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TEGNA (TGNA)
NYSE:TGNA
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TEGNA
(NYSE:TGNA)
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Rating:62Neutral
Price Target:
$20.50
▲(4.33% Upside)
TEGNA's overall stock score reflects a combination of mixed financial performance, bearish technical indicators, and attractive valuation. The company's financial stability and low P/E ratio are positive factors, but challenges in revenue growth and legal issues related to the merger weigh on the score. The earnings call provided a balanced view of achievements and challenges, with significant revenue declines expected in the near term.
TEGNA (TGNA) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.17B
Dividend Yield2.54%
Average Volume (3M)1.53M
Price to Earnings (P/E)9.3
Beta (1Y)0.61
Revenue Growth-2.73%
EPS Growth-25.06%
CountryUS
Employees5,900
SectorN/A
Sector StrengthN/A
IndustryBroadcasting
Share Statistics
EPS (TTM)0.33
Shares Outstanding161,056,800
10 Day Avg. Volume1,295,949
30 Day Avg. Volume1,534,444
Financial Highlights & Ratios
PEG Ratio0.09
Price to Book (P/B)1.03
Price to Sales (P/S)0.99
P/FCF Ratio4.87
Enterprise Value/Market Cap1.79
Enterprise Value/Revenue1.97
Enterprise Value/Gross Profit5.00
Enterprise Value/Ebitda8.00
Forecast
1Y Price Target
$22.00Price Target Upside11.96% Upside
Rating ConsensusHold
Number of Analyst Covering2
EPS Forecast (FY)1.55
Revenue Forecast (FY)$2.71B
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:Mar 02, 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
Income Statement
65
Positive
Balance Sheet
70
Positive
Cash Flow
60
Neutral
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TEGNA Technical Analysis
Positive
19.65
Price Trends
19.68
Negative
19.69
Negative
18.19
Positive
Market Momentum
-0.03
Negative
53.26
Neutral
78.24
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 19.65 is above the 20-day moving average (MA) of 19.48, below the 50-day MA of 19.68, and above the 200-day MA of 18.19, indicating a neutral trend. The MACD of -0.03 indicates Negative momentum. The RSI at 53.26 is Neutral, neither overbought nor oversold. The STOCH value of 78.24 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TGNA.
TEGNA Peers Comparison
UnderperformOutperform
Sector (―)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| ― | ― | ― | ― | ― | ― | ― | |
68 Neutral | $566.29M | 12.58 | 3.36% | 6.32% | -3.32% | -69.63% | |
64 Neutral | $416.48M | -10.40 | 1.81% | ― | -3.27% | 86.01% | |
62 Neutral | $3.17B | 9.29 | 11.50% | 2.54% | -2.73% | -25.06% | |
52 Neutral | $617.31M | -1.65 | ― | ― | 1.39% | 61.75% | |
52 Neutral | $918.50M | 7.36 | 38.60% | ― | 1.70% | ― | |
40 Underperform | $1.25B | ― | ― | ― | ― | ― |
* Sector Average
TGNA
TEGNA
19.65
2.62
15.38%
SSP
E. W. Scripps Company Class A
4.69
2.73
139.29%
GTN
Gray Television
5.06
2.01
65.90%
IHRT
iHeartMedia
4.28
2.26
111.88%
FUBO
fuboTV
2.64
1.24
88.57%
NMAX
Newsmax Inc. Class B
9.11
-223.89
-96.09%
TEGNA Corporate Events
Delistings and Listing ChangesM&A TransactionsShareholder Meetings
TEGNA Shareholders Approve Merger with Nexstar
Neutral
Nov 21, 2025
On November 18, 2025, TEGNA Inc. held a special meeting where shareholders approved a merger agreement with Nexstar Media Group, Inc., with approximately 98% of the voting shares in favor. The merger, expected to close by the second half of 2026, will result in TEGNA becoming a subsidiary of Nexstar, and its shares will cease trading on the New York Stock Exchange, pending regulatory approvals and customary closing conditions.
M&A TransactionsLegal Proceedings
TEGNA Faces Legal Challenges Over Merger Disclosure
Negative
Nov 10, 2025
On August 18, 2025, TEGNA Inc. entered into a merger agreement with Nexstar Media Group, where TEGNA will become a wholly owned subsidiary of Nexstar. Following this announcement, TEGNA faced legal challenges from stockholders alleging misleading information in the merger proxy statements. To address these claims and avoid delays, TEGNA has decided to make supplemental disclosures, although it maintains that the claims are without merit.
M&A TransactionsRegulatory Filings and Compliance
TEGNA Merger with Nexstar Faces DOJ Review
Neutral
Oct 31, 2025
On August 18, 2025, TEGNA Inc. entered into a Merger Agreement with Nexstar Media Group, where TEGNA will become a wholly owned subsidiary of Nexstar. The merger is under review by the U.S. Department of Justice, which issued a Second Request for additional information on October 30, 2025, extending the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. The merger is expected to be completed by the second half of 2026, pending regulatory approvals and satisfaction of closing conditions.
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.