A Business at a Glance
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GRAY MEDIA, INC
GTN
$385M
Mkt Cap
$3.96
+1.80%
GRAY MEDIA, INC (GTN) has a 5-year average return on invested capital (ROIC) of 5.6%. This is below average and may indicate limited pricing power.
GRAY MEDIA, INC (GTN) has a market capitalization of $384M. It is classified as a small-cap stock.
Yes, GRAY MEDIA, INC (GTN) pays a dividend with a trailing twelve-month yield of 8.85%.
GRAY MEDIA, INC (GTN) operates in the Television Broadcasting Stations industry, within the Communication Services sector.
GRAY MEDIA, INC (GTN) reported annual revenue of $3.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
GRAY MEDIA, INC (GTN) has a net profit margin of -4.4%. The company is currently unprofitable.
GRAY MEDIA, INC (GTN) generated $181 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
On January 1, 2025, we changed our corporate name from Gray Television, Inc. to Gray Media, Inc. We will not distinguish between our prior and current corporate name and will refer to our current corporate name throughout this Annual Report. As such, in this Annual Report, unless otherwise indicated or the context otherwise requires, the words “ Gray,” “ Gray Media,” “the Company,” “we,” “us,” and “our” refer to Gray Media, Inc. and its consolidated subsidiaries. Unless otherwise indicated, all station rank, in-market share and television household data herein are derived from reports prepared by The Nielsen Company US, LLC (“ Nielsen”) and/or Comscore, Inc. (“ Comscore”). While we believe this data to be accurate and reliable, we have not independently verified such data, nor have we ascertained the underlying assumptions relied upon therein and cannot guarantee the accuracy or completeness of such data. We are a multimedia company headquartered in Atlanta, Georgia.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 3.1B | 3.1B | 3.6B | 3.3B | 3.7B | 2.4B |
| Net Income | -148M | -137M | 323M | -128M | 403M | 38M |
| EPS | $-1.54 | $-1.41 | $3.36 | $-1.39 | $4.33 | $0.40 |
| Free Cash Flow | 46M | 181M | 608M | 300M | 393M | 93M |
| ROIC | 3.6% | 4.7% | 7.6% | 4.3% | 8.2% | 3.3% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 3.07 | 3.04 | 2.79 | 3.42 | 3.32 | 4.17 |
| Dividends/Share | $0.35 | $0.32 | $0.32 | $0.32 | $0.32 | $0.32 |
| Operating Income | 381M | 392M | 851M | 383M | 990M | 381M |
| Operating Margin | 12.4% | 12.7% | 23.4% | 11.7% | 26.9% | 15.8% |
| ROE | -7.0% | -6.2% | 15.2% | -6.3% | 20.8% | 2.2% |
| Shares Outstanding | 97M | 97M | 96M | 92M | 93M | 95M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 508M | 597M | 812M | 883M | 1.1B | 2.1B | 2.4B | 2.4B | 3.7B | 3.3B | 3.6B | 3.1B | 3.1B |
| Gross Margin | 70.6% | 63.7% | 66.2% | 59.9% | 65.6% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 29M | 34M | 40M | 32M | 41M | 104M | 65M | 159M | 869M | 940M | 971M | 946M | 960M |
| EBIT | 154M | 140M | 234M | 290M | 389M | 478M | 752M | 381M | 990M | 383M | 851M | 392M | 381M |
| Op. Margin | 30.3% | 23.4% | 28.8% | 32.9% | 35.9% | 22.5% | 31.6% | 15.8% | 26.9% | 11.7% | 23.4% | 12.7% | 12.4% |
| Net Income | 48M | 39M | 62M | 262M | 211M | 127M | 358M | 38M | 403M | -128M | 323M | -137M | -148M |
| Net Margin | 9.5% | 6.6% | 7.7% | 29.7% | 19.5% | 6.0% | 15.0% | 1.6% | 11.0% | -3.9% | 8.9% | -4.4% | -4.8% |
| Non-Recurring | -623K | -80K | -329K | 74M | 17M | 54M | 29M | 42M | -2.0M | -5.0M | -20M | 11M | 11M |
| Returns on Capital | |||||||||||||
| ROIC | 7.5% | 5.7% | 8.0% | 13.0% | 10.1% | 8.0% | 10.9% | 3.3% | 8.2% | 4.3% | 7.6% | 4.7% | 3.6% |
| ROE | 24.6% | 12.2% | 13.5% | 35.2% | 19.3% | 9.6% | 22.3% | 2.2% | 20.8% | -6.3% | 15.2% | -6.2% | -7.0% |
| ROA | 3.0% | 2.0% | 2.6% | 8.7% | 5.6% | 2.3% | 4.9% | 0.4% | 3.6% | -1.2% | 3.0% | -1.3% | -1.4% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 134M | 107M | 210M | 180M | 323M | 385M | 652M | 300M | 829M | 648M | 751M | 289M | 158M |
| Free Cash Flow | 102M | 82M | 166M | 145M | 253M | 275M | 542M | 93M | 393M | 300M | 608M | 181M | 46M |
| Owner Earnings | 91M | 54M | 142M | 94M | 241M | -92M | 111M | -303M | 117M | -170M | 460M | 30M | -967M |
| CapEx | 32M | 24M | 44M | 35M | 70M | 110M | 110M | 207M | 436M | 348M | 143M | 108M | 112M |
| Maint. CapEx | 39M | 49M | 63M | 77M | 75M | 461M | 525M | 589M | 690M | 798M | 269M | 237M | 1.1B |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 39M | 49M | 63M | 77M | 75M | 461M | 525M | 589M | 690M | 798M | 269M | 237M | 1.1B |
| CapEx/OCF | 24.0% | 22.9% | 20.8% | 19.2% | 21.7% | 28.6% | 16.9% | 69.0% | 52.6% | 53.7% | 19.0% | 37.4% | 70.9% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 31M | 30M | 30M | 32M | 33M | 34M |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 1.9% | 2.1% | 4.4% | 6.4% | 7.8% | 8.9% |
| Share Buybacks | 0 | 0 | 2.0M | 4.0M | 19M | 32M | 75M | 30M | 50M | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | 0.3% | 0.4% | 1.8% | 1.9% | 5.3% | 1.8% | 6.0% | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 5.0M | 4.0M | 5.1M | 9.0M | 7.0M | 16M | 16M | 14M | 22M | 20M | 22M | 22M | 23M |
| Debt Repayment | 250M | 0 | 1.1B | 563M | 40M | 211M | 525M | 250M | 315M | 610M | 2.5B | 2.0B | 2.0B |
| Balance Sheet | |||||||||||||
| Net Debt | 1.2B | 1.1B | 1.5B | 1.5B | 2.0B | 3.7B | 3.5B | 7.1B | 7.0B | 6.7B | 6.2B | 6.2B | 6.2B |
| Cash & Equiv. | 31M | 97M | 325M | 462M | 667M | 212M | 773M | 189M | 61M | 21M | 135M | 368M | 259M |
| Long-Term Debt | 1.2B | 1.2B | 1.8B | 1.8B | 2.5B | 3.7B | 4.0B | 6.7B | 6.4B | 6.1B | 5.6B | 5.7B | 5.7B |
| Debt/Equity | 5.72 | 2.84 | 3.69 | 1.95 | 2.23 | 2.70 | 2.41 | 4.17 | 3.32 | 3.42 | 2.79 | 3.04 | 3.07 |
| Interest Coverage | 2.2 | 1.9 | 2.4 | 3.1 | 3.6 | 2.1 | 3.9 | 1.9 | 2.8 | 0.9 | 1.8 | 0.8 | 0.8 |
| Equity | 216M | 429M | 493M | 994M | 1.2B | 1.5B | 1.8B | 1.8B | 2.1B | 2.0B | 2.3B | 2.2B | 2.1B |
| Total Assets | 1.9B | 2.1B | 2.8B | 3.3B | 4.2B | 7.0B | 7.6B | 11.1B | 11.2B | 10.6B | 10.5B | 10.4B | 10.3B |
| Total Liabilities | 1.7B | 1.7B | 2.3B | 2.3B | 3.0B | 4.9B | 5.2B | 8.7B | 8.4B | 8.0B | 7.6B | 7.6B | 7.6B |
| Intangibles | 48M | 1.6B | 1.9B | 74M | 53M | 460M | 395M | 825M | 636M | 415M | 290M | 157M | 128M |
| Retained Earnings | -203M | -164M | -101M | 162M | 372M | 504M | 862M | 869M | 1.2B | 1.1B | 1.4B | 1.2B | 1.2B |
| Working Capital | 88M | 198M | 386M | 535M | 723M | 426M | 1.0B | 579M | 448M | 73M | 14M | 140M | 86M |
| Current Assets | 168M | 285M | 505M | 667M | 873M | 672M | 1.3B | 963M | 857M | 468M | 541M | 656M | 523M |
| Current Liabilities | 80M | 88M | 119M | 131M | 150M | 246M | 255M | 384M | 409M | 395M | 527M | 516M | 437M |
| Per Share Data | |||||||||||||
| EPS | 0.82 | 0.57 | 0.86 | 3.55 | 2.37 | 1.27 | 3.69 | 0.40 | 4.33 | -1.39 | 3.36 | -1.41 | -1.54 |
| Owner EPS | 1.55 | 0.78 | 1.97 | 1.27 | 2.71 | -0.92 | 1.14 | -3.19 | 1.26 | -1.85 | 4.79 | 0.31 | -9.97 |
| Book Value | 3.69 | 6.23 | 6.81 | 13.47 | 13.33 | 14.64 | 18.07 | 18.49 | 22.74 | 21.40 | 23.75 | 22.18 | 21.78 |
| Cash Flow/Share | 2.29 | 1.55 | 2.90 | 2.44 | 3.63 | 3.85 | 6.72 | 3.16 | 8.91 | 7.04 | 7.81 | 2.97 | 9.84 |
| Dividends/Share | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.35 |
| Shares Out. | 58.6M | 68.9M | 72.4M | 73.8M | 89.0M | 100.0M | 97.0M | 95.0M | 93.1M | 92.1M | 96.1M | 97.2M | 97.0M |
| Valuation | |||||||||||||
| P/E Ratio | 11.3 | 22.5 | 10.0 | 3.8 | 4.9 | 13.6 | 3.9 | 42.8 | 2.1 | N/A | 0.8 | N/A | -2.6 |
| P/FCF | 5.3 | 10.7 | 3.8 | 7.0 | 4.1 | 6.3 | 2.6 | 17.5 | 2.1 | 2.5 | 0.4 | 2.6 | 8.4 |
| EV/EBIT | 11.2 | 13.6 | 7.4 | 6.6 | 5.8 | 10.5 | 5.1 | 21.0 | 7.3 | 17.9 | 6.6 | 14.0 | 17.4 |
| Price/Book | 2.5 | 2.1 | 1.4 | 1.0 | 0.9 | 1.2 | 0.8 | 0.9 | 0.4 | 0.4 | 0.1 | 0.2 | 0.2 |
| Price/Sales | 1.0 | 1.3 | 0.8 | 0.9 | 1.0 | 0.7 | 0.5 | 0.7 | 0.4 | 0.2 | 0.1 | 0.1 | 0.1 |
| FCF Yield | 18.7% | 9.3% | 26.6% | 14.4% | 24.3% | 15.9% | 38.4% | 5.7% | 47.1% | 40.5% | 225.1% | 37.8% | 12.0% |
| Market Cap | 544M | 884M | 625M | 1.0B | 1.0B | 1.7B | 1.4B | 1.6B | 834M | 741M | 270M | 479M | 384M |
| Avg. Price | 8.75 | 11.31 | 9.13 | 11.34 | 12.33 | 14.84 | 12.45 | 17.23 | 15.01 | 7.37 | 5.21 | 4.38 | 3.96 |
| Year-End Price | 9.29 | 12.82 | 8.64 | 13.67 | 11.70 | 17.29 | 14.54 | 17.10 | 8.96 | 8.05 | 2.81 | 4.93 | 3.96 |
GRAY MEDIA, INC passes 2 of 9 quality checks, indicating weak fundamentals.
On a free-cash-flow basis, the stock trades at 2.0x vs a median of 3.2x. The company's 5-year average ROIC is 5.6%. Total shareholder yield (dividends) is 8.9%. At current prices, the estimated annualized return to fair value is -0.3%.
GRAY MEDIA, INC (GTN) has a debt-to-equity ratio of 3.04. This indicates higher leverage, which may increase financial risk.
GRAY MEDIA, INC (GTN) reported earnings per share (EPS) of $-1.41 in its most recent fiscal year.
GRAY MEDIA, INC (GTN) has a return on equity (ROE) of -6.2%. A negative ROE may indicate losses or negative equity.
The Ledger Terminal provides 16 years of financial data for GRAY MEDIA, INC (GTN), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
GRAY MEDIA, INC (GTN) has a book value per share of $22.18, based on its most recent annual SEC filing.