Gray Television Inc (GTN) Fair Value & Analysis

Communication Services · US · Market cap $389M · ISIN US3893751061

What is Gray Television Inc really worth?

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

What matters now

• The large discount to fair value meets weak quality (40/100). That raises the risk this is a value trap rather than a bargain.
• The model range is unusually wide ($4.34 to $24.69). 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.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 6, 2026.

How to read this chart

60‑month range $2.67 – $19.93 · fair‑value band $4.34 – $24.69 · the $4.95 price screens below the $21.68 fair value. Dashed = 300-day average. As of Sep 6, 2026.

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Analysis

Gray Television Inc (GTN) currently trades at $4.95, while our model-based Fair Value estimate is $21.68, implying the stock looks roughly 77.2% undervalued today. The Quality Score stands at 40/100 (below-average quality), in the Communication Services sector. Bull case: the Asset-Based group reads highest at a median of $19.37 per share, and 7 of the 9 models we run sit above the $4.95 price. Bear case: the Growth DCF group reads lowest at $3.08, and 2 of the 9 models stay below the price. Evidence for this calculation is low.

Over the trailing twelve months, Gray Television Inc generated revenue of $3.1B at a net margin of −3.1%. Revenue declined 1.8% year over year. It earns a return on equity of −3.4%. Net debt stands at $5.4B. Fundamentals as of Sep 6, 2026

Our scenario range runs from $4.34 (bear case) to $24.69 (bull case); at $4.95, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 22% below its 52-week high and 51% above its 52-week low, currently above its 200-day average. For context, the median of 10 Communication Services peers we cover trades at −6% fair-value upside, at 338%, GTN screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Widest divergence: Asset-Based ($19.37) versus Growth DCF ($3.08). Highest evidence: FCF DCF (76).

Key figures & financial health

Quality Score breakdown

About the company

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.

Full company description

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. 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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

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.

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Peer Group

Broadcasting · 63 stocks

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.

Valuation Multiples vs Broadcasting median · lower = cheaper

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

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