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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. 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.

4.38 0.08 −1.79%
Market cap
$468.7M
P/E
0.0×
Fwd P/E
2.2×
Dividend yield
7.31%
F-score
3/9
Altman Z
0.63
Beneish M
−2.90
Dividend safety
37/100
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 0.25
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — — — 1 — — — — —
Insider Ownership 12.08%

Capital & Financial Ratios $m

Market Cap 468.66
Revenue 3,148.00
Net Income (26.00)
Free Cash Flow 146.00
Net Debt 5,632.00
Current Ratio 0.95 (below 1: weak)
Debt/Equity 2.13 (above 2: weak)
P/E ratio 0.00
Fwd P/E 2.18
P/S ratio 0.14
P/B ratio 0.20
Past 5Y EPS Growth —
This Y EPS Growth 263.00% (at or above 15%: strong)
Next Y EPS Growth (133.94%) (below 0%: weak)
Next Y revenue growth 17.38% (at or above 10%: strong)
Next 5Y EPS Growth 10.00%

Green and red mark values outside typical ranges. 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 10.39%
10-year low 10-year high
P/B against its own 10 years 9.14%
10-year low 10-year high
EV/Sales against its own 10 years 21.93%
10-year low 10-year high
EV/FCF against its own 10 years 91.30%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate 0.32
Annual Dividend Yield 7.31%
total individual payouts
2026 0.07
0.08
0.08
0.08
2025 0.05
0.08
0.08
0.08
0.08
2024 0.32
0.08
0.08
0.08
0.08
2023 0.32
0.08
0.08
0.08
0.08
2022 0.32
0.08
0.08
0.08
0.08
2021 0.32
0.08
0.08
0.08
0.08
2020 Powerpack
2019 Powerpack
2017 Powerpack
predictions special payouts not included in total or ratios

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%

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.

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.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 7.00 9.95 10.70 13.60 8.53 16.30 8.61 5.97 2.91 3.13

Analyst estimates 2026–2028

Powerpack
High 16.26 17.50 20.24 25.31 23.07 25.24 24.81 14.40 10.07 6.31
People
People Employees 3,700 3,938 8,523 8,018 7,262 8,993 9,394 9,923 9,502 9,582
Revenue/emp, $m 0.22 0.22 0.13 0.26 0.33 0.27 0.39 0.33 0.38 0.32
Income, $m
Income, $m Revenue 812 883 1,084 2,122 2,381 2,413 3,676 3,281 3,644 3,095
Gross margin, % 41.54 36.81 45.02 34.07 41.54 33.28 38.85 27.37 34.14 24.59
EBT 106 193 288 255 544 168 614 (82) 492 (113)
EBT margin, % 13.01 21.86 26.57 12.02 22.85 6.96 16.70 (2.50) 13.50 (3.65)
Net income 62 262 211 179 410 90 455 (76) 375 (85)
Depreciation 91 111 107 261 266 284 421 431 312 310
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
Earnings 0.87 3.59 2.39 1.28 3.73 0.40 4.38 (1.39) 3.40 (1.41)
Cash flow 2.92 2.47 3.67 3.89 6.79 3.16 9.01 7.04 7.91 2.98
Capex (0.45) (0.48) (0.69) 1.44 (1.15) 2.80 (4.74) (3.72) (1.51) (1.11)
Free cash flow 2.47 1.99 2.98 5.33 5.65 5.96 4.27 3.33 6.40 1.87
Book value 6.86 13.60 13.49 21.35 25.03 25.34 30.07 28.49 30.87 28.92
Shares, m 72 73 88 99 96 95 92 92 95 97
Valuation, ×
Valuation, × P/E 12.49 4.79 6.14 16.75 4.73 50.40 2.52 0.00 0.93 0.00
P/S 0.97 1.38 1.20 1.00 0.72 0.79 0.28 0.26 0.08 0.15
P/B 1.60 1.23 1.09 1.45 0.98 1.09 0.48 0.43 0.13 0.22
EV/Sales 2.74 2.94 2.97 2.65 2.07 3.51 2.02 2.13 1.59 1.89
EV/FCF 12.51 17.89 12.28 10.63 9.09 14.98 18.86 22.81 9.52 32.30
Cash, $m
Cash, $m Operating cash flow 210 180 323 385 652 300 829 648 751 289
Capex (32) (35) (61) 143 (110) 266 (436) (342) (143) (108)
Free cash flow 178 145 262 528 542 566 393 306 608 181
Balance, $m
Balance, $m Working capital 386 535 723 426 1,049 579 448 73 14 140
Total debt 1,757 1,837 2,549 3,703 3,981 6,755 6,455 6,160 5,621 5,744
Net debt 1,432 1,375 1,882 3,491 3,208 6,566 6,394 6,139 5,486 5,376
Shareholders’ equity 493 993 1,187 2,114 2,403 2,407 2,766 2,621 2,933 2,805
Returns, %
Returns, % ROA 2.55 8.71 5.65 2.27 4.90 0.41 3.62 (1.17) 3.05 (1.31)
ROIC 7.61 7.65 7.92 5.33 8.38 2.65 6.75 2.73 6.32 2.99
ROE 13.51 35.27 19.36 9.58 22.26 2.17 20.81 (6.26) 15.19 (6.17)
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
NMAX Newsmax Inc. $1.2B 167× — (loss-making) +16.53% (above 0%: growing) n/m +94.72% (above 0%: growing) 43.12% 2.41% Compare
FUBO fuboTV Inc. $919.4M — (loss-making) 9.5× +37.99% (above 0%: growing) n/m +83.25% (above 0%: growing) 7.28% (1.80%) Compare
SBGI Sinclair, Inc. $918.4M 16.5× 7.1× +7.14% (above 0%: growing) n/m −56.19% (below 0%: shrinking) 47.98% 5.95% Compare
GTN.A Gray Media Inc. $671.6M — (loss-making) 2.2× +8.68% (above 0%: growing) n/m +2,750.00% (above 0%: growing) 29.56% 16.21% Compare
GTN Gray Media Inc. $468.7M — (loss-making) 2.2× +8.68% (above 0%: growing) n/m +2,750.00% (above 0%: growing) 29.56% 16.21%
IHRT iHeartMedia, Inc. $323.0M — (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) $262.3M — (loss-making) 4.6× −9.20% (below 0%: shrinking) n/m −117.88% (below 0%: shrinking) 40.03% (236.04%) Compare
CURI CuriosityStream Inc. $160.8M 261× 27.8× +22.26% (above 0%: growing) +1,002.94% (above 0%: growing) −249.16% (below 0%: shrinking) 72.84% 39.49% Compare
SGA Saga Communications, Inc. $51.9M — (loss-making) — (loss-making) −6.47% (below 0%: shrinking) −16.67% (below 0%: shrinking) −97.81% (below 0%: shrinking) 11.23% 2.36% Compare
Median of peers $497.3M 167× 7.1× +7.91% — +13.53% 41.58% 3.02%

All 17 Broadcasting stocks →

Gray Media Inc. (GTN) key facts

  • Concern: Gray Media Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.1 billion, down 15.1% from fiscal 2024.
  • Gray Media Inc. (GTN) is a Broadcasting company in the Communication Services sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, GTN traded at $4.38, a market capitalization of $468.7 million.
  • Gray Media Inc. pays an annual dividend of $0.32 per share, a yield of 7.31%.
  • Return on equity was −6.17% and debt-to-equity 2.13.
  • Its Piotroski F-score is 3 out of 9 and its Altman Z-score is 0.63 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Gray Media Inc. (GTN) Latest News

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