Gray Television Inc (GTNA) AI Stock Analysis
GTNA AI stock analysis summary
AI ResearchGray Television Inc (GTNA) is a television broadcasting company operating local stations and digital media assets across the United States. In FY2024, the company generated revenue of $3.64B and net income of $375.0M, recovering from a net loss of -$76.0M in FY2023. As of October 16, 2026, the stock closed at $5.78 amid a total debt load of $5.59B as of March 31, 2025.
- Market cap
- $852.3M
- Revenue (TTM)
- $0
- P/E
- 2.0x
- 1Y return
- -41.3% S&P 500 16.8%
- Avg. target
- —
Bull case
- FY2024 revenue grew 11.1% to $3.64B, driving a recovery in net income to $375.0M.
- The company generated operating cash flow of $751.0M in FY2024 while limiting capital expenditures to $143.0M.
- GTNA trades at a trailing P/E of 2.0x, compared to the peer group median trailing P/E of 18.0x.
Bear case
- Total debt stood at $5.59B as of March 31, 2025, heavily exceeding cash and short-term investments of $210.0M.
- The stock has declined 51.8% year-to-date and 41.3% over the past year, closing at $5.78 as of October 16, 2026.
- Annual results have shown volatility, shifting from net income of $455.0M in FY2022 to a net loss of -$76.0M in FY2023.
What Gray Television does
Gray Media, Inc. is a television broadcasting company that engages in owning and operating television stations and digital assets in markets throughout the United States. Founded in January 1897 and headquartered in Atlanta, GA, the company operates through two segments: Broadcasting and Production Companies. The Broadcasting segment operates television stations located across local markets in the United States. The production segment includes the production of television and event content.
Growth and profitability
Gray Television achieved a 5-year revenue CAGR of 11.4% from FY2019 to FY2024. Revenue rose from $2.38B in FY2020 to $2.41B in FY2021, and expanded to $3.68B in FY2022 with revenue growth of 52.3%. After revenue fell 10.7% to $3.28B in FY2023, causing net income to drop to -$76.0M with a net margin of -2.3%, performance rebounded in FY2024. In FY2024, revenue increased 11.1% to $3.64B, generating an operating margin of 23.6%, net income of $375.0M, and EPS of $3.33. Operating cash flow stood at $751.0M in FY2024, compared to $648.0M in FY2023. Trailing twelve months revenue was reported at $0 as of June 30, 2020.
Balance sheet and cash flow
As of March 31, 2025, Gray Television held cash and short-term investments of $210.0M against total debt of $5.59B, resulting in net debt of $5.38B. Total assets stood at $10.44B and shareholders' equity was $2.90B, yielding a debt-to-equity ratio of 1.92 and a current ratio of 0.91. In FY2024, the company deployed capital toward capital expenditures of $143.0M and paid dividends of $84.0M, while its 5-year share count change was 1.0%.
Valuation and performance
At a last close of $5.78 on October 16, 2026, Gray Television has a market cap of $852.3M and an enterprise value of $0. The stock trades at a trailing P/E multiple of 2.0x, which is below the 18.0x trailing P/E median of its US-listed Consumer Cyclical peers. The stock has experienced significant downward momentum, with a 1-year return of -41.3% and a 5-year return of -70.5%, lagging the S&P 500 (SPY) returns of 16.8% and 83.0% over the same respective periods. The shares trade 35.7% below their 200-day average.
What analysts expect
In terms of quarterly execution, Gray Television recorded 2 EPS beats out of the last 4 quarters. The company does not report analyst rating tallies, mean price targets, forward EPS estimates, or a scheduled next earnings release date in its profile. Reported institutional ownership stands at 0.0%, and insider ownership is also listed at 0.0%. Trailing twelve months return on equity was reported at 11.0%.
Key risks and what to watch
- A debt-to-equity ratio of 1.92 and net debt of $5.38B leave the company heavily leveraged.
- Short-term liquidity is constrained, as reflected by a current ratio of 0.91 as of March 31, 2025.
- Revenue has fluctuated from year to year, contracting 10.7% in FY2023 before increasing 11.1% in FY2024.
AI-generated research summary. Written with AI from Quotelinks data as of October 16, 2026 and checked so every figure matches that data. For information only, not investment advice. Disclaimer
About this GTNA AI stock analysis
This page is an AI-written research summary of Gray Television Inc (GTNA). 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.
Related: GTNA income statement, GTNA balance sheet, GTNA key metrics, GTNA chart. See the GTNA stock overview for the latest quote and news.
GTNA AI stock analysis FAQ
What was Gray Television's revenue and net income in FY2024?
In FY2024, Gray Television reported revenue of $3.64B, representing 11.1% growth over the prior year. Net income for FY2024 was $375.0M, resulting in EPS of $3.33.
How much debt does Gray Television have?
As of March 31, 2025, Gray Television had total debt of $5.59B and cash and short-term investments of $210.0M, resulting in net debt of $5.38B. Its debt-to-equity ratio was 1.92.
How has GTNA stock performed compared to the S&P 500?
Over the past year, GTNA returned -41.3% compared to a 16.8% return for the S&P 500. Over a 5-year period, the stock fell 70.5% while the S&P 500 gained 83.0%.
What is Gray Television's valuation multiple?
GTNA has a market cap of $852.3M and trades at a trailing P/E of 2.0x, which is below the median trailing P/E of 18.0x for its US-listed Consumer Cyclical peers.