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Gray Media, Inc.

GTN NYSE Categories PDF
Communication Services · Broadcasting · United States · Updated May 11, 1:57pm
$4.51
Price
$419.0M
Market Cap
9,118
Employees
1.07
Beta
Hilton Hatchett Howell Jr.
CEO
Business Description

Gray Media, Inc., a television broadcasting company, owns and/or operates television stations and digital assets in the United States. It also broadcasts secondary digital channels affiliated to ABC, CBS, NBC, and FOX, as well as various other networks and program services, including CW Plus Network, MY Network, the MeTV Network, Justice, This TV Network, Antenna TV, Telemundo, Cozi, Heroes and Icons, and MOVIES! Network; and local news/weather channels in various markets. In addition, the company offers video program production services. It owns and operates television stations and digital assets that serve 113 television markets in the United States. The company was formerly known as Gray Communications Systems, Inc. and changed its name to Gray Television, Inc. in August 2002. Gray Television, Inc. was founded in 1891 and is headquartered in Atlanta, Georgia.

Business History
Price Overview
Last updated: May 11, 2026 1:57pm (just now)
$4.51
+0.18 (+4.16%)
Day Range
$4.27 – $4.51
52-Week Range
$3.50 – $6.44
50-Day MA
$5.14
200-Day MA
$5.05
Volume
834,436.00
Analyst Price Targets
Low $8.00
Consensus $8.00
High $8.00
(2 analysts)
Share Structure
Outstanding 92,912,600.00
Float 86,267,119.00
Free Float 92.8%
High free float — 92.8% of shares trade freely, ~7.2% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
Period Revenue Net Income Net Margin YoY/QoQ
Key Metrics
API Direct from provider CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALC
Stock Price / EPS (Diluted)
-5.13
Stock Price: $4.51
EPS (Diluted): -0.88
P/B Ratio (Price vs net asset value)
API
Stock Price / Book Value Per Share
0.17
Stock Price: $4.51
Total Equity: $2.81B
Shares: 97,000,000
EV/EBITDA (Total value vs operating profit)
API
Enterprise Value / EBITDA
6.16
Market Cap: $419.04M
Total Debt: $5.74B
Cash: $368.00M
EBITDA: $598.00M
Enterprise Value (Takeover price (cap + debt - cash))
API
Market Cap + Total Debt - Cash
$5.9B
Market Cap: $419.04M
Total Debt: $5.74B
Cash: $368.00M
Gross Margin (Revenue left after direct costs)
API
Gross Profit / Revenue
96.6%
Gross Profit: $2.99B
Revenue: $3.10B
Operating Margin (Revenue left after all operations)
API
Operating Income / Revenue
12.7%
Operating Income: $392.00M
Revenue: $3.10B
Net Margin (Revenue left as actual profit)
API
Net Income / Revenue
-2.7%
Net Income: -$85.00M
Revenue: $3.10B
ROE (Profit from shareholder equity)
API
Net Income / Total Equity
-3.4%
Net Income: -$85.00M
Total Equity: $2.81B
ROIC (Profit from all invested capital)
API
NOPAT / Invested Capital
3.2%
Operating Income: $392.00M
Tax Rate: 24.8%
Equity: $2.81B
Total Debt: $5.74B
Cash: $368.00M
Current Ratio (Can it pay short-term bills)
API
Current Assets / Current Liabilities
1.27
Current Assets: $656.00M
Current Liabilities: $516.00M
Debt/Equity (Leverage — debt vs equity)
CALC
Total Debt / Total Equity
2.05
Short-Term Debt: $2.00M
Long-Term Debt: $5.74B
Total Debt: $5.74B
Total Equity: $2.81B
Rev/Share (Top-line per share)
CALC
Revenue / Shares Outstanding
$31.91
Revenue: $3.10B
Shares: 97,000,000
Book Value/Share (Net assets per share)
CALC
(Total Assets - Total Liabilities) / Shares
$28.92
Total Equity: $2.81B
Shares: 97,000,000
FCF/Share (Real cash generated per share)
CALC
(Operating Cash Flow + CapEx) / Shares
$1.87
Operating CF: $289.00M
CapEx: -$108.00M
Shares: 97,000,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
API
Last Annual Dividend / Stock Price
18.1%
Last Dividend: N/A
Stock Price: $4.51
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: -$85.00M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares GTN against LLM-researched typical ranges for its industry. One research call per industry, cached indefinitely — every stock in the same industry reuses the same baseline.
Deep Analysis

Pre-flight intelligence scans the company first, then routes to the right analytical methods.

0 Company Classification — What type of company is this?
1 Industry Landscape — Where is the industry headed?
2 Company Momentum — Where is this company trending?
3 Forward Projection — 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a DCF Valuation — Present value of future cash flows
4b Earnings Power Value — Floor value — worth with zero growth
4c Anchored PE — Industry PE adjusted for growth differential
4d Reverse DCF — What growth is the market pricing in?
4e Revenue-Based DCF — For growth/narrative companies (skip if mature earner)
4f Anchored P/S — Price-to-Sales peer comparison (skip if mature earner)
4g Scenario Analysis — Bull / Base / Bear (skip if mature earner)
4h Dividend Discount Model — For dividend/income stocks only
4i Book Value Analysis — For deep value / turnaround stocks only
4j Insider Activity — Are insiders buying or selling?
4f Cash Flow Quality — How trustworthy is the FCF?
4g Debt Maturity Risk — Can it handle its debt?
4h Macro Environment — Rates, market valuation, volatility
4i Sector Intelligence — How does this company compare within its sector?
4j Revenue Confidence — How reliable is the growth projection?
4k Sensitivity Analysis — How fragile is the fair value estimate?
4l Sector Demand Cycle — Is the sector in a boom, steady state, or contraction?
5 AI Investigation — Adaptive research engine (Claude)
5b Thesis Evaluation — What does the market believe? (narrative/platform stocks only)
6 Valuation Synthesis — Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Metric 2021 2022 2023 2024 2025
Revenue $2.4B $3.7B $3.3B $3.6B $3.1B
Cost of Revenue $1.6B $2.2B $2.4B $2.4B $104.0M
Gross Profit $803.0M $1.4B $898.0M $1.2B $3.0B
Operating Expenses $422.0M $438.0M $515.0M $393.0M $2.6B
Operating Income $381.0M $990.0M $383.0M $851.0M $392.0M
Net Income $90.0M $455.0M -$76.0M $375.0M -$85.0M
EBITDA $594.0M $1.3B $697.0M $1.2B $598.0M
EPS $0.40 $4.38 $-1.39 $3.40 $-0.88
EPS (Diluted) — — — — —
Balance Sheet (Annual)
Metric 2021 2022 2023 2024 2025
Cash & Equivalents $189.0M $61.0M $21.0M $135.0M $368.0M
Total Current Assets $963.0M $857.0M $468.0M $541.0M $656.0M
Total Assets $11.1B $11.2B $10.6B $10.5B $10.4B
Current Liabilities $384.0M $409.0M $395.0M $527.0M $516.0M
Long-Term Debt $6.7B $6.4B $6.1B $5.6B $5.7B
Total Liabilities $8.7B $8.4B $8.0B $7.6B $7.6B
Total Equity $2.4B $2.8B $2.6B $2.9B $2.8B
Retained Earnings $869.0M $1.2B $1.1B $1.4B $1.2B
Cash Flow (Annual)
Metric 2021 2022 2023 2024 2025
Operating Cash Flow $300.0M $829.0M $648.0M $751.0M $289.0M
Capital Expenditure -$207.0M -$436.0M -$348.0M -$143.0M -$108.0M
Free Cash Flow $93.0M $393.0M $300.0M $608.0M $181.0M
Acquisitions (net) -$3.3B -$74.0M -$14.0M $13.0M $0
Debt Repayment — — — — —
Dividends Paid — — — — —
Stock Buybacks -$30.0M -$50.0M $0 -$4.0M $0
Net Change in Cash -$584.0M -$128.0M -$40.0M $114.0M $233.0M
Analyst Estimates (Annual)
Metric 2026 2027 2028 2029
Revenue $3.5B
$3.5B – $3.5B
 $3.1B
$3.1B – $3.1B
 $3.5B
$3.5B – $3.5B
 $3.2B
$3.1B – $3.2B
EBITDA $944.7M
$939.2M – $951.3M
 $833.2M
$828.4M – $839.1M
 $959.4M
$959.4M – $959.4M
 $855.7M
$850.7M – $861.7M
Net Income $218.4M
$216.6M – $220.3M
 -$62.1M
-$62.7M – -$61.6M
 $291.0M
$288.8M – $293.2M
 -$41.7M
-$42.1M – -$41.4M
EPS — — — —
Growth Trends (YoY %)
Metric 2022 2023 2024 2025
Revenue Growth +52.3% -10.7% +11.1% -15.1%
Gross Profit Growth +77.8% -37.1% +38.5% +140.4%
Operating Income Growth +159.8% -61.3% +122.2% -53.9%
Net Income Growth +405.6% -116.7% +593.4% -122.7%
EBITDA Growth +124.7% -47.8% +78.8% -52.0%
Insider Trading (Recent)
Date Insider Type Shares Price Value
2026-05-06 BOGER RICHARD LEE A-Award 30,741.00 $0.00 $0
2026-05-06 NEWTON HOWELL A-Award 30,741.00 $0.00 $0
2026-05-06 HOWELL HILTON H JR A-Award 30,741.00 $0.00 $0
2026-05-06 Spainhour Sterling A Jr. A-Award 30,741.00 $0.00 $0
2026-05-06 Garcia Luis A. A-Award 30,741.00 $0.00 $0
2026-05-06 McTear Paul A-Award 30,741.00 $0.00 $0
2026-05-06 Hare Richard B A-Award 30,741.00 $0.00 $0
2026-05-06 Howell Robin Robinson A-Award 30,741.00 $0.00 $0
2026-05-06 McClain Lorri A-Award 30,741.00 $0.00 $0
2026-04-01 Gignac Jeffrey R F-InKind 43,434.00 $4.40 $191,110
2026-02-28 Howell Robin Robinson A-Award 124,921.00 $0.00 $0
2026-02-28 Howell Robin Robinson F-InKind 468,050.00 $10.73 $5.0M
2026-02-28 Gignac Jeffrey R F-InKind 68,855.00 $5.19 $357,357
2026-02-28 HOWELL HILTON H JR A-Award 124,921.00 $0.00 $0
2026-02-28 HOWELL HILTON H JR F-InKind 468,050.00 $10.73 $5.0M
2026-02-28 LaPlatney D Patrick A-Award 51,323.00 $0.00 $0
2026-02-28 LaPlatney D Patrick F-InKind 180,613.00 $5.19 $937,381
2026-02-28 Latek Kevin Paul A-Award 36,818.00 $0.00 $0
2026-02-28 Latek Kevin Paul F-InKind 306,021.00 $5.19 $1.6M
2026-02-28 McNamara Sandra Breland A-Award 18,989.00 $0.00 $0
Dividend History (Last 20)
Date Dividend Declaration Record Payment
2026-03-13 $0.08 2026-02-25 2026-03-13 2026-03-31
2025-12-15 $0.08 2025-11-07 2025-12-15 2025-12-31
2025-09-15 $0.08 2025-08-08 2025-09-15 2025-09-30
2025-06-13 $0.08 2025-05-08 2025-06-13 2025-06-30
2025-03-14 $0.08 2025-02-27 2025-03-14 2025-03-31
2024-12-13 $0.08 2024-11-08 2024-12-13 2024-12-31
2024-09-13 $0.08 2024-08-08 2024-09-13 2024-09-30
2024-06-14 $0.08 2024-05-08 2024-06-14 2024-06-28
2024-03-14 $0.08 2024-02-26 2024-03-15 2024-03-28
2023-12-14 $0.08 2023-11-08 2023-12-15 2023-12-29
2023-09-14 $0.08 2023-08-04 2023-09-15 2023-09-29
2023-06-14 $0.08 2023-05-05 2023-06-15 2023-06-30
2023-03-14 $0.08 2023-02-24 2023-03-15 2023-03-31
2022-12-14 $0.08 2022-11-04 2022-12-15 2022-12-30
2022-09-14 $0.08 2022-08-05 2022-09-15 2022-09-30
2022-06-14 $0.08 2022-05-06 2022-06-15 2022-06-30
2022-03-14 $0.08 2022-02-24 2022-03-15 2022-03-31
2021-12-14 $0.08 2021-11-04 2021-12-15 2021-12-31
2021-09-14 $0.08 2021-08-05 2021-09-15 2021-09-30
2021-06-14 $0.08 2021-06-01 2021-06-15 2021-06-30
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.193 · 1946f027 · 2026-05-08 18:57:27