Gray Media Inc. Common Stock (GTN)

FairStock Score: 41/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach Gray Media as a classic Graham-style turnaround, not a compounder. It owns local television stations and digital assets; that local footprint has some franchise value, but it is not a wide moat. FairStock labels it TURNAROUND—loss in the latest year after earlier profits—and the filings support that: in fiscal year 2024 (the period ended 2024-12-31), net income was $375.0M and diluted EPS $3.36; in fiscal year 2025 (the period ended 2025-12-31), revenue was $3.1B, net loss $85.0M, and diluted EPS -$1.41. The latest quarter, fiscal Q2 2026 (the quarter ended 2026-06-30), showed revenue of $839.0M and net income of $14.0M, better than fiscal Q2 2025 (the quarter ended 2025-06-30), when revenue was $772.0M and net loss $56.0M, but one quarter is not proof. Financial health is the crux: FairStock calculates debt-to-equity at 2.16, Altman Z-score 0.32, ROCE 2.73%, and ROE -0.94%. The balance sheet leaves little room for error. Valuation is where the attraction lies: at the $4.38 close on 2026-10-16, FairStock calculates P/B 0.20 and FCF yield 33.3%, based on trailing free cash flow of $146.0M and market cap of $438.0M. If that cash flow is durable, the equity is deeply discounted; if it is cyclical or consumed by debt service, it is a value trap. I would want evidence of recurring free cash flow, debt reduction, and normalized earnings before treating FairStock's 7.21% dividend yield at that close as safe. Cheapness is visible; durability is not yet proven.

In plain English: Gray Media owns local television stations and digital media assets. The business looks weak right now: it had a loss in fiscal year 2025 (the period ended 2025-12-31), carries a lot of debt, and the latest quarter's profit was small. At $4.38 on 2026-10-16, the stock looks cheap compared with accounting value and cash generation, but the weak balance sheet and losses make that cheapness uncertain.

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Data as of 2026-10-16 close · note generated 2026-10-20 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer