(GTN) Gray Television - Overview
Sector: Communication Services | Industry: Broadcasting | Exchange: NYSE (USA) | Market Cap: 418m USD | Total Return: 6.9% in 12m
Avg Turnover: 6.24M
Qual. Beats: -1
Rev. Trend: -43.8%
Qual. Beats: 0
Warnings
High Debt/EBITDA (5.8) with thin interest coverage (1.5)
Altman Z'' 0.99 < 1.0 - financial distress zone
Volatile Below Avwap Earnings
Tailwinds
No distinct edge detected
Gray Media, Inc. (NYSE: GTN) is an Atlanta-based multimedia firm that owns and operates local television stations and digital assets across the United States. Its operations are organized into three primary segments: Broadcasting, Production Companies, and Other, which include digital marketing strategies via Gray Digital Media and various studio production facilities.
The company operates within the local broadcast television sector, a business model heavily reliant on two revenue streams: advertising sales and retransmission consent fees from cable and satellite providers. Despite the rise of streaming, local broadcasters remain critical infrastructure for regional news and high-value live sports programming. For more detailed financial metrics, investors may find it useful to review the data on ValueRay.
Founded in 1891, the company underwent a significant rebranding from Gray Television to Gray Media in 2022 to reflect its diversified portfolio. It maintains a significant presence in mid-sized television markets, where it often operates the top-rated stations in its respective regions.
- Political advertising spending cycles during election years drive significant revenue volatility
- Retransmission consent negotiations with cable providers impact long-term recurring revenue growth
- Elevated debt levels and interest expense pressure free cash flow and valuation
- Expansion of Assembly Atlanta studio facilities diversifies revenue beyond traditional broadcasting
- Core local advertising revenue remains sensitive to regional macroeconomic fluctuations
| Net Income: -96.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.00 > 0.02 and ΔFCF/TA -6.17 > 1.0 |
| NWC/Revenue: 2.79% < 20% (prev -1.39%; Δ 4.18% < -1%) |
| CFO/TA 0.02 > 3% & CFO 158.0m > Net Income -96.0m |
| Net Debt (5.62b) to EBITDA (970.0m): 5.79 < 3 |
| Current Ratio: 1.20 > 1.5 & < 3 |
| Outstanding Shares: last quarter (97.0m) vs 12m ago 1.04% < -2% |
| Gross Margin: 94.97% > 18% (prev 0.34%; Δ 9.46k% > 0.5%) |
| Asset Turnover: 29.69% > 50% (prev 34.52%; Δ -4.83% > 0%) |
| Interest Coverage Ratio: 1.46 > 6 (EBITDA TTM 970.0m / Interest Expense TTM 239.0m) |
| A: 0.01 (Total Current Assets 523.0m - Total Current Liabilities 437.0m) / Total Assets 10.3b |
| B: 0.11 (Retained Earnings 1.16b / Total Assets 10.3b) |
| C: 0.03 (EBIT TTM 348.0m / Avg Total Assets 10.4b) |
| D: 0.32 (Book Value of Equity 2.44b / Total Liabilities 7.56b) |
| Altman-Z'' = 0.99 = BB |
| DSRI: 1.06 (Receivables 179.0m/198.0m, Revenue 3.08b/3.60b) |
| GMI: 0.35 (GM 94.97% / 33.58%) |
| AQI: 1.00 (AQ_t 0.80 / AQ_t-1 0.80) |
| SGI: 0.86 (Revenue 3.08b / 3.60b) |
| TATA: -0.02 (NI -96.0m - CFO 158.0m) / TA 10.3b) |
| Beneish M = -3.69 (Cap -4..+1) = AAA |
As of May 30, 2026, the stock is trading at USD 4.01 with a total of 957,687 shares traded.
Over the past week, the price has changed by -2.91%,
over one month by -27.49%,
over three months by -21.44% and
over the past year by +6.85%.
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 | 62.1% |
P/E Forward = 2.2609
P/S = 0.1357
P/B = 0.1979
P/EG = 0.1134
Revenue TTM = 3.08b USD
EBIT TTM = 348.0m USD
EBITDA TTM = 970.0m USD
Long Term Debt = 5.75b USD (from longTermDebt, last quarter)
Short Term Debt = 10.0m USD (from shortTermDebt, last quarter)
Debt = 5.88b USD (from shortLongTermDebtTotal, last quarter) + Leases 67.0m
Net Debt = 5.62b USD (calculated: Debt 5.88b - CCE 259.0m)
Enterprise Value = 6.04b USD (418.1m + Debt 5.88b - CCE 259.0m)
Interest Coverage Ratio = 1.46 (Ebit TTM 348.0m / Interest Expense TTM 239.0m)
EV/FCF = 131.3x (Enterprise Value 6.04b / FCF TTM 46.0m)
FCF Yield = 0.76% (FCF TTM 46.0m / Enterprise Value 6.04b)
FCF Margin = 1.49% (FCF TTM 46.0m / Revenue TTM 3.08b)
Net Margin = -3.12% (Net Income TTM -96.0m / Revenue TTM 3.08b)
Gross Margin = 94.97% ((Revenue TTM 3.08b - Cost of Revenue TTM 155.0m) / Revenue TTM)
Gross Margin QoQ = 15.62% (prev none%)
Tobins Q-Ratio = 0.59 (Enterprise Value 6.04b / Total Assets 10.3b)
Interest Expense / Debt = 4.06% (Interest Expense 239.0m / Debt 5.88b)
Taxrate = 21.0% (US default 21%)
NOPAT = 274.9m (EBIT 348.0m * (1 - 21.00%))
Current Ratio = 1.20 (Total Current Assets 523.0m / Total Current Liabilities 437.0m)
Debt / Equity = 2.13 (Debt 5.88b / totalStockholderEquity, last quarter 2.76b)
Debt / EBITDA = 5.79 (Net Debt 5.62b / EBITDA 970.0m)
Debt / FCF = 122.2 (Net Debt 5.62b / FCF TTM 46.0m)
Total Stockholder Equity = 2.80b (last 4 quarters mean from totalStockholderEquity)
RoA = -0.92% (Net Income -96.0m / Total Assets 10.3b)
RoE = -3.43% (Net Income TTM -96.0m / Total Stockholder Equity 2.80b)
RoCE = 4.07% (EBIT 348.0m / Capital Employed (Equity 2.80b + L.T.Debt 5.75b))
RoIC = 2.84% (NOPAT 274.9m / Invested Capital 9.68b)
WACC = 3.68% (E(418.1m)/V(6.30b) * Re(10.21%) + D(5.88b)/V(6.30b) * Rd(4.06%) * (1-Tc(0.21)))
Discount Rate = 10.21% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 56.24 | Cagr: 1.89%
[DCF] Terminal Value 73.10% ; FCFF base≈304.0m ; Y1≈266.6m ; Y5≈215.4m
[DCF] Fair Price = N/A (negative equity: EV 3.46b - Net Debt 5.62b = -2.16b; debt exceeds intrinsic value)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: -1.61 | # QB: -1
Revenue Correlation: -43.79 | Revenue CAGR: -2.72% | SUE: -0.01 | # QB: 0
EPS current Quarter (2026-06-30): EPS=0.25 | Chg30d=-51.92% | Revisions=+20% | Analysts=1
EPS next Quarter (2026-09-30): EPS=1.02 | Chg30d=-1.92% | Revisions=+20% | Analysts=1
EPS current Year (2026-12-31): EPS=2.72 | Chg30d=N/A | Revisions=+20% | GrowthEPS=+365.5% | GrowthRev=+12.5%
EPS next Year (2027-12-31): EPS=-0.24 | Chg30d=N/A | Revisions=+20% | GrowthEPS=-108.8% | GrowthRev=-11.4%