GTN-A Communication Services

Gray Media, Inc.

$7.05-29.43%

Price as of close on Nov 3, 2026 · Financials updated Oct 9, 2026

Basics

Sector: Communication Services
Industry: Broadcasting
Country: United States
Market cap: 726.0M USD
Enterprise value: 6.2B USD
Full-time employees: 9,165

Overall health

Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.03 vs a peer median of 0.65), less short-term liquidity (current ratio 0.95 vs a peer median of 1.38) and more debt relative to equity (2.73× vs a peer median of 0.37×)higher risk: bigger price swings (beta 1.03 vs peers 0.65), less liquidity (current ratio 0.95 vs peers 1.38) and more debt vs equity (2.73× vs peers 0.37×)
About average: profitability and valuation

Ranks #381 of 454 communication services companies (bottom 17%)

See how it ranks against its peers

Worth knowing

Earnings slid into a loss. Loss per share this year after a profit last year.
Gray Media made a loss per share in its latest year after a profit the year before.
Valuation signals disagree. Cheaper than 83% of peers on free cash flow, but only 0% on earnings.
Relative to its free cash flow, Gray Media looks cheaper than 83% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.
Profit below an unusually strong 2022. Since 2022 (an unusually strong year for operating profit): revenue −16%, operating profit −60%.Since 2022: revenue −16%, operating profit −60%.
Since 2022, Gray Media's revenue changed −16% while operating profit fell 60%: costs rose faster than sales.
Loss over 12 months, profit last quarter. Lost money in the 12 months to June 2026, but made a $14M profit in the quarter to June 2026.
Gray Media reported a net loss over the last twelve months, but its most recent quarter was profitable ($14M). One quarter isn't a trend, but it's closer to profitability than the 12-month figure suggests.

StockQuotient Score

31/ 100

Oct 5 33 → Nov 4 31 (-2)

Valuation

Is the price right?

56/100

Moderate▼ 3 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 59 → 56

Share price +16.5%-5
Company's reported figures updated+3
Peer companies moved-1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Mixed versus peers:

▲ FCF yield
▲ EBITDA yield
▼ Earnings yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield-3.7%

SEC filings · 12 months to Jun 2026Negative (a loss or cash outflow), so it counts as zero whatever the share price30% base weight · Z-score -1.00Sector median: 0.0294 · MAD: 0.0294

EBITDA yield10.6%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score 0.31Sector median: 0.0857 · MAD: 0.0649

Free cash flow yield20.7%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 2.24Sector median: 0.0740 · MAD: 0.0593

Other data (not scored)

Book yield301.8%

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.4780 · MAD: 0.3375

Growth

Is it growing?

11/100

Weak▲ 1 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 2.2%

Why it changed since the Oct 27, 2026 close: Score 10 → 11

Peer companies moved+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Weaker than most peers on:

▼ EPS growth
▼ Revenue growth
▼ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Earnings per share turned from a profit to a loss33% base weight · Z-score -2.15Sector median: 0.0878 · MAD: 0.3126

3-year revenue growth-4.3%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score -1.08Sector median: 0.0303 · MAD: 0.0683

Revenue growth-11.3%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -1.98Sector median: 0.0299 · MAD: 0.0720

Profitability

Does it earn well?

44/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Mixed versus peers:

▲ Operating margin
▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin13.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.71Sector median: 0.0818 · MAD: 0.0789

Return on assets-0.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.93Sector median: 0.0272 · MAD: 0.0318

Return on invested capital4.4%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.22Sector median: 0.0598 · MAD: 0.0706

Other data (not scored)

Gross margin26.0%

Yahoo Finance fallback · SEC figure unavailable or out of date · trailing 12 monthsReported valueInformational · 0% composite weightSector median: 0.4656 · MAD: 0.1827

Return on equity-1.2%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0529 · MAD: 0.1007

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Debt / equity
▼ Beta
▼ Current ratio

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta1.03

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -1.30Sector median: 0.6525 · MAD: 0.2880

Current ratio0.95×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.62Sector median: 1.3848 · MAD: 0.6948

Debt / equity2.73×

SEC filings · latest balance sheetReported value33% base weight · Z-score -7.07Sector median: 0.3697 · MAD: 0.3335

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Gray Media

Is Gray Media getting weaker?: Its latest SEC filing (Aug 7, 2026) showed no major changes. Its overall score is unchanged at 31/100 since Oct 28, 2026.
How is Gray Media valued vs its peers?: Priced about in line with its peers. Valuation scores 56/100 against 512 communication services peers. Free cash flow yield 20.7% vs a peer median of 7.4% (stronger than 83% of peers).Free cash flow yield 20.7% vs peers 7.4% (stronger than 83% of peers). Earnings yield -3.7% vs a peer median of 2.9% (weaker than 100% of peers).Earnings yield -3.7% vs peers 2.9% (weaker than 100% of peers).
Is Gray Media growing?: More slowly than most of its peers. Growth scores 11/100 against 512 communication services peers. Revenue growth -11.3% vs a peer median of 3.0% (weaker than 89% of peers).Revenue growth -11.3% vs peers 3.0% (weaker than 89% of peers).
How profitable is Gray Media?: About as profitable as its peers. Profitability scores 44/100 against 512 communication services peers. Operating margin 13.8% vs a peer median of 8.2% (stronger than 66% of peers).Operating margin 13.8% vs peers 8.2% (stronger than 66% of peers). Return on assets -0.2% vs a peer median of 2.7% (weaker than 74% of peers).Return on assets -0.2% vs peers 2.7% (weaker than 74% of peers).
How risky is Gray Media?: Higher risk relative to 512 communication services peers, judged on debt, liquidity and share-price swings. Debt / equity 2.73× vs a peer median of 0.37× (weaker than 87% of peers).Debt / equity 2.73× vs peers 0.37× (weaker than 87% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 7, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	3.1B USD	3.1B USD	+2.2%
Net income (12 months)	−96.0M USD	−26.0M USD	−72.9%
Operating margin	12.4%	13.8%	+1.5 pts
Free cash flow (12 months)	46.0M USD	146.0M USD	+217.4%
Debt	5.7B USD	5.8B USD	+1.1%
Cash	259.0M USD	176.0M USD	−32.0%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Communication Services · 67 companies

Valuations in Communication Services are within their usual range since 2016.

46% of months since 2016 were valued lower than now.
22% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +13% and earnings +11% (medians): earnings grew faster than prices.
Median price-to-sales is −6% vs the whole market, against a usual −7%.

2016Shaded: most expensive fifth of its range2026

Shown for Communication Services: too few Broadcasting companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Operating margin	15.8%	26.9%	11.7%	23.4%	12.7%	▼ 11 pts
Net margin	3.7%	12.4%	-2.3%	10.3%	-2.7%	▼ 13 pts
Return on assets (ROA)	0.8%	4.1%	-0.7%	3.6%	-0.8%	▼ 4.4 pts
Return on equity (ROE)	5.1%	21.5%	-3.9%	16.4%	-3.9%	▼ 20 pts
Free cash flow margin	3.9%	10.7%	9.1%	16.7%	5.8%	▼ 11 pts
Current ratio	2.51×	2.10×	1.18×	1.03×	1.27×	▲ 24%
Debt to equity	3.87×	3.07×	3.15×	2.46×	2.67×	▲ 8.3%
Interest coverage	1.86×	2.80×	0.87×	1.75×	0.83×	▼ 53%

GTN-A price history

Price history is added with the daily price update and will appear after the next one.

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Sector leaderboards

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Bringing the fundamentals into focus…

Overall health

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 1.03 vs a peer median of 0.65), less short-term liquidity (current ratio 0.95 vs a peer median of 1.38) and more debt relative to equity (2.73× vs a peer median of 0.37×)higher risk: bigger price swings (beta 1.03 vs peers 0.65), less liquidity (current ratio 0.95 vs peers 1.38) and more debt vs equity (2.73× vs peers 0.37×)

About average: profitability and valuation

Ranks #381 of 454 communication services companies (bottom 17%)

See how it ranks against its peers

Worth knowing

Earnings slid into a loss. Loss per share this year after a profit last year.

Gray Media made a loss per share in its latest year after a profit the year before.

Valuation signals disagree. Cheaper than 83% of peers on free cash flow, but only 0% on earnings.

Relative to its free cash flow, Gray Media looks cheaper than 83% of peers; relative to its earnings, cheaper than only 0%. The valuation score blends the two, so look at which measure fits this business best.

Profit below an unusually strong 2022. Since 2022 (an unusually strong year for operating profit): revenue −16%, operating profit −60%.Since 2022: revenue −16%, operating profit −60%.

Since 2022, Gray Media's revenue changed −16% while operating profit fell 60%: costs rose faster than sales.

Loss over 12 months, profit last quarter. Lost money in the 12 months to June 2026, but made a $14M profit in the quarter to June 2026.

Gray Media reported a net loss over the last twelve months, but its most recent quarter was profitable ($14M). One quarter isn't a trend, but it's closer to profitability than the 12-month figure suggests.

Questions investors ask about Gray Media

Is Gray Media getting weaker?

Its latest SEC filing (Aug 7, 2026) showed no major changes. Its overall score is unchanged at 31/100 since Oct 28, 2026.

How is Gray Media valued vs its peers?

Priced about in line with its peers. Valuation scores 56/100 against 512 communication services peers. Free cash flow yield 20.7% vs a peer median of 7.4% (stronger than 83% of peers).Free cash flow yield 20.7% vs peers 7.4% (stronger than 83% of peers). Earnings yield -3.7% vs a peer median of 2.9% (weaker than 100% of peers).Earnings yield -3.7% vs peers 2.9% (weaker than 100% of peers).

Is Gray Media growing?

More slowly than most of its peers. Growth scores 11/100 against 512 communication services peers. Revenue growth -11.3% vs a peer median of 3.0% (weaker than 89% of peers).Revenue growth -11.3% vs peers 3.0% (weaker than 89% of peers).

How profitable is Gray Media?

About as profitable as its peers. Profitability scores 44/100 against 512 communication services peers. Operating margin 13.8% vs a peer median of 8.2% (stronger than 66% of peers).Operating margin 13.8% vs peers 8.2% (stronger than 66% of peers). Return on assets -0.2% vs a peer median of 2.7% (weaker than 74% of peers).Return on assets -0.2% vs peers 2.7% (weaker than 74% of peers).

How risky is Gray Media?

Higher risk relative to 512 communication services peers, judged on debt, liquidity and share-price swings. Debt / equity 2.73× vs a peer median of 0.37× (weaker than 87% of peers).Debt / equity 2.73× vs peers 0.37× (weaker than 87% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

3.1B USD

3.1B USD

+2.2%

Net income (12 months)

−96.0M USD

−26.0M USD

−72.9%

Operating margin

12.4%

13.8%

+1.5 pts

Free cash flow (12 months)

46.0M USD

146.0M USD

+217.4%

Debt

5.7B USD

5.8B USD

+1.1%

Cash

259.0M USD

176.0M USD

−32.0%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Operating margin

15.8%

26.9%

11.7%

23.4%

12.7%

▼ 11 pts

Net margin

3.7%

12.4%

-2.3%

10.3%

-2.7%

▼ 13 pts

Return on assets (ROA)

0.8%

4.1%

-0.7%

3.6%

-0.8%

▼ 4.4 pts

Return on equity (ROE)

5.1%

21.5%

-3.9%

16.4%

-3.9%

▼ 20 pts

Free cash flow margin

3.9%

10.7%

9.1%

16.7%

5.8%

▼ 11 pts

Current ratio

2.51×

2.10×

1.18×

1.03×

1.27×

▲ 24%

Debt to equity

3.87×

3.07×

3.15×

2.46×

2.67×

▲ 8.3%

Interest coverage

1.86×

2.80×

0.87×

1.75×

0.83×

▼ 53%