Gray Television, Inc. (GTN-A) Key Metrics
GTN-A valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $595.2M
- Enterprise value
- $6.79B
- P/E (TTM)
- —
- Forward P/E
- 2.8
- PEG ratio
- 0.21
- Price / sales
- 0.2
- Price / book
- 0.3
- EV / EBITDA
- 10.1
- Dividend yield
- 0.53% $0.32 a year
- Beta
- 1.03
GTN-A key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsGTN-A returns How much profit the business earns on the capital it uses.
GTN-A financial health Debt, liquidity and how easily interest is covered.
GTN-A efficiency & capital use Working capital cycle and where the cash goes.
GTN-A returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
GTN-A debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
GTN-A cash returned to shareholders
GTN-A key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Share price at fiscal year-end | $12.00 | $7.29 | $8.57 | $10.89 | $18.39 | $16.71 | $19.87 | $13.25 | $14.35 | $10.40 |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | −3.0% | 13.5% | −2.8% | 17.6% | 3.7% | 18.2% | 10.8% | 19.3% | 35.3% | 13.5% |
| Return on invested capital (ROIC) | 3.7% | 7.5% | 3.3% | 8.0% | 2.8% | 10.0% | 7.6% | 10.2% | 13.6% | 7.7% |
| Return on assets (ROA) | −0.8% | 3.5% | −0.7% | 4.1% | 1.0% | 5.6% | 3.2% | 5.6% | 8.7% | 2.5% |
| Return on tangible assets | −3.6% | 16.3% | −3.4% | 18.0% | 3.9% | 18.6% | 12.0% | 10.4% | 25.1% | 6.9% |
| Free cash flow margin | 5.8% | 16.7% | 9.1% | 10.7% | 3.9% | 22.8% | 13.0% | 23.4% | 16.5% | 20.1% |
| Income quality (OCF / net income) | — | 2.00 | — | 1.82 | 3.33 | 1.59 | 2.15 | 1.53 | 0.69 | 3.32 |
| Financial health | ||||||||||
| Total debt | $5.81B | $5.69B | $6.24B | $6.53B | $6.83B | $4.03B | $3.75B | $2.68B | $1.84B | $1.76B |
| Cash & short-term investments | $368.0M | $135.0M | $21.0M | $61.0M | $189.0M | $773.0M | $212.0M | $667.0M | $462.4M | $325.2M |
| Net debt | $5.45B | $5.56B | $6.22B | $6.47B | $6.64B | $3.26B | $3.54B | $2.01B | $1.38B | $1.43B |
| Debt / equity | 2.07 | 1.94 | 2.38 | 2.36 | 2.84 | 1.68 | 1.77 | 2.26 | 1.85 | 3.56 |
| Debt / assets | 0.56 | 0.54 | 0.59 | 0.59 | 0.61 | 0.53 | 0.54 | 0.64 | 0.56 | 0.63 |
| Net debt / EBITDA | 9.11 | 4.46 | 8.47 | 4.68 | 10.50 | 3.35 | 4.94 | 4.10 | 3.56 | 5.03 |
| Current ratio | 1.27 | 1.03 | 1.18 | 2.10 | 2.51 | 5.11 | 2.73 | 5.80 | 5.08 | 4.49 |
| Quick ratio | 1.27 | 0.99 | 1.14 | 1.99 | 2.26 | 5.02 | 2.63 | 5.75 | 4.97 | 4.38 |
| Interest coverage | 0.8 | 1.8 | 0.9 | 2.8 | 1.9 | 3.9 | 2.1 | 3.6 | 3.1 | 2.4 |
| Working capital | $140.0M | $14.0M | $73.0M | $448.0M | $579.0M | $1.05B | $426.0M | $722.3M | $535.5M | $416.9M |
| Invested capital | $8.25B | $8.49B | $8.84B | $9.24B | $9.04B | $5.66B | $5.65B | $3.20B | $2.37B | $1.92B |
| Tangible asset value | −$5.30B | −$5.31B | −$5.76B | −$5.86B | −$6.37B | −$3.03B | −$3.37B | −$1.01B | −$1.22B | −$1.39B |
| Net current asset value | −$6.98B | −$7.07B | −$7.55B | −$7.53B | −$7.74B | −$3.94B | −$4.19B | −$2.15B | −$1.60B | −$1.75B |
| Capital allocation | ||||||||||
| Dividends paid | $85.0M | $84.0M | $82.0M | $82.0M | $83.0M | $52.0M | $39.0M | $39.0M | $641.4M | $39.0M |
| Share buybacks (net) | — | $4.0M | $5.0M | $50.0M | $30.0M | $75.0M | $32.0M | $19.6M | $4.0M | $2.0M |
| Dividend payout ratio | — | 22.4% | — | 18.0% | 92.2% | 12.7% | 21.8% | 18.5% | 244.9% | 62.6% |
| Dividends + buybacks / free cash flow | 47.0% | 14.5% | 29.0% | 33.6% | 121.5% | 23.4% | 25.8% | 23.1% | 443.6% | 25.1% |
| Capex / revenue | 3.5% | 3.9% | 10.6% | 11.9% | 8.6% | 4.6% | 5.2% | 6.5% | 3.9% | 5.4% |
| Capex / operating cash flow | 37.4% | 19.0% | 53.7% | 52.6% | 69.0% | 16.9% | 28.6% | 21.6% | 19.2% | 21.1% |
| Capex / depreciation | 0.46 | 0.53 | 0.93 | 1.14 | 0.80 | 0.46 | 0.47 | 0.73 | 0.35 | 0.53 |
| Stock-based compensation / revenue | 0.7% | 0.6% | 0.9% | 0.8% | 0.9% | 0.8% | 0.8% | 0.6% | 0.9% | 0.6% |
| SG&A / revenue | 3.7% | 2.9% | 3.5% | 2.8% | 3.6% | 2.7% | 4.9% | 3.8% | 3.6% | 5.0% |
| Efficiency | ||||||||||
| Days sales outstanding | 32.7 | 35.4 | 57.6 | 65.4 | 82.5 | 65.7 | 51.1 | 59.7 | 65.8 | 60.3 |
| Days of inventory on hand | — | 2.7 | 4.7 | 11.1 | 13.4 | 6.3 | 4.1 | 6.7 | 9.3 | 9.3 |
| Days payables outstanding | 17.1 | 7.5 | 6.0 | 9.3 | 7.8 | 2.8 | 2.5 | 5.0 | 4.3 | 3.8 |
| Cash conversion cycle (days) | 15.5 | 30.6 | 56.3 | 67.3 | 88.1 | 69.2 | 52.7 | 61.5 | 70.8 | 65.8 |
| Receivables turnover | 11.17 | 10.32 | 6.34 | 5.58 | 4.42 | 5.56 | 7.14 | 6.11 | 5.55 | 6.06 |
| Payables turnover | 21.32 | 48.98 | 61.10 | 39.44 | 46.67 | 132.57 | 144.20 | 73.44 | 85.08 | 97.07 |
| Inventory turnover | — | 137.14 | 78.13 | 32.82 | 27.29 | 58.00 | 89.36 | 54.30 | 39.25 | 39.19 |
| Asset turnover | 0.30 | 0.34 | 0.30 | 0.33 | 0.26 | 0.33 | 0.38 | 0.29 | 0.29 | 0.33 |
| Average receivables | $277.0M | $353.0M | $517.5M | $658.5M | $545.5M | $428.5M | $297.3M | $177.4M | $159.0M | $134.1M |
| Average payables | $109.5M | $49.0M | $39.0M | $57.0M | $34.5M | $10.5M | $9.7M | $8.1M | $6.5M | $4.9M |
| Average inventory | — | $17.5M | $30.5M | $68.5M | $59.0M | $24.0M | $15.7M | $11.0M | $14.2M | $12.1M |
| Intangibles / total assets | 77.7% | 78.2% | 78.7% | 77.4% | 79.0% | 71.1% | 78.6% | 52.1% | 67.9% | 67.6% |
Computed from GTN-A's annual financial statements (latest annual report filed February 26, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
GTN-A valuation and financial ratios
Gray Television earned a return on equity of −3.0% and a return on invested capital of 3.7% in fiscal 2025. It ended the year with $5.8 billion of debt and $368.0 million in cash and short-term investments, net debt of $5.4 billion. It returned $85.0 million to shareholders: $85.0 million in dividends and $0 in share buybacks, 47% of free cash flow.
See the GTN-A income statement, the GTN-A chart for price history, or the GTN-A stock overview for the latest quote and news.
GTN-A key metrics FAQ
What is Gray Television's return on equity?
Gray Television's return on equity (ROE) was −3.0% in fiscal 2025: net income of -$85.0 million on average shareholders' equity of $2.9 billion.
What is Gray Television's ROIC?
Gray Television's return on invested capital was 3.7% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Gray Television have?
Gray Television had total debt of $5.8 billion at the end of fiscal 2025, a debt-to-equity ratio of 2.07 and $5.4 billion of net debt (9.11 times EBITDA).
What is Gray Television's current ratio?
Gray Television's current ratio was 1.27 at the end of fiscal 2025: current assets were 1.27 times current liabilities.