GTN
Gray Media, Inc.
GTN's fundamentals are mixed, but it looks expensive: trading at 19x earnings, more than twice its usual 7.3x. Analysts expect strong earnings growth, though they disagree widely on how much.
GTN Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Stable | |
| Weak |
GTN's revenue and profitability are currently healthy, and its cash flow is stable, but its balance sheet is weak.
GTN PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 2.6x | $0.77 | -87% |
| Forward | 4.6x | $5.81 | — |
| Fair | 7.2x | $2.16 | -63% |
| Expensive | 14x | $4.31 | -26% |
| Current | 19x | $5.81 | — |
Historical ranges are pointers, not guarantees.
GTN's PE is in its expensive range at 19x. If earnings grow as analysts expect, today's price would be 4.6x next year's earnings, in its fair range.
GTN Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Growth | |
| Strongly weakening | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for GTN, but weaker profitability. However, they disagree widely on these estimates.
GTN Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $1.26 | +320% |
| Q3 2026 | $0.30 | -32% |
| Q2 2026 | -$0.60 | -139% |
| Q1 2026 | -$1.52 | -165% |
| Q4 2025 | -$1.41 | -142% |
| Q3 2025 | $0.44 | -71% |
| Q2 2025 | $1.54 | +2100% |
| Q1 2025 | $2.34 | +$2.46 |
| Q4 2024 | $3.36 | +$4.75 |
GTN's earnings per share have fallen from their peak: $0.30 over the past year, against $4.33 in late 2022.
GTN Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $972M | +30% |
| Q2 2026 | $839M | +8.7% |
| Q1 2026 | $768M | -1.8% |
| Q4 2025 | $792M | -24% |
| Q3 2025 | $749M | -21% |
| Q2 2025 | $772M | -6.5% |
| Q1 2025 | $782M | -5% |
| Q4 2024 | $1B | +21% |
GTN's revenue has held roughly level: $972M last quarter, up 30% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 27% | +14 points |
| Q2 2026 | 16% | +5.6 points |
| Q1 2026 | 11% | -1.2 points |
| Q4 2025 | 15% | -17 points |
| Q3 2025 | 14% | -13 points |
| Q2 2025 | 11% | -7.8 points |
| Q1 2025 | 12% | -3.3 points |
| Q4 2024 | 31% | +18 points |
GTN's operating margin was 27% last quarter, up 14 points from the same quarter a year ago.
GTN Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $99M | +$110M |
| Q2 2026 | $106M | +1667% |
| Q1 2026 | -$18M | -115% |
| Q4 2025 | $69M | -79% |
| Q3 2025 | -$11M | -104% |
| Q2 2025 | $6M | +$17M |
| Q1 2025 | $117M | +244% |
| Q4 2024 | $328M | +1326% |
GTN still generates free cash flow, though less than at its 2024 peak: $256M over the past year.
GTN Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -- |
| 1 year | +3.1% | +3M shares |
| 3 years | +7.5% | +7M shares |
| 5 years | +5.3% | +5M shares |
| Available history | 0% | -- |
GTN has 100M diluted shares, up 3.1% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2023 | — |
| Q3 2023 | — |
| Q4 2022 | — |
| Q3 2022 | — |
| Q4 2021 | $30M |
| Q3 2021 | — |
| Q2 2021 | — |
| Q1 2021 | — |
GTN Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 6.8x | High |
| Q2 2026 | 8.4x | High |
| Q1 2026 | 8.9x | High |
| Q4 2025 | 8.6x | High |
| Q3 2025 | 6.4x | High |
| Q2 2025 | 5.4x | High |
| Q1 2025 | 5.0x | High |
| Q4 2024 | 4.9x | High |
GTN's net debt is about 6.8 years of its operating earnings (EBITDA), up from 6.4 years a year ago.
GTN Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 66.1 | Neutral |
| Stochastic | 59.4 | Neutral |
GTN's weekly RSI is 66 (neutral) and its Stochastic is 59 (neutral).
GTN PE vs Communication Services Sector
| Metric | GTN | Sector median | Relative |
|---|---|---|---|
| PE | 19x | 16x | 17% above |
| PE % | 88 | 26 | 62 pts above |
GTN is trading at 19x earnings, a 17% premium to the Communication Services sector's median of 16x.
GTN Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $4.73 | 23% above |
| 20 week MA | $4.61 | 26% above |
| 50 week MA | $4.64 | 25% above |
| 100 week MA | $4.52 | 29% above |
| 200 week MA | $5.87 | 1% below |
GTN has bounced recently, but its long-term trend is still down: it's above its 8-, 20-, 50- and 100-week averages, but 1% below its 200-week average.
GTN Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $21.3 | $17.4 | -18% |
| 2021 | $17.4 | $20.3 | +17% |
| 2022 | $20.3 | $10.5 | -48% |
| 2023 | $10.5 | $8.96 | -14% |
| 2024 | $8.96 | $3.01 | -66% |
| 2025 | $3.01 | $4.93 | +64% |
| 2026 YTD | $4.93 | $5.81 | +18% |
GTN has finished lower in four of the last six years. It's up 18% so far in 2026.