Start here if you're new
what it is
Gray Media owns local TV stations and a digital ad agency across 113 U.S. markets.
how it gets paid
Last year Gray Media made $3.1B in revenue.
why growth slowed
Revenue fell 15.1% last year. A $1.19 loss per share is the number that matters most here.
what just happened
Gray's $2.3B quarter came with a $1.19 loss per share.
At a glance
C balance sheet — red flag territory — real financial stress
10/100 earnings predictability — expect surprises
6.9% dividend yield — cash in your pocket every quarter
6.2% return on capital — nothing to write home about
$2.45 fy2024 eps est
xvary composite: 19/100 — weak
What they do
Gray Media owns local TV stations and a digital ad agency across 113 U.S. markets.
Gray reaches 113 television markets and 37% of U.S. TV households. It also has 78 markets with the top-rated station and 99 with the first or second-rated station. You are buying local dominance, not a flashy brand, and local ad dollars tend to follow the audience.
How they make money
$3.1B
annual revenue · revenue declined -15.1% last year
total revenue
$3.1B
15.1%
The products that matter
local ad inventory sales
Broadcast advertising
$1.9B · 61% of revenue
it is still the core engine at about $1.9B, but a 24.2% drop shows how exposed you are to weak ad demand outside election years.
core but cyclical
cable and satellite carriage fees
Retransmission agreements
$0.9B · 29% of revenue
this $0.9B stream grew 3% and is the steadier part of the story. In plain English: it gives GTN some ballast while ads swing around.
stability layer
digital and other media revenue
Digital & other
$0.3B · 10% of revenue
at about $0.3B and flat growth, this is not large enough to offset weakness in broadcast. It helps, but it does not change the thesis.
too small to carry it
Key numbers
$3.1B
annual revenue
You are looking at a broadcaster with $3.1B in annual sales, but that total is 15.1% lower than a year ago.
$5.7B
long-term debt
Gray owes $5.7B, which is 93% of capital. That leaves less room for mistakes when ad spending slows.
6.9%
dividend yield
A 6.9% yield sounds rich, but it also says the market wants paid to hold a debt-heavy broadcaster.
37%
household reach
Gray reaches 37% of U.S. TV households. That is a big audience for one operator and a lot of local ad inventory to sell.
Financial health
C
strength
- balance sheet grade C — very weak — significant financial distress
- risk rank 5 — safer than 5% of stocks
- price stability 10 / 100
- long-term debt $5.7B (93% of capital)
C — balance sheet grade and long-term debt are flagged. this stock carries more risk than average.
Total return vs. market
Return history isn't available for GTN right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Gray's $2.3B quarter came with a $1.19 loss per share.
Revenue was up 207% from the prior year quarter, but the company still posted a loss. That says the top line is moving while costs and interest still bite.
$2.3B
revenue
-$1.19
eps
24.6%
gross margin
loss per share
A $1.19 loss per share is the number that matters most here. Revenue can jump 207%, and you can still lose money.
source: company earnings report, 2026
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What could go wrong
your #1 risk is $5.8B of debt sitting above a $433M equity value.
high
refinancing risk
With $5.8B in debt and a C balance sheet, refinancing terms matter more here than a small bump in ad revenue. If borrowing costs stay high, cash that could reduce leverage or support the dividend gets spoken for fast.
This is the capital-structure risk. Equity holders sit behind a very large debt stack.
high
broadcast ad weakness lasts longer than expected
Broadcast advertising is about $1.9B of revenue and it fell 24.2%. If that decline keeps bleeding into non-election quarters, the retransmission line will not be large enough to hide it.
About 61% of revenue comes from the most cyclical line item on the page.
med
dividend cut
A 6.9% yield looks generous until you put it next to a quarterly loss and a debt-heavy balance sheet. If management has to choose, the payout is easier to cut than the debt balance is to wish away.
The yield is part of the appeal. It is also one of the first things that could change.
med
capex competes with deleveraging
Management plans $140M of capex in 2026. That spending may be necessary, but it still competes with debt reduction in a business where leverage is already the main character.
If operating results stay soft, every dollar spent has a tradeoff attached.
At $5.8B of debt against a $433M market cap, small operating misses do not stay small. Another quarter like the 24.2% revenue drop would tighten the squeeze on both the dividend and debt paydown.
source: institutional data · regulatory filings · risk analysis
Pay attention to
next print
Q1 2026 revenue vs. the $755M–$770M guide
That range is the next stress test. If results land weak again, the market will stop giving management the benefit of the political-cycle story.
trend
whether retransmission fees keep growing
This line produced about $0.9B and grew 3%. You want this part of the business holding steady while advertising does the usual swinging around.
dividend
the next $0.08 dividend declaration
The payment due March 31, 2026 matters less than the signal in the next declaration. A cut would tell you leverage has won the argument.
balance sheet
whether $140M of capex still leaves room to cut debt
Management says debt reduction is the priority. You should want to see that show up in the numbers, not just in the script.
Analyst rankings
earnings predictability
10 / 100
in human-speak, analysts do not view these earnings as stable. Expect jumps tied to ad demand, politics, and leverage.
balance sheet quality
C
A C grade means the financing risk is real. You are not buying a calm, cash-heavy broadcaster.
source: institutional data
Institutional activity
institutional ownership data for GTN is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$4
current price
n/a
target midpoint · n/a from current
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