Gray Media, Inc. (GTN) 10-Year Financial Performance & Capital Metrics

GTN • • Industrial / General

Communication ServicesBroadcastingTelevision BroadcastingLocal TV Station Operators

AboutGray Media, Inc., a television broadcasting company, owns and/or operates television stations and digital assets in the United States. It also broadcasts secondary digital channels affiliated to ABC, CBS, NBC, and FOX, as well as various other networks and program services, including CW Plus Network, MY Network, the MeTV Network, Justice, This TV Network, Antenna TV, Telemundo, Cozi, Heroes and Icons, and MOVIES! Network; and local news/weather channels in various markets. In addition, the company offers video program production services. It owns and operates television stations and digital assets that serve 113 television markets in the United States. The company was formerly known as Gray Communications Systems, Inc. and changed its name to Gray Television, Inc. in August 2002. Gray Television, Inc. was founded in 1891 and is headquartered in Atlanta, Georgia.Show more

Revenue $3.64B +11.1%
EBITDA $1.12B +55.1%
Net Income $375M +593.4%
EPS (Diluted) 3.36 +341.7%
Gross Margin 34.14% +24.7%
EBITDA Margin 30.74% +39.7%
Operating Margin 23.35% +100.1%
Net Margin 10.29% +544.3%
ROE 13.5% +578.6%
ROIC 7.37% +131.8%
Debt/Equity 1.94 -18.5%
Interest Coverage 1.75 +101.6%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 15.9%
✓Strong Piotroski F-Score: 7/9
✓FCF machine: 16.7% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 11.4%
✓Trading at only 0.1x book value

✗Weaknesses

✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y21.78%

5Y11.42%

3Y14.73%

TTM-3.32%

Profit (Net Income) CAGR

10Y22.81%

5Y15.94%

3Y60.91%

TTM-52.28%

EPS CAGR

10Y15.15%

5Y21.48%

3Y103.28%

TTM-63.43%

ROCE

10Y Avg8.31%

5Y Avg7.23%

3Y Avg7.09%

Latest8.4%

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.	559.44M	62.16	15.01	1.78%	18.33%	23.16%	100%	0.06
TGNATEGNA Inc.	3.05B	18.95	5.37	6.56%	12%	11.08%	20.72%	1.04
SSPThe E.W. Scripps Company	281.34M	3.66	3.62	9.46%	0.99%	1.83%	100%	2.04
GTNGray Media, Inc.	394.98M	4.27	1.27	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+	597.36M	812.47M	882.73M	1.08B	2.12B	2.38B	2.41B	3.68B	3.28B	3.64B
Revenue Growth %	0.18%	0.36%	0.09%	0.23%	0.96%	0.12%	0.01%	0.52%	-0.11%	0.11%
Cost of Goods Sold+	374.18M	475.13M	557.12M	596.4M	1.4B	1.39B	1.61B	2.25B	2.38B	2.4B
COGS % of Revenue	0.63%	0.58%	0.63%	0.55%	0.66%	0.58%	0.67%	0.61%	0.73%	0.66%
Gross Profit+	223.17M	337.33M	325.61M	487.73M	723M	989M	803M	1.43B	898M	1.24B
Gross Margin %	0.37%	0.42%	0.37%	0.45%	0.34%	0.42%	0.33%	0.39%	0.27%	0.34%
Gross Profit Growth %	0%	0.51%	-0.03%	0.5%	0.48%	0.37%	-0.19%	0.78%	-0.37%	0.39%
Operating Expenses+	83.04M	102.87M	108.59M	115.36M	299M	237M	422M	438M	515M	393M
OpEx % of Revenue	0.14%	0.13%	0.12%	0.11%	0.14%	0.1%	0.17%	0.12%	0.16%	0.11%
Selling, General & Admin	34.34M	40.35M	31.54M	40.91M	104M	65M	88M	102M	112M	104M
SG&A % of Revenue	0.06%	0.05%	0.04%	0.04%	0.05%	0.03%	0.04%	0.03%	0.03%	0.03%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	103K	775K	162K	5.51M	195M	172M	334M	336M	403M	289M
Operating Income+	140.06M	234.14M	291.23M	388.77M	478M	752M	381M	990M	383M	851M
Operating Margin %	0.23%	0.29%	0.33%	0.36%	0.23%	0.32%	0.16%	0.27%	0.12%	0.23%
Operating Income Growth %	-0.09%	0.67%	0.24%	0.33%	0.23%	0.57%	-0.49%	1.6%	-0.61%	1.22%
EBITDA+	188.75M	296.66M	368.27M	463.22M	673M	953M	602M	1.33B	722M	1.12B
EBITDA Margin %	0.32%	0.37%	0.42%	0.43%	0.32%	0.4%	0.25%	0.36%	0.22%	0.31%
EBITDA Growth %	-0.02%	0.57%	0.24%	0.26%	0.45%	0.42%	-0.37%	1.2%	-0.46%	0.55%
D&A (Non-Cash Add-back)	48.69M	62.52M	77.05M	74.45M	195M	201M	221M	336M	339M	269M
EBIT	140.16M	202.93M	288.54M	394.28M	482M	735M	373M	999M	358M	977M
Net Interest Income+	-74.41M	-97.24M	-95M	-107M	-227M	-191M	-205M	-354M	-440M	-485M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	74.41M	97.24M	95.26M	106.63M	227M	191M	205M	354M	440M	485M
Other Income/Expense	-74.31M	-128.61M	-96.72M	-101.35M	-223M	-208M	-213M	-376M	-465M	-359M
Pretax Income+	65.75M	105.69M	193.28M	287.65M	255M	544M	168M	614M	-82M	492M
Pretax Margin %	0.11%	0.13%	0.22%	0.27%	0.12%	0.23%	0.07%	0.17%	-0.02%	0.14%
Income Tax+	26.45M	43.42M	-68.67M	76.85M	76M	134M	78M	159M	-6M	117M
Effective Tax Rate %	0.6%	0.59%	1.36%	0.73%	0.7%	0.75%	0.54%	0.74%	0.93%	0.76%
Net Income+	39.3M	62.27M	261.95M	210.8M	179M	410M	90M	455M	-76M	375M
Net Margin %	0.07%	0.08%	0.3%	0.19%	0.08%	0.17%	0.04%	0.12%	-0.02%	0.1%
Net Income Growth %	-0.18%	0.58%	3.21%	-0.2%	-0.15%	1.29%	-0.78%	4.06%	-1.17%	5.93%
Net Income (Continuing)	39.3M	62.27M	261.95M	210.8M	179M	410M	90M	455M	-76M	375M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.57	0.86	3.55	2.37	1.27	3.69	0.40	4.33	-1.39	3.36
EPS Growth %	-0.3%	0.51%	3.13%	-0.33%	-0.46%	1.91%	-0.89%	9.82%	-1.32%	3.42%
EPS (Basic)	0.58	0.87	3.59	2.39	1.28	3.73	0.40	4.38	-1.39	3.40
Diluted Shares Outstanding	68.99M	72.76M	73.84M	88.78M	100M	97M	95M	93M	92M	96M
Basic Shares Outstanding	68.33M	71.85M	73.06M	88.08M	99M	96M	95M	92M	92M	95M
Dividend Payout Ratio	-	-	-	-	-	-	0.34%	0.07%	-	0.09%

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+	285.45M	536.31M	666.76M	872.75M	672M	1.3B	963M	857M	468M	541M
Cash & Short-Term Investments	97.32M	325.19M	462.4M	666.98M	212M	773M	189M	61M	21M	135M
Cash Only	97.32M	325.19M	462.4M	666.98M	212M	773M	189M	61M	21M	135M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	121.47M	146.81M	171.23M	184M	411M	446M	645M	672M	363M	343M
Days Sales Outstanding	74.22	65.95	70.8	61.95	70.7	68.37	97.57	66.72	40.38	34.36
Inventory	10.51M	13.73M	14.66M	7.31M	0	0	0	0	0	0
Days Inventory Outstanding	10.25	10.55	9.6	4.47	-	-	-	-	-	-
Other Current Assets	60.2M	28.38M	28.45M	15M	25M	85M	89M	81M	66M	38M
Total Non-Current Assets+	1.86B	2.25B	2.59B	3.34B	6.3B	6.34B	10.14B	10.29B	10.17B	10B
Property, Plant & Equipment	234.47M	326.09M	350.66M	363.14M	775M	794M	1.24B	1.54B	1.68B	1.65B
Fixed Asset Turnover	2.55x	2.49x	2.52x	2.99x	2.74x	3.00x	1.95x	2.39x	1.96x	2.21x
Goodwill	423.24M	485.32M	611.1M	612.42M	1.45B	1.46B	2.65B	2.66B	2.64B	2.64B
Intangible Assets	1.17B	1.4B	1.6B	1.58B	4.03B	3.97B	6.13B	5.97B	5.74B	5.6B
Long-Term Investments	13.6M	16.6M	16.6M	16.6M	17M	72M	117M	105M	85M	66M
Other Non-Current Assets	-333.06M	-351.38M	-17.52M	743.24M	29M	39M	16M	19M	33M	46M
Total Assets+	2.14B	2.78B	3.26B	4.21B	6.97B	7.64B	11.11B	11.15B	10.64B	10.54B
Asset Turnover	0.28x	0.29x	0.27x	0.26x	0.30x	0.31x	0.22x	0.33x	0.31x	0.35x
Asset Growth %	0.15%	0.3%	0.17%	0.29%	0.65%	0.1%	0.45%	0%	-0.05%	-0.01%
Total Current Liabilities+	87.59M	119.41M	131.31M	150.4M	246M	255M	384M	409M	395M	527M
Accounts Payable	4.53M	5.26M	7.84M	8.4M	11M	10M	59M	55M	23M	75M
Days Payables Outstanding	4.42	4.04	5.14	5.14	2.87	2.62	13.38	8.93	3.52	11.41
Short-Term Debt	0	0	6.42M	0	0	0	15M	15M	15M	20M
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	49.82M	75.16M	74.15M	89.19M	95M	78M	134M	127M	130M	129M
Current Ratio	3.26x	4.49x	5.08x	5.80x	2.73x	5.11x	2.51x	2.10x	1.18x	1.03x
Quick Ratio	3.14x	4.38x	4.97x	5.75x	2.73x	5.11x	2.51x	2.10x	1.18x	1.03x
Cash Conversion Cycle	80.06	72.47	75.27	61.28	-	-	-	-	-	-
Total Non-Current Liabilities+	1.63B	2.17B	2.14B	2.88B	4.61B	4.99B	8.32B	7.98B	7.62B	7.08B
Long-Term Debt	1.22B	1.76B	1.83B	2.55B	3.7B	3.97B	6.74B	6.44B	6.14B	5.6B
Capital Lease Obligations	0	0	0	0	45M	51M	63M	68M	69M	62M
Deferred Tax Liabilities	351.55M	373.84M	261.69M	284.89M	810M	885M	1.47B	1.45B	1.36B	1.35B
Other Non-Current Liabilities	39.19M	414.32M	305.64M	326.64M	60M	75M	43M	15M	51M	72M
Total Liabilities	1.71B	2.29B	2.27B	3.03B	4.86B	5.24B	8.7B	8.39B	8.02B	7.61B
Total Debt+	1.24B	1.76B	1.84B	2.55B	3.75B	4.03B	6.83B	6.53B	6.24B	5.69B
Net Debt	1.14B	1.43B	1.38B	1.88B	3.54B	3.26B	6.64B	6.47B	6.22B	5.56B
Debt / Equity	2.88x	3.56x	1.85x	2.15x	1.77x	1.68x	2.84x	2.36x	2.38x	1.94x
Debt / EBITDA	6.55x	5.92x	4.99x	5.50x	5.57x	4.23x	11.34x	4.93x	8.64x	5.08x
Net Debt / EBITDA	6.03x	4.83x	3.73x	4.06x	5.25x	3.42x	11.03x	4.88x	8.61x	4.96x
Interest Coverage	1.88x	2.41x	3.06x	3.65x	2.11x	3.94x	1.86x	2.80x	0.87x	1.75x
Total Equity+	429.27M	492.86M	992.9M	1.19B	2.11B	2.4B	2.41B	2.77B	2.62B	2.93B
Equity Growth %	0.99%	0.15%	1.01%	0.2%	0.78%	0.14%	0%	0.15%	-0.05%	0.12%
Book Value per Share	6.22	6.77	13.45	13.37	21.14	24.77	25.34	29.74	28.49	30.55
Total Shareholders' Equity	429.27M	492.86M	992.9M	1.19B	2.11B	2.4B	2.41B	2.77B	2.62B	2.93B
Common Stock	674.77M	679.9M	927.16M	933.82M	1.12B	1.14B	1.17B	1.2B	1.22B	1.25B
Retained Earnings	-163.64M	-101.36M	161.69M	372.5M	504M	862M	869M	1.24B	1.08B	1.38B
Treasury Stock	-64.58M	-68.03M	-73.79M	-97.75M	-133M	-214M	-251M	-309M	-314M	-317M
Accumulated OCI	-17.28M	-17.64M	-22.16M	-21.38M	-31M	-39M	-27M	-12M	-23M	-30M
Minority Interest	0	0	0	0	0	0	0	0	0	0

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+	105.61M	206.63M	180.01M	323.32M	385M	652M	300M	829M	648M	751M
Operating CF Margin %	0.18%	0.25%	0.2%	0.3%	0.18%	0.27%	0.12%	0.23%	0.2%	0.21%
Operating CF Growth %	-0.21%	0.96%	-0.13%	0.8%	0.19%	0.69%	-0.54%	1.76%	-0.22%	0.16%
Net Income	39.3M	62.27M	261.95M	210.8M	179M	410M	90M	455M	-76M	375M
Depreciation & Amortization	63.65M	81.52M	98.08M	95.87M	234M	239M	259M	384M	376M	297M
Stock-Based Compensation	4.04M	5.13M	8.3M	6.66M	20M	22M	22M	31M	30M	22M
Deferred Taxes	25.77M	41.39M	-77.33M	22.93M	55M	75M	-22M	-20M	-91M	-9M
Other Non-Cash Items	-14.73M	15.82M	-91.73M	-37.06M	-79M	-33M	1M	-18M	84M	-114M
Working Capital Changes	-12.42M	508K	-19.26M	24.11M	-24M	-61M	-50M	-3M	325M	180M
Change in Receivables	-14.79M	-6.11M	-23.74M	-12.36M	22M	-35M	-70M	-30M	334M	13M
Change in Inventory	2.95M	4.1M	4.97M	31.58M	0	0	0	0	0	0
Change in Payables	-141K	518K	2.12M	563K	-1M	-1M	22M	-5M	-32M	52M
Cash from Investing+	-206.38M	-479.33M	-349.8M	-47.38M	-2.66B	-211M	-3.53B	-503M	-291M	-28M
Capital Expenditures	-24.22M	-43.6M	-34.52M	-69.97M	-110M	-110M	-207M	-436M	-348M	-143M
CapEx % of Revenue	0.04%	0.05%	0.04%	0.06%	0.05%	0.05%	0.09%	0.12%	0.11%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	2.97M	2.98M	91.01M	14.68M	38M	38M	14M	7M	71M	-1M
Cash from Financing+	167.32M	500.57M	306.99M	680.61M	1.06B	120M	2.65B	-454M	-397M	-609M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	-39M	-52M	-83M	-82M	-82M	-84M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	4K	-29.38M	-7.01M	-9.79M	-15M	-28M	-37M	-7M	-5M	-47M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	81.39M	163.03M	145.5M	253.34M	275M	542M	93M	393M	300M	608M
FCF Margin %	0.14%	0.2%	0.16%	0.23%	0.13%	0.23%	0.04%	0.11%	0.09%	0.17%
FCF Growth %	-0.2%	1%	-0.11%	0.74%	0.09%	0.97%	-0.83%	3.23%	-0.24%	1.03%
FCF per Share	1.18	2.24	1.97	2.85	2.75	5.59	0.98	4.23	3.26	6.33
FCF Conversion (FCF/Net Income)	2.69x	3.32x	0.69x	1.53x	2.15x	1.59x	3.33x	1.82x	-8.53x	2.00x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	12.18%	13.51%	35.26%	19.34%	10.84%	18.15%	3.74%	17.59%	-2.82%	13.5%
Return on Invested Capital (ROIC)	7.03%	10.06%	10.18%	10.72%	8.22%	9.97%	3.89%	8.12%	3.18%	7.37%
Gross Margin	37.36%	41.52%	36.89%	44.99%	34.07%	41.54%	33.28%	38.85%	27.37%	34.14%
Net Margin	6.58%	7.66%	29.68%	19.44%	8.44%	17.22%	3.73%	12.38%	-2.32%	10.29%
Debt / Equity	2.88x	3.56x	1.85x	2.15x	1.77x	1.68x	2.84x	2.36x	2.38x	1.94x
Interest Coverage	1.88x	2.41x	3.06x	3.65x	2.11x	3.94x	1.86x	2.80x	0.87x	1.75x
FCF Conversion	2.69x	3.32x	0.69x	1.53x	2.15x	1.59x	3.33x	1.82x	-8.53x	2.00x
Revenue Growth	17.56%	36.01%	8.65%	22.82%	95.73%	12.21%	1.34%	52.34%	-10.75%	11.06%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Advertising	711.99M	1.2B	1.4B	1.23B	2.01B	1.59B	1.99B
Advertising Growth	-	67.84%	17.07%	-11.79%	62.97%	-20.79%	24.73%
Core Advertising	-	-	-	-	1.5B	1.51B	1.49B
Core Advertising Growth	-	-	-	-	-	1.20%	-1.59%
Retransmission Consent	355.42M	796M	867M	1.05B	1.5B	1.53B	1.48B
Retransmission Consent Growth	-	123.96%	8.92%	20.99%	42.61%	2.41%	-3.26%
Political Advertising	155.07M	68M	430M	44M	515M	79M	497M
Political Advertising Growth	-	-56.15%	532.35%	-89.77%	1070.45%	-84.66%	529.11%
Production Companies	-	87M	61M	73M	93M	86M	105M
Production Companies Growth	-	-	-29.89%	19.67%	27.40%	-7.53%	22.09%
Service, Other	16.71M	44M	54M	57M	76M	70M	70M
Service, Other Growth	-	163.24%	22.73%	5.56%	33.33%	-7.89%	0.00%
Local Advertising	442.73M	898M	771M	934M	-	-	-
Local Advertising Growth	-	102.83%	-14.14%	21.14%	-	-	-
National Advertising	114.19M	229M	198M	256M	-	-	-
National Advertising Growth	-	100.54%	-13.54%	29.29%	-	-	-

Frequently Asked Questions

Valuation & Price

Gray Media, Inc. (GTN) has a price-to-earnings (P/E) ratio of 1.3x. This may indicate the stock is undervalued or faces growth challenges.

Growth & Financials

Gray Media, Inc. (GTN) reported $3.35B in revenue for fiscal year 2024. This represents a 990% increase from $307.1M in 2011.

Gray Media, Inc. (GTN) grew revenue by 11.1% over the past year. This is steady growth.

Yes, Gray Media, Inc. (GTN) is profitable, generating $94.0M in net income for fiscal year 2024 (10.3% net margin).

Dividend & Returns

Yes, Gray Media, Inc. (GTN) pays a dividend with a yield of 7.81%. This makes it attractive for income-focused investors.

Gray Media, Inc. (GTN) has a return on equity (ROE) of 13.5%. This is reasonable for most industries.

Gray Media, Inc. (GTN) generated $440.0M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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