NYSE · GTN

Gray Media, Inc.

Communication Services · Broadcasting

$4.67▼ 2.00% ($0.10)today

As of 3:37 PM ET

52-week

$3.55$6.44

Market cap

$455.59M

P/E

-9.93

EPS (TTM)

-$0.26

Next earnings

Nov 6, 2026

No multiple

What the market price implies · Reverse DCF

To support a price of $4.67, this model requires revenue to grow by 1.35%/yr over the next 10 years, compounded annually.

Historical revenue grew by 6.42%/yr over the past 4 years. The required annual growth rate is 5.07 percentage points lower.

Selected forecast · Base scenario

1.09%/yr · actual 10-year annualized revenue growth

Year 1 growth: 1.45%

Market-implied · Base operating assumptions + edited margins

1.35%/yr · flat 10-year annualized revenue growth

Reverse DCF solves revenue growth itself using Base operating assumptions and your edited margins. Changing forecast growth alone does not change the implied rate. This is a model-implied requirement, not an analyst forecast.

Valuation

Recommended · Revenue & margin DCF

Price used

$4.67

Estimated value / share

$3.38

Base scenario

This estimate is 27.44% below the price used.

USD · TTM ending 2026-06-30

Latest quarterly growth differs materially from the latest annual pace. It remains an observed growth input; review whether acceleration or a change in the business explains it.

Year 1 growth 1.45% · Ending margin 13.82% · Discount rate 6.5%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 17, 2026, 7:37 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 17, 2026, 7:37 PM UTC · provider

Why this method?

FCFF is positive, but the series is too unstable to anchor a direct cash-flow CAGR and the business still fails the steady-state comparability checks. Use a revenue-and-margin transition model instead of normalizing and compounding current FCFF.

Is FCFF positive and has it been for 3+ consecutive years? 17 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 229.3%.

Do you have 5+ years of positive FCFF history? 17 consecutive positive FCFF years are available.

Is the business model structurally similar to what it should be in 10 years? Operating margin moved 15.3 percentage points across the last five years, above the 10.0-point stability threshold, so steady-state FCFF is not a reliable anchor yet.

Price vs Fundamentals

Why The Stock Is Moving

Likely fundamental deteriorationHigh confidence

1Y Price: -15.64%Revenue (TTM): -11.3%FCF (TTM): -79.38%P/FCF: 28th pct

What changed

The stock fell 15.64% over the last year. Revenue declined 11.3% over the trailing twelve months. Operating margin moved from 21.1% to 13.82%. Free cash flow declined 79.38% over the trailing twelve months.

What the market seems to be pricing

The market is reacting to weaker business momentum more than just compressing the valuation multiple. Even if the shares already screen cheap on P/FCF, investors are still discounting lower future earnings power.

What would invalidate this read

Operating margin stands at 13.82%. Revenue declined 11.3% — this read reverses if that trend stabilizes. Free cash flow fell 79.38% — a return toward positive territory would undermine the deterioration thesis. If margins and cash flow stabilize while the stock stays depressed, the gap shifts from fundamental damage toward pure multiple compression.

Performance

Return analysis

Company profile

Gray Media, Inc. is a leading television broadcasting entity that manages an extensive portfolio of TV stations and digital assets throughout the United States, reaching 113 distinct television markets.

CEOHilton Hatchett Howell Jr.

SectorCommunication Services

IndustryBroadcasting

Employees9,374

IPO dateAug 30, 2002

https://graymedia.com

Market multiples

Forward P/E—

EV/EBITDA9.89

Enterprise value$5.91B

Stock splits

Oct 1, 1998↑ Forward

Every 2 shares became 3

+50%

Profitability & growth

Revenue growth8.68%

Gross margin (FY2025)96.64%▲62.5ppvs FY2024

Operating margin (FY2025)12.67%▼10.7ppvs FY2024

ROE-0.94%▲2.0ppvs FY2025

Analyst consensus

RatingBuy

Target price$7.00▲50.05%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Nov 6, 2026

Q4 FY26 · EPS est $0.81 · Revenue est $951.9M

View

Dividends

$0.32/shareQuarterly7yr growth streakSafe

GTN pays a dividend with a 6.86% dividend yield, 7 consecutive years of growth, growing at 3.46% annually, covered 2.1× by free cash flow.

Dividend Yield

6.86%

Annual Div / Share

$0.32

5yr CAGR

+3.46%

Doubles every ~20.4yr

Payout Ratio

—

Safe

Dividend Growth Rate

3yr CAGR

+0%

5yr CAGR

+3.46%

10yr CAGR

+5.6%

Dividend Safety

10/10Safe

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2026$0.32+0.0%

2025$0.32+0.0%

2024$0.32+0.0%

2023$0.32+0.0%

2022$0.32+18.5%

2021$0.27+125.0%

2008$0.12+0.0%

Income Projection

Invest

USD

Growth rate:

Reinvest dividends

Today

$69/yr

$6/mo

In 5 yrs

$81/yr+19%

$7/mo

In 10 yrs

$96/yr+40%

$8/mo

Today	In 5 yrs	In 10 yrs
$69/yr $6/mo	$81/yr+19% $7/mo	$96/yr+40% $8/mo

Yield-on-cost grows from 6.86% → 9.64% over 10yr

Analysis

Dividend Strengths

Well-covered by free cash flow

The dividend is covered 2.1× by free cash flow, indicating the company generates sufficient cash to sustain and potentially grow the payout without straining its finances.

Risks to Watch

No strong risk signal stands out from the latest period pair.

NYSE · GTN

Gray Media, Inc.

Communication Services · Broadcasting

$4.67▼ 2.00% ($0.10)today

As of 3:37 PM ET

52-week

$3.55$6.44

Market cap

$455.59M

P/E

-9.93

EPS (TTM)

-$0.26

Next earnings

Nov 6, 2026

No multiple

What the market price implies · Reverse DCF

To support a price of $4.67, this model requires revenue to grow by 1.35%/yr over the next 10 years, compounded annually.

Historical revenue grew by 6.42%/yr over the past 4 years. The required annual growth rate is 5.07 percentage points lower.

Selected forecast · Base scenario

1.09%/yr · actual 10-year annualized revenue growth

Year 1 growth: 1.45%

Market-implied · Base operating assumptions + edited margins

1.35%/yr · flat 10-year annualized revenue growth

Valuation

Recommended · Revenue & margin DCF

Price used

$4.67

Estimated value / share

$3.38

Base scenario

This estimate is 27.44% below the price used.

USD · TTM ending 2026-06-30

Latest quarterly growth differs materially from the latest annual pace. It remains an observed growth input; review whether acceleration or a change in the business explains it.

Year 1 growth 1.45% · Ending margin 13.82% · Discount rate 6.5%

Assumption scenarios, not statistical confidence intervals.

Method, dates & sources

Estimated from future revenue, operating margins, and the investment needed to support them.

Price timestamp: Sep 17, 2026, 7:37 PM UTC
Financial statement period: TTM ending 2026-06-30
Data refreshed: Sep 17, 2026, 7:37 PM UTC · provider

Why this method?

Is FCFF positive and has it been for 3+ consecutive years? 17 consecutive positive FCFF years are available.

Is FCFF stable (not swinging >30% year to year)? The largest recent FCFF swing is 229.3%.

Do you have 5+ years of positive FCFF history? 17 consecutive positive FCFF years are available.

Price vs Fundamentals

Why The Stock Is Moving

Likely fundamental deteriorationHigh confidence

1Y Price: -15.64%Revenue (TTM): -11.3%FCF (TTM): -79.38%P/FCF: 28th pct

What changed

What the market seems to be pricing

What would invalidate this read

Performance

Return analysis

Company profile

CEOHilton Hatchett Howell Jr.

SectorCommunication Services

IndustryBroadcasting

Employees9,374

IPO dateAug 30, 2002

https://graymedia.com

Market multiples

Forward P/E—

EV/EBITDA9.89

Enterprise value$5.91B

Stock splits

Oct 1, 1998↑ Forward

Every 2 shares became 3

+50%

Profitability & growth

Revenue growth8.68%

Gross margin (FY2025)96.64%▲62.5ppvs FY2024

Operating margin (FY2025)12.67%▼10.7ppvs FY2024

ROE-0.94%▲2.0ppvs FY2025

Analyst consensus

RatingBuy

Target price$7.00▲50.05%

Buy

Hold

Sell

Analyst ratings tend to be lagging indicators. Use as one signal among many.

Earnings

Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.

Next report

Nov 6, 2026

Q4 FY26 · EPS est $0.81 · Revenue est $951.9M

View

Dividends

$0.32/shareQuarterly7yr growth streakSafe

GTN pays a dividend with a 6.86% dividend yield, 7 consecutive years of growth, growing at 3.46% annually, covered 2.1× by free cash flow.

Dividend Yield

6.86%

Annual Div / Share

$0.32

5yr CAGR

+3.46%

Doubles every ~20.4yr

Payout Ratio

—

Safe

Dividend Growth Rate

3yr CAGR

+0%

5yr CAGR

+3.46%

10yr CAGR

+5.6%

Dividend Safety

10/10Safe

Dividend History

Annualized dividend cycles per share

YearAnnual DivYoY

2026$0.32+0.0%

2025$0.32+0.0%

2024$0.32+0.0%

2023$0.32+0.0%

2022$0.32+18.5%

2021$0.27+125.0%

2008$0.12+0.0%

Income Projection

Invest

USD

Growth rate:

Reinvest dividends

Today

$69/yr

$6/mo

In 5 yrs

$81/yr+19%

$7/mo

In 10 yrs

$96/yr+40%

$8/mo

Today	In 5 yrs	In 10 yrs
$69/yr $6/mo	$81/yr+19% $7/mo	$96/yr+40% $8/mo

Yield-on-cost grows from 6.86% → 9.64% over 10yr

Analysis

Dividend Strengths

Well-covered by free cash flow

The dividend is covered 2.1× by free cash flow, indicating the company generates sufficient cash to sustain and potentially grow the payout without straining its finances.

Risks to Watch

No strong risk signal stands out from the latest period pair.