GT
Gray Media Inc
GTN—
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Gray Media Inc AI Insights
Informational only. Not investment advice.Snapshot
- Interest expense of 477M TTM consumes 76% of EBIT (606M), leaving only 94M net income despite 625M operating income.[Interest Expense]
- Tangible book value is -6.0B with goodwill/intangibles of 8.1B representing 79% of total assets - significant impairment risk.[Tangible Book Value]
- Revenue down 21% YoY (TTM) vs industry median -2.8% - secular decline accelerating faster than peers.[Total Revenue 1Y Growth]
Watch Triggers
- Interest Expense: Exceeds 85% of EBIT — Signals debt trap - no earnings left for equity after servicing
- Free Cash Flow TTM: Falls below 400M — Removes debt paydown optionality, forces refinancing at higher rates
- Goodwill: Any impairment charge announced — Would signal management acknowledging asset value destruction
Bull Case
Operating margin of 18.7% TTM vs industry median 5.5% shows cost discipline; 440M FCF provides debt paydown optionality if revenue stabilizes.
Operating Margin TTMFree Cash Flow TTM
EBITDA of 879M TTM (26% margin) generates real cash despite revenue headwinds; net debt/EBITDA of 6.2x manageable if maintained.
EBITDA TTMNet Debt
Bear Case
Revenue decline of 21% YoY with gross profit down 48% signals structural deterioration; fixed costs amplify margin pressure.
Total Revenue 1Y GrowthGross Profit 1Y Growth
Goodwill of 2.6B (122% of equity) at risk of impairment given revenue trajectory; would eliminate remaining equity cushion.
GoodwillCommon Stockholders Equity
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
30%
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Forward Thesis
Debt servicing will consume increasing share of declining cash flows, limiting strategic flexibility
1-3yhigh
- 5.7B debt at 2.6x D/E with 477M annual interest
- Revenue declining 21% YoY with no stabilization signal
- FCF of 440M barely covers interest with minimal cushion
Net debt 5.4B vs 182M cashInterest/EBIT coverage only 1.27x3Y revenue CAGR -6.2%
Valuation Context
Caveats
Public Strategies Rankings
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GTN Fundamentals
Information → Radio and Television Broadcasting
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$421.95M | — | ||
$5.92B | — | ||
7.5 | — | ||
$3.35B | -3.3% | — | |
$0.58 | -68.7% | — | |
18.7% | -0.2% | — | |
2.81% | -2.9% | — | |
$440.0M | +45.2% | — | |
0.04 | -5.2% | — | |
Beta 5Y (Monthly) | unknown | — |
GTN Dividend History
55 dividends
2025
$0.320012/15/25$0.0800
09/15/25$0.0800
06/13/25$0.0800
03/14/25$0.0800
2024
$0.320012/13/24$0.0800
09/13/24$0.0800
06/14/24$0.0800
03/14/24$0.0800
2023
$0.320012/14/23$0.0800
09/14/23$0.0800
06/14/23$0.0800
03/14/23$0.0800
2022
$0.320012/14/22$0.0800
09/14/22$0.0800
06/14/22$0.0800
03/14/22$0.0800
2021
$0.320012/14/21$0.0800
09/14/21$0.0800
06/14/21$0.0800
03/12/21$0.0800
2008
$0.090009/11/08$0.0300
06/23/08$0.0300
03/20/08$0.0300
2007
$0.120012/12/07$0.0300
09/12/07$0.0300
06/13/07$0.0300
03/21/07$0.0300
2006
$0.120012/13/06$0.0300
09/13/06$0.0300
06/13/06$0.0300
03/16/06$0.0300
2005
$0.120012/12/05$0.0300
09/13/05$0.0300
06/13/05$0.0300
03/11/05$0.0300
2004
$0.240012/10/04$0.1500
09/13/04$0.0300
06/14/04$0.0300
03/11/04$0.0300
2003
$0.080012/11/03$0.0200
09/11/03$0.0200
06/11/03$0.0200
03/12/03$0.0200
2002
$0.080012/11/02$0.0200
09/11/02$0.0200
06/12/02$0.0200
03/13/02$0.0200
2001
$0.080012/13/01$0.0200
09/12/01$0.0200
06/07/01$0.0200
03/12/01$0.0200
2000
$0.080011/29/00$0.0200
09/11/00$0.0200
06/08/00$0.0200
03/07/00$0.0200
GTN Stock Splits
No stock splits
GTN SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
11/07/25 | 09/30/25 | 10-Q | |
08/08/25 | 06/30/25 | 10-Q | |
05/08/25 | 03/31/25 | 10-Q | |
02/27/25 | 12/31/24 | 10-K | |
11/08/24 | 09/30/24 | 10-Q | |
08/08/24 | 06/30/24 | 10-Q | |
05/07/24 | 03/31/24 | 10-Q | |
02/23/24 | 12/31/23 | 10-K | |
11/08/23 | 09/30/23 | 10-Q | |
08/04/23 | 06/30/23 | 10-Q | |
05/05/23 | 03/31/23 | 10-Q | |
02/24/23 | 12/31/22 | 10-K | |
11/04/22 | 09/30/22 | 10-Q | |
08/05/22 | 06/30/22 | 10-Q | |
05/06/22 | 03/31/22 | 10-Q | |
02/25/22 | 12/31/21 | 10-K | |
11/04/21 | 09/30/21 | 10-Q | |
08/05/21 | 06/30/21 | 10-Q | |
05/06/21 | 03/31/21 | 10-Q | |
02/25/21 | 12/31/20 | 10-K | |
11/05/20 | 09/30/20 | 10-Q | |
08/06/20 | 06/30/20 | 10-Q | |
05/07/20 | 03/31/20 | 10-Q | |
02/27/20 | 12/31/19 | 10-K | |
11/07/19 | 09/30/19 | 10-Q | |
08/07/19 | 06/30/19 | 10-Q | |
05/08/19 | 03/31/19 | 10-Q | |
02/28/19 | 12/31/18 | 10-K | |
11/06/18 | 09/30/18 | 10-Q | |
08/07/18 | 06/30/18 | 10-Q | |
05/08/18 | 03/31/18 | 10-Q | |
02/27/18 | 12/31/17 | 10-K | |
11/06/17 | 09/30/17 | 10-Q | |
08/08/17 | 06/30/17 | 10-Q | |
05/04/17 | 03/31/17 | 10-Q | |
03/01/17 | 12/31/16 | 10-K | |
11/08/16 | 09/30/16 | 10-Q | |
08/04/16 | 06/30/16 | 10-Q | |
05/09/16 | 03/31/16 | 10-Q | |
02/26/16 | 12/31/15 | 10-K | |
11/03/15 | 09/30/15 | 10-Q | |
08/05/15 | 06/30/15 | 10-Q | |
05/05/15 | 03/31/15 | 10-Q | |
03/05/15 | 12/31/14 | 10-K | |
11/05/14 | 09/30/14 | 10-Q | |
08/07/14 | 06/30/14 | 10-Q | |
05/08/14 | 03/31/14 | 10-Q | |
03/11/14 | 12/31/13 | 10-K | |
11/07/13 | 09/30/13 | 10-Q | |
08/08/13 | 06/30/13 | 10-Q | |
05/02/13 | 03/31/13 | 10-Q | |
03/05/13 | 12/31/12 | 10-K | |
10/31/12 | 09/30/12 | 10-Q | |
08/03/12 | 06/30/12 | 10-Q | |
05/02/12 | 03/31/12 | 10-Q | |
03/06/12 | 12/31/11 | 10-K | |
11/04/11 | 09/30/11 | 10-Q | |
08/08/11 | 06/30/11 | 10-Q | |
05/09/11 | 03/31/11 | 10-Q | |
03/11/11 | 12/31/10 | 10-K | |
11/08/10 | 09/30/10 | 10-Q | |
08/12/10 | 06/30/10 | 10-Q | |
05/10/10 | 03/31/10 | 10-Q | |
04/07/10 | 12/31/09 | 10-K | |
11/09/09 | 09/30/09 | 10-Q | |
08/07/09 | 06/30/09 | 10-Q | |
05/18/09 | 03/31/09 | 10-Q | |
03/31/09 | 12/31/08 | 10-K | |
11/07/08 | 09/30/08 | 10-Q | |
08/07/08 | 06/30/08 | 10-Q | |
05/09/08 | 03/30/08 | Unknown | -- |
03/14/08 | 12/31/07 | 10-K | |
11/07/07 | 09/30/07 | 10-Q | |
08/06/07 | 06/30/07 | 10-Q | |
05/07/07 | 03/30/07 | Unknown | -- |
03/15/07 | 12/31/06 | 10-K | |
11/08/06 | 09/30/06 | 10-Q | |
08/09/06 | 06/30/06 | 10-Q | |
05/09/06 | 03/30/06 | Unknown | -- |
03/16/06 | 12/31/05 | 10-K | |
11/07/05 | 09/30/05 | 10-Q | |
08/08/05 | 06/30/05 | 10-Q | |
05/10/05 | 03/30/05 | Unknown | -- |
03/15/05 | 12/31/04 | 10-K | |
11/04/04 | 09/30/04 | 10-Q | |
08/09/04 | 06/30/04 | 10-Q | |
05/07/04 | 03/30/04 | Unknown | -- |
03/12/04 | 12/31/03 | 10-K | |
11/12/03 | 09/30/03 | 10-Q | |
08/13/03 | 06/30/03 | 10-Q | |
05/14/03 | 03/30/03 | Unknown | -- |
03/31/03 | 12/31/02 | 10-K | |
11/14/02 | 09/30/02 | 10-Q | |
08/09/02 | 06/30/02 | 10-Q | |
05/15/02 | 03/30/02 | Unknown | -- |
03/27/02 | 12/31/01 | 10-K | |
11/14/01 | 09/30/01 | 10-Q | |
08/07/01 | 06/30/01 | 10-Q | |
05/14/01 | 03/30/01 | Unknown | -- |
03/09/01 | 12/31/00 | 10-K | |
11/03/00 | 09/30/00 | 10-Q | |
08/01/00 | 06/30/00 | 10-Q | |
04/28/00 | 03/30/00 | Unknown | -- |