Latest Ratios: P/E Ratio 14.9x · EV/EBITDA 11.3x · ROE 7.1%. (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 | $3.2B | $3.2B | $3.1B | $3.2B | $4.8B | $4.1B | $3.1B | $3.6B | $2.4B | $3.1B | $3.0B |
| Enterprise Value | $6.1B | $6.1B | $5.5B | $6.0B | $7.4B | $7.4B | $6.7B | $7.9B | $5.2B | $6.0B | $7.0B |
| P/E Ratio → | 14.95 | 14.49 | 5.18 | 6.71 | 7.54 | 8.67 | 6.37 | 12.74 | 5.88 | 6.83 | 6.79 |
| P/S Ratio | 1.19 | 1.17 | 1.00 | 1.09 | 1.45 | 1.38 | 1.04 | 1.58 | 1.07 | 1.61 | 0.90 |
| P/B Ratio | 1.03 | 1.00 | 1.02 | 1.17 | 1.54 | 1.63 | 1.48 | 2.29 | 0.36 | 0.51 | 1.16 |
| P/FCF | 11.42 | 11.18 | 4.89 | 5.97 | 6.25 | 9.42 | 4.04 | 17.40 | 5.10 | 9.90 | 5.12 |
| P/OCF | 9.90 | 9.69 | 4.52 | 5.42 | 5.86 | 8.23 | 3.81 | 12.23 | 4.47 | 7.93 | 4.41 |
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 | — | 2.23 | 1.79 | 2.05 | 2.25 | 2.47 | 2.27 | 3.43 | 2.34 | 3.14 | 2.09 |
| EV / EBITDA | 11.33 | 11.21 | 6.17 | 7.06 | 6.63 | 7.95 | 6.64 | 11.79 | 6.58 | 9.59 | 5.93 |
| EV / EBIT | 13.81 | 13.54 | 5.88 | 7.67 | 7.31 | 9.25 | 7.71 | 14.35 | 7.47 | 11.46 | 10.24 |
| EV / FCF | — | 21.42 | 8.76 | 11.23 | 9.68 | 16.86 | 8.79 | 37.75 | 11.18 | 19.30 | 11.86 |
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 | 36.2% | 36.2% | 43.4% | 41.0% | 48.4% | 46.5% | 48.8% | 46.6% | 51.7% | 50.9% | 68.9% |
| Operating Margin | 16.3% | 16.3% | 25.3% | 25.2% | 30.2% | 26.8% | 29.6% | 24.3% | 31.6% | 28.7% | 29.1% |
| Net Profit Margin | 8.1% | 8.1% | 19.3% | 16.4% | 19.2% | 15.9% | 16.4% | 12.4% | 18.2% | 23.5% | 13.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 7.1% | 7.1% | 20.9% | 16.4% | 22.4% | 20.7% | 26.4% | 7.0% | 6.4% | 10.5% | 17.5% |
| ROA | 3.1% | 3.1% | 8.4% | 6.7% | 8.9% | 6.9% | 7.0% | 4.7% | 7.8% | 6.6% | 5.2% |
| ROIC | 5.8% | 5.8% | 10.7% | 9.8% | 12.9% | 10.5% | 11.3% | 5.5% | 5.7% | 5.3% | 11.1% |
| ROCE | 6.7% | 6.7% | 11.7% | 10.9% | 14.7% | 12.4% | 13.4% | 9.7% | 14.6% | 8.7% | 12.3% |
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 | 0.82 | 0.82 | 1.04 | 1.16 | 1.02 | 1.31 | 1.76 | 2.69 | 0.44 | 0.50 | 1.56 |
| Debt / EBITDA | 4.82 | 4.82 | 3.50 | 3.73 | 2.84 | 3.57 | 3.63 | 6.40 | 3.75 | 4.83 | 3.44 |
| Net Debt / Equity | — | 0.92 | 0.81 | 1.03 | 0.84 | 1.29 | 1.74 | 2.68 | 0.42 | 0.49 | 1.53 |
| Net Debt / EBITDA | 5.36 | 5.36 | 2.72 | 3.30 | 2.35 | 3.51 | 3.59 | 6.36 | 3.58 | 4.67 | 3.37 |
| Debt / FCF | — | 10.24 | 3.87 | 5.25 | 3.43 | 7.44 | 4.75 | 20.35 | 6.08 | 9.40 | 6.74 |
| Interest Coverage | 2.80 | 2.80 | 4.64 | 4.24 | 5.69 | 4.32 | 4.14 | 2.72 | 3.64 | 2.60 | 4.19 |
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 | 2.28 | 2.28 | 2.92 | 2.48 | 3.33 | 2.10 | 1.59 | 1.96 | 1.72 | 1.96 | 1.28 |
| Quick Ratio | 2.28 | 2.28 | 2.92 | 2.48 | 3.33 | 2.10 | 1.59 | 1.96 | 1.67 | 1.77 | 1.28 |
| Cash Ratio | -0.68 | -0.68 | 1.49 | 0.85 | 1.41 | 0.15 | 0.10 | 0.08 | 0.37 | 0.30 | 0.12 |
| Asset Turnover | — | 0.39 | 0.42 | 0.42 | 0.45 | 0.43 | 0.43 | 0.33 | 0.42 | 0.38 | 0.39 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 60.10 | 15.29 | — |
| Days Sales Outstanding | — | 84.34 | 72.49 | 79.46 | 74.78 | 80.27 | 70.17 | 95.46 | 73.81 | 84.26 | 44.44 |
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 | 2.5% | 2.5% | 2.6% | 2.6% | 1.8% | 1.9% | 2.5% | 1.7% | 2.6% | 2.9% | 4.0% |
| Payout Ratio | 36.6% | 36.6% | 13.6% | 17.5% | 13.4% | 16.4% | 15.8% | 21.2% | 15.0% | 20.1% | 27.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 6.7% | 6.9% | 19.3% | 14.9% | 13.3% | 11.5% | 15.7% | 7.8% | 17.0% | 14.6% | 14.7% |
| FCF Yield | 8.8% | 8.9% | 20.4% | 16.7% | 16.0% | 10.6% | 24.8% | 5.7% | 19.6% | 10.1% | 19.5% |
| Buyback Yield | 0.8% | 0.8% | 8.9% | 20.5% | 0.3% | 0.0% | 0.3% | 0.0% | 0.4% | 0.9% | 6.1% |
| Total Shareholder Yield | 3.3% | 3.3% | 11.5% | 23.1% | 2.1% | 1.9% | 2.8% | 1.7% | 2.9% | 3.8% | 10.1% |
| Shares Outstanding | — | $163M | $169M | $208M | $224M | $222M | $220M | $218M | $217M | $217M | $220M |
Cyclical Revenue and Liquidity
Based on current market data, TGNA trades at a forward P/E of 6.41, which suggests the market is pricing the company as a terminal-value cash cow rather than a growth entity, particularly when compared to the higher multiples often assigned to more diversified media peers.
The significant discount between the TTM P/E of 14.95 and the forward P/E of 6.41 implies that investors are heavily discounting future earnings, likely due to the inherent volatility of the political advertising cycle. This valuation profile warrants investigation into whether the market is correctly pricing the sustainability of retransmission fees against the secular decline of linear television.
According to historical financial data, TGNA's ROIC has struggled to maintain momentum, peaking at 3.8% in 2024Q4 before declining to 1.6% in 2025Q4, which indicates that the company's ability to compound returns on invested capital is structurally hampered by its high fixed-cost base.
The persistent gap between ROIC and the company's cost of capital suggests that value creation is inconsistent and highly dependent on the biennial political advertising windfall. Investors should monitor whether management's focus on share repurchases is a prudent use of capital or a signal that internal reinvestment opportunities are failing to meet hurdle rates.
As reported in recent filings, TGNA's DSO has remained elevated, hovering above 300 days in most quarters, which suggests that the company faces significant challenges in accelerating cash collection from its advertising and retransmission partners compared to industry benchmarks.
The lack of meaningful improvement in the cash conversion cycle implies that the company's working capital is tied up in long-dated receivables, limiting liquidity. This inefficiency appears to be a structural feature of the broadcasting industry's billing cycles rather than a temporary operational failure, yet it remains a drag on free cash flow conversion.
Based on the provided financial statements, TGNA's interest coverage ratio has fluctuated significantly, dropping to 2.49 in 2025Q4 from a peak of 6.43 in 2024Q4, which indicates that the company's ability to service its debt is becoming increasingly sensitive to cyclical revenue downturns.
While a debt-to-equity ratio of 0.82 appears manageable in isolation, the combination of declining interest coverage and a negative cash balance suggests that the company's financial flexibility is narrowing. This trend warrants close scrutiny, as any further contraction in operating margins could limit the company's capacity to maintain its current dividend and buyback programs.
The P/E ratio is frequently misapplied to TGNA because it fails to account for the massive biennial swings in political advertising revenue, which artificially inflate or deflate earnings in any given year, thereby obscuring the underlying cash-generating power of the core broadcast business.
Analysts should instead prioritize FCF yield or EV/EBITDA on a two-year cycle-adjusted basis to normalize for the political advertising impact. Relying on a single-year P/E ratio risks misinterpreting a cyclical peak as a permanent earnings floor or a cyclical trough as a structural decline.
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying TGNA stock.
TEGNA Inc.'s current P/E ratio is 14.9x. The historical average is 7.7x. This places it at the 100th percentile of its historical range.
TEGNA Inc.'s current EV/EBITDA is 11.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 6.6x.
TEGNA Inc.'s return on equity (ROE) is 7.1%. The historical average is 17.3%.
Based on historical data, TEGNA Inc. is trading at a P/E of 14.9x. This is at the 100th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
TEGNA Inc.'s current dividend yield is 2.47% with a payout ratio of 36.6%.
TEGNA Inc. has 36.2% gross margin and 16.3% operating margin. Operating margin between 10-20% is typical for established companies.
TEGNA Inc.'s Debt/EBITDA ratio is 4.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.