Gray Media (GTN-A)
Market Price (8/11/2026): $5.94 | Market Cap: $582.1 MilSector: Communication Services | Industry: Broadcasting
Gray Media (GTN-A)
Market Price (8/11/2026): $5.94Market Cap: $582.1 MilSector: Communication ServicesIndustry: Broadcasting
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -54% Attractive yieldDividend Yield is 6.0%, FCF Yield is 26% | Weak multi-year price returns2Y Excs Rtn is -73%, 3Y Excs Rtn is -99% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 1005% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -11%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.0% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.0% High stock price volatilityVol 12M is 100% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -54% |
| Attractive yieldDividend Yield is 6.0%, FCF Yield is 26% |
| Weak multi-year price returns2Y Excs Rtn is -73%, 3Y Excs Rtn is -99% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 1005% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -11%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -4.0% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.0% |
| High stock price volatilityVol 12M is 100% |
Qualitative Assessment
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Gray Media (GTN-A) stock has lost about 45% since 4/30/2026 because of the following key factors:
1. Wider Net Loss and Revenue Decline in Fiscal Q1 2026. Gray Media reported a net loss of $20 million for fiscal Q1 2026, which ended March 31, 2026, a significant increase from the $9 million loss in the prior year's first quarter. Net loss attributable to common stockholders also widened to $(0.34) per share from $(0.23) per share in fiscal Q1 2025, missing analysts' consensus estimates. Concurrently, total revenue decreased 2% year-over-year to $768 million. These results, released on May 7, 2026, directly after the start of the analyzed period, contributed to a stock price decrease of over 15% on May 8, 2026.
2. Persistent Decline in Retransmission Consent Revenue. A key revenue stream, retransmission consent fees, experienced a notable decline, dropping to $339 million in fiscal Q1 2026 from $379 million in fiscal Q1 2025, representing a 10.6% decrease. This reduction was primarily driven by ongoing subscriber declines in traditional television services and the resolution of a dispute with a distribution partner. The sustained pressure on this significant revenue source likely fueled investor concerns regarding the company's long-term financial stability.
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Gray Media (GTN-A) stock has lost about 45% since 4/30/2026 because of the following key factors:
1. Wider Net Loss and Revenue Decline in Fiscal Q1 2026. Gray Media reported a net loss of $20 million for fiscal Q1 2026, which ended March 31, 2026, a significant increase from the $9 million loss in the prior year's first quarter. Net loss attributable to common stockholders also widened to $(0.34) per share from $(0.23) per share in fiscal Q1 2025, missing analysts' consensus estimates. Concurrently, total revenue decreased 2% year-over-year to $768 million. These results, released on May 7, 2026, directly after the start of the analyzed period, contributed to a stock price decrease of over 15% on May 8, 2026.
2. Persistent Decline in Retransmission Consent Revenue. A key revenue stream, retransmission consent fees, experienced a notable decline, dropping to $339 million in fiscal Q1 2026 from $379 million in fiscal Q1 2025, representing a 10.6% decrease. This reduction was primarily driven by ongoing subscriber declines in traditional television services and the resolution of a dispute with a distribution partner. The sustained pressure on this significant revenue source likely fueled investor concerns regarding the company's long-term financial stability.
3. High Debt Burden and Associated Interest Expenses. Gray Media maintained a substantial long-term debt of approximately $5.8 billion, which resulted in elevated interest expenses that contributed to the wider net loss reported in fiscal Q1 2026. The company's consolidated total net leverage ratio stood at 5.94x at the close of fiscal Q1 2026. While management indicated a strategy to utilize incremental political cash flow for debt reduction, the significant debt load and its impact on profitability likely weighed negatively on the stock throughout the period.
4. Softness in Core Advertising Amidst Industry Headwinds. The company's core advertising revenue demonstrated weakness, declining 1% in fiscal Q2 2026, despite a boost from political advertising. This softness occurred within a broader media and entertainment industry landscape characterized by intensifying competition, cooling growth rates in over-the-top (OTT) subscriptions, and a shift in focus from subscriber numbers to engagement and profitability. These industry-wide challenges, particularly the consistent pressure on core advertising, likely contributed to the downward trend in Gray Media's stock during the specified period.
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Stock Movement Drivers
Fundamental Drivers
The -45.3% change in GTN-A stock from 4/30/2026 to 8/10/2026 was primarily driven by a -47.3% change in the company's P/S Multiple.| (LTM values as of) | 4302026 | 8102026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.60 | 5.80 | -45.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,095 | 3,148 | 1.7% |
| P/S Multiple | 0.3 | 0.2 | -47.3% |
| Shares Outstanding (Mil) | 100 | 98 | 2.0% |
| Cumulative Contribution | -45.3% |
Market Drivers
4/30/2026 to 8/10/2026| Return | Correlation | |
|---|---|---|
| GTN-A | -45.3% | |
| Market (SPY) | 7.6% | -5.3% |
| Sector (XLC) | -4.0% | -4.0% |
Fundamental Drivers
The -54.2% change in GTN-A stock from 1/31/2026 to 8/10/2026 was primarily driven by a -50.8% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 8102026 | Change |
|---|---|---|---|
| Stock Price ($) | 12.67 | 5.80 | -54.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,348 | 3,148 | -6.0% |
| P/S Multiple | 0.4 | 0.2 | -50.8% |
| Shares Outstanding (Mil) | 97 | 98 | -1.0% |
| Cumulative Contribution | -54.2% |
Market Drivers
1/31/2026 to 8/10/2026| Return | Correlation | |
|---|---|---|
| GTN-A | -54.2% | |
| Market (SPY) | 12.0% | -7.0% |
| Sector (XLC) | -6.6% | -5.9% |
Fundamental Drivers
The -43.6% change in GTN-A stock from 7/31/2025 to 8/10/2026 was primarily driven by a -34.1% change in the company's P/S Multiple.| (LTM values as of) | 7312025 | 8102026 | Change |
|---|---|---|---|
| Stock Price ($) | 10.28 | 5.80 | -43.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,603 | 3,148 | -12.6% |
| P/S Multiple | 0.3 | 0.2 | -34.1% |
| Shares Outstanding (Mil) | 96 | 98 | -2.0% |
| Cumulative Contribution | -43.6% |
Market Drivers
7/31/2025 to 8/10/2026| Return | Correlation | |
|---|---|---|
| GTN-A | -43.6% | |
| Market (SPY) | 23.3% | -0.1% |
| Sector (XLC) | 5.2% | -2.1% |
Fundamental Drivers
The -33.4% change in GTN-A stock from 7/31/2023 to 8/10/2026 was primarily driven by a -17.8% change in the company's P/S Multiple.| (LTM values as of) | 7312023 | 8102026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.71 | 5.80 | -33.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,650 | 3,148 | -13.8% |
| P/S Multiple | 0.2 | 0.2 | -17.8% |
| Shares Outstanding (Mil) | 92 | 98 | -6.1% |
| Cumulative Contribution | -33.4% |
Market Drivers
7/31/2023 to 8/10/2026| Return | Correlation | |
|---|---|---|
| GTN-A | -33.4% | |
| Market (SPY) | 74.8% | 2.9% |
| Sector (XLC) | 67.7% | 4.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| GTN-A Return | 12% | -40% | -18% | -11% | 71% | -50% | -58% |
| Peers Return | 12% | -21% | -2% | -12% | 63% | 9% | 38% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 107% |
Monthly Win Rates [3] | |||||||
| GTN-A Win Rate | 58% | 42% | 42% | 50% | 50% | 38% | |
| Peers Win Rate | 52% | 42% | 45% | 48% | 60% | 65% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| GTN-A Max Drawdown | -24% | -61% | -51% | -52% | -37% | -57% | |
| Peers Max Drawdown | -30% | -42% | -41% | -41% | -28% | -28% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: GTN, WBD, FOXA, SIRI, NXST.
[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 8/10/2026 (YTD)
How Low Can It Go
| Event | GTN-A | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -12.6% | -18.8% |
| % Gain to Breakeven | 14.4% | 23.1% |
| Time to Breakeven | 13 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -23.1% | -7.8% |
| % Gain to Breakeven | 30.0% | 8.5% |
| Time to Breakeven | 281 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -26.5% | -9.5% |
| % Gain to Breakeven | 36.0% | 10.5% |
| Time to Breakeven | 2 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -31.7% | -6.7% |
| % Gain to Breakeven | 46.5% | 7.1% |
| Time to Breakeven | 407 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -56.2% | -33.7% |
| % Gain to Breakeven | 128.5% | 50.9% |
| Time to Breakeven | 417 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -14.5% | -19.2% |
| % Gain to Breakeven | 17.0% | 23.8% |
| Time to Breakeven | 21 days | 105 days |
In The Past
Gray Media's stock fell -12.6% during the 2025 US Tariff Shock. Such a loss loss requires a 14.4% gain to breakeven.
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| Event | GTN-A | S&P 500 |
|---|---|---|
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -23.1% | -7.8% |
| % Gain to Breakeven | 30.0% | 8.5% |
| Time to Breakeven | 281 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -26.5% | -9.5% |
| % Gain to Breakeven | 36.0% | 10.5% |
| Time to Breakeven | 2 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -31.7% | -6.7% |
| % Gain to Breakeven | 46.5% | 7.1% |
| Time to Breakeven | 407 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -56.2% | -33.7% |
| % Gain to Breakeven | 128.5% | 50.9% |
| Time to Breakeven | 417 days | 140 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -27.4% | -3.7% |
| % Gain to Breakeven | 37.8% | 3.9% |
| Time to Breakeven | 27 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -28.4% | -12.2% |
| % Gain to Breakeven | 39.6% | 13.9% |
| Time to Breakeven | 42 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -27.4% | -6.8% |
| % Gain to Breakeven | 37.8% | 7.3% |
| Time to Breakeven | 42 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -45.1% | -17.9% |
| % Gain to Breakeven | 82.3% | 21.8% |
| Time to Breakeven | 469 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -50.0% | -15.4% |
| % Gain to Breakeven | 100.0% | 18.2% |
| Time to Breakeven | 957 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -94.4% | -53.4% |
| % Gain to Breakeven | 1691.3% | 114.4% |
| Time to Breakeven | 1784 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -22.1% | -8.6% |
| % Gain to Breakeven | 28.3% | 9.5% |
| Time to Breakeven | 3 days | 47 days |
In The Past
Gray Media's stock fell -12.6% during the 2025 US Tariff Shock. Such a loss loss requires a 14.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Gray Media (GTN-A)
Gray Media, trading under the symbol GTN-A, is Gray Television, Inc., a prominent television broadcasting company in the United States. The company primarily focuses on owning and operating a vast network of television stations and associated digital assets. With a significant footprint, it serves 113 television markets across the country.
Its core services include broadcasting primary digital channels affiliated with major networks such as ABC, CBS, NBC, and FOX. Beyond these, Gray Media also operates a wide array of secondary digital channels, offering diverse content through networks like CW Plus, MY Network, MeTV, Justice, This TV, Antenna TV, Telemundo, Cozi, Heroes and Icons, and MOVIES! Network. The company further emphasizes local content, providing dedicated local news and weather channels in various markets.
In addition to its extensive broadcasting operations, Gray Media extends its capabilities to offer video program production services. This comprehensive approach allows the company to reach a broad audience in its numerous U.S. markets through varied content and services, establishing itself as a key player in the American television landscape.
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Here are 1-3 brief analogies for Gray Media:
- Like iHeartMedia, but for TV stations.
- It's the Marriott of local TV stations.
- Think of it as the Gannett of local television news.
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- Television Broadcasting: Operating television stations and digital assets to deliver diverse content across various markets.
- Content Delivery and Channel Operation: Broadcasting a wide array of primary and secondary digital channels, including major network affiliations and specialized program services.
- Local News and Weather Programming: Providing localized news and weather content to communities served by its television stations.
- Video Program Production: Offering services for the creation and production of video programs.
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Major Customers of Gray Media (GTN-A)
Gray Media (GTN-A), a television broadcasting company, primarily generates revenue from two main categories of business customers:
1. Advertising Clients
This category includes a diverse range of businesses and organizations that purchase advertising time on Gray's television stations and digital platforms. These clients aim to reach local audiences across Gray Media's 113 television markets. The advertisers vary significantly in size, from local small businesses and regional enterprises to large national corporations and various political campaigns. Due to the vast number and dynamic nature of advertising clients, listing individual companies is not practical. This represents a broad segment of companies across numerous industries such as automotive, retail, healthcare, financial services, and consumer packaged goods.
2. Multi-channel Video Programming Distributors (MVPDs)
These are cable, satellite, and streaming television service providers that pay Gray Media retransmission consent fees for the right to carry Gray's local broadcast signals to their subscribers. Major customers in this category include:
- Comcast Corporation (CMCSA)
- Charter Communications, Inc. (CHTR)
- DISH Network Corporation (DISH)
- Verizon Communications Inc. (VZ) (for Fios TV)
- Altice USA, Inc. (ATUS)
- The Walt Disney Company (DIS) (for Hulu + Live TV, a significant MVPD)
- Alphabet Inc. (GOOGL) (for YouTube TV)
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- The Walt Disney Company (DIS)
- Paramount Global (PARA)
- Comcast Corporation (CMCSA)
- Fox Corporation (FOXA)
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Hilton H. Howell, Jr. Chairman and Chief Executive Officer
Hilton H. Howell, Jr. serves as the Chairman, CEO, and President of Gray Television. Appointed CEO in August 2008, he has a tenure of over 17 years at the company. Howell has been with Gray Television since 1993, holding the roles of Chairman, President, and CEO since 2016, 2013, and 2009, respectively. An Atlanta-based business veteran, he possesses over 30 years of experience in the broadcast and insurance industries. Under his leadership, Gray Television has grown from a regional broadcaster to become the nation's largest owner of top-rated local television stations. He also led Gray Television to initiate the construction of Assembly Atlanta in 2021, a cutting-edge studio production development. Beyond Gray Television, Howell serves as Chairman of Bankers Fidelity Life Insurance Company and has been a Director at American Safety Insurance Company and American Southern Insurance Company since 1996. He also holds key leadership positions at Atlantic American Corporation and Delta Life Insurance Company. Howell earned an MBA from the Texas McCombs School of Business, a JD from Baylor University School of Law, and a BA in History from Baylor University. He was named Broadcasting & Cable's Broadcaster of the Year in 2019.
Jeff Gignac Executive Vice President and Chief Financial Officer
Jeff Gignac is set to assume the role of Chief Financial Officer for Gray Television on July 1, 2024, and began as Executive Vice President, Finance on April 1, 2024. Prior to joining Gray Television, he served as Managing Director and Head of Media & Telecom Investment Banking at Wells Fargo Securities. Gignac brings nearly two decades of experience from Wells Fargo, specializing in leveraged finance within the telecom, media, and technology sectors. He is a licensed CPA in Georgia and holds a BA in Accounting from Michigan State University.
Kevin P. Latek Executive Vice President, Chief Legal & Development Officer and Secretary
Kevin P. Latek has served as Executive Vice President and Chief Legal and Development Officer of Gray Television since February 2016. He previously held the positions of Senior Vice President, Business Affairs starting in July 2013, and Vice President for Law and Development since March 2012. Before joining Gray, Latek represented television and radio broadcasters and financial institutions in FCC regulatory and transactional matters as a lawyer at Dow Lohnes, PLLC, in Washington, DC, from April 1997 to February 2012. He earned his graduate degree from the University of Virginia School of Law in 1996 and his undergraduate degree from McDonough School of Business in 1992.
Pat LaPlatney President & Co-Chief Executive Officer
Pat LaPlatney holds the title of President & Co-Chief Executive Officer at Gray Television. Prior to Gray's acquisition of Raycom Media, he served as the President/CEO of Raycom Media.
Sandy Breland Chief Operating Officer
Sandy Breland serves as the Chief Operating Officer of Gray Television. She is also listed as Senior Vice President-Local Media.
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The key risks to Gray Television, Inc. (GTN-A) primarily stem from shifts in the media landscape and the company's financial structure.
- Declining Linear TV Viewership and Advertising Revenue / Competition from Digital/Streaming: Gray Television, like the broader broadcast industry, faces significant challenges from the ongoing shift of consumers away from traditional linear television towards digital and streaming platforms. This trend leads to lower viewership for conventional TV, impacting core advertising revenues as advertisers reallocate budgets to more measurable digital channels. The pressure from over-the-top (OTT) providers with substantial budgets and the fragmentation of audience attention spans further exacerbate this risk.
- High Leverage and Debt: Gray Television carries a significant amount of debt on its balance sheet, which is a major concern for the company's financial health. This high leverage limits the company's financial flexibility, potentially hindering its ability to invest in content, technology upgrades, and other essential areas. The company's Altman Z-Score has placed it in a distress zone, suggesting a potential risk of bankruptcy within the next two years.
- Retransmission Revenue Declines and Disputes: While retransmission consent fees have historically been a growth driver for Gray Television, this revenue stream is facing increasing pressure. S&P Global Ratings expects Gray's gross retransmission revenue to be flat or slightly decline in the coming years, as moderate price increases during contract renewals are insufficient to offset elevated subscriber churn in the pay-TV ecosystem. Disputes with distributors, such as the past conflict with Dish Network, highlight the vulnerability of this revenue source and the potential for significant financial losses.
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The accelerating shift of viewers from traditional linear broadcast television to streaming video-on-demand and virtual MVPD services.
The ongoing migration of advertising expenditures from traditional broadcast television to digital platforms.
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The addressable markets for Gray Television, Inc.'s (GTN-A) main products and services are primarily within the United States.
For its core business of television broadcasting and advertising, Gray Media operates within several significant markets:
- The overall U.S. broadcasting and cable TV advertising market was valued at approximately $95.49 billion in 2025. Advertising accounts for 74.80% of the U.S. broadcasting and cable TV market revenue.
- More specifically for its local operations, the U.S. local TV advertising market is projected to reach approximately $17.27 billion in 2025.
- Given Gray Media's digital assets, the U.S. Connected TV (CTV) advertising market is also a relevant addressable market, generating an estimated $33 billion in revenue in 2025.
In terms of retransmission consent fees, which are revenues from cable and satellite providers for carrying their broadcast signals, the net addressable market for broadcasters in the U.S., after accounting for reverse compensation payments to networks, is projected to be approximately $7.27 billion by the end of 2025.
For its video program production services, the U.S. video production market generated revenue of approximately $21.23 billion (USD 21,225.8 million) in 2023 and is expected to grow significantly, projected to reach around $90.65 billion (USD 90,647.4 million) by 2030, with a compound annual growth rate (CAGR) of 23% from 2024 to 2030.
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Here are the expected drivers of future revenue growth for Gray Media (GTN-A) over the next 2-3 years:
- Political Advertising Revenue: Gray Media anticipates significant revenue growth from political advertising, particularly in 2026, due to a favorable midterm election cycle with numerous competitive Senate and gubernatorial races across its broadcast footprint.
- Net Retransmission Revenue Growth: After a period of stabilization, net retransmission revenue returned to growth in the fourth quarter of 2025. Management expects this modest growth to continue throughout 2026, driven by improving subscriber trends and more favorable bundling options.
- Growth in Specific Core Advertising Categories and Digital Advertising: While overall core advertising is projected to be flat in the near term, specific categories such as legal services, gaming, and lottery/gambling have shown continued strength and are expected to contribute to advertising revenue. Furthermore, the company's full-service digital agency, Gray Digital Media, and an enhanced digital advertising inventory, supported by a favorable regulatory environment, position the company to attract a broader range of digital advertising campaigns.
- Strategic Acquisitions: Gray Media has completed recent acquisitions, such as WBBJ-TV, and expects to close additional strategic and deleveraging merger and acquisition (M&A) deals in the first half of 2026, pending regulatory approvals. These acquisitions are intended to enhance the company's market presence and overall revenue base.
- Major Sporting Events: The broadcasting of significant sporting events, including the 2026 Super Bowl and the Winter Olympics, is expected to be a catalyst for revenue in the first quarter of 2026.
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Share Repurchases
- In November 2020, Gray Television's Board of Directors authorized an expansion of its share repurchase program, allowing for the repurchase of up to an additional $150 million of common and/or Class A common stock through December 31, 2023. This increased the total capacity under the program to $220 million when combined with the approximately $70 million remaining from a previous authorization.
Share Issuance
- As of September 2025, Gray Media had $650 million in preferred stock outstanding.
Outbound Investments
- Gray Television completed the $25 million acquisition of WBBJ-TV in Jackson, Tennessee, in February 2026, with expectations to close additional merger and acquisition deals early in 2026.
- The company pursued strategic growth through acquisitions, having completed several transactions between late 2013 and early 2026, with additional acquisitions anticipated in 2026.
- The company's 2023 10-K mentions "2021 Acquisitions" related to Meredith and Quincy, which expanded its diverse national footprint.
Capital Expenditures
- Capital expenditures, excluding those related to Assembly Atlanta, were $74 million in 2025 and $97 million in 2024.
- The total net cost of the Assembly Atlanta project through 2025 was approximately $630 million. Gross capital expenditures for Assembly Atlanta in 2025 were $34 million, offset by $33 million in Doraville CID reimbursements.
- For 2026, Gray Television has guided for company-wide capital expenditures of approximately $140 million, which includes significant station construction projects and continued investments in the Assembly Atlanta project, partly to leverage bonus depreciation.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 27.83 |
| Mkt Cap | 7.8 |
| Rev LTM | 7,240 |
| Op Inc LTM | 1,498 |
| FCF LTM | 1,106 |
| FCF 3Y Avg | 1,057 |
| CFO LTM | 1,432 |
| CFO 3Y Avg | 1,451 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -2.8% |
| Rev Chg 3Y Avg | -2.7% |
| Rev Chg Q | 8.7% |
| QoQ Delta Rev Chg LTM | 2.2% |
| Op Inc Chg LTM | -5.5% |
| Op Inc Chg 3Y Avg | 0.3% |
| Op Mgn LTM | 16.2% |
| Op Mgn 3Y Avg | 18.3% |
| QoQ Delta Op Mgn LTM | 0.9% |
| CFO/Rev LTM | 10.5% |
| CFO/Rev 3Y Avg | 14.6% |
| FCF/Rev LTM | 7.3% |
| FCF/Rev 3Y Avg | 11.9% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Broadcasting | 2,988 | 3,539 | 3,195 | 3,583 | 2,340 |
| Production Companies | 107 | 105 | 86 | 93 | 73 |
| Other | 0 | 0 | 0 | 0 | 0 |
| Total | 3,095 | 3,644 | 3,281 | 3,676 | 2,413 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Broadcasting | 513 | 956 | 587 | 1,099 | 545 |
| Production Companies | -6 | 1 | -88 | -2 | -1 |
| Other | -115 | -106 | -116 | -107 | -163 |
| Total | 392 | 851 | 383 | 990 | 381 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Broadcasting | 9,326 | 9,636 | 9,897 | 10,444 | 10,592 |
| Production Companies | 647 | 681 | 658 | 535 | 269 |
| Other | 467 | 225 | 85 | 173 | 247 |
| Total | 10,440 | 10,542 | 10,640 | 11,152 | 11,108 |
Price Behavior
| Market Price | $5.80 | |
| Market Cap ($ Bil) | 0.6 | |
| First Trading Date | 08/30/2002 | |
| Distance from 52W High | -58.1% | |
| 50 Days | 200 Days | |
| DMA Price | $6.91 | $6.28 |
| DMA Trend | down | down |
| Distance from DMA | -16.0% | -7.7% |
| 3M | 1YR | |
| Volatility | 132.5% | 112.0% |
| Downside Capture | 159.72 | 87.99 |
| Upside Capture | -181.09 | -0.18 |
| Correlation (SPY) | -7.4% | 0.1% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -1.75 | -1.18 | -0.33 | -0.37 | 0.05 | 0.19 |
| Up Beta | 0.36 | -1.40 | 0.47 | 0.74 | -0.10 | 0.17 |
| Down Beta | -1.53 | -2.87 | -3.23 | -3.01 | -0.49 | 0.41 |
| Up Capture | -234% | -46% | -50% | -45% | 3% | 1% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 6 | 18 | 25 | 46 | 88 | 296 |
| Down Capture | -243% | -54% | 154% | 93% | 72% | 34% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 7 | 15 | 26 | 57 | 108 | 326 |
[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-A | |
|---|---|---|---|---|
| GTN-A | -69.9% | 112.6% | -1.08 | - |
| Sector ETF (XLC) | 5.3% | 14.9% | 0.14 | -3.8% |
| Equity (SPY) | 23.4% | 12.8% | 1.37 | 0.3% |
| Gold (GLD) | 28.7% | 28.4% | 0.88 | -9.5% |
| Commodities (DBC) | 37.2% | 20.1% | 1.46 | 4.2% |
| Real Estate (VNQ) | 12.4% | 13.8% | 0.60 | -5.3% |
| Bitcoin (BTCUSD) | -44.9% | 43.0% | -1.27 | 11.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GTN-A | |
|---|---|---|---|---|
| GTN-A | -27.0% | 90.6% | -0.07 | - |
| Sector ETF (XLC) | 7.4% | 20.9% | 0.27 | 12.5% |
| Equity (SPY) | 13.5% | 17.2% | 0.61 | 11.7% |
| Gold (GLD) | 18.9% | 18.6% | 0.83 | -5.2% |
| Commodities (DBC) | 9.2% | 19.6% | 0.36 | 4.9% |
| Real Estate (VNQ) | 2.1% | 18.9% | 0.01 | 7.9% |
| Bitcoin (BTCUSD) | 10.6% | 52.9% | 0.39 | 9.1% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with GTN-A | |
|---|---|---|---|---|
| GTN-A | -8.0% | 72.0% | 0.18 | - |
| Sector ETF (XLC) | 9.2% | 22.2% | 0.47 | 20.5% |
| Equity (SPY) | 15.4% | 17.9% | 0.73 | 21.7% |
| Gold (GLD) | 12.1% | 16.2% | 0.61 | -5.7% |
| Commodities (DBC) | 7.7% | 18.1% | 0.34 | 8.2% |
| Real Estate (VNQ) | 4.6% | 20.7% | 0.18 | 19.5% |
| Bitcoin (BTCUSD) | 58.3% | 66.2% | 0.98 | 8.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/11/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/7/2026 | -11.0% | ||
| 5/7/2026 | 0.9% | -6.2% | -29.4% |
| 2/26/2026 | 9.1% | -9.8% | 11.0% |
| 11/7/2025 | -2.1% | -3.3% | -0.4% |
| 8/8/2025 | 0.0% | 11.1% | -1.0% |
| 5/8/2025 | 15.7% | 22.4% | 18.5% |
| 2/27/2025 | 0.5% | 3.8% | 24.3% |
| 11/8/2024 | 0.0% | -9.2% | -16.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 16 | 9 | 9 |
| # Negative | 9 | 15 | 15 |
| Median Positive | 0.2% | 10.5% | 14.0% |
| Median Negative | -2.6% | -6.4% | -5.9% |
| Max Positive | 18.4% | 22.4% | 29.8% |
| Max Negative | -25.1% | -17.5% | -29.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/7/2026 | -11.0% | ||
| 5/7/2026 | 0.9% | -6.2% | -29.4% |
| 2/26/2026 | 9.1% | -9.8% | 11.0% |
| 11/7/2025 | -2.1% | -3.3% | -0.4% |
| 8/8/2025 | 0.0% | 11.1% | -1.0% |
| 5/8/2025 | 15.7% | 22.4% | 18.5% |
| 2/27/2025 | 0.5% | 3.8% | 24.3% |
| 11/8/2024 | 0.0% | -9.2% | -16.9% |
| 8/8/2024 | 0.0% | -7.4% | -2.9% |
| 5/7/2024 | -2.0% | -5.0% | -3.8% |
| 2/23/2024 | -13.1% | -17.1% | -4.0% |
| 11/8/2023 | 0.0% | -1.5% | 4.0% |
| 8/4/2023 | 18.4% | 1.5% | -9.1% |
| 5/5/2023 | 0.0% | -0.1% | 7.7% |
| 2/24/2023 | -2.6% | -7.9% | -29.2% |
| 11/4/2022 | -25.1% | -17.5% | -5.8% |
| 8/5/2022 | 0.0% | -6.4% | -5.9% |
| 5/6/2022 | -2.5% | -2.5% | -3.0% |
| 2/25/2022 | 7.5% | 18.8% | 14.4% |
| 11/4/2021 | 0.0% | -8.5% | -18.2% |
| 8/5/2021 | 2.3% | 1.6% | 5.3% |
| 5/3/2021 | 12.9% | 10.5% | 14.0% |
| 2/25/2021 | -4.8% | -2.7% | -6.5% |
| 11/5/2020 | 0.0% | 15.6% | 29.8% |
| 8/6/2020 | -0.6% | 2.8% | -11.2% |
| SUMMARY STATS | |||
| # Positive | 16 | 9 | 9 |
| # Negative | 9 | 15 | 15 |
| Median Positive | 0.2% | 10.5% | 14.0% |
| Median Negative | -2.6% | -6.4% | -5.9% |
| Max Positive | 18.4% | 22.4% | 29.8% |
| Max Negative | -25.1% | -17.5% | -29.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/07/2026 | 10-Q |
| 03/31/2026 | 05/07/2026 | 10-Q |
| 12/31/2025 | 02/26/2026 | 10-K |
| 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 |
| 09/30/2021 | 11/04/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 02/25/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/27/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
Recent Forward Guidance
Updated 8/8/2026Latest: Q2 2026 Earnings Reported 8/7/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Political Advertising Revenue | 165.00 Mil | 175.00 Mil | 185.00 Mil | 169.2% | Higher New | Actual: 65.00 Mil for Q2 2026 | |
| Q3 2026 Total Revenue | 935.00 Mil | 950.00 Mil | 965.00 Mil | 20.3% | Higher New | Actual: 790.00 Mil for Q2 2026 | |
| Q3 2026 Net Retransmission Revenue | 147.00 Mil | 148.50 Mil | 150.00 Mil | 4.6% | Higher New | Actual: 142.00 Mil for Q2 2026 | |
| Q3 2026 Total broadcasting expense | 590.00 Mil | 595.00 Mil | 600.00 Mil | 8.7% | Higher New | Actual: 547.50 Mil for Q2 2026 | |
| Q3 2026 Total corporate and administrative expense | 35.00 Mil | 37.50 Mil | 40.00 Mil | 15.4% | Higher New | Actual: 32.50 Mil for Q2 2026 | |
| 2026 Interest expense | 440.00 Mil | 0 | Affirmed | Guidance: 440.00 Mil for 2026 | |||
| 2026 Amortization of deferred financing costs | 16.00 Mil | ||||||
| 2026 Preferred stock dividends | 50.00 Mil | ||||||
| 2026 Common stock dividends | 33.00 Mil | ||||||
| 2026 Capital expenditures | 120.00 Mil | 125.00 Mil | 130.00 Mil | -10.7% | Lowered | Guidance: 140.00 Mil for 2026 | |
| 2026 Income tax payments, net of refunds | 80.00 Mil | 90.00 Mil | 100.00 Mil | -10.0% | Lowered | Guidance: 100.00 Mil for 2026 | |
Prior: Q1 2026 Earnings Reported 5/7/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Total Revenue | 780.00 Mil | 790.00 Mil | 800.00 Mil | 3.6% | Higher New | Guidance: 762.50 Mil for Q1 2026 | |
| Q2 2026 Political Advertising Revenue | 60.00 Mil | 65.00 Mil | 70.00 Mil | 136.4% | Higher New | Guidance: 27.50 Mil for Q1 2026 | |
| Q2 2026 Net Retransmission Revenue | 141.00 Mil | 142.00 Mil | 143.00 Mil | -4.7% | Lower New | Guidance: 149.00 Mil for Q1 2026 | |
| Q2 2026 Total broadcasting expense | 545.00 Mil | 547.50 Mil | 550.00 Mil | -1.8% | Lower New | Guidance: 557.50 Mil for Q1 2026 | |
| Q2 2026 Total corporate and administrative expense | 30.00 Mil | 32.50 Mil | 35.00 Mil | 0 | Same New | Guidance: 32.50 Mil for Q1 2026 | |
| 2026 Interest expense | 440.00 Mil | 0 | Affirmed | Guidance: 440.00 Mil for 2026 | |||
| 2026 Capital Expenditures | 140.00 Mil | 0 | Affirmed | Guidance: 140.00 Mil for 2026 | |||
| 2026 Income tax payments | 90.00 Mil | 100.00 Mil | 110.00 Mil | -13.0% | Lowered | Guidance: 115.00 Mil for 2026 | |
Q4 2025 Earnings Reported 2/26/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Core Advertising Revenue | 344.00 Mil | -10.6% | Lower New | Guidance: 385.00 Mil for Q4 2025 | |||
| Q1 2026 Political Advertising Revenue | 25.00 Mil | 27.50 Mil | 266.7% | Higher New | Guidance: 7.50 Mil for Q4 2025 | ||
| Q1 2026 Total Revenue | 755.00 Mil | 762.50 Mil | 770.00 Mil | -1.5% | Lower New | Guidance: 774.50 Mil for Q4 2025 | |
| Q1 2026 Net Retransmission Revenue | 148.00 Mil | 149.00 Mil | 150.00 Mil | ||||
| Q1 2026 Total Broadcasting Expense | 555.00 Mil | 557.50 Mil | 560.00 Mil | ||||
| Q1 2026 Total Corporate and Administrative Expense | 30.00 Mil | 32.50 Mil | 35.00 Mil | ||||
| 2026 Interest Expense | 440.00 Mil | ||||||
| 2026 Amortization of Deferred Financing Costs | 16.00 Mil | ||||||
| 2026 Preferred Stock Dividends | 52.00 Mil | ||||||
| 2026 Common Stock Dividends | 32.00 Mil | ||||||
| 2026 Capital Expenditures | 140.00 Mil | 93.1% | Higher New | Guidance: 72.50 Mil for 2025 | |||
| 2026 Income Tax Payments | 105.00 Mil | 115.00 Mil | 125.00 Mil | ||||
Q3 2025 Earnings Reported 11/7/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Core advertising revenue | 380.00 Mil | 385.00 Mil | 390.00 Mil | 10.0% | Higher New | Actual: 350.00 Mil for Q3 2025 | |
| Q4 2025 Political advertising revenue | 7.00 Mil | 7.50 Mil | 8.00 Mil | 15.4% | Higher New | Actual: 6.50 Mil for Q3 2025 | |
| Q4 2025 Retransmission consent revenue | 328.00 Mil | 329.00 Mil | 330.00 Mil | -4.4% | Lower New | Actual: 344.00 Mil for Q3 2025 | |
| Q4 2025 Total revenue | 767.00 Mil | 774.50 Mil | 782.00 Mil | 4.3% | Higher New | Actual: 742.50 Mil for Q3 2025 | |
| 2025 Total capital expenditures | 70.00 Mil | 72.50 Mil | 75.00 Mil | -17.1% | Lowered | Guidance: 87.50 Mil for 2025 | |
Insider Activity
Updated 5/21/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Boger, Richard Lee | Direct | Sell | 5212026 | 4.19 | 55,000 | 230,450 | 155,382 | Form | |
| 2 | Boger, Richard Lee | Direct | Sell | 5212026 | 10.12 | 2,000 | 20,240 | 46,461 | Form | |
| 3 | Boger, Richard Lee | Direct | Sell | 9112025 | 5.82 | 20,000 | 116,460 | 357,200 | Form | |
| 4 | Gignac, Jeffrey R | Executive Vice President, CFO | Direct | Buy | 6092025 | 3.68 | 12,500 | 46,000 | 2,372,124 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Boger, Richard Lee | Direct | Sell | 5212026 | 4.19 | 55,000 | 230,450 | 155,382 | Form | |
| 2 | Boger, Richard Lee | Direct | Sell | 5212026 | 10.12 | 2,000 | 20,240 | 46,461 | Form | |
| 3 | Boger, Richard Lee | Direct | Sell | 9112025 | 5.82 | 20,000 | 116,460 | 357,200 | Form | |
| 4 | Gignac, Jeffrey R | Executive Vice President, CFO | Direct | Buy | 6092025 | 3.68 | 12,500 | 46,000 | 2,372,124 | Form |
Gray Media — Investor Video Playlist
Industry Resources
| Communication Services Resources |
| Variety |
| The Hollywood Reporter |
| Adweek |
| Broadcasting Resources |
| Broadcasting & Cable |
| TV Technology |
| Radio Ink |
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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