Latest Ratios: P/E Ratio -4.4x · EV/EBITDA 9.2x · ROE -3.0%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $362M | $469M | $302M | $824M | $1.0B | $1.9B | $1.7B | $2.1B | $1.3B | $1.2B | $789M |
| Enterprise Value | $5.8B | $5.9B | $5.9B | $7.0B | $7.5B | $8.6B | $5.0B | $5.7B | $3.2B | $2.6B | $2.2B |
| P/E Ratio → | -4.43 | — | 0.94 | — | 2.58 | 50.40 | 4.85 | 16.88 | 6.22 | 4.72 | 12.62 |
| P/S Ratio | 0.12 | 0.15 | 0.08 | 0.25 | 0.28 | 0.79 | 0.73 | 1.01 | 1.21 | 1.40 | 0.97 |
| P/B Ratio | 0.13 | 0.17 | 0.10 | 0.31 | 0.38 | 0.80 | 0.72 | 1.01 | 1.10 | 1.25 | 1.60 |
| P/FCF | 2.00 | 2.59 | 0.50 | 2.75 | 2.65 | 20.59 | 3.20 | 7.80 | 5.17 | 8.50 | 4.84 |
| P/OCF | 1.25 | 1.62 | 0.40 | 1.27 | 1.26 | 6.38 | 2.66 | 5.57 | 4.05 | 6.87 | 3.82 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.91 | 1.61 | 2.15 | 2.04 | 3.54 | 2.10 | 2.68 | 2.94 | 2.96 | 2.73 |
| EV / EBITDA | 9.23 | 9.40 | 5.23 | 9.76 | 5.67 | 14.21 | 5.24 | 8.44 | 6.89 | 7.09 | 7.49 |
| EV / EBIT | 14.81 | 16.38 | 6.00 | 19.67 | 7.52 | 22.93 | 6.80 | 11.78 | 8.09 | 9.05 | 10.95 |
| EV / FCF | — | 32.68 | 9.64 | 23.48 | 19.12 | 91.97 | 9.21 | 20.65 | 12.60 | 17.95 | 13.62 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 96.6% | 96.6% | 34.1% | 27.4% | 38.8% | 33.3% | 41.5% | 34.1% | 45.0% | 36.9% | 41.5% |
| Operating Margin | 12.7% | 12.7% | 23.4% | 11.7% | 26.9% | 15.8% | 31.6% | 22.5% | 35.9% | 33.0% | 28.8% |
| Net Profit Margin | -2.7% | -2.7% | 10.3% | -2.3% | 12.4% | 3.7% | 17.2% | 8.4% | 19.4% | 29.7% | 7.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -3.0% | -3.0% | 13.5% | -2.8% | 17.6% | 3.7% | 18.2% | 10.8% | 19.3% | 35.3% | 13.5% |
| ROA | -0.8% | -0.8% | 3.5% | -0.7% | 4.1% | 1.0% | 5.6% | 3.2% | 5.6% | 8.7% | 2.5% |
| ROIC | 3.5% | 3.5% | 7.4% | 3.2% | 8.1% | 3.9% | 10.0% | 8.2% | 10.7% | 10.2% | 10.1% |
| ROCE | 3.9% | 3.9% | 8.4% | 3.6% | 9.2% | 4.2% | 10.7% | 8.9% | 10.8% | 10.1% | 9.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.07 | 2.07 | 1.94 | 2.38 | 2.36 | 2.84 | 1.68 | 1.77 | 2.15 | 1.85 | 3.56 |
| Debt / EBITDA | 9.24 | 9.24 | 5.08 | 8.64 | 4.93 | 11.34 | 4.23 | 5.57 | 5.50 | 4.99 | 5.92 |
| Net Debt / Equity | — | 1.94 | 1.89 | 2.37 | 2.34 | 2.76 | 1.36 | 1.67 | 1.59 | 1.38 | 2.90 |
| Net Debt / EBITDA | 8.66 | 8.66 | 4.96 | 8.61 | 4.88 | 11.03 | 3.42 | 5.25 | 4.06 | 3.73 | 4.83 |
| Debt / FCF | — | 30.08 | 9.14 | 20.73 | 16.47 | 71.38 | 6.01 | 12.86 | 7.43 | 9.45 | 8.78 |
| Interest Coverage | 0.76 | 0.76 | 2.01 | 0.81 | 2.82 | 1.82 | 3.85 | 2.12 | 3.70 | 3.03 | 2.09 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.27 | 1.27 | 1.03 | 1.18 | 2.10 | 2.51 | 5.11 | 2.73 | 5.80 | 5.08 | 4.49 |
| Quick Ratio | 1.27 | 1.27 | 1.03 | 1.18 | 2.10 | 2.51 | 5.11 | 2.73 | 5.75 | 4.97 | 4.38 |
| Cash Ratio | 0.71 | 0.71 | 0.26 | 0.05 | 0.15 | 0.49 | 3.03 | 0.86 | 4.43 | 3.52 | 2.72 |
| Asset Turnover | — | 0.30 | 0.35 | 0.31 | 0.33 | 0.22 | 0.31 | 0.30 | 0.26 | 0.27 | 0.29 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 81.58 | 38.01 | 34.59 |
| Days Sales Outstanding | — | 24.88 | 34.36 | 40.38 | 66.72 | 97.57 | 68.37 | 70.70 | 61.95 | 70.80 | 65.95 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 8.7% | 7.0% | 10.6% | 3.6% | 2.9% | 1.6% | 3.0% | 1.8% | — | — | — |
| Payout Ratio | — | — | 8.5% | — | 6.6% | 34.4% | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 106.7% | — | 38.7% | 2.0% | 20.6% | 5.9% | 16.1% | 21.2% | 7.9% |
| FCF Yield | 50.0% | 38.6% | 201.1% | 36.4% | 37.8% | 4.9% | 31.2% | 12.8% | 19.4% | 11.8% | 20.6% |
| Buyback Yield | 0.0% | 0.0% | 1.3% | 0.0% | 4.8% | 1.6% | 4.3% | 1.5% | 1.5% | 0.3% | 0.3% |
| Total Shareholder Yield | 8.7% | 7.0% | 11.9% | 3.6% | 7.7% | 3.2% | 7.3% | 3.3% | 1.5% | 0.3% | 0.3% |
| Shares Outstanding | — | $97M | $96M | $92M | $93M | $95M | $97M | $100M | $89M | $74M | $73M |
High leverage and cyclicality
As reported in recent financial data, GTN trades at a P/S ratio of 0.11 and a P/B of 0.13, suggesting that the market is pricing in significant long-term terminal decline rather than the company's historical ability to generate cash through cyclical political advertising windows.
The forward P/E of 1.97 appears to signal extreme skepticism regarding the company's ability to maintain profitability in a post-political cycle environment. Investors should monitor whether this valuation represents a deep-value opportunity or a value trap, as the low multiples are likely a direct response to the persistent net losses and high debt burden.
Based on reported figures, GTN's ROIC has struggled to exceed 1.0% in most recent quarters, indicating that the company is failing to generate meaningful returns on its invested capital compared to the cost of its substantial debt-funded acquisition strategy.
The persistent gap between ROIC and the company's likely cost of capital suggests that recent M&A activity has been value-destructive. This trend warrants further investigation into whether the company's core broadcasting assets can ever achieve the scale necessary to overcome the amortization of acquired intangibles.
According to quarterly filings, the company's cash conversion cycle has exhibited extreme volatility, swinging from 5 days in 2026Q1 to -73 days in 2025Q3, which highlights the difficulty in managing liquidity amidst the lumpy nature of broadcast advertising and retransmission fee collections.
The erratic nature of the CCC suggests that GTN lacks a stable working capital rhythm, making it difficult to forecast short-term cash availability. Investors should be wary of these fluctuations, as they may mask underlying operational inefficiencies in the collection of receivables from national and local advertisers.
As indicated by the 2026Q1 interest coverage ratio of 0.69, GTN's ability to service its debt from operating income appears increasingly compromised, suggesting that the company may be forced to rely on refinancing or asset sales to meet its obligations.
The D/EBITDA ratio of 38.24 in 2026Q1 is alarmingly high and suggests that the company's leverage is significantly out of sync with its current earnings power. This level of indebtedness leaves the firm highly vulnerable to interest rate volatility and any further contraction in core advertising revenue.
The P/E ratio is frequently misapplied to GTN, as the company's net income is heavily distorted by non-cash amortization of intangible assets and cyclical political spending, which obscures the true cash-generating capacity of the underlying broadcast stations.
Analysts should instead focus on EV/EBITDA or P/FCF to better understand the company's ability to service its debt and fund operations. Relying on P/E in a business model characterized by high depreciation and amortization of acquired assets leads to a fundamentally flawed assessment of the company's economic reality.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying GTN stock.
Gray Media, Inc.'s current P/E ratio is -4.4x. The historical average is 22.4x.
Gray Media, Inc.'s current EV/EBITDA is 9.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.3x.
Gray Media, Inc.'s return on equity (ROE) is -3.0%. The historical average is 4.7%.
Based on historical data, Gray Media, Inc. is trading at a P/E of -4.4x. Compare with industry peers and growth rates for a complete picture.
Gray Media, Inc.'s current dividend yield is 8.72%.
Gray Media, Inc. has 96.6% gross margin and 12.7% operating margin. Operating margin between 10-20% is typical for established companies.
Gray Media, Inc.'s Debt/EBITDA ratio is 9.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.