(GTN) Gray Television - Overview
Stock: Television Stations, Digital Assets, Production Facilities, Digital Marketing
EPS (Earnings per Share)
Revenue
Dividends
| Dividend Yield | 6.92% |
| Yield on Cost 5y | 2.13% |
| Yield CAGR 5y | 0.00% |
| Payout Consistency | 48.4% |
| Payout Ratio | 74.4% |
| Risk 5d forecast | |
|---|---|
| Volatility | 67.9% |
| Relative Tail Risk | -11.5% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | 0.63 |
| Alpha | 4.15 |
| Character TTM | |
|---|---|
| Beta | 1.289 |
| Beta Downside | 1.466 |
| Drawdowns 3y | |
|---|---|
| Max DD | 74.05% |
| CAGR/Max DD | -0.30 |
Description: GTN Gray Television December 27, 2025
Gray Media, Inc. (NYSE: GTN) is a U.S.-based multimedia company that owns and operates a portfolio of broadcast television stations and associated digital assets. The firm is organized into three primary segments-Broadcasting, Production Companies, and Other-and also runs Gray Digital Media, a digital-marketing agency, plus several video-production and studio facilities.
Key operating metrics (as of the most recent quarterly filing) include approximately 140 owned-and-operated stations covering roughly 60% of U.S. television households, total revenue of $2.2 billion, and an adjusted EBITDA margin near 30%. Digital advertising now contributes roughly 12% of total revenue, reflecting a steady shift toward higher-margin, data-driven ad sales.
Sector drivers that materially affect Gray’s outlook are local advertising spend recovery following the COVID-19 slowdown, the ongoing “cord-cutting” trend that pressures traditional broadcast viewership, and the increasing monetization of over-the-top (OTT) and streaming platforms. Macro-economic factors such as consumer discretionary spending and regional advertising budgets introduce notable uncertainty into short-term revenue forecasts.
For a deeper dive into Gray Media’s valuation metrics, the ValueRay platform offers a granular breakdown of peer-adjusted multiples.
Piotroski VR‑10 (Strict, 0-10) 4.5
| Net Income: 94.0m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.04 > 0.02 and ΔFCF/TA 1.41 > 1.0 |
| NWC/Revenue: -1.02% < 20% (prev 1.96%; Δ -2.98% < -1%) |
| CFO/TA 0.05 > 3% & CFO 545.0m > Net Income 94.0m |
| Net Debt (6.24b) to EBITDA (852.0m): 7.33 < 3 |
| Current Ratio: 0.93 > 1.5 & < 3 |
| Outstanding Shares: last quarter (97.0m) vs 12m ago 0.0% < -2% |
| Gross Margin: 45.43% > 18% (prev 0.30%; Δ 4513 % > 0.5%) |
| Asset Turnover: 31.96% > 50% (prev 32.57%; Δ -0.62% > 0%) |
| Interest Coverage Ratio: 1.27 > 6 (EBITDA TTM 852.0m / Interest Expense TTM 477.0m) |
Altman Z'' 1.10
| A: -0.00 (Total Current Assets 485.0m - Total Current Liabilities 519.0m) / Total Assets 10.32b |
| B: 0.12 (Retained Earnings 1.24b / Total Assets 10.32b) |
| C: 0.06 (EBIT TTM 606.0m / Avg Total Assets 10.48b) |
| D: 0.33 (Book Value of Equity 2.48b / Total Liabilities 7.51b) |
| Altman-Z'' Score: 1.10 = BB |
Beneish M -3.72
| DSRI: 0.60 (Receivables 210.0m/364.0m, Revenue 3.35b/3.46b) |
| GMI: 0.67 (GM 45.43% / 30.49%) |
| AQI: 1.01 (AQ_t 0.80 / AQ_t-1 0.79) |
| SGI: 0.97 (Revenue 3.35b / 3.46b) |
| TATA: -0.04 (NI 94.0m - CFO 545.0m) / TA 10.32b) |
| Beneish M-Score: -3.72 (Cap -4..+1) = AAA |
What is the price of GTN shares?
Over the past week, the price has changed by +3.52%, over one month by +6.09%, over three months by -5.38% and over the past year by +24.24%.
Is GTN a buy, sell or hold?
- StrongBuy: 3
- Buy: 0
- Hold: 2
- Sell: 0
- StrongSell: 1
What are the forecasts/targets for the GTN price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 6.4 | 36.2% |
| Analysts Target Price | 6.4 | 36.2% |
| ValueRay Target Price | 4.4 | -6.6% |
GTN Fundamental Data Overview February 03, 2026
P/E Forward = 1.4793
P/S = 0.1508
P/B = 0.2029
P/EG = 0.1134
Revenue TTM = 3.35b USD
EBIT TTM = 606.0m USD
EBITDA TTM = 852.0m USD
Long Term Debt = 5.61b USD (from longTermDebt, last quarter)
Short Term Debt = 12.0m USD (from shortTermDebt, last quarter)
Debt = 6.42b USD (from shortLongTermDebtTotal, last quarter)
Net Debt = 6.24b USD (from netDebt column, last quarter)
Enterprise Value = 6.75b USD (504.9m + Debt 6.42b - CCE 182.0m)
Interest Coverage Ratio = 1.27 (Ebit TTM 606.0m / Interest Expense TTM 477.0m)
EV/FCF = 15.34x (Enterprise Value 6.75b / FCF TTM 440.0m)
FCF Yield = 6.52% (FCF TTM 440.0m / Enterprise Value 6.75b)
FCF Margin = 13.14% (FCF TTM 440.0m / Revenue TTM 3.35b)
Net Margin = 2.81% (Net Income TTM 94.0m / Revenue TTM 3.35b)
Gross Margin = 45.43% ((Revenue TTM 3.35b - Cost of Revenue TTM 1.83b) / Revenue TTM)
Gross Margin QoQ = none% (prev 24.48%)
Tobins Q-Ratio = 0.65 (Enterprise Value 6.75b / Total Assets 10.32b)
Interest Expense / Debt = 1.87% (Interest Expense 120.0m / Debt 6.42b)
Taxrate = 23.78% (117.0m / 492.0m)
NOPAT = 461.9m (EBIT 606.0m * (1 - 23.78%))
Current Ratio = 0.93 (Total Current Assets 485.0m / Total Current Liabilities 519.0m)
Debt / Equity = 2.29 (Debt 6.42b / totalStockholderEquity, last quarter 2.81b)
Debt / EBITDA = 7.33 (Net Debt 6.24b / EBITDA 852.0m)
Debt / FCF = 14.19 (Net Debt 6.24b / FCF TTM 440.0m)
Total Stockholder Equity = 2.87b (last 4 quarters mean from totalStockholderEquity)
RoA = 0.90% (Net Income 94.0m / Total Assets 10.32b)
RoE = 3.28% (Net Income TTM 94.0m / Total Stockholder Equity 2.87b)
RoCE = 7.15% (EBIT 606.0m / Capital Employed (Equity 2.87b + L.T.Debt 5.61b))
RoIC = 5.91% (NOPAT 461.9m / Invested Capital 7.81b)
WACC = 2.10% (E(504.9m)/V(6.93b) * Re(10.66%) + D(6.42b)/V(6.93b) * Rd(1.87%) * (1-Tc(0.24)))
Discount Rate = 10.66% (= CAPM, Blume Beta Adj.)
Shares Correlation 3-Years: 33.33 | Cagr: 2.13%
[DCF Debug] Terminal Value 88.43% ; FCFF base≈385.2m ; Y1≈475.2m ; Y5≈809.2m
Fair Price DCF = 187.3 (EV 23.57b - Net Debt 6.24b = Equity 17.32b / Shares 92.5m; r=5.90% [WACC]; 5y FCF grow 25.0% → 2.90% )
EPS Correlation: -37.25 | EPS CAGR: -12.92% | SUE: 0.21 | # QB: 0
Revenue Correlation: -5.09 | Revenue CAGR: 1.02% | SUE: 0.45 | # QB: 0
EPS next Quarter (2026-03-31): EPS=-0.22 | Chg30d=N/A | Revisions Net=+0 | Analysts=1
EPS next Year (2026-12-31): EPS=2.93 | Chg30d=-0.090 | Revisions Net=-1 | Growth EPS=+402.1% | Growth Revenue=+12.7%