Gray Television Inc (GTN-A) fair value: what the stock is really worth
As of Oct 30, 2026: fair value (intrinsic value) of Gray Television Inc stock $23.16, price $7.72, upside +200.0%, quality 39 out of 100. Rating: strongly undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 2, 2026.
How to read this chart
60‑month range $4.67 – $19.78 · fair‑value band $4.63 – $52.48 · the $7.72 price screens below the $23.16 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 2, 2026.
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Gray Media, Inc., a multimedia company, owns and/or operates local television stations and digital assets in the United States. The company operates through Broadcasting, Production Companies, and Other segments.
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It also owns Gray Digital Media, a digital agency that provides clients with digital marketing strategies; and operates video production companies and studio production facilities. The company was formerly known as Gray Television, Inc. and changed its name to Gray Media, Inc. in July 2002.
Gray Media, Inc. was founded in 1891 and is headquartered in Atlanta, Georgia.
Stock analysis
Gray Television Inc (GTN-A) currently trades at $7.72, while our model-based Fair Value estimate is $23.16, implying the stock looks roughly 66.7% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $45.66 per share, and 10 of the 10 models we run sit above the $7.72 price.
Bear case: the Multiples group reads lowest at $8.27, and 0 of the 10 models stay below the price. Data coverage for this calculation is low.
Scenario range: $4.63 (bear) to $52.48 (bull), the price of $7.72 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 39/100 (below-average quality), in the Communication Services sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Gray Television Inc reported revenue of $3.1B in FY2025 versus $2.4B in FY2021, a compound +6.4%/yr. Reported net income was −$85.0M in FY2025.
Key figures
Market cap $772M Small · P/S ratio 0.25 · EPS (TTM) $−0.5800 · Dividend yield 4.1% · Net margin −0.8% · Return on equity −0.9% · Return on assets (EBIT) 5.5% · Operating margin 18.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 32 out of 100 (medium confidence).
What moves the price
The share trades about 44% below its 52-week high and 64% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Communication Services peers we cover trades at 10% fair-value upside, at 200%, GTN-A screens cheaper than that median.
Fair Value models
Bear$4.63Fair Value $23.16Bull$52.48
Price $7.72 · Upside +200.0%
Capped: our models arrive at a very high value here. We deliberately show a more cautious Fair Value.
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.36/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−15.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−5.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.4%
Start year 2020 (pandemic). Over 10 years: +17.9% a year
Revenue growth 35 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.4%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
31.1% (2020) → 12.7% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+23.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+1.9%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +20.9% a year for the price and −0.5% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Broadcasting · 63 stocks
Beats the industry median on 7/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score39 · Bottom 25%
Fair Value upside+200.0% · Top 25%
Profitability
Return on assets−0.8% · Below median
Net margin (12 months)−0.8% · Below median
Operating margin (12 months)18.6% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)8.7% · Above median
Dividend yield (12 months)4.1% · Above median
Balance sheet
Debt / equity2.05× · Highest 25%
Valuation Multiplesvs Broadcasting median · lower = cheaper
P/B0.28× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Gray Television Inc Fair Value". https://www.fairvalue-calculator.com/stock/GTN-A
Frequently asked questions
Is Gray Television Inc (GTN-A) overvalued or undervalued?
As of Nov 2, 2026, our model estimates a fair value of $23.16 versus a price of $7.72, about +200% upside (undervalued).
What is the fair value of GTN-A?
Our model-based fair value for Gray Television Inc is $23.16 (as of Nov 2, 2026), built from audited fundamentals. The current price: $7.72.
What is the quality score of GTN-A?
Gray Television Inc has a Quality Score of 39/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Gray Television Inc (GTN-A)?
Our model-based price target is the fair value of $23.16 (as of Nov 2, 2026) from 11 valuation models. Cautious scenario $4.63, optimistic scenario $52.48. It is a calculation from audited fundamentals, not an analyst target.
What is the Gray Television Inc stock forecast for 2026?
Our models put fair value at $23.16, about +200% upside versus a price of $7.72 (undervalued). Cautious scenario $4.63, optimistic scenario $52.48. The calculation is refreshed regularly with new filings.
What is the revenue of Gray Television Inc (GTN-A)?
Gray Television Inc reported trailing-twelve-month revenue of about $3.1B (latest available figure, as of Nov 2, 2026).
Does Gray Television Inc pay a dividend?
Gray Television Inc currently shows a dividend yield of 4.15% relative to its recent price (as of Nov 2, 2026).
What growth is priced into Gray Television Inc (GTN-A)?
For today's price to be fair in a discounted-cash-flow model, Gray Television Inc would have to grow free cash flow by +23.8 % per year for five years (discount rate 11.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +5.4 % per year. As of Nov 2, 2026.
What discount rate (WACC) does the fair value of GTN-A use?
Our models discount Gray Television Inc at 11.3 %: a base by market capitalisation (small), damped by beta 1.03, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Gray Television Inc that is +23.8 % per year a year over ten years, using the same discount rate (11.3 %) and the same formula as our fair value.
How much growth has Gray Television Inc (GTN-A) delivered so far?
Over the past 5 years revenue at Gray Television Inc grew +5.4 % a year. The price currently implies +23.8 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Gray Television Inc (GTN-A) growing?
The median revenue growth in the sector is +3.7 % a year. That is the yardstick for the growth priced into Gray Television Inc (+23.8 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Gray Television Inc (GTN-A)?
The free-cash-flow yield on the price is 23.45 %: that much free cash flow Gray Television Inc produces per unit of market value. When it exceeds the discount rate of our models (11.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Gray Television Inc (GTN-A)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Gray Television Inc it is $23.16 per share (as of Nov 2, 2026), against a price of $7.72. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is Gray Television Inc stock overvalued or undervalued in 2026?
As of Nov 2, 2026, GTN-A trades below its calculated fair value: price $7.72, fair value $23.16, a gap of about +200% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of GTN-A?
No. The price is what the market pays today ($7.72); the fair value is what the company's own numbers justify ($23.16). For Gray Television Inc the two are $15.44 per share apart. That gap is exactly why we show both numbers side by side.
How much is Gray Television Inc worth?
The market values Gray Television Inc at about $772M (market capitalisation, as of Nov 2, 2026). Per share that is $7.72; our models calculate a fair value of $23.16 per share.
What do the bullish and bearish scenarios say about GTN-A?
Our models span a range for Gray Television Inc: cautious scenario $4.63, base $23.16, optimistic $52.48 per share (as of Nov 2, 2026, price $7.72). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of GTN-A?
The PEG ratio of Gray Television Inc is 0.21 (P/E divided by earnings growth, as of Nov 2, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Gray Television Inc (GTN-A)?
Balance-sheet figures for Gray Television Inc (as of Nov 2, 2026): return on equity −0.9%, debt of 2.05 per unit of equity. They feed the Quality Score of 39/100, which measures business quality independently of the share price.
How far is GTN-A from its 52-week high?
Gray Television Inc trades at $7.72, about 44% below its 52-week high of $13.83 and 64% above the low of $4.71 (as of Oct 30, 2026). Distance from the high says nothing about value: that is what the fair value of $23.16 is for.
Which stocks are comparable to Gray Television Inc?
From the same area (Communication Services) we also value Nexstar Media Group, Sun TV Network Limited, Jiangsu Broadcasting Cable Information Network Corporation, SES S.A, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Gray Television Inc stock attractive at the current price?
The data as of Nov 2, 2026: price $7.72, calculated fair value $23.16 (+200%), Quality Score 39/100, from 11 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of GTN-A calculated?
We run Gray Television Inc through 11 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $23.16, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.9 % above its aggregate fair value. Gray Television Inc currently trades 67 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Gray Television Inc (GTN-A)?
The closing price on Oct 30, 2026 was $7.72. Our model-based fair value is $23.16, about +200% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Gray Television Inc right now?
The large discount to fair value meets weak quality (39/100). That raises the risk this is a value trap rather than a bargain. The model range is unusually wide ($4.63 to $52.48). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Key figures of Gray Television Inc
How large is the market capitalisation of Gray Television Inc (GTN-A)?
The market capitalisation of Gray Television Inc is $772M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Gray Television Inc (GTN-A)?
The price-to-sales ratio of Gray Television Inc is 0.25 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Gray Television Inc (GTN-A)?
Earnings per share at Gray Television Inc are $−0.5800. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Gray Television Inc (GTN-A)?
The dividend yield of Gray Television Inc is 4.1%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Gray Television Inc (GTN-A)?
The net margin of Gray Television Inc is −0.8% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Gray Television Inc (GTN-A)?
The return on equity (ROE) of Gray Television Inc is −0.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Gray Television Inc (GTN-A)?
On an EBIT basis the return on assets of Gray Television Inc is 5.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Gray Television Inc (GTN-A)?
The operating margin of Gray Television Inc is 18.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Gray Television Inc (GTN-A)?
Revenue at Gray Television Inc is growing +8.7% versus a year earlier (3y avg −5.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Gray Television Inc (GTN-A)?
Earnings per share at Gray Television Inc are growing +10.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Gray Television Inc (GTN-A) carry?
The net debt of Gray Television Inc is $5.4B (fiscal year 2025, ≈ 30.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Nov 2, 2026