# Gray Media, Inc. (GTN)

> Source: Nexqual · https://nexqual.com/GTN · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Gray Media, Inc. (GTN), nexqual.com/GTN" · informational, not investment advice.

**Price:** USD 4.7 (+1.73% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 4.62 · day 4.64–4.73 · 52w 3.55–6.44 · market cap $484M · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $3.15B, net income -$26.0M (-0.8% margin), free cash flow $146M (SEC filings).
- 1 of 80 tracked superinvestors hold GTN (13F, Q2 2026): 0 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $251K; 1 not under a Rule 10b5-1 plan ($251K); 1 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.40 on a 1–5 scale) (5 analysts), mean target USD 6.5 (range 3–11).
- Total return with dividends: 1Y +4.9% vs S&P 500 +14.9%; 5Y -74.0% vs S&P 500 +80.3%.
- Next earnings: 2026-11-06, EPS estimate USD 0.97, revenue estimate $962M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.41B | $3.68B | $3.28B | $3.64B | $3.10B | $3.15B |
| Operating income | $381M | $990M | $383M | $851M | $392M | $435M |
| Net income | $90.0M | $455M | -$76.0M | $375M | -$85.0M | -$26.0M |
| EPS (diluted) | $0.40 | $4.33 | -$1.39 | $3.36 | -$1.41 | — |
| Free cash flow | $93.0M | $393M | $300M | $608M | $181M | $146M |
| Operating margin | 15.8% | 26.9% | 11.7% | 23.4% | 12.7% | 13.8% |
| Net margin | 3.7% | 12.4% | -2.3% | 10.3% | -2.7% | -0.8% |
| Revenue growth | +1.3% | +52.3% | -10.7% | +11.1% | -15.1% | — |
| Cash + short-term investments | $189M | $61.0M | $21.0M | $135M | $368M | — |
| Total debt | $6.80B | $6.50B | $6.20B | $5.62B | $5.74B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 0.1x · EV/EBITDA 9.8x · EV/Sales 1.9x · P/FCF 3.3x · P/B 0.2x · FCF yield 30.16% · Earnings yield -5.37% · Dividend yield (paid, TTM) 7.02% · Net debt $5.63B · EV $6.12B
P/E at fiscal year-ends: Dec 2024 0.8x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold GTN. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Bill Miller | Miller Value Partners | 6.80% | $28.8M | Added +34.9% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-05-19 | Boger Richard Lee | Director | 57,000 | $251K | 89.5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.40 on a 1–5 scale), 5 analysts; mean target USD 6.5 (low 3, high 11).

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +4.9% | -74.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +4.9% | -23.6% |
| Volatility (annualized) | 61.7% | 63.5% |
| Max drawdown | -41.1% (Apr 2026→Jun 2026) | -85.6% (Mar 2022→Dec 2024) |

## Peers (Broadcasting)
SBGI (Sinclair, Inc.) USD 12.8 +0.95% · NMAX (Newsmax, Inc.) USD 8.17 -2.51% · NXST (Nexstar Media Group, Inc.) USD 168.76 +2.38% · BIDU (Baidu, Inc.) USD 77.98 -1.07% · FOXA (Fox Corporation) USD 68.27 +3.69% · RDDT (Reddit, Inc.) USD 150.26 -1.97%

## More
Full page: https://nexqual.com/GTN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name GTN in their own reports (relationship from GTN's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | E.W. SCRIPPS Co (SSP) | 10-K 2026-02-27 | "In January 2025, we announced the formation of a joint venture with Gray Media, Nexstar Media Group, Inc. and Sinclair, Inc. Leveraging broadcasters' uniquely efficient network architecture and the AT…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Broadcasting | $813.0M | 96.9% | +7.8% |
| Production Companies | $26.0M | 3.1% | +44.4% |
| Total revenue | $839.0M | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Advertising | $440.0M | 52.4% | +18.9% |
| — Core Advertising (part of Advertising) | $357.0M | 42.6% | -1.1% |
| — Political Advertising (part of Advertising) | $83.0M | 9.9% | +822.2% |
| Retransmission Consent | $359.0M | 42.8% | -2.7% |
| Production Companies | $26.0M | 3.1% | +44.4% |
| Service Other | $14.0M | 1.7% | -6.7% |
| Total revenue | $839.0M | 100% | — |

## Customer concentration

Period ended 2025-12-31: 26%, 17% of revenue from unnamed direct customers (10-K, filed 2026-02-26).

## Company outlook (8-K filed 2026-09-28)

- "Guidance and Lifts Low End of Total Revenue Range Atlanta, GA – September 28, 2026, Gray Media, Inc."
- "("Gray") (NYSE: GTN) today announced updated financial guidance for the quarter ending September 30, 2026, updating guidance originally issued on August 7, 2026."
- "For the estimates not listed below, our original guidance issued on August 7, 2026, remains unchanged."
- "The 2026 estimate assumes $192 million of third quarter political advertising revenue, the midpoint of Gray's updated guidance, and includes an estimated $9 million of political advertising revenue from recent acquisitions through September 30, 2026, which is included in the updated guidance."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.97 | $1.04 | -6.7% | $962.0M | 1 |
| Next quarter (ends 2026-12-31) | $1.81 | $1.80 | +0.6% | $1.06B | 1 |
| Current fiscal year (ends 2026-12-31) | $2.65 | $3.34 | -20.7% | $3.63B | 1 |
| Next fiscal year (ends 2027-12-31) | $-0.70 | $0.17 | -511.8% | $3.21B | 1 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-06): ±14.5%; last 8 reports averaged ±14.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 57.2% | ±14.5% |
| 2026-12-18 | 56 | 66.0% | ±22.3% |
| 2027-02-19 | 119 | 57.1% | ±27.1% |
| 2027-05-21 | 210 | 64.4% | ±39.4% |