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. In the quarter to June 2026, revenue grew 8.68%, EPS grew 120.1%, free cash flow grew 2,750.0% and total debt rose 3.90%, each against the same quarter a year earlier. Dividend growth for five consecutive years.
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Gray Media Inc. (GTN) Beneish M-score
Gray Media Inc.'s Beneish M-score for fiscal 2025 is −2.90; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.90 | (0.18) |
| FY2024 | −2.71 | 0.34 |
| FY2023 | −3.06 | (0.61) |
| FY2022 | −2.45 | (0.20) |
| FY2021 | −2.25 | 0.35 |
| FY2020 | −2.60 | (1.15) |
| FY2019 | −1.44 | 1.18 |
| FY2018 | −2.62 | (0.54) |
| FY2017 | −2.08 | 0.52 |
| FY2016 | −2.60 | (0.20) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.72 | — | 0.67 | |
| Gross margin index | 1.39 | — | 0.73 | |
| Asset quality index | 0.99 | — | 0.40 | |
| Sales growth index | 0.85 | — | 0.76 | |
| Depreciation index | 0.97 | — | 0.11 | |
| SG&A index | 1.28 | — | −0.22 | |
| Total accruals to total assets | (0.04) | — | −0.17 | |
| Leverage index | 1.03 | — | −0.34 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.90 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| CURI CuriosityStream Inc. compare | −3.5× |
| FUBO fuboTV Inc. compare | −3.2× |
| IHRT iHeartMedia, Inc. compare | −3.1× |
| GTN.A Gray Media Inc. compare | −2.9× |
| GTN Gray Media Inc. | −2.9× |
| SGA Saga Communications, Inc. compare | −2.9× |
| SBGI Sinclair, Inc. compare | −2.6× |
| SSP E.W. Scripps Company (The) compare | −2.6× |
| NMAX Newsmax Inc. compare | −1.9× |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI