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Gray Media, Inc (GTN) stock

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NYSE: GTN NYSE Broadcasting Next results ~November 6, 2026

B Fundamentals grade

Gray Media, Inc is a US-listed company in the broadcasting industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

Under review: our cash-flow value ($57.32) was left out of our combined valuation (it is 12.18x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating.

Price vs value

Under review: our cash-flow value ($57.32) was left out of our combined valuation (it is 12.18x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating. We'll show the comparison once resolved.

Gray Media, Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 1 selling0 purchases and 2 sales by directors and officers, last 12 monthsInsider trades
  • Funds69 adding, 105 cuttingOf 36 active managers that changed their stake, 13 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Gray Media files

Where Gray Media stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $3.15bn, down 11.3% on a year earlier, a smaller fall than the 14.5% decline a quarter earlier. That puts it 7 of 8 for growth among the broadcasting companies we cover. Free-cash-flow margin fell to 4.6% from 19.9% a year earlier. Operating margin narrowed to 13.8% from 21.1%. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 1 of our 7 financial-health checks.

Our model value for Gray Media is under review, so past values are not shown until it is resolved.

Source: 10-Q filed August 7, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 6, 2026 (estimated)

Gray Media, Inc's trailing-twelve-month revenue fell 11.3% year on year, with a free-cash-flow margin of 4.6%. Where it stands out: days sales outstanding of 22 days ranks 1 of 13 broadcasting companies we cover.

Our discounted-cash-flow model values the business at ~$57 per share in the base case (~$29–$95 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to -11.3% (+3.2pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in Gray Media, Inc's latest figures clears our strength thresholds.

Things to watch

  • Revenue shrinking. Revenue fell 11.3% over the last 12 months.
  • Margins narrowing. Operating margin is down 7.3 points on a year ago.
  • High debt. Long-term debt exceeds cash by $5.6bn, more than 1.5 times annual revenue.
  • Volatile shares. Over the past year the shares showed annualised volatility of 63% and a beta of 0.9 against the S&P 500.
  • Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 511.8% over 90 days.

Latest results: FY2026 Q2

Filed August 7, 2026
Earnings per share
$0.26 against an average estimate of $0.25: beat by 5.0%
Revenue
$839m, up 8.7% on a year earlier
Share reaction
-1.5% in the first session after the results on September 28, 2026, against -0.9% for the S&P 500
Guidance given
core advertising growth -1% (Quarter Ending September 30, 2026)
Next report
November 6, 2026; average EPS estimate $0.97

Gray Media's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.0%
  • 1 week+9.2%
  • 1 month+3.4%
  • This year+1.4%
  • 1 year+9.3%
  • 5 years-74.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$3.1B
Operating margin
13.8%
Net margin
-0.8%
EPS (TTM, diluted)
$-0.27

Growth

Revenue growth
−11.3%
Change in growth rate
+3.2 pts
Share count change
+1.6%

Cash

Free cash flow (TTM)
$146M
FCF margin
4.6%
Stock pay % of revenue
0.7%

Earnings

Last results
September 28, 2026
Next results (est.)
December 7, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Agreement
  2. Results
  3. Guidance
  4. Agreement
  5. Announcement
  6. Announcement
  7. Announcement
  8. Results
  9. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Gray Media, Inc valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: held for review: our cash-flow value ($57.32) was left out of our combined valuation (it is 12.18x the share price, outside the 0.2-5x range we accept), so it can't be the basis of a rating.

Our value per share comes from a discounted-cash-flow model of Gray Media, Inc's free cash flow after stock-based pay ( $625M, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.

Valuation models

We value Gray Media, Inc as an operating company, with every model that fits that kind of business. Cost of equity 9.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.93 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$57 ~$29–$95 Left out: out of range vs price (12.33x)
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: This model is withheld pending its input or assumption review.
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$11 ~$7.7–$17 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$5.5 ~$4.8–$6.6 Included
Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. — Combined value withheld. Review the individual models and their assumptions.

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Gray Media, Inc with Broadcasting in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$12.53$8.34$12.88$11.33$16.48$13.75$15.73$8.90$7.41$2.79$4.59$4.65
Market value$864m$607m$953m$1.0bn$1.6bn$1.3bn$1.5bn$828m$682m$268m$445m$456m
+ Net debt (− = net cash)$1.1bn$1.5bn$1.4bn$1.9bn$3.5bn$3.3bn$6.6bn$6.5bn$6.2bn$5.6bn$5.4bn$5.7bn
Enterprise value$2.0bn$2.1bn$2.4bn$2.9bn$5.2bn$4.6bn$8.1bn$7.3bn$6.9bn$5.8bn$5.9bn$6.1bn
Multiples
Price / sales 1.4x0.7x1.1x0.9x0.8x0.6x0.6x0.2x0.2x0.1x0.1x0.1x
Price / earnings 22.0x9.7x3.6x4.8x9.2x3.3x16.6x1.8x—0.7x——
Price / free cash flow 10.5x3.6x6.6x4.0x6.0x2.5x16.1x2.1x2.3x0.4x2.5x3.1x
EV / EBITDA 11.3x7.4x6.9x6.3x7.7x4.8x13.5x5.5x9.5x5.2x9.4x9.8x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

58 /100

Moderate moat

How hard Gray Media's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 1 / 20

    Net income has been a median 2.5% of total assets over 10 years.

  • Durability 16 / 20

    Operating margin has been a median 21.6%; its worst year was 13.8%.

  • Cash conversion 18 / 20

    Free cash flow was positive in 10 of 10 years, at a median 15.3% of revenue.

  • Discipline 16 / 20

    The diluted share count rose 2.6% over five years; stock-based pay has been a median 0.6% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (63 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 6, 2026, before the open. Analysts expect revenue of $962m and EPS of $0.97 (range $0.97 to $0.97) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.65 +359% $3.6bn +17%
Next −$0.70 −126% $3.2bn −12%

Next year's EPS estimate has moved −511.8% in 90 days, across 1 analysts.

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.25 $0.26 +5.0%
Mar 2026 −$0.03 −$0.40 −1230.3%
Dec 2025 −$0.11 −$0.15 −32.7%
Sept 2025 −$0.33 −$0.20 +38.2%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, September 28, 2026
  • Core advertising Quarter Ending September 30, 2026 —
    “-1% to Flat, as reported” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Gray Media, Inc's revenue by +6.1% next year and +1.9% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+8.7%, weight 45%) and the company's own record (+4.0%, weight 55%) . How the weights are set.

Analyst recommendations

5 analysts, Oct 2026
Buy360%
Hold120%
Sell120%

Monthly trend

  1. Oct 202612115
  2. Sep 202612115
  3. Aug 202612115

Counts of recommendations published by analysts covering Gray Media, Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
4.6%
of tradable shares
Days to cover
4.09
at average volume
Short interest, 1 month
−19%
to September 30, 2026
Held by institutions
83%
of shares
Held by insiders
7.1%
of shares
Employees
9,165
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +9.0%

$4.27 on October 31, 2025 to $4.65

ThenNowEffect
Revenue (last 12 months) $3.5bn $3.1bn −11.3%
P/S multiple 0.1x 0.1x +24.8%
Share count 97m 98m −1.5%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −27.0%

$6.37 on November 3, 2023 to $4.65

ThenNowEffect
Revenue (last 12 months) $3.6bn $3.1bn −12.4%
P/S multiple 0.2x 0.1x −11.4%
Share count 92m 98m −5.9%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
GTN+14%−43%−17%−62%+65%+1%
Industry peers (median)+28%−32%−8%−38%+2%−13%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
GTN67%42%42%50%58%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
GTN−25%−63%−56%−68%−38%−41%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 87% from November 3, 2021 to December 30, 2024. Getting back needed a 646% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$3.52 – $5.97
From 52-week high
−22.2%
vs 50-day average
+0.5%
vs 200-day average
+4.1%
Volatility (1 year)
63%
Beta vs S&P 500
0.94

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±13.0%
After a week
8 up, 4 down
typical move ±14.8%
After a month
5 up, 7 down
typical move ±14.4%
Results releasedNext dayS&P 500 next day5 days21 days
September 28, 2026 −1.5% −0.9% +1.1% −6.1%
August 7, 2026 +16.4% +0.6% +22.0% +11.4%
May 7, 2026 −21.7% +0.5% −24.6% −27.8%
February 26, 2026 +9.3% −1.0% +15.2% −2.0%
November 7, 2025 +9.6% +1.7% +1.1% +7.8%
August 8, 2025 +22.2% +0.6% +42.0% +41.3%
July 8, 2025 +18.4% +0.5% +13.3% −6.6%
May 8, 2025 +13.7% +0.6% +10.5% +6.4%
February 27, 2025 −2.8% −0.1% −6.5% +13.5%
November 8, 2024 −22.1% +0.5% −19.0% −24.5%
August 8, 2024 −16.5% +2.8% −16.9% −11.2%
May 7, 2024 +1.2% +0.1% +5.1% −14.7%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Gray Media, Inc in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Gray Media, Inc
$3B $3.2B $3.4B $3.6B $3.8B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $3.5B Revenue (TTM), FY23 Q4: $3.3B Revenue (TTM), FY24 Q1: $3.3B Revenue (TTM), FY24 Q2: $3.3B Revenue (TTM), FY24 Q3: $3.5B Revenue (TTM), FY24 Q4: $3.6B Revenue (TTM), FY25 Q1: $3.6B Revenue (TTM), FY25 Q2: $3.5B Revenue (TTM), FY25 Q3: $3.3B Revenue (TTM), FY25 Q4: $3.1B Revenue (TTM), FY26 Q1: $3.1B Revenue (TTM), FY26 Q2: $3.1B $3.1B

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $3.5B
FY23 Q4 $3.3B
FY24 Q1 $3.3B
FY24 Q2 $3.3B
FY24 Q3 $3.5B
FY24 Q4 $3.6B
FY25 Q1 $3.6B
FY25 Q2 $3.5B
FY25 Q3 $3.3B
FY25 Q4 $3.1B
FY26 Q1 $3.1B
FY26 Q2 $3.1B
Revenue growth, TTM YoY Gray Media, Inc
-20% -10% 0% 10% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 4.9% Revenue growth, TTM YoY, FY23 Q4: -10.7% Revenue growth, TTM YoY, FY24 Q1: -9.5% Revenue growth, TTM YoY, FY24 Q2: -7.8% Revenue growth, TTM YoY, FY24 Q3: -0.7% Revenue growth, TTM YoY, FY24 Q4: 11.1% Revenue growth, TTM YoY, FY25 Q1: 9.1% Revenue growth, TTM YoY, FY25 Q2: 7.0% Revenue growth, TTM YoY, FY25 Q3: -3.3% Revenue growth, TTM YoY, FY25 Q4: -15.1% Revenue growth, TTM YoY, FY26 Q1: -14.5% Revenue growth, TTM YoY, FY26 Q2: -11.3% -11.3%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 4.9%
FY23 Q4 -10.7%
FY24 Q1 -9.5%
FY24 Q2 -7.8%
FY24 Q3 -0.7%
FY24 Q4 11.1%
FY25 Q1 9.1%
FY25 Q2 7.0%
FY25 Q3 -3.3%
FY25 Q4 -15.1%
FY26 Q1 -14.5%
FY26 Q2 -11.3%
Operating margin (TTM) Gray Media, Inc
10% 15% 20% 25% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 18.1% Operating margin (TTM), FY23 Q4: 11.7% Operating margin (TTM), FY24 Q1: 13.3% Operating margin (TTM), FY24 Q2: 14.3% Operating margin (TTM), FY24 Q3: 18.5% Operating margin (TTM), FY24 Q4: 23.4% Operating margin (TTM), FY25 Q1: 22.7% Operating margin (TTM), FY25 Q2: 21.1% Operating margin (TTM), FY25 Q3: 18.0% Operating margin (TTM), FY25 Q4: 12.7% Operating margin (TTM), FY26 Q1: 12.4% Operating margin (TTM), FY26 Q2: 13.8% 13.8%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 18.1%
FY23 Q4 11.7%
FY24 Q1 13.3%
FY24 Q2 14.3%
FY24 Q3 18.5%
FY24 Q4 23.4%
FY25 Q1 22.7%
FY25 Q2 21.1%
FY25 Q3 18.0%
FY25 Q4 12.7%
FY26 Q1 12.4%
FY26 Q2 13.8%
FCF margin (TTM) Gray Media, Inc
0% 5% 10% 15% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 10.7% FCF margin (TTM), FY23 Q4: 9.1% FCF margin (TTM), FY24 Q1: 1.0% FCF margin (TTM), FY24 Q2: 2.3% FCF margin (TTM), FY24 Q3: 8.7% FCF margin (TTM), FY24 Q4: 16.7% FCF margin (TTM), FY25 Q1: 19.2% FCF margin (TTM), FY25 Q2: 19.9% FCF margin (TTM), FY25 Q3: 13.1% FCF margin (TTM), FY25 Q4: 5.8% FCF margin (TTM), FY26 Q1: 1.5% FCF margin (TTM), FY26 Q2: 4.6% 4.6%

Source: SEC EDGAR filings. Retrieved October 26, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 10.7%
FY23 Q4 9.1%
FY24 Q1 1.0%
FY24 Q2 2.3%
FY24 Q3 8.7%
FY24 Q4 16.7%
FY25 Q1 19.2%
FY25 Q2 19.9%
FY25 Q3 13.1%
FY25 Q4 5.8%
FY26 Q1 1.5%
FY26 Q2 4.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 270 346 307 405 346 508 597 812 883 1,084 2,122 2,381 2,413 3,676 3,281 3,644 3,095 3,148
EBITDA 76 138 102 177 108 184 177 280 342 464 673 953 602 1,326 722 1,120 629 625
Operating income 43 107 75 153 84 154 140 234 290 389 478 752 381 990 383 851 392 435
Net income −23 23 9 28 18 48 39 62 262 211 179 410 90 455 −76 375 −85 −26
Diluted EPS −$0.83 $0.16 $0.03 $0.42 $0.32 $0.82 $0.57 $0.86 $3.55 $2.37 $1.27 $3.69 $0.40 $4.33 −$1.39 $3.36 −$1.41 −$0.27
Growth (year on year)
Revenue — +28.0% −11.2% +31.8% −14.5% +46.7% +17.6% +36.0% +8.7% +22.8% +95.8% +12.2% +1.3% +52.3% −10.7% +11.1% −15.1% −11.3%
EBITDA — +81.8% −26.2% +73.9% −38.8% +70.4% −3.9% +58.5% +22.0% +35.7% +45.0% +41.6% −36.8% +120.3% −45.6% +55.1% −43.8% −34.0%
Operating income — +148.3% −29.6% +103.6% −45.3% +83.3% −8.9% +67.3% +23.8% +34.1% +22.9% +57.3% −49.3% +159.8% −61.3% +122.2% −53.9% −41.9%
Net income — — −61.0% +211.3% −35.0% +162.8% −18.2% +58.5% +320.7% −19.5% −15.2% +129.1% −78.0% +405.6% −116.7% — −122.7% −113.0%
Diluted EPS — — −81.3% +>999% −23.8% +156.3% −30.5% +50.9% +312.8% −33.2% −46.4% +190.6% −89.2% +982.5% −132.1% — −142.0% −112.8%
Margins
EBITDA margin 28.0% 39.8% 33.1% 43.6% 31.2% 36.2% 29.6% 34.5% 38.7% 42.8% 31.7% 40.0% 24.9% 36.1% 22.0% 30.7% 20.3% 19.9%
Operating margin 15.9% 30.9% 24.5% 37.9% 24.2% 30.3% 23.4% 28.8% 32.8% 35.9% 22.5% 31.6% 15.8% 26.9% 11.7% 23.4% 12.7% 13.8%
Net margin −8.5% 6.7% 2.9% 6.9% 5.3% 9.5% 6.6% 7.7% 29.7% 19.5% 8.4% 17.2% 3.7% 12.4% −2.3% 10.3% −2.7% −0.8%
Free-cash-flow margin 0.4% 5.4% 4.5% 16.0% 10.4% 20.1% 13.8% 20.5% 16.4% 23.3% 13.0% 22.8% 3.9% 10.7% 9.1% 16.7% 5.8% 4.6%
Cash flow
Cash from operations 19 38 38 89 60 134 107 210 180 323 385 652 300 829 648 751 289 250
Capital spending 18 19 24 25 24 32 24 44 35 70 110 110 207 436 348 143 108 104
Free cash flow 1 19 14 65 36 102 82 166 145 253 275 542 93 393 300 608 181 146
Stock-based pay 1 0 0 1 2 5 4 5 9 7 16 16 14 22 20 22 22 21
Free cash flow after stock pay −0 18 14 64 34 97 78 161 136 246 259 526 79 371 280 586 159 125
Balance sheet
Cash 16 5 5 11 13 31 97 325 462 667 212 773 189 61 21 135 368 176
Total debt 0 827 837 835 843 1,236 1,231 1,800 1,860 2,570 3,760 4,035 6,835 6,520 6,210 5,690 5,810 5,867
Net debt (negative = net cash) −16 821 832 824 829 1,206 1,134 1,475 1,398 1,903 3,548 3,262 6,646 6,459 6,189 5,555 5,442 5,691
Diluted shares 49m 54m 57m 57m 58m 58m 69m 73m 74m 89m 100m 97m 95m 93m 92m 96m 97m 98m
Returned to shareholders
Dividends — 15 7 — — 0 0 0 0 — 0 0 31 30 30 32 33 34
Buybacks — — — — — — 0 2 4 19 32 75 30 50 0 0 — —
Total returned — 15 7 — — 0 0 2 4 19 32 75 61 80 30 32 33 34

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 7 checks passed · June 30, 2026
What it owns · $10.4bn
Short-term assets $492mLonger-term assets $9.9bn
What it owes, and who funded it · $9.8bn
Short-term liabilities $517mLonger-term liabilities $7.2bnShareholders' equity $2.1bn
  • Short-term assets cover short-term liabilities $492m of assets due within a year against $517m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $492m short-term assets against $7.2bn of longer-dated liabilities.
  • More cash than debt $176m of cash against $5.8bn of debt.
  • Debt below 40% of shareholders' equity Debt is 273% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 384% to 273% over five years.
  • A year's operating cash flow covers at least 20% of debt $250m of operating cash flow against $5.8bn of debt.
  • Operating profit covers interest at least five times over Operating income of $435m against $473m of interest.

From Gray Media, Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$34M
Diluted share count
+1.6%
year over year
Total shareholder yield
7.3%
dividends 7.3% + buybacks 0.0% of market value
Days sales outstanding
22 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in broadcasting
Last 12 months unless stated GTN SBGI IHRT AMCX SSP NXST Median
Revenue, last 12 months $3.1bn $3.3bn $4.0bn $2.2bn $2.1bn $5.9bn $2.2bn
Revenue growth, last 12 months −11.3% −6.5% 3.1% −4.6% −14.2% 10.5% −4.9%
Revenue growth, 3-year average −4.3% −0.9% 1.2% −9.6% −4.5% 3.8% −2.9%
Revenue growth, latest quarter 8.7% 7.1% 4.7% −8.8% −9.2% 62.2% −0.1%
Operating margin 13.8% 6.6% 0.2% 2.3% −50.3% 17.8% 1.4%
Operating margin, 3-year average 16.4% 4.3% −5.4% 3.3% −11.8% 19.0% 0.4%
Net margin −0.8% 1.6% −7.2% −0.9% −58.0% 3.2% −0.9%
Cash from operations / revenue 7.9% 5.3% 3.0% 9.7% 4.0% 15.2% 6.6%
Free-cash-flow margin 4.6% 2.9% 0.9% 8.5% 1.7% 12.6% 3.4%
Free-cash-flow margin, 3-year average 9.0% 2.2% 1.1% 12.1% 5.0% 16.2% 5.7%
Stock pay / revenue 0.7% 1.6% 0.9% 1.1% 0.8% 1.7% 1.0%
Change in share count 1.6% 4.2% 2.1% −0.8% 3.0% −1.5% 2.1%

Median of all 13 companies we cover in broadcasting. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

13 broadcasting companies
Measure Company Peer median Rank
Revenue growth Growth -11.3% -4.9% 10 of 13
Change in growth rate Growth +3.2pp +1.0pp 5 of 13
Operating margin Profitability 13.8% 2.3% 3 of 12
Net margin Profitability -0.8% -0.9% 6 of 13
Free-cash-flow margin Cash generation 4.6% 3.4% 6 of 13
Stock pay as % of revenue Cash generation 0.7% 1.1% 3 of 11
Long-term debt as % of assets Balance sheet 55.6% 55.6% 7 of 13
Change in share count Balance sheet 1.6% 2.1% 5 of 11
Days sales outstanding Balance sheet 22 days 73 days 1 of 13

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Broadcasting $3B 96.5% ▼ 15.6%
Production Companies $107M 3.5% ▲ 1.9%
All Other Segments $0 0.0% —
Products and services
Line of business Revenue Share YoY
Advertising $1.5B 48.3% ▼ 24.8%
Core Advertising $1.5B 97.2% ▼ 2.6%
Political Advertising $42M 2.8% ▼ 91.5%
Retransmission Consent $1.4B 46.2% ▼ 3.6%
Production Companies $107M 3.5% ▲ 1.9%
Other services $65M 2.1% ▼ 7.1%

From Gray Media, Inc's 10-K filed February 26, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$298M
Institutions reporting
174
Shares held vs prior quarter
▼ 3.1%
Positions opened / closed
16 / 34

Top buyers and sellers, Q2 2026: 69 institutions bought and 105 sold ; the biggest buyer was Miller Value Partners, LLC (+1.9M shares) and the biggest seller Charles Schwab Investment Management Inc (−1.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Miller Value Partners, LLC $28.8M 7.2M 9.6% ▲ 34.9%
Capital Management Corp $28.1M 7.1M 9.4% ▲ 14.1%
Blackrock, Inc. $27.8M 7.0M 9.3% ▲ 1.5%
Dimensional Fund Advisors LP $18.5M 4.7M 6.2% ▼ 11.7%
Retirement Systems Of Alabama $16.4M 4.1M 5.5% 0.0%
Vanguard Capital Management LLC $14.8M 3.7M 5.0% ▲ 0.9%
Penn Capital Management Company, LLC $13.9M 3.5M 4.7% ▼ 3.1%
Goldman Sachs Group Inc $13.1M 3.3M 4.4% ▲ 16.7%
Charles Schwab Investment Management Inc $12.1M 3.1M 4.1% ▼ 28.9%
Geode Capital Management, LLC $8.7M 2.2M 2.9% ▲ 4.4%
New York State Common Retirement Fund $8.4M 2.1M 2.8% 0.0%
State Street Corp $7.2M 1.8M 2.4% ▼ 0.3%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Gray Media, Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $250,690 2 trades by 1 insider · 0% under pre-set plans
Net ▼ $250,690 net selling
Insider Date Trade Shares Price Value
Boger Richard Lee Director May 19, 2026 Sell 2,000 $10.12 $20,240
Boger Richard Lee Director May 19, 2026 Sell 55,000 $4.19 $230,450

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 1 trade and filings

No trades in Gray Media, Inc disclosed in the last 12 months; 1 earlier trade on record.

  • Ashley Hinson(R-IA 1):Sale (full), $1,001 - $15,000, traded March 31, 2021, filed April 5, 2021

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around December 7, 2026 estimated from the company's past filing pattern, not announced

  • September 28, 2026
  • August 7, 2026
  • May 7, 2026
  • February 26, 2026
  • November 7, 2025
  • August 8, 2025

Recent SEC filings

Data status

When each part of this page on Gray Media, Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Gray Media, Inc in brief

What does Gray Media, Inc do?
Gray Media, Inc is a US-listed company in the broadcasting industry. Its financial year ends in December.
What is Gray Media, Inc's stock ticker?
Gray Media, Inc trades under the ticker GTN on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Gray Media, Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Gray Media, Inc reported revenue of $3.1B, 11.3% lower than a year earlier, according to its SEC filings.
What is Gray Media, Inc's free cash flow?
Gray Media, Inc's free-cash-flow margin is 4.6% of revenue over the trailing twelve months, ranking 6 of the 13 broadcasting companies we cover.
Who are Gray Media, Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Miller Value Partners, LLC, Capital Management Corp and Blackrock, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Gray Media, Inc's market cap?
On November 2, 2026, Gray Media, Inc's market capitalisation was about $456M and net debt of $5.7B. Market figures come from third-party market data and may be delayed.
Does Gray Media, Inc pay a dividend?
Yes: Gray Media, Inc paid $34M in dividends over the trailing twelve months, a dividend yield of 7.31%.
How much debt does Gray Media, Inc have?
Gray Media, Inc's debt-to-equity ratio is 272.9%, from its latest balance sheet (383.6% five years earlier). The financial health section below sets out its other solvency checks.
Who are Gray Media, Inc's competitors?
In our Broadcasting peer group, the companies closest to Gray Media, Inc are Sinclair, Inc., Iheartmedia, Inc., AMC Global Media Inc., E.w. Scripps Co and Nexstar Media Group, Inc. The side-by-side comparison below sets their revenue, margins and growth against Gray Media, Inc's.
Are insiders buying or selling Gray Media, Inc stock?
Over the last 12 months, Gray Media, Inc's directors and officers reported 0 open-market purchases and 2 sales on Form 4. The insider trading page charts every trade.
When is Gray Media, Inc's next earnings date?
Around November 6, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Gray Media, Inc announces its own schedule.