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TEGNA Inc. (TGNA)
NYSE:TGNA
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TEGNA
(NYSE:TGNA)
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Rating:63Neutral
Price Target:
$22.00
▲(5.01% Upside)
Action:ReiteratedDate:03/03/26
The score is held back primarily by weakening financial performance (lower revenue, compressed margins, sharply reduced earnings and cash flow, and balance-sheet data uncertainty). Offsetting this, technicals are constructive with strong trend support and positive momentum, and valuation is supportive with a low P/E and a moderate dividend yield.
Positive Factors
Nexstar acquisition progress
A pending Nexstar acquisition is a material, structural corporate event. If completed it would resolve strategic uncertainty, potentially deliver scale and distribution synergies, and provide a clear outcome for shareholders. Regulatory approval remains the gating factor for durable impact.
Digital distribution expansion
Rolling out apps in 50 markets strengthens local digital reach and audience engagement, supporting structural growth of digital ad and subscription revenues. Building direct mobile distribution enhances resilience versus linear TV ad declines and improves long-term monetization pathways.
Positive free cash flow generation
Sustained positive free cash flow provides durable financial flexibility to fund operations, dividends, or strategic investments. Even with declines, FCF near reported levels supports capital allocation and deleveraging options over the 2–6 month horizon if cash trends stabilize.
Negative Factors
Declining revenue and compressed margins
Material revenue decline and margin compression signal weaker pricing power or higher costs. Lower profitability reduces internal reinvestment capacity and long-term return on equity, making it harder to sustain investments in content, technology, or local newsrooms that underpin competitive position.
Weaker operating cash flow and cash efficiency
A sharp drop in operating cash flow and reduced cash coverage of net income materially weakens financial flexibility. Persistent OCF weakness raises exposure to working-capital swings, limits capital allocation choices, and increases reliance on external financing for investments or dividends.
Balance-sheet data anomaly and uncertainty
An anomalous negative total-assets figure undermines confidence in balance-sheet metrics and leverage assessment. This data-quality issue complicates credit and solvency analysis, raising structural uncertainty about true liquidity and covenant headroom for stakeholders and lenders.
TEGNA (TGNA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.36B
Dividend Yield2.58%
Average Volume (3M)1.57M
Price to Earnings (P/E)9.9
Beta (1Y)0.62
Revenue Growth-2.73%
EPS Growth-25.06%
CountryUS
Employees5,900
SectorCommunication Services
Sector Strength97
IndustryBroadcasting
Share Statistics
EPS (TTM)0.50
Shares Outstanding161,056,800
10 Day Avg. Volume1,379,714
30 Day Avg. Volume1,568,747
Financial Highlights & Ratios
PEG Ratio-0.23
Price to Book (P/B)0.99
Price to Sales (P/S)1.16
P/FCF Ratio11.09
Enterprise Value/Market Cap1.84
Enterprise Value/Revenue2.15
Enterprise Value/Gross Profit5.45
Enterprise Value/Ebitda8.72
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)3.03
Revenue Forecast (FY)$3.01B
TEGNA Business Overview & Revenue Model
Company DescriptionTEGNA Inc. operates as a media company in the United States. The company operates television stations that deliver television programming and digital content. It offers news content to consumers across various platforms, including online, mobile, and social platforms; owns and operates multicast networks under the names True Crime Network, Quest, and Twist that offer on-demand episodes of shows; and operates VAULT Studios, which provides true crime and investigative content in the form of podcasts and original television programs. The company also provides solutions for advertisers through TEGNA Marketing Solutions (TMS). TMS delivers results for advertisers across television and digital platforms, as well as over-the-top (OTT) platforms, including Premion OTT advertising network. As of February 28, 2022, it operated 64 television stations in 51 markets. The company was formerly known as Gannett Co., Inc. and changed its name to TEGNA Inc. in June 2015. TEGNA Inc. was founded in 1906 and is headquartered in Tysons, Virginia.
How the Company Makes MoneyTEGNA generates revenue through several key streams: advertising sales, which comprise a significant portion of its earnings as local businesses utilize TEGNA's television stations to reach targeted audiences; retransmission consent fees paid by cable and satellite providers for the right to carry TEGNA's broadcast signals; and digital revenue from its online platforms, which includes digital advertising and subscription services. Additionally, TEGNA benefits from partnerships with various content providers and advertisers, enhancing its revenue from both traditional and digital media channels.
TEGNA Earnings Call Summary
Earnings Call Date:Aug 07, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:May 11, 2026
Earnings Call Sentiment Neutral
The earnings call presented a mix of achievements and challenges. While TEGNA showcased strong digital growth, cost efficiency, and favorable regulatory changes, these positives were counterbalanced by revenue declines, changes in reseller partnerships impacting AMS revenue, and flat distribution revenue. The expectations for Q3 also indicate significant challenges in the advertising market.Q2-2025 Updates
Positive Updates
Operational Cost Efficiency
TEGNA achieved an 80% completion rate towards its target of $90 million to $100 million in annualized core non-programming savings by the end of 2025. They reported a 3% year-over-year decrease in non-GAAP expenses, driven by operational cost-cutting initiatives, primarily in compensation and outside services.
Strong Digital Growth
TEGNA reported strong double-digit growth year-over-year in its owned and operated digital products for the third consecutive quarter, highlighting the success of its digital strategy.
Positive Regulatory Developments
Significant progress is being made on the regulatory front, with the Eighth U.S. Circuit Court of Appeals vacating the FCC's top 4 prohibition rule. This development is seen as a step forward for TEGNA's strategic options in the broadcasting landscape.
Successful Capital Allocation
TEGNA remains committed to returning 40% to 60% of adjusted free cash flow to shareholders over 2024-2025. They executed a $250 million partial redemption of outstanding senior notes, which contributes to lowering interest expense guidance for 2025.
Negative Updates
Revenue Decline
Total company revenue for Q2 decreased by 5% year-over-year to $675 million, primarily due to lower political advertising revenue and softer advertising and marketing services (AMS).
Adverse Impact from Premion Changes
The exit of Gray Media from its equity position as a reseller partner of Premion resulted in a 200 basis points negative impact on AMS revenue comparisons, affecting both Q2 and future quarters.
Flat Distribution Revenue
Distribution revenue remained flat year-over-year at $370 million, attributed to subscriber declines partially offset by contractual rate increases.
Challenging Advertising Market
TEGNA expects a significant 18% to 20% decline in total company revenue year-over-year for Q3, impacted by cyclical factors such as the absence of political and Summer Olympic advertising and continued macroeconomic headwinds.
Company Guidance
In the Q2 2025 Earnings Conference Call, TEGNA Inc. provided guidance for the third quarter and discussed their ongoing strategic initiatives. For Q3, TEGNA expects total company revenue to decline 18% to 20% year-over-year, primarily due to the absence of political and Summer Olympic advertising compared to the previous year. They also anticipate non-GAAP operating expenses to decline 2% to 3% year-over-year. TEGNA reaffirmed its adjusted free cash flow guidance of $900 million to $1.1 billion over the 2024-2025 period and lowered its full-year 2025 interest expense guidance to $160 million to $165 million after redeeming $250 million of senior notes. The company is focused on leveraging technology, automation, and AI to improve operations and cut costs, with a goal of achieving $90 million to $100 million in annualized core non-programming savings by the end of 2025.TEGNA Financial Statement Overview
Summary
Financials show clear near-term weakening: revenue fell (-5.7%), margins compressed, and net income dropped sharply ($220M vs. $600M). Cash flow remains positive but declined materially (operating cash flow ~$326M vs. ~$685M; free cash flow ~$283M), and cash efficiency weakened (operating cash flow ~0.76x net income). Leverage improved (debt-to-equity ~0.80), but ROE fell (~7% vs. ~20%) and an anomalous negative total assets figure increases balance-sheet uncertainty.Income Statement
Profitability remains positive, but performance weakened materially in the latest annual period. Revenue declined (-5.7%) and net profit margin fell to ~8.1% (from ~19.3% in 2024), with net income dropping sharply ($220M vs. $600M). Gross margin also compressed (to ~36.2% from ~43.4%), indicating reduced pricing power and/or higher costs. Earlier years show generally healthy margins, but the recent step-down raises concerns around earnings durability.54
Neutral
Balance Sheet
Leverage is meaningful for the business profile. Debt-to-equity improved to ~0.80 in the latest annual period (down from ~1.04 in 2024 and ~1.77 in 2020), which is a clear positive. However, returns on equity also cooled significantly (~7.0% vs. ~20.0% in 2024), reflecting the weaker earnings base. Total assets are reported as negative in the latest annual period, which is inconsistent with prior years and introduces data-quality/interpretation risk that limits confidence in balance-sheet strength.48
Neutral
Cash Flow
Cash generation remains positive but is trending down. Operating cash flow fell to ~$326M (from ~$685M in 2024) and free cash flow declined to ~$283M (down ~34% year over year). Cash conversion is still reasonable, with free cash flow running at ~87% of net income, but operating cash flow covered net income by only ~0.76x in the latest annual period (down from ~1.47x in 2024), suggesting weaker cash efficiency and/or working-capital headwinds.50
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.88B | 2.71B | 3.10B | 2.91B | 3.28B | 2.99B |
| Gross Profit | 1.13B | 981.15M | 1.35B | 1.19B | 1.59B | 1.39B |
| EBITDA | 708.82M | 442.97M | 1.06B | 892.69M | 1.13B | 927.18M |
| Net Income | 345.26M | 219.86M | 599.82M | 476.72M | 630.47M | 477.00M |
Balance Sheet | ||||||
| Total Assets | 6.81B | -291.24M | 7.33B | 7.00B | 7.33B | 6.92B |
| Cash, Cash Equivalents and Short-Term Investments | 232.78M | -291.24M | 693.21M | 361.04M | 551.68M | 56.99M |
| Total Debt | 2.59B | 2.54B | 3.14B | 3.16B | 3.16B | 3.32B |
| Total Liabilities | 3.69B | 3.72B | 4.30B | 4.28B | 4.24B | 4.38B |
| Stockholders Equity | 3.12B | 3.16B | 3.00B | 2.70B | 3.07B | 2.52B |
Cash Flow | ||||||
| Free Cash Flow | 429.42M | 282.56M | 632.53M | 532.55M | 760.82M | 438.54M |
| Operating Cash Flow | 468.38M | 326.00M | 684.97M | 587.25M | 812.15M | 501.61M |
| Investing Cash Flow | -42.05M | -44.97M | 31.77M | -27.99M | -51.23M | -69.26M |
| Financing Cash Flow | -729.81M | -683.00M | -384.56M | -749.90M | -266.23M | -416.33M |
TEGNA Technical Analysis
Positive
20.95
Price Trends
19.65
Positive
19.67
Positive
18.91
Positive
Market Momentum
0.44
Negative
67.29
Neutral
64.32
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TGNA, the sentiment is Positive. The current price of 20.95 is above the 20-day moving average (MA) of 20.41, above the 50-day MA of 19.65, and above the 200-day MA of 18.91, indicating a bullish trend. The MACD of 0.44 indicates Negative momentum. The RSI at 67.29 is Neutral, neither overbought nor oversold. The STOCH value of 64.32 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TGNA.
TEGNA Risk Analysis
TEGNA disclosed 30 risk factors in its most recent earnings report. TEGNA 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
TEGNA Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $3.36B | 9.89 | 11.50% | 2.58% | -2.73% | -25.06% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
58 Neutral | $587.27M | -3.73 | -2.96% | 6.45% | -3.32% | -69.63% | |
53 Neutral | $1.52B | 3.26 | ― | ― | 1.70% | ― | |
51 Neutral | $342.78M | -2.07 | 1.81% | ― | -3.27% | 86.01% | |
45 Neutral | $431.59M | -1.19 | ― | ― | 1.39% | 61.75% | |
40 Underperform | $835.47M | ― | ― | ― | ― | ― |
* Communication Services Sector Average
TGNA
TEGNA
20.86
4.03
23.92%
SSP
E. W. Scripps Company Class A
3.86
2.37
159.06%
GTN
Gray Television
5.27
1.97
59.50%
IHRT
iHeartMedia
3.10
1.53
97.45%
FUBO
fuboTV
1.17
-1.84
-61.13%
NMAX
Newsmax Inc. Class B
6.47
-226.53
-97.22%
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.