Gray Television Inc (GTNA) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Gray Television Inc $8.41, price $4.84, upside +73.7%, quality 56 out of 100. 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, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range $4.84 – $21.16 · fair‑value band $3.31 – $13.73 · the $4.84 price screens below the $8.41 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 2 fiscal years are left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 23, 2026.
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Gray Media, Inc. is a television broadcasting company, which engages in owning and operating television stations and digital assets in markets throughout the United States. It operates through the following segments: Broadcasting and Production Companies.
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Gray Media, Inc. is a television broadcasting company, which engages in owning and operating television stations and digital assets in markets throughout the United States. It operates through the following segments: Broadcasting and Production Companies. The Broadcasting segment operates television stations located across local markets in the United States. The firm's segment includes the production of television and event content. The company was founded in January 1897 and is headquartered in Atlanta, GA.
Stock analysis
Gray Television Inc (GTNA) currently trades at $4.84, while our model-based Fair Value estimate is $8.41, implying the stock looks roughly 42.4% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of $55.63 per share, and 24 of the 25 models we run sit above the $4.84 price.
Bear case: the Growth DCF group reads lowest at $0.9100, and 1 of the 25 models stay below the price. Evidence for this calculation is medium.
Scenario range: $3.31 (bear) to $13.73 (bull), the price of $4.84 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 56/100 (solid quality), in the Consumer Cyclical sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Gray Television Inc reported revenue of $3.6B in FY2024 versus $2.4B in FY2020, a compound +11.2%/yr. Reported net income was $375M in FY2024, compounding −2.2%/yr from FY2020.
Key figures
Market cap $852M · P/E ratio 2.0 · P/S ratio 0.20 · EPS (TTM) $2.32 · Dividend yield 9.9% · Net margin 10.3% · Return on equity 11.0% · Return on assets (EBIT) 6.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 66% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at 3% fair-value upside, at 74%, GTNA screens cheaper than that median.
Fair Value models
Bear $3.31Fair Value $8.41Bull $13.73
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2024 figures (about 12 months old). Earnings retained since then ($2.32 per share) are deliberately not added.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.Evidence ⓘEvidence = 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.71/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+11.1%
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.
+14.7%
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.
+11.4%
Revenue growth 22 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.
+14.1%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+20.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+10.3%
Dividend (yield on the price)9.9%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.10% vs 21%, slowing
Profit margin 2019 to 2024 ⓘ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.23% → 24%
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its sector: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median. (Industry “Media & Publishing” was too small, so the broader sector is used.)Communication Services · 1214 stocks
Beats the sector median on 6/12 measures
A mixed picture versus its sector peers.
Valuation
Quality Score55 · Above median
Fair Value upside+74% · Top 25%
Profitability
Return on equity (TTM)11% · Above median
Return on assets0% · Below median
Net margin (TTM)10% · Above median
Operating margin (TTM)0% · Below median
Growth and dividend
Revenue growth0% · Below median
Dividend yield (TTM)9.9% · Top 25%
Balance sheet
Debt / equity1.91× · Highest 25%
Valuation Multiplesvs Communication Services median · lower = cheaper
P/E (TTM)2.0× · Cheapest 25%
P/B0.29× · 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/GTNA
Frequently asked questions
Is Gray Television Inc (GTNA) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $8.41 versus a price of $4.84, about +74% upside (undervalued).
What is the fair value of GTNA?
Our model-based fair value for Gray Television Inc is $8.41 (as of Sep 23, 2026), built from audited fundamentals. The current price: $4.84.
What is the quality score of GTNA?
Gray Television Inc has a Quality Score of 56/100. 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 (GTNA)?
Our model-based price target is the fair value of $8.41 (as of Sep 23, 2026) from 26 valuation models. Cautious scenario $3.31, optimistic scenario $13.73. 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 $8.41, about +74% upside versus a price of $4.84 (undervalued). Cautious scenario $3.31, optimistic scenario $13.73. The calculation is refreshed regularly with new filings.
Does Gray Television Inc pay a dividend?
Gray Television Inc currently shows a dividend yield of about 9.86% relative to its recent price (as of Sep 23, 2026).
What is the intrinsic value of Gray Television Inc (GTNA)?
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 $8.41 per share (as of Sep 23, 2026), against a price of $4.84. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Gray Television Inc stock overvalued or undervalued in 2026?
As of Sep 23, 2026, GTNA trades below its calculated fair value: price $4.84, fair value $8.41, a gap of about +74% (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 GTNA?
No. The price is what the market pays today ($4.84); the fair value is what the company's own numbers justify ($8.41). For Gray Television Inc the two are $3.57 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 $852M (market capitalisation, as of Sep 23, 2026). Per share that is $4.84; our models calculate a fair value of $8.41 per share.
What do the bullish and bearish scenarios say about GTNA?
Our models span a range for Gray Television Inc: cautious scenario $3.31, base $8.41, optimistic $13.73 per share (as of Sep 23, 2026, price $4.84). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of GTNA?
Gray Television Inc trades at a price-to-earnings ratio of 2.0 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $8.41 is built from several models across several years. Other multiples: P/B 0.3, EV/EBITDA 12.6.
How solid is the balance sheet of Gray Television Inc (GTNA)?
Balance-sheet figures for Gray Television Inc (as of Sep 23, 2026): return on equity 11.0%, debt of 1.91 per unit of equity. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is GTNA from its 52-week high?
Gray Television Inc trades at $4.84, about 66% below its 52-week high of $14.06 and at the low of $4.84 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $8.41 is for.
Which stocks are comparable to Gray Television Inc?
From the same area (Consumer Cyclical) we also value GMA7, SM Culture & Contents Co, ABS, Showbox Corp, 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 Sep 23, 2026: price $4.84, calculated fair value $8.41 (+74%), Quality Score 56/100, from 26 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 GTNA calculated?
We run Gray Television Inc through 26 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 $8.41, 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 14.1 % above its aggregate fair value. Gray Television Inc currently trades 74 % 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 (GTNA)?
The closing price on Sep 23, 2026 was $4.84. Our model-based fair value is $8.41, about +74% 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 model range is unusually wide ($3.31 to $13.73). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (56/100) at a price below fair value, the discount is the argument here, not the business quality.
Key figures of Gray Television Inc
How large is the market capitalisation of Gray Television Inc (GTNA)?
The market capitalisation of Gray Television Inc is $852M. 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 (GTNA)?
The price-to-sales ratio of Gray Television Inc is 0.20 (P/E × margin). 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 (GTNA)?
Earnings per share at Gray Television Inc are $2.32 (price ÷ EPS = P/E 2.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Gray Television Inc (GTNA)?
The dividend yield of Gray Television Inc is 9.9% (payout 20.6%). 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 (GTNA)?
The net margin of Gray Television Inc is 10.3% (fiscal year 2024). 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 (GTNA)?
The return on equity (ROE) of Gray Television Inc is 11.0% (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 (GTNA)?
On an EBIT basis the return on assets of Gray Television Inc is 6.7% (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.
How much free cash flow does Gray Television Inc (GTNA) generate?
The free cash flow of Gray Television Inc is $275M (fiscal year 2019). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Gray Television Inc (GTNA) carry?
The net debt of Gray Television Inc is $3.5B (fiscal year 2019, ≈ 12.7 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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Sep 23, 2026