Gray Media

GTN

Broadcasting · Communication Services

Price

$3.96

-0.08 (-1.98%)

Market Cap

$406.8M

Winston Score

Winston is worried

Weak fundamentals across most pillars.

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)

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.

Winston Score History

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

-1.8% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-47.8% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (12%)

Research and development spending

Insider Activity

16.4%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Runway

~4 years

$259M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

$259M cash & investments at current burn rate

Revenue declining

Gray Media's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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.

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Quality

Gross Margin

15.6%

Thin — 15.6% gross margin

Operating Margin

10.5%

Modest — 10.5% operating margin

ROCE

1.0%

Weak — 1.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-14.5%

Shrinking sales (-14.5% YoY)

EPS YoY

-158.5%

Earnings shrinking (-158.5% YoY)

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

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

Data not available

FCF Margin

1.5%

Thin free cash flow (1.5%)

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

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Stability

Debt / Equity

2.08

Heavy debt load (2.08)

Interest Cover

1.59x

Dangerous — barely covers interest (1.6x)

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

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Valuation

P/E Ratio (TTM)

N/M

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

7.79%

Healthy income — 7.79% yield

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

Dividend Growth

+0.0%

Dividend flat

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