# Gray Television (GTN.US)

Canonical: https://gigainvestors.com/s/GTN

Analysis as of: 2026-10-15T06:34:37.776Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $4.46 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 2 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 3

- Operating margin variation: 0.37×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.33×

- FY2018: 0.36×

- FY2019: 0.23×

- FY2020: 0.32×

- FY2021: 0.16×

- FY2022: 0.27×

- FY2023: 0.12×

- FY2024: 0.23×

- FY2025: 0.13×

- LTM to Jun 2026: 0.14×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 10.8%

- ROIC, second-lowest year: 5.5%

- Typical minus recent gross margin: 3.7 pp

- Typical gross margin (annual median): 37.9%

- Recent gross margin (lower of latest and 3-year median): 34.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.3%

- ROIC including acquisitions, ten-year median: 5.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 10.6%

- FY2017: 16.6%

- FY2018: 11.0%

- FY2019: 9.4%

- FY2020: 16.0%

- FY2021: 4.3%

- FY2022: 12.4%

- FY2023: 5.5%

- FY2024: 12.5%

- FY2025: 6.2%

### economics: pass

- Owner earnings / net income, 5-yr: 1.34×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.0B

- Net income, five-year total: $759M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -1.6 pp

- Working capital / revenue, change between three-year averages: -11.7 pp

- Working capital / revenue, final three-year average: 7.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.16×

- FY2022: 1.00×

- FY2023: 1.12×

- FY2024: 1.34×

- FY2025: -0.52×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 11.0% vs 6.2%

- Per-share earnings: 0.86 to -0.83 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 3.5%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: -$248M

- Cumulative retained earnings: $1.3B

- Diluted shares, 10-year annual growth: 3.5%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: -$1.68

- Per-share value, starting three-year median: $0.86

- Per-share value, ending three-year median: -$0.83

- Buybacks concentrated in cheaper years (correlation): 0.35

- Average buyback yield: 1.9%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: $7.0B

- Cumulative net income, 10 years: $1.9B

- ROIC, first three-year median: 11.0%

- ROIC, last three-year median: 6.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: $0.86

- FY2017: $3.54

- FY2018: $2.37

- FY2019: $1.79

- FY2020: $4.23

- FY2021: $0.95

- FY2022: $4.89

- FY2023: -$0.83

- FY2024: $3.91

- FY2025: -$0.88

### accounting: pass

- Sloan accruals: -3.6%

- Receivables to sales index (DSRI): 0.72×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 7.6%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 3.76×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.2%

- FY2017: 2.5%

- FY2018: -2.7%

- FY2019: -3.0%

- FY2020: -3.2%

- FY2021: -1.9%

- FY2022: -3.4%

- FY2023: -6.8%

- FY2024: -3.6%

- FY2025: -3.6%

## Holders

- [Bill Miller](https://gigainvestors.com/LMM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 81% since Oct 2021 · "Earnings call transcript: Gray Television Q2 2025 misses EPS, stock dips" (investing.com, Aug 2025) · sales +1.7%

Story as of 2026-10-16T09:58:51.117Z; price observation 2026-10-15.

- 2025-08-08: Earnings call transcript: Gray Television Q2 2025 misses EPS, stock dips ([investing.com](https://www.investing.com/news/transcripts/earnings-call-transcript-gray-television-q2-2025-misses-eps-stock-dips-93CH-4181209))

### Sales · FY2025–2026

sales +1.7%; source https://www.sec.gov/Archives/edgar/data/43196/000143774926005803/gtn20251231_10k.htm; observed 2026-02-26.

- FY2017: $883M 

- FY2018: $1.1B 

- FY2019: $2.1B 

- FY2020: $2.4B 

- FY2021: $2.4B 

- FY2022: $3.7B 

- FY2023: $3.3B 

- FY2024: $3.6B 

- FY2025: $3.1B 

- FY2026: $3.1B 

### Gross margin · FY2025

gross margin 96.6%; source https://www.sec.gov/Archives/edgar/data/43196/000143774926005803/gtn20251231_10k.htm; observed 2026-02-26.

- FY2016: 41.5% 

- FY2017: 36.9% 

- FY2018: 45.0% 

- FY2019: 34.1% 

- FY2020: 41.5% 

- FY2021: 33.3% 

- FY2022: 38.8% 

- FY2023: 27.4% 

- FY2024: 34.1% 

- FY2025: 96.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in broadcasting; annual sales are USD 3.1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/43196/000143774926005803/gtn20251231_10k.htm (filed 2026-02-26); FY2025: revenue 3095000000; grossProfit 2991000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); GTN.US: Gray Media, Inc., a multimedia company, owns and/or operates local television stations and digital assets in the United States. The company operates through Broadcasting, Production Companies, and Other segments. It also owns Gray Digital Media, a digital agency that provides clients with digital marketing strategies; and operates video production companies and studio production facilities. The company was formerly known as Gray Television, Inc. and changed its name to Gray Media, Inc. in July 2002. Gray Media, Inc. was founded in 1891 and is headquartered in Atlanta, Georgia.

### Why customers stay

Margins ranged from 27.4% to 96.6% during 2023–25; it earns 10.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2023: grossProfit / revenue = 27.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: grossProfit / revenue = 34.1%.

- Source: https://www.sec.gov/Archives/edgar/data/43196/000143774926005803/gtn20251231_10k.htm (filed 2026-02-26); FY2025: grossProfit / revenue = 96.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); 10-year return on capital observations [[2016,0.10574355215252494],[2017,0.1656548327701079],[2018,0.11019376582531688],[2019,0.0944111578227239],[2020,0.15956213566507685],[2021,0.04309954751131222],[2022,0.12381973364119903],[2023,0.05454660176672075],[2024,0.12476015556462546],[2025,0.06246066962484873]]; median 0.10796865898892091. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2016: growth capex 0; upkeep 43604000; owner earnings 81188000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2017: growth capex 0; upkeep 34516000; owner earnings 304481000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2018: growth capex 0; upkeep 69975000; owner earnings 215281000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2019: growth capex 0; upkeep 110000000; owner earnings 264000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2020: growth capex 0; upkeep 110000000; owner earnings 501000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2021: growth capex 0; upkeep 207000000; owner earnings 104000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2022: growth capex 100000000; upkeep 336000000; owner earnings 455000000. Growth capex / owner earnings = 0.21978021978021978.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); FY2024: growth capex 0; upkeep 143000000; owner earnings 501000000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/43196/000143774926005803/gtn20251231_10k.htm (filed 2026-02-26); FY2025: growth capex 0; upkeep 108000000; owner earnings 44000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Dividend observations: [[2016,39000000],[2017,641438000],[2018,39000000],[2019,39000000],[2020,52000000],[2021,83000000],[2022,82000000],[2023,82000000],[2024,84000000],[2025,85000000]]. Zero only counted when supported by a complete cash-flow statement.

### What the price says

The price is 0.1 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-26); Closing price 4.46 USD; reporting-to-trading FX 1; FY2025 annual sales per share 31.90721649484536; price multiple 0.13978029079159934. FY2025 cash earnings/share 0.4536082474226804. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $8.90 per share

- 2016-11: $10.10 per share

- 2016-12: $10.85 per share

- 2017-01: $11.85 per share

- 2017-02: $13.60 per share

- 2017-03: $14.50 per share

- 2017-04: $14.65 per share

- 2017-05: $12.05 per share

- 2017-06: $13.70 per share

- 2017-07: $14.90 per share

- 2017-08: $14.30 per share

- 2017-09: $15.70 per share

- 2017-10: $15.57 per share

- 2017-11: $14.40 per share

- 2017-12: $16.75 per share

- 2018-01: $16.35 per share

- 2018-02: $13.80 per share

- 2018-03: $12.70 per share

- 2018-04: $11.30 per share

- 2018-05: $11.00 per share

- 2018-06: $15.80 per share

- 2018-07: $15.45 per share

- 2018-08: $17.45 per share

- 2018-09: $17.50 per share

- 2018-10: $17.31 per share

- 2018-11: $18.49 per share

- 2018-12: $14.74 per share

- 2019-01: $16.71 per share

- 2019-02: $21.91 per share

- 2019-03: $21.36 per share

- 2019-04: $23.43 per share

- 2019-05: $17.23 per share

- 2019-06: $16.39 per share

- 2019-07: $17.75 per share

- 2019-08: $15.30 per share

- 2019-09: $16.32 per share

- 2019-10: $16.41 per share

- 2019-11: $20.24 per share

- 2019-12: $21.44 per share

- 2020-01: $20.28 per share

- 2020-02: $18.92 per share

- 2020-03: $10.74 per share

- 2020-04: $11.61 per share

- 2020-05: $13.94 per share

- 2020-06: $13.95 per share

- 2020-07: $14.34 per share

- 2020-08: $15.52 per share

- 2020-09: $13.77 per share

- 2020-10: $12.68 per share

- 2020-11: $17.66 per share

- 2020-12: $17.89 per share

- 2021-01: $17.05 per share

- 2021-02: $18.15 per share

- 2021-03: $18.40 per share

- 2021-04: $20.32 per share

- 2021-05: $23.26 per share

- 2021-06: $23.40 per share

- 2021-07: $22.17 per share

- 2021-08: $22.74 per share

- 2021-09: $22.82 per share

- 2021-10: $23.44 per share

- 2021-11: $20.62 per share

- 2021-12: $20.16 per share

- 2022-01: $20.85 per share

- 2022-02: $23.43 per share

- 2022-03: $22.07 per share

- 2022-04: $18.52 per share

- 2022-05: $19.72 per share

- 2022-06: $16.89 per share

- 2022-07: $18.57 per share

- 2022-08: $19.10 per share

- 2022-09: $14.32 per share

- 2022-10: $14.15 per share

- 2022-11: $11.70 per share

- 2022-12: $11.19 per share

- 2023-01: $12.96 per share

- 2023-02: $11.70 per share

- 2023-03: $8.72 per share

- 2023-04: $7.71 per share

- 2023-05: $7.03 per share

- 2023-06: $7.88 per share

- 2023-07: $9.47 per share

- 2023-08: $8.06 per share

- 2023-09: $6.92 per share

- 2023-10: $6.52 per share

- 2023-11: $7.73 per share

- 2023-12: $8.96 per share

- 2024-01: $9.55 per share

- 2024-02: $5.84 per share

- 2024-03: $6.32 per share

- 2024-04: $5.75 per share

- 2024-05: $6.24 per share

- 2024-06: $5.20 per share

- 2024-07: $6.43 per share

- 2024-08: $5.10 per share

- 2024-09: $5.36 per share

- 2024-10: $5.71 per share

- 2024-11: $4.27 per share

- 2024-12: $3.15 per share

- 2025-01: $3.74 per share

- 2025-02: $3.76 per share

- 2025-03: $4.32 per share

- 2025-04: $3.35 per share

- 2025-05: $3.97 per share

- 2025-06: $4.53 per share

- 2025-07: $4.51 per share

- 2025-08: $6.13 per share

- 2025-09: $5.78 per share

- 2025-10: $4.57 per share

- 2025-11: $4.92 per share

- 2025-12: $4.84 per share

- 2026-01: $4.51 per share

- 2026-02: $5.19 per share

- 2026-03: $4.34 per share

- 2026-04: $5.64 per share

- 2026-05: $4.01 per share

- 2026-06: $3.97 per share

- 2026-07: $4.04 per share

- 2026-08: $4.88 per share

- 2026-09: $4.50 per share

- 2026-10: $4.54 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/43196/000143774926005803/gtn20251231_10k.htm); period 2025-12-31, filed 2026-02-26.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [Bill Miller](https://gigainvestors.com/LMM): 7,243,390 GTN shares; USD 28,756,000 reported position value; 6.8% of portfolio; add; quarter 2026 Q2.

# GTN — Gray Television Inc.

Held by 1 investor · USD 28,756,000 total · 2026 Q2 · reported price USD 3.97 (split-adjusted).
Page: https://gigainvestors.com/s/GTN

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| Bill Miller (https://gigainvestors.com/LMM) | USD 28,756,000 | 6.8% | add +34.88% |

## Total held by quarter

- 2019 Q3: USD 8,160,000 · 1 holder · USD 16.32
- 2019 Q4: USD 12,864,000 · 1 holder · USD 21.44
- 2020 Q1: USD 5,907,000 · 1 holder · USD 10.74
- 2020 Q2: USD 13,950,000 · 1 holder · USD 13.95
- 2020 Q3: USD 0 · 0 holders
- 2020 Q4: USD 0 · 0 holders
- 2021 Q1: USD 0 · 0 holders
- 2021 Q2: USD 0 · 0 holders
- 2021 Q3: USD 0 · 0 holders
- 2021 Q4: USD 0 · 0 holders
- 2022 Q1: USD 28,490,516 · 1 holder · USD 22.07
- 2022 Q2: USD 38,171,400 · 1 holder · USD 16.89
- 2022 Q3: USD 46,683,200 · 1 holder · USD 14.32
- 2022 Q4: USD 39,276,900 · 1 holder · USD 11.19
- 2023 Q1: USD 32,787,200 · 1 holder · USD 8.72
- 2023 Q2: USD 31,026,633 · 2 holders · USD 7.88
- 2023 Q3: USD 28,329,013 · 2 holders · USD 6.92
- 2023 Q4: USD 37,309,870 · 2 holders · USD 8.96
- 2024 Q1: USD 3,091,668 · 1 holder · USD 6.32
- 2024 Q2: USD 4,015,050 · 1 holder · USD 5.20
- 2024 Q3: USD 7,815,523 · 1 holder · USD 5.36
- 2024 Q4: USD 10,661,018 · 1 holder · USD 3.15
- 2025 Q1: USD 15,456,053 · 1 holder · USD 4.32
- 2025 Q2: USD 16,524,557 · 1 holder · USD 4.53
- 2025 Q3: USD 20,566,483 · 1 holder · USD 5.78
- 2025 Q4: USD 19,304,316 · 1 holder · USD 4.84
- 2026 Q1: USD 23,306,234 · 1 holder · USD 4.34
- 2026 Q2: USD 28,756,000 · 1 holder · USD 3.97