Gray Media
GTNNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $5.82 Prior regular-session close from the quote source.
- $5.77–$6.04 Regular-session low and high so far today.
- 2.0M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Feb 25 projected Projected for 2027-02-25 from the company’s own results filings (SEC 8-K Item 2.02). The company has not confirmed the date.
- $3.55–$6.44 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own GTN if Gray owns a large portfolio of local broadcast stations that can generate substantial operating cash from local advertising and retransmission fees, but heavy leverage and volatile ad/retrans cycles make equity returns dependent on durable.
GTN price history
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Investment thesis
What must happen next
Gray's station portfolio can generate substantial operating cash that supports debt service and shareholder distributions when advertising and retransmission markets are healthy.HoldingMateriality: High
operating_cash_flow: 829000000 (FY2022), 648000000 (FY2023), 751000000 (FY2024) — demonstrates historically large cash generation in good years. If operating cash reliably covers interest and capital returns, equity can re-rate; if cash collapses, debt and liquidity become the constraining factor and equity remains depressed.
Watch: A sustained and material loss of retransmission fees (large MVPD/streaming carriage disputes) that reduces cash collected for distribution rights.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
operating_cash_flow: 829000000 (FY2022), 648000000 (FY2023), 751000000 (FY2024) — demonstrates historically large cash generation in good years.
Open source ↗Gray's operating income is volatile from year to year because revenue drivers (political advertising, retransmission timing and cyclical local ad demand) create large swings in reported operating results.StrengtheningMateriality: High
operating_income: 990000000 (FY2022) → 383000000 (FY2023) → 851000000 (FY2024) → 392000000 (FY2025) — large year-to-year swings in operating income. Volatility increases refinancing risk and keeps the equity valuation volatile; sustained stabilization of operating income would materially reduce perceived risk.
Watch: Consistent secular declines in linear advertising budgets or permanent reductions in retransmission fees from major distributors.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
operating_income: 990000000 (FY2022) → 383000000 (FY2023) → 851000000 (FY2024) → 392000000 (FY2025) — large year-to-year swings in operating income.
Open source ↗Gray's high liabilities relative to equity and modest market capitalization mean leverage is the primary constraint on capital allocation and equity upside.StrengtheningMateriality: Medium
liabilities: 8019000000 (FY2023) → 7609000000 (FY2024) → 7635000000 (FY2025) — persistently large liabilities. If leverage is not reduced, management will have limited freedom for buybacks/dividends and the equity will remain distressed; successful deleveraging materially improves equity value.
Watch: Failure to refinance maturing debt on acceptable terms or covenant breaches that force asset sales at distressed prices.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
liabilities: 8019000000 (FY2023) → 7609000000 (FY2024) → 7635000000 (FY2025) — persistently large liabilities.
Open source ↗
Full investment case & evidence
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Original research
Gray's station portfolio can generate substantial operating cash that supports debt service and shareholder distributions when advertising and retransmission markets are healthy. If operating cash reliably covers interest and capital returns, equity can re-rate; if cash collapses, debt and liquidity become the constraining factor and equity remains depressed.
Gray's operating income is volatile from year to year because revenue drivers (political advertising, retransmission timing and cyclical local ad demand) create large swings in reported operating results. Volatility increases refinancing risk and keeps the equity valuation volatile; sustained stabilization of operating income would materially reduce perceived risk.
Gray's high liabilities relative to equity and modest market capitalization mean leverage is the primary constraint on capital allocation and equity upside. If leverage is not reduced, management will have limited freedom for buybacks/dividends and the equity will remain distressed; successful deleveraging materially improves equity value.
All standing thesis claims
Original report summary
Gray owns a large portfolio of local broadcast stations that can generate substantial operating cash from local advertising and retransmission fees, but heavy leverage and volatile ad/retrans cycles make equity returns dependent on durable.
Bull case and bear case
Bull case and bear case for Gray Media
Where the evidence on Gray Media stands: Holding on the latest evidence (Nov 7, 2026). Of its 3 thesis points, 2 strengthening and 1 holding.
Bull case: what the evidence supports
Gray's station portfolio can generate substantial operating cash that supports debt service and shareholder distributions when advertising and retransmission markets are healthy.
Gray's operating income is volatile from year to year because revenue drivers (political advertising, retransmission timing and cyclical local ad demand) create large swings in reported operating results.
Gray's high liabilities relative to equity and modest market capitalization mean leverage is the primary constraint on capital allocation and equity upside.
Bear case: what would count against it
A sustained and material loss of retransmission fees (large MVPD/streaming carriage disputes) that reduces cash collected for distribution rights.
Consistent secular declines in linear advertising budgets or permanent reductions in retransmission fees from major distributors.
Failure to refinance maturing debt on acceptable terms or covenant breaches that force asset sales at distressed prices.
Thesis-Break Engine
Thesis-break watch · Gray Media
No break has crossed Gray Media’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedRegulation FD disclosure.
Gray Media filed an SEC 8-K on 2026-11-06: Regulation FD disclosure. It is a dated development that tests the current thesis.
- MixedOther material event.
Gray Media filed an SEC 8-K on 2026-11-06: Other material event. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
Gray Media filed an SEC 8-K on 2026-11-06: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- A sustained and material loss of retransmission fees (large MVPD/streaming carriage disputes) that reduces cash collected for distribution rights.
- Consistent secular declines in linear advertising budgets or permanent reductions in retransmission fees from major distributors.
- Failure to refinance maturing debt on acceptable terms or covenant breaches that force asset sales at distressed prices.
GTN news
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Financial statements
GTN income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
GTN: quick answers
- When does Gray Media (GTN) report earnings next?
- Gray Media's next results are projected for February 25, 2027, from the dates of its own results filings with the SEC. The company has not confirmed the date. It last reported on November 6, 2026. Earnings calendar
- What is GTN's short interest?
- As of October 30, 2026, 4.2M GTN shares were sold short, 4.48% of its shares outstanding, down 2.3% from the count before. At the stock's average daily volume that is 5.2 days to cover. FINRA publishes the count twice a month. GTN short interest history
- Have members of Congress traded GTN?
- 1 trade in GTN has been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed GTN trade
- Which well-known investors own GTN?
- 1 of the 37 well-known funds tracked here reported GTN shares in their latest 13F filing. By share of the fund's portfolio: Miller Value Partners (Bill Miller), 6.8%. Fund portfolios
GTN in well-known investors’ portfolios
1 of 37 funds reported GTN shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Bill MillerMiller Value Partners | 6.8% | $28.8M | +34.9% | Q2 2026 |