Gray Television, Inc (GTN) AI Stock Analysis

Gray Television, Inc., based in Atlanta, Georgia, owns and operates television stations and digital assets across 113 television markets in the United States. The company broadcasts primary channels affiliated with major networks including ABC, CBS, NBC, and FOX. It also offers 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. In addition to primary and secondary broadcasting, Gray Television provides local news and weather channels tailored to various markets and comprehensive video program production services nationwide.

Between FY2021 and FY2025, Gray Television experienced revenue cyclicality, starting at $2.41B in FY2021 and climbing 52.3% to $3.68B in FY2022. Revenue reached $3.28B in FY2023 and rose 11.1% to $3.64B in FY2024, before falling 15.1% to $3.10B in FY2025. Net margins swung between positive territory, such as 12.4% in FY2022 and 10.3% in FY2024, and losses of -2.3% in FY2023 and -2.7% in FY2025 with net income of -$85.0M. Over the trailing twelve months, revenue was $3.15B with an operating margin of 18.6%. For the latest quarter ended June 30, 2026, quarterly revenue grew 8.7% year-over-year while quarterly earnings grew 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. Shareholders' equity stood at $2.73B, reflecting a debt-to-equity ratio of 2.16 and a current ratio of 0.95. Total assets were $10.44B. In FY2025, operating cash flow reached $289.0M and free cash flow was $181.0M. Cash deployment during FY2025 included $108.0M in capital expenditures and $85.0M in dividends paid.

Gray Television trades at a forward P/E of 2.4x, below the 14.1x median of its US-listed Communication Services peers. Its price-to-sales multiple is 0.1x compared to the peer median of 0.8x, while its EV-to-EBITDA stands at 10.1x compared to the peer median of 10.0x. Gray Television's market cap is $451.1M and its enterprise value is $6.80B. Over the past year, the stock returned 1.6% compared to 16.8% for the S&P 500 (SPY). Over a 5-year period, the stock declined 75.5% while the S&P 500 gained 83.0%.

Gray Television pays a quarterly dividend with an annual forward payout of $0.32 per share, translating to a dividend yield of 7.31%. The company has paid dividends for 6 consecutive years and carries a payout ratio of 74.4%. Its last ex-dividend date occurred on September 15, 2026.

Wall Street coverage on Gray Television consists of 2 Strong Buy, 1 Buy, 1 Hold, 0 Sell, and 1 Strong Sell ratings. The mean price target is $6.50, representing a 48.4% upside against the last close of $4.38 on October 16, 2026. For the current fiscal year ending December 31, 2026, analysts estimate revenue of $3.63B and EPS of $2.65, representing EPS growth of 358.6%. Gray Television beat EPS estimates in 3 of the last 4 quarters, and its next earnings date is November 6, 2026.

This page is an AI-written research summary of Gray Television, Inc (GTN). 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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