The New York Times

1. Revenue: Look at the company's total revenue over the past few years. Is it increasing, decreasing, or staying relatively stable? Compare it to other companies in the industry to get a sense of its performance.
2. Profitability: Examine the company's profitability metrics, such as gross profit margin, operating profit margin, and net profit margin. Are they improving or declining? How do they compare to industry standards?
3. Expenses: Analyze the company's operating expenses, such as marketing, salaries, and administrative costs. Are they increasing or decreasing? Are they in line with industry averages?
4. Debt and Liquidity: Look at the company's debt levels and liquidity ratios, such as debt-to-equity ratio and current ratio. High levels of debt and low liquidity could indicate financial risk.
5. Cash flow: Examine the company's cash flow statement to understand its sources and uses of cash. Is the company generating positive cash flow? Are there any concerning trends in cash flow?
6. Market share: Look at the company's market share in the newspapers industry. Has it been increasing or decreasing? How does it compare to its competitors?
7. Competitive landscape: Research the company's competitors in the newspapers industry. How is the company performing against its peers in terms of financial metrics?
8. Management and strategy: Evaluate the company's management team and their strategy for future growth. Look for any red flags such as high turnover or controversial decisions.
9. Industry trends: Stay informed about the industry trends and challenges affecting the newspapers industry. This can help you understand the company's financial performance and potential risks.
10. Analyst reports: Read analyst reports on the company to get a professional opinion on its financials and potential future performance.
11. Future growth potential: Look for any new initiatives or investments the company has planned that could drive future growth and revenue. This could include digital media strategies, partnerships, or acquisitions.
12. Regulatory and legal issues: Check for any pending or past legal or regulatory issues that may have affected the company's financials or could pose a risk in the future.
Remember to always consider the financials in the context of the company's overall business strategy and industry trends. It is important to take a holistic approach to evaluating a company's financial health.

Cost Structures:
1. Printing and Distribution: This includes the costs of paper, ink, printing machinery, and delivery to newsstands or subscribers.
2. Staffing: The largest cost for newspapers is often labor, including salaries and benefits for journalists, editors, and support staff.
3. Content Creation: Newspapers have to invest in creating quality content, which includes gathering news, conducting interviews, and fact-checking.
4. Marketing and Advertising: Newspapers have to spend money on advertising and marketing to attract readers and advertisers.
5. Technology: With the shift towards digital platforms, newspapers have to invest in technology and infrastructure to publish and distribute content online.
6. Administrative and Overhead Expenses: This includes expenses such as rent, utilities, office supplies, and legal fees.
Profit Margins:
1. Advertising Revenue: The majority of newspapers' revenue comes from advertising, which can account for up to 80% of their total revenue. Profit margins on advertising can range from 20-50% depending on the effectiveness of the ad and placement.
2. Subscription Revenue: Newspapers can also generate revenue from subscriptions, which can have higher profit margins compared to advertising. Profit margins on subscriptions can range from 30-60%.
3. Digital Revenue: With the move towards digital platforms, newspapers can also generate revenue through online advertisements and subscriptions. Digital revenue can have higher profit margins, ranging from 40-70%.
4. Other Revenue Streams: Newspapers can also generate revenue from events, licensing, and syndication, which may have varying profit margins.
5. Operational Costs: The cost of production and distribution, along with other operational expenses, can significantly impact profit margins for newspapers. As costs continue to rise, profit margins may be affected.