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Employees: 9,582
Size Gray Media (GTN) is a United States Communication Services company (Broadcasting) with a market value of $520M, the 2664th largest of 3,117 United States companies the cockpit tracks. Shares closed at $4.92 on 6 Nov 2026.
Performance Over six months the shares gained 11.3%, against -14.7% for the median peer and -1.1% for the United States market (cap-weighted) — 5th highest of 19 in its peer set.
Growth Revenue fell 11.3% over the last twelve months (peer median -0.5%); the operating margin is 14.4% (peer median 7.6%).
Valuation It trades at 2.7× forward earnings against a peer median of 14.2× (cheapest of 13).
Price implies For today's price to make sense, revenue must grow about 2% a year for seven years (Req g). Recent delivered growth is +5%, so the hurdle is -3 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.6 points below its cost of capital (5.8% WACC).
Credit Gray Media has 3 bonds outstanding ($2.19B), rated CCC by the agencies and trading like B at a weighted spread of 468 bp.
Short interest Short interest is 4.6% of the free float (15 Oct 2026).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $3.15B | $3.10B | $3.64B | $3.28B | $3.68B |
| Revenue growth | — | -15% | +11% | -11% | — |
| Gross profit | $586M | $524M | $975M | $560M | $1.10B |
| EBITDA | $701M | $648M | $1.14B | $787M | $1.33B |
| Net income | -$26.0M | -$85.0M | $375M | -$76.0M | $455M |
| Free cash flow | $146M | $181M | $608M | $300M | $393M |
| Capital expenditure | $104M | $108M | $143M | $348M | $436M |
| Total debt | $5.89B | $5.81B | $5.69B | $6.24B | $6.53B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | GTN | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.9% | +4.3% | 8th lowest of 19 |
| 6-month return | +11.3% | -14.7% | 5th highest of 19 |
| Distance from 52-week high | -23.5% | -34.5% | 5th highest of 19 |
| Revenue growth (TTM) | -11.3% | -0.5% | 5th lowest of 19 |
| Operating margin | 14.4% | 7.6% | 4th highest of 19 |
| Forward P/E | 2.7× | 14.2× | cheapest of 13 |
| Growth the price implies (Req g, 7 yrs) | 2.2% | 6.9% | 8th least demanding of 16 |
| Growth delivered (Del g) | +5.4% | +2.3% | 6th highest of 16 |
| Hurdle (Req g minus delivered) | -3.2 pp | +0.8 pp | 7th least demanding of 16 |
| ROIC minus cost of capital | -1.6 pp | -0.8 pp | 8th lowest of 18 |
| EV / EBITDA | 9.7× | 7.0× | 4th most expensive of 14 |
| Net debt / EBITDA | 8.2× | 1.4× | 3rd most indebted of 16 |
| Bond spread | 468 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Gray Media GTN | United States | $520M | +11% | -11% | 14% | 2.7× | 2.2% | +5.4% |
| NRJ NRG.PA | France | $509M | -18% | -12% | 8% | 16.0× | n/a | n/a |
| TV Tokyo 9413.T | Japan | $582M | -15% | +2% | 6% | 12.7× | -18.7% | +3.5% |
| Network18 Media & Invest NETWORK18.NS | India | $438M | -23% | -23% | -3% | n/a | n/a | n/a |
| Zee Entertainment Enterprises ZEEL.NS | India | $651M | -32% | +6% | -1% | 14.3× | 1.8% | +0.9% |
| CJ ENM 035760.KS | South Korea | $706M | -15% | -3% | 2% | 30.0× | -5.1% | +8.7% |
| Shaanxi Broadcast & TV Network Intermediary (Group) 600831.SS | China | $351M | -15% | -26% | -141% | n/a | 12.3% | -16.8% |
| Digital Network DIG.WA | Poland | $335M | +44% | +121% | 41% | 20.2× | 14.3% | +33.9% |
| Entravision Communications EVC | United States | $830M | +26% | +71% | 8% | n/a | 13.5% | +5.4% |
| iHeartMedia IHRT | United States | $309M | -69% | +3% | 7% | n/a | 7.9% | +5.6% |
| Nine Entertainment NEC.AX | Australia | $895M | -15% | -18% | 9% | 8.2× | 7.4% | -1.3% |
| Newsmax NMAX | United States | $948M | +16% | +11% | -7% | n/a | n/a | n/a |
| Sinclair SBGI | United States | $989M | -4% | -6% | 6% | 230.3× | 10.9% | -11.8% |
| Rai Way RWAY.MI | Italy | $1.27B | -28% | +3% | 44% | 12.9× | -10.3% | +4.8% |
| Atresmedia Corporacion de Medios de Comunicacion A3M.MC | Spain | $1.52B | +16% | +1% | 8% | 14.1× | 6.9% | +2.3% |
| Television Francaise 1 TFI.PA | France | $1.53B | -6% | -3% | 8% | 14.7× | -7.5% | +2.0% |
| Hebei Broadcasting Wireless Media 301551.SZ | China | $1.58B | -4% | -1% | 35% | n/a | 20.7% | -0.8% |
| Metropole Television MMT.PA | France | $1.60B | -4% | -2% | 11% | 12.5× | -0.9% | -0.3% |
| MFE-MediaForEurope MFEA.MI | Italy | $1.83B | -26% | +90% | 3% | 5.0× | 0.6% | +8.9% |
Gray Media has 3 bonds outstanding with $2.19B face value. The agencies rate it CCC; its bonds trade like B. Weighted yield 9.33%, a spread of 468 bp over government bonds.