Gray Media

GTN

Broadcasting · Communication Services

Price

$4.94

+0.03 (+0.61%)

Market Cap

$482.5M

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Weak

Cash Flow

Weak

Stability

Weak

Valuation

Data not available

Dividends

Good

Track this stock — start free trial

Share count rising — dilution

+2.1% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 95.0M (2021) → 97.0M (2025)

Winston Score History

The full picture

Gray Media owns and operates local television stations across the United States. The company broadcasts news, sports, and entertainment programming through affiliates of major networks like NBC, CBS, ABC, and Fox. It is one of the largest local TV station owners in the country, reaching roughly 113 markets and about 36% of all U.S. television households.

Gray makes money primarily through two streams: retransmission fees paid by cable and satellite providers to carry its channels, and advertising revenue from local and national businesses. The company operates entirely within the U.S. and built its scale largely through acquisitions, including a major purchase of Raycom Media in 2019. Its main risk is structural — traditional TV viewership is declining as more people shift to streaming services, which puts long-term pressure on both advertising revenue and the retransmission fees that cable companies are willing to pay.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+8.7% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+129.6% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (12%)

Research and development spending

Insider Activity

16.4%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$208M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Gray Media is growing revenue at 9% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

29.6%

Modest — 29.6% gross margin

Profit after running costs

Operating Margin

16.2%

Healthy — 16.2% operating margin

Return on the money invested

ROCE

5.1%

Weak — 5.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales growth

Sales YoY

-11.3%

Shrinking sales (-11.3% YoY)

Profit growth

EPS YoY

-129.9%

Earnings shrinking (-129.9% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

4.6%

Thin free cash flow (4.6%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

What it owes vs what it owns

Debt / Equity

2.13

Heavy debt load (2.13)

Covers its interest

Interest Cover

1.82x

Dangerous — barely covers interest (1.8x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

Price vs profit

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Dividend

Dividend Yield

6.48%

Healthy income — 6.48% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend record

Dividend Growth

+0.0%

Dividend flat

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial