Gray Television, Inc. (GTN-A) AI Stock Analysis

Gray Television, Inc. is a television broadcasting company in the United States that owns and operates a portfolio of television stations and digital assets. It runs stations affiliated with major networks including ABC, CBS, NBC, and FOX, as well as secondary digital channels such as CW Plus Network, MY Network, MeTV Network, Justice, This TV Network, Antenna TV, Telemundo, Cozi, Heroes and Icons, and MOVIES! Network. It also provides local news and weather channels across 113 television markets. In addition to broadcasting, the company offers video program production services to deliver news, entertainment, and community-focused content nationwide.

Gray Television exhibits cyclical financial performance tied to political advertising cycles. In FY2024, revenue climbed 11.1% to $3.64B with a net margin of 10.3% and net income of $375.0M. In the off-cycle FY2025, revenue fell 15.1% to $3.10B, operating margin compressed to 12.7%, and net income dropped to -$85.0M. Free cash flow also declined from $608.0M in FY2024 to $181.0M in FY2025. Over the trailing twelve months ended June 30, 2026, revenue stood at $3.15B with an operating margin of 18.6% and a net loss of -$0.58 per share. The latest quarter delivered quarterly revenue growth of 8.7% and quarterly earnings growth of 1016.4%.

As of June 30, 2026, Gray Television held $176.0M in cash and short-term investments against $5.89B in total debt, resulting in net debt of $5.71B and a debt-to-equity ratio of 2.16. Shareholders' equity was $2.73B on total assets of $10.44B, while the current ratio stood at 0.95. In FY2025, operating cash flow was $289.0M, supporting capital expenditures of $108.0M and dividends paid of $85.0M. Over 5 years, share count increased 5.3%.

At $5.78, Gray Television trades at a forward P/E of 2.8x, compared to the median of 14.1x for its US-listed Communication Services peers. The stock's price-to-sales multiple is 0.2x versus the peer median of 0.8x, while EV to EBITDA of 10.1x is close to the peer median of 10.0x. Gray Television has underperformed the broader market, falling 38.9% over the past year and 68.0% over five years, compared to gains of 16.8% and 83.0% for the S&P 500.

Gray Television offers a forward annual dividend of $0.32 per share, representing a 5.54% dividend yield based on its last close of $5.78. The payout ratio stands at 74.4%. The company pays dividends quarterly, has maintained consecutive payments for 6 years, and its last ex-dividend date was September 15, 2026.

Wall Street analysts have a mean price target of $18.00 on the stock, representing upside of 211.4% from the last close of $5.78. For the fiscal year ending December 31, 2026, analysts estimate revenue of $3.63B, followed by an expected decline of 11.5% to $3.21B for the next fiscal year. The company beat EPS estimates in 1 of the last 4 quarters.

This page is an AI-written research summary of Gray Television, Inc. (GTN-A). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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