GTN Stock Analysis: Gray Television | NYSE
Broadcasting | NYSE, USA | Market Cap: 493m USD | 12M Return: -13.3% | US3893751061 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 5.29M
Qual. Beats: 1
Rev. Trend: -44.8%
Qual. Beats: 1
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.6 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.-based multimedia company that owns and operates local television stations alongside a portfolio of digital assets. The company reports through three segments: Broadcasting, Production Companies, and Other, reflecting its mix of over-the-air station operations, video and studio production, and ancillary services. It also runs Gray Digital Media, a digital agency offering digital marketing services to external clients.
The company, founded in 1891 and headquartered in Atlanta, Georgia, was renamed from Gray Television, Inc. to Gray Media, Inc. in July 2002. Listed on the NYSE as a small-cap stock within the Communication Services sector (Broadcasting sub-industry), Grays business model centers on local broadcast advertising revenue supplemented by digital marketing and production services, a structure common among U.S. local station groups seeking to offset declines in traditional ad spending with growth in digital and programmatic offerings.
- Presidential election cycle drives record political ad spending
- Retransmission fee renewals offset weakness in core local ad market
- Elevated debt load amplifies interest rate and refinancing risk
| 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 (787.0m): 7.36 < 3 |
| Current Ratio: 0.95 > 1.5 & < 3 |
| Outstanding Shares: last quarter (100.0m) vs 12m ago 3.09% < -2% |
| Gross Margin: 94.82% > 18% (prev 32.46%; Δ 62.36% > 0.5%) |
| Asset Turnover: 30.29% > 50% (prev 34.28%; Δ -4.00% > 0%) |
| Interest Coverage Ratio: 0.74 > 6 (EBIT TTM 176.0m / Interest Expense TTM 239.0m) |
| 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: 0.34 (GM 32.46% / 94.82%) |
| 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 = -3.72 (Cap -4..+1) = AAA |
As of September 02, 2026, the stock is trading at USD 4.74 with a total of 1,178,613 shares traded. Over the past week, the price has changed by -5.58%, over one month by +12.32%, over three months by +18.89% and over the past year by -13.29%.
Current recommended Stop Loss: 4.40 (which is 7.2% or 1.5 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 | 37.1% |
P/E Forward = 2.3998
P/S = 0.1567
P/B = 0.2381
P/EG = 0.1134
Revenue TTM = 3.15b USD
EBIT TTM = 176.0m USD
EBITDA TTM = 787.0m 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 = 6.28b USD (493.3m + Debt 5.97b - CCE 176.0m)
Interest Coverage Ratio = 0.74 (Ebit TTM 176.0m / Interest Expense TTM 239.0m)
EV/FCF = 43.04x (Enterprise Value 6.28b / FCF TTM 146.0m)
FCF Yield = 2.32% (FCF TTM 146.0m / Enterprise Value 6.28b)
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 = 94.82% ((Revenue TTM 3.15b - Cost of Revenue TTM 163.0m) / Revenue TTM)
Gross Margin QoQ = 29.56% (prev 15.62%)
Tobins Q-Ratio = 0.60 (Enterprise Value 6.28b / Total Assets 10.4b)
Interest Expense / Debt = 4.01% (Interest Expense 239.0m / 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 = 7.36 (Net Debt 5.79b / EBITDA 787.0m)
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 = 3.49% (E(493.3m)/V(6.46b) * Re(10.03%) + D(5.97b)/V(6.46b) * Rd(4.01%) * (1-Tc(0.26)))
Discount Rate = 10.03% (= 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=+17.2%
EPS next Year (2027-12-31): EPS=-0.70 | Chg30d=-191.67% | Revisions=-25% | GrowthEPS=-126.4% | GrowthRev=-11.3%