This company is no longer publicly traded

Delisted / no longer publicly traded (per market data provider) Any Winston Score and financials shown below are based on the last available data and should be treated as historical — they are no longer updated.

Delisted: March 20, 2026

TEGNA

TGNA

Broadcasting · Communication Services

Price

$20.03

+0.00 (+0.00%)

Market Cap

$3.24B

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Share count falling — buybacks

−26.8% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 222.5M (2021) → 162.8M (2025)

TEGNA owns and operates local television stations across the United States. It runs about 64 stations in over 50 markets, broadcasting news, weather, and sports to local communities. The company owns affiliates tied to major networks like NBC, CBS, ABC, and Fox, making it one of the largest local TV broadcasters in the country.

TEGNA makes money primarily through two streams: advertising sold to local and national businesses, and retransmission fees paid by cable and satellite providers to carry its channels. It operates entirely within the U.S. and generates roughly $3 billion in annual revenue. Its main competitive advantage is owning stations in large, hard-to-enter local markets, but the business faces a serious long-term risk as more viewers cut cable subscriptions and shift to streaming, which puts pressure on both advertising revenue and the retransmission fees that have historically been a reliable income source.

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

-18.9% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-68.8% 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

0.7%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$-291M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

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

Revenue declining

TEGNA'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

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Quality

Gross Margin

37.0%

Modest — 37.0% gross margin

Operating Margin

16.9%

Healthy — 16.9% operating margin

ROCE

2.1%

Weak — 2.1% 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

-12.6%

Shrinking sales (-12.6% YoY)

EPS YoY

-61.7%

Earnings shrinking (-61.7% 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

149%

Turns 149% of profit into real cash

FCF Margin

10.4%

Modest free cash flow (10.4%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.81

Moderate — manageable debt (0.81)

Interest Cover

2.60x

Tight — interest eats into profit (2.6x)

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

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Valuation

P/E Ratio (TTM)

14.7x

Attractive valuation — P/E 14.7

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+3.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (14.7 → 11.6)

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Dividends

Dividend Yield

2.50%

Moderate income — 2.50% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+0.0%

Dividend flat

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