Gray Television (GTN) Financials

$3.34 +0.01 (+0.15%)

Closing price 04/17/2025 03:59 PM Eastern

Extended Trading

$3.38 +0.04 (+1.20%)

As of 04/17/2025 05:50 PM Eastern

Annual Income Statements for Gray Television

This table shows Gray Television's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	403	-128	323
Consolidated Net Income / (Loss)	455	-76	375
Net Income / (Loss) Continuing Operations	455	-76	375
Total Pre-Tax Income	614	-82	492
Total Operating Income	990	383	851
Total Gross Profit	1,428	898	1,244
Total Revenue	3,676	3,281	3,644
Total Cost of Revenue	2,248	2,383	2,400
Operating Cost of Revenue	2,248	2,383	2,400
Total Operating Expenses	438	515	393
Selling, General & Admin Expense	104	112	104
Depreciation Expense	129	145	144
Amortization Expense	207	194	125
Impairment Charge	0.00	43	0.00
Other Special Charges / (Income)	-2.00	21	20
Total Other Income / (Expense), net	-376	-465	-359
Interest Expense	354	443	451
Interest & Investment Income	-18	-29	-25
Other Income / (Expense), net	-4.00	7.00	117
Income Tax Expense	159	-6.00	117
Preferred Stock Dividends Declared	52	52	52
Basic Earnings per Share	$4.38	($1.39)	$3.40
Weighted Average Basic Shares Outstanding	92M	92M	95M
Diluted Earnings per Share	$4.33	($1.39)	$3.36
Weighted Average Diluted Shares Outstanding	93M	92M	96M
Weighted Average Basic & Diluted Shares Outstanding	92.83M	97.20M	101.54M
Cash Dividends to Common per Share	$0.32	$0.32	$0.32

This table shows Gray Television's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	95	173	-44	-9.00	-53	-22	75	9.00	83	156
Consolidated Net Income / (Loss)	108	186	-31	4.00	-40	-9.00	88	22	96	169
Net Income / (Loss) Continuing Operations	108	186	-31	4.00	-40	-9.00	88	22	96	169
Total Pre-Tax Income	150	244	-42	9.00	-37	-12	119	29	128	216
Total Operating Income	245	363	67	119	84	113	124	152	250	325
Total Gross Profit	356	475	187	250	228	233	219	247	357	421
Total Revenue	909	1,072	801	813	803	864	823	826	950	1,045
Total Cost of Revenue	553	597	614	563	575	631	604	579	593	624
Operating Cost of Revenue	553	597	614	563	575	631	604	579	593	624
Total Operating Expenses	111	112	120	131	144	120	95	95	107	96
Selling, General & Admin Expense	27	24	26	30	23	33	28	28	24	24
Depreciation Expense	33	33	35	35	36	39	36	36	36	36
Amortization Expense	52	51	49	50	48	47	31	32	31	31
Other Special Charges / (Income)	-1.00	4.00	10	16	-6.00	1.00	0.00	-1.00	16	5.00
Total Other Income / (Expense), net	-95	-119	-109	-110	-121	-125	-5.00	-123	-122	-109
Interest Expense	94	100	107	109	111	116	115	125	124	87
Other Income / (Expense), net	-1.00	-1.00	-2.00	-1.00	-10	20	110	2.00	2.00	3.00
Income Tax Expense	42	58	-11	5.00	3.00	-3.00	31	7.00	32	47
Preferred Stock Dividends Declared	13	13	13	13	13	13	13	13	13	13
Basic Earnings per Share	$1.04	$1.89	($0.48)	($0.10)	($0.57)	($0.24)	$0.80	$0.09	$0.87	$1.64
Weighted Average Basic Shares Outstanding	91M	92M	92M	93M	93M	92M	94M	95M	95M	95M
Diluted Earnings per Share	$1.03	$1.87	($0.48)	($0.10)	($0.57)	($0.24)	$0.79	$0.09	$0.86	$1.62
Weighted Average Diluted Shares Outstanding	92M	93M	92M	93M	93M	92M	95M	96M	97M	96M
Weighted Average Basic & Diluted Shares Outstanding	93.09M	92.83M	95.24M	95.45M	95.45M	97.20M	99.14M	99.67M	99.67M	101.54M
Cash Dividends to Common per Share	$0.08	$0.08	$0.08	$0.08	$0.08	$0.08	$0.08	$0.08	$0.08	$0.08

This table details how cash moves in and out of Gray Television's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Net Change in Cash & Equivalents	-128	-40	114
Net Cash From Operating Activities	829	648	751
Net Cash From Continuing Operating Activities	829	648	751
Net Income / (Loss) Continuing Operations	455	-76	375
Consolidated Net Income / (Loss)	455	-76	375
Depreciation Expense	129	145	144
Amortization Expense	270	243	168
Non-Cash Adjustments To Reconcile Net Income	-2.00	102	-107
Changes in Operating Assets and Liabilities, net	-23	234	171
Net Cash From Investing Activities	-503	-291	-28
Net Cash From Continuing Investing Activities	-503	-291	-28
Purchase of Property, Plant & Equipment	-436	-348	-143
Acquisitions	-58	-6.00	-1.00
Purchase of Investments	-16	-14	-7.00
Sale of Property, Plant & Equipment	4.00	54	14
Divestitures	0.00	6.00	0.00
Sale and/or Maturity of Investments	0.00	0.00	110
Other Investing Activities, net	3.00	17	-1.00
Net Cash From Financing Activities	-454	-397	-609
Net Cash From Continuing Financing Activities	-454	-397	-609
Repayment of Debt	-315	-610	-2,544
Repurchase of Common Equity	-50	0.00	0.00
Payment of Dividends	-82	-82	-84
Issuance of Debt	0.00	300	2,070
Other Financing Activities, net	-7.00	-5.00	-51

This table details how cash moves in and out of Gray Television's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	-18	-83	-5.00	-20	-15	-	113	-59	-6.00	66
Net Cash From Operating Activities	266	233	412	47	106	83	68	18	297	368
Net Cash From Continuing Operating Activities	266	233	412	47	106	83	68	18	297	368
Net Income / (Loss) Continuing Operations	108	186	-31	4.00	-40	-9.00	88	22	96	169
Consolidated Net Income / (Loss)	108	186	-31	4.00	-40	-9.00	88	22	96	169
Depreciation Expense	33	33	35	35	36	39	36	36	36	36
Amortization Expense	67	66	63	63	60	57	41	42	42	43
Non-Cash Adjustments To Reconcile Net Income	-10	22	9.00	19	41	33	-114	8.00	5.00	-6.00
Changes in Operating Assets and Liabilities, net	68	-74	336	-74	9.00	-37	17	-90	118	126
Net Cash From Investing Activities	-161	-141	-95	-92	-72	-32	80	-30	-40	-38
Net Cash From Continuing Investing Activities	-161	-141	-95	-92	-72	-32	80	-30	-40	-38
Purchase of Property, Plant & Equipment	-139	-138	-110	-103	-75	-60	-34	-29	-40	-40
Acquisitions	-13	-5.00	-	-	-1.00	1.00	-	-	-	-1.00
Purchase of Investments	-7.00	-	-4.00	-3.00	-4.00	-3.00	-3.00	-1.00	-	-3.00
Sale of Property, Plant & Equipment	-	2.00	8.00	14	9.00	23	7.00	-	1.00	6.00
Net Cash From Financing Activities	-123	-175	-322	25	-49	-51	-35	-47	-263	-264
Net Cash From Continuing Financing Activities	-123	-175	-322	25	-49	-51	-35	-47	-263	-264
Repayment of Debt	-103	-154	-349	-54	-103	-104	-54	-1,961	-242	-287
Payment of Dividends	-20	-20	-20	-20	-21	-21	-21	-21	-21	-21
Issuance of Debt	-	-	50	100	75	75	50	1,975	-	45
Other Financing Activities, net	-	-1.00	-3.00	-1.00	-	-1.00	-10	-40	-	-1.00

This table presents Gray Television's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024
Total Assets	11,152	10,640	10,542
Total Current Assets	857	468	541
Cash & Equivalents	61	21	135
Accounts Receivable	650	342	337
Prepaid Expenses	54	48	21
Current Deferred & Refundable Income Taxes	65	39	31
Other Current Assets	27	18	17
Plant, Property, & Equipment, net	1,466	1,601	1,577
Total Noncurrent Assets	8,829	8,571	8,424
Long-Term Investments	105	85	66
Goodwill	2,663	2,643	2,642
Intangible Assets	5,967	5,735	5,601
Employee Benefit Assets	5.00	17	19
Other Noncurrent Operating Assets	89	91	96
Total Liabilities & Shareholders' Equity	11,152	10,640	10,542
Total Liabilities	8,386	8,019	7,609
Total Current Liabilities	409	395	527
Short-Term Debt	15	15	20
Accounts Payable	55	23	75
Accrued Expenses	89	94	132
Dividends Payable	14	14	15
Current Deferred Revenue	24	23	29
Current Deferred & Payable Income Tax Liabilities	15	22	5.00
Current Employee Benefit Liabilities	98	110	111
Other Current Liabilities	39	31	28
Other Current Nonoperating Liabilities	60	63	112
Total Noncurrent Liabilities	7,977	7,624	7,082
Long-Term Debt	6,440	6,145	5,601
Noncurrent Deferred & Payable Income Tax Liabilities	1,454	1,359	1,347
Other Noncurrent Operating Liabilities	83	120	134
Commitments & Contingencies	0.00	0.00	0.00
Redeemable Noncontrolling Interest	650	650	650
Total Equity & Noncontrolling Interests	2,116	1,971	2,283
Total Preferred & Common Equity	2,116	1,971	2,283
Total Common Equity	2,116	1,971	2,283
Common Stock	1,195	1,224	1,255
Retained Earnings	1,242	1,084	1,375
Treasury Stock	-309	-314	-317
Accumulated Other Comprehensive Income / (Loss)	-12	-23	-30

This table presents Gray Television's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024
Total Assets	11,183	10,845	10,810	10,735	10,735	10,634	10,631
Total Current Assets	934	537	512	495	601	538	576
Cash & Equivalents	144	56	36	21	134	75	69
Accounts Receivable	615	333	329	339	362	344	358
Prepaid Expenses	54	46	52	53	58	49	51
Current Deferred & Refundable Income Taxes	83	85	88	55	35	65	73
Other Current Assets	38	17	7.00	27	12	5.00	25
Plant, Property, & Equipment, net	1,366	1,521	1,574	1,610	1,590	1,582	1,583
Total Noncurrent Assets	8,883	8,787	8,724	8,630	8,544	8,514	8,472
Long-Term Investments	125	107	108	101	86	86	86
Goodwill	2,657	2,663	2,660	2,643	2,643	2,643	2,642
Intangible Assets	6,013	5,917	5,857	5,782	5,704	5,672	5,632
Employee Benefit Assets	-	5.00	5.00	9.00	18	19	20
Other Noncurrent Operating Assets	88	95	94	95	93	94	92
Total Liabilities & Shareholders' Equity	11,183	10,845	10,810	10,735	10,735	10,634	10,631
Total Liabilities	8,601	8,134	8,100	8,083	8,035	7,929	7,851
Total Current Liabilities	446	424	357	414	424	331	508
Short-Term Debt	15	15	15	15	15	13	23
Accounts Payable	40	40	33	26	36	32	17
Accrued Expenses	79	114	91	83	89	88	143
Dividends Payable	14	14	14	14	14	15	15
Current Deferred Revenue	64	43	40	51	22	23	50
Current Deferred & Payable Income Tax Liabilities	8.00	18	12	12	56	11	9.00
Current Employee Benefit Liabilities	90	64	71	82	77	85	96
Other Current Liabilities	50	29	19	39	22	15	35
Other Current Nonoperating Liabilities	86	87	62	92	93	49	120
Total Noncurrent Liabilities	8,155	7,710	7,743	7,669	7,611	7,598	7,343
Long-Term Debt	6,590	6,147	6,197	6,171	6,139	6,125	5,870
Noncurrent Deferred & Payable Income Tax Liabilities	1,468	1,458	1,448	1,397	1,353	1,349	1,344
Other Noncurrent Operating Liabilities	81	105	98	101	119	124	129
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	650	650	650	650	650	650	650
Total Equity & Noncontrolling Interests	1,932	2,061	2,060	2,002	2,050	2,055	2,130
Total Preferred & Common Equity	1,932	2,061	2,060	2,002	2,050	2,055	2,130
Total Common Equity	1,932	2,061	2,060	2,002	2,050	2,055	2,130
Common Stock	1,190	1,206	1,213	1,218	1,239	1,245	1,250
Retained Earnings	1,076	1,191	1,175	1,114	1,151	1,152	1,227
Treasury Stock	-307	-313	-313	-313	-317	-317	-317
Accumulated Other Comprehensive Income / (Loss)	-27	-23	-15	-17	-23	-25	-30

This table displays calculated financial ratios and metrics derived from Gray Television's official financial filings.

Metric	2022	2023	2024
Growth Metrics	-	-	-
Revenue Growth	52.34%	-10.75%	11.06%
EBITDA Growth	115.40%	-43.83%	64.52%
EBIT Growth	164.34%	-60.45%	148.21%
NOPAT Growth	259.43%	-63.46%	141.94%
Net Income Growth	405.56%	-116.70%	593.42%
EPS Growth	982.50%	-132.10%	341.73%
Operating Cash Flow Growth	176.33%	-21.83%	15.90%
Free Cash Flow Firm Growth	116.77%	22.73%	42.71%
Invested Capital Growth	2.33%	-4.13%	-3.11%
Revenue Q/Q Growth	10.56%	-5.96%	5.23%
EBITDA Q/Q Growth	25.23%	-22.97%	16.15%
EBIT Q/Q Growth	35.44%	-37.00%	25.23%
NOPAT Q/Q Growth	38.56%	-38.07%	36.03%
Net Income Q/Q Growth	52.68%	-163.87%	90.36%
EPS Q/Q Growth	64.02%	-293.06%	124.00%
Operating Cash Flow Q/Q Growth	35.24%	-18.80%	61.16%
Free Cash Flow Firm Q/Q Growth	121.37%	2.57%	42.55%
Invested Capital Q/Q Growth	1.23%	-0.79%	-2.00%
Profitability Metrics	-	-	-
Gross Margin	38.85%	27.37%	34.14%
EBITDA Margin	37.68%	23.71%	35.13%
Operating Margin	26.93%	11.67%	23.35%
EBIT Margin	26.82%	11.89%	26.56%
Profit (Net Income) Margin	12.38%	-2.32%	10.29%
Tax Burden Percent	74.10%	92.68%	76.22%
Interest Burden Percent	62.27%	-21.03%	50.83%
Effective Tax Rate	25.90%	0.00%	23.78%
Return on Invested Capital (ROIC)	8.13%	3.00%	7.53%
ROIC Less NNEP Spread (ROIC-NNEP)	3.80%	-2.51%	2.84%
Return on Net Nonoperating Assets (RNNOA)	9.46%	-5.82%	5.98%
Return on Equity (ROE)	17.59%	-2.82%	13.50%
Cash Return on Invested Capital (CROIC)	5.82%	7.22%	10.69%
Operating Return on Assets (OROA)	8.86%	3.58%	9.14%
Return on Assets (ROA)	4.09%	-0.70%	3.54%
Return on Common Equity (ROCE)	13.17%	-2.14%	10.34%
Return on Equity Simple (ROE_SIMPLE)	21.50%	-3.86%	16.43%
Net Operating Profit after Tax (NOPAT)	734	268	649
NOPAT Margin	19.96%	8.17%	17.80%
Net Nonoperating Expense Percent (NNEP)	4.33%	5.51%	4.69%
Return On Investment Capital (ROIC_SIMPLE)	8.56%	3.30%	8.21%
Cost of Revenue to Revenue	61.15%	72.63%	65.86%
SG&A Expenses to Revenue	2.83%	3.41%	2.85%
R&D to Revenue	0.00%	0.00%	0.00%
Operating Expenses to Revenue	11.92%	15.70%	10.78%
Earnings before Interest and Taxes (EBIT)	986	390	968
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,385	778	1,280
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	0.43	0.40	0.13
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.25	0.24	0.08
Price to Earnings (P/E)	2.28	0.00	0.95
Dividend Yield	3.24%	3.89%	10.36%
Earnings Yield	43.87%	0.00%	104.88%
Enterprise Value to Invested Capital (EV/IC)	0.86	0.86	0.75
Enterprise Value to Revenue (EV/Rev)	2.14	2.28	1.75
Enterprise Value to EBITDA (EV/EBITDA)	5.67	9.63	4.98
Enterprise Value to EBIT (EV/EBIT)	7.97	19.20	6.59
Enterprise Value to NOPAT (EV/NOPAT)	10.71	27.93	9.83
Enterprise Value to Operating Cash Flow (EV/OCF)	9.48	11.56	8.49
Enterprise Value to Free Cash Flow (EV/FCFF)	14.95	11.61	6.93
Leverage & Solvency	-	-	-
Debt to Equity	2.33	2.35	1.92
Long-Term Debt to Equity	2.33	2.34	1.91
Financial Leverage	2.49	2.32	2.10
Leverage Ratio	4.30	4.05	3.81
Compound Leverage Factor	2.68	-0.85	1.94
Debt to Total Capital	70.00%	70.15%	65.71%
Short-Term Debt to Total Capital	0.16%	0.17%	0.23%
Long-Term Debt to Total Capital	69.84%	69.98%	65.48%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	7.05%	7.40%	7.60%
Common Equity to Total Capital	22.95%	22.45%	26.69%
Debt to EBITDA	4.66	7.92	4.39
Net Debt to EBITDA	4.54	7.78	4.23
Long-Term Debt to EBITDA	4.65	7.90	4.38
Debt to NOPAT	8.80	22.98	8.67
Net Debt to NOPAT	8.57	22.58	8.36
Long-Term Debt to NOPAT	8.78	22.92	8.64
Altman Z-Score	0.89	0.64	0.86
Noncontrolling Interest Sharing Ratio	25.13%	24.13%	23.41%
Liquidity Ratios	-	-	-
Current Ratio	2.10	1.18	1.03
Quick Ratio	1.74	0.92	0.90
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	526	645	921
Operating Cash Flow to CapEx	191.90%	220.41%	582.17%
Free Cash Flow to Firm to Interest Expense	1.48	1.46	2.04
Operating Cash Flow to Interest Expense	2.34	1.46	1.67
Operating Cash Flow Less CapEx to Interest Expense	1.12	0.80	1.38
Efficiency Ratios	-	-	-
Asset Turnover	0.33	0.30	0.34
Accounts Receivable Turnover	5.77	6.61	10.73
Inventory Turnover	0.00	0.00	0.00
Fixed Asset Turnover	2.79	2.14	2.29
Accounts Payable Turnover	39.44	61.10	48.98
Days Sales Outstanding (DSO)	63.25	55.18	34.01
Days Inventory Outstanding (DIO)	0.00	0.00	0.00
Days Payable Outstanding (DPO)	9.25	5.97	7.45
Cash Conversion Cycle (CCC)	53.99	49.20	26.55
Capital & Investment Metrics	-	-	-
Invested Capital	9,129	8,752	8,480
Invested Capital Turnover	0.41	0.37	0.42
Increase / (Decrease) in Invested Capital	208	-377	-272
Enterprise Value (EV)	7,858	7,488	6,378
Market Capitalization	919	784	308
Book Value per Share	$22.73	$20.65	$22.91
Tangible Book Value per Share	($69.97)	($67.12)	($59.80)
Total Capital	9,221	8,781	8,554
Total Debt	6,455	6,160	5,621
Total Long-Term Debt	6,440	6,145	5,601
Net Debt	6,289	6,054	5,420
Capital Expenditures (CapEx)	432	294	129
Debt-free, Cash-free Net Working Capital (DFCFNWC)	402	67	-101
Debt-free Net Working Capital (DFNWC)	463	88	34
Net Working Capital (NWC)	448	73	14
Net Nonoperating Expense (NNE)	279	344	274
Net Nonoperating Obligations (NNO)	6,363	6,131	5,547
Total Depreciation and Amortization (D&A)	399	388	312
Debt-free, Cash-free Net Working Capital to Revenue	10.94%	2.04%	-2.77%
Debt-free Net Working Capital to Revenue	12.60%	2.68%	0.93%
Net Working Capital to Revenue	12.19%	2.22%	0.38%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	$4.38	($1.39)	$3.40
Adjusted Weighted Average Basic Shares Outstanding	92M	92M	95M
Adjusted Diluted Earnings per Share	$4.33	($1.39)	$3.36
Adjusted Weighted Average Diluted Shares Outstanding	93M	92M	96M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	92.83M	97.20M	101.54M
Normalized Net Operating Profit after Tax (NOPAT)	732	313	664
Normalized NOPAT Margin	19.92%	9.54%	18.22%
Pre Tax Income Margin	16.70%	-2.50%	13.50%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	2.79	0.88	2.15
NOPAT to Interest Expense	2.07	0.61	1.44
EBIT Less CapEx to Interest Expense	1.57	0.22	1.86
NOPAT Less CapEx to Interest Expense	0.85	-0.06	1.15
Payout Ratios	-	-	-
Dividend Payout Ratio	18.02%	-107.89%	22.40%
Augmented Payout Ratio	29.01%	-107.89%	22.40%

This table displays calculated financial ratios and metrics derived from Gray Television's official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	51.25%	48.68%	-3.14%	-6.34%	-11.66%	-19.40%	2.75%	1.60%	18.31%	20.95%
EBITDA Growth	160.61%	153.30%	-38.02%	-31.86%	-50.58%	-50.33%	90.80%	7.41%	94.12%	77.73%
EBIT Growth	269.70%	248.08%	-59.88%	-45.87%	-69.67%	-63.26%	260.00%	30.51%	240.54%	146.62%
NOPAT Growth	378.77%	281.67%	-61.72%	-66.43%	-66.67%	-71.41%	95.52%	118.02%	218.88%	221.47%
Net Income Growth	735.29%	541.38%	-150.00%	-95.96%	-137.04%	-104.84%	383.87%	450.00%	340.00%	1,977.78%
EPS Growth	421.88%	938.89%	-192.31%	-110.99%	-155.34%	-112.83%	264.58%	190.00%	250.88%	775.00%
Operating Cash Flow Growth	491.11%	1,270.59%	192.20%	-75.13%	-60.15%	-64.38%	-83.50%	-61.70%	180.19%	343.37%
Free Cash Flow Firm Growth	-333.86%	102.10%	105.38%	105.49%	109.06%	563.77%	-8.07%	26.24%	39.91%	15.39%
Invested Capital Growth	49.58%	2.33%	-1.44%	-1.38%	-2.17%	-4.13%	-0.79%	-1.22%	-1.92%	-3.11%
Revenue Q/Q Growth	4.72%	17.93%	-25.28%	1.50%	-1.23%	7.60%	-4.75%	0.36%	15.01%	10.00%
EBITDA Q/Q Growth	8.52%	34.01%	-64.64%	32.52%	-21.30%	34.71%	35.81%	-25.40%	42.24%	23.33%
EBIT Q/Q Growth	11.93%	48.36%	-82.04%	81.54%	-37.29%	79.73%	75.94%	-34.19%	63.64%	30.16%
NOPAT Q/Q Growth	11.98%	56.87%	-83.05%	12.77%	11.18%	34.52%	15.93%	25.75%	62.60%	35.62%
Net Income Q/Q Growth	9.09%	72.22%	-116.67%	112.90%	-1,100.00%	77.50%	1,077.78%	-75.00%	336.36%	76.04%
EPS Q/Q Growth	13.19%	81.55%	-125.67%	79.17%	-470.00%	57.89%	429.17%	-88.61%	855.56%	88.37%
Operating Cash Flow Q/Q Growth	40.74%	-12.41%	76.82%	-88.59%	125.53%	-21.70%	-18.07%	-73.53%	1,550.00%	23.91%
Free Cash Flow Firm Q/Q Growth	12.77%	102.44%	155.99%	0.56%	44.05%	79.00%	-64.55%	38.10%	59.64%	47.62%
Invested Capital Q/Q Growth	0.45%	1.23%	-3.48%	0.49%	-0.36%	-0.79%	-0.13%	0.06%	-1.06%	-2.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	39.16%	44.31%	23.35%	30.75%	28.39%	26.97%	26.61%	29.90%	37.58%	40.29%
EBITDA Margin	37.84%	43.00%	20.35%	26.57%	21.17%	26.50%	37.79%	28.09%	34.74%	38.95%
Operating Margin	26.95%	33.86%	8.36%	14.64%	10.46%	13.08%	15.07%	18.40%	26.32%	31.10%
EBIT Margin	26.84%	33.77%	8.11%	14.51%	9.22%	15.39%	28.43%	18.64%	26.53%	31.39%
Profit (Net Income) Margin	11.88%	17.35%	-3.87%	0.49%	-4.98%	-1.04%	10.69%	2.66%	10.11%	16.17%
Tax Burden Percent	72.00%	76.23%	73.81%	44.44%	108.11%	75.00%	73.95%	75.86%	75.00%	78.24%
Interest Burden Percent	61.48%	67.40%	-64.62%	7.63%	-50.00%	-9.02%	50.85%	18.83%	50.79%	65.85%
Effective Tax Rate	28.00%	23.77%	0.00%	55.56%	0.00%	0.00%	26.05%	24.14%	25.00%	21.76%
Return on Invested Capital (ROIC)	8.58%	10.51%	2.41%	2.62%	2.86%	3.36%	4.19%	5.26%	7.82%	10.29%
ROIC Less NNEP Spread (ROIC-NNEP)	7.22%	9.11%	1.17%	1.85%	1.30%	1.95%	4.13%	3.73%	6.30%	8.83%
Return on Net Nonoperating Assets (RNNOA)	14.53%	22.66%	2.85%	4.49%	3.12%	4.52%	9.27%	8.39%	13.97%	18.57%
Return on Equity (ROE)	23.10%	33.18%	5.26%	7.12%	5.99%	7.88%	13.47%	13.65%	21.80%	28.86%
Cash Return on Invested Capital (CROIC)	-32.69%	5.82%	8.90%	7.98%	7.05%	7.22%	3.53%	4.54%	7.39%	10.69%
Operating Return on Assets (OROA)	9.41%	11.15%	2.70%	4.76%	2.93%	4.64%	8.70%	5.77%	8.60%	10.80%
Return on Assets (ROA)	4.17%	5.73%	-1.29%	0.16%	-1.59%	-0.31%	3.27%	0.82%	3.28%	5.56%
Return on Common Equity (ROCE)	17.05%	24.84%	3.94%	5.34%	4.50%	5.98%	10.23%	10.37%	16.58%	22.10%
Return on Equity Simple (ROE_SIMPLE)	15.42%	0.00%	17.56%	12.96%	5.94%	0.00%	2.10%	2.97%	9.25%	0.00%
Net Operating Profit after Tax (NOPAT)	176	277	47	53	59	79	92	115	188	254
NOPAT Margin	19.41%	25.81%	5.86%	6.51%	7.32%	9.16%	11.14%	13.96%	19.74%	24.33%
Net Nonoperating Expense Percent (NNEP)	1.36%	1.41%	1.24%	0.77%	1.57%	1.41%	0.06%	1.53%	1.52%	1.46%
Return On Investment Capital (ROIC_SIMPLE)	2.07%	3.23%	0.57%	0.64%	0.72%	0.97%	1.12%	1.41%	2.34%	3.22%
Cost of Revenue to Revenue	60.84%	55.69%	76.65%	69.25%	71.61%	73.03%	73.39%	70.10%	62.42%	59.71%
SG&A Expenses to Revenue	2.97%	2.24%	3.25%	3.69%	2.86%	3.82%	3.40%	3.39%	2.53%	2.30%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	12.21%	10.45%	14.98%	16.11%	17.93%	13.89%	11.54%	11.50%	11.26%	9.19%
Earnings before Interest and Taxes (EBIT)	244	362	65	118	74	133	234	154	252	328
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	344	461	163	216	170	229	311	232	330	407
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.60	0.43	0.35	0.33	0.30	0.40	0.27	0.24	0.24	0.13
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.35	0.25	0.20	0.19	0.17	0.24	0.17	0.15	0.15	0.08
Price to Earnings (P/E)	4.75	2.28	2.32	3.14	8.96	0.00	0.00	54.08	3.54	0.95
Dividend Yield	2.55%	3.24%	4.13%	4.52%	5.09%	3.89%	5.45%	6.52%	6.21%	10.36%
Earnings Yield	21.07%	43.87%	43.06%	31.87%	11.16%	0.00%	0.00%	1.85%	28.25%	104.88%
Enterprise Value to Invested Capital (EV/IC)	0.90	0.86	0.84	0.83	0.83	0.86	0.82	0.81	0.80	0.75
Enterprise Value to Revenue (EV/Rev)	2.45	2.14	2.02	2.06	2.10	2.28	2.16	2.15	1.99	1.75
Enterprise Value to EBITDA (EV/EBITDA)	7.37	5.67	5.73	6.24	7.24	9.63	7.72	7.55	6.26	4.98
Enterprise Value to EBIT (EV/EBIT)	11.20	7.97	8.29	9.37	11.82	19.20	12.78	11.96	8.93	6.59
Enterprise Value to NOPAT (EV/NOPAT)	15.40	10.71	11.15	12.59	16.90	27.93	29.83	24.41	14.47	9.83
Enterprise Value to Operating Cash Flow (EV/OCF)	13.30	9.48	6.70	7.72	9.17	11.56	23.50	25.87	14.81	8.49
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	14.95	9.33	10.39	11.63	11.61	23.09	17.81	10.69	6.93
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.56	2.33	2.27	2.29	2.33	2.35	2.28	2.27	2.12	1.92
Long-Term Debt to Equity	2.55	2.33	2.27	2.29	2.33	2.34	2.27	2.26	2.11	1.91
Financial Leverage	2.01	2.49	2.44	2.43	2.41	2.32	2.24	2.25	2.22	2.10
Leverage Ratio	3.80	4.30	4.26	4.22	4.19	4.05	3.99	3.96	3.93	3.81
Compound Leverage Factor	2.33	2.90	-2.75	0.32	-2.09	-0.37	2.03	0.75	2.00	2.51
Debt to Total Capital	71.90%	70.00%	69.45%	69.63%	69.99%	70.15%	69.51%	69.41%	67.95%	65.71%
Short-Term Debt to Total Capital	0.16%	0.16%	0.17%	0.17%	0.17%	0.17%	0.17%	0.15%	0.27%	0.23%
Long-Term Debt to Total Capital	71.73%	69.84%	69.28%	69.46%	69.82%	69.98%	69.34%	69.26%	67.68%	65.48%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	7.08%	7.05%	7.33%	7.29%	7.35%	7.40%	7.34%	7.35%	7.49%	7.60%
Common Equity to Total Capital	21.03%	22.95%	23.23%	23.09%	22.65%	22.45%	23.15%	23.24%	24.56%	26.69%
Debt to EBITDA	5.97	4.66	4.80	5.25	6.12	7.92	6.65	6.52	5.35	4.39
Net Debt to EBITDA	5.73	4.54	4.67	5.13	6.00	7.78	6.41	6.35	5.21	4.23
Long-Term Debt to EBITDA	5.96	4.65	4.78	5.23	6.11	7.90	6.63	6.50	5.33	4.38
Debt to NOPAT	12.48	8.80	9.32	10.58	14.29	22.98	25.70	21.06	12.36	8.67
Net Debt to NOPAT	11.97	8.57	9.07	10.33	14.01	22.58	24.78	20.51	12.03	8.36
Long-Term Debt to NOPAT	12.45	8.78	9.30	10.55	14.25	22.92	25.63	21.02	12.31	8.64
Altman Z-Score	0.64	0.71	0.58	0.59	0.55	0.56	0.59	0.57	0.61	0.66
Noncontrolling Interest Sharing Ratio	26.21%	25.13%	25.17%	25.01%	24.84%	24.13%	24.03%	24.01%	23.93%	23.41%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.09	2.10	1.27	1.43	1.20	1.18	1.42	1.63	1.13	1.03
Quick Ratio	1.70	1.74	0.92	1.02	0.87	0.92	1.17	1.27	0.84	0.90
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2,813	69	176	177	255	456	162	223	357	526
Operating Cash Flow to CapEx	191.37%	171.32%	403.92%	52.81%	160.61%	224.32%	251.85%	62.07%	761.54%	1,082.35%
Free Cash Flow to Firm to Interest Expense	-29.92	0.69	1.64	1.62	2.30	3.93	1.41	1.79	2.88	6.05
Operating Cash Flow to Interest Expense	2.83	2.33	3.85	0.43	0.96	0.72	0.59	0.14	2.40	4.23
Operating Cash Flow Less CapEx to Interest Expense	1.35	0.97	2.90	-0.39	0.36	0.40	0.36	-0.09	2.08	3.84
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.35	0.33	0.33	0.33	0.32	0.30	0.31	0.31	0.32	0.34
Accounts Receivable Turnover	6.30	5.77	7.47	7.62	7.31	6.61	9.51	9.85	9.94	10.73
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	2.92	2.79	2.70	2.54	2.34	2.14	2.12	2.10	2.17	2.29
Accounts Payable Turnover	57.38	39.44	73.21	47.01	71.18	61.10	62.45	73.51	111.95	48.98
Days Sales Outstanding (DSO)	57.91	63.25	48.85	47.87	49.90	55.18	38.40	37.04	36.73	34.01
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	6.36	9.25	4.99	7.76	5.13	5.97	5.84	4.97	3.26	7.45
Cash Conversion Cycle (CCC)	51.54	53.99	43.86	40.11	44.77	49.20	32.56	32.07	33.47	26.55
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	9,018	9,129	8,811	8,854	8,822	8,752	8,741	8,746	8,653	8,480
Invested Capital Turnover	0.44	0.41	0.41	0.40	0.39	0.37	0.38	0.38	0.40	0.42
Increase / (Decrease) in Invested Capital	2,989	208	-129	-124	-196	-377	-70	-108	-169	-272
Enterprise Value (EV)	8,154	7,858	7,369	7,393	7,314	7,488	7,145	7,114	6,901	6,378
Market Capitalization	1,168	919	720	675	600	784	561	487	513	308
Book Value per Share	$20.75	$22.73	$22.20	$21.63	$20.97	$20.65	$21.81	$20.73	$21.37	$22.91
Tangible Book Value per Share	($72.38)	($69.97)	($70.23)	($67.80)	($67.29)	($67.12)	($66.99)	($63.14)	($61.65)	($59.80)
Total Capital	9,187	9,221	8,873	8,922	8,838	8,781	8,854	8,843	8,673	8,554
Total Debt	6,605	6,455	6,162	6,212	6,186	6,160	6,154	6,138	5,893	5,621
Total Long-Term Debt	6,590	6,440	6,147	6,197	6,171	6,145	6,139	6,125	5,870	5,601
Net Debt	6,336	6,289	5,999	6,068	6,064	6,054	5,934	5,977	5,738	5,420
Capital Expenditures (CapEx)	139	136	102	89	66	37	27	29	39	34
Debt-free, Cash-free Net Working Capital (DFCFNWC)	359	402	72	134	75	67	58	145	22	-101
Debt-free Net Working Capital (DFNWC)	503	463	128	170	96	88	192	220	91	34
Net Working Capital (NWC)	488	448	113	155	81	73	177	207	68	14
Net Nonoperating Expense (NNE)	68	91	78	49	99	88	3.70	93	92	85
Net Nonoperating Obligations (NNO)	6,436	6,363	6,100	6,144	6,170	6,131	6,041	6,041	5,873	5,547
Total Depreciation and Amortization (D&A)	100	99	98	98	96	96	77	78	78	79
Debt-free, Cash-free Net Working Capital to Revenue	10.80%	10.94%	1.97%	3.73%	2.15%	2.04%	1.76%	4.37%	0.64%	-2.77%
Debt-free Net Working Capital to Revenue	15.13%	12.60%	3.51%	4.73%	2.75%	2.68%	5.81%	6.63%	2.63%	0.93%
Net Working Capital to Revenue	14.68%	12.19%	3.10%	4.31%	2.32%	2.22%	5.36%	6.24%	1.96%	0.38%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.04	$1.89	($0.48)	($0.10)	($0.57)	($0.24)	$0.80	$0.09	$0.87	$1.64
Adjusted Weighted Average Basic Shares Outstanding	91M	92M	92M	93M	93M	92M	94M	95M	95M	95M
Adjusted Diluted Earnings per Share	$1.03	$1.87	($0.48)	($0.10)	($0.57)	($0.24)	$0.79	$0.09	$0.86	$1.62
Adjusted Weighted Average Diluted Shares Outstanding	92M	93M	92M	93M	93M	92M	95M	96M	97M	96M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	93.09M	92.83M	95.24M	95.45M	95.45M	97.20M	99.14M	99.67M	99.67M	101.54M
Normalized Net Operating Profit after Tax (NOPAT)	176	280	54	95	85	80	92	115	200	258
Normalized NOPAT Margin	19.33%	26.10%	6.73%	11.62%	10.55%	9.24%	11.14%	13.87%	21.00%	24.71%
Pre Tax Income Margin	16.50%	22.76%	-5.24%	1.11%	-4.61%	-1.39%	14.46%	3.51%	13.47%	20.67%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.60	3.62	0.61	1.08	0.67	1.15	2.03	1.23	2.03	3.77
NOPAT to Interest Expense	1.88	2.77	0.44	0.49	0.53	0.68	0.80	0.92	1.51	2.92
EBIT Less CapEx to Interest Expense	1.12	2.26	-0.35	0.27	0.07	0.83	1.80	1.00	1.72	3.38
NOPAT Less CapEx to Interest Expense	0.40	1.41	-0.52	-0.33	-0.06	0.36	0.56	0.69	1.20	2.53
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	27.85%	18.02%	22.38%	29.96%	68.07%	-107.89%	193.02%	137.70%	42.64%	22.40%
Augmented Payout Ratio	54.70%	29.01%	22.38%	29.96%	68.07%	-107.89%	193.02%	137.70%	42.64%	22.40%

Frequently Asked Questions About Gray Television's Financials

When does Gray Television's fiscal year end?

According to the most recent income statement we have on file, Gray Television's financial year ends in December. Their financial year 2024 ended on December 31, 2024.

How has Gray Television's net income changed over the last 2 years?

Gray Television's net income appears to be on a downward trend, with a most recent value of $375 million in 2024, falling from $455 million in 2022. The previous period was -$76 million in 2023.

What is Gray Television's operating income?

Gray Television's total operating income in 2024 was $851 million, based on the following breakdown:

Total Gross Profit: $1.24 billion
Total Operating Expenses: $393 million

How has Gray Television revenue changed over the last 2 years?

Over the last 2 years, Gray Television's total revenue changed from $3.68 billion in 2022 to $3.64 billion in 2024, a change of -0.9%.

How much debt does Gray Television have?

Gray Television's total liabilities were at $7.61 billion at the end of 2024, a 5.1% decrease from 2023, and a 9.3% decrease since 2022.

How much cash does Gray Television have?

In the past 2 years, Gray Television's cash and equivalents has ranged from $21 million in 2023 to $135 million in 2024, and is currently $135 million as of their latest financial filing in 2024.

How has Gray Television's book value per share changed over the last 2 years?

Over the last 2 years, Gray Television's book value per share changed from 22.73 in 2022 to 22.91 in 2024, a change of 0.8%.

Related Companies

This page (NYSE:GTN) was last updated on 4/18/2025 by MarketBeat.com Staff

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Gray Television (GTN) Financials

Frequently Asked Questions About Gray Television's Financials

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Gray Television (GTN) Financials

Annual Income Statements for Gray Television

Quarterly Income Statements for Gray Television

Annual Cash Flow Statements for Gray Television

Quarterly Cash Flow Statements for Gray Television

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Quarterly Balance Sheets for Gray Television

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