metrics. These include the long-favored P/E ratio, P/S ratio, earnings yield, cash flow per share, and a variety of other fundamentals that help us determine a company's fair value.

SHO currently has a forward P/E ratio of 11.71, while NHI has a forward P/E of 15.26. We also note that SHO has a PEG ratio of 2.49. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. NHI currently has a PEG ratio of 4.17.

Another notable valuation metric for SHO is its P/B ratio of 1.21. The P/B is a method of comparing a stock's market value to its book value, which is defined as total assets minus total liabilities. By comparison, NHI has a P/B of 2.43.

These metrics, and several others, help SHO earn a Value grade of B, while NHI has been given a Value grade of D.

SHO is currently sporting an improving earnings outlook, which makes it stick out in our Zacks Rank model. And, based on the above valuation metrics, we feel that SHO is likely the superior value option right now.

Investors interested in REIT and Equity Trust - Other stocks are likely familiar with Sunstone Hotel Investors (SHO) and National Health Investors (NHI). But which of these two stocks offers value investors a better bang for their buck right now?

BALTIMORE--(BUSINESS WIRE)--Constellation Energy Corporation (Nasdaq: CEG) announced today the commencement of an underwritten public offering of an aggregate of 11,000,000 shares of its common stock (the “Offering”) by certain of its shareholders (the “Selling Shareholders”). Constellation is not selling any shares of common stock in the Offering and will not receive any proceeds from any sale of shares by the Selling Shareholders.

Constellation also announced that it intends to purchase from the underwriters 2,000,000 shares of common stock that are the subject of the Offering at the price paid to the Selling Shareholders by the underwriters in the Offering (the “Share Repurchase”). The closing of the Offering is not conditioned upon the completion of the Share Repurchase, and the closing of the Share Repurchase is contingent on the closing of the Offering. The Offering is subject to market and other conditions, as well as customary closing conditions. The Share Repurchase will be conducted pursuant to Constellation’s existing share repurchase program.

Morgan Stanley and J.P. Morgan are acting as the underwriters for the Offering. The underwriters will have a 30-day option to purchase up to an additional 1,350,000 shares of common stock from the Selling Shareholders.

A registration statement on Form S-3ASR (File No. 333-292608) relating to these securities has been filed with the U.S. Securities and Exchange Commission (the “SEC”) and was effective upon filing. The Offering is being made only by means of a free writing prospectus, a prospectus supplement and the accompanying base prospectus. Before investing, prospective investors should read the free writing prospectus, the prospectus supplement, the accompanying base prospectus, and the documents incorporated by reference therein for more complete information about Constellation and the Offering by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, copies of the free writing prospectus, the prospectus supplement, once available, and the accompanying base prospectus may be obtained by contacting: Morgan Stanley, Attn: Prospectus Department, 180 Varick Street, 2nd Floor, New York, New York 10014; and J.P. Morgan, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717, or by email at [email protected] and [email protected].

This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities, nor shall there be any sale of any securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Constellation

Constellation Energy Corporation (Nasdaq: CEG), a Fortune 200 company headquartered in Baltimore, is the largest private-sector power producer in the world and the nation’s largest producer of clean and reliable energy. With 55 gigawatts of capacity from nuclear, natural gas, oil, geothermal, hydro, wind and solar facilities, our fleet has the generating capacity to power the equivalent of 27 million homes, providing about 10% of the nation’s clean energy and delivering the around-the-clock reliability needed to power America’s growing economy. We are also the largest nuclear energy company in the U.S. and a leading competitive retail supplier, serving approximately 2.5 million customer accounts nationwide, including 80% of the Fortune 100. We are committed to investing in innovation and new technologies to drive the transition to a reliable, sustainable and secure energy future.

Cautionary Statements Regarding Forward-Looking Information

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties. Words such as “could,” “may,” “expects,” “anticipates,” “will,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “predicts,” and variations on such words, and similar expressions that reflect our current views with respect to future events and operational, economic and financial performance, are intended to identify such forward-looking statements. These forward-looking statements are based on assumptions, expectations and assessments made by our management in light of their experience and their perception of historical trends, current conditions, expected future developments and other factors they believe to be appropriate. Any forward-looking statements are not guarantees of our future performance and are subject to risks and uncertainties. These forward-looking statements include, but are not limited to, statements regarding the Offering and potential methods of distribution of the securities by the underwriters.

Forward-looking statements are based on current expectations, estimates and assumptions that involve a number of risks and uncertainties that could cause actual results to differ materially from those projected. The factors that could cause actual results to differ materially from the forward-looking statements made by us include those factors discussed in (i) our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 in (a) Part I, ITEM 1A. Risk Factors, (b) Part II, ITEM 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part II, ITEM 8. Financial Statements and Supplementary Data: Note 18 — Commitments and Contingencies; (ii) our Quarterly Report on Form 10-Q for the quarter ended on March 31, 2026 in (a) Part II, ITEM 1A. Risk Factors, (b) Part I, ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations, and (c) Part I, ITEM 1. Financial Statements: Note 15 — Commitments and Contingencies; and (iii) other factors discussed in filings with the SEC by us.

You are cautioned not to place undue reliance on these forward-looking statements, which apply only as of the date of this press release. We do not undertake any obligation to update or revise any forward-looking statement to reflect events or circumstances after the date as of which any such forward-looking statement is made.

Shares of Constellation Energy (CEG +2.10%) slumped today, trading 7% lower as of 2:20 p.m. ET Monday. Some institutional investors are selling shares in the largest nuclear energy company in the U.S., and retail investors aren't happy about that. But that's not how it should be.

Image source: Getty Images.

All about the Constellation stock sale Monday morning, Constellation Energy disclosed that certain existing institutional shareholders are selling 11 million shares of the company at a price of $281 per share. That's a discount to the stock's previous day's closing price of $287.75 per share. They expect to complete the transaction tomorrow, on June 2.

When a large block of shares is dumped at a price below the market price, the stock is likely to fall, mainly due to valuation concerns. In simple terms, are big shareholders selling because they believe Constellation Energy stock is overvalued? The stock is down so far this year, but is still up nearly 220% in three years, as of this writing.

Here's what investors are missing.

Today's Change

(

2.10

%) $

5.19

Current Price

$

251.90

First, Constellation Energy is not issuing new shares and will not receive any proceeds from the sale, meaning current investors are not facing any real share dilution. The underlying business fundamentals, including its nuclear energy dominance, vast power generation capacity, and long-term contracts, haven't changed.

Second, Constellation Energy will purchase two million shares at the same price of $281 apiece, provided the 11 million shares sale goes through. In a way, management is stating that it sees any institutional sell-off as temporary and believes it's an opportunity to scoop up some of its own shares.

What this means for Constellation investors The institutional share sale is likely related to the Calpine acquisition. In one of its biggest growth moves ever, Constellation Energy acquired Calpine in a $16.4 billion deal earlier this year. As part of the deal, Constellation issued 50 million shares to Calpine's former shareholders.

Because Calpine is the largest producer of electricity from natural gas and geothermal assets in the U.S., the acquisition has transformed Constellation Energy into an absolute powerhouse in nuclear, natural gas, and clean energy. That's an incredibly powerful position to hold in today's market, where the artificial intelligence data center boom is driving demand for massive, uninterrupted, 24/7 power to unprecedented levels.

Constellation is growing rapidly, and any dip in its share price presents an opportunity to buy for the long term.

, /PRNewswire/ -- Calpine, a business unit of Constellation, has announced the completion of a 25-megawatt (MW) expansion project at The Geysers geothermal complex located in Sonoma County, California. The addition builds on Calpine's continued investments in The Geysers to support California's renewable energy goals and follows the completion of a 38 MW energy storage system at the site in 2024. The new capacity will generate enough electricity to power over 25,000 homes each year.

"As California's electricity demand continues to grow, investments in reliable, around-the-clock renewable energy are more important than ever," said Aimee Blaine, senior vice president of Calpine's geothermal region. "The Geysers is one of the nation's most important geothermal resources, and this expansion reflects our commitment to strengthening grid reliability while advancing California's clean energy goals."

For over 65 years, The Geysers has provided clean, geothermal energy across California. Of the 25 MW expansion, 18 MW will be directed to Clean Power Alliance (CPA), which serves customers across Southern California, providing reliable, around-the-clock renewable power as demand for clean electricity continues to grow. The remaining 7 MW, which were brought online last year, are being supplied to MCE to support Bay Area residents and businesses.

"Clean Power Alliance is committed to delivering dependable clean energy to our customers, and geothermal power plays an important role in providing around-the-clock renewable electricity," said Matthew Langer, chief operating officer, Clean Power Alliance. "Partnerships like this strengthen California's clean energy future while supporting a more resilient and sustainable grid."

The recent expansion was completed under a Project Labor Agreement (PLA) with local labor unions to build critical piping infrastructure, ensuring the work was completed by a highly skilled craft workforce under strong labor standards.

The Geysers is the world's largest operating geothermal complex, generating electricity by tapping natural steam reservoirs deep beneath the earth's surface. Geothermal energy provides an inherent environmental advantage and helps meet California's clean air goals. Geothermal power operates continuously regardless of weather or time of day, making it a critical source of baseload clean energy.

About Constellation
Constellation Energy Corporation (Nasdaq: CEG), a Fortune 200 company headquartered in Baltimore, is the largest private-sector power producer in the world and the nation's largest producer of clean and reliable energy. With 55 gigawatts of capacity from nuclear, natural gas, oil, geothermal, hydro, wind and solar facilities, our fleet has the generating capacity to power the equivalent of 27 million homes, providing about 10% of the nation's clean energy and delivering the around-the-clock reliability needed to power America's growing economy. We are also the largest nuclear energy company in the U.S. and a leading competitive retail supplier, serving approximately 2.5 million customer accounts nationwide, including 80% of the Fortune 100. We are committed to investing in innovation and new technologies to drive the transition to a reliable, sustainable and secure energy future. Follow Constellation on LinkedIn and X.

About Clean Power Alliance
Clean Power Alliance is the locally operated, not-for-profit electricity provider serving 38 communities across Los Angeles and Ventura counties. CPA is the fourth largest electricity provider in California and the number one green power provider in the United States. CPA provides clean renewable energy at competitive rates for approximately three million residents and businesses, along with innovative programs that promote resiliency, electrification and customer bill savings. CPA has an investment-grade credit rating of A from S&P Global Ratings

Contact:
Linsey Wisniewski
Constellation Communications
667-218-7700
[email protected] 

SOURCE Constellation

Constellation Energy Corporation (CEG - Free Report) has recently been on Zacks.com's list of the most searched stocks. Therefore, you might want to consider some of the key factors that could influence the stock's performance in the near future.

Shares of this company have returned -16.4% over the past month versus the Zacks S&P 500 composite's +0.2% change. The Zacks Alternative Energy - Other industry, to which Constellation Energy Corporation belongs, has lost 6.7% over this period. Now the key question is: Where could the stock be headed in the near term?

Although media reports or rumors about a significant change in a company's business prospects usually cause its stock to trend and lead to an immediate price change, there are always certain fundamental factors that ultimately drive the buy-and-hold decision.

Revisions to Earnings EstimatesRather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.

We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

Constellation Energy Corporation is expected to post earnings of $2.30 per share for the current quarter, representing a year-over-year change of +20.4%. Over the last 30 days, the Zacks Consensus Estimate has changed -1.4%.

The consensus earnings estimate of $11.73 for the current fiscal year indicates a year-over-year change of +24.9%. This estimate has changed +0.8% over the last 30 days.

For the next fiscal year, the consensus earnings estimate of $13.71 indicates a change of +16.9% from what Constellation Energy Corporation is expected to report a year ago. Over the past month, the estimate has changed +1.2%.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Constellation Energy Corporation.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Revenue Growth ForecastWhile earnings growth is arguably the most superior indicator of a company's financial health, nothing happens as such if a business isn't able to grow its revenues. After all, it's nearly impossible for a company to increase its earnings for an extended period without increasing its revenues. So, it's important to know a company's potential revenue growth.

In the case of Constellation Energy Corporation, the consensus sales estimate of $9.07 billion for the current quarter points to a year-over-year change of +48.6%. The $40.04 billion and $35.28 billion estimates for the current and next fiscal years indicate changes of +56.8% and -11.9%, respectively.

Last Reported Results and Surprise HistoryConstellation Energy Corporation reported revenues of $11.12 billion in the last reported quarter, representing a year-over-year change of +63.8%. EPS of $2.74 for the same period compares with $2.14 a year ago.

Compared to the Zacks Consensus Estimate of $8.21 billion, the reported revenues represent a surprise of +35.5%. The EPS surprise was +7.03%.

Over the last four quarters, Constellation Energy Corporation surpassed consensus EPS estimates three times. The company topped consensus revenue estimates each time over this period.

ValuationNo investment decision can be efficient without considering a stock's valuation. Whether a stock's current price rightly reflects the intrinsic value of the underlying business and the company's growth prospects is an essential determinant of its future price performance.

Comparing the current value of a company's valuation multiples, such as its price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), to its own historical values helps ascertain whether its stock is fairly valued, overvalued, or undervalued, whereas comparing the company relative to its peers on these parameters gives a good sense of how reasonable its stock price is.

The Zacks Value Style Score (part of the Zacks Style Scores system), which pays close attention to both traditional and unconventional valuation metrics to grade stocks from A to F (an A is better than a B; a B is better than a C; and so on), is pretty helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

Constellation Energy Corporation is graded C on this front, indicating that it is trading at par with its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

ConclusionThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about Constellation Energy Corporation. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.

Explore how the holdings and risk profiles of the Vanguard Energy ETF and the VanEck Uranium and Nuclear ETF can shape investor outcomes.

ASCO 2026: 2.5-Year Overall Survival DataJefferies Healthcare Conference: Partnering & Investor meetingsBIO International Convention: Panel ParticipationMIB Agents Factor Osteosarcoma Conference: Data PresentationNew York, New York and Rockville, Maryland--(Newsfile Corp. - May 26, 2026) - OS Therapies, Inc. (NYSE American: OSTX) ("OS Therapies" or "the Company"), the world leader in gene-edited, listeria-based cancer immunotherapies, announced that it will attend upcoming medical, financial and scientific conferences:

American Society of Clinical Oncologists 2026
Where: Chicago, IL
When: May 29, 2026 to June 2, 2026
What: 2.5-year overall survival data announcementJefferies Global Healthcare Conference 2026
Where: New York, NY
When: June 2, 2026 to June 4, 2026
What: Partnering meetings and select investor meetingsBIO International Convention 2026
Where: San Diego, CA
When: June 22, 2026 to June 25, 2026
What: Partnering meetings and panel participation - "ADCs: How can we make bringing ADCs to market a faster, simpler, and more collaborative process?"MIB Agents: Factor Osteosarcoma Conference 2026
Where: Columbus, OH
When: June 25, 2026 to June 27, 2026
What: Data PresentationAbout OS Therapies

OS Therapies is a clinical stage oncology company focused on the identification, development, and commercialization of treatments for Osteosarcoma (OS) and other solid tumors. The Company is the world leader in listeria-based cancer immunotherapies. OST-HER2, the Company's lead asset, is an immunotherapy leveraging the immune-stimulatory effects of Listeria bacteria to initiate a strong immune response targeting the HER2 protein. OST-HER2 is designed to target two mutated extracellular epitopes and one mutated intracellular epitope of the HER2 oncogene, requiring only one of these three epitopes to be present in a tumor (or micro-metastasis) to trigger the desired immune response. OST-HER2 has received Orphan Drug Designation (ODD), Fast Track Designation (FTD) and Rare Pediatric Disease Designation (RPDD) from the U.S. Food & Drug Administration and has received ODD, FTD and ATMP from the European Medicines Agency.

The Company reported positive data in its Phase 2b clinical trial of OST-HER2 in recurrent, fully resected, lung metastatic osteosarcoma, demonstrating clinically significant benefit in the 12-month event free survival (EFS) primary endpoint of the study and the overall survival (OS) secondary endpoint. The Company anticipates receiving a Biologics License Application (BLA) from the U.S. FDA for OST-HER2 in osteosarcoma in 2026 and, if approved, would become eligible to receive a Priority Review Voucher that it could then sell. The Company also anticipates receiving Conditional Marketing Authorisations from the U.K.'s Medicines and Healthcare products Regulatory Agency and the EMA for OST-HER2 in 2026. OST-HER2 has completed a Phase 1 clinical study primarily in breast cancer patients, in addition to showing preclinical efficacy data in various models of breast cancer. OST-HER2 has been conditionally approved by the U.S. Department of Agriculture for the treatment of canines with osteosarcoma. The Company also anticipates reading out data from a Phase 1b study of OST-504 in castration resistant prostate cancer in the first half of 2026.

In addition, OS Therapies is advancing its next-generation Antibody Drug Conjugate (ADC) and Drug Conjugates (DC), known as tunable ADC (tADC), which features tunable, tailored antibody-linker-payload candidates. This platform leverages the Company's proprietary silicone Si-Linker and Conditionally Active Payload (CAP) technology, enabling the delivery of multiple payloads per linker. For more information, please visit www.ostherapies.com.

Forward-Looking Statements

Statements in this press release about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute forward-looking statements within the meaning of the federal securities laws. These forward-looking statements and terms such as "anticipate," "expect," "intend," "may," "will," "should" or other comparable terms involve risks and uncertainties because they relate to events and depend on circumstances that will occur in the future. Those statements include statements regarding the intent, belief or current expectations of OS Therapies and members of its management, as well as the assumptions on which such statements are based. OS Therapies cautions readers that forward-looking statements are based on management's expectations and assumptions as of the date of this press release and are subject to certain risks and uncertainties that could cause actual results to differ materially, including, but not limited to our expected to provide cash runway into 2027, the intended use of net proceeds from the offering, the potential approval of OST-HER2 by the U.S. FDA and other risks and uncertainties described in "Risk Factors" in the Company's most recent Annual Report on Form 10-K and other subsequent documents the Company files with the Securities and Exchange Commission. Any forward-looking statements contained in this press release speak only as of the date hereof, and, except as required by the federal securities laws, OS Therapies specifically disclaims any obligation to update any forward-looking statement, whether as a result of new information, future events or otherwise.

https://x.com/OSTherapies
https://www.instagram.com/ostherapies/
https://www.facebook.com/OSTherapies/
https://www.linkedin.com/company/os-therapies/

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/298851

Source: OS Therapies

Ready to Announce with Confidence? Send us a message and a member of our TMX Newsfile team will contact you to discuss your needs.

Contact Us

Unionized New York Times employees have taken legal action against the publication, claiming it uses artificial intelligence to “surveil and monitor” them.

Staffers in the New York Times Guild and the separate Times Tech Guild filed two grievances and an unfair labor practice charge against the Gray Lady, claiming the outlet is deploying AI to spy on employees in a “violation of their collective bargaining agreement.”

“Using AI to surveil our work violates our contract and creates a skewed, inaccurate picture of our members’ work,” said Benjamin Harnett, chair of the Tech Guild’s generative AI committee and a staff software engineer at the Times.

Unionized employees have taken legal action against the New York Times, claiming the publication uses artificial intelligence to “surveil and monitor” them. REUTERS “Our work takes human judgment, problem-solving and skill that can’t be accurately assessed by AI analysis and proxy metrics. It’s the equivalent of setting an arbitrary story quota for journalists,” he added.

According to the unions, Times management has “continually refused to provide information to the Tech Guild on the company’s use of AI, despite being required by federal law to provide information that relates to either bargaining or contract enforcement. “

The Times allegedly refused to respond to three requests for information from the guilds.

“We disagree with the characterizations made in the grievance and will respond as part of our normal contractual process,” a spokeswoman for paper told The Post. “Likewise, we will respond to this Request for Information (RFI) in due course as we’ve done with 80+ other RFIs from the Guild in recent years.”

The unions said their first request for information was sent nearly two months ago, on March 26, followed by requests on April 22 and a final notice on May 6.

They’re seeking information on the company’s current and past use of AI, as well as planned and contemplated use of the tech and its impact on employees and workflow, the unions said.

Members of the New York Times Guild gathered for a rally outside the New York Times building on May 20. Getty Images

Guild members called for stronger artificial intelligence protections and affordable health care during a rally on May 20. Getty Images The blowup comes as the Times Guild, which represents more than 1,500 editorial, ad sales and support staff, is bargaining for a new contract. Guild members gathered last week in front of the New York Times building in Midtown Manhattan, calling for stronger artificial intelligence protections and affordable health care.

On behalf of the Times Guild, the NewsGuild of New York filed a separate unfair labor practice charge. 

“Workers everywhere are under attack from the unethical use of artificial programs by bosses,” said NewsGuild of New York president Susan DeCarava.

“Sadly, New York Times management has proven themselves to be no different, rejecting both transparency and accountability for how artificial programs are being used against the very workers who help make the company successful.”

The New York Times publisher on Monday slammed artificial intelligence companies for "brazen theft of intellectual property," warning they threaten the future of journalism during a speech at the World News Media Congress in the French city of Marseille.

New York, New York--(Newsfile Corp. - June 3, 2026) - Kuehn Law, PLLC, a shareholder litigation law firm, is investigating whether certain officers and directors of Picard Medical Inc. (NYSE American: PMI) breached their fiduciary duties to shareholders.

According to a federal securities lawsuit, Insiders at Picard Medical caused the company to misrepresent or fail to disclose that (1) Picard was the subject of a fraudulent stock promotion scheme involving social media-based misinformation and impersonated financial professionals; (2) that insiders and/or affiliates used offshore or nominee accounts to facilitate the coordinated dumping of shares during a price inflation campaign; and (3) Picard's public statements and risk disclosures omitted any mention of the false rumors and artificial trading activity driving the stock price.

If you currently own PMI and purchased prior to September 02, 2025 please contact Justin Kuehn, Esq. by email at [email protected] or call (833) 672-0814. Kuehn Law pays all case costs and does not charge its investor clients. Shareholders should contact the firm immediately as there may be limited time to enforce your rights.

Why Your Participation Matters:

As a shareholder your voice matters, and by getting involved, you contribute to the integrity and fairness of the financial markets. Your investment. Your voice. Your future.™

For additional information, please visit Shareholder Derivative Litigation - Kuehn Law.

Attorney advertising. Prior results do not guarantee similar outcomes.

Contacts:
Kuehn Law, PLLC
Justin Kuehn, Esq.
53 Hill Street, Suite 605
Southampton, NY 11968
[email protected]
(833) 672-0814

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/299975

Source: Kuehn Law, PLLC

It has been about a month since the last earnings report for New York Times Co. (NYT - Free Report) . Shares have lost about 6.2% in that time frame, underperforming the S&P 500.

But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is New York Times due for a breakout? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent catalysts for The New York Times Company before we dive into how investors and analysts have reacted as of late.

The New York Times Q1 Earnings Beat on Digital Ads, Subscriber GrowthThe New York Times Company’s first-quarter 2026 results surpassed expectations, driven by strong growth in digital subscriptions and a sharp increase in digital advertising revenues. Adjusted earnings were 61 cents per share, up 48.8% year over year and above the Zacks Consensus Estimate of 49 cents by 24.5%. Quarterly revenues rose 12% from the year-ago period to $712.2 million and topped the consensus mark of $694.5 million by about 2.6%.

The quarter reflected continued momentum in the company’s subscription-led strategy, improving monetization, strong advertiser demand and expanding engagement across its diversified digital ecosystem. NYT added approximately 310,000 net digital-only subscribers in the quarter compared with the end of the fourth quarter of 2025.

The New York Times Company’s digital-only average revenue per user (ARPU) increased 2.4% year over year to $9.77. The improvement was primarily driven by subscribers transitioning from promotional pricing to higher-priced plans and pricing increases on certain tenured subscribers.

NYT’s Subscription Revenues Continue to ClimbTotal subscription revenues increased 11.3% year over year to $516.9 million in the quarter under review. Subscription revenues from digital-only products rose 16.1% to $389 million, benefiting from higher digital-only subscribers and improved ARPU. However, print subscription revenues declined 1.1% to $127.8 million due to softness in home-delivery and single-copy revenues.

The company ended the quarter with 13.08 million total subscribers across its print and digital products, including 12.52 million digital-only subscribers. Digital-only subscribers increased by approximately 1.46 million year over year.

Management remains optimistic about subscription growth trends. For the second quarter of 2026, NYT expects digital-only subscription revenues to increase 14-17%, while total subscription revenues are projected to rise 10-12%.

Digital Advertising Strength Boosts NYT’s Top LineTotal advertising revenues rose 17.3% year over year to $126.8 million in the quarter. Digital advertising revenues surged 31.6% to $93.3 million, significantly exceeding management’s guidance range, fueled by strong marketer demand and growth in advertising supply. Print advertising revenues declined 9.8% to $33.6 million.

The New York Times Company highlighted continued strength in advertising categories tied to sports, games, shopping and lifestyle content. The company continues to incrementally expand advertising supply across its portfolio while maintaining a consumer-first experience.

For the second quarter, NYT expects digital advertising revenues to grow in the high-teens range, while total advertising revenues are projected to increase at a high-single-digit rate.

Other Key Highlights of NYT’s ResultsAffiliate, licensing and other revenues increased 7.8% year over year to $68.5 million, mainly driven by stronger licensing revenues.

On the expense front, adjusted operating costs increased 9.4% year over year to $594.3 million, primarily due to higher compensation and benefits expenses related to journalism investments, video initiatives, marketing and product development.

Despite elevated investments, NYT delivered strong operating leverage. Adjusted operating profit increased 27.2% year over year to $117.9 million, while adjusted operating profit margin expanded 200 basis points to 16.6%.

NYT foresees affiliate, licensing and other revenues to rise at a low single-digit rate in the second quarter. Adjusted operating costs are expected to increase 8-9%, as the company continues investing in its journalism and digital product experiences while aiming to operate efficiently.

Sneak Peek Into NYT’s Financial HealthThe New York Times Company ended the quarter with cash and marketable securities of $1.1 billion, a decline of $60.7 million from $1.2 billion as of Dec. 31, 2025. The company had no borrowings outstanding under its $400 million revolving credit facility and carried no other debt.

Net cash provided by operating activities was $92.2 million in the first quarter, and free cash flow was $81.5 million. Capital expenditures totaled about $11 million. NYT also repurchased 779,365 shares for $56.3 million during the quarter, with approximately $291.2 million remaining under its share repurchase authorization as of May 1, 2026. Management continues to expect capital expenditures between $35 million and $45 million for 2026.

How Have Estimates Been Moving Since Then?Since the earnings release, investors have witnessed a downward trend in fresh estimates.

VGM ScoresCurrently, New York Times has a great Growth Score of A, though it is lagging a lot on the Momentum Score front with a C. Charting a somewhat similar path, the stock has a score of D on the value side, putting it in the bottom 40% for value investors.

Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions looks promising. Interestingly, New York Times has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.

NYT Investors Have the Opportunity to Join Investigation of The New York Times Company with the Schall Law Firm PR Newswire

LOS ANGELES, June 5, 2026

, /PRNewswire/ -- The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors in The New York Times Company ("New York Times" or "the Company") (NYSE: NYT) for potential breaches of fiduciary duty on the part of its directors and management.

The investigation focuses on determining if the New York Times board breached its fiduciary duties to shareholders.

If you are a shareholder, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

CONTACT:
The Schall Law Firm
Brian Schall, Esq.
310-301-3335
[email protected]
www.schallfirm.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/nyt-investors-have-the-opportunity-to-join-investigation-of-the-new-york-times-company-with-the-schall-law-firm-302793145.html

SOURCE The Schall Law Firm