Gray Media, Inc.

GTN

$4.93

-0.92%

2026-09-04 11:32:59 EDT-$0.05

Communication Services

Broadcasting

NYSE

Active Trading

Gray Media, Inc. is a leading television broadcasting entity that manages an extensive portfolio of TV stations and digital assets throughout the ...

Price Action of GTN

$4.93

-0.92%-$0.05

High—

Low—

52W High-21.9%

Rel. vol—

Interval

Range2h

Volume—SMA5SMA10

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Gray Media, Inc. (NYSE: GTN) is a prominent player in the U.S. broadcasting industry, with a rich history dating back to 1891 and formally founded in 1946 by James Harrison Gray. The company is the third-largest television station operator in the country, owning or operating stations in 113 to 117 ...Gray Media, Inc. (NYSE: GTN) is a prominent player in the U.S. broadcasting industry, with a rich history dating back to 1891 and formally founded in 1946 by James Harrison Gray. The company is the third-largest television station operator in the country, owning or operating stations in 113 to 117 markets, reaching approximately 36% of U.S. households. Its business model revolves around generating revenue from advertising, retransmission consent fees, and digital services. Gray provides viewers with a diverse range of content, including local news, weather, sports, and entertainment, through its primary network affiliations (ABC, CBS, NBC, FOX) and secondary digital networks like MeTV, Telemundo, and Heroes & Icons. The company also offers video production services and operates specialized channels like Peachtree Sports Network. Financially, Gray has shown resilience with a market cap around $524 million as of the latest data, though it reported a net loss in trailing twelve months. It maintains a strong free cash flow yield of 27.8% and a low price-to-sales ratio of 0.167, indicating potential value. The company is led by CEO Hilton Hatchett Howell Jr., with a workforce of approximately 9,165 employees. Gray continues to expand through mergers and acquisitions, focusing on enhancing its local presence and digital innovation. Its strategic priorities include leveraging its scale, investing in local journalism, and diversifying revenue streams. Despite industry challenges, Gray remains committed to delivering impactful stories and serving its communities.ExpandCollapse

Founded

1946

Employees

9374

CEO

Hilton Hatchett Howell Jr.

Full Name

Gray Media, Inc.

Sector

Communication Services

Industry

Broadcasting

ROE

-0.94%

Market Cap

$0.51B

Current Ratio

0.95

WACC

6.29%

ROIC

0.74%

Contact Information

https://graymedia.com

404 504 9828

4370 Peachtree Road, NE, Atlanta, GA 30319

Key Metrics of GTN

Snapshot

Latest / TTM · 6 periods

Market Cap

$508.13M

ROCE

4.4%

EV / EBITDA

7.87x

+0.4% YoY

FCF Yield

30.0%

-8.5% YoY

Cash Conversion Cycle

-286.5d

Current Ratio

0.95

Quick take

TTM —

Current ratio below 1.0

Negative working capital

Financial Highlights of GTN

Profitability trend

Latest / TTM · 6 periods

Gross Margin

94.8%

Net Margin

-0.8%

P/E Ratio

-10.60x

n/a

Debt / Equity

2.16

n/a

Current Ratio

0.95

Dividend Yield

6.4%

Understanding

TTM —

Current ratio below 1.0

High debt to equity

Calendar of GTN

Upcoming

Sep 15, 2026In 11 days
Ex-dividend date
$0.32 per share
Sep 30, 2026In 26 days
Dividend payment
$0.32 per share
Sep 30, 2026In 26 days
Q3 FY2026 · Estimated results
Est. EPS $0.84 · Revenue $951.90M · 1 analysts
Dec 30, 2026
Q4 FY2026 · Estimated results
Est. EPS $1.49 · Revenue $1.07B · 1 analysts

Recent history

Aug 7, 2026
Q2 FY2026 · Results reported
EPS $0.21 · Revenue $839.00M
View filing
May 7, 2026
Q1 FY2026 · Results reported
EPS $-0.34 · Revenue $768.00M
View filing
Feb 26, 2026
FY2025 · Annual results
EPS $-0.88 · Revenue $3.10B
View filing
Nov 7, 2025
Q3 FY2025 · Results reported
EPS $-0.10 · Revenue $749.00M
View filing
Jun 30, 2025
Q2 FY2025 · Results reported
EPS $-0.71 · Revenue $772.00M
Mar 31, 2025
Q1 FY2025 · Results reported
EPS $-0.23 · Revenue $782.00M

Financial Statements of GTN

5Y Trend (Revenue, Earnings, FCF)

Metric	Latest	YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.	QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).	$3.1B	-15.1%	+9.2%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.	$-85.0M	-122.7%	+170.0%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.	+96.6%	+183.1%	+89.2%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).	+12.7%	-45.8%	+53.7%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.	-2.7%	-126.7%	+164.1%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.	$181.0M	-70.2%	+688.9%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.	+5.8%	-64.9%	+639.1%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.	207.2%	+6.8%	+2.6%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.	1.27x	+23.8%	-20.5%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.	$10.4B	-1.0%	+1.1%

Actual vs Estimate

A Dec 31Q Jun 30

Metric	Annual (A vs E)	Annual Surprise	Quarter (A vs E)	Quarter Surprise
EPS Surprise	-0.88 vs -1.40	+37.0%	0.21 vs -0.10	+310.0%
Revenue Surprise	$3.1B vs $3.1B	+0.4%	$839.0M vs $795.1M	+5.5%

Insider Transactions of GTN

Acquisitions (A)

Since May 6, 2026

Disposals (D)

Since May 6, 2026

Monthly shares of acquisitions/disposals with close price trend (shared daily price source)

Insider Trading Snapshot

Date	Executive	Title	Security	Side	Shares	Price
May 19, 2026	BOGER RICHARD LEE	director	Common Stock	D	55,000	$4.19
May 19, 2026	BOGER RICHARD LEE	director	Class A Common Stock	D	2,000	$10.12
May 6, 2026	BOGER RICHARD LEE	director	Common Stock	A	30,741	—
May 6, 2026	NEWTON HOWELL	director	Common Stock	A	30,741	—
May 6, 2026	HOWELL HILTON H JR	director, officer: Chairman, President & CEO	Common Stock	A	30,741	—

Earnings Call Transcript of GTN

1 transcript segments

Q2 2026

Unknown Speaker

Operator: Good day, everyone. Welcome to Gray Media's Second Quarter 2026 Earnings Call. [Operator Instructions] I will now turn the call over to Gray's President and CEO, Hilton Howell, Jr. Sir, please go ahead. Alan Gould: This is Alan Gould from Investor Relations. I'm going to lead off. Thank you, Lary, and welcome, everyone. Joining us on today's call are Hilton Howell, our Chairman and CEO; Pat LaPlatney, our President and Co-CEO; Sandy Breland, our Chief Operating Officer; Kevin Latek, our Chief Legal and Development Officer; and Jeff Gignac, our Chief Financial Officer. Today, we filed on Form 8-K, our second quarter earnings release and updated investor presentation with the SEC. And later today, we will file our quarterly report on Form 10-Q. These materials are all available on our website, graymedia.com, where we recently updated our Investor Relations section to make this site more comprehensive and easier to navigate. Included on the call may be a discussion of non-GAAP financial measures and in particular, adjusted EBITDA, leverage ratio denominator, net retransmission revenue and certain net leverage ratios. These metrics are not meant to replace GAAP measurements, but are provided as supplements to assist the public in its analysis and valuation of our company. Further discussions and reconciliation of the company's non-GAAP financial measures to comparable GAAP financial measures can be found in our latest investor presentation on the website. All statements and comments made by management during this conference call other than statements of historical fact should be deemed forward-looking statements that are subject to a number of risks and uncertainties. Actual results in the future could differ from those described in the forward-looking statements as a result of various factors that are described in our most recent filings with the SEC. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. It is now my pleasure to introduce Gray's Executive Chairman and CEO, Hilton Howell. Hilton Howell: Thank you, Alan. Today, we are very pleased to share our results for the second quarter of 2026 that were overall quite favorable tour previously issued guidance. Keep in mind that our second quarter reported results include 3 acquisitions and the Scripps swap that closed during the quarter. To provide everyone with a more meaningful comparison, our earnings release presents adjusted guidance reflecting the results of the second quarter acquisitions. The second quarter results reflect the benefits that we expected when we signed those transactions now nearly a year ago. Total revenue in the second quarter of 2026 was $839 million. This exceeded the high end of our adjusted guidance range by about $9 million and total revenue increased 9% on a year-over-year basis. Political revenue in the second quarter reached $83 million, well above our guidance …

Leadership Team of GTN

10 executives

Name	Title	Compensation	Gender	Year Born	Status
Hilton Hatchett Howell Jr.	Executive Chairman & Chief Executive Officer	USD 4,935,240	Male	1962	Active
Donald Patrick LaPlatney	President, Co-CEO & Director	USD 3,303,479	Male	1960	Active
Jeff Gignac	Executive Vice President & Chief Financial Officer	USD 2,487,847	Male	1976	Active
Kevin Latek	Executive Vice President, Chief Legal & Development Officer and Secretary	USD 2,292,623	Male	1971	Active
McNamara Sandra Breland	Executive Vice President & Chief Operating Officer	USD 2,011,233	Female	1963	Active
Charlie Effinger	Vice President of Corporate Development	—	Female	—	Active
Mike King	Senior Operating Officer & Chief Marketing Officer	—	Male	—	Active
Alan Steven Gould	VP & Head of Investor Relations	—	Male	—	Active
Bob Kroeger	Chief Technology Officer	—	Male	—	Active
Jackson S. Cowart	Senior Vice President & Chief Accounting Officer	—	Male	—	Active

Recent News of GTN

Zacks Investment Research7/30/2026Neutral

Gray Media (GTN) Stock Drops Despite Market Gains: Important Facts to Note

In the closing of the recent trading day, Gray Media (GTN) stood at $4.06, denoting a -4.47% move from the preceding trading day.

Zacks Investment Research7/28/2026Neutral

Gray Media Inc. (GTN) Is a Trending Stock: Facts to Know Before Betting on It

Gray Media (GTN) has received quite a bit of attention from Zacks.com users lately. Therefore, it is wise to be aware of the facts that can impact the stock's prospects.

Seeking Alpha7/25/2026Neutral

Gray Media: A Leveraged Local TV Recovery Bet With 2026 Political Upside

Zacks Investment Research7/24/2026Neutral

Gray Media (GTN) Rises Higher Than Market: Key Facts

In the closing of the recent trading day, Gray Media (GTN) stood at $3.96, denoting a +1.8% move from the preceding trading day.

Zacks Investment Research7/23/2026Neutral

Gray Media (GTN) Declines More Than Market: Some Information for Investors

In the most recent trading session, Gray Media (GTN) closed at $3.89, indicating a -2.75% shift from the previous trading day.

Historical Employee Count of GTN

Current

9,165

Change

+0.52%

Minimum

8,608

Maximum

9,374

Recent Filings

Report Date	Employees	Form Type	Filing Date	SEC Filing
Dec 31, 2025	9,165	10-K	Feb 26, 2026	View
Dec 31, 2024	9,118	10-K	Feb 27, 2025	View
Dec 31, 2023	9,374	10-K	Feb 23, 2024	View
Dec 31, 2022	8,942	10-K	Feb 24, 2023	View
Dec 31, 2021	8,608	10-K	Feb 25, 2022	View

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Gray Media, Inc.