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Gray Media Inc.

GTN Communication Services Broadcasting

Gray Media Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.1 billion, down 15.1% from fiscal 2024.

Revenue
+8.68%
EPS
+120.1%
Free cash flow
+2,750.0%
Total debt
+3.90%

Quarter to June 2026, against a year earlier

4.86 0.02 −0.41%
Market cap
$515.9M
P/E
0.0×
Fwd P/E
2.0×
Dividend yield
6.58%
F-score
3/9
Altman Z
0.63
Beneish M
−2.90
Dividend safety
37/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 0.25
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — 1 — — — — — —
Insider Ownership 12.08%

Capital & Financial Ratios $m

Size
Market Cap 515.91
Revenue ttm 3,148.00
Net income ttm (26.00)
Free cash flow ttm 146.00
Net debt Q 5,632.00
Valuation
P/E 0.00
Forward P/E 1.98
Price / sales 0.15
Forward P/S Powerpack
Price / FCF 3.26
Price / book 0.22
Financial health
Current ratio Q 0.95 (below 1: weak)
Debt / equity Q 2.13 (above 2: weak)
Interest coverage Q 1.16
Growth
Revenue growth Q +8.68% (above 0%: growing)
Operating income growth Q +65.85% (above 0%: growing)
EPS, this year +263.00% (at or above 15%: strong)
EPS, next year A −133.94% (below 0%: weak)
Revenue, next year A +17.38% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +10.00%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 1.9×, against a ten-year median of 2.3×; over the ten years it ranged from 1.0× in 2019 to 3.8× in 2016.
P/S against its own 10 years 17.19%
10-year low 10-year high
P/B against its own 10 years 14.77%
10-year low 10-year high
EV/Sales against its own 10 years 24.71%
10-year low 10-year high
EV/FCF against its own 10 years 92.41%
10-year low 10-year high

Dividends

Yield
6.58%
Annual rate
0.32
Payout ratio
—
Growth, 2021–25
0.00%/yr
  1. 0.32 ’21
  2. 0.32 ’22 +0
  3. 0.32 ’23 +0
  4. 0.32 ’24 +0
  5. 0.32 ’25 +0
  6. 0.07 ’26e −78
paid forecast change on the year, %

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 21 135 368 176
Receivables 363 343 211 194
Inventory — — — —
Other 18 17 17 5
468 541 656 492
2023 2024 2025 Q'26
Payables 23 154 144 143
ST’ Debt 15 20 2 —
Other 130 129 121 100
395 527 516 517

Compound Annual Growth %

10y 5y 3y
Sales 17.88% 5.39% (5.57%)
Cash Flow 10.48% (15.02%) (29.62%)
Earnings 0.00% 0.00% 0.00%
Book Value 20.65% 3.14% 0.47%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate −0.08 Actual 0.21

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 −0.41 −0.24 Beat by 0.17
Q4 FY25 −0.28 −0.22 Beat by 0.06
Q1 FY26 −0.32 −0.34 Miss by 0.02
Q2 FY26 −0.08 0.21 Beat by 0.29
Q3 FY26 0.84 — Reports 6 November 2026

EPS $

Mar Jun Sep Dec Year
’26 (0.34) 0.14 — — —
’25 (0.23) (0.71) (0.24) (0.24) (1.41)
’24 0.79 0.09 0.86 1.59 3.36
’23 (0.48) (0.10) (0.57) (0.24) (1.39)
’22 0.52 0.91 1.03 1.88 4.33
’21 0.27 0.27 (0.32) 0.17 0.40
’20 0.40 (0.02) 1.14 2.22 3.69
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 768 839 — — —
’25 782 772 749 792 3,095
’24 823 826 950 1,045 3,644
’23 801 813 803 864 3,281
’22 827 868 909 1,072 3,676
’21 544 547 601 721 2,413
’20 534 451 604 792 2,381
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 1 123 — — —
’25 132 31 14 112 289
’24 68 18 297 368 751
’23 412 47 106 83 648
’22 141 189 266 233 829
’21 147 91 45 17 300
’20 131 176 181 164 652
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (18) 106 — — —
’25 127 (4) (11) 69 181
’24 41 (18) 257 328 608
’23 302 (50) 31 23 306
’22 94 77 127 95 393
’21 134 (17) 482 (33) 566
’20 104 152 162 124 542
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 812 883 1,084 2,122 2,381 2,413 3,676 3,281 3,644 3,095 3,148 +16.0% 3,633 3,214 3,704 +6.2%
Gross margin, % 41.54 36.81 45.02 34.07 41.54 33.28 38.85 27.37 34.14 24.59 26.05 (16.9) pt
EBT 106 193 288 255 544 168 614 (82) 492 (113) (63) n/m
EBT margin, % 13.01 21.86 26.57 12.02 22.85 6.96 16.70 (2.50) 13.50 (3.65) (2.00) (16.7) pt
Net income 62 262 211 179 410 90 455 (76) 375 (85) (26) n/m
Per share, $
Per share, $ Revenue 11.31 12.10 12.32 21.43 24.80 25.40 39.96 35.66 38.36 31.91 32.12 +12.2%
Earnings 0.87 3.59 2.39 1.28 3.73 0.40 4.38 (1.39) 3.40 (1.41) (0.68) n/m
Cash flow 2.92 2.47 3.67 3.89 6.79 3.16 9.01 7.04 7.91 2.98 2.55 +0.2%
Capex (0.45) (0.48) (0.69) 1.44 (1.15) 2.80 (4.74) (3.72) (1.51) (1.11) (1.06) +10.6%
Free cash flow 2.47 1.99 2.98 5.33 5.65 5.96 4.27 3.33 6.40 1.87 1.49 (3.1%)
Book value 6.86 13.60 13.49 21.35 25.03 25.34 30.07 28.49 30.87 28.92 27.84 +17.3%
Shares, m 72 73 88 99 96 95 92 92 95 97 97 +3.4%
Valuation, ×
Valuation, × P/E 12.49 4.79 6.14 16.75 4.73 50.40 2.52 0.00 0.93 0.00 0.00 9.9
P/S 0.97 1.38 1.20 1.00 0.72 0.79 0.28 0.26 0.08 0.15 0.15 0.7
P/B 1.60 1.23 1.09 1.45 0.98 1.09 0.48 0.43 0.13 0.22 0.22 0.9
EV/Sales 2.74 2.94 2.97 2.65 2.07 3.51 2.02 2.13 1.59 1.89 1.94 2.4
EV/FCF 12.51 17.89 12.28 10.63 9.09 14.98 18.86 22.81 9.52 32.30 41.85 16.1
Cash, $m
Cash, $m Operating cash flow 210 180 323 385 652 300 829 648 751 289 250 +3.6%
Capex (32) (35) (61) 143 (110) 266 (436) (342) (143) (108) (104) +14.3%
Free cash flow 178 145 262 528 542 566 393 306 608 181 146 +0.2%
Balance, $m
Balance, $m Working capital 386 535 723 426 1,049 579 448 73 14 140 (25) (10.7%)
Net debt 1,432 1,375 1,882 3,491 3,208 6,566 6,394 6,139 5,486 5,376 5,632 +15.8%
Shareholders’ equity 493 993 1,187 2,114 2,403 2,407 2,766 2,621 2,933 2,805 2,728 +21.3%
Returns, %
Returns, % ROA 2.55 8.71 5.65 2.27 4.90 0.41 3.62 (1.17) 3.05 (1.31) (0.56) (3.9) pt
ROIC 7.61 7.65 7.92 5.33 8.38 2.65 6.75 2.73 6.32 2.99 3.25 (4.6) pt
ROE 13.51 35.27 19.36 9.58 22.26 2.17 20.81 (6.26) 15.19 (6.17) (2.69) (19.7) pt
People
People Employees 3,700 3,938 8,523 8,018 7,262 8,993 9,394 9,923 9,502 9,582 — +11.2%
Revenue/emp, $m 0.22 0.22 0.13 0.26 0.33 0.27 0.39 0.33 0.38 0.32 — +4.4%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Gray Media Inc. vs peers in Broadcasting (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
SBGI Sinclair, Inc. $1.0B 10.0× 12.3× +15.52% (above 0%: growing) n/m +287.93% (above 0%: growing) 51.40% 15.01% Compare
NMAX Newsmax Inc. $958.4M 141× — (loss-making) +16.53% (above 0%: growing) n/m +94.72% (above 0%: growing) 43.12% 2.41% Compare
FUBO fuboTV Inc. $839.7M — (loss-making) 9.5× +37.99% (above 0%: growing) n/m +82.02% (above 0%: growing) 7.28% (1.80%) Compare
GTN.A Gray Media Inc. $671.6M — (loss-making) 2.0× +8.68% (above 0%: growing) n/m +2,750.00% (above 0%: growing) 29.56% 16.21% Compare
GTN Gray Media Inc. $515.9M — (loss-making) 2.0× +8.68% (above 0%: growing) n/m +2,750.00% (above 0%: growing) 29.56% 16.21%
IHRT iHeartMedia, Inc. $327.0M — (loss-making) — (loss-making) +4.67% (above 0%: growing) n/m +448.77% (above 0%: growing) 59.01% 3.63% Compare
SSP E.W. Scripps Company (The) $273.4M — (loss-making) — (loss-making) +3.61% (above 0%: growing) n/m +1,648.87% (above 0%: growing) 47.44% 12.35% Compare
CURI CuriosityStream Inc. $149.5M 251× 15.9× +22.26% (above 0%: growing) +1,002.94% (above 0%: growing) −249.16% (below 0%: shrinking) 72.84% 39.49% Compare
CAST FREECAST INC $67.6M — (loss-making) — (loss-making) — n/m +57.24% (above 0%: growing) 62.97% (4,759.85%) Compare
Median of peers $499.3M 141× 10.9× +15.52% — +191.33% 49.42% 7.99%

All 17 Broadcasting stocks →

Pay and ownership Proxy statement filed 26 March 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 11.47m 22.56m 33.31
2024 10.94m 6.55m 20.24
2023 10.63m 8.11m 53.84
2022 7.92m 3.22m 64.72
2021 11.52m 12.92m 114.42

Ownership

Directors and executive officers, together 24.50% of the votes
Hilton H. Howell, Jr. 27.40% of the votes
Robin R. Howell 27.40% of the votes
Harriett J. Robinson 26.70% of the votes
Atlantic American Corporation 4.60% of the votes
BlackRock, Inc. 3.30% of the votes
The Capital Management Corporation 3.00% of the votes
Charles Schwab Investment Mgt 2.70% of the votes
The Vanguard Group 2.70% of the votes
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Gray Media Inc. (GTN) Latest News

6 Nov

Impact 3 · · Moby transcript
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Impact 3 · · GlobeNewswire

4 Nov

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27 Oct

Impact 3 · · Zacks

26 Oct

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23 Oct

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22 Oct

Impact 4 · · Zacks

20 Oct

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16 Oct

Impact 3 · · Zacks

15 Oct

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14 Oct

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12 Oct

Impact 4 · · GlobeNewswire
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9 Oct

Impact 4 · · Zacks
Impact 4 · · MT Newswires
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Impact 3 · · StockStory
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8 Oct

Impact 4 · · GlobeNewswire

7 Oct

Impact 3 · · Zacks
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2 Oct

Impact 3 · · Zacks

30 Sep

Impact 3 · · Zacks

29 Sep

Impact 4 · · StockStory

28 Sep

Impact 3 · · GlobeNewswire
Impact 3 · · GlobeNewswire

23 Sep

Impact 4 · · GlobeNewswire

21 Sep

Impact 4 ·
stockrow.com/GTN · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com