TEGNA Inc. (TGNA)
NYSE:TGNA
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TEGNA
(NYSE:TGNA)
Select Model
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Rating:56Neutral
Price Target:
$20.50
▲(2.35% Upside)
Action:ReiteratedDate:03/21/26
The score is held back primarily by weakening financial performance (lower revenue, compressed margins, and reduced earnings/cash flow) and a softer near-term technical picture. These are partly offset by a reasonable valuation and the completed acquisition/delisting event, which improves deal certainty but limits relevance as a standalone stock.
Positive Factors
Improving leverage
Lower leverage materially improves financial flexibility for a capital-intensive broadcaster. A reduced debt-to-equity ratio lowers interest burden and increases capacity to fund digital investments, retransmission negotiations, or dividend/capex needs, supporting durability through ad cycles.
Negative Factors
Revenue and margin decline
Sharp margin compression and declining revenue indicate weakened pricing power and/or rising costs in core advertising and distribution businesses. Reduced profitability undermines ROE and free cash flow sustainability, limiting the company's ability to reinvest and maintain long-term earnings resilience.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving leverage
Lower leverage materially improves financial flexibility for a capital-intensive broadcaster. A reduced debt-to-equity ratio lowers interest burden and increases capacity to fund digital investments, retransmission negotiations, or dividend/capex needs, supporting durability through ad cycles.
Read all positive factors
TEGNA (TGNA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.24B
Dividend Yield2.58%
Average Volume (3M)N/A
Price to Earnings (P/E)14.3
Beta (1Y)0.64
Revenue Growth-2.73%
EPS Growth-25.06%
CountryUS
EmployeesN/A
SectorCommunication Services
Sector Strength97
IndustryN/A
Share Statistics
EPS (TTM)0.50
Shares Outstanding161,907,710
10 Day Avg. VolumeN/A
30 Day Avg. VolumeN/A
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 Cap1.89
Enterprise Value/Revenue2.26
Enterprise Value/Gross Profit6.25
Enterprise Value/Ebitda11.03
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)3.07
Revenue Forecast (FY)$3.03B
TEGNA Business Overview & Revenue Model
How the Company Makes Money
TEGNA primarily makes money from its local television station operations through two major revenue streams: (1) advertising and (2) retransmission/subscriber-related fees. Advertising revenue includes the sale of commercial spots to local and nati...
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.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.
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).
Read all updates
Q2-2025 Updates
Positive
Negative
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.
Read all positive updates
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
Income Statement
54
Neutral
Balance Sheet
48
Neutral
Cash Flow
50
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.71B | 3.10B | 2.91B | 3.28B | 2.99B |
| Gross Profit | 981.15M | 1.35B | 1.19B | 1.59B | 1.39B |
| EBITDA | 544.18M | 1.06B | 892.69M | 1.13B | 927.18M |
| Net Income | 219.86M | 599.82M | 476.72M | 630.47M | 477.00M |
Balance Sheet | |||||
| Total Assets | 6.87B | 7.33B | 7.00B | 7.33B | 6.92B |
| Cash, Cash Equivalents and Short-Term Investments | -291.24M | 693.21M | 361.04M | 551.68M | 56.99M |
| Total Debt | 2.60B | 3.14B | 3.16B | 3.16B | 3.32B |
| Total Liabilities | 3.72B | 4.30B | 4.28B | 4.24B | 4.38B |
| Stockholders Equity | 3.16B | 3.00B | 2.70B | 3.07B | 2.52B |
Cash Flow | |||||
| Free Cash Flow | 282.56M | 632.53M | 532.55M | 760.82M | 438.54M |
| Operating Cash Flow | 326.00M | 684.97M | 587.25M | 812.15M | 501.61M |
| Investing Cash Flow | -44.97M | 31.77M | -27.99M | -51.23M | -69.26M |
| Financing Cash Flow | -683.00M | -384.56M | -749.90M | -266.23M | -416.33M |
TEGNA Technical Analysis
Neutral
20.03
Price Trends
19.85
Positive
19.64
Positive
19.06
Positive
Market Momentum
0.05
Positive
41.44
Neutral
21.09
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TGNA, the sentiment is Neutral. The current price of 20.03 is below the 20-day moving average (MA) of 20.61, above the 50-day MA of 19.85, and above the 200-day MA of 19.06, indicating a neutral trend. The MACD of 0.05 indicates Positive momentum. The RSI at 41.44 is Neutral, neither overbought nor oversold. The STOCH value of 21.09 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TGNA.
TEGNA Risk Analysis
TEGNA disclosed 35 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 |
|---|---|---|---|---|---|---|---|
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
58 Neutral | $564.04M | -5.52 | -3.00% | 6.45% | -3.32% | -69.63% | |
56 Neutral | $3.24B | 14.25 | 7.06% | 2.58% | -2.73% | -25.06% | |
52 Neutral | $322.28M | -3.48 | 1.81% | ― | -3.27% | 86.01% | |
49 Neutral | $1.05B | ― | 41.79% | ― | 1.70% | ― | |
48 Neutral | $399.71M | -1.37 | 27.00% | ― | 1.39% | 61.75% | |
46 Neutral | $772.19M | ― | -110.04% | ― | ― | ― |
* Communication Services Sector Average
TGNA
TEGNA
20.03
2.21
12.43%
SSP
E. W. Scripps Company Class A
3.62
0.32
9.70%
GTN
Gray Television
4.64
0.51
12.43%
IHRT
iHeartMedia
2.84
1.08
61.36%
FUBO
fuboTV
9.66
-26.58
-73.34%
NMAX
Newsmax Inc. Class B
5.98
-227.02
-97.43%
TEGNA Corporate Events
Business Operations and StrategyExecutive/Board ChangesDelistings and Listing ChangesM&A TransactionsRegulatory Filings and Compliance
Nexstar Finalizes Acquisition and Delisting of TEGNA Shares
Positive
Mar 20, 2026
On March 19, 2026, Nexstar completed its acquisition of TEGNA, converting each outstanding share of TEGNA common stock into the right to receive $22.00 in cash and canceling those shares, which will be delisted from the New York Stock Exchange and...
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.