GTN
Communication ServicesGray Media, Inc. · Broadcasting · $380M
What is Gray Media, Inc.?
Gray Media, Inc. is one of the largest local television broadcasting groups in the United States, reaching viewers across more than a hundred markets. Headquartered in Atlanta, Georgia, the company operates a broad portfolio of TV stations and digital media assets.
Gray Media owns and operates local television stations affiliated with major broadcast networks including ABC, CBS, NBC, and FOX. The company also carries secondary digital channels through partnerships with networks such as CW Plus, MeTV, Telemundo, and others. Revenue is generated primarily through advertising sales and retransmission consent fees paid by cable and satellite providers. Gray Media additionally produces video programming content and manages digital assets tied to its local market stations.
Gray Media traces its corporate roots to 1891 and is headquartered in Atlanta, Georgia.
- Local TV stations across 113 US markets
- Network affiliates: ABC, CBS, NBC, FOX
- Secondary digital channels including MeTV and Telemundo
- Local news and weather programming
- Video program production services
Is GTN a Good Stock to Buy?
UQS Score rates GTN as Poor overall, placing it among the lower-ranked stocks in the Communication Services sector.
The one area where Gray Media stands out relative to its profile is Valuation, which is rated Attractive — suggesting the market may already be pricing in significant headwinds. This can be relevant context for investors weighing risk against entry price.
All four remaining pillars — Quality, Moat, Growth, and Risk — are rated Weak, reflecting meaningful structural and financial challenges across the business.
See the exact pillar breakdown and full financial metrics by signing up for a UQS Pro account. Sign up free →
Past performance does not guarantee future results. UQS Score is based on fundamental data and is not a buy/sell recommendation.
Does GTN pay dividends?
Yes — Gray Media, Inc. pays a dividend.
Gray Media does pay a regular dividend, which may appeal to income-focused investors. However, given the Weak ratings across Quality and Risk pillars, investors should weigh the sustainability of that payout carefully. Companies carrying elevated debt loads in declining advertising markets can face pressure on dividend continuity. Review the company's investor relations page for the most current dividend details.
When does GTN report earnings?
Gray Media reports earnings on a quarterly cadence, typical for US-listed equities.
The company operates in a broadcast advertising environment that has faced structural pressure from cord-cutting and shifting viewer habits. Retransmission fees have provided a partial offset, but growth trends remain challenged across the business. For the most current results, visit Gray Media's investor relations page.
For the most recent quarter's results, see Gray Media's investor relations page at gray.tv.
GTN Price History
-66.7% over 5Y
Monthly close, adjusted for stock splits and dividend reinvestment.
What if I invested in Gray Media, Inc.?
Based on Gray Media, Inc.'s historical closing prices, adjusted for stock splits and dividend reinvestment. Past performance does not guarantee future results. This is for informational purposes only and is not financial advice.
GTN Long-term Outlook
Gray Media's Growth and Risk pillars are both rated Weak, pointing to a fundamental outlook that carries more uncertainty than opportunity in the near term. The broadcast television industry faces long-term structural headwinds from streaming competition and declining linear TV audiences. While an Attractive Valuation label suggests the stock may reflect these risks in its price, a weak moat means the company has limited pricing power to defend revenue over time.
Growth drivers
- Retransmission consent fees from cable and satellite distributors
- Political advertising cycles that boost revenue in election years
- Digital asset development tied to local market stations
Key risks
- Accelerating cord-cutting reducing the value of retransmission agreements
- High debt load limiting financial flexibility
- Structural decline in local broadcast advertising revenue
GTN vs Peers
Gray Media competes in the local broadcast and media space alongside several other companies navigating similar industry pressures.
iHeartMedia focuses on audio broadcasting and digital radio rather than television, giving it a different revenue mix and audience relationship.
Scripps operates local TV stations and national networks, making it a direct peer to Gray Media in the broadcast television market.
Newsmax is a cable and digital news network with a national focus, contrasting with Gray Media's local-market station strategy.
Frequently Asked Questions
What does Gray Media do?
Gray Media owns and operates local television stations across more than 100 US markets. It holds affiliations with ABC, CBS, NBC, and FOX, and also carries secondary digital channels. The company earns revenue through advertising and retransmission fees paid by pay-TV providers.
Does GTN pay dividends?
Yes, Gray Media pays a regular dividend. However, given the Weak ratings on Quality and Risk pillars, investors should assess whether the payout is sustainable given the company's financial profile. Check the investor relations page for the latest dividend details.
When does GTN report earnings?
Gray Media reports on a quarterly cadence, consistent with most US-listed public companies. For upcoming earnings dates and recent results, visit the company's investor relations page directly rather than relying on third-party estimates.
Is GTN a good stock to buy?
GTN carries a Poor UQS Score, with Weak ratings across Quality, Moat, Growth, and Risk. The Valuation pillar is rated Attractive, which may reflect how much risk the market has already priced in. Investors should weigh that context carefully before making any decision.
Is GTN overvalued?
Based on the UQS Valuation pillar, GTN is rated Attractive — meaning the stock does not appear overvalued relative to its fundamentals. That said, a low valuation in isolation does not offset the Weak scores across the other four pillars.
How does GTN compare to its competitors?
Gray Media competes with broadcasters and media companies like The E.W. Scripps Company and iHeartMedia. Gray's scale across local TV markets is a distinguishing factor, but its UQS profile is weak across most dimensions. The full competitor comparison is available to Pro members.
What is GTN's market cap bracket?
Gray Media is classified as a small-cap stock. This places it in a segment of the market that can carry higher volatility and liquidity risk compared to large- or mega-cap peers in the Communication Services sector.
Who founded Gray Media?
Gray Media traces its origins to 1891 as Gray Communications Systems. The company rebranded to Gray Television in 2002 and later to Gray Media. Detailed founding history is publicly available through the company's official corporate resources.
Is GTN a long-term quality investment?
As a long-term quality indicator, GTN's UQS profile raises concerns. Weak scores across Quality, Moat, and Growth suggest the business lacks the durable competitive advantages and earnings consistency typically associated with long-term compounders. The full analysis is available to Pro members.
What is the main competitive advantage of Gray Media?
Gray Media's primary competitive position comes from its scale — operating stations in over 100 local markets gives it geographic reach that smaller broadcasters cannot match. However, the UQS Moat pillar rates this advantage as Weak, suggesting it may not be durable against structural industry shifts.
What sector does GTN belong to?
Gray Media is classified in the Communication Services sector. This sector includes broadcasters, telecom companies, and digital media platforms — a space facing significant disruption from streaming services and changing consumer media habits.
Is GTN a growth stock or value stock?
Based on UQS pillar labels, GTN does not fit neatly into either category. The Growth pillar is rated Weak, ruling out a growth classification. The Valuation pillar is Attractive, which has value-like characteristics — but weak fundamentals across other pillars complicate that framing.
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Pro Analysis
GTN — Score History
| Date | UQS | Quality | Moat | Growth | Risk | Value | Change |
|---|---|---|---|---|---|---|---|
| May 22, 2026 | 28.9 | 30.8 | 20.0 | 8.3 | 7.3 | 89.5 | -0.2 |
| May 21, 2026 | 29.1 | 30.8 | 20.0 | 8.3 | 7.3 | 90.7 | -0.7 |
| Apr 25, 2026 | 29.8 | 30.8 | 20.0 | 8.4 | 7.2 | 95.5 | -0.3 |
| Apr 23, 2026 | 30.1 | 30.8 | 20.0 | 8.4 | 7.2 | 97.7 | 0.0 |
| Apr 19, 2026 | 30.1 | 30.8 | 20.0 | 8.4 | 7.2 | 97.6 | +0.1 |
| Apr 18, 2026 | 30.0 | 30.8 | 20.0 | 8.4 | 7.2 | 96.8 | -0.5 |
| Apr 2, 2026 | 30.5 | 30.8 | 20.0 | 8.4 | 7.2 | 100.0 | — |
GTN — Pillar Breakdown
Quality
— 30.8/100 (25%)Gray Media, Inc. currently shows below-average quality metrics, suggesting challenges with profitability.
How effectively capital is deployed to generate returns.
Profitability relative to shareholders' equity.
Ability to convert revenue into operating profit.
Bottom-line profit as a share of revenue.
Asset productivity — how much gross profit each dollar of assets generates.
Free cash flow relative to market value.
Growth
— 8.3/100 (20%)Gray Media, Inc. faces growth headwinds with declining or stagnant revenue trends.
Revenue trajectory over the last twelve months.
Compound annual revenue growth rate over 3 years.
Year-over-year earnings per share growth.
Analyst consensus for future revenue growth.
Risk
— 7.3/100 (15%)Gray Media, Inc. presents elevated risk with concerns around leverage or financial stability.
Debt levels relative to earnings capacity.
Total debt relative to shareholder equity.
Short-term liquidity — ability to pay near-term obligations.
Earnings capacity relative to interest payments.
Valuation
— 93.4/100 (15%)Gray Media, Inc. appears attractively valued relative to its earnings, cash flows, and sector peers.
How many years of FCF the market cap represents.
Enterprise value multiple relative to sector median.
Moat
— 20/100 (25%)Gray Media, Inc. operates in a highly competitive environment with limited sustainable advantages. The Moat pillar evaluates competitive advantages across five dimensions: Switching Costs, Network Effects, Cost Advantage, Intangible Assets, and Scale & Ecosystem. Sign in to customize moat ratings for GTN.
Score Composition
Financial Data
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How is the GTN UQS Score Calculated?
The UQS (Unified Quality Score) for Gray Media, Inc. is calculated using a proprietary 6-pillar framework with 29 financial metrics. Each pillar evaluates a different dimension on a 0–100 scale, then combines into a single weighted score. Scoring thresholds are calibrated per sector. Momentum is an optional Pro toggle — without it, you get the 5-pillar / 25-metric core shown below.
Quality (25%) measures profitability and capital efficiency — ROIC, ROE, margins, GP/Assets, and FCF Yield.
Moat (25%) assesses Gray Media, Inc.'s competitive advantages across switching costs, network effects, cost advantages, intangible assets, and ecosystem scale.
Growth (20%) tracks revenue trajectory and earnings momentum, combining historical results with analyst forward estimates.
Risk (15%) is inversely scored — lower leverage and strong balance sheet health result in higher scores.
Valuation (15%) measures whether Gray Media, Inc. is fairly priced using earnings yield, price-to-FCF, PEG ratio, and EV/EBITDA relative to sector peers.
Six investor-inspired presets are available, each with different pillar weights: Balanced, Buffett, Munger, Lynch, Cathie Wood, and Graham. The public score shown here uses the Balanced preset. Learn more in our FAQ.