TEGNA (TGNA) AI Stock Analysis

• Market Cap: $3.39B
• Dividend Yield: 2.38%
• Average Volume (3M): 4.60M
• Price to Earnings (P/E): 7.6
• Beta (1Y): 0.75
• Revenue Growth: 5.89%
• EPS Growth: 14.89%
• Country: US
• Employees: 5,900
• Sector: Communication Services
• Sector Strength: 97
• Industry: Broadcasting
• EPS (TTM): 0.44
• Shares Outstanding: 161,021,330
• 10 Day Avg. Volume: 2,774,694
• 30 Day Avg. Volume: 4,599,304
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 1.50
• Enterprise Value/Revenue: 1.68
• Enterprise Value/Gross Profit: 4.00
• Enterprise Value/Ebitda: 5.96
• 1Y Price Target: $21.50
• Price Target Upside: 2.19% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 4

• Rating: 73 Outperform
• Price Target: $23.50 ▲(11.69% Upside)

TEGNA's overall stock score reflects a stable financial foundation and strong technical momentum. The merger agreement with Nexstar Media is a significant positive, but challenges in revenue and cash flow growth, along with a challenging advertising market, temper the outlook.

Positive Factors

Merger Agreement with Nexstar

The merger with Nexstar is expected to enhance operational and geographic diversity, driving increased profitability and returns, which is a significant structural change for TEGNA.

Strong Digital Growth

Consistent digital growth indicates successful strategy execution and positions TEGNA well in the evolving media landscape, enhancing long-term revenue potential.

Operational Cost Efficiency

Effective cost-cutting initiatives enhance profitability and operational efficiency, providing a stronger financial foundation for future growth.

Negative Factors

Revenue Decline

Declining revenue, primarily due to lower political advertising, poses a risk to TEGNA's financial stability and growth prospects if not addressed.

Challenging Advertising Market

A challenging advertising market, exacerbated by cyclical factors, threatens TEGNA's core revenue streams, impacting long-term financial performance.

Flat Distribution Revenue

Flat distribution revenue, due to subscriber declines, indicates challenges in maintaining growth in a key revenue segment, affecting future earnings potential.

TEGNA Business Overview & Revenue Model

Company Description

TEGNA 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 Money

TEGNA generates revenue primarily through advertising sales, which account for a significant portion of its earnings. Local and national advertisers purchase airtime on its television stations to reach specific demographics, contributing to the company's advertising revenue. Additionally, TEGNA earns money through retransmission consent fees, where cable and satellite providers pay to carry the company's broadcast signals. The company also generates revenue from its digital platforms, including its websites and mobile applications, which attract both advertising and subscription-based revenue. Partnerships with various content providers and technology companies further enhance TEGNA's revenue streams, enabling it to expand its reach and innovate in content delivery.

TEGNA Financial Statement Overview

Summary

TEGNA's financial performance is stable with strong profitability and operational efficiency. However, declining revenue and free cash flow growth rates are concerns that could impact future performance.

Income Statement

TEGNA's income statement shows a mixed performance. The company has maintained a healthy gross profit margin and net profit margin, indicating good cost management and profitability. However, the revenue growth rate has been negative in recent periods, which is a concern. The EBIT and EBITDA margins remain strong, suggesting operational efficiency, but the declining revenue trend could pose risks if not addressed.

Balance Sheet

The balance sheet reflects a stable financial position with a manageable debt-to-equity ratio, indicating balanced leverage. The return on equity is solid, showcasing effective use of equity to generate profits. However, the equity ratio suggests moderate reliance on debt financing, which could be a risk if market conditions change unfavorably.

Cash Flow

Cash flow analysis reveals some challenges. The free cash flow growth rate has been negative recently, which could impact future investments and debt servicing. The operating cash flow to net income ratio is reasonable, indicating decent cash generation from operations. However, the declining free cash flow growth is a concern that needs monitoring.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	3.03B	3.10B	2.91B	3.28B	2.99B	2.94B
Gross Profit	1.28B	1.35B	1.19B	1.59B	1.39B	1.43B
EBITDA	855.27M	1.06B	892.69M	1.13B	940.57M	1.00B
Net Income	453.15M	599.82M	476.72M	629.91M	477.00M	481.83M
Balance Sheet
Total Assets	7.31B	7.33B	7.00B	7.33B	6.92B	6.85B
Cash, Cash Equivalents and Short-Term Investments	756.54M	693.21M	361.04M	551.68M	56.99M	40.97M
Total Debt	3.13B	3.14B	3.16B	3.15B	3.32B	3.65B
Total Liabilities	4.21B	4.30B	4.28B	4.24B	4.38B	4.78B
Stockholders Equity	3.09B	3.00B	2.70B	3.07B	2.52B	2.06B
Cash Flow
Free Cash Flow	567.97M	632.53M	532.55M	760.82M	438.54M	759.64M
Operating Cash Flow	619.30M	684.97M	587.25M	812.15M	501.61M	805.14M
Investing Cash Flow	-54.13M	31.77M	-27.99M	-51.23M	-69.26M	-59.52M
Financing Cash Flow	-254.35M	-384.56M	-749.90M	-266.23M	-416.33M	-734.05M

TEGNA Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 21.04
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: 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 21.04 is above the 20-day moving average (MA) of 21.02, above the 50-day MA of 19.04, and above the 200-day MA of 17.67, indicating a bullish trend. The MACD of 0.49 indicates Positive momentum. The RSI at 66.38 is Neutral, neither overbought nor oversold. The STOCH value of 62.50 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TGNA.

TEGNA Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TGNA	73 Outperform	$3.39B	7.57	15.43%	2.38%	5.89%	14.89%
GTN	66 Neutral	607.23M	3.66	7.06%	5.80%	7.03%	1727.49%
SSP	62 Neutral	253.52M	5.90	8.04%	―	5.25%	0.00%
IHRT	58 Neutral	413.19M	-1.24	21.64%	―	3.18%	62.89%
FUBO	52 Neutral	1.49B	17.40	21.74%	―	6.65%	0.00%
NMAX	48 Neutral	1.66B	―	796.00%	―	0.00%	0.00%
Sector *	60 Neutral	$48.67B	4.58	-11.27%	4.14%	2.83%	-41.78%

TEGNA Corporate Events

TEGNA Alters By-laws, Adjusts Director Retirement Age

On August 26, 2025, TEGNA Inc.’s Board of Directors approved amendments to the company’s By-laws, which are effective immediately. The changes eliminate the mandatory retirement age of seventy-three for both Non-Executive Directors and those who have served as CEO. Instead, directors reaching the age of seventy-five must offer to resign, with the Governance Committee advising the Board on whether to accept or reject the resignation. If rejected, directors must continue to offer their resignation annually.

TEGNA Enters Merger Agreement with Nexstar Media

On August 18, 2025, TEGNA Inc. entered into a merger agreement with Nexstar Media Group, where Nexstar will acquire all outstanding shares of TEGNA for $22.00 per share in a transaction valued at $6.2 billion. This merger is expected to enhance Nexstar’s position as a leading local media company, increase its operational and geographic diversity, and drive increased profitability and returns for its shareholders. The transaction, approved by TEGNA’s board, aims to preserve local journalism and strengthen the company’s ability to compete with larger media and tech companies. The merger is subject to customary closing conditions, including regulatory and shareholder approvals, and is expected to close by the second half of 2026.