GTNNYSETelevision Broadcasting StationsFiscal year ends December 31Also trades as GTN.A
GRAY MEDIA, INC
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 7, 2026
$4.48+0.10 (+2.28%)
Close on Oct 19, 2026
- Market cap
- $448.00M
- P/E (TTM)
- –
- Dividend yield
- 7.14%
Margins
Share of revenue, fiscal years 2011 to 2025
Operating margin
12.7%−18.9 pts over 5 years
Net margin
-2.7%−20.0 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -15.1% | -5.6% | +5.4% | +17.9% | |
| Operating income | -53.9% | -26.6% | -12.2% | +10.8% | |
| Free cash flow | -70.2% | -22.8% | -19.7% | +8.2% | |
| Dividend per share | 0.0% | 0.0% | – | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 13.5% | 25.5% | -3.8% | |
| Return on assets | 2.6% | 5.6% | -0.8% | |
| Current ratio | 4.23 | 5.11 | 1.27 | |
| Debt to equity | 3.56 | 2.27 | 2.67 | |
| Net debt to EBITDA | – | 3.36× | 8.55× | |
| Interest coverage | 2.4× | 3.9× | 0.8× | |
| Capex to revenue | 5.4% | 4.6% | 3.5% | |
| Diluted shares | 73M | 97M | 97M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Gray Media generated $2.82B from operations and spent $1.48B on capital expenditure, dividends and share buybacks. 84% of that went back into the business.
Generated
$2.82B
Used
$1.48B
Capital expenditure$1.24B84%Dividends$156.00M11%Share buybacks$80.00M5%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-2.7%
×Asset turnover0.30×
×Equity multiplier4.73×
=Return on equity, FY2025-3.8%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -2.7% | 0.30× | 4.73× | -3.8% |
| FY2024 | 10.3% | 0.34× | 4.98× | 17.6% |
| FY2023 | -2.3% | 0.30× | 5.33× | -3.7% |
| FY2022 | 12.4% | 0.33× | 5.75× | 23.5% |
| FY2021 | 3.7% | 0.26× | 5.34× | 5.1% |
| FY2020 | 17.2% | 0.33× | 4.54× | 25.5% |
| FY2019 | 8.4% | 0.38× | 4.22× | 13.5% |
| FY2018 | 19.5% | 0.29× | 3.43× | 19.3% |
| FY2017 | 29.7% | 0.29× | 4.04× | 35.2% |
| FY2016 | 7.7% | 0.33× | 5.29× | 13.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
3of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-$85.00M
- Cash generatingOperating cash flow above zero$289.00M
- Return on assets improvedROA up on the prior year3.5% → -0.8%
- Earnings backed by cashOperating cash flow above net income$289.00M vs -$85.00M
- Less leverageLong-term debt to assets fell53.1% → 55.0%
- Better liquidityCurrent ratio rose1.03 → 1.27
- No dilutionShare count did not rise96M → 97M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.34 → 0.29