Gray Television Inc (GTNA) Balance Sheet

NYSE: GTNAAssets, liabilities, debt and equity over 10 years.

GTNA balance sheet, 2024

December 31, 2024 · U.S. dollars

$10.54B assets = $7.61B liabilities + $2.93B equity

Both columns are drawn to the same scale: what GTNA owns equals what it owes plus shareholders’ equity. Hover a block for its value.

GTNA financial health

Current ratio1.03

Adequate · current assets cover current liabilities 1.03×

Debt / equity1.91

High leverage · $1.91 of debt for each $1 of equity

Equity / assets27.8%

Balanced · of assets funded by shareholders

Cash / debt2.4%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles78.2%

Mostly intangible · of total assets

Descriptive bands, not a rating. Fiscal 2024.

GTNA balance sheet trends, 2015–2024

Gray Television Inc balance sheet trends
Metric	Then	Latest	Change
Total assets	$2.14B2015	$10.54B2024	+19.4%/yr
Total liabilities	$1.71B2015	$7.61B2024	+18.0%/yr
Shareholders’ equity	$429.3M2015	$2.93B2024	+23.8%/yr
Cash & short-term investments	$110.9M2015	$135.0M2024	+2.2%/yr
Total debt	$1.24B2015	$5.60B2024	+18.3%/yr
Net cash (debt)	−$1.12B2015	−$5.47B2024	−$4.3B
Working capital	$197.9M2015	$14.0M2024	−$183.9M
Book value per share	$6.222015	$29.452024	+18.9%/yr
Current ratio	3.262015	1.032024	−2.23
Debt / equity	2.882015	1.912024	−0.97
Shares outstanding	69.0M2015	99.6M2024	+4.2%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

GTNA assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

GTNA liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

GTNA debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

GTNA balance sheet

Gray Television Inc annual balance sheet
	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Assets
Cash & short-term investments	$135.0M	$21.0M	$61.0M	$189.0M	$773.0M	$212.0M	$683.6M	$479.0M	$341.8M	$110.9M
Cash & equivalents	$135.0M	$21.0M	$61.0M	$189.0M	$773.0M	$212.0M	$667.0M	$462.4M	$325.2M	$97.3M
Short-term investments	—	—	—	—	—	—	$16.6M	$16.6M	$16.6M	$13.6M
Receivables	$337.0M	$342.0M	$650.0M	$624.0M	$425.0M	$411.0M	$183.6M	$171.2M	$146.8M	$121.5M
Inventory	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Other current assets	$69.0M	$105.0M	$146.0M	$150.0M	$106.0M	$49.0M	$5.6M	$16.5M	$47.7M	$53.1M
Total current assets	$541.0M	$468.0M	$857.0M	$963.0M	$1.30B	$672.0M	$872.7M	$666.8M	$536.3M	$285.5M
Property, plant & equipment (net)	$0	$0	$0	$0	$0	$725.0M	$363.1M	$350.7M	$326.1M	$234.5M
Goodwill & intangible assets	$8.24B	$8.38B	$8.63B	$8.78B	$5.43B	$1.91B	$665.6M	$684.9M	$541.6M	$476.5M
Long-term investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Other non-current assets	$1.76B	$1.79B	$1.67B	$1.37B	$905.0M	$3.67B	$2.31B	$1.56B	$1.38B	$1.15B
Total assets	$10.54B	$10.64B	$11.15B	$11.11B	$7.64B	$6.97B	$4.21B	$3.26B	$2.78B	$2.14B
Liabilities
Accounts payable	—	—	—	—	—	$11.0M	$8.4M	$7.8M	$5.3M	$4.5M
Short-term debt	$0	$0	$0	$0	$0	$6.0M	$14.3M	$6.4M	$2.9M	$771,000
Deferred revenue	—	—	—	—	—	$9.0M	$3.7M	$4.0M	$4.7M	$3.5M
Total current liabilities	$527.0M	$395.0M	$409.0M	$384.0M	$255.0M	$246.0M	$150.4M	$131.3M	$119.4M	$87.6M
Long-term debt	$5.60B	$6.14B	$6.44B	$6.74B	$3.97B	$3.70B	$2.55B	$1.83B	$1.76B	$1.22B
Other long-term liabilities	$1.48B	$1.48B	$1.54B	$1.58B	$1.01B	$825.0M	$288.2M	$263.5M	$375.3M	$367.7M
Total liabilities	$7.61B	$8.02B	$8.39B	$8.70B	$5.24B	$5.51B	$3.03B	$2.27B	$2.29B	$1.71B
Shareholders' equity
Common stock & paid-in capital	$1.25B	$1.22B	$1.20B	$1.17B	$1.14B	$92.7M	$907.1M	$902.5M	$658.1M	$655.4M
Retained earnings (deficit)	$1.38B	$1.08B	$1.24B	$869.0M	$862.0M	$504.0M	$372.5M	$161.7M	−$101.4M	−$163.6M
Treasury stock	—	—	—	−$251.0M	−$214.0M	−$133.0M	−$97.8M	−$73.8M	−$68.0M	−$64.6M
Accumulated other comprehensive income	—	—	—	—	—	−$31.0M	−$21.4M	−$22.2M	−$17.6M	−$17.3M
Total shareholders' equity	$2.93B	$2.62B	$2.77B	$2.41B	$2.40B	$1.46B	$1.19B	$992.9M	$492.9M	$429.3M
Key figures
Total debt	$5.60B	$6.14B	$6.44B	$6.74B	$3.97B	$3.70B	$2.56B	$1.84B	$1.76B	$1.24B
Net cash (debt)	−$5.47B	−$6.12B	−$6.38B	−$6.55B	−$3.20B	−$3.49B	−$1.88B	−$1.36B	−$1.42B	−$1.12B
Working capital	$14.0M	$73.0M	$448.0M	$579.0M	$1.05B	$426.0M	$722.3M	$535.5M	$416.9M	$197.9M
Tangible book value	−$5.31B	−$5.76B	−$5.86B	−$6.37B	−$3.03B	−$442.0M	$521.5M	$308.0M	−$48.7M	−$47.2M
Book value per share	$29.45	$27.48	$29.74	$25.35	$25.24	$14.64	$13.37	$13.45	$6.77	$6.22
Shares outstanding	99.6M	95.4M	93.0M	95.0M	95.2M	100.0M	88.8M	73.8M	72.8M	69.0M
Current ratio	1.03	1.18	2.10	2.51	5.11	2.73	5.80	5.08	4.49	3.26
Quick ratio	0.90	0.92	1.74	2.12	4.70	2.53	5.77	4.95	4.09	2.65
Debt / equity	1.91	2.34	2.33	2.80	1.65	2.53	2.16	1.85	3.57	2.88
Equity / assets	27.8%	24.6%	24.8%	21.7%	31.4%	21.0%	28.2%	30.4%	17.7%	20.0%

Gray Television Inc quarterly balance sheet
	Mar '25	Dec '24	Sep '24	Jun '23	Mar '23	Dec '22	Sep '22	Jun '22	Mar '22	Dec '21	Sep '21	Jun '21
Assets
Cash & short-term investments	$210.0M	$135.0M	$69.0M	$36.0M	$56.0M	$61.0M	$144.0M	$162.0M	$247.0M	$189.0M	$322.0M	$785.0M
Cash & equivalents	$210.0M	$135.0M	$69.0M	$36.0M	$56.0M	$61.0M	$144.0M	$162.0M	$247.0M	$189.0M	$322.0M	$785.0M
Receivables	$198.0M	$337.0M	$358.0M	$329.0M	$333.0M	$650.0M	$615.0M	$614.0M	$644.0M	$624.0M	$440.0M	$408.0M
Inventory	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Other current assets	$75.0M	$69.0M	$149.0M	$147.0M	$148.0M	$146.0M	$175.0M	$175.0M	$127.0M	$150.0M	$110.0M	$64.0M
Total current assets	$483.0M	$541.0M	$576.0M	$512.0M	$537.0M	$857.0M	$934.0M	$951.0M	$1.02B	$963.0M	$872.0M	$1.26B
Property, plant & equipment (net)	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Goodwill & intangible assets	$8.21B	$8.24B	$8.27B	$8.52B	$8.58B	$8.63B	$8.67B	$8.71B	$8.73B	$8.78B	$5.82B	$5.40B
Long-term investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Other non-current assets	$1.74B	$1.76B	$1.78B	$1.78B	$1.73B	$1.67B	$1.58B	$1.46B	$1.39B	$1.37B	$1.08B	$1.01B
Total assets	$10.44B	$10.54B	$10.63B	$10.81B	$10.85B	$11.15B	$11.18B	$11.12B	$11.13B	$11.11B	$7.78B	$7.67B
Liabilities
Short-term debt	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Total current liabilities	$533.0M	$527.0M	$508.0M	$357.0M	$424.0M	$409.0M	$446.0M	$374.0M	$363.0M	$384.0M	$280.0M	$223.0M
Long-term debt	$5.59B	$5.60B	$5.87B	$6.20B	$6.15B	$6.44B	$6.59B	$6.69B	$6.74B	$6.74B	$3.98B	$3.98B
Other long-term liabilities	$1.41B	$1.48B	$1.47B	$1.55B	$1.56B	$1.54B	$1.56B	$1.57B	$1.58B	$1.58B	$1.11B	$1.02B
Total liabilities	$7.53B	$7.61B	$7.85B	$8.10B	$8.13B	$8.39B	$8.60B	$8.63B	$8.68B	$8.70B	$5.37B	$5.22B
Shareholders' equity
Common stock & paid-in capital	$1.26B	$1.25B	$1.25B	$1.21B	$1.21B	$1.20B	$1.19B	$1.18B	$1.18B	$1.17B	$1.16B	$1.16B
Retained earnings (deficit)	$1.34B	$1.38B	$1.23B	$1.18B	$1.19B	$1.24B	$1.08B	$988.0M	$910.0M	$869.0M	$861.0M	$899.0M
Treasury stock	—	—	—	—	—	—	—	—	—	−$251.0M	−$221.0M	−$221.0M
Total shareholders' equity	$2.90B	$2.93B	$2.78B	$2.71B	$2.71B	$2.77B	$2.58B	$2.49B	$2.45B	$2.41B	$2.41B	$2.45B
Key figures
Total debt	$5.59B	$5.60B	$5.87B	$6.20B	$6.15B	$6.44B	$6.59B	$6.69B	$6.74B	$6.74B	$3.98B	$3.98B
Net cash (debt)	−$5.38B	−$5.47B	−$5.80B	−$6.16B	−$6.09B	−$6.38B	−$6.45B	−$6.53B	−$6.49B	−$6.55B	−$3.66B	−$3.19B
Working capital	−$50.0M	$14.0M	$68.0M	$155.0M	$113.0M	$448.0M	$488.0M	$577.0M	$655.0M	$579.0M	$592.0M	$1.03B
Tangible book value	−$5.31B	−$5.31B	−$5.49B	−$5.81B	−$5.87B	−$5.86B	−$6.09B	−$6.22B	−$6.28B	−$6.37B	−$3.41B	−$2.95B
Book value per share	$28.51	$29.45	$27.89	$28.39	$28.90	$29.74	$27.74	$26.73	$25.65	$25.35	$25.17	$25.53
Shares outstanding	101.9M	99.6M	99.7M	95.5M	93.8M	93.0M	93.1M	93.1M	95.7M	95.0M	95.8M	95.8M
Current ratio	0.91	1.03	1.13	1.43	1.27	2.10	2.09	2.54	2.80	2.51	3.11	5.64
Quick ratio	0.77	0.90	0.84	1.02	0.92	1.74	1.70	2.07	2.45	2.12	2.72	5.35
Debt / equity	1.92	1.91	2.11	2.29	2.27	2.33	2.55	2.69	2.75	2.80	1.65	1.63
Equity / assets	27.8%	27.8%	26.1%	25.1%	25.0%	24.8%	23.1%	22.4%	22.0%	21.7%	31.0%	31.9%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed —); data from EODHD.

GTNA financial position

At the end of fiscal 2024 (December 31, 2024), Gray Television had total assets of $10.5 billion (down 0.9% from a year earlier), total liabilities of $7.6 billion and shareholders' equity of $2.9 billion. It held $135.0 million in cash and short-term investments against $5.6 billion of debt, net debt of $5.5 billion. Its current ratio was 1.03. In the latest quarter (ended March 31, 2025) total assets were $10.4 billion and equity $2.9 billion.

Related: GTNA income statement, GTNA cash flow statement, GTNA key metrics. See the GTNA stock overview for the latest quote and news.

GTNA balance sheet FAQ

What are Gray Television's total assets?

Gray Television reported total assets of $10.5 billion at the end of fiscal 2024 (December 31, 2024), compared with $10.6 billion a year earlier.

How much debt does Gray Television have?

Gray Television had $5.6 billion of total debt at the end of fiscal 2024, including short-term borrowings. Its debt-to-equity ratio was 1.91.

How much cash does Gray Television have?

Gray Television held $135.0 million in cash and short-term investments at the end of fiscal 2024; with $5.6 billion of debt that is net debt of $5.5 billion.

What is Gray Television's book value?

Gray Television's shareholders' equity (book value) was $2.9 billion at the end of fiscal 2024, or $29.45 per share.

What is Gray Television's current ratio?

Gray Television had current assets of $541.0 million and current liabilities of $527.0 million, a current ratio of 1.03 (it can cover its short-term obligations).

How much goodwill does Gray Television have?

Gray Television carried $8.2 billion of goodwill and intangible assets, 78.2% of total assets, at the end of fiscal 2024.