NYSE : GTN
Gray Media, Inc. — Financial statements
Communication Services · Broadcasting · United States
Last price 4.49 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 440.40M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Gray Media, Inc. (GTN) reported revenue of 3.15B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 3.15B | 3.10B | 3.64B | 3.28B | 3.68B | 2.41B |
| Cost of Revenue | 2.33B | 2.33B | 2.40B | 2.38B | 2.25B | 1.61B |
| Gross Profit | 820.00M | 761.00M | 1.24B | 898.00M | 1.43B | 806.00M |
| Selling, General & Admin | 132.00M | 113.00M | 104.00M | 112.00M | 104.00M | 86.00M |
| Amortization of Goodwill & Intangibles | 100.00M | 104.00M | 125.00M | 194.00M | 207.00M | 117.00M |
| Operating Expenses | 366.00M | 350.00M | 373.00M | 451.00M | 440.00M | 307.00M |
| Operating Income | 454.00M | 411.00M | 871.00M | 447.00M | 988.00M | 499.00M |
| Interest Expense | -473.00M | -474.00M | -485.00M | -440.00M | -354.00M | -205.00M |
| Other Non Operating Income (Expenses) | -1.00M | -8.00M | 7.00M | 7.00M | -4.00M | -3.00M |
| EBT Excluding Unusual Items | -20.00M | -71.00M | 393.00M | 14.00M | 630.00M | 291.00M |
| Merger & Restructuring Charges | -81.00M | |||||
| Gain (Loss) on Sale of Investments | -13.00M | -13.00M | 85.00M | -29.00M | -18.00M | |
| Gain (Loss) on Sale of Assets | -17.00M | 11.00M | -20.00M | -21.00M | 2.00M | -42.00M |
| Asset Writedown | -2.00M | -30.00M | -43.00M | |||
| Other Unusual Items | -11.00M | -10.00M | 34.00M | -3.00M | ||
| Pretax Income | -63.00M | -113.00M | 492.00M | -82.00M | 614.00M | 168.00M |
| Income Tax Expense | -37.00M | -28.00M | 117.00M | -6.00M | 159.00M | 78.00M |
| Net Income | -26.00M | -85.00M | 375.00M | -76.00M | 455.00M | 90.00M |
| Preferred Dividends & Other Adjustments | 32.00M | 52.00M | 52.00M | 52.00M | 52.00M | 52.00M |
| Net Income to Common | -58.00M | -137.00M | 323.00M | -128.00M | 403.00M | 38.00M |
| Shares Outstanding (Basic) | 98.00M | 97.00M | 95.00M | 92.00M | 92.00M | 95.00M |
| Shares Outstanding (Diluted) | 98.00M | 97.00M | 96.00M | 92.00M | 93.00M | 95.00M |
| EPS (Basic) | -0.59 | -1.41 | 3.40 | -1.39 | 4.38 | 0.40 |
| EPS (Diluted) | -0.59 | -1.41 | 3.36 | -1.39 | 4.33 | 0.40 |
| Free Cash Flow | 146.00M | 181.00M | 608.00M | 300.00M | 393.00M | 93.00M |
| Free Cash Flow Per Share | 1.49 | 1.87 | 6.33 | 3.26 | 4.23 | 0.98 |
| Dividend Per Share | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 | 0.32 |
| Gross Margin | 26.05% | 24.59% | 34.14% | 27.37% | 38.85% | 33.40% |
| Operating Margin | 14.42% | 13.28% | 23.90% | 13.62% | 26.88% | 20.68% |
| Profit Margin | -1.84% | -4.43% | 8.86% | -3.90% | 10.96% | 1.57% |
| Free Cash Flow Margin | 4.64% | 5.85% | 16.68% | 9.14% | 10.69% | 3.85% |
| EBITDA | 688.00M | 648.00M | 1.14B | 786.00M | 1.32B | 720.00M |
| EBITDA Margin | 21.86% | 20.94% | 31.28% | 23.96% | 36.02% | 29.84% |
| D&A For EBITDA | 234.00M | 237.00M | 269.00M | 339.00M | 336.00M | 221.00M |
| EBIT | 454.00M | 411.00M | 871.00M | 447.00M | 988.00M | 499.00M |
| EBIT Margin | 14.42% | 13.28% | 23.90% | 13.62% | 26.88% | 20.68% |
| Effective Tax Rate | 23.78% | 25.90% | 46.43% | |||
| Revenue as Reported | 3.15B | 3.10B | 3.64B | 3.28B | 3.68B | 2.41B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 176.00M | 368.00M | 135.00M | 21.00M | 61.00M | 189.00M |
| Cash & Short-Term Investments | 176.00M | 368.00M | 135.00M | 21.00M | 61.00M | 189.00M |
| Accounts Receivable | 193.00M | 205.00M | 337.00M | 342.00M | 650.00M | 624.00M |
| Other Receivables | 1.00M | 6.00M | 6.00M | 21.00M | 22.00M | 21.00M |
| Receivables | 194.00M | 211.00M | 343.00M | 363.00M | 672.00M | 645.00M |
| Prepaid Expenses | 34.00M | 25.00M | 21.00M | 48.00M | 54.00M | 54.00M |
| Other Current Assets | 88.00M | 52.00M | 42.00M | 36.00M | 70.00M | 75.00M |
| Total Current Assets | 492.00M | 656.00M | 541.00M | 468.00M | 857.00M | 963.00M |
| Property, Plant & Equipment | 1.60B | 1.57B | 1.65B | 1.68B | 1.54B | 1.24B |
| Long-Term Investments | 32.00M | 37.00M | 66.00M | 85.00M | 105.00M | 117.00M |
| Goodwill | 2.69B | 2.64B | 2.64B | 2.64B | 2.66B | 2.65B |
| Other Intangible Assets | 5.57B | 5.47B | 5.60B | 5.74B | 5.97B | 6.13B |
| Long-Term Accounts Receivable | 12.00M | 10.00M | 9.00M | |||
| Other Long-Term Assets | 38.00M | 54.00M | 37.00M | 33.00M | 19.00M | 16.00M |
| Total Assets | 10.44B | 10.44B | 10.54B | 10.64B | 11.15B | 11.11B |
| Accounts Payable | 143.00M | 144.00M | 154.00M | 23.00M | 55.00M | 59.00M |
| Accrued Expenses | 318.00M | 301.00M | 276.00M | 267.00M | 247.00M | 227.00M |
| Current Portion of Long-Term Debt | 2.00M | 20.00M | 15.00M | 15.00M | 15.00M | |
| Current Portion of Leases | 11.00M | 10.00M | 10.00M | 11.00M | 10.00M | 9.00M |
| Current Income Taxes Payable | 4.00M | 5.00M | 5.00M | 22.00M | 15.00M | 10.00M |
| Current Unearned Revenue | 22.00M | 20.00M | 29.00M | 23.00M | 24.00M | 14.00M |
| Other Current Liabilities | 19.00M | 34.00M | 33.00M | 34.00M | 43.00M | 50.00M |
| Total Current Liabilities | 517.00M | 516.00M | 527.00M | 395.00M | 409.00M | 384.00M |
| Long-Term Debt | 5.81B | 5.74B | 5.60B | 6.14B | 6.44B | 6.74B |
| Long-Term Leases | 68.00M | 59.00M | 62.00M | 69.00M | 68.00M | 63.00M |
| Pension & Post-Retirement Benefits | 24.00M | |||||
| Long-Term Deferred Tax Liabilities | 1.30B | 1.30B | 1.35B | 1.36B | 1.45B | 1.47B |
| Other Long-Term Liabilities | 17.00M | 18.00M | 72.00M | 51.00M | 15.00M | 19.00M |
| Total Liabilities | 7.71B | 7.63B | 7.61B | 8.02B | 8.39B | 8.70B |
| Common Stock | 1.29B | 1.28B | 1.25B | 1.22B | 1.20B | 1.17B |
| Retained Earnings | 1.18B | 1.21B | 1.38B | 1.08B | 1.24B | 869.00M |
| Treasury Stock | -332.00M | -323.00M | -317.00M | -314.00M | -309.00M | -251.00M |
| Comprehensive Income & Other | -4.00M | -4.00M | -30.00M | -23.00M | -12.00M | -27.00M |
| Total Common Equity | 2.13B | 2.15B | 2.28B | 1.97B | 2.12B | 1.76B |
| Shareholders' Equity | 2.73B | 2.81B | 2.93B | 2.62B | 2.77B | 2.41B |
| Total Liabilities & Equity | 10.44B | 10.44B | 10.54B | 10.64B | 11.15B | 11.11B |
| Total Debt | 5.89B | 5.81B | 5.69B | 6.24B | 6.53B | 6.83B |
| Net Cash (Debt) | -5.71B | -5.45B | -5.56B | -6.22B | -6.47B | -6.64B |
| Net Cash Per Share | -58.28 | -56.13 | -57.90 | -67.60 | -69.59 | -69.87 |
| Filing Date Shares Outstanding | 98.08M | 98.62M | 97.39M | 94.59M | 91.15M | 93.55M |
| Total Common Shares Outstanding | 98.08M | 96.85M | 95.43M | 92.77M | 91.34M | 93.21M |
| Working Capital | -25.00M | 140.00M | 14.00M | 73.00M | 448.00M | 579.00M |
| Book Value Per Share | 21.70 | 22.25 | 23.92 | 21.25 | 23.17 | 18.85 |
| Tangible Book Value | -6.14B | -5.95B | -5.96B | -6.41B | -6.51B | -7.02B |
| Tangible Book Value Per Share | -62.57 | -61.47 | -62.46 | -69.06 | -71.32 | -75.31 |
| Land | 402.00M | 391.00M | 385.00M | 368.00M | 290.00M | 277.00M |
| Buildings | 938.00M | 940.00M | 908.00M | 868.00M | 477.00M | 453.00M |
| Machinery | 1.20B | 1.15B | 1.10B | 1.08B | 1.03B | 961.00M |
| Construction In Progress | 29.00M | 32.00M | 82.00M | 81.00M | 362.00M | 63.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -26.00M | -85.00M | 375.00M | -76.00M | 455.00M | 90.00M |
| Depreciation & Amortization | 234.00M | 237.00M | 269.00M | 339.00M | 336.00M | 221.00M |
| Other Amortization | 43.00M | 43.00M | 43.00M | 50.00M | 64.00M | 50.00M |
| Loss (Gain) From Sale of Assets | 16.00M | -6.00M | 20.00M | 21.00M | -2.00M | 42.00M |
| Asset Writedown & Restructuring Costs | 2.00M | 30.00M | 43.00M | |||
| Loss (Gain) From Sale of Investments | 13.00M | 15.00M | -85.00M | 29.00M | 18.00M | |
| Stock-Based Compensation | 21.00M | 22.00M | 22.00M | 30.00M | 31.00M | 22.00M |
| Other Operating Activities | -30.00M | -58.00M | -73.00M | -113.00M | -70.00M | -75.00M |
| Change in Accounts Receivable | 26.00M | 132.00M | 5.00M | 308.00M | -26.00M | -30.00M |
| Change in Accounts Payable | -10.00M | -10.00M | 52.00M | -32.00M | -5.00M | 22.00M |
| Change in Unearned Revenue | -6.00M | -9.00M | 6.00M | -1.00M | 10.00M | -12.00M |
| Change in Income Taxes | -57.00M | -10.00M | -9.00M | 33.00M | 1.00M | -48.00M |
| Change in Other Net Operating Assets | 24.00M | -12.00M | 126.00M | 17.00M | 17.00M | 18.00M |
| Operating Cash Flow | 250.00M | 289.00M | 751.00M | 648.00M | 829.00M | 300.00M |
| Capital Expenditures | -104.00M | -108.00M | -143.00M | -348.00M | -436.00M | -207.00M |
| Sale of Property, Plant & Equipment | 35.00M | 47.00M | 14.00M | 54.00M | 4.00M | 5.00M |
| Cash Acquisitions | -264.00M | -1.00M | -6.00M | -58.00M | -3.77B | |
| Divestitures | 6.00M | 473.00M | ||||
| Investment in Securities | 12.00M | 16.00M | 103.00M | -14.00M | -16.00M | -49.00M |
| Other Investing Activities | -18.00M | -18.00M | -1.00M | 17.00M | 3.00M | 9.00M |
| Investing Cash Flow | -339.00M | -63.00M | -28.00M | -291.00M | -503.00M | -3.53B |
| Long-Term Debt Issued | 2.11B | 2.07B | 300.00M | 3.05B | ||
| Long-Term Debt Repaid | -1.99B | -2.54B | -610.00M | -315.00M | -250.00M | |
| Net Debt Issued (Repaid) | 218.00M | 123.00M | -474.00M | -310.00M | -315.00M | 2.80B |
| Repurchase of Common Stock | -9.00M | -5.00M | -4.00M | -5.00M | -57.00M | -37.00M |
| Preferred Dividends Paid | -53.00M | -52.00M | -52.00M | -52.00M | -52.00M | -52.00M |
| Common Dividends Paid | -34.00M | -33.00M | -32.00M | -30.00M | -30.00M | -31.00M |
| Dividends Paid | -87.00M | -85.00M | -84.00M | -82.00M | -82.00M | -83.00M |
| Other Financing Activities | -26.00M | -26.00M | -47.00M | -30.00M | ||
| Financing Cash Flow | 66.00M | 7.00M | -609.00M | -397.00M | -454.00M | 2.65B |
| Net Cash Flow | -23.00M | 233.00M | 114.00M | -40.00M | -128.00M | -584.00M |
| Free Cash Flow | 146.00M | 181.00M | 608.00M | 300.00M | 393.00M | 93.00M |
| Free Cash Flow Margin | 4.64% | 5.85% | 16.68% | 9.14% | 10.69% | 3.85% |
| Free Cash Flow Per Share | 1.49 | 1.87 | 6.33 | 3.26 | 4.23 | 0.98 |
| Levered Free Cash Flow | 155.12M | 279.62M | 601.25M | 409.38M | 393.25M | 110.75M |
| Unlevered Free Cash Flow | 435.75M | 559.88M | 889.38M | 671.38M | 598.50M | 226.88M |
| Cash Interest Paid | 385.00M | 393.00M | 394.00M | 419.00M | 339.00M | 178.00M |
| Cash Income Tax Paid | 38.00M | 38.00M | 135.00M | 50.00M | 180.00M | 149.00M |
| Change in Working Capital | -23.00M | 91.00M | 180.00M | 325.00M | -3.00M | -50.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 456.09M | 521.87M | 330.18M | 827.83M | 1.02B | 1.90B |
| Enterprise Value | 6.17B | 6.70B | 6.88B | 7.72B | 8.21B | 6.26B |
| Last Close Price | 4.49 | 4.59 | 2.79 | 7.41 | 8.90 | 15.73 |
| PE Ratio | 1.02 | 2.53 | 49.90 | |||
| Forward PE | 2.64 | 17.60 | 4.97 | 5.82 | 5.75 | 5.96 |
| PS Ratio | 0.15 | 0.17 | 0.09 | 0.25 | 0.28 | 0.79 |
| PB Ratio | 0.21 | 0.19 | 0.11 | 0.32 | 0.37 | 0.79 |
| P/FCF Ratio | 3.14 | 2.88 | 0.54 | 2.76 | 2.59 | 20.39 |
| P/OCF Ratio | 1.83 | 1.81 | 0.44 | 1.28 | 1.23 | 6.32 |
| PEG Ratio | 0.52 | 0.50 | 0.05 | 0.05 | 0.60 | |
| EV/Sales Ratio | 1.96 | 2.17 | 1.89 | 2.35 | 2.23 | 2.60 |
| EV/EBITDA Ratio | 8.97 | 10.35 | 6.03 | 9.83 | 6.20 | 8.70 |
| EV/EBIT Ratio | 13.59 | 16.31 | 7.89 | 17.28 | 8.30 | 12.55 |
| EV/FCF Ratio | 42.25 | 37.04 | 11.31 | 25.75 | 20.88 | 67.36 |
| Debt / Equity Ratio | 2.16 | 2.07 | 1.94 | 2.38 | 2.36 | 2.84 |
| Debt / EBITDA Ratio | 8.27 | 8.68 | 4.90 | 7.71 | 4.86 | 9.33 |
| Debt / FCF Ratio | 40.32 | 32.12 | 9.36 | 20.80 | 16.62 | 73.41 |
| Net Debt / Equity Ratio | 2.09 | 1.94 | 1.90 | 2.37 | 2.34 | 2.76 |
| Net Debt / EBITDA Ratio | 8.30 | 8.40 | 4.88 | 7.91 | 4.89 | 9.22 |
| Net Debt / FCF Ratio | 39.12 | 30.08 | 9.14 | 20.73 | 16.47 | 71.38 |
| Asset Turnover | 0.30 | 0.29 | 0.34 | 0.30 | 0.33 | 0.26 |
| Quick Ratio | 0.72 | 1.12 | 0.91 | 0.97 | 1.79 | 2.17 |
| Current Ratio | 0.95 | 1.27 | 1.03 | 1.19 | 2.10 | 2.51 |
| Return on Equity (ROE) | -0.94% | -2.96% | 13.50% | -2.82% | 17.59% | 3.74% |
| Return on Assets (ROA) | 2.73% | 2.45% | 5.14% | 2.56% | 5.55% | 3.33% |
| Return on Invested Capital (ROIC) | 5.42% | 4.91% | 7.66% | 4.95% | 8.01% | 3.64% |
| Return on Capital Employed (ROCE) | 4.60% | 4.10% | 8.70% | 4.40% | 9.20% | 4.70% |
| Earnings Yield | -12.73% | -16.29% | 113.57% | -9.18% | 44.65% | 4.75% |
| FCF Yield | 31.87% | 34.68% | 184.14% | 36.24% | 38.56% | 4.91% |
| Dividend Yield | 6.88% | 5.94% | 9.25% | 3.59% | 2.87% | 1.57% |
| Payout Ratio | 22.40% | 18.02% | 92.22% | |||
| Buyback Yield / Dilution | -1.55% | -1.04% | -4.35% | 1.07% | 2.10% | 2.06% |
| Total Shareholder Return | 5.28% | 4.90% | 4.90% | 4.66% | 4.97% | 3.64% |