Gray Media Inc GTN.A

Communication ServicesMedia & PublishingUnited States of America

Last close 7.72 USD on Nov 1, 2026, −33.7% year to date

Quant rating

Quant rating C Rank 78 of 135 in Communication Services

Growth C 93 of 135
Valuation B 52 of 135
Quality D 105 of 135
Revisions B 40 of 135
Momentum B 53 of 135

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 494M
Enterprise value: 6.7B
52-week range: 4.57 – 15.30
3-year range: 4.57 – 15.30
Dividend yield: 4.15%
Beta (5 years): 0.58
Shares outstanding: 103M
Next earnings: –

About the company

Gray Media, Inc. is a multimedia company. The Company owns local television stations and digital assets serving approximately 120 full-power television markets in the United States. The Company's portfolio includes 81 markets with television stations and 103 markets, as well as the Telemundo Affiliate group with 47 markets. The Company also owns Gray Digital Media, a full-service digital agency offering national and local clients digital marketing strategies with the most advanced digital products and services. Its additional media properties include video production companies Raycom Sports, Tupelo Media Group, and PowerNation Studios, and studio production facilities Assembly Atlanta and Third Rail Studios. Its brands include Gray Digital Media, Gray Sports Networks, Local News Live, Assembly, InvestigateTV, Raycom Sports, PowerNation Studios, Tupelo Honey, Gray Washington News Bureau, and Telemundo.

Growth and profitability

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	3,095	3,644	3,281	3,676	2,413	–
Revenue growth	−15.1%	11.1%	−10.7%	52.3%	1.3%	5.4%
EPS (basic, normalized)	−1.41	3.36	−1.39	4.33	0.40	–
EPS growth	–	–	–	982.5%	–	–
Gross margin	24.6%	34.1%	30.9%	39.0%	33.3%	32.4%
Net margin	−4.4%	8.9%	−3.9%	11.0%	1.6%	2.6%
ROE	−3.0%	13.5%	−2.8%	17.6%	3.7%	5.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	176
Current ratio	0.95x
Long-term debt (mil)	5,808
Net debt (mil)	6,232
Total equity (mil)	2,728
Net debt / equity	2.28x
Net debt / EBITDA	9.30x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	3,095	−15.1%	2.2x	670	−40.2%	10.0x	−1.41	−142.0%	−5.5x
2026	3,662	+18.3%	1.8x	1,080	+61.2%	6.2x	2.53	+279.4%	3.1x
2027	3,228	−11.8%	2.1x	633	−41.4%	10.6x	−0.68	−126.9%	−11.4x
2028	3,679	+14.0%	1.8x	1,058	+67.1%	6.4x	2.67	+492.6%	2.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	3,662	+0.2%	+4.8%	+3.8%	2.53	+12.4%	+48.0%	−1.9%
2027	3,228	0.0%	+4.2%	+4.6%	−0.68	+25.7%	+48.3%	−51.1%
2028	3,679	+0.6%	+1.9%	+7.1%	2.67	+0.8%	–	–

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	823	826	950	1,045	782	772	749	792	768	839
Sales mean (mil)	826	832	965	1,038	773	766	747	780	772	798
Surprise	−0.4%	−0.7%	−1.5%	+0.7%	+1.2%	+0.8%	+0.3%	+1.5%	−0.5%	+5.1%
EPS reported	0.79	0.09	0.87	1.62	−0.23	−0.42	−0.24	−0.24	−0.34	0.21
EPS mean	0.26	0.10	0.95	1.31	−0.53	−0.38	−0.39	−0.29	−0.27	−0.12
Surprise	+203.8%	−14.3%	−8.4%	+24.0%	+56.6%	−11.5%	+37.7%	+18.6%	−25.9%	−282.6%

Peer comparison Media & Publishing

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
GTN.A Gray Media Inc	494M	9.30x	−4.4%	0.17x	3.1x	−11.4x	6.2x	10.6x
DISCK Warner Bros. Discovery, Inc.	77.4B	7.81x	1.9%	–	–	–	–	–
SKYD Skydance Corporation	8.9B	4.74x	−2.1%	0.76x	−52.6x	42.1x	2.0x	1.7x
NXST Nexstar Media Group Inc	5.3B	7.38x	1.9%	2.33x	5.2x	7.7x	6.1x	7.6x
TGNA Tegna Inc	3.2B	3.87x	8.1%	–	–	–	–	–
MDIUY Mfe-Mediaforeurope NV	1.9B	–	–	–	–	–	–	–
Mean		6.62x	1.1%	1.09x	−14.8x	12.8x	4.8x	6.6x
Median		7.38x	1.9%	0.76x	3.1x	7.7x	6.1x	7.6x

Technical analysis

1M+55.6%
3M+20.0%
1Y−13.8%
3Y+14.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Gray Media Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	3,095	3,644	3,281	3,676	2,413	2,381
Cost of revenue	2,334	2,400	2,267	2,242	1,610	1,313
Gross profit	761	1,244	1,014	1,434	803	1,068
Selling, general & administrative expenses	113	104	227	102	159	65.0
Research & development	–	–	–	–	–	–
Depreciation/amortization	237	269	339	336	221	201
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	49.0	11.0	97.0	24.0	42.0	62.0
Other operating expenses	0	0	0	0	0	0
Operating income	362	860	351	972	381	740
Net interest income (expense)	−474	−485	−440	−354	−205	−191
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−1.0	117	7.0	−4.0	−8.0	−5.0
Net income before taxes	−113	492	−82.0	614	168	544
Provision for taxes	−28.0	117	−6.0	159	78.0	134
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	−85.0	375	−76.0	455	90.0	410
Extraordinary items	–	–	–	–	–	–
Net income	−85.0	375	−76.0	455	90.0	410
EBIT, normalized	411	871	448	996	423	802
EBITDA, normalized	675	1,168	824	1,380	682	1,041
Basic EPS, normalized	−1.41	3.36	−1.39	4.33	0.40	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Gray Media Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	368	135	21.0	61.0	189	773
Receivables	211	343	363	672	645	446
Total inventory	–	–	–	–	–	–
Prepaid expenses	60.0	46.0	66.0	97.0	94.0	61.0
Other current assets	17.0	17.0	18.0	27.0	35.0	24.0
Total current assets	656	541	468	857	963	1,304
Property, plant & equipment	1,575	1,646	1,676	1,541	1,235	794
Goodwill	2,642	2,642	2,643	2,663	2,649	1,460
Intangibles	5,466	5,601	5,735	5,967	6,128	3,974
Long-term investments	37.0	66.0	85.0	105	117	72.0
Note receivable	–	–	–	–	–	–
Other long-term assets	64.0	46.0	33.0	19.0	16.0	39.0
Total assets	10,440	10,542	10,640	11,152	11,108	7,643
Liabilities
Accounts payable	144	75.0	23.0	55.0	59.0	10.0
Payable/accrued	–	–	–	–	–	–
Accrued expenses	311	365	262	257	236	165
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	2.0	20.0	15.0	15.0	15.0	–
Other current liabilities	59.0	67.0	95.0	82.0	74.0	80.0
Total current liabilities	516	527	395	409	384	255
Long-term debt	5,742	5,601	6,145	6,440	6,740	3,974
Minority interest	–	–	–	–	–	–
Other liabilities	1,377	1,481	1,479	1,537	1,577	1,011
Total liabilities	7,635	7,609	8,019	8,386	8,701	5,240
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1,277	1,255	1,224	1,195	1,166	1,144
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	1,205	1,375	1,084	1,242	869	862
Treasury stock	−323	−317	−314	−309	−251	−214
Other equity	646	620	627	638	623	611
Total equity	2,805	2,933	2,621	2,766	2,407	2,403
Total liabilities & shareholders' equity	10,440	10,542	10,640	11,152	11,108	7,643

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Gray Media Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	−85.0	375	−76.0	455	90.0	410
Depreciation, depletion & amortization	264	297	376	384	259	239
Deferred taxes	−56.0	−9.0	−91.0	−20.0	−22.0	75.0
Non-cash items	75.0	−92.0	114	13.0	23.0	−13.0
Changes in working capital	91.0	180	325	−3.0	−50.0	−59.0
Cash from operations	289	751	648	829	300	652
Investing activities
Capital expenditures	−108	−143	−348	−436	−207	−110
Other investing cash flows	45.0	115	57.0	−67.0	−3,327	−101
Cash from investing	−63.0	−28.0	−291	−503	−3,534	−211
Financing activities
Financing cash flow items	−5.0	−4.0	−5.0	−7.0	−7.0	−6.0
Cash dividends paid	−85.0	−84.0	−82.0	−82.0	−83.0	−52.0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	97.0	−521	−310	−365	2,740	178
Cash from financing	7.0	−609	−397	−454	2,650	120
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	233	114	−40.0	−128	−584	561
Free cash flow	181	608	300	393	93.0	542

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.