Gray Media (GTN)
Market Price (2/7/2026): $4.38 | Market Cap: $424.9 MilSector: Communication Services | Industry: Broadcasting
Gray Media (GTN)
Market Price (2/7/2026): $4.38Market Cap: $424.9 MilSector: Communication ServicesIndustry: Broadcasting
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 30%, Dividend Yield is 7.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 26%, FCF Yield is 104% | Weak multi-year price returns2Y Excs Rtn is -86%, 3Y Excs Rtn is -130% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 1303% |
| Attractive cash flow generationCFO/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 growthRev 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% | |
| Megatrend and thematic driversMegatrends include Digital Content & Streaming, and Digital Advertising. Themes include Video Streaming, and Ad-Tech Platforms. | Key risksGTN key risks include [1] its substantial debt load and high financial leverage, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 30%, Dividend Yield is 7.6%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 26%, FCF Yield is 104% |
| Attractive cash flow generationCFO/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% |
| Megatrend and thematic driversMegatrends include Digital Content & Streaming, and Digital Advertising. Themes include Video Streaming, and Ad-Tech Platforms. |
| Weak multi-year price returns2Y Excs Rtn is -86%, 3Y Excs Rtn is -130% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 1303% |
| Weak revenue growthRev 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% |
| Key risksGTN key risks include [1] its substantial debt load and high financial leverage, Show more. |
Qualitative Assessment
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Gray Media (GTN) stock has lost about 5% since 10/31/2025 because of the following key factors:
1. Upcoming Fourth Quarter 2025 Earnings Report with Mixed Expectations.
Gray Media (GTN) is scheduled to release its Q4 2025 earnings on February 26, 2026. While the consensus earnings per share (EPS) forecast for Q4 2025 is a decrease to -$0.28, the company recently reported a positive earnings surprise for Q3 2025, beating analyst estimates (actual -$0.24 versus consensus -$0.41). This combination of a forecasted decline for the upcoming quarter against a backdrop of a recent earnings beat likely led investors to adopt a cautious "wait-and-see" approach, preventing significant stock movement until the actual results are released.
2. Divergent Analyst Ratings and Price Targets.
Analyst sentiment for GTN stock during this period was mixed, contributing to a balanced outlook. While there was a consensus "Buy" rating from analysts, with a significant portion recommending "Strong Buy," there were also "Hold" recommendations. Furthermore, "Bear" perspectives highlighted projected declines in revenue and adjusted EBITDA for 2025 due to industry challenges, along with risks such as decreasing advertising demand and regulatory uncertainties. These conflicting viewpoints from market experts likely offset each other, deterring strong directional trading and maintaining price stability.
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1. Upcoming Fourth Quarter 2025 Earnings Report with Mixed Expectations.
Gray Media (GTN) is scheduled to release its Q4 2025 earnings on February 26, 2026. While the consensus earnings per share (EPS) forecast for Q4 2025 is a decrease to -$0.28, the company recently reported a positive earnings surprise for Q3 2025, beating analyst estimates (actual -$0.24 versus consensus -$0.41). This combination of a forecasted decline for the upcoming quarter against a backdrop of a recent earnings beat likely led investors to adopt a cautious "wait-and-see" approach, preventing significant stock movement until the actual results are released.
2. Divergent Analyst Ratings and Price Targets.
Analyst sentiment for GTN stock during this period was mixed, contributing to a balanced outlook. While there was a consensus "Buy" rating from analysts, with a significant portion recommending "Strong Buy," there were also "Hold" recommendations. Furthermore, "Bear" perspectives highlighted projected declines in revenue and adjusted EBITDA for 2025 due to industry challenges, along with risks such as decreasing advertising demand and regulatory uncertainties. These conflicting viewpoints from market experts likely offset each other, deterring strong directional trading and maintaining price stability.
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Stock Movement Drivers
Fundamental Drivers
The -3.4% change in GTN stock from 10/31/2025 to 2/6/2026 was primarily driven by a -50.2% change in the company's Net Income Margin (%).| (LTM values as of) | 10312025 | 2062026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.50 | 4.35 | -3.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,549 | 3,348 | -5.7% |
| Net Income Margin (%) | 5.6% | 2.8% | -50.2% |
| P/E Multiple | 2.2 | 4.5 | 105.6% |
| Shares Outstanding (Mil) | 97 | 97 | 0.0% |
| Cumulative Contribution | -3.4% |
Market Drivers
10/31/2025 to 2/6/2026| Return | Correlation | |
|---|---|---|
| GTN | -3.4% | |
| Market (SPY) | 1.3% | 33.3% |
| Sector (XLC) | 0.8% | 28.2% |
Fundamental Drivers
The -0.7% change in GTN stock from 7/31/2025 to 2/6/2026 was primarily driven by a -63.6% change in the company's Net Income Margin (%).| (LTM values as of) | 7312025 | 2062026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.38 | 4.35 | -0.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,603 | 3,348 | -7.1% |
| Net Income Margin (%) | 7.7% | 2.8% | -63.6% |
| P/E Multiple | 1.5 | 4.5 | 196.7% |
| Shares Outstanding (Mil) | 96 | 97 | -1.0% |
| Cumulative Contribution | -0.7% |
Market Drivers
7/31/2025 to 2/6/2026| Return | Correlation | |
|---|---|---|
| GTN | -0.7% | |
| Market (SPY) | 9.6% | 26.1% |
| Sector (XLC) | 8.1% | 32.4% |
Fundamental Drivers
The 24.6% change in GTN stock from 1/31/2025 to 2/6/2026 was primarily driven by a 166.6% change in the company's P/E Multiple.| (LTM values as of) | 1312025 | 2062026 | Change |
|---|---|---|---|
| Stock Price ($) | 3.49 | 4.35 | 24.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,463 | 3,348 | -3.3% |
| Net Income Margin (%) | 5.7% | 2.8% | -50.6% |
| P/E Multiple | 1.7 | 4.5 | 166.6% |
| Shares Outstanding (Mil) | 95 | 97 | -2.1% |
| Cumulative Contribution | 24.6% |
Market Drivers
1/31/2025 to 2/6/2026| Return | Correlation | |
|---|---|---|
| GTN | 24.6% | |
| Market (SPY) | 15.8% | 38.9% |
| Sector (XLC) | 14.1% | 37.6% |
Fundamental Drivers
The -60.0% change in GTN stock from 1/31/2023 to 2/6/2026 was primarily driven by a -68.7% change in the company's Net Income Margin (%).| (LTM values as of) | 1312023 | 2062026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.88 | 4.35 | -60.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,325 | 3,348 | 0.7% |
| Net Income Margin (%) | 9.0% | 2.8% | -68.7% |
| P/E Multiple | 3.3 | 4.5 | 35.2% |
| Shares Outstanding (Mil) | 91 | 97 | -6.2% |
| Cumulative Contribution | -60.0% |
Market Drivers
1/31/2023 to 2/6/2026| Return | Correlation | |
|---|---|---|
| GTN | -60.0% | |
| Market (SPY) | 76.2% | 31.7% |
| Sector (XLC) | 116.4% | 31.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| GTN Return | 14% | -43% | -17% | -62% | 65% | -11% | -70% |
| Peers Return | 21% | 1% | -30% | -3% | 31% | -6% | 3% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -1% | 81% |
Monthly Win Rates [3] | |||||||
| GTN Win Rate | 67% | 42% | 42% | 50% | 58% | 0% | |
| Peers Win Rate | 46% | 29% | 38% | 50% | 46% | 25% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| GTN Max Drawdown | -7% | -55% | -44% | -65% | 0% | -13% | |
| Peers Max Drawdown | -5% | -12% | -45% | -26% | -21% | -8% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[1] Cumulative total returns since the beginning of 2021
[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] 2026 data is for the year up to 2/6/2026 (YTD)
How Low Can It Go
| Event | GTN | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -76.1% | -25.4% |
| % Gain to Breakeven | 317.5% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -61.0% | -33.9% |
| % Gain to Breakeven | 156.5% | 51.3% |
| Time to Breakeven | 428 days | 148 days |
| 2018 Correction | ||
| % Loss | -41.5% | -19.8% |
| % Gain to Breakeven | 70.9% | 24.7% |
| Time to Breakeven | 812 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -98.4% | -56.8% |
| % Gain to Breakeven | 6144.4% | 131.3% |
| Time to Breakeven | 1,836 days | 1,480 days |
Compare to NXST, SBGI, TGNA, SSP
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.
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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.
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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.
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- 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.
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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.
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- Paramount Global (PARA)
- Comcast Corporation (CMCSA)
- The Walt Disney Company (DIS)
- Fox Corporation (FOXA)
- Nexstar Media Group (NXST)
- TelevisaUnivision (TV)
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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.
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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.
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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.
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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.
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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.
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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).
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Gray Media Earnings Notes | 12/16/2025 | |
| Gray Media (GTN) Operating Cash Flow Comparison | 08/08/2025 | |
| Gray Media (GTN) Net Income Comparison | 08/08/2025 | |
| Gray Media (GTN) Debt Comparison | 08/08/2025 | |
| Gray Media (GTN) EBITDA Comparison | 08/08/2025 | |
| Gray Media (GTN) Tax Expense Comparison | 08/08/2025 | |
| Gray Media (GTN) Revenue Comparison | 08/08/2025 | |
| Gray Media (GTN) Operating Income Comparison | 08/08/2025 | |
| Gray Media vs. S&P500 Correlation | 10/03/2024 | |
| Gray Media Price Volatility | 09/24/2024 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 13.69 |
| Mkt Cap | 1.0 |
| Rev LTM | 3,337 |
| Op Inc LTM | 599 |
| FCF LTM | 429 |
| FCF 3Y Avg | 372 |
| CFO LTM | 468 |
| CFO 3Y Avg | 567 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -2.7% |
| Rev Chg 3Y Avg | -1.0% |
| Rev Chg Q | -18.6% |
| QoQ Delta Rev Chg LTM | -4.9% |
| Op Mgn LTM | 18.7% |
| Op Mgn 3Y Avg | 19.2% |
| QoQ Delta Op Mgn LTM | -3.5% |
| CFO/Rev LTM | 16.3% |
| CFO/Rev 3Y Avg | 17.5% |
| FCF/Rev LTM | 13.1% |
| FCF/Rev 3Y Avg | 10.9% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 1.0 |
| P/S | 0.3 |
| P/EBIT | 2.9 |
| P/E | 8.9 |
| P/CFO | 3.3 |
| Total Yield | 11.0% |
| Dividend Yield | 3.3% |
| FCF Yield 3Y Avg | 19.2% |
| D/E | 4.4 |
| Net D/E | 3.9 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -1.1% |
| 3M Rtn | -3.8% |
| 6M Rtn | 20.7% |
| 12M Rtn | 14.2% |
| 3Y Rtn | -37.6% |
| 1M Excs Rtn | -1.3% |
| 3M Excs Rtn | 0.1% |
| 6M Excs Rtn | 11.3% |
| 12M Excs Rtn | -3.7% |
| 3Y Excs Rtn | -105.9% |
Price Behavior
Price Behavior
| Market Price | $4.35 | |
| Market Cap ($ Bil) | 0.4 | |
| First Trading Date | 08/30/2002 | |
| Distance from 52W High | -28.2% | |
| 50 Days | 200 Days | |
| DMA Price | $4.69 | $4.69 |
| DMA Trend | up | down |
| Distance from DMA | -7.2% | -7.3% |
| 3M | 1YR | |
| Volatility | 48.1% | 64.2% |
| Downside Capture | 152.73 | 111.00 |
| Upside Capture | 83.08 | 108.91 |
| Correlation (SPY) | 35.6% | 39.0% |
GTN Betas & Captures as of 1/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.06 | 1.31 | 1.38 | 1.35 | 1.30 | 1.33 |
| Up Beta | 3.10 | 2.88 | 2.76 | 2.50 | 1.35 | 1.44 |
| Down Beta | 0.57 | 1.60 | 1.00 | 2.10 | 1.50 | 1.39 |
| Up Capture | 7% | 55% | 116% | 60% | 132% | 74% |
| Bmk +ve Days | 11 | 22 | 34 | 71 | 142 | 430 |
| Stock +ve Days | 8 | 18 | 28 | 60 | 118 | 349 |
| Down Capture | 198% | 109% | 122% | 78% | 104% | 109% |
| Bmk -ve Days | 9 | 19 | 27 | 54 | 109 | 321 |
| Stock -ve Days | 10 | 21 | 30 | 62 | 125 | 389 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GTN | |
|---|---|---|---|---|
| GTN | 10.7% | 64.1% | 0.40 | - |
| Sector ETF (XLC) | 14.0% | 18.7% | 0.56 | 37.9% |
| Equity (SPY) | 15.4% | 19.4% | 0.61 | 38.8% |
| Gold (GLD) | 73.9% | 24.8% | 2.19 | -10.6% |
| Commodities (DBC) | 8.9% | 16.6% | 0.34 | 18.7% |
| Real Estate (VNQ) | 4.6% | 16.5% | 0.10 | 32.5% |
| Bitcoin (BTCUSD) | -33.5% | 42.9% | -0.83 | 21.0% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GTN | |
|---|---|---|---|---|
| GTN | -21.7% | 57.5% | -0.19 | - |
| Sector ETF (XLC) | 12.2% | 20.8% | 0.49 | 33.5% |
| Equity (SPY) | 14.4% | 17.0% | 0.68 | 33.3% |
| Gold (GLD) | 21.4% | 16.9% | 1.03 | -0.1% |
| Commodities (DBC) | 11.5% | 18.9% | 0.49 | 10.3% |
| Real Estate (VNQ) | 5.0% | 18.8% | 0.17 | 32.2% |
| Bitcoin (BTCUSD) | 13.9% | 57.8% | 0.46 | 13.7% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GTN | |
|---|---|---|---|---|
| GTN | -8.6% | 54.2% | 0.06 | - |
| Sector ETF (XLC) | 9.5% | 22.5% | 0.52 | 42.1% |
| Equity (SPY) | 15.4% | 17.9% | 0.74 | 44.5% |
| Gold (GLD) | 15.7% | 15.5% | 0.84 | -4.6% |
| Commodities (DBC) | 8.0% | 17.6% | 0.37 | 17.6% |
| Real Estate (VNQ) | 6.0% | 20.7% | 0.25 | 40.3% |
| Bitcoin (BTCUSD) | 67.1% | 66.6% | 1.07 | 11.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
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 |
|---|---|---|
| 09/30/2025 | 11/07/2025 | 10-Q |
| 06/30/2025 | 08/08/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/27/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/07/2024 | 10-Q |
| 12/31/2023 | 02/23/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/24/2023 | 10-K |
| 09/30/2022 | 11/04/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
| 12/31/2021 | 02/25/2022 | 10-K |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Boger, Richard Lee | Direct | Sell | 9112025 | 5.82 | 20,000 | 116,460 | 357,200 | Form | |
| 2 | Gignac, Jeffrey R | Executive Vice President, CFO | Direct | Buy | 6092025 | 3.68 | 12,500 | 46,000 | 2,372,124 | Form |
| 3 | Boger, Richard Lee | Direct | Sell | 3042025 | 3.85 | 16,000 | 61,552 | 212,920 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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