TGNA vs GTN

For growth investors, TEGNA Inc.

(TGNA) is the stronger pick with -12. 6% revenue growth year-over-year, versus -15. 1% for Gray Media, Inc. (GTN). TEGNA Inc. (TGNA) offers the better valuation at 14. 9x trailing P/E (6. 4x forward), making it the more compelling value choice. Analysts rate Gray Media, Inc. (GTN) a "Buy" — based on 9 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.

On forward P/E, Gray Media, Inc.

is actually cheaper at 1. 8x — notably different from the trailing picture, reflecting expected earnings growth.

Over the past 5 years, TEGNA Inc.

(TGNA) delivered a total return of +11. 4%, compared to -72. 7% for Gray Media, Inc. (GTN). Over 10 years, the gap is even starker: TGNA returned +62. 3% versus GTN's -50. 5%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.

By beta (market sensitivity over 5 years), TEGNA Inc.

(TGNA) is the lower-risk stock at 0. 47β versus Gray Media, Inc. 's 1. 54β — meaning GTN is approximately 225% more volatile than TGNA relative to the S&P 500. On balance sheet safety, TEGNA Inc. (TGNA) carries a lower debt/equity ratio of 82% versus 2% for Gray Media, Inc. — giving it more financial flexibility in a downturn.

By revenue growth (latest reported year), TEGNA Inc.

(TGNA) is pulling ahead at -12. 6% versus -15. 1% for Gray Media, Inc. (GTN). On earnings-per-share growth, the picture is similar: TEGNA Inc. grew EPS -62. 0% year-over-year, compared to -126. 2% for Gray Media, Inc.. Over a 3-year CAGR, GTN leads at -5. 6% annualised revenue growth. Higher growth typically commands a higher valuation multiple — check whether the premium P/E or P/S is justified by the growth rate using the PEG ratio.

TEGNA Inc.

(TGNA) is the more profitable company, earning 8. 1% net margin versus -2. 7% for Gray Media, Inc. — meaning it keeps 8. 1% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: TGNA leads at 16. 3% versus 12. 7% for GTN. At the gross margin level — before operating expenses — GTN leads at 96. 6%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.

On forward earnings alone, Gray Media, Inc.

(GTN) trades at 1. 8x forward P/E versus 6. 4x for TEGNA Inc. — 4. 6x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for GTN: 80. 6% to $8. 00.

All stocks in this comparison pay dividends.

Gray Media, Inc. (GTN) offers the highest yield at 7. 7%, versus 2. 5% for TEGNA Inc. (TGNA).

For long-horizon retirement investors, TEGNA Inc.

(TGNA) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0. 47), 2. 5% yield). Gray Media, Inc. (GTN) carries a higher beta of 1. 54 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (TGNA: +62. 3%, GTN: -50. 5%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.

Both stocks operate in the Communication Services sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both.

In terms of investment character: TGNA is a small-cap deep-value stock; GTN is a small-cap income-oriented stock. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.