Gray Television (GTN)
NYSE:GTN
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Gray Television
(NYSE:GTN)
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Rating:53Neutral
Price Target:
$5.50
▼(-3.34% Downside)
Action:ReiteratedDate:04/02/26
The score is held back primarily by deteriorating recent fundamentals (TTM revenue decline, return to net losses, and sharply lower free cash flow) and bearish technical trend signals. This is partially offset by constructive earnings-call indications of cost control, liquidity/deleveraging actions, and a high dividend yield, plus incremental positive financing-related corporate updates.
Positive Factors
Scale & Local Footprint
Owning a large portfolio of local TV stations creates durable market positions and distribution reach. Scale supports advertising and retransmission bargaining power, steadies local ad volumes, and provides asset-backed balance-sheet support that underpins medium-term operational flexibility.
Negative Factors
Elevated Leverage
High total leverage materially increases sensitivity to earnings volatility and limits strategic optionality. Elevated debt burdens raise financing costs and covenant risk, constraining the company’s ability to pursue larger M&A, absorb advertising shocks, or accelerate investment without further deleveraging progress.
Read all positive and negative factors
Positive Factors
Negative Factors
Scale & Local Footprint
Owning a large portfolio of local TV stations creates durable market positions and distribution reach. Scale supports advertising and retransmission bargaining power, steadies local ad volumes, and provides asset-backed balance-sheet support that underpins medium-term operational flexibility.
Read all positive factors
Gray Television (GTN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$640.44M
Dividend Yield6.45%
Average Volume (3M)1.35M
Price to Earnings (P/E)―
Beta (1Y)0.43
Revenue Growth-3.32%
EPS Growth-69.63%
CountryUS
Employees9,118
SectorCommunication Services
Sector Strength97
IndustryBroadcasting
Share Statistics
EPS (TTM)-0.24
Shares Outstanding92,912,580
10 Day Avg. Volume1,139,357
30 Day Avg. Volume1,345,940
Financial Highlights & Ratios
PEG Ratio0.04
Price to Book (P/B)0.17
Price to Sales (P/S)0.15
P/FCF Ratio2.59
Enterprise Value/Market Cap9.33
Enterprise Value/Revenue1.93
Enterprise Value/Gross Profit2.00
Enterprise Value/Ebitda6.09
Forecast
1Y Price Target
$8.13Price Target Upside42.88% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)2.46
Revenue Forecast (FY)$3.50B
Gray Television Business Overview & Revenue Model
Company 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 net...
How the Company Makes Money
Gray Television primarily makes money by monetizing the audience reach of its local television stations and digital platforms. Key revenue streams include: (1) Advertising revenue: Gray sells commercial time to local and regional advertisers (e.g....
Gray Television Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Positive
The call contained a number of concrete operating and strategic positives: revenue surprised to the upside ($792M), operating expenses came in below guidance, Adjusted EBITDA was positive at $179M, net retransmission showed a return to growth in Q4 and is expected to be modestly up in 2026, liquidity was strong (> $1.1B) and management completed tactical debt transactions. The company also highlighted important content and distribution wins (awards, network renewals, Google Cloud Quick Play partnership) and continued digital and political-ad strength. Offsetting items include an FY net loss of $23M, still-elevated total leverage (5.8x), flat full-year net retransmission versus 2024, ongoing subscriber declines (though slowing), and an expected increase in 2026 CapEx. On balance the call emphasized progress on deleveraging, margin control and strategic initiatives while acknowledging remaining leverage, subscriber and capital deployment challenges.Positive Updates
Revenue Above Guidance
Total revenue for 2025 was $792 million, coming in above the high end of the company's guidance for the period.
Negative Updates
Net Loss and Elevated Total Leverage
Net loss attributable to common stockholders was $23 million in 2025. Year-end leverage metrics remain elevated: 2.43x first lien, 3.65x secured, and 5.8x total leverage (per senior credit agreement calculations).
Read all updates
Q4-2025 Updates
Positive
Negative
Revenue Above Guidance
Total revenue for 2025 was $792 million, coming in above the high end of the company's guidance for the period.
Read all positive updates
Company Guidance
Management’s guidance emphasized stabilization and modest growth while continuing to delever: they reported 2025 total revenue of $792M (above guidance) with Q4 operating expenses before D&A of $618M (‑$5M vs. guidance); broadcasting station Opex fell $10M (‑3% YoY in Q4) and $78M (≈3%) for the full year; net loss attributable to common shareholders was $23M and Adjusted EBITDA was $179M. Key forward metrics include political revenue of $12M in Q4 (vs. $7–8M guide) and Q1 political guidance of $25–30M (vs. $26M in 2022); net retransmission revenue stabilized at $547M in 2025 (vs. $550M in 2024) with Q4 net retrans up ≈$4M versus guide and Q1 net‑retrans guidance of $148–156M, and modest full‑year growth in net retrans expected in 2026. Balance‑sheet and cash‑flow guidance: liquidity > $1.1B, $232M repurchase availability, completed $250M add‑on to 9.58% second‑lien at 102 and called $125M of 10.5% first‑lien at 103, year‑end leverage of 2.43x (first‑lien), 3.65x (secured) and 5.8x (total), 2025 CapEx $74M (ex‑Assembly) and 2026 CapEx guidance ≈$140M, Assembly net 2025 investment ~$1M (cumulative net ~ $630M); management expects delevering M&A plus a strong 2026 political cycle to materially reduce debt and leverage.Gray Television Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
58
Neutral
Cash Flow
46
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.10B | 3.64B | 3.28B | 3.68B | 2.41B |
| Gross Profit | 2.99B | 1.24B | 898.00M | 1.43B | 803.00M |
| EBITDA | 598.00M | 1.25B | 697.00M | 1.33B | 594.00M |
| Net Income | -85.00M | 375.00M | -76.00M | 455.00M | 90.00M |
Balance Sheet | |||||
| Total Assets | 10.44B | 10.54B | 10.64B | 11.15B | 11.11B |
| Cash, Cash Equivalents and Short-Term Investments | 368.00M | 135.00M | 21.00M | 61.00M | 189.00M |
| Total Debt | 5.81B | 5.69B | 6.24B | 6.53B | 6.83B |
| Total Liabilities | 7.63B | 7.61B | 8.02B | 8.39B | 8.70B |
| Stockholders Equity | 2.81B | 2.93B | 2.62B | 2.77B | 2.41B |
Cash Flow | |||||
| Free Cash Flow | 181.00M | 608.00M | 300.00M | 393.00M | 93.00M |
| Operating Cash Flow | 289.00M | 751.00M | 648.00M | 829.00M | 300.00M |
| Investing Cash Flow | -63.00M | -28.00M | -291.00M | -503.00M | -3.53B |
| Financing Cash Flow | 7.00M | -609.00M | -397.00M | -454.00M | 2.65B |
Gray Television Technical Analysis
Positive
5.69
Price Trends
4.81
Positive
4.72
Positive
4.87
Positive
Market Momentum
0.17
Negative
71.30
Negative
96.48
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GTN, the sentiment is Positive. The current price of 5.69 is above the 20-day moving average (MA) of 4.79, above the 50-day MA of 4.81, and above the 200-day MA of 4.87, indicating a bullish trend. The MACD of 0.17 indicates Negative momentum. The RSI at 71.30 is Negative, neither overbought nor oversold. The STOCH value of 96.48 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for GTN.
Gray Television Risk Analysis
Gray Television disclosed 28 risk factors in its most recent earnings report. Gray Television reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Gray Television Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
58 Neutral | $75.06M | -8.92 | -6.46% | 8.81% | -0.77% | -93.46% | |
55 Neutral | $317.27M | -3.82 | -98.27% | 6.56% | -45.95% | -75.87% | |
53 Neutral | $640.44M | -5.52 | -3.00% | 6.45% | -3.32% | -69.63% | |
52 Neutral | $439.68M | -3.48 | 1.81% | ― | -3.27% | 86.01% | |
50 Neutral | $24.78M | -0.05 | -5.86% | ― | -7.78% | -369.53% |
* Communication Services Sector Average
GTN
Gray Television
5.69
2.56
82.02%
BBGI
Beasley Broadcast Group
13.72
8.38
156.93%
SSP
E. W. Scripps Company Class A
4.81
2.69
126.89%
EVC
Entravision
3.45
1.71
98.16%
SGA
Saga Communications
11.80
1.46
14.07%
Gray Television Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Gray Television Amends Credit Facility, Plans Term Loan Repayment
Positive
Apr 1, 2026
On March 31, 2026, Gray Media entered into a sixth amendment to its Fifth Amended and Restated Credit Agreement, fully amending and restating its Senior Credit Facility without changing the size of its revolving commitments, term loan principal am...
Business Operations and StrategyRegulatory Filings and Compliance
Gray Television Launches New Investor Outreach and Transparency Effort
Positive
Feb 26, 2026
Beginning on February 26, 2026, Gray Media, Inc. plans to hold periodic meetings and presentations with prospective investors, underscoring its ongoing effort to engage the capital markets and communicate its strategy. The company has prepared a s...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.