Gray Media, Inc. (GTN) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+1076.1%

$54.39

vs $4.63 price

Levered DCF

$15.86

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.55

Distress zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-5.5×	0.93×	-6.45×	2.55×	50.4×	4.8×	16.75×	6.17×
P/B	0.17×	0.1×	0.31×	0.37×	0.8×	0.71×	1×	1.09×
P/S	0.15×	0.08×	0.25×	0.28×	0.79×	0.72×	1×	1.2×
EV / EBITDA	9.89×	4.7×	9.6×	5.42×	13.53×	5.11×	7.9×	6.49×
Gross margin	24.6%	34.1%	27.4%	38.8%	33.3%	41.5%	34.1%	45.0%
Operating margin	12.7%	23.4%	11.7%	26.9%	15.8%	31.6%	22.5%	35.9%
Net margin	-2.7%	10.3%	-2.3%	12.4%	3.7%	17.2%	8.4%	19.4%
Current ratio	1.27×	1.03×	1.18×	2.1×	2.51×	5.11×	2.73×	5.8×
Debt / equity	2.07×	1.94×	2.38×	2.36×	2.84×	1.68×	1.77×	2.15×
Interest coverage	0.83×	1.75×	0.87×	2.8×	1.86×	3.94×	2.11×	3.65×
Dividend yield	18.1%	28.1%	9.9%	8.0%	4.3%	3.0%	1.8%	0.0%
Payout ratio	-100.0%	22.4%	-107.9%	18.0%	92.2%	12.7%	21.8%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-3.0%	12.8%	-2.9%	16.4%	3.7%	17.1%	8.5%	17.8%
Return on invested capital	3.0%	6.5%	3.5%	6.8%	1.9%	7.7%	5.0%	7.0%
Return on assets	-0.8%	3.6%	-0.7%	4.1%	0.8%	5.4%	2.6%	5.0%
Free cash flow yield	38.6%	203.2%	36.4%	38.2%	4.9%	31.6%	13.0%	19.5%
Earnings yield	-18.1%	125.3%	-9.2%	44.2%	4.7%	23.9%	8.4%	16.2%
Enterprise value	$5.9B	$5.9B	$7B	$7.5B	$8.6B	$5B	$5.7B	$3.2B
Net debt / EBITDA	9.11×	4.46×	8.47×	4.68×	10.5×	3.35×	4.94×	3.84×
Cash conversion cycle (days)	2	23	37	58	84	66	68	61