Gray Television Inc (GTNA) Key Metrics
GTNA key metrics, 2015–2024
Fiscal year ended December 31, 2024 · U.S. dollarsGTNA valuation Price multiples at each fiscal year-end price.
GTNA returns How much profit the business earns on the capital it uses.
GTNA per-share figures Results divided by the shares outstanding at year-end.
GTNA financial health Debt, liquidity and how easily interest is covered.
GTNA efficiency & capital use Working capital cycle and where the cash goes.
GTNA valuation history
GTNA returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
GTNA debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
GTNA cash returned to shareholders
GTNA price vs earnings per share
GTNA key metrics
2015–2024| 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $726.0M | $817.0M | $1.01B | $1.75B | $1.59B | $1.99B | $1.18B | $1.06B | $756.7M | $943.1M |
| Enterprise value | $6.19B | $6.94B | $7.39B | $8.30B | $4.79B | $5.48B | $3.06B | $2.42B | $2.17B | $2.07B |
| P/E ratio | 1.9 | — | 2.2 | 19.4 | 3.9 | 11.1 | 5.6 | 4.0 | 12.2 | 24.0 |
| Price / sales | 0.2 | 0.2 | 0.3 | 0.7 | 0.7 | 0.9 | 1.1 | 1.2 | 0.9 | 1.6 |
| Price / book | 0.2 | 0.3 | 0.4 | 0.7 | 0.7 | 1.4 | 1.0 | 1.1 | 1.5 | 2.2 |
| Price / free cash flow | 1.2 | 2.7 | 2.6 | 18.8 | 2.9 | 7.2 | 4.6 | 7.3 | 4.6 | 11.6 |
| Price / operating cash flow | 1.0 | 1.3 | 1.2 | 5.8 | 2.4 | 5.2 | 3.6 | 5.9 | 3.7 | 8.9 |
| EV / sales | 1.7 | 2.1 | 2.0 | 3.4 | 2.0 | 2.6 | 2.8 | 2.7 | 2.7 | 3.5 |
| EV / EBITDA | — | — | — | — | — | 11.0 | 7.9 | 8.2 | 11.4 | 15.7 |
| EV / free cash flow | 10.2 | 23.1 | 18.8 | 89.2 | 8.8 | 19.9 | 12.1 | 16.6 | 13.3 | 25.4 |
| Earnings yield | 51.7% | −9.3% | 44.9% | 5.2% | 25.8% | 9.0% | 17.9% | 24.7% | 8.2% | 4.2% |
| Free cash flow yield | 83.8% | 36.7% | 38.8% | 5.3% | 34.1% | 13.8% | 21.5% | 13.7% | 21.5% | 8.6% |
| Dividend yield | 11.6% | 10.0% | 8.1% | 4.8% | 3.3% | 2.0% | — | — | — | — |
| Shareholder yield (dividends + buybacks) | 11.6% | 10.0% | 13.0% | 6.5% | 8.0% | 3.6% | 1.7% | 0.4% | 43.0% | 10.3% |
| Share price at fiscal year-end | $7.29 | $8.57 | $10.89 | $18.39 | $16.71 | $19.87 | $13.25 | $14.35 | $10.40 | $13.67 |
| Per share | ||||||||||
| Revenue per share | $36.59 | $34.40 | $39.52 | $25.41 | $25.01 | $21.22 | $12.21 | $11.96 | $11.17 | $8.66 |
| Earnings per share | $3.77 | −$0.80 | $4.89 | $0.95 | $4.31 | $1.79 | $2.37 | $3.55 | $0.86 | $0.57 |
| Operating cash flow per share | $7.54 | $6.79 | $8.91 | $3.16 | $6.85 | $3.85 | $3.64 | $2.44 | $2.84 | $1.53 |
| Free cash flow per share | $6.11 | $3.14 | $4.23 | $0.98 | $5.69 | $2.75 | $2.85 | $1.97 | $2.24 | $1.18 |
| Cash per share | $1.36 | $0.22 | $0.66 | $1.99 | $8.12 | $2.12 | $7.70 | $6.49 | $4.70 | $1.61 |
| Book value per share | $29.45 | $27.48 | $29.74 | $25.35 | $25.24 | $14.64 | $13.37 | $13.45 | $6.77 | $6.22 |
| Tangible book value per share | −$53.32 | −$60.35 | −$63.05 | −$67.08 | −$31.84 | −$4.42 | $5.87 | $4.17 | −$0.67 | −$0.68 |
| Dividends per share | $0.84 | $0.86 | $0.88 | $0.87 | $0.55 | $0.39 | — | — | — | — |
| Capex per share | $1.44 | $3.65 | $4.69 | $2.18 | $1.16 | $1.10 | $0.79 | $0.47 | $0.60 | $0.35 |
| Debt per share | $56.24 | $64.42 | $69.24 | $70.97 | $41.75 | $37.03 | $28.88 | $24.89 | $24.18 | $17.91 |
| Shares outstanding | 99.6M | 95.4M | 93.0M | 95.0M | 95.2M | 100.0M | 88.8M | 73.8M | 72.8M | 69.0M |
| Change in shares outstanding | +4.4% | +2.6% | −2.1% | −0.2% | −4.8% | +12.6% | +20.2% | +1.5% | +5.5% | +18.2% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 13.5% | −2.8% | 17.6% | 3.7% | 21.2% | 13.5% | 19.3% | 35.3% | 13.5% | 12.2% |
| Return on invested capital (ROIC) | 7.9% | 3.1% | 8.5% | 4.1% | 11.1% | 8.4% | 10.5% | 13.7% | 8.0% | 4.8% |
| Return on assets (ROA) | 3.5% | −0.7% | 4.1% | 1.0% | 5.6% | 3.2% | 5.6% | 8.7% | 2.5% | 2.0% |
| Return on tangible assets | 16.3% | −3.4% | 18.0% | 3.9% | 18.6% | 3.5% | 5.9% | 10.2% | 2.8% | 2.4% |
| Free cash flow margin | 16.7% | 9.1% | 10.7% | 3.9% | 22.8% | 13.0% | 23.4% | 16.5% | 20.1% | 13.6% |
| Income quality (OCF / net income) | 2.00 | — | 1.82 | 3.33 | 1.59 | 2.15 | 1.53 | 0.69 | 3.32 | 2.69 |
| Financial health | ||||||||||
| Total debt | $5.60B | $6.14B | $6.44B | $6.74B | $3.97B | $3.70B | $2.56B | $1.84B | $1.76B | $1.24B |
| Cash & short-term investments | $135.0M | $21.0M | $61.0M | $189.0M | $773.0M | $212.0M | $683.6M | $479.0M | $341.8M | $110.9M |
| Net debt | $5.47B | $6.12B | $6.38B | $6.55B | $3.20B | $3.49B | $1.88B | $1.36B | $1.42B | $1.12B |
| Debt / equity | 1.91 | 2.34 | 2.33 | 2.80 | 1.65 | 2.53 | 2.16 | 1.85 | 3.57 | 2.88 |
| Debt / assets | 0.53 | 0.58 | 0.58 | 0.61 | 0.52 | 0.53 | 0.61 | 0.56 | 0.63 | 0.58 |
| Net debt / EBITDA | — | — | — | — | — | 6.98 | 4.85 | 4.60 | 7.41 | 8.54 |
| Current ratio | 1.03 | 1.18 | 2.10 | 2.51 | 5.11 | 2.73 | 5.80 | 5.08 | 4.49 | 3.26 |
| Quick ratio | 1.03 | 1.18 | 2.10 | 2.51 | 5.11 | 2.73 | 5.80 | 5.08 | 4.49 | 3.26 |
| Working capital | $14.0M | $73.0M | $448.0M | $579.0M | $1.05B | $426.0M | $722.3M | $535.5M | $416.9M | $197.9M |
| Invested capital | $8.40B | $8.74B | $9.14B | $8.96B | $5.60B | $4.96B | $3.07B | $2.35B | $1.91B | $1.55B |
| Tangible asset value | −$5.31B | −$5.76B | −$5.86B | −$6.37B | −$3.03B | −$442.0M | $521.5M | $308.0M | −$48.7M | −$47.2M |
| Net current asset value | −$7.07B | −$7.55B | −$7.53B | −$7.74B | −$3.94B | −$4.84B | −$2.15B | −$1.60B | −$1.75B | −$1.43B |
| Graham number | $49.96 | — | $57.21 | $23.25 | $49.46 | $24.28 | $26.73 | $32.76 | $11.42 | $8.93 |
| Graham net-net per share | −$72.52 | −$81.16 | −$84.26 | −$84.70 | −$43.58 | −$49.88 | −$24.84 | −$22.49 | −$25.27 | −$21.92 |
| Capital allocation | ||||||||||
| Dividends paid | $84.0M | $82.0M | $82.0M | $83.0M | $52.0M | $39.0M | — | — | — | — |
| Share buybacks (net) | $0 | $0 | $50.0M | $30.0M | $75.0M | $32.0M | $19.6M | $4.0M | $325.2M | $97.3M |
| Dividend payout ratio | 22.4% | — | 18.0% | 92.2% | 12.7% | 21.8% | — | — | — | — |
| Dividends + buybacks / free cash flow | 13.8% | 27.3% | 33.6% | 121.5% | 23.4% | 25.8% | 7.7% | 2.7% | 199.5% | 119.6% |
| Capex / revenue | 3.9% | 10.6% | 11.9% | 8.6% | 4.6% | 5.2% | 6.5% | 3.9% | 5.4% | 4.1% |
| Capex / operating cash flow | 19.0% | 53.7% | 52.6% | 69.0% | 16.9% | 28.6% | 21.6% | 19.2% | 21.1% | 22.9% |
| Capex / depreciation | 0.99 | 2.40 | 3.38 | 1.99 | 1.15 | 0.45 | 0.70 | 0.34 | 0.51 | 0.37 |
| Stock-based compensation / revenue | — | — | — | — | — | 0.8% | 0.6% | 0.9% | 0.6% | 0.7% |
| SG&A / revenue | 2.9% | 6.9% | 2.8% | 6.6% | 2.7% | 4.9% | 3.8% | 3.6% | 5.0% | 5.7% |
| Efficiency | ||||||||||
| Days sales outstanding | 34.0 | 55.2 | 63.2 | 79.3 | 64.1 | 51.1 | 59.7 | 65.8 | 60.3 | 69.7 |
| Days payables outstanding | — | — | — | — | — | 2.7 | 5.0 | 4.3 | 3.8 | 4.5 |
| Cash conversion cycle (days) | — | — | — | — | — | 48.5 | 54.8 | 61.5 | 56.5 | 65.2 |
| Receivables turnover | 10.73 | 6.61 | 5.77 | 4.60 | 5.70 | 7.14 | 6.11 | 5.55 | 6.06 | 5.24 |
| Payables turnover | — | — | — | — | — | 136.58 | 73.44 | 85.08 | 97.07 | 81.83 |
| Asset turnover | 0.34 | 0.30 | 0.33 | 0.26 | 0.33 | 0.38 | 0.29 | 0.29 | 0.33 | 0.30 |
| Average receivables | $339.5M | $496.0M | $637.0M | $524.5M | $418.0M | $297.3M | $177.4M | $159.0M | $134.1M | $114.1M |
| Average payables | — | — | — | — | — | $9.7M | $8.1M | $6.5M | $4.9M | $4.6M |
| Intangibles / total assets | 78.2% | 78.7% | 77.4% | 79.0% | 71.1% | 27.3% | 15.8% | 21.0% | 19.5% | 22.2% |
Computed from GTNA's annual financial statements (latest annual report filed —) 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.
GTNA valuation and financial ratios
At the end of fiscal 2024 (December 31, 2024), Gray Television traded at 1.9 times earnings, against a 10-year median of 5.6. Gray Television earned a return on equity of 13.5% and a return on invested capital of 7.9% in fiscal 2024. It ended the year with $5.6 billion of debt and $135.0 million in cash and short-term investments, net debt of $5.5 billion. It returned $84.0 million to shareholders: $84.0 million in dividends and $0 in share buybacks, 14% of free cash flow. The share count rose 44.3% from 69.0M to 99.6M over 9 years.
See the GTNA income statement, the GTNA chart for price history, or the GTNA stock overview for the latest quote and news.
GTNA key metrics FAQ
What is Gray Television's P/E ratio?
Gray Television traded at 1.9 times earnings at the end of fiscal 2024.
What is Gray Television's return on equity?
Gray Television's return on equity (ROE) was 13.5% in fiscal 2024: net income of $375.0 million on average shareholders' equity of $2.8 billion.
What is Gray Television's ROIC?
Gray Television's return on invested capital was 7.9% in fiscal 2024, 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 $5.6 billion at the end of fiscal 2024, a debt-to-equity ratio of 1.91.
What is Gray Television's dividend yield?
Gray Television paid $84.0 million in dividends in fiscal 2024 ($0.84 per share), a payout ratio of 22.4%.
What is Gray Television's free cash flow yield?
Gray Television generated $608.0 million of free cash flow in fiscal 2024, a free cash flow yield of 83.8% on its market value at year-end ($726.0 million).
What is Gray Television's current ratio?
Gray Television's current ratio was 1.03 at the end of fiscal 2024: current assets were 1.03 times current liabilities.