Tearsheet

Gray Media (GTN)

Market Price (12/18/2025): $5.055 | Market Cap: $490.3 Mil
Sector: Communication Services | Industry: Broadcasting

Gray Media (GTN)

Market Price (12/18/2025): $5.055
Market Cap: $490.3 Mil
Sector: Communication Services
Industry: Broadcasting

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 22%, Dividend Yield is 5.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 18%, FCF Yield is 78%	Weak multi-year price returns 2Y Excs Rtn is -74%, 3Y Excs Rtn is -118%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 981%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%		Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.3%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.3%, Rev Chg QQuarterly Revenue Change % is -21%
2	Megatrend and thematic drivers Megatrends include Digital Content & Streaming, and Digital Advertising. Themes include Video Streaming, and Ad-Tech Platforms.		Key risks GTN key risks include [1] its substantial debt load and high financial leverage, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 22%, Dividend Yield is 5.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 18%, FCF Yield is 78%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%
2	Megatrend and thematic drivers Megatrends include Digital Content & Streaming, and Digital Advertising. Themes include Video Streaming, and Ad-Tech Platforms.
3	Weak multi-year price returns 2Y Excs Rtn is -74%, 3Y Excs Rtn is -118%
4	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 981%
5	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -3.3%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.3%, Rev Chg QQuarterly Revenue Change % is -21%
6	Key risks GTN key risks include [1] its substantial debt load and high financial leverage, Show more.

Valuation, Metrics & Events

	12/18/25	2024	2023	2022	2021
Share Price CYE	$5.05	$2.94	$7.82	$9.39	$16.60
Market Cap CYE ($ Mil)	490.3	279.4	719.5	835.8	1,626.7
Total Debt ($ Mil)	5,681.0	5,693.0	6,240.0	6,533.0	6,827.0
Total Cash ($ Mil)	182.0	135.0	21.0	61.0	189.0
Enterprise Value ($ Mil)	5,989.3	5,972.4	6,959.5	7,368.8	8,453.7
Valuation Ratios
P/S TTM	0.2	0.08	0.25	0.28	0.79
P/EBIT TTM	0.9	0.31	2.30	1.06	5.13
P/E TTM	6.0	0.80	-10.85	2.26	21.28
Sector Ratios
P/S TTM (Sector)	1.06	1.08	1.15	1.16	2.00
P/EBIT TTM (Sector)	2.98	3.83	2.67	2.08	6.70
P/E TTM (Sector)	-1.27	-0.91	-0.63	-0.42	4.32

	12/18/25	2024	2023
Share Price CYE	$5.05	$2.94	$7.82
Market Cap CYE ($ Mil)	490.3	279.4	719.5
Total Debt ($ Mil)	5,681.0	5,693.0	6,240.0
Total Cash ($ Mil)	182.0	135.0	21.0
Enterprise Value ($ Mil)	5,989.3	5,972.4	6,959.5
Valuation Ratios
P/S TTM	0.2	0.08	0.25
P/EBIT TTM	0.9	0.31	2.30
P/E TTM	6.0	0.80	-10.85
Sector Ratios
P/S TTM (Sector)	1.06	1.08	1.15
P/EBIT TTM (Sector)	2.98	3.83	2.67
P/E TTM (Sector)	-1.27	-0.91	-0.63

	GTN	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	3.3
Rev Chg Q	-21.2%	7.3%
Rev Chg LTM	-3.3%	6.0%
Rev Chg 3Y Avg	0.3%	5.5%
PROFITABILITY	POOR
Op Inc LTM ($ Bil)	0.6
CFO LTM ($ Bil)	0.5
Net Inc LTM ($ Bil)	0.1
Op Mgn LTM	18.7%	18.8%
CFO/Rev LTM	16.3%	20.4%
Net Inc Mgn	2.8%	13.1%
VALUATION	VERY LOW
P/S	0.2	3.2
P/CFO	1.0	16.0
P/FCF	1.3	20.7
P/E	6.0	23.5
STABILITY	VERY POOR
Debt/Equity	10.14	0.21
Cash/Assets	0.02	0.07

AI Generated Analysis | Feedback

Metric	Value	Date	Source
Number of Television Stations	180	11072025	Link
Number of Television Markets	113	11072025	Link
U.S. Television Household Reach	approximately 37 percent	11072025	Link
Number of Markets with #1 Rated Television Station	78	11072025	Link
Number of Markets with #1 and/or #2 Rated Television Station	99	11072025	Link
Number of Telemundo Affiliate Markets	44	11072025	Link

Recent
12/15/2025	Dividend	Amount: $0.08 Payment On: 12/31/2025
Upcoming
2/26/2026	Earnings Release	Rev: - EPS: -

GTN Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

The stock of Gray Television (GTN) experienced a significant decline between August 31, 2025, and December 18, 2025, with several key factors contributing to this movement.

1. Q2 2025 Earnings Miss and Negative Outlook: Gray Media's Q2 2025 financial results, reported on August 8, 2025, showed a miss on both revenue and earnings per share (EPS) compared to analyst expectations. The reported revenue was $772 million against estimates of $774 million, and the EPS was -$0.42 versus an estimated -$0.36. This performance led to a pre-market drop of over 5% and contributed to a 19.5% decline in the stock over the preceding two weeks and a 26.3% decline over the previous month, reflecting investor concerns about profitability and near-term prospects.

2. Q3 2025 Revenue Miss and Weaker Q4 Guidance: While Gray Television's Q3 2025 earnings, reported on November 7, 2025, beat EPS forecasts, the company's revenue of $749 million was slightly below analyst consensus estimates of around $752.5 million. More importantly, the revenue guidance for Q4 2025 was set at a midpoint of $774.5 million, which was 4.8% below analysts' estimates of $813.3 million. This weaker forward-looking guidance likely fueled investor apprehension about future growth.

3. Declining Operating Margin and EPS: Gray Television's Q3 2025 operating margin significantly decreased to 13.6% from 26.3% in the same quarter of the prior year. Additionally, the company's EPS declined by 29.4% annually over the last five years, indicating a trend of becoming less profitable on a per-share basis despite revenue growth. The reported Q3 EPS of -$0.24 was also down from $0.86 in the same quarter last year.

4. Broader Industry Headwinds and Shift in Advertising: The media and entertainment industry, particularly traditional linear TV broadcasting, faces significant challenges in 2025. Trends indicate a steady decline in traditional TV viewership and a shift of advertising dollars towards digital advertising platforms, especially connected TV (CTV) and ad-supported streaming services. Projected linear TV ad spending is expected to decrease by 13% in 2025. This industry-wide shift poses challenges for companies like Gray Media, which heavily rely on traditional broadcasting and advertising revenue.

5. Negative Revenue Growth Forecasts: Analysts' forecasts for Gray Media indicate a projected annual revenue growth rate of -0.91% for 2025-2027, which is not expected to outperform the US Broadcasting industry's average forecast revenue growth rate of 2.05%. The company's revenue for 2025 is projected at $3.13 billion, marking a 14.13% decrease from the previous year.

Show less

Stock Movement Drivers

Fundamental Drivers

The -7.1% change in GTN stock from 9/17/2025 to 12/17/2025 was primarily driven by a -50.2% change in the company's Net Income Margin (%).

	9172025	12172025	Change
Stock Price ($)	5.45	5.06	-7.10%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3549.00	3348.00	-5.66%
Net Income Margin (%)	5.64%	2.81%	-50.18%
P/E Multiple	2.64	5.22	97.65%
Shares Outstanding (Mil)	97.00	97.00	0.00%
Cumulative Contribution			-7.10%

LTM = Last Twelve Months as of date shown

Market Drivers

9/17/2025 to 12/17/2025

	Return	Correlation
GTN	-7.1%
Market (SPY)	1.9%	35.8%
Sector (XLC)	-2.5%	31.8%

Fundamental Drivers

The 26.1% change in GTN stock from 6/18/2025 to 12/17/2025 was primarily driven by a 276.8% change in the company's P/E Multiple.

	6182025	12172025	Change
Stock Price ($)	4.01	5.06	26.11%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3603.00	3348.00	-7.08%
Net Income Margin (%)	7.72%	2.81%	-63.61%
P/E Multiple	1.39	5.22	276.84%
Shares Outstanding (Mil)	96.00	97.00	-1.04%
Cumulative Contribution			26.09%

LTM = Last Twelve Months as of date shown

Market Drivers

6/18/2025 to 12/17/2025

	Return	Correlation
GTN	26.1%
Market (SPY)	12.7%	29.7%
Sector (XLC)	12.2%	31.2%

Fundamental Drivers

The 64.7% change in GTN stock from 12/17/2024 to 12/17/2025 was primarily driven by a 252.5% change in the company's P/E Multiple.

	12172024	12172025	Change
Stock Price ($)	3.07	5.06	64.74%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3463.00	3348.00	-3.32%
Net Income Margin (%)	5.69%	2.81%	-50.65%
P/E Multiple	1.48	5.22	252.52%
Shares Outstanding (Mil)	95.00	97.00	-2.11%
Cumulative Contribution			64.67%

LTM = Last Twelve Months as of date shown

Market Drivers

12/17/2024 to 12/17/2025

	Return	Correlation
GTN	64.7%
Market (SPY)	12.1%	38.3%
Sector (XLC)	16.1%	38.3%

Fundamental Drivers

The -46.1% change in GTN stock from 12/18/2022 to 12/17/2025 was primarily driven by a -68.7% change in the company's Net Income Margin (%).

	12182022	12172025	Change
Stock Price ($)	9.39	5.06	-46.12%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3325.00	3348.00	0.69%
Net Income Margin (%)	8.96%	2.81%	-68.67%
P/E Multiple	2.87	5.22	82.09%
Shares Outstanding (Mil)	91.00	97.00	-6.59%
Cumulative Contribution			-46.35%

LTM = Last Twelve Months as of date shown

Market Drivers

12/18/2023 to 12/17/2025

	Return	Correlation
GTN	-32.9%
Market (SPY)	44.9%	28.4%
Sector (XLC)	64.1%	29.3%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
GTN Return	-17%	14%	-43%	-17%	-62%	77%	-70%
Peers Return	-5%	21%	1%	-30%	-3%	41%	11%
S&P 500 Return	16%	27%	-19%	24%	23%	14%	108%
Monthly Win Rates [3]
GTN Win Rate	58%	67%	42%	42%	50%	67%
Peers Win Rate	56%	46%	29%	38%	50%	50%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
GTN Max Drawdown	-59%	-7%	-55%	-44%	-65%	0%
Peers Max Drawdown	-57%	-5%	-12%	-45%	-26%	-21%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: NXST, SBGI, TGNA, SSP. See GTN Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/17/2025 (YTD)

How Low Can It Go

Unique Key	Event	GTN	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-76.1%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	317.5%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-61.0%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	156.5%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	428 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-41.5%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	70.9%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	812 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-98.4%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	6144.4%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	1,836 days	1,480 days

Compare to UONE, CAST, WBD, FOXA, NXST

In The Past

Gray Media's stock fell -76.1% during the 2022 Inflation Shock from a high on 11/3/2021. A -76.1% loss requires a 317.5% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Gray Media (GTN)

Gray Television, Inc., a television broadcasting company, owns and/or operates television stations and digital assets in the United States. It also broadcasts secondary digital channels affiliated to ABC, CBS, NBC, and FOX, as well as various other networks and program services, including CW Plus Network, MY Network, the MeTV Network, Justice, This TV Network, Antenna TV, Telemundo, Cozi, Heroes and Icons, and MOVIES! Network; and local news/weather channels in various markets. In addition, the company offers video program production services. It owns and operates television stations and digital assets that serve 113 television markets in the United States. The company was formerly known as Gray Communications Systems, Inc. and changed its name to Gray Television, Inc. in August 2002. Gray Television, Inc. was founded in 1891 and is headquartered in Atlanta, Georgia.

AI Generated Analysis | Feedback

Here are 1-3 brief analogies for Gray Media (GTN):

It's like Gannett (GCI) for television, owning and operating a large portfolio of local TV stations across the U.S. instead of newspapers.
Imagine a highly localized version of Fox Corporation (FOXA) or Paramount Global (PARA), focusing on owning and operating local TV stations across many U.S. markets.
It's like a Marriott or Hilton for local TV stations, owning and managing a portfolio of individual broadcast properties across different U.S. communities.

AI Generated Analysis | Feedback

Local Television Broadcasting: Operates a large portfolio of television stations providing local news, weather, sports, and entertainment programming to communities across the United States.
Digital Content and Advertising: Delivers news, information, and entertainment through its stations' websites, mobile apps, and streaming platforms, offering digital advertising opportunities.
National Content Production and Distribution: Produces and distributes national news and entertainment programs, including "InvestigateTV" and "Full Measure with Sharyl Attkisson," to its own stations and other outlets.

AI Generated Analysis | Feedback

Gray Media (symbol: GTN) primarily sells advertising time on its television stations and digital platforms to other companies. Due to the highly fragmented nature of the advertising market, no single customer or small group of customers accounts for a significant portion of Gray Media's revenue. According to their public filings, no single advertiser accounted for more than 1% of their total revenue in 2023. Therefore, it is not possible to identify specific "major customers" by name or symbol.

Instead, Gray Media serves a diverse base of advertisers that can be broadly categorized as follows:

Local Advertisers: These include a wide array of businesses operating within the specific geographic markets served by Gray Media's television stations. Examples often include local car dealerships, restaurants, retail stores, real estate agencies, legal services, and healthcare providers.
Regional Advertisers: These are businesses that operate across multiple markets within a region where Gray Media has a presence, often targeting a broader, multi-state audience.
National Advertisers: These are large corporations and brands that purchase advertising time across numerous markets to reach a broad national audience. Such advertisers often include major automotive manufacturers, consumer packaged goods companies, pharmaceutical companies, telecommunication providers, and national political campaigns, frequently buying through media agencies.

AI Generated Analysis | Feedback

Paramount Global (PARA)
Comcast Corporation (CMCSA)
The Walt Disney Company (DIS)
Fox Corporation (FOXA)
Nexstar Media Group (NXST)
TelevisaUnivision (TV)

AI Generated Analysis | Feedback

Hilton H. Howell, Jr. Chairman, CEO

Hilton H. Howell, Jr. has served as Chairman and Chief Executive Officer of Gray Television since January 2019, and was previously President, Chairman, and CEO from June 2013 to December 2018. He has been involved with Gray Television since 1993, holding various leadership roles. Beyond Gray, Mr. Howell is the Chairman, President, and CEO of Atlantic American Corporation, a role he has held since 2009 and 1995, respectively. He has also served as CEO, General Counsel, and Director at Delta Life Insurance Company since 2013, and has been Chairman of Bankers Fidelity Life Insurance Company since 1997. In addition, he is the Founder, Chairman, and CEO of Assembly Atlanta. Under his leadership, Gray has strategically acquired numerous television stations and media companies, including Raycom Media, Quincy Media, and Meredith Corporation's Local Media Group. Gray also divested its newspaper and other non-broadcast assets under his leadership.

Jeff Gignac Executive Vice President, Chief Financial Officer

Jeff Gignac became Executive Vice President and Chief Financial Officer of Gray Television on July 1, 2024. He joined Gray in April 2024 as Executive Vice President, Finance, to ensure a smooth transition with the retiring CFO. Before joining Gray, Mr. Gignac had a nearly 20-year career at Wells Fargo, where he served as a Managing Director and Head of Media & Telecom Investment Banking. In this role, he led debt financing efforts for significant transactions, including Gray's acquisitions of Raycom and Meredith. Earlier in his career, he worked at Ernst & Young and Arthur Andersen.

Donald Pat LaPlatney President & Co-CEO

Donald Pat LaPlatney has served as President, Co-Chief Executive Officer, and Director of Gray since 2019. Prior to joining Gray, he was the Chief Executive Officer, President, and Director of Raycom Media from 2016 to 2019, and its Chief Operating Officer from 2014 to 2016. Mr. LaPlatney has extensive experience in broadcasting and digital media, having also served as Senior Vice President and Vice President of Digital Media at Raycom.

Sandra Breland McNamara Executive Vice President, Chief Operating Officer

Sandra Breland McNamara has been the Executive Vice President and Chief Operating Officer of Gray Television since May 2023. With over 30 years of experience in local broadcasting, she previously held the position of Senior Vice President of Local Media at Gray. Ms. Breland also served as the President of the FOX Affiliate Board of Governors and is a Director for the Carole Kneeland Project.

Kevin P. Latek Executive Vice President, Chief Legal & Development Officer, Secretary

Kevin P. Latek has served as Executive Vice President, Secretary, and Chief Legal and Development Officer of Gray Television since February 2016. He joined Gray in 2012 as Vice President for Law and Development, later becoming Senior Vice President, Business Affairs. Before his tenure at Gray, Mr. Latek represented financial institutions and broadcasters in regulatory and transactional matters as an attorney with Dow Lohnes, PLLC. He is a member of several broadcasting and legal associations, including the CBS Affiliates Board and the National Association of Broadcasters Educational Foundation.

AI Generated Analysis | Feedback

The public company Gray Media (symbol: GTN) faces several key risks to its business, primarily stemming from its financial structure and the evolving media landscape. These risks are outlined below, ordered from most significant to least significant:

Substantial Debt and Financial Leverage: Gray Media carries a significant amount of debt, which poses a considerable risk to its operations. As of June 2025, the company had approximately $5.62 billion in debt, with a comparatively small market capitalization of around $0.5 billion. This high leverage can restrict the company's future operations, impair its ability to meet long-term obligations, and increase its exposure to interest rate fluctuations, particularly given its variable rate indebtedness. The company's Altman Z-Score of 0.79 places it in a distress zone, suggesting a potential risk of bankruptcy within two years. While Gray Media has been actively working to reduce debt, extend maturities, and preserve cash, its substantial debt load remains a prominent concern.
Volatile Advertising Revenue and Industry Headwinds: Gray Media's business is highly reliant on advertising revenue, which is inherently seasonal and cyclical. A significant portion of its advertising revenue, particularly in even-numbered years, comes from political advertisements, leading to substantial revenue declines during non-election cycles. For instance, Q2 2025 saw an 81% plunge in political advertising revenue. Beyond cyclicality, the broadcast television industry faces ongoing structural challenges, including declining linear TV viewership and increasing competition from streaming platforms, which can negatively impact overall advertising spend and viewership ratings. Economic slowdowns or recessions can further exacerbate these issues by reducing non-political advertising budgets.
Acquisition Strategy Risks and Integration Challenges: Gray Media's growth strategy frequently involves acquiring additional television stations and media properties. This strategy, however, introduces risks associated with identifying suitable acquisition targets, successfully integrating acquired operations, and securing necessary financing for these transactions. Challenges in integration can lead to operational inefficiencies and fail to generate anticipated synergies. Furthermore, significant impairment charges on goodwill and other intangible assets, particularly broadcast licenses, have occurred in the past and could recur if acquisitions do not perform as expected.

AI Generated Analysis | Feedback

The accelerated decline in traditional pay-TV subscriptions (cord-cutting) poses a threat to Gray Media's retransmission consent revenue, as the shrinking subscriber base for cable, satellite, and virtual MVPDs may diminish future fee growth and long-term sustainability. Concurrently, the ongoing migration of advertising dollars from linear broadcast television to various digital and streaming platforms directly threatens Gray Media's core advertising revenue streams, as advertisers follow audience eyeballs to these newer mediums.

AI Generated Analysis | Feedback

Gray Media (symbol: GTN) primarily operates in the U.S. television broadcasting and advertising markets.

The addressable markets for its main products and services are as follows:

U.S. Television Services Market: This market was valued at approximately USD 117.68 billion in 2024 and is projected to grow to around USD 186.90 billion by 2034, at a Compound Annual Growth Rate (CAGR) of 4.73% from 2025 to 2034.
U.S. Broadcast TV Advertising Market: This market is projected to reach approximately $48.4 billion by 2028, with a CAGR of -2.584% from 2023 to 2028, indicating a structural decline.

AI Generated Analysis | Feedback

Gray Media (GTN) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market dynamics:

Political Advertising Cycles: Political advertising is a significant revenue driver for Gray Media, particularly in even-numbered years due to the two-year election cycle. For example, Q4 2024 saw a substantial increase in political advertising revenue, and the upcoming 2026 election cycle is anticipated to bring another surge in this category.
Strategic Market Expansion and Duopolies: Gray Media plans to expand into six new markets by acquiring local news stations that were top-ranked in their respective markets in 2024. Additionally, the company intends to create 11 new "Big Four" full duopolies, which are seen as essential for preserving local news in smaller markets.
Enhanced Local Content Offerings: The company is focusing on expanding its local news and sports content to enhance its offerings and attract more viewers. This strategy aims to strengthen Gray Media's position in local communities and potentially increase audience engagement and advertising opportunities.
Digital Growth and Streaming Partnerships: Gray Media is investing in digital growth, including a partnership with Google Cloud for enhanced content streaming, with a rollout scheduled for January. This move suggests a focus on modernizing content delivery and reaching audiences through new digital platforms.
Retransmission Consent Revenue: While subject to some fluctuations, retransmission consent revenue remains a consistent and fundamental revenue stream for Gray Media. The company reported retransmission consent revenue of $361 million in Q4 2024 and $346 million in Q3 2025, with management providing guidance on its expected contribution.

AI Generated Analysis | Feedback

Share Repurchases

  In November 2020, Gray Television expanded its share repurchase authorization by an additional $150 million, increasing the total capacity to $220 million through December 31, 2023.
  As of the third quarter of 2025, Gray Media had $232 million available under its open market repurchase authorization.
  Gray's capital allocation strategy has generally emphasized debt management over significant share repurchases.


Share Issuance

  Gray Media's shares outstanding remained relatively stable over the last 3-5 years, with basic shares outstanding at 96 million in 2024, 92 million in 2023, 92 million in 2022, 95 million in 2021, and 96 million in 2020, indicating no large-scale share issuances for new capital.


Outbound Investments

  Gray Media made strategic investments in other companies, reflected by net negative changes in long-term investments of $49 million in 2021, $16 million in 2022, and $14 million in 2023.
  In July and early August 2025, Gray entered into transactions aimed at enhancing its station portfolio and leveraging news, sales, and sports strategies for local communities and its balance sheet.
  The company plans to expand by entering 6 new markets through the acquisition of top-ranked local news stations and creating 11 new Big Four full duopolies, including the acquisition of KXLT-TV in Minnesota in March 2025.


Capital Expenditures

  Capital expenditures have increased substantially over the last five years, indicating significant investment in new capacity.
  For 2025, expected capital expenditures were reduced to a range of $70 million to $75 million.
  A primary focus of capital expenditures includes investments in ATSC 3.0 (NextGenTV) technology and deployments, and the Assembly Atlanta project incurred $168 million in 2023, $22 million in 2024, and $16 million in 2025 (excluding reimbursements).

Better Bets than Gray Media (GTN)

	GTN	Better Performance than GTN
Metric	Value	INDUSTRY: Broadcasting
Rev Chg LTM	-3.3%	FOXA (14.9%), FUBO (1.7%), SBGI (-1.0%), NXST (-1.4%), TGNA (-2.7%)
Rev Chg 3Y Avg	0.3%	MDIA (67.6%), FUBO (21.6%), WBD (17.2%), FOXA (5.6%), NXST (1.2%)
Op Mgn LTM	18.7%	TGNA (20.8%), NXST (20.4%), FOXA (19.7%)
CFO/Rev LTM	16.3%	NXST (21.6%), FOXA (18.4%), CURI (18.2%), TGNA (16.3%)
FCF/Rev LTM	13.1%	NXST (19.1%), CURI (18.1%), FOXA (16.2%), TGNA (14.9%)
Total Yield	22.5%
P/S	0.2	BBGI (0.0), SSP (0.1), XHLD (0.2), UONE (0.2)
P/Op Inc	0.9	SSP (0.7)

	GTN	Better Performance than GTN
Metric	Value	SECTOR: Communication Services
Rev Chg LTM	-3.3%	META (21.3%), NFLX (15.4%), GOOGL (13.4%), TMUS (7.3%), DIS (3.4%)
Rev Chg 3Y Avg	0.3%	META (17.3%), NFLX (11.4%), GOOGL (11.0%), DIS (4.5%), TMUS (2.4%)
Op Mgn LTM	18.7%	META (43.2%), GOOGL (32.2%), NFLX (29.1%), TMUS (22.6%), T (19.5%)
CFO/Rev LTM	16.3%	META (56.8%), GOOGL (39.3%), TMUS (31.3%), NFLX (22.1%), DIS (19.2%)
FCF/Rev LTM	13.1%	META (23.7%), NFLX (20.7%), GOOGL (19.1%), TMUS (16.1%), T (16.0%)
Total Yield	22.5%	UNIT (123.9%), RCI (40.7%), BCE (40.6%), ATEX (23.8%), CMCSA (23.8%)
P/S	0.2	SSP (0.1), OPTU (0.1), TEAD (0.1), ADV (0.1), AMCX (0.2)
P/Op Inc	0.9	SSP (0.7), OPTU (0.8)

	GTN	Better Performance than GTN
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	-3.3%	NVDA (65.2%), AVGO (28.0%), MSFT (15.6%), AMZN (10.9%), AAPL (6.0%)
Rev Chg 3Y Avg	0.3%	NVDA (91.6%), AVGO (24.0%), MSFT (13.2%), AMZN (11.3%), AAPL (1.8%)
Op Mgn LTM	18.7%	NVDA (58.8%), MSFT (46.3%), LLY (43.0%), AVGO (39.0%), AAPL (31.9%)
CFO/Rev LTM	16.3%	MSFT (50.0%), NVDA (44.4%), AVGO (42.4%), AAPL (26.6%), AMZN (18.1%)
FCF/Rev LTM	13.1%	MA (52.5%), AVGO (41.6%), NVDA (41.3%), MSFT (26.6%), AAPL (23.5%)
Total Yield	22.5%	XP (71.7%), FLR (49.7%), LNC (33.4%), FMCC (29.4%), BYD (27.0%)
P/S	0.2	SNEX (0.0), CNC (0.1), INGM (0.1), ACI (0.1), AAL (0.1)
P/Op Inc	0.9	SLB (0.0), QVCGA (0.2), CYH (0.4), STNE (0.7), OPFI (0.9)

		Best Bets In Communication Services Sector
	GTN	META	TTD	MTCH	PINS	GOOGL	CARG	NXST	T	UPWK	FWONA
What You Pay
P/E	6.0	31.6	54.5	15.1	11.0	23.6	24.0	11.6	9.1	9.9	11.5
P/EBIT	0.9	21.7	45.3	10.2	77.8	19.3	17.6	5.5	5.8	21.4	68.0
What You Get
Rev Chg Q	-21.2%	26.2%	17.7%	2.1%	16.8%	15.9%	3.2%	-12.3%	1.6%	4.1%	19.1%
Rev Chg LTM	-3.3%	21.3%	20.8%	-0.5%	16.8%	13.4%	4.2%	-1.4%	2.0%	2.5%	8.7%
Rev Chg 3Y Avg	0.3%	17.3%	23.5%	2.7%	13.6%	11.0%	-15.9%	1.2%	1.1%	9.7%	16.5%
FCF/Rev 3Y Avg	10.9%	29.0%	26.6%	25.8%	22.9%	20.5%	18.6%	17.6%	16.3%	15.4%	14.7%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 12%, alpha of 0.5%, and sharpe of 0.56

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Gray Media Earnings Notes
2	Gray Media (GTN) Operating Cash Flow Comparison	Financials
3	Gray Media (GTN) Net Income Comparison	Financials
4	Gray Media (GTN) Debt Comparison	Financials
5	Gray Media (GTN) EBITDA Comparison	Financials
6	Gray Media (GTN) Tax Expense Comparison	Financials
7	Gray Media (GTN) Revenue Comparison	Financials
8	Gray Media (GTN) Operating Income Comparison	Financials
9	Gray Media vs. S&P500 Correlation	Correlation
10	Gray Media Price Volatility	Volatility

	Title
0	ARTICLES

Trade Ideas

Select past ideas related to GTN. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
PINS_11302025_Monopoly_xInd_xCD_Getting_Cheaper	11302025	PINS	Pinterest	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-1.3%	-1.3%	-1.4%
TMUS_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	TMUS	T-Mobile US	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-5.0%	-5.0%	-6.4%
Z_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	Z	Zillow	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-1.5%	-1.5%	-3.9%
IRDM_11072025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11072025	IRDM	Iridium Communications	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	1.3%	1.3%	-5.6%
TTD_10032025_Dip_Buyer_High_CFO_Margins_ExInd_DE	10032025	TTD	Trade Desk	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-28.9%	-28.9%	-29.8%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
PINS_11302025_Monopoly_xInd_xCD_Getting_Cheaper	11302025	PINS	Pinterest	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-1.3%	-1.3%	-1.4%
TMUS_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	TMUS	T-Mobile US	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-5.0%	-5.0%	-6.4%
Z_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	Z	Zillow	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	-1.5%	-1.5%	-3.9%
IRDM_11072025_Dip_Buyer_High_CFO_Margins_ExInd_DE	11072025	IRDM	Iridium Communications	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	1.3%	1.3%	-5.6%
TTD_10032025_Dip_Buyer_High_CFO_Margins_ExInd_DE	10032025	TTD	Trade Desk	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	-28.9%	-28.9%	-29.8%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
UDMY	Udemy	0.9	12.7%	-26.5%
TWO	Two Harbors Investment	1.2	12.1%	8.5%
IOVA	Iovance Biotherapeutics	0.9	12.0%	-65.9%
KOD	Kodiak Sciences	1.4	11.8%	171.1%
RXRX	Recursion Pharmaceuticals	2.1	11.4%	-30.8%
TTC	Toro	7.9	10.7%	2.0%
HUT	Hut 8	4.2	9.0%	96.0%
TPL	Texas Pacific Land	20.3	7.6%	-19.7%
AXGN	Axogen	1.5	7.0%	90.5%
SSII	SS Innovations International	1.1	6.7%	-25.6%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
NOW	ServiceNow	32.5	-80.0%	-85.2%
FDMT	4D Molecular Therapeutics	0.5	-20.1%	65.4%
IMNM	Immunome	1.7	-15.8%	86.3%
HNRG	Hallador Energy	0.7	-15.2%	51.2%
AMPX	Amprius Technologies	1.1	-14.6%	213.6%
BNTC	Benitec Biopharma	0.4	-13.1%	-14.6%
FLNC	Fluence Energy	2.4	-12.9%	16.9%
IMSR	Terrestrial Energy	0.7	-12.6%
BE	Bloom Energy	18.1	-12.1%	246.6%
BW	Babcock & Wilcox Enterprises	0.5	-12.1%	182.9%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TLRY	Tilray Brands	13.7	55.9%	-3.2%
PL	Planet Labs PBC	5.0	27.3%	307.7%
EEX	Emerald	0.9	25.9%	-2.8%
EVCM	EverCommerce	2.2	17.2%	10.4%
CNL	Collective Mining	1.1	15.8%	229.3%
ENVA	Enova International	4.1	15.8%	70.8%
IMVT	Immunovant	4.6	14.5%	8.9%
QURE	uniQure	1.3	14.3%	30.4%
INNV	InnovAge	0.8	14.2%	49.6%
PGEN	Precigen	1.2	13.4%	255.4%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	32.5	-81.7%	-85.2%
RZLT	Rezolute	0.2	-81.6%	-59.0%
FRMI	Fermi	6.3	-41.1%
LENZ	LENZ Therapeutics	0.5	-34.6%	-43.3%
BETR	Better Home & Finance	0.5	-30.9%	292.0%
LWLG	Lightwave Logic	0.4	-29.5%	41.4%
APLD	Applied Digital	5.6	-29.0%	188.0%
CRWV	CoreWeave	31.4	-26.8%
WULF	TeraWulf	4.5	-26.6%	104.4%
BW	Babcock & Wilcox Enterprises	0.5	-26.5%	182.9%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
OLMA	Olema Pharmaceuticals	2.8	282.6%	459.2%
WVE	WAVE Life Sciences	2.7	128.5%	32.1%
ALMS	Alumis	0.8	89.8%	34.6%
NUVB	Nuvation Bio	2.9	82.4%	220.3%
SEMR	SEMrush	1.8	75.7%	-0.2%
TE	T1 Energy	0.8	70.4%
ANF	Abercrombie & Fitch	5.6	68.4%	-21.6%
CBLL	CeriBell	0.8	67.5%	-16.6%
FTRE	Fortrea	1.5	65.4%	-13.2%
VERA	Vera Therapeutics	3.1	64.7%	14.8%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
NOW	ServiceNow	32.5	-81.3%	-85.2%
RZLT	Rezolute	0.2	-80.3%	-59.0%
JANX	Janux Therapeutics	0.9	-50.9%	-73.7%
FRMI	Fermi	6.3	-50.6%
AGIO	Agios Pharmaceuticals	1.5	-43.6%	-22.6%
IMSR	Terrestrial Energy	0.7	-38.9%
LENZ	LENZ Therapeutics	0.5	-36.3%	-43.3%
LWLG	Lightwave Logic	0.4	-36.3%	41.4%
UAMY	United States Antimony	0.5	-33.7%	156.5%
BETR	Better Home & Finance	0.5	-33.6%	292.0%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
UDMY	Udemy	0.9	12.7%	-26.5%
TWO	Two Harbors Investment	1.2	12.1%	8.5%
IOVA	Iovance Biotherapeutics	0.9	12.0%	-65.9%
KOD	Kodiak Sciences	1.4	11.8%	171.1%
RXRX	Recursion Pharmaceuticals	2.1	11.4%	-30.8%
TTC	Toro	7.9	10.7%	2.0%
HUT	Hut 8	4.2	9.0%	96.0%
TPL	Texas Pacific Land	20.3	7.6%	-19.7%
AXGN	Axogen	1.5	7.0%	90.5%
SSII	SS Innovations International	1.1	6.7%	-25.6%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
NOW	ServiceNow	32.5	-80.0%	-85.2%
FDMT	4D Molecular Therapeutics	0.5	-20.1%	65.4%
IMNM	Immunome	1.7	-15.8%	86.3%
HNRG	Hallador Energy	0.7	-15.2%	51.2%
AMPX	Amprius Technologies	1.1	-14.6%	213.6%
BNTC	Benitec Biopharma	0.4	-13.1%	-14.6%
FLNC	Fluence Energy	2.4	-12.9%	16.9%
IMSR	Terrestrial Energy	0.7	-12.6%
BE	Bloom Energy	18.1	-12.1%	246.6%
BW	Babcock & Wilcox Enterprises	0.5	-12.1%	182.9%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TLRY	Tilray Brands	13.7	55.9%	-3.2%
PL	Planet Labs PBC	5.0	27.3%	307.7%
EEX	Emerald	0.9	25.9%	-2.8%
EVCM	EverCommerce	2.2	17.2%	10.4%
CNL	Collective Mining	1.1	15.8%	229.3%
ENVA	Enova International	4.1	15.8%	70.8%
IMVT	Immunovant	4.6	14.5%	8.9%
QURE	uniQure	1.3	14.3%	30.4%
INNV	InnovAge	0.8	14.2%	49.6%
PGEN	Precigen	1.2	13.4%	255.4%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
NOW	ServiceNow	32.5	-81.7%	-85.2%
RZLT	Rezolute	0.2	-81.6%	-59.0%
FRMI	Fermi	6.3	-41.1%
LENZ	LENZ Therapeutics	0.5	-34.6%	-43.3%
BETR	Better Home & Finance	0.5	-30.9%	292.0%
LWLG	Lightwave Logic	0.4	-29.5%	41.4%
APLD	Applied Digital	5.6	-29.0%	188.0%
CRWV	CoreWeave	31.4	-26.8%
WULF	TeraWulf	4.5	-26.6%	104.4%
BW	Babcock & Wilcox Enterprises	0.5	-26.5%	182.9%

Peer Comparisons for Gray Media

Peers to compare with:

Financials

	GTN	NXST	SBGI	TGNA	SSP	Median
Name	Gray Med.	Nexstar .	Sinclair	Tegna	E W Scri.
Mkt Price	5.06	205.75	15.78	19.65	4.55	15.78
Mkt Cap	0.5	6.2	1.1	3.3	0.4	1.1
Rev LTM	3,348	5,148	3,337	2,876	2,319	3,337
Op Inc LTM	625	1,049	331	599	305	599
FCF LTM	440	983	211	429	122	429
FCF 3Y Avg	372	908	168	519	144	372
CFO LTM	545	1,112	289	468	161	468
CFO 3Y Avg	603	1,056	255	567	200	567

Growth & Margins

	GTN	NXST	SBGI	TGNA	SSP	Median
Name	Gray Med.	Nexstar .	Sinclair	Tegna	E W Scri.
Rev Chg LTM	-3.3%	-1.4%	-1.0%	-2.7%	-3.3%	-2.7%
Rev Chg 3Y Avg	0.3%	1.2%	-8.1%	-2.8%	-1.0%	-1.0%
Rev Chg Q	-21.2%	-12.3%	-15.7%	-19.3%	-18.6%	-18.6%
QoQ Delta Rev Chg LTM	-5.7%	-3.2%	-4.1%	-5.1%	-4.9%	-4.9%
Op Mgn LTM	18.7%	20.4%	9.9%	20.8%	13.1%	18.7%
Op Mgn 3Y Avg	19.2%	19.8%	5.2%	22.8%	13.4%	19.2%
QoQ Delta Op Mgn LTM	-3.6%	-2.4%	-3.7%	-3.5%	-3.3%	-3.5%
CFO/Rev LTM	16.3%	21.6%	8.7%	16.3%	7.0%	16.3%
CFO/Rev 3Y Avg	17.5%	20.5%	7.7%	19.0%	8.5%	17.5%
FCF/Rev LTM	13.1%	19.1%	6.3%	14.9%	5.3%	13.1%
FCF/Rev 3Y Avg	10.9%	17.6%	5.1%	17.4%	6.1%	10.9%

Valuation

	GTN	NXST	SBGI	TGNA	SSP	Median
Name	Gray Med.	Nexstar .	Sinclair	Tegna	E W Scri.
Mkt Cap	0.5	6.2	1.1	3.3	0.4	1.1
P/S	0.2	1.2	0.3	1.1	0.1	0.3
P/EBIT	0.9	5.5	3.1	-	0.8	2.0
P/E	6.0	11.6	-23.4	9.5	9.5	9.5
P/CFO	1.0	5.4	3.6	7.0	1.3	3.6
Total Yield	22.5%	12.3%	2.3%	13.0%	10.6%	12.3%
Dividend Yield	5.7%	3.7%	6.6%	2.4%	0.0%	3.7%
FCF Yield 3Y Avg	65.3%	16.7%	21.7%	-	61.2%	41.4%
D/E	10.1	1.1	4.0	-	12.7	7.1
Net D/E	9.8	1.0	3.5	-	12.5	6.7

Returns

	GTN	NXST	SBGI	TGNA	SSP	Median
Name	Gray Med.	Nexstar .	Sinclair	Tegna	E W Scri.
1M Rtn	5.5%	9.7%	-5.0%	-0.5%	6.3%	5.5%
3M Rtn	-7.1%	0.9%	12.4%	-5.6%	60.2%	0.9%
6M Rtn	26.1%	25.8%	24.8%	20.9%	55.3%	25.8%
12M Rtn	64.7%	32.8%	-1.0%	11.6%	124.1%	32.8%
3Y Rtn	-46.1%	29.8%	-28.1%	7.3%	-65.4%	-28.1%
1M Excs Rtn	4.8%	9.0%	-5.7%	-1.2%	5.6%	4.8%
3M Excs Rtn	-8.1%	-0.7%	10.3%	-7.3%	55.0%	-0.7%
6M Excs Rtn	13.7%	13.4%	12.4%	8.5%	42.9%	13.4%
12M Excs Rtn	34.6%	19.2%	-13.0%	-1.9%	110.9%	19.2%
3Y Excs Rtn	-118.1%	-43.2%	-96.5%	-61.1%	-137.2%	-96.5%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/7/2025	2/27/2025	2/23/2024	2/24/2023	2/25/2022	2/25/2021	2/27/2020
Key Financials
Total Revenue	3,348	3,644	3,281	3,676	2,413	2,381	2,122
EBITDA	879	1,274	734	1,352	632	974	716
Operating Income	625	871	447	988	423	723	424
Net Income	94	375	-76	455	90	410	179
EPS	0.46	3.40	-1.39	4.38	0.40	3.73	1.28
Growth Rates
Total Revenue Growth	-3.3%	11.1%	-10.7%	52.3%	1.3%	12.2%	95.8%
EBITDA Growth	-17.0%	73.6%	-45.7%	113.9%	-35.1%	36.0%	45.8%
Operating Income Growth	-4.6%	94.9%	-54.8%	133.6%	-41.5%	70.5%	14.0%
Net Income Growth	-52.3%	593.4%	-116.7%	405.6%	-78.0%	129.1%	-15.2%
Margins
EBITDA Margin	26.3%	35.0%	22.4%	36.8%	26.2%	40.9%	33.7%
Operating Income Margin	18.7%	23.9%	13.6%	26.9%	17.5%	30.4%	20.0%
Net Income Margin	2.8%	10.3%	-2.3%	12.4%	3.7%	17.2%	8.4%
Cash & Debt
Total Cash	182	135	21	61	189	773	212
Total Debt	5,681	5,693	6,240	6,533	6,827	4,032	3,748
Net Debt / (Cash)	5,499	5,558	6,219	6,472	6,638	3,259	3,536
Cash Flows
Net Cash from Operations	545	751	648	829	300	652	385
Free Cash from Operations	440	608	300	393	93	542	275
Returns to Shareholders
Dividends	32	84	82	82	83	52	39
Share Repurchases	-0	-0	-0	50	30	75	32

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/7/2025	8/8/2025	5/8/2025	2/27/2025	11/8/2024	8/8/2024	5/7/2024	2/23/2024	11/8/2023	8/4/2023	5/5/2023	2/24/2023
Key Financials Quarterly
Total Revenue	749	772	782	1,045	950	826	823	864	803	813	801	1,072
Ebitda	155	148	163	413	332	221	308	198	167	213	156	440
Operating Income	101	104	90	330	266	151	124	114	121	135	77	367
Net Income	-10	-56	-9	169	96	22	88	-9	-40	4	-31	186
EPS	-0.24	-0.71	-0.23	1.64	0.87	0.09	0.80	-0.24	-0.57	-0.10	-0.48	1.90
Key Financials TTM
Total Revenue TTM	3,348	3,549	3,603	3,644	3,463	3,316	3,303	3,281	3,489	3,595	3,650	3,676
Ebitda TTM	879	1,056	1,129	1,274	1,059	894	886	734	976	1,149	1,249	1,352
Operating Income TTM	625	790	837	871	655	510	494	447	700	823	906	988
Net Income TTM	94	200	278	375	197	61	43	-76	119	267	362	455
Growth Rates Quarterly
Total Revenue Growth	-21.2%	-6.5%	-5.0%	20.9%	18.3%	1.6%	2.7%	-19.4%	-11.7%	-6.3%	-3.1%	48.7%
EBITDA Growth	-53.3%	-33.0%	-47.1%	108.6%	98.8%	3.8%	97.4%	-55.0%	-50.9%	-31.9%	-39.8%	144.4%
Operating Income Growth	-62.0%	-31.1%	-27.4%	189.5%	119.8%	11.9%	61.0%	-68.9%	-50.4%	-38.1%	-51.6%	263.4%
Net Income Growth	-110.4%	-354.5%	-110.2%	1977.8%	340.0%	450.0%	383.9%	-104.8%	-137.0%	-96.0%	-150.0%	541.4%
Margins Quarterly
EBITDA Margin	20.7%	19.2%	20.8%	39.5%	34.9%	26.8%	37.4%	22.9%	20.8%	26.2%	19.5%	41.0%
Operating Income Margin	13.5%	13.5%	11.5%	31.6%	28.0%	18.3%	15.1%	13.2%	15.1%	16.6%	9.6%	34.2%
Net Income Margin	-1.3%	-7.3%	-1.2%	16.2%	10.1%	2.7%	10.7%	-1.0%	-5.0%	0.5%	-3.9%	17.4%
Cash & Debt
Total Cash	182	199	-	135	69	75	134	21	21	36	56	61
Total Debt	5,681	5,662	73	5,693	5,965	6,212	6,229	6,240	6,267	6,294	6,245	6,533
Net Debt / (Cash)	5,499	5,463	-	5,558	5,896	6,137	6,095	6,219	6,246	6,258	6,189	6,472
Cash Flows Quarterly
FCF from Operations	14	31	132	368	297	18	68	83	106	47	412	233
Cash Flows TTM
FCF from Operations TTM	545	828	815	751	466	275	304	648	798	958	1,100	829
Returns to Shareholders Quarterly
Dividends	8	8	8	8	8	8	8	8	8	7	7	7
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	2.1%	6.2%	214.3%	15.2%	11.2%	6.2%	5.0%	4.6%	6.5%	3.2%	3.1%	14.6%
Return on Invested Capital (ROIC) TTM
ROIC TTM	6.8%	8.3%	1058.3%	9.8%	6.9%	4.3%	3.7%	5.6%	6.4%	8.1%	9.1%	9.5%

Segment Financials

Assets by Segment

$ Mil	2024	2023	2022	2021
Broadcasting	9,897	10,444	10,592	6,631
Production Companies	658	535	269	141
Other	85	173	247	871
Total	10,640	11,152	11,108	7,643

Price Behavior

Price Behavior

Market Price	$5.06
Market Cap ($ Bil)	0.5
First Trading Date	08/30/2002
Distance from 52W High	-16.5%
	50 Days	200 Days
DMA Price	$4.75	$4.56
DMA Trend	up	down
Distance from DMA	6.4%	10.9%
	3M	1YR
Volatility	49.3%	66.9%
Downside Capture	105.27	100.18
Upside Capture	58.08	138.45
Correlation (SPY)	34.5%	38.2%

GTN Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	1.36	1.35	1.33	1.71	1.25	1.32
Up Beta	2.42	1.85	2.34	3.08	1.30	1.44
Down Beta	-0.21	2.14	2.08	2.15	1.39	1.35
Up Capture	207%	17%	2%	129%	126%	84%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	11	19	30	63	117	352
Down Capture	94%	141%	130%	99%	105%	108%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	8	22	32	60	125	387

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

		Comparison of GTN With Other Asset Classes (Last 1Y)
	GTN	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	41.9%	14.3%	12.1%	61.5%	2.2%	-2.2%	-12.7%
Annualized Volatility	67.1%	18.8%	19.7%	19.3%	15.9%	17.7%	35.4%
Sharpe Ratio	0.78	0.57	0.46	2.36	-0.05	-0.28	-0.17
Correlation With Other Assets		38.4%	38.0%	-5.3%	18.4%	30.5%	19.8%

ETFs used for asset classes: Sector ETF = XLC, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of GTN With Other Asset Classes (Last 5Y)
	GTN	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-20.1%	12.7%	14.4%	18.3%	11.4%	4.8%	36.3%
Annualized Volatility	57.4%	20.9%	17.1%	15.5%	18.9%	18.9%	48.9%
Sharpe Ratio	-0.15	0.52	0.68	0.95	0.49	0.17	0.63
Correlation With Other Assets		33.3%	33.4%	1.6%	10.5%	32.2%	12.9%

Based On 10-Year Data

		Comparison of GTN With Other Asset Classes (Last 10Y)
	GTN	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	-8.9%	12.9%	14.5%	14.6%	6.1%	5.4%	70.7%
Annualized Volatility	54.3%	22.6%	18.0%	14.7%	17.7%	20.8%	55.9%
Sharpe Ratio	0.05	0.52	0.69	0.82	0.27	0.23	0.91
Correlation With Other Assets		42.2%	45.0%	-4.2%	18.0%	40.5%	10.6%

Short Interest

Short Interest: As Of Date	11282025
Short Interest: Shares Quantity	5,306,390
Short Interest: % Change Since 11152025	7.0%
Average Daily Volume	1,183,520
Days-to-Cover Short Interest	4.48
Basic Shares Quantity	97,000,000
Short % of Basic Shares	5.5%

Returns Analyses

	Title
0	Gray Media Stock Return Comparison

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
11/7/2025	4.8%	5.2%	9.5%
8/8/2025	-0.2%	44.9%	50.0%
5/8/2025	16.9%	12.9%	2.4%
2/27/2025	0.5%	-9.8%	16.2%
11/8/2024	-26.1%	-17.3%	-29.0%
8/8/2024	-14.6%	-18.6%	-12.7%
5/7/2024	0.6%	4.2%	-11.7%
1/30/2024	-0.4%	-9.1%	-41.8%
...
SUMMARY STATS
# Positive	13	15	12
# Negative	10	8	11
Median Positive	4.6%	4.2%	9.7%
Median Negative	-5.3%	-10.6%	-12.7%
Max Positive	20.3%	44.9%	50.0%
Max Negative	-33.7%	-25.4%	-41.8%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	11072025	10-Q 9/30/2025
6302025	8082025	10-Q 6/30/2025
3312025	5082025	10-Q 3/31/2025
12312024	2272025	10-K 12/31/2024
9302024	11082024	10-Q 9/30/2024
6302024	8082024	10-Q 6/30/2024
3312024	5072024	10-Q 3/31/2024
12312023	2232024	10-K 12/31/2023
9302023	11082023	10-Q 9/30/2023
6302023	8042023	10-Q 6/30/2023
3312023	5052023	10-Q 3/31/2023
12312022	2242023	10-K 12/31/2022
9302022	11042022	10-Q 9/30/2022
6302022	8052022	10-Q 6/30/2022
3312022	5062022	10-Q 3/31/2022
12312021	2252022	10-K 12/31/2021

Insider Activity

Expand for More

	Owner	Title	Filing Date	Action	Price	Shares	Transacted Value	Value of Held Shares	Form
0	BOGER RICHARD LEE		9112025	Sell	5.82	20,000	116,460	357,200	Form
1	Gignac Jeffrey R	Executive Vice President, CFO	6092025	Buy	3.68	12,500	46,000	2,372,124	Form
2	BOGER RICHARD LEE		3042025	Sell	3.85	16,000	61,552	212,920	Form
3	McTear Paul		12172024	Sell	3.77	17,780	67,020	359,450	Form

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

Gray Media (GTN)

Market Price (12/18/2025): $5.055 | Market Cap: $490.3 MilSector: Communication Services | Industry: Broadcasting

Gray Media (GTN)

Market Price (12/18/2025): $5.055Market Cap: $490.3 MilSector: Communication ServicesIndustry: Broadcasting

Valuation, Metrics & Events

GTN Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Gray Media (GTN)

Share Repurchases

Share Issuance

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets than Gray Media (GTN)

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

1 Day Top Gainers

1 Day Top Losers

1 Week Top Gainers

1 Week Top Losers

1 Month Top Gainers

1 Month Top Losers

Recent Active Movers

1 Day Top Gainers

1 Day Top Losers

1 Week Top Gainers

1 Week Top Losers

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Gray Media

Financials

Growth & Margins

Valuation

Returns

Comparison Analyses

FDIC Bank Data

Bank Capital

Bank Deposits

Bank Assets

Bank Loans

Financials

Segment Financials

Price Behavior

Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

Insider Activity

Industry Resources

External Quote Links

Market Price (12/18/2025): $5.055 | Market Cap: $490.3 Mil
Sector: Communication Services | Industry: Broadcasting

Market Price (12/18/2025): $5.055
Market Cap: $490.3 Mil
Sector: Communication Services
Industry: Broadcasting