GTN · Gray Television Inc - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $3.10B | $3.64B | $3.28B | $3.68B | $2.41B | $2.38B |
| Cost of Revenue | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - |
| SG&A | - | - | - | - | $159.00M | $65.00M |
| Total Operating Expenses | $2.70B | $2.79B | $2.90B | $2.69B | $2.03B | $1.63B |
| D&A | $237.00M | $269.00M | $339.00M | $336.00M | $221.00M | $201.00M |
| Operating Income | $392.00M | $851.00M | $383.00M | $990.00M | $381.00M | $752.00M |
| Interest Expense | $474.00M | $485.00M | $440.00M | $354.00M | $205.00M | $191.00M |
| Income Tax | ($28.00M) | $117.00M | ($6.00M) | $159.00M | $78.00M | $134.00M |
| Net Income | ($85.00M) | $375.00M | ($76.00M) | $455.00M | $90.00M | $410.00M |
| EPS - Basic | ($1.41) | $3.40 | ($1.39) | $4.38 | $0.40 | $3.73 |
| EPS - Diluted | ($1.41) | $3.36 | ($1.39) | $4.33 | $0.40 | $3.69 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $368.00M | $135.00M | $21.00M | $61.00M | $189.00M | $773.00M |
| Accounts Receivable | $205.00M | $337.00M | $342.00M | $650.00M | $624.00M | $425.00M |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | $144.00M | $75.00M | $23.00M | $55.00M | $59.00M | $10.00M |
| Current Assets | $656.00M | $541.00M | $468.00M | $857.00M | $963.00M | $1.30B |
| Total Assets | $10.44B | $10.54B | $10.64B | $11.15B | $11.11B | $7.64B |
| Current Liabilities | $516.00M | $527.00M | $395.00M | $409.00M | $384.00M | $255.00M |
| Long-term Debt | $5.74B | $5.60B | $6.14B | $6.44B | $6.74B | $3.97B |
| Total Liabilities | $7.63B | $7.61B | $8.02B | $8.39B | $8.70B | $5.24B |
| Stockholders' Equity | $2.15B | $2.28B | $1.97B | $2.12B | $1.76B | $1.75B |
| Retained Earnings | $1.21B | $1.38B | $1.08B | $1.24B | $869.00M | $862.00M |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $289.00M | $751.00M | $648.00M | $829.00M | $300.00M | $652.00M |
| Investing Cash Flow | ($63.00M) | ($28.00M) | ($291.00M) | ($503.00M) | ($3.53B) | ($211.00M) |
| Financing Cash Flow | $7.00M | ($609.00M) | ($397.00M) | ($454.00M) | $2.65B | $120.00M |
| CapEx | $108.00M | $143.00M | $348.00M | $436.00M | $207.00M | $110.00M |
| Free Cash Flow | $181.00M | $608.00M | $300.00M | $393.00M | $93.00M | $542.00M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | - | - | - | - | - | - |
| Operating margin | 12.7% | 23.4% | 11.7% | 26.9% | 15.8% | 31.6% |
| EBITDA margin | 20.3% | 30.7% | 22.0% | 36.1% | 24.9% | 40.0% |
| Net margin | -2.7% | 10.3% | -2.3% | 12.4% | 3.7% | 17.2% |
| Free cash flow margin | 5.8% | 16.7% | 9.1% | 10.7% | 3.9% | 22.8% |
| FCF / Net income | -2.13 | 1.62 | -3.95 | 0.86 | 1.03 | 1.32 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | - | - | - | - | 6.6% | 2.7% |
| Effective tax rate | - | 23.8% | - | 25.9% | 46.4% | 24.6% |
| Return on assets | -0.8% | 3.6% | -0.7% | 4.1% | 0.8% | 5.4% |
| Return on equity | -3.9% | 16.4% | -3.9% | 21.5% | 5.1% | 23.4% |
| Return on invested capital | 3.9% | 8.2% | 3.7% | 8.6% | 2.4% | 9.9% |
| Liquidity | ||||||
| Current ratio | 1.27 | 1.03 | 1.18 | 2.10 | 2.51 | 5.11 |
| Quick ratio | 1.27 | 1.03 | 1.18 | 2.10 | 2.51 | 5.11 |
| Cash ratio | 0.71 | 0.26 | 0.05 | 0.15 | 0.49 | 3.03 |
| Leverage | ||||||
| Debt / Equity | 2.66 | 2.45 | 3.12 | 3.04 | 3.84 | 2.27 |
| Debt / Assets | 0.55 | 0.53 | 0.58 | 0.58 | 0.61 | 0.52 |
| Debt / EBITDA | 9.13 | 5.00 | 8.51 | 4.86 | 11.20 | 4.17 |
| Interest coverage | 0.8x | 1.8x | 0.9x | 2.8x | 1.9x | 3.9x |
| Equity multiplier | 4.84 | 4.62 | 5.40 | 5.27 | 6.32 | 4.36 |
| Liabilities / Assets | 0.73 | 0.72 | 0.75 | 0.75 | 0.78 | 0.69 |
| Efficiency | ||||||
| Asset turnover | 0.30 | 0.35 | 0.31 | 0.33 | 0.22 | 0.31 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | 24d | 34d | 38d | 65d | 94d | 65d |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | - | 0.9x | - | 2.6x | 50.4x | 4.8x |
| P / B | 0.2x | 0.1x | 0.4x | 0.5x | 1.1x | 1.0x |
| P / S | 0.2x | 0.1x | 0.3x | 0.3x | 0.8x | 0.7x |
| EV / EBITDA | 9.3x | 5.2x | 9.6x | 5.6x | 14.1x | 5.2x |
| Growth | ||||||
| Revenue growth (YoY) | -15.1% | 11.1% | -10.7% | 52.3% | 1.3% | 12.2% |
| Revenue CAGR (3y) | -5.6% | 14.7% | 11.3% | 20.1% | 43.7% | 39.2% |
| Revenue CAGR (5y) | 5.4% | 11.4% | 32.2% | 33.0% | 24.3% | 31.9% |
| Gross profit growth (YoY) | - | - | - | - | - | - |
| Operating income growth (YoY) | -53.9% | 122.2% | -61.3% | 159.8% | -49.3% | 57.3% |
| Net income growth (YoY) | - | - | - | 405.6% | -78.0% | 129.1% |
| EPS growth (YoY) | - | - | - | 982.5% | -89.2% | 190.6% |
| EPS CAGR (3y) | - | 103.3% | - | 50.5% | -44.7% | 1.3% |
| EPS CAGR (5y) | - | 21.5% | - | 4.1% | -14.2% | 45.3% |
| FCF growth (YoY) | -70.2% | 102.7% | -23.7% | 322.6% | -82.8% | 97.1% |
| FCF CAGR (5y) | -19.7% | 17.2% | 3.4% | 22.0% | -10.6% | 46.1% |
| Book value growth (YoY) | -5.6% | 15.8% | -6.9% | 20.4% | 0.2% | 19.7% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$3.10B totalBroadcasting Segment$2.99B · 96.5%
Production Companies Segment$107.00M · 3.5%
Product / service
$4.59B totalAdvertising$1.49B · 32.6%
Core Advertising$1.45B · 31.6%
Retransmission Consent$1.43B · 31.1%
Production Companies$107.00M · 2.3%
Service Other$65.00M · 1.4%
Political Advertising$42.00M · 0.9%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
0.64
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
3/9
Weak
- ✗Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- ✓Current ratio improved
- ✗No share dilution
- -Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Television Broadcasting Stations
| Company | Revenue (last FY) | Net margin | ROE |
|---|---|---|---|
| NXST | $4.95B | 2.2% | 5.3% |
| PARAA,PARA | - | - | - |
| LSXMA | $4.48B | 12.4% | 7.2% |
| SSP | $2.15B | 6.8% | 11.7% |
| TGNA | $2.71B | 8.1% | 7.0% |
Comparing GRAY TELEVISION INC against the 5 most active filers in the same SIC group.
Dividends
$0.32/share trailing 12 months · 0.0% YoY
| Ex-date | Per share |
|---|---|
| Mar 13, 2026 | $0.0800 |
| Dec 15, 2025 | $0.0800 |
| Sep 15, 2025 | $0.0800 |
| Jun 13, 2025 | $0.0800 |
| Mar 14, 2025 | $0.0800 |
| Dec 13, 2024 | $0.0800 |
| Sep 13, 2024 | $0.0800 |
| Jun 14, 2024 | $0.0800 |
| Mar 14, 2024 | $0.0800 |
| Dec 14, 2023 | $0.0800 |
| Sep 14, 2023 | $0.0800 |
| Jun 14, 2023 | $0.0800 |
| Mar 14, 2023 | $0.0800 |
| Dec 14, 2022 | $0.0800 |
| Sep 14, 2022 | $0.0800 |
| Jun 14, 2022 | $0.0800 |
| Mar 14, 2022 | $0.0800 |
| Dec 14, 2021 | $0.0800 |
| Sep 14, 2021 | $0.0800 |
| Jun 14, 2021 | $0.0800 |
| Mar 12, 2021 | $0.0800 |
| Sep 11, 2008 | $0.0300 |
| Jun 23, 2008 | $0.0300 |
| Mar 20, 2008 | $0.0300 |