Gray Media (GTN) Financials

$4.73 -0.19 (-3.86%)

Closing price 07/7/2025 03:59 PM Eastern

Extended Trading

$4.78 +0.05 (+1.06%)

As of 07/7/2025 07:41 PM Eastern

Annual Income Statements for Gray Media

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

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	48	39	62	262	211	127	358	38	403	-128	323
Consolidated Net Income / (Loss)	48	39	62	262	211	179	410	90	455	-76	375
Net Income / (Loss) Continuing Operations	48	39	62	262	211	179	410	90	455	-76	375
Total Pre-Tax Income	80	66	106	193	288	255	544	168	614	-82	492
Total Operating Income	154	140	234	290	389	478	752	381	990	383	851
Total Gross Profit	222	223	337	325	488	723	989	803	1,428	898	1,244
Total Revenue	508	597	812	883	1,084	2,122	2,381	2,413	3,676	3,281	3,644
Total Cost of Revenue	286	374	475	558	596	1,399	1,392	1,610	2,248	2,383	2,400
Operating Cost of Revenue	286	374	475	558	596	1,399	1,392	1,610	2,248	2,383	2,400
Total Operating Expenses	68	83	103	35	99	245	237	422	438	515	393
Selling, General & Admin Expense	29	34	40	32	41	104	65	159	104	112	104
Depreciation Expense	30	37	46	52	54	80	96	104	129	145	144
Amortization Expense	8.30	12	17	25	21	115	105	117	207	194	125
Impairment Charge	-	-	-	-	-	-	-	0.00	0.00	43	0.00
Other Special Charges / (Income)	0.62	0.08	0.33	-74	-17	-54	-29	42	-2.00	21	20
Total Other Income / (Expense), net	-74	-74	-129	-97	-101	-223	-208	-213	-376	-465	-359
Interest Expense	74	74	129	98	107	227	203	205	354	443	451
Interest & Investment Income	-	-	-	-	-	-	0.00	0.00	-18	-29	-25
Other Income / (Expense), net	0.02	0.10	0.61	1.00	6.00	4.00	-5.00	-8.00	-4.00	7.00	117
Income Tax Expense	32	26	43	-69	77	76	134	78	159	-6.00	117
Preferred Stock Dividends Declared	-	-	-	0.00	0.00	52	52	52	52	52	52
Basic Earnings per Share	$0.83	$0.58	$0.87	$3.59	$2.39	$1.28	$3.73	$0.40	$4.38	($1.39)	$3.40
Weighted Average Basic Shares Outstanding	57.86M	68.33M	71.85M	73M	88M	99M	96M	95M	92M	92M	95M
Diluted Earnings per Share	$0.82	$0.57	$0.86	$3.55	$2.37	$1.27	$3.69	$0.40	$4.33	($1.39)	$3.36
Weighted Average Diluted Shares Outstanding	58.36M	68.99M	72.76M	74M	89M	100M	97M	95M	93M	92M	96M
Weighted Average Basic & Diluted Shares Outstanding	57.90M	67.80M	71.60M	73M	88.20M	99.87M	95.44M	95.30M	92.83M	97.20M	101.54M
Cash Dividends to Common per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.32	$0.32	$0.32	$0.32

This table shows Gray Media'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	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	95	173	-44	-9.00	-53	-22	75	9.00	83	156	-22
Consolidated Net Income / (Loss)	108	186	-31	4.00	-40	-9.00	88	22	96	169	-9.00
Net Income / (Loss) Continuing Operations	108	186	-31	4.00	-40	-9.00	88	22	96	169	-9.00
Total Pre-Tax Income	150	244	-42	9.00	-37	-12	119	29	128	216	-24
Total Operating Income	245	363	67	119	84	113	124	152	250	325	92
Total Gross Profit	356	475	187	250	228	233	219	247	357	421	185
Total Revenue	909	1,072	801	813	803	864	823	826	950	1,045	782
Total Cost of Revenue	553	597	614	563	575	631	604	579	593	624	597
Operating Cost of Revenue	553	597	614	563	575	631	604	579	593	624	597
Total Operating Expenses	111	112	120	131	144	120	95	95	107	96	93
Selling, General & Admin Expense	27	24	26	30	23	33	28	28	24	24	32
Depreciation Expense	33	33	35	35	36	39	36	36	36	36	34
Amortization Expense	52	51	49	50	48	47	31	32	31	31	29
Other Special Charges / (Income)	-1.00	4.00	10	16	-6.00	1.00	0.00	-1.00	16	5.00	-2.00
Total Other Income / (Expense), net	-95	-119	-109	-110	-121	-125	-5.00	-123	-122	-109	-116
Interest Expense	94	100	107	109	111	116	115	125	124	87	117
Other Income / (Expense), net	-1.00	-1.00	-2.00	-1.00	-10	20	110	2.00	2.00	3.00	1.00
Income Tax Expense	42	58	-11	5.00	3.00	-3.00	31	7.00	32	47	-15
Preferred Stock Dividends Declared	13	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	($0.23)
Weighted Average Basic Shares Outstanding	91M	92M	92M	93M	93M	92M	94M	95M	95M	95M	96M
Diluted Earnings per Share	$1.03	$1.87	($0.48)	($0.10)	($0.57)	($0.24)	$0.79	$0.09	$0.86	$1.62	($0.23)
Weighted Average Diluted Shares Outstanding	92M	93M	92M	93M	93M	92M	95M	96M	97M	96M	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	101.79M
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	$0.08

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

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	17	67	228	137	957	-1,207	561	-584	-128	-40	114
Net Cash From Operating Activities	134	107	210	180	323	385	652	300	829	648	751
Net Cash From Continuing Operating Activities	134	107	210	180	323	385	652	300	829	648	751
Net Income / (Loss) Continuing Operations	48	39	62	262	211	179	410	90	455	-76	375
Consolidated Net Income / (Loss)	48	39	62	262	211	179	410	90	455	-76	375
Depreciation Expense	30	37	46	52	54	80	96	104	129	145	144
Amortization Expense	23	29	40	50	46	165	154	166	270	243	168
Non-Cash Adjustments To Reconcile Net Income	-5.12	-13	17	-86	-37	-70	-22	12	-2.00	102	-107
Changes in Operating Assets and Liabilities, net	38	14	45	-98	49	31	14	-72	-23	234	171
Net Cash From Investing Activities	-502	-206	-479	-350	-47	-2,656	-211	-3,534	-503	-291	-28
Net Cash From Continuing Investing Activities	-502	-206	-479	-350	-47	-2,656	-211	-3,534	-503	-291	-28
Purchase of Property, Plant & Equipment	-32	-24	-44	-35	-70	-110	-110	-207	-436	-348	-143
Acquisitions	-471	-185	-432	-416	0.00	-2,837	-91	-3,765	-58	-6.00	-1.00
Purchase of Investments	-	-	-	-	0.00	0.00	-48	-49	-16	-14	-7.00
Sale of Property, Plant & Equipment	1.51	3.12	2.98	0.00	0.00	3.00	9.00	5.00	4.00	54	14
Divestitures	0.00	0.00	11	0.00	9.00	253	0.00	473	0.00	6.00	0.00
Sale and/or Maturity of Investments	-	-	-	-	-	-	-	-	0.00	0.00	110
Other Investing Activities, net	0.00	-0.15	-18	101	14	35	29	9.00	3.00	17	-1.00
Net Cash From Financing Activities	385	166	497	307	681	1,064	120	2,650	-454	-397	-609
Net Cash From Continuing Financing Activities	385	166	497	307	681	1,064	120	2,650	-454	-397	-609
Repayment of Debt	-250	0.00	-1,128	-563	-40	-211	-525	-250	-315	-610	-2,544
Repurchase of Common Equity	-	0.00	-2.00	-4.00	-19	-32	-75	-30	-50	0.00	0.00
Payment of Dividends	-	-	-	0.00	0.00	-39	-52	-83	-82	-82	-84
Issuance of Debt	644	0.00	1,656	642	750	1,400	800	3,050	0.00	300	2,070
Other Financing Activities, net	-9.41	-1.10	-29	-7.00	-10	-54	-28	-37	-7.00	-5.00	-51

This table details how cash moves in and out of Gray Media'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	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	-18	-83	-5.00	-20	-15	-	113	-59	-6.00	66	75
Net Cash From Operating Activities	266	233	412	47	106	83	68	18	297	368	132
Net Cash From Continuing Operating Activities	266	233	412	47	106	83	68	18	297	368	132
Net Income / (Loss) Continuing Operations	108	186	-31	4.00	-40	-9.00	88	22	96	169	-9.00
Consolidated Net Income / (Loss)	108	186	-31	4.00	-40	-9.00	88	22	96	169	-9.00
Depreciation Expense	33	33	35	35	36	39	36	36	36	36	34
Amortization Expense	67	66	63	63	60	57	41	42	42	43	39
Non-Cash Adjustments To Reconcile Net Income	-10	22	9.00	19	41	33	-114	8.00	5.00	-6.00	1.00
Changes in Operating Assets and Liabilities, net	68	-74	336	-74	9.00	-37	17	-90	118	126	67
Net Cash From Investing Activities	-161	-141	-95	-92	-72	-32	80	-30	-40	-38	-15
Net Cash From Continuing Investing Activities	-161	-141	-95	-92	-72	-32	80	-30	-40	-38	-15
Purchase of Property, Plant & Equipment	-139	-138	-110	-103	-75	-60	-34	-29	-40	-40	-15
Acquisitions	-13	-5.00	-	-	-1.00	1.00	0.00	-	-	-1.00	-1.00
Purchase of Investments	-7.00	-	-4.00	-3.00	-4.00	-3.00	-3.00	-1.00	-	-3.00	-8.00
Sale of Property, Plant & Equipment	-	2.00	8.00	14	9.00	23	7.00	-	1.00	6.00	10
Sale and/or Maturity of Investments	-	-	0.00	-	-	-	110	-	-	-	1.00
Other Investing Activities, net	-2.00	-	11	-	-1.00	7.00	0.00	-	-1.00	-	-2.00
Net Cash From Financing Activities	-123	-175	-322	25	-49	-51	-35	-47	-263	-264	-42
Net Cash From Continuing Financing Activities	-123	-175	-322	25	-49	-51	-35	-47	-263	-264	-42
Repayment of Debt	-103	-154	-349	-54	-103	-104	-54	-1,961	-242	-287	-146
Payment of Dividends	-20	-20	-20	-20	-21	-21	-21	-21	-21	-21	-21
Issuance of Debt	-	-	50	100	75	75	50	1,975	-	45	129
Other Financing Activities, net	-	-1.00	-3.00	-1.00	-	-1.00	-10	-40	-	-1.00	-4.00

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

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	1,872	2,128	0.00	3,261	4,213	6,972	7,643	11,108	11,152	10,640	10,542
Total Current Assets	168	285	0.00	667	873	672	1,304	963	857	468	541
Cash & Equivalents	31	97	-	462	667	212	773	189	61	21	135
Accounts Receivable	107	121	-	171	184	411	425	624	650	342	337
Prepaid Expenses	2.22	6.46	-	4.68	7.00	24	61	54	54	48	21
Current Deferred & Refundable Income Taxes	19	50	-	14	-	0.00	21	61	65	39	31
Other Current Assets	9.77	11	-	15	15	25	24	35	27	18	17
Plant, Property, & Equipment, net	222	234	0.00	351	363	725	737	1,165	1,466	1,601	1,577
Total Noncurrent Assets	1,481	1,608	0.00	2,243	2,977	5,575	5,602	8,980	8,829	8,571	8,424
Long-Term Investments	14	14	-	17	17	17	72	117	105	85	66
Goodwill	374	423	-	611	612	1,446	1,460	2,649	2,663	2,643	2,642
Intangible Assets	1,071	1,168	-	1,604	1,583	4,033	3,974	6,128	5,967	5,735	5,601
Employee Benefit Assets	-	-	-	-	-	-	-	0.00	5.00	17	19
Other Noncurrent Operating Assets	3.44	3.04	-	11	765	79	96	86	89	91	96
Total Liabilities & Shareholders' Equity	1,872	2,128	2,753	3,261	4,213	6,972	7,643	11,108	11,152	10,640	10,542
Total Liabilities	1,655	1,698	2,260	2,268	3,026	4,858	5,240	8,701	8,386	8,019	7,609
Total Current Liabilities	80	88	119	131	150	246	255	384	409	395	527
Short-Term Debt	-	-	0.00	6.42	-	-	0.00	15	15	15	20
Accounts Payable	4.61	4.53	5.26	7.84	8.00	11	10	59	55	23	75
Accrued Expenses	6.22	14	14	12	40	62	68	78	89	94	132
Dividends Payable	-	-	-	-	0.00	13	13	13	14	14	15
Current Deferred Revenue	7.49	3.51	4.71	-	-	9.00	22	14	24	23	29
Current Deferred & Payable Income Tax Liabilities	1.89	0.77	2.92	8.75	14	13	20	10	15	22	5.00
Current Employee Benefit Liabilities	25	29	31	30	35	67	53	97	98	110	111
Other Current Liabilities	17	23	29	40	19	34	32	46	39	31	28
Other Current Nonoperating Liabilities	18	13	32	27	34	37	37	52	60	63	112
Total Noncurrent Liabilities	1,575	1,611	2,140	2,137	2,876	4,612	4,985	8,317	7,977	7,624	7,082
Long-Term Debt	1,236	1,220	1,757	1,831	2,549	3,697	3,974	6,740	6,440	6,145	5,601
Noncurrent Deferred & Payable Income Tax Liabilities	293	352	343	262	285	810	885	1,471	1,454	1,359	1,347
Other Noncurrent Operating Liabilities	2.95	2.85	6.43	6.12	9.00	67	83	82	83	120	134
Redeemable Noncontrolling Interest	-	-	-	-	0.00	650	650	650	650	650	650
Total Equity & Noncontrolling Interests	216	429	493	993	1,187	1,464	1,753	1,757	2,116	1,971	2,283
Total Preferred & Common Equity	216	429	493	993	1,187	1,464	1,753	1,757	2,116	1,971	2,283
Total Common Equity	216	429	493	993	1,186	1,459	1,745	1,757	2,116	1,971	2,283
Common Stock	503	675	680	927	907	1,093	1,110	1,166	1,195	1,224	1,255
Retained Earnings	-203	-164	-101	162	372	504	862	869	1,242	1,084	1,375
Treasury Stock	-63	-65	-68	-74	-72	-107	-188	-251	-309	-314	-317
Accumulated Other Comprehensive Income / (Loss)	-21	-17	-18	-22	-21	-31	-39	-27	-12	-23	-30
Other Equity Adjustments	-	-	-	-	-	-	-	-	-	-	0.00

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

Metric	Q2 2022	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025
Period end date	6/30/2022	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025
Total Assets	11,123	11,183	10,845	10,810	10,735	10,735	10,634	10,631	10,438
Total Current Assets	951	934	537	512	495	601	538	576	483
Cash & Equivalents	162	144	56	36	21	134	75	69	210
Accounts Receivable	614	615	333	329	339	362	344	358	198
Prepaid Expenses	36	54	46	52	53	58	49	51	34
Current Deferred & Refundable Income Taxes	128	83	85	88	55	35	65	73	30
Other Current Assets	11	38	17	7.00	27	12	5.00	25	11
Plant, Property, & Equipment, net	1,260	1,366	1,521	1,574	1,610	1,590	1,582	1,583	1,552
Total Noncurrent Assets	8,912	8,883	8,787	8,724	8,630	8,544	8,514	8,472	8,403
Long-Term Investments	120	125	107	108	101	86	86	86	72
Goodwill	2,657	2,657	2,663	2,660	2,643	2,643	2,643	2,642	2,642
Intangible Assets	6,053	6,013	5,917	5,857	5,782	5,704	5,672	5,632	5,573
Employee Benefit Assets	-	-	5.00	5.00	9.00	18	19	20	20
Other Noncurrent Operating Assets	82	88	95	94	95	93	94	92	96
Total Liabilities & Shareholders' Equity	11,123	11,183	10,845	10,810	10,735	10,735	10,634	10,631	10,438
Total Liabilities	8,635	8,601	8,134	8,100	8,083	8,035	7,929	7,851	7,534
Total Current Liabilities	374	446	424	357	414	424	331	508	533
Short-Term Debt	15	15	15	15	15	15	13	23	20
Accounts Payable	66	40	40	33	26	36	32	17	72
Accrued Expenses	78	79	114	91	83	89	88	143	206
Dividends Payable	14	14	14	14	14	14	15	15	15
Current Deferred Revenue	22	64	43	40	51	22	23	50	21
Current Deferred & Payable Income Tax Liabilities	17	8.00	18	12	12	56	11	9.00	6.00
Current Employee Benefit Liabilities	88	90	64	71	82	77	85	96	75
Other Current Liabilities	21	50	29	19	39	22	15	35	21
Other Current Nonoperating Liabilities	53	86	87	62	92	93	49	120	97
Total Noncurrent Liabilities	8,261	8,155	7,710	7,743	7,669	7,611	7,598	7,343	7,001
Long-Term Debt	6,690	6,590	6,147	6,197	6,171	6,139	6,125	5,870	5,589
Noncurrent Deferred & Payable Income Tax Liabilities	1,471	1,468	1,458	1,448	1,397	1,353	1,349	1,344	1,331
Other Noncurrent Operating Liabilities	79	81	105	98	101	119	124	129	81
Redeemable Noncontrolling Interest	650	650	650	650	650	650	650	650	650
Total Equity & Noncontrolling Interests	1,838	1,932	2,061	2,060	2,002	2,050	2,055	2,130	2,254
Total Preferred & Common Equity	1,838	1,932	2,061	2,060	2,002	2,050	2,055	2,130	2,254
Total Common Equity	1,838	1,932	2,061	2,060	2,002	2,050	2,055	2,130	2,254
Common Stock	1,184	1,190	1,206	1,213	1,218	1,239	1,245	1,250	1,262
Retained Earnings	988	1,076	1,191	1,175	1,114	1,151	1,152	1,227	1,345
Treasury Stock	-307	-307	-313	-313	-313	-317	-317	-317	-322
Accumulated Other Comprehensive Income / (Loss)	-27	-27	-23	-15	-17	-23	-25	-30	-31
Other Equity Adjustments	-	-	-	-	-	-	-	-	0.00

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

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	46.73%	17.56%	36.01%	8.68%	22.76%	95.76%	12.21%	1.34%	52.34%	-10.75%	11.06%
EBITDA Growth	70.53%	-0.57%	55.49%	22.61%	25.95%	46.87%	37.14%	-35.51%	115.40%	-43.83%	64.52%
EBIT Growth	83.35%	-8.87%	67.60%	23.88%	35.74%	22.03%	54.98%	-50.07%	164.34%	-60.45%	148.21%
NOPAT Growth	89.79%	-9.61%	64.90%	185.17%	-27.61%	17.73%	68.91%	-63.99%	259.43%	-63.46%	141.94%
Net Income Growth	162.80%	-18.23%	58.45%	320.73%	-19.47%	-15.17%	129.05%	-78.05%	405.56%	-116.70%	593.42%
EPS Growth	156.25%	-30.49%	50.88%	312.79%	-33.24%	-46.41%	190.55%	-89.16%	982.50%	-132.10%	341.73%
Operating Cash Flow Growth	122.81%	-20.49%	96.86%	-14.32%	79.44%	19.20%	69.35%	-53.99%	176.33%	-21.83%	15.90%
Free Cash Flow Firm Growth	-8,371.81%	81.15%	3,684.91%	-213.66%	82.77%	-422.50%	127.90%	-608.28%	116.77%	22.73%	42.71%
Invested Capital Growth	41.43%	10.23%	-130.33%	605.47%	29.78%	82.50%	-0.89%	59.82%	2.33%	-4.13%	-3.11%
Revenue Q/Q Growth	19.34%	-1.39%	9.15%	-0.42%	9.62%	13.35%	9.82%	-2.86%	10.56%	-5.96%	5.23%
EBITDA Q/Q Growth	35.84%	-11.25%	15.99%	-5.92%	24.96%	9.00%	21.59%	-26.77%	25.23%	-22.97%	16.15%
EBIT Q/Q Growth	46.42%	-16.66%	20.53%	-9.09%	34.43%	5.24%	29.69%	-39.84%	35.44%	-37.00%	25.23%
NOPAT Q/Q Growth	43.36%	-16.56%	21.51%	106.95%	-33.59%	8.23%	32.04%	-52.37%	38.56%	-38.07%	36.03%
Net Income Q/Q Growth	118.37%	-29.27%	50.32%	98.16%	-26.64%	2.87%	46.43%	-68.42%	52.68%	-163.87%	90.36%
EPS Q/Q Growth	115.79%	-35.96%	50.88%	95.05%	-34.17%	-13.01%	58.37%	-83.26%	64.02%	-293.06%	124.00%
Operating Cash Flow Q/Q Growth	38.29%	-16.97%	64.88%	-18.56%	28.35%	-1.79%	5.50%	-32.89%	35.24%	-18.80%	61.16%
Free Cash Flow Firm Q/Q Growth	-124.02%	96.61%	821.24%	-2,629.55%	-225.37%	26.82%	-7.70%	-1,903.45%	121.37%	2.57%	42.55%
Invested Capital Q/Q Growth	555.95%	-1.03%	-123.76%	5.19%	31.19%	-0.90%	2.53%	47.97%	1.23%	-0.79%	-2.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	43.72%	37.36%	41.54%	36.81%	45.02%	34.07%	41.54%	33.28%	38.85%	27.37%	34.14%
EBITDA Margin	40.80%	34.51%	39.45%	44.51%	45.66%	34.26%	41.87%	26.65%	37.68%	23.71%	35.13%
Operating Margin	30.26%	23.45%	28.84%	32.84%	35.89%	22.53%	31.58%	15.79%	26.93%	11.67%	23.35%
EBIT Margin	30.27%	23.46%	28.91%	32.96%	36.44%	22.71%	31.37%	15.46%	26.82%	11.89%	26.56%
Profit (Net Income) Margin	9.46%	6.58%	7.66%	29.67%	19.46%	8.44%	17.22%	3.73%	12.38%	-2.32%	10.29%
Tax Burden Percent	60.23%	59.77%	58.92%	135.75%	73.26%	70.20%	75.37%	53.57%	74.10%	92.68%	76.22%
Interest Burden Percent	51.89%	46.91%	44.99%	66.32%	72.91%	52.90%	72.82%	45.04%	62.27%	-21.03%	50.83%
Effective Tax Rate	39.77%	40.23%	41.08%	-35.75%	26.74%	29.80%	24.63%	46.43%	25.90%	0.00%	23.78%
Return on Invested Capital (ROIC)	7.71%	5.66%	25.55%	41.28%	10.43%	7.70%	10.11%	2.81%	8.13%	3.00%	7.53%
ROIC Less NNEP Spread (ROIC-NNEP)	3.28%	1.82%	-70.02%	-21.17%	5.93%	1.92%	5.43%	0.46%	3.80%	-2.51%	2.84%
Return on Net Nonoperating Assets (RNNOA)	16.92%	6.52%	-12.04%	-6.01%	8.93%	3.15%	8.05%	0.93%	9.46%	-5.82%	5.98%
Return on Equity (ROE)	24.63%	12.18%	13.51%	35.27%	19.36%	10.85%	18.15%	3.74%	17.59%	-2.82%	13.50%
Cash Return on Invested Capital (CROIC)	-26.61%	-4.07%	0.00%	-103.23%	-15.49%	-50.71%	11.00%	-43.23%	5.82%	7.22%	10.69%
Operating Return on Assets (OROA)	9.59%	7.01%	22.08%	17.85%	10.57%	8.62%	10.22%	3.98%	8.86%	3.58%	9.14%
Return on Assets (ROA)	3.00%	1.97%	5.85%	16.07%	5.65%	3.20%	5.61%	0.96%	4.09%	-0.70%	3.54%
Return on Common Equity (ROCE)	24.63%	12.18%	13.51%	35.27%	19.35%	8.69%	12.88%	2.72%	13.17%	-2.14%	10.34%
Return on Equity Simple (ROE_SIMPLE)	22.23%	9.16%	12.64%	26.39%	17.78%	12.23%	23.39%	5.12%	21.50%	-3.86%	16.43%
Net Operating Profit after Tax (NOPAT)	93	84	138	394	285	336	567	204	734	268	649
NOPAT Margin	18.23%	14.01%	16.99%	44.58%	26.29%	15.81%	23.80%	8.46%	19.96%	8.17%	17.80%
Net Nonoperating Expense Percent (NNEP)	4.43%	3.84%	95.57%	62.44%	4.51%	5.78%	4.68%	2.35%	4.33%	5.51%	4.69%
Return On Investment Capital (ROIC_SIMPLE)	6.38%	5.08%	6.14%	13.91%	7.63%	6.50%	9.90%	2.40%	8.56%	3.30%	8.21%
Cost of Revenue to Revenue	56.28%	62.64%	58.46%	63.19%	54.98%	65.93%	58.46%	66.72%	61.15%	72.63%	65.86%
SG&A Expenses to Revenue	5.75%	5.75%	4.96%	3.62%	3.78%	4.90%	2.73%	6.59%	2.83%	3.41%	2.85%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	13.46%	13.91%	12.70%	3.96%	9.13%	11.55%	9.95%	17.49%	11.92%	15.70%	10.78%
Earnings before Interest and Taxes (EBIT)	154	140	235	291	395	482	747	373	986	390	968
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	207	206	321	393	495	727	997	643	1,385	778	1,280
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	2.29	1.34	1.02	0.92	1.23	0.82	0.93	0.43	0.40	0.13
Price to Tangible Book Value (P/TBV)	0.00	0.00	1.34	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.00	1.65	0.81	1.15	1.01	0.85	0.60	0.68	0.25	0.24	0.08
Price to Earnings (P/E)	0.00	25.05	10.57	3.87	5.18	14.17	4.01	43.08	2.28	0.00	0.95
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.87%	3.24%	3.89%	10.36%
Earnings Yield	0.00%	3.99%	9.46%	25.81%	19.32%	7.06%	24.93%	2.32%	43.87%	0.00%	104.88%
Enterprise Value to Invested Capital (EV/IC)	0.00	1.35	0.00	1.00	0.96	1.05	0.93	0.98	0.86	0.86	0.75
Enterprise Value to Revenue (EV/Rev)	0.00	3.51	2.97	2.69	2.73	2.79	2.19	3.62	2.14	2.28	1.75
Enterprise Value to EBITDA (EV/EBITDA)	0.00	10.16	7.53	6.04	5.97	8.14	5.23	13.59	5.67	9.63	4.98
Enterprise Value to EBIT (EV/EBIT)	0.00	14.94	10.28	8.16	7.49	12.28	6.98	23.42	7.97	19.20	6.59
Enterprise Value to NOPAT (EV/NOPAT)	0.00	25.01	17.49	6.03	10.38	17.63	9.20	42.80	10.71	27.93	9.83
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	19.62	11.50	13.19	9.16	15.37	8.00	29.12	9.48	11.56	8.49
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	1.12	0.00	0.00	0.00	8.46	0.00	14.95	11.61	6.93
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	5.72	2.84	3.56	1.85	2.15	1.75	1.65	2.81	2.33	2.35	1.92
Long-Term Debt to Equity	5.72	2.84	3.56	1.84	2.15	1.75	1.65	2.80	2.33	2.34	1.91
Financial Leverage	5.16	3.58	0.17	0.28	1.51	1.64	1.48	2.02	2.49	2.32	2.10
Leverage Ratio	8.22	6.20	2.31	2.19	3.43	3.39	3.24	3.90	4.30	4.05	3.81
Compound Leverage Factor	4.26	2.91	1.04	1.46	2.50	1.79	2.36	1.76	2.68	-0.85	1.94
Debt to Total Capital	85.12%	73.97%	78.09%	64.92%	68.23%	63.62%	62.32%	73.73%	70.00%	70.15%	65.71%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.23%	0.00%	0.00%	0.00%	0.16%	0.16%	0.17%	0.23%
Long-Term Debt to Total Capital	85.12%	73.97%	78.09%	64.69%	68.23%	63.62%	62.32%	73.56%	69.84%	69.98%	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%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	11.19%	10.19%	7.09%	7.05%	7.40%	7.60%
Common Equity to Total Capital	14.88%	26.03%	21.91%	35.08%	31.75%	25.11%	27.36%	19.18%	22.95%	22.45%	26.69%
Debt to EBITDA	5.96	5.92	5.48	4.68	5.15	5.09	3.99	10.51	4.66	7.92	4.39
Net Debt to EBITDA	5.75	5.38	5.48	3.46	3.77	4.77	3.14	10.03	4.54	7.78	4.23
Long-Term Debt to EBITDA	5.96	5.92	5.48	4.66	5.15	5.09	3.99	10.48	4.65	7.90	4.38
Debt to NOPAT	13.35	14.57	12.73	4.67	8.94	11.02	7.01	33.10	8.80	22.98	8.67
Net Debt to NOPAT	12.87	13.25	12.73	3.45	6.54	10.34	5.52	31.60	8.57	22.58	8.36
Long-Term Debt to NOPAT	13.35	14.57	12.73	4.65	8.94	11.02	7.01	33.02	8.78	22.92	8.64
Altman Z-Score	0.00	0.85	0.00	1.10	1.11	0.93	1.12	0.61	0.89	0.64	0.86
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.05%	19.87%	29.07%	27.19%	25.13%	24.13%	23.41%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.10	3.26	0.00	5.08	5.82	2.73	5.11	2.51	2.10	1.18	1.03
Quick Ratio	1.72	2.50	0.00	4.83	5.67	2.53	4.70	2.12	1.74	0.92	0.90
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-320	-60	2,160	-2,455	-423	-2,210	617	-3,135	526	645	921
Operating Cash Flow to CapEx	437.10%	505.61%	517.13%	514.29%	461.43%	359.81%	645.54%	148.51%	191.90%	220.41%	582.17%
Free Cash Flow to Firm to Interest Expense	-4.32	-0.81	16.71	-25.05	-3.95	-9.74	3.04	-15.29	1.48	1.46	2.04
Operating Cash Flow to Interest Expense	1.81	1.43	1.63	1.84	3.02	1.70	3.21	1.46	2.34	1.46	1.67
Operating Cash Flow Less CapEx to Interest Expense	1.40	1.15	1.31	1.48	2.36	1.22	2.71	0.48	1.12	0.80	1.38
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.32	0.30	0.76	0.54	0.29	0.38	0.33	0.26	0.33	0.30	0.34
Accounts Receivable Turnover	5.75	5.24	0.00	0.00	6.10	7.13	5.70	4.60	5.77	6.61	10.73
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	2.78	2.62	0.00	0.00	3.04	3.90	3.26	2.54	2.79	2.14	2.29
Accounts Payable Turnover	83.27	81.83	97.05	85.21	75.25	147.26	132.57	46.67	39.44	61.10	48.98
Days Sales Outstanding (DSO)	63.48	69.71	0.00	0.00	59.81	51.17	64.08	79.34	63.25	55.18	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	0.00
Days Payable Outstanding (DPO)	4.38	4.46	3.76	4.28	4.85	2.48	2.75	7.82	9.25	5.97	7.45
Cash Conversion Cycle (CCC)	59.09	65.25	-3.76	-4.28	54.96	48.69	61.32	71.52	53.99	49.20	26.55
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,407	1,551	-470	2,378	3,086	5,632	5,582	8,921	9,129	8,752	8,480
Invested Capital Turnover	0.42	0.40	1.50	0.93	0.40	0.49	0.42	0.33	0.41	0.37	0.42
Increase / (Decrease) in Invested Capital	412	144	-2,022	2,848	708	2,546	-50	3,339	208	-377	-272
Enterprise Value (EV)	0.00	2,094	2,415	2,374	2,957	5,917	5,215	8,736	7,858	7,488	6,378
Market Capitalization	0.00	985	658	1,015	1,092	1,799	1,436	1,637	919	784	308
Book Value per Share	$3.74	$5.93	$6.78	$13.68	$13.36	$14.52	$18.15	$18.34	$22.73	$20.65	$22.91
Tangible Book Value per Share	($21.25)	($16.06)	$6.78	($16.84)	($11.37)	($39.99)	($38.36)	($73.26)	($69.97)	($67.12)	($59.80)
Total Capital	1,453	1,649	2,250	2,830	3,736	5,811	6,377	9,162	9,221	8,781	8,554
Total Debt	1,236	1,220	1,757	1,837	2,549	3,697	3,974	6,755	6,455	6,160	5,621
Total Long-Term Debt	1,236	1,220	1,757	1,831	2,549	3,697	3,974	6,740	6,440	6,145	5,601
Net Debt	1,192	1,109	1,757	1,358	1,865	3,468	3,129	6,449	6,289	6,054	5,420
Capital Expenditures (CapEx)	31	21	41	35	70	107	101	202	432	294	129
Debt-free, Cash-free Net Working Capital (DFCFNWC)	58	101	-119	79	56	214	276	405	402	67	-101
Debt-free Net Working Capital (DFNWC)	88	198	-119	542	723	426	1,049	594	463	88	34
Net Working Capital (NWC)	88	198	-119	535	723	426	1,049	579	448	73	14
Net Nonoperating Expense (NNE)	45	44	76	132	74	157	157	114	279	344	274
Net Nonoperating Obligations (NNO)	1,191	1,122	-963	1,385	1,899	3,518	3,179	6,514	6,363	6,131	5,547
Total Depreciation and Amortization (D&A)	54	66	86	102	100	245	250	270	399	388	312
Debt-free, Cash-free Net Working Capital to Revenue	11.32%	16.83%	-14.70%	9.00%	5.17%	10.08%	11.59%	16.78%	10.94%	2.04%	-2.77%
Debt-free Net Working Capital to Revenue	17.37%	33.12%	-14.70%	61.37%	66.70%	20.08%	44.06%	24.62%	12.60%	2.68%	0.93%
Net Working Capital to Revenue	17.37%	33.12%	-14.70%	60.64%	66.70%	20.08%	44.06%	24.00%	12.19%	2.22%	0.38%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.83	$0.58	$0.87	$3.59	$2.39	$1.28	$3.73	$0.40	$4.38	($1.39)	$3.40
Adjusted Weighted Average Basic Shares Outstanding	57.86M	68.33M	71.85M	73.06M	88.08M	99M	96M	95M	92M	92M	95M
Adjusted Diluted Earnings per Share	$0.82	$0.57	$0.86	$3.55	$2.37	$1.27	$3.69	$0.40	$4.33	($1.39)	$3.36
Adjusted Weighted Average Diluted Shares Outstanding	58.36M	68.99M	72.76M	73.84M	88.78M	100M	97M	95M	93M	92M	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	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	58.80M	72.70M	72.84M	90.32M	101.02M	99.87M	95.44M	95.30M	92.83M	97.20M	101.54M
Normalized Net Operating Profit after Tax (NOPAT)	93	84	138	151	273	298	545	227	732	313	664
Normalized NOPAT Margin	18.30%	14.02%	17.02%	17.12%	25.14%	14.03%	22.89%	9.39%	19.92%	9.54%	18.22%
Pre Tax Income Margin	15.70%	11.01%	13.01%	21.86%	26.57%	12.02%	22.85%	6.96%	16.70%	-2.50%	13.50%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.08	1.88	1.82	2.97	3.69	2.12	3.68	1.82	2.79	0.88	2.15
NOPAT to Interest Expense	1.25	1.13	1.07	4.02	2.66	1.48	2.79	1.00	2.07	0.61	1.44
EBIT Less CapEx to Interest Expense	1.66	1.60	1.50	2.61	3.04	1.65	3.18	0.83	1.57	0.22	1.86
NOPAT Less CapEx to Interest Expense	0.84	0.84	0.75	3.66	2.01	1.01	2.29	0.01	0.85	-0.06	1.15
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	21.79%	12.68%	92.22%	18.02%	-107.89%	22.40%
Augmented Payout Ratio	0.00%	0.00%	3.21%	1.53%	9.00%	39.66%	30.98%	125.56%	29.01%	-107.89%	22.40%

This table displays calculated financial ratios and metrics derived from Gray Media'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	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	51.25%	48.68%	-3.14%	-6.34%	-11.66%	-19.40%	2.75%	1.60%	18.31%	20.95%	-4.98%
EBITDA Growth	160.61%	153.30%	-38.02%	-31.86%	-50.58%	-50.33%	90.80%	7.41%	94.12%	77.73%	-46.62%
EBIT Growth	269.70%	248.08%	-59.88%	-45.87%	-69.67%	-63.26%	260.00%	30.51%	240.54%	146.62%	-60.26%
NOPAT Growth	378.77%	281.67%	-61.72%	-66.43%	-66.67%	-71.41%	95.52%	118.02%	218.88%	221.47%	-29.77%
Net Income Growth	735.29%	541.38%	-150.00%	-95.96%	-137.04%	-104.84%	383.87%	450.00%	340.00%	1,977.78%	-110.23%
EPS Growth	421.88%	938.89%	-192.31%	-110.99%	-155.34%	-112.83%	264.58%	190.00%	250.88%	775.00%	-129.11%
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%	94.12%
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%	185.97%
Invested Capital Growth	49.58%	2.33%	-1.44%	-1.38%	-2.17%	-4.13%	-0.79%	-1.22%	-1.92%	-3.11%	-4.55%
Revenue Q/Q Growth	4.72%	17.93%	-25.28%	1.50%	-1.23%	7.60%	-4.75%	0.36%	15.01%	10.00%	-25.17%
EBITDA Q/Q Growth	8.52%	34.01%	-64.64%	32.52%	-21.30%	34.71%	35.81%	-25.40%	42.24%	23.33%	-59.21%
EBIT Q/Q Growth	11.93%	48.36%	-82.04%	81.54%	-37.29%	79.73%	75.94%	-34.19%	63.64%	30.16%	-71.65%
NOPAT Q/Q Growth	11.98%	56.87%	-83.05%	12.77%	11.18%	34.52%	15.93%	25.75%	62.60%	35.62%	-74.67%
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%	-105.33%
EPS Q/Q Growth	13.19%	81.55%	-125.67%	79.17%	-470.00%	57.89%	429.17%	-88.61%	855.56%	88.37%	-114.20%
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%	-64.13%
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%	-12.14%
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%	-1.62%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	39.16%	44.31%	23.35%	30.75%	28.39%	26.97%	26.61%	29.90%	37.58%	40.29%	23.66%
EBITDA Margin	37.84%	43.00%	20.35%	26.57%	21.17%	26.50%	37.79%	28.09%	34.74%	38.95%	21.23%
Operating Margin	26.95%	33.86%	8.36%	14.64%	10.46%	13.08%	15.07%	18.40%	26.32%	31.10%	11.76%
EBIT Margin	26.84%	33.77%	8.11%	14.51%	9.22%	15.39%	28.43%	18.64%	26.53%	31.39%	11.89%
Profit (Net Income) Margin	11.88%	17.35%	-3.87%	0.49%	-4.98%	-1.04%	10.69%	2.66%	10.11%	16.17%	-1.15%
Tax Burden Percent	72.00%	76.23%	73.81%	44.44%	108.11%	75.00%	73.95%	75.86%	75.00%	78.24%	37.50%
Interest Burden Percent	61.48%	67.40%	-64.62%	7.63%	-50.00%	-9.02%	50.85%	18.83%	50.79%	65.85%	-25.81%
Effective Tax Rate	28.00%	23.77%	0.00%	55.56%	0.00%	0.00%	26.05%	24.14%	25.00%	21.76%	0.00%
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%	3.47%
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%	2.19%
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%	4.50%
Return on Equity (ROE)	23.10%	33.18%	5.26%	7.12%	5.99%	7.88%	13.47%	13.65%	21.80%	28.86%	7.97%
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%	12.30%
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%	4.05%
Return on Assets (ROA)	4.17%	5.73%	-1.29%	0.16%	-1.59%	-0.31%	3.27%	0.82%	3.28%	5.56%	-0.39%
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%	6.12%
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%	12.33%
Net Operating Profit after Tax (NOPAT)	176	277	47	53	59	79	92	115	188	254	64
NOPAT Margin	19.41%	25.81%	5.86%	6.51%	7.32%	9.16%	11.14%	13.96%	19.74%	24.33%	8.24%
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%	1.28%
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%	0.82%
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%	76.34%
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%	4.09%
R&D to Revenue	0.00%	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%	11.89%
Earnings before Interest and Taxes (EBIT)	244	362	65	118	74	133	234	154	252	328	93
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	344	461	163	216	170	229	311	232	330	407	166
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	0.19
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	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	0.12
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	1.94
Dividend Yield	2.55%	3.24%	4.13%	4.52%	5.09%	3.89%	5.45%	6.52%	6.21%	10.36%	7.41%
Earnings Yield	21.07%	43.87%	43.06%	31.87%	11.16%	0.00%	0.00%	1.85%	28.25%	104.88%	51.52%
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	0.77
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	1.78
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	5.65
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	7.76
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	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	7.87
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	6.11
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	1.93
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	1.92
Financial Leverage	2.01	2.49	2.44	2.43	2.41	2.32	2.24	2.25	2.22	2.10	2.05
Leverage Ratio	3.80	4.30	4.26	4.22	4.19	4.05	3.99	3.96	3.93	3.81	3.78
Compound Leverage Factor	2.33	2.90	-2.75	0.32	-2.09	-0.37	2.03	0.75	2.00	2.51	-0.98
Debt to Total Capital	71.90%	70.00%	69.45%	69.63%	69.99%	70.15%	69.51%	69.41%	67.95%	65.71%	65.89%
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%	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%	65.65%
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%	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%	7.64%
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%	26.48%
Debt to EBITDA	5.97	4.66	4.80	5.25	6.12	7.92	6.65	6.52	5.35	4.39	4.94
Net Debt to EBITDA	5.73	4.54	4.67	5.13	6.00	7.78	6.41	6.35	5.21	4.23	4.69
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	4.92
Debt to NOPAT	12.48	8.80	9.32	10.58	14.29	22.98	25.70	21.06	12.36	8.67	8.60
Net Debt to NOPAT	11.97	8.57	9.07	10.33	14.01	22.58	24.78	20.51	12.03	8.36	8.17
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	8.57
Altman Z-Score	0.64	0.71	0.58	0.59	0.55	0.56	0.59	0.57	0.61	0.66	0.58
Noncontrolling Interest Sharing Ratio	26.21%	25.13%	25.17%	25.01%	24.84%	24.13%	24.03%	24.01%	23.93%	23.41%	23.20%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.09	2.10	1.27	1.43	1.20	1.18	1.42	1.63	1.13	1.03	0.91
Quick Ratio	1.70	1.74	0.92	1.02	0.87	0.92	1.17	1.27	0.84	0.90	0.77
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2,813	69	176	177	255	456	162	223	357	526	462
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%	2,640.00%
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	3.95
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	1.13
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	1.09
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.35	0.33	0.33	0.33	0.32	0.30	0.31	0.31	0.32	0.34	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	12.87
Inventory Turnover	0.00	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	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	44.31
Days Sales Outstanding (DSO)	57.91	63.25	48.85	47.87	49.90	55.18	38.40	37.04	36.73	34.01	28.37
Days Inventory Outstanding (DIO)	0.00	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	8.24
Cash Conversion Cycle (CCC)	51.54	53.99	43.86	40.11	44.77	49.20	32.56	32.07	33.47	26.55	20.13
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	8,343
Invested Capital Turnover	0.44	0.41	0.41	0.40	0.39	0.37	0.38	0.38	0.40	0.42	0.42
Increase / (Decrease) in Invested Capital	2,989	208	-129	-124	-196	-377	-70	-108	-169	-272	-398
Enterprise Value (EV)	8,154	7,858	7,369	7,393	7,314	7,488	7,145	7,114	6,901	6,378	6,416
Market Capitalization	1,168	919	720	675	600	784	561	487	513	308	439
Book Value per Share	$20.75	$22.73	$22.20	$21.63	$20.97	$20.65	$21.81	$20.73	$21.37	$22.91	$22.20
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)	($58.70)
Total Capital	9,187	9,221	8,873	8,922	8,838	8,781	8,854	8,843	8,673	8,554	8,513
Total Debt	6,605	6,455	6,162	6,212	6,186	6,160	6,154	6,138	5,893	5,621	5,609
Total Long-Term Debt	6,590	6,440	6,147	6,197	6,171	6,145	6,139	6,125	5,870	5,601	5,589
Net Debt	6,336	6,289	5,999	6,068	6,064	6,054	5,934	5,977	5,738	5,420	5,327
Capital Expenditures (CapEx)	139	136	102	89	66	37	27	29	39	34	5.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	359	402	72	134	75	67	58	145	22	-101	-240
Debt-free Net Working Capital (DFNWC)	503	463	128	170	96	88	192	220	91	34	-30
Net Working Capital (NWC)	488	448	113	155	81	73	177	207	68	14	-50
Net Nonoperating Expense (NNE)	68	91	78	49	99	88	3.70	93	92	85	73
Net Nonoperating Obligations (NNO)	6,436	6,363	6,100	6,144	6,170	6,131	6,041	6,041	5,873	5,547	5,439
Total Depreciation and Amortization (D&A)	100	99	98	98	96	96	77	78	78	79	73
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%	-6.66%
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%	-0.83%
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%	-1.39%
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	($0.23)
Adjusted Weighted Average Basic Shares Outstanding	91M	92M	92M	93M	93M	92M	94M	95M	95M	95M	96M
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	($0.23)
Adjusted Weighted Average Diluted Shares Outstanding	92M	93M	92M	93M	93M	92M	95M	96M	97M	96M	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	$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	101.79M
Normalized Net Operating Profit after Tax (NOPAT)	176	280	54	95	85	80	92	115	200	258	63
Normalized NOPAT Margin	19.33%	26.10%	6.73%	11.62%	10.55%	9.24%	11.14%	13.87%	21.00%	24.71%	8.06%
Pre Tax Income Margin	16.50%	22.76%	-5.24%	1.11%	-4.61%	-1.39%	14.46%	3.51%	13.47%	20.67%	-3.07%
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	0.79
NOPAT to Interest Expense	1.88	2.77	0.44	0.49	0.53	0.68	0.80	0.92	1.51	2.92	0.55
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	0.75
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	0.51
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%	30.22%
Augmented Payout Ratio	54.70%	29.01%	22.38%	29.96%	68.07%	-107.89%	193.02%	137.70%	42.64%	22.40%	30.22%

Key Financial Trends

Gray Television (GTN) reported mixed Q1 2025 results, with strong cash generation offset by declining revenue and a net loss. Here are the key financial highlights and metrics that may impact the stock:

Generated $132 million of net cash from operating activities in Q1 2025
Produced $462 million of free cash flow to the firm (FCFF) in the quarter
Ended Q1 with $210 million in cash and equivalents on the balance sheet
Maintained a quarterly dividend of $0.08 per share, implying a ~7.4% yield
Trades at an EV/EBITDA of ~5.7× and P/B of ~0.19×, suggesting a deep value valuation
Gross margin of 23.7% and EBITDA margin of 21.2% remain relatively stable
Return on equity of 8.0% and cash ROIC of 12.3% indicate moderate profitability
Capital expenditures are modest at $5 million, well below operating cash flow
Total revenue fell 4.98% year-over-year and 25.2% quarter-over-quarter in Q1 2025
Reported a net loss of $22 million, with a net margin of –1.15%

07/08/25 04:28 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Gray Media's Financials

When does Gray Media's financial year end?

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

How has Gray Media's net income changed over the last 10 years?

Gray Media's net income appears to be on an upward trend, with a most recent value of $375 million in 2024, rising from $48.06 million in 2014. The previous period was -$76 million in 2023. Find out what analysts predict for Gray Media in the coming months.

What is Gray Media's operating income?

Gray Media'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 Media's revenue changed over the last 10 years?

Over the last 10 years, Gray Media's total revenue changed from $508.13 million in 2014 to $3.64 billion in 2024, a change of 617.1%.

How much debt does Gray Media have?

Gray Media's total liabilities were at $7.61 billion at the end of 2024, a 5.1% decrease from 2023, and a 359.7% increase since 2014.

How much cash does Gray Media have?

In the past 10 years, Gray Media's cash and equivalents has ranged from $0.00 in 2016 to $773 million in 2020, and is currently $135 million as of their latest financial filing in 2024.

How has Gray Media's book value per share changed over the last 10 years?

Over the last 10 years, Gray Media's book value per share changed from 3.74 in 2014 to 22.91 in 2024, a change of 513.1%.

Related Companies

This page (NYSE:GTN) was last updated on 7/8/2025 by MarketBeat.com Staff

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Gray Media (GTN) Financials

Key Financial Trends

Frequently Asked Questions About Gray Media's Financials

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

Gray Media (GTN) Financials

Annual Income Statements for Gray Media

Quarterly Income Statements for Gray Media

Annual Cash Flow Statements for Gray Media

Quarterly Cash Flow Statements for Gray Media

Annual Balance Sheets for Gray Media

Quarterly Balance Sheets for Gray Media

Annual Metrics And Ratios for Gray Media

Quarterly Metrics And Ratios for Gray Media

Key Financial Trends

Frequently Asked Questions About Gray Media's Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools