GTN Stock Analysis: Gray Television | NYSE
Broadcasting | NYSE, USA | Market Cap: 451m USD | 12M Return: 0.2% | US3893751061 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 4.42M
Qual. Beats: 1
Rev. Trend: -44.8%
Qual. Beats: 1
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.7 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Gray Media, Inc. (NYSE: GTN) is a U.S. multimedia company that owns and operates local television stations alongside a portfolio of digital assets. Its business is organized into three segments: Broadcasting, Production Companies, and Other. Beyond its TV stations, the company runs Gray Digital Media, a digital marketing agency, as well as video production companies and studio production facilities. The company was founded in 1891, is headquartered in Atlanta, Georgia, and was renamed from Gray Television, Inc. to Gray Media, Inc. in July 2002.
Gray Media operates within the Communication Services sector (GICS sub-industry: Broadcasting). The U.S. local broadcasting business model has historically depended on two main revenue streams: advertising sales (both national and local) and retransmission fees paid by cable and satellite providers for the right to carry the stations signals. In recent years, the sector has faced structural pressure as viewership shifts from traditional linear television to streaming and digital platforms, prompting many local broadcasters, including Gray, to expand their digital and production capabilities to diversify revenue.
- Political advertising revenue surges in election years
- Retransmission fee growth offsets declining core ad demand
- Heavy debt load pressures margins as interest rates stay elevated
| Net Income: -26.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.01 > 0.02 and ΔFCF/TA -5.44 > 1.0 |
| NWC/Revenue: -0.79% < 20% (prev -2.00%; Δ 1.21% < -1%) |
| CFO/TA 0.02 > 3% & CFO 250.0m > Net Income -26.0m |
| Net Debt (5.79b) to EBITDA (438.0m): 13.22 < 3 |
| Current Ratio: 0.95 > 1.5 & < 3 |
| Outstanding Shares: last quarter (100.0m) vs 12m ago 3.09% < -2% |
| Gross Margin: 26.05% > 18% (prev 32.46%; Δ -6.41% > 0.5%) |
| Asset Turnover: 30.29% > 50% (prev 34.28%; Δ -4.00% > 0%) |
| Interest Coverage Ratio: 0.37 > 6 (EBIT TTM 176.0m / Interest Expense TTM 473.0m) |
| A: -0.00 (Total Current Assets 492.0m - Total Current Liabilities 517.0m) / Total Assets 10.4b |
| B: 0.11 (Retained Earnings 1.18b / Total Assets 10.4b) |
| C: 0.02 (EBIT TTM 176.0m / Avg Total Assets 10.4b) |
| D: 0.35 (Book Value of Equity 2.73b / Total Liabilities 7.71b) |
| Altman-Z'' = 0.84 = B |
| DSRI: 0.99 (Receivables 194.0m/222.0m, Revenue 3.15b/3.55b) |
| GMI: 1.25 (GM 32.46% / 26.05%) |
| AQI: 1.00 (AQ_t 0.80 / AQ_t-1 0.80) |
| SGI: 0.89 (Revenue 3.15b / 3.55b) |
| TATA: -0.03 (NI -26.0m - CFO 250.0m) / TA 10.4b) |
| Beneish M = -2.90 (Cap -4..+1) = A |
As of October 20, 2026, the stock is trading at USD 4.48 with a total of 687,165 shares traded. Over the past week, the price has changed by +1.13%, over one month by -3.03%, over three months by +11.35% and over the past year by +0.19%.
Current recommended Stop Loss: 4.10 (which is 8.5% or 1.9 ATR below the current price).
Gray Television has received a consensus analysts rating of 3.60. Therefore, it is recommended to hold GTN.
- StrongBuy: 2
- Buy: 1
- Hold: 1
- Sell: 0
- StrongSell: 1
| Analysts Target Price | 6.5 | 45.1% |
P/E Forward = 2.3804
P/S = 0.1433
P/B = 0.225
P/EG = 0.1134
Revenue TTM = 3.15b USD
EBIT TTM = 176.0m USD
EBITDA TTM = 438.0m USD
Long Term Debt = 5.81b USD (from longTermDebt, last quarter)
Short Term Debt = 11.0m USD (from shortTermDebt, last quarter)
Debt = 5.97b USD (from shortLongTermDebtTotal, last quarter) + Leases 79.0m
Net Debt = 5.79b USD (calculated: Debt 5.97b - CCE 176.0m)
Enterprise Value = 6.24b USD (451.1m + Debt 5.97b - CCE 176.0m)
Interest Coverage Ratio = 0.37 (Ebit TTM 176.0m / Interest Expense TTM 473.0m)
EV/FCF = 42.75x (Enterprise Value 6.24b / FCF TTM 146.0m)
FCF Yield = 2.34% (FCF TTM 146.0m / Enterprise Value 6.24b)
FCF Margin = 4.64% (FCF TTM 146.0m / Revenue TTM 3.15b)
Net Margin = -0.83% (Net Income TTM -26.0m / Revenue TTM 3.15b)
Gross Margin = 26.05% ((Revenue TTM 3.15b - Cost of Revenue TTM 2.33b) / Revenue TTM)
Gross Margin QoQ = 29.56% (prev 24.09%)
Tobins Q-Ratio = 0.60 (Enterprise Value 6.24b / Total Assets 10.4b)
Interest Expense / Debt = 7.93% (Interest Expense 473.0m / Debt 5.97b)
Taxrate = 26.32% (5.00m / 19.0m)
NOPAT = 129.7m (EBIT 176.0m * (1 - 26.32%))
Current Ratio = 0.95 (Total Current Assets 492.0m / Total Current Liabilities 517.0m)
Debt / Equity = 2.19 (Debt 5.97b / totalStockholderEquity, last quarter 2.73b)
Debt / EBITDA = 13.22 (Net Debt 5.79b / EBITDA 438.0m)
Debt / FCF = 39.66 (Net Debt 5.79b / FCF TTM 146.0m)
Total Stockholder Equity = 2.78b (last 4 quarters mean from totalStockholderEquity)
RoA = -0.25% (Net Income -26.0m / Total Assets 10.4b)
RoE = -0.94% (Net Income TTM -26.0m / Total Stockholder Equity 2.78b)
RoCE = 2.05% (EBIT 176.0m / Capital Employed (Equity 2.78b + L.T.Debt 5.81b))
RoIC = 1.33% (NOPAT 129.7m / Invested Capital 9.77b)
WACC = 6.09% (E(451.1m)/V(6.42b) * Re(9.40%) + D(5.97b)/V(6.42b) * Rd(7.93%) * (1-Tc(0.26)))
Discount Rate = 9.40% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 68.81 | Cagr: 2.31%
[DCF] Terminal Value 73.10% ; FCFF base≈370.8m ; Y1≈325.2m ; Y5≈262.7m
[DCF] Fair Price = N/A (negative equity: EV 4.22b - Net Debt 5.79b = -1.57b; debt exceeds intrinsic value)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 1.50 | # QB: 1
Revenue Correlation: -44.81 | Revenue CAGR: -2.82% | SUE: 4.0 | # QB: 1
EPS current Quarter (2026-09-30): EPS=0.97 | Chg30d=-4.90% | Revisions=-25% | Analysts=1
EPS current Year (2026-12-31): EPS=2.65 | Chg30d=-2.57% | Revisions=-25% | GrowthEPS=+358.6% | GrowthRev=+17.4%
EPS next Year (2027-12-31): EPS=-0.70 | Chg30d=-191.67% | Revisions=-25% | GrowthEPS=-126.4% | GrowthRev=-11.5%