TEGNA Inc. (TGNA) 10-Year Financial Performance & Capital Metrics

TGNA • • Industrial / General

Communication ServicesBroadcastingTelevision BroadcastingLocal TV Station Operators

AboutTEGNA 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.Show more

Revenue $3.1B +6.6%
EBITDA $898M +6.1%
Net Income $600M +25.8%
EPS (Diluted) 3.53 +54.8%
Gross Margin 43.39% +5.9%
EBITDA Margin 28.96% -0.4%
Operating Margin 25.3% +0.4%
Net Margin 19.34% +18.1%
ROE 20.87% +27.2%
ROIC 10.71% +9.2%
Debt/Equity 1.04 -10.5%
Interest Coverage 4.64 +9.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 15.9%
✓Strong Piotroski F-Score: 9/9
✓FCF machine: 20.4% free cash flow margin
✓Good 3Y average ROE of 19.9%
✓Healthy dividend yield of 2.5%
✓Share count reduced 18.6% through buybacks

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-6.4%

5Y6.17%

3Y1.22%

TTM-2.73%

Profit (Net Income) CAGR

10Y-5.55%

5Y15.95%

3Y7.94%

TTM-30.04%

EPS CAGR

10Y-2.57%

5Y21.93%

3Y18.16%

TTM-25.09%

ROCE

10Y Avg11.84%

5Y Avg12.6%

3Y Avg12.41%

Latest11.68%

Peer Comparison

Local TV Station Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CCZComcast Holdings Corp.	568.62M	63.18	15.26	1.78%	18.33%	23.16%	100%	0.06
TGNATEGNA Inc.	3.06B	19.00	5.38	6.56%	12%	11.08%	20.67%	1.04
SSPThe E.W. Scripps Company	283.65M	3.69	3.65	9.46%	0.99%	1.83%	100%	2.04
GTNGray Media, Inc.	415.33M	4.49	1.34	11.06%	2.81%	3.35%	100%	1.94

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	3.05B	3.34B	1.9B	2.21B	2.3B	2.94B	2.99B	3.28B	2.91B	3.1B
Revenue Growth %	-0.49%	0.1%	-0.43%	0.16%	0.04%	0.28%	0.02%	0.1%	-0.11%	0.07%
Cost of Goods Sold+	923.34M	1.04B	933.72M	1.07B	1.23B	1.5B	1.6B	1.69B	1.72B	1.76B
COGS % of Revenue	0.3%	0.31%	0.49%	0.48%	0.53%	0.51%	0.53%	0.52%	0.59%	0.57%
Gross Profit+	2.13B	2.3B	969.31M	1.14B	1.07B	1.43B	1.39B	1.59B	1.19B	1.35B
Gross Margin %	0.7%	0.69%	0.51%	0.52%	0.47%	0.49%	0.47%	0.48%	0.41%	0.43%
Gross Profit Growth %	-0.28%	0.08%	-0.58%	0.18%	-0.06%	0.34%	-0.03%	0.14%	-0.25%	0.13%
Operating Expenses+	1.27B	1.3B	418.98M	454.57M	512.24M	563.51M	590.12M	595.39M	458.53M	561.07M
OpEx % of Revenue	0.42%	0.39%	0.22%	0.21%	0.22%	0.19%	0.2%	0.18%	0.16%	0.18%
Selling, General & Admin	1.07B	1.09B	342.34M	367.79M	89.54M	79.09M	464.57M	474.64M	477.93M	446.44M
SG&A % of Revenue	0.35%	0.33%	0.18%	0.17%	0.04%	0.03%	0.16%	0.14%	0.16%	0.14%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-11.53M	-20.44M	-35.3M	-11.5M	422.7M	484.42M	125.55M	120.75M	-19.41M	114.63M
Operating Income+	913.16M	972.07M	545.9M	698.48M	559.02M	870.98M	802.22M	990.63M	733.54M	784.78M
Operating Margin %	0.3%	0.29%	0.29%	0.32%	0.24%	0.3%	0.27%	0.3%	0.25%	0.25%
Operating Income Growth %	-0.14%	0.06%	-0.44%	0.28%	-0.2%	0.56%	-0.08%	0.23%	-0.26%	0.07%
EBITDA+	1.12B	1.18B	622.54M	785.26M	669.65M	1.01B	930.07M	1.11B	846.78M	898.32M
EBITDA Margin %	0.37%	0.35%	0.33%	0.36%	0.29%	0.34%	0.31%	0.34%	0.29%	0.29%
EBITDA Growth %	-0.16%	0.05%	-0.47%	0.26%	-0.15%	0.5%	-0.08%	0.2%	-0.24%	0.06%
D&A (Non-Cash Add-back)	205.09M	204.49M	76.64M	86.79M	110.63M	134.57M	127.85M	121.08M	113.24M	113.53M
EBIT	896.57M	681.29M	521M	691.08M	550.04M	866.3M	799.33M	1.01B	779.45M	942.23M
Net Interest Income+	-273.15M	-232M	-210.28M	-192.06M	-205.47M	-210.29M	-185.65M	-167.1M	-143.61M	-142.25M
Interest Income	0	0	0	0	0	0	2K	6.92M	29.29M	26.99M
Interest Expense	273.63M	232.01M	210.28M	192.06M	205.47M	210.29M	185.65M	174.02M	172.9M	169.24M
Other Income/Expense	-290.22M	-258.86M	-235.19M	-189.77M	-183.36M	-233.93M	-188.54M	-157.06M	-127M	-11.8M
Pretax Income+	622.94M	712.45M	310.72M	508.71M	375.66M	637.06M	613.68M	833.57M	606.55M	772.99M
Pretax Margin %	0.2%	0.21%	0.16%	0.23%	0.16%	0.22%	0.21%	0.25%	0.21%	0.25%
Income Tax+	202.31M	216.98M	-137.25M	107.37M	89.42M	154.29M	135.48M	202.37M	130.2M	173.94M
Effective Tax Rate %	0.57%	0.62%	1.44%	0.79%	0.76%	0.76%	0.78%	0.76%	0.79%	0.78%
Net Income+	357.46M	444.17M	447.96M	401.34M	286.24M	482.78M	477M	630.47M	476.72M	599.82M
Net Margin %	0.12%	0.13%	0.24%	0.18%	0.12%	0.16%	0.16%	0.19%	0.16%	0.19%
Net Income Growth %	-0.66%	0.24%	0.01%	-0.1%	-0.29%	0.69%	-0.01%	0.32%	-0.24%	0.26%
Net Income (Continuing)	229.61M	309.12M	447.96M	401.34M	286.24M	482.76M	478.2M	631.2M	476.35M	599.04M
Discontinued Operations	229.92M	127.58M	168.68M	4.33M	0	0	0	0	0	0
Minority Interest	289.44M	327.85M	4.96B	5.28B	0	14.93M	16.13M	17.42M	18.81M	20.32M
EPS (Diluted)+	1.56	2.02	2.06	1.85	1.31	2.19	2.14	2.81	2.28	3.53
EPS Growth %	-0.66%	0.29%	0.02%	-0.1%	-0.29%	0.67%	-0.02%	0.31%	-0.19%	0.55%
EPS (Basic)	1.59	2.05	2.08	1.86	1.32	2.20	2.15	2.82	2.29	3.55
Diluted Shares Outstanding	229.72M	219.68M	217.48M	216.62M	217.98M	219.73M	222.47M	224.49M	207.95M	169.16M
Basic Shares Outstanding	224.69M	216.36M	215.59M	216.18M	217.14M	219.23M	221.5M	223.65M	207.59M	168.43M
Dividend Payout Ratio	0.47%	0.27%	0.2%	0.15%	0.21%	0.16%	0.16%	0.13%	0.18%	0.14%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	805.16M	790.69M	636.92M	635.22M	707.32M	672.59M	787.59M	1.3B	1.05B	1.36B
Cash & Short-Term Investments	129.2M	76.92M	98.8M	135.86M	29.4M	40.97M	56.99M	551.68M	361.04M	693.21M
Cash Only	129.2M	76.92M	98.8M	135.86M	29.4M	40.97M	56.99M	551.68M	361.04M	693.21M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	575.09M	406.76M	439.29M	446.37M	601.4M	564.79M	657.78M	671.81M	633.74M	616.05M
Days Sales Outstanding	68.8	44.44	84.26	73.81	95.46	70.17	80.27	74.78	79.46	72.49
Inventory	6.61M	0	61.07M	17.74M	0	0	0	0	0	0
Days Inventory Outstanding	2.61	-	23.87	6.07	-	-	-	-	-	-
Other Current Assets	6.61M	365.24M	37.76M	35.25M	49.62M	47.33M	53.1M	80.22M	55.54M	51.15M
Total Non-Current Assets+	7.73B	7.75B	4.33B	4.64B	6.25B	6.18B	6.13B	6.03B	5.95B	5.97B
Property, Plant & Equipment	458.32M	450.02M	335.34M	375.21M	589.18M	567.55M	554.47M	535.5M	525.66M	507.85M
Fixed Asset Turnover	6.66x	7.42x	5.67x	5.88x	3.90x	5.18x	5.39x	6.12x	5.54x	6.11x
Goodwill	3.92B	4.07B	2.58B	2.6B	2.95B	2.97B	2.98B	2.98B	2.98B	3.02B
Intangible Assets	3.07B	3.01B	1.27B	1.53B	2.56B	2.5B	2.44B	2.38B	2.33B	2.31B
Long-Term Investments	55.91M	36.71M	27.1M	47.46M	60.03M	55.34M	66.12M	51.3M	45.6M	45.3M
Other Non-Current Assets	-649.61M	-744.84M	-272.24M	-300.84M	85.24M	80.88M	86.39M	75.2M	-510.3M	87.24M
Total Assets+	8.54B	8.54B	4.96B	5.28B	6.95B	6.85B	6.92B	7.33B	7B	7.33B
Asset Turnover	0.36x	0.39x	0.38x	0.42x	0.33x	0.43x	0.43x	0.45x	0.42x	0.42x
Asset Growth %	-0.24%	0%	-0.42%	0.06%	0.32%	-0.02%	0.01%	0.06%	-0.04%	0.05%
Total Current Liabilities+	606.78M	619.18M	325.35M	369.22M	361.16M	424.18M	375.13M	391.02M	423.37M	466.28M
Accounts Payable	124.65M	66.11M	52.99M	83.23M	51.89M	58.05M	73M	76.21M	114.95M	87.34M
Days Payables Outstanding	49.28	23.23	20.72	28.5	15.42	14.09	16.67	16.43	24.41	18.15
Short-Term Debt	646K	646K	646K	0	0	0	0	11.49M	11.91M	0
Deferred Revenue (Current)	1000K	1000K	0	0	0	0	0	0	0	0
Other Current Liabilities	217.41M	373.17M	120.21M	146.6M	63.88M	46.21M	55.18M	230M	119.56M	64.34M
Current Ratio	1.33x	1.28x	1.96x	1.72x	1.96x	1.59x	2.10x	3.33x	2.48x	2.92x
Quick Ratio	1.32x	1.28x	1.77x	1.67x	1.96x	1.59x	2.10x	3.33x	2.48x	2.92x
Cash Conversion Cycle	22.14	-	87.41	51.39	-	-	-	-	-	-
Total Non-Current Liabilities+	5.45B	5.32B	3.64B	3.57B	5B	4.35B	4.01B	3.85B	3.85B	3.84B
Long-Term Debt	4.2B	4.04B	3.01B	2.94B	4.18B	3.55B	3.23B	3.07B	3.07B	3.08B
Capital Lease Obligations	0	0	0	0	105.9M	99.34M	88.97M	79.5M	73.73M	63.42M
Deferred Tax Liabilities	883.14M	929.18M	382.31M	396.85M	515.62M	530.24M	548.37M	556.13M	578.22M	579.21M
Other Non-Current Liabilities	365.61M	1.28B	252.37M	225.39M	201.67M	168.7M	137.16M	143.78M	128.25M	116.12M
Total Liabilities	6.06B	5.94B	3.97B	3.94B	5.36B	4.78B	4.38B	4.24B	4.28B	4.3B
Total Debt+	4.2B	4.04B	3.01B	2.94B	4.29B	3.65B	3.32B	3.16B	3.16B	3.14B
Net Debt	4.07B	3.97B	2.91B	2.81B	4.26B	3.61B	3.26B	2.61B	2.8B	2.45B
Debt / Equity	1.69x	1.56x	0.50x	0.44x	2.69x	1.76x	1.31x	1.02x	1.16x	1.04x
Debt / EBITDA	3.76x	3.44x	4.83x	3.75x	6.40x	3.63x	3.57x	2.84x	3.73x	3.50x
Net Debt / EBITDA	3.64x	3.37x	4.67x	3.58x	6.36x	3.59x	3.51x	2.35x	3.30x	2.72x
Interest Coverage	3.34x	4.19x	2.60x	3.64x	2.72x	4.14x	4.32x	5.69x	4.24x	4.64x
Total Equity+	2.48B	2.6B	5.96B	6.62B	1.59B	2.07B	2.54B	3.09B	2.72B	3.03B
Equity Growth %	-0.29%	0.05%	1.29%	0.11%	-0.76%	0.3%	0.22%	0.22%	-0.12%	0.11%
Book Value per Share	10.80	11.83	27.39	30.55	7.30	9.43	11.40	13.76	13.10	17.88
Total Shareholders' Equity	2.19B	2.27B	995.04M	1.34B	1.59B	2.06B	2.52B	3.07B	2.7B	3B
Common Stock	324.42M	324.42M	324.42M	324.42M	324.42M	324.42M	324.42M	324.42M	324.42M	324.42M
Retained Earnings	7.11B	7.38B	6.06B	6.43B	6.66B	7.08B	7.46B	7.9B	8.09B	8.55B
Treasury Stock	-5.65B	-5.75B	-5.67B	-5.58B	-5.49B	-5.33B	-5.19B	-5.05B	-5.62B	-5.79B
Accumulated OCI	-130.95M	-161.57M	-106.92M	-136.51M	-142.6M	-121.08M	-97.22M	-125.53M	-119.61M	-106.64M
Minority Interest	289.44M	327.85M	4.96B	5.28B	0	14.93M	16.13M	17.42M	18.81M	20.32M

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	613.11M	683.43M	386.21M	527.21M	297.47M	805.14M	501.61M	812.15M	587.25M	684.97M
Operating CF Margin %	0.2%	0.2%	0.2%	0.24%	0.13%	0.27%	0.17%	0.25%	0.2%	0.22%
Operating CF Growth %	-0.25%	0.11%	-0.43%	0.37%	-0.44%	1.71%	-0.38%	0.62%	-0.28%	0.17%
Net Income	522.69M	488M	215.05M	405.67M	286.24M	482.76M	478.2M	631.2M	476.35M	599.04M
Depreciation & Amortization	262.24M	204.49M	136.51M	86.79M	110.63M	134.57M	127.85M	121.08M	113.24M	113.53M
Stock-Based Compensation	26.34M	17.59M	17.1M	12.53M	20.15M	20.31M	31.52M	30.48M	24.5M	38.53M
Deferred Taxes	100.2M	16.54M	-296.82M	17.26M	22.06M	8.53M	9.92M	17.48M	19.74M	-3.81M
Other Non-Cash Items	-193.62M	52.49M	371.55M	-60.8M	-27.44M	28.38M	16.04M	8.26M	-129.69M	-118.27M
Working Capital Changes	-104.75M	-95.68M	-57.17M	65.77M	-114.16M	130.58M	-161.91M	3.66M	83.12M	55.94M
Change in Receivables	32.79M	-32.05M	14.54M	-5.35M	-86.25M	27.47M	-88.69M	-15.37M	34.73M	22.07M
Change in Inventory	1.81M	-7.77M	-29.98M	22.89M	-8.28M	0	0	0	0	0
Change in Payables	-57.64M	-1.51M	-21.47M	29.36M	-29.53M	7.25M	14.95M	3.22M	38.74M	-27.61M
Cash from Investing+	217.28M	-273.28M	174.82M	-374.42M	-1.56B	-59.52M	-69.26M	-51.23M	-27.99M	31.77M
Capital Expenditures	-118.77M	-94.8M	-76.89M	-65.23M	-88.36M	-45.5M	-63.08M	-51.33M	-54.69M	-52.44M
CapEx % of Revenue	0.04%	0.03%	0.04%	0.03%	0.04%	0.02%	0.02%	0.02%	0.02%	0.02%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	411.01M	28.05M	16.45M	7.4M	16.97M	18.21M	4.94M	323K	120K	258K
Cash from Financing+	-819.67M	-462.43M	-539.15M	-144.97M	1.16B	-734.05M	-416.33M	-266.23M	-749.9M	-384.56M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-167.51M	-121.64M	-90.17M	-60.29M	-60.62M	-76.47M	-78.47M	-84.76M	-83.53M	-81.36M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-104.9M	-20.96M	-52.91M	-5.27M	-22.02M	-27.38M	-11.87M	0	-13.46M	-28.37M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	494.34M	588.63M	309.32M	461.98M	209.12M	759.64M	438.54M	760.82M	532.55M	632.53M
FCF Margin %	0.16%	0.18%	0.16%	0.21%	0.09%	0.26%	0.15%	0.23%	0.18%	0.2%
FCF Growth %	-0.26%	0.19%	-0.47%	0.49%	-0.55%	2.63%	-0.42%	0.73%	-0.3%	0.19%
FCF per Share	2.15	2.68	1.42	2.13	0.96	3.46	1.97	3.39	2.56	3.74
FCF Conversion (FCF/Net Income)	1.72x	1.54x	0.86x	1.31x	1.04x	1.67x	1.05x	1.29x	1.23x	1.14x
Interest Paid	265.17M	225.46M	200.51M	182.47M	186.09M	200.77M	179.8M	167.53M	166.13M	164.41M
Taxes Paid	105.58M	206.27M	154.69M	62.89M	84.05M	84.89M	179.16M	171.09M	126.14M	134.12M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	11.93%	17.48%	10.47%	6.38%	6.97%	26.36%	20.7%	22.42%	16.4%	20.87%
Return on Invested Capital (ROIC)	9.49%	11.11%	5.31%	5.73%	5.49%	11.33%	10.48%	12.92%	9.81%	10.71%
Gross Margin	69.74%	68.91%	50.94%	51.71%	46.59%	48.83%	46.55%	48.37%	40.95%	43.39%
Net Margin	11.72%	13.29%	23.54%	18.18%	12.45%	16.43%	15.95%	19.23%	16.38%	19.34%
Debt / Equity	1.69x	1.56x	0.50x	0.44x	2.69x	1.76x	1.31x	1.02x	1.16x	1.04x
Interest Coverage	3.34x	4.19x	2.60x	3.64x	2.72x	4.14x	4.32x	5.69x	4.24x	4.64x
FCF Conversion	1.72x	1.54x	0.86x	1.31x	1.04x	1.67x	1.05x	1.29x	1.23x	1.14x
Revenue Growth	-49.22%	9.51%	-43.04%	15.99%	4.18%	27.76%	1.81%	9.63%	-11.23%	6.56%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Subscription	-	-	-	840.84M	1.01B	1.29B	1.47B	1.53B	1.53B	1.46B
Subscription Growth	-	-	-	-	19.53%	28.02%	13.98%	4.36%	-0.19%	-4.70%
Advertising And Marketing Services	-	-	-	1.11B	1.23B	1.17B	1.43B	1.36B	1.29B	1.23B
Advertising And Marketing Services Growth	-	-	-	-	10.83%	-4.23%	21.56%	-4.53%	-5.39%	-4.90%
Political	-	-	-	233.61M	38.48M	445.54M	60.57M	341.11M	45.8M	373.23M
Political Growth	-	-	-	-	-83.53%	1057.90%	-86.40%	463.14%	-86.57%	714.91%
Other Revenue Source	-	-	-	-	-	-	-	44.32M	47.66M	46.29M
Other Revenue Source Growth	-	-	-	-	-	-	-	-	7.55%	-2.88%
Other Businesses	-	-	-	26.08M	29.38M	30.86M	36.01M	-	-	-
Other Businesses Growth	-	-	-	-	12.67%	5.03%	16.67%	-	-	-
Former Digital Business	-	-	-	-	-	-	-	-	-	-
Former Digital Business Growth	-	-	-	-	-	-	-	-	-	-
Barter Arrangement, Syndicated Programming	-	-	2M	-	-	-	-	-	-	-
Barter Arrangement, Syndicated Programming Growth	-	-	-	-	-	-	-	-	-	-
Digital	1.37B	714M	-	-	-	-	-	-	-	-
Digital Growth	-	-47.84%	-	-	-	-	-	-	-	-
Broadcasting	1.68B	-	-	-	-	-	-	-	-	-
Broadcasting Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Foreign Countries	76M	79M	-	-	-	-	-	-	-	-
Foreign Countries Growth	-	3.95%	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

TEGNA Inc. (TGNA) has a price-to-earnings (P/E) ratio of 5.4x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

TEGNA Inc. (TGNA) reported $2.88B in revenue for fiscal year 2024. This represents a 45% decrease from $5.24B in 2011.

TEGNA Inc. (TGNA) grew revenue by 6.6% over the past year. This is steady growth.

Yes, TEGNA Inc. (TGNA) is profitable, generating $345.3M in net income for fiscal year 2024 (19.3% net margin).

Dividend & Returns

Yes, TEGNA Inc. (TGNA) pays a dividend with a yield of 2.53%. This makes it attractive for income-focused investors.

TEGNA Inc. (TGNA) has a return on equity (ROE) of 20.9%. This is excellent, indicating efficient use of shareholder capital.

TEGNA Inc. (TGNA) generated $429.4M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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