Gray Media, Inc.

NYSE:GTN Stock Report

Market Cap: US$440.7m

Gray Media Future Growth

Future criteria checks 2/6

Gray Media's earnings are forecast to decline at 6.5% per annum while its annual revenue is expected to grow at 2% per year. EPS is expected to grow by 8.5% per annum.

Key information

-6.5%

Earnings growth rate

8.49%

EPS growth rate

Media earnings growth18.4%
Revenue growth rate2.0%
Future return on equityn/a
Analyst coverage

Low

Last updated14 Aug 2026

Recent future growth updates

Recent updates

Seeking Alpha • Jul 25

Gray Media: A Leveraged Local TV Recovery Bet With 2026 Political Upside

Summary Gray Media trades at a deep discount to stockholders’ equity, reflecting both risk and opportunity for speculative investors. GTN’s 2026 political advertising cycle is a key near-term catalyst, with Q1 political ad revenue rising from $13M to $30M and Q2 guidance of $60–$70M. High leverage, declining retransmission revenues, and industry headwinds present substantial risks, but ongoing adjusted EBITDA and M&A-driven scale support a bullish thesis. I rate GTN a speculative Buy for risk-tolerant investors, contingent on revenue stabilization and successful capture of political ad windfalls. Read the full article on Seeking Alpha
Narrative Update • Jul 02

GTN: New Carriage And Political Ad Tailwinds Will Drive Rerating

Analysts have trimmed their fair value estimate for Gray Media, reducing the price target from $7.30 to $6.50 as they factor in a higher discount rate, more conservative revenue growth, a lower expected profit margin, and a higher future P/E multiple. What’s in the News for Gray Media Gray Media closed a private placement of US$70 million of 7.250% Senior Secured First Lien Notes due 2033, using the proceeds to repurchase 50,000 shares of Series A Perpetual Preferred Stock with a US$50 million aggregate liquidation preference for US$30 million plus accrued but unpaid dividends, leaving 600,000 preferred shares outstanding with a US$600 million aggregate liquidation preference.
Narrative Update • Jun 18

GTN: Sports And Political Advertising Deals Will Support Higher Future Earnings Multiple

Analysts have lowered their price target on Gray Media from $12.00 to $11.00, reflecting updated assumptions for slightly higher projected revenue growth, a reduced profit margin outlook, a marginally higher discount rate, and a modestly adjusted forward P/E multiple. What’s in the News for Gray Media Gray Media introduced an enhanced Political 360 digital advertising solution powered by Aristotle data, aiming to give political and advocacy clients more precise voter and consumer audience targeting across devices and platforms.
Narrative Update • Jun 04

GTN: Sports Simulcasts And Carriage Deals Will Sustain Depressed Earnings Multiple

Analysts have trimmed their price target for Gray Media, reflecting a lower fair value estimate and a reduced assumed future P/E multiple, while making modest adjustments to revenue growth and profit margin expectations. What's in the News Gray Media issued earnings guidance for the quarter ending June 30, 2026, expecting total revenue less agency commissions in a range of US$780 million to US$800 million.
Narrative Update • May 19

GTN: Sports Simulcasts And New Carriage Deals Will Sustain Depressed Multiples

Analysts have raised their price target for Gray Media by $0.54, citing updated assumptions for revenue growth, profit margins, and a lower future P/E multiple that together indicate a revised view of the stock's earnings power and valuation. What's in the News Gray Media issued earnings guidance for the quarter ending June 30, 2026, projecting total revenue less agency commissions of US$780 million to US$800 million.
Narrative Update • May 02

GTN: Future Sports Broadcast Deals Will Drive A Rerating Narrative

Analysts have raised their price target on Gray Media by about $1.22 per share. This reflects updated assumptions that now include projected revenue growth of roughly 4.53%, a profit margin near 7.92% and a future P/E closer to 3.88x, along with only a slight adjustment to the discount rate at about 12.33%.
Narrative Update • Apr 18

GTN: Expanding Sports Simulcasts Will Keep Depressed Earnings Multiples Intact

Analysts have modestly adjusted their price target on Gray Media. The updated view reflects fine tuned assumptions around revenue growth of 4.25%, a profit margin of 8.38%, and a forward P/E of about 2.03x, which together support a refreshed upside and risk profile for the shares in dollar terms.
Narrative Update • Apr 04

GTN: Expanding Sports Simulcasts Will Keep Earnings Multiples Under Pressure

Analysts have raised their price target on Gray Media to $4.00, citing updated assumptions that include slightly higher revenue growth, a modest improvement in profit margin, and a small adjustment to the forward P/E multiple. What's in the News Multi year agreement with the Atlanta Braves to simulcast 25 regular season games across 24 markets in six states, with Gray’s Raycom Sports providing end to end live production for BravesVision starting March 27, 2026 (Client Announcements).
Narrative Update • Mar 20

GTN: Renewed Network And Sports Deals Will Keep Multiples Under Pressure

Analysts have lifted their price target on Gray Media by $1.00, citing updated assumptions that now point to higher modeled fair value, a slightly lower discount rate, stronger revenue growth of 4.22%, an 8.26% profit margin, and a future P/E of 2.06x. What's in the News The Cincinnati Reds agreed a two year partnership with Gray Media and WXIX FOX19 to simulcast 10 regular season games per year on free over the air television across seven states, including Opening Day on March 26 and a series of “Red Hot Mondays” broadcasts.
Narrative Update • Mar 06

GTN: Expanded Sports And Spanish Distribution Will Support Higher Future Earnings Multiple

Analysts have lifted their price target on Gray Media from $10.00 to $12.00, citing updated assumptions that reflect higher modeled revenue growth, slightly stronger profit margins, and a modestly higher future P/E multiple. What's in the News Gray Media issued earnings guidance for the first quarter ending March 31, 2026, with total revenue expected in the range of US$755 million to US$770 million (Corporate guidance).
Narrative Update • Feb 20

GTN: Expanded Sports And Spanish Language Reach Will Support Higher Earnings Multiple

Analysts now set a $10.00 price target for Gray Media, unchanged from the prior $10.00, citing only very small updates to revenue growth, profit margin assumptions, and future P/E estimates. What's in the News Gray Media, St. Louis Louisville and other partners launched the Home Plate package, offering free over the air access to St. Louis Cardinals content across multiple Midwestern markets, including Spring Training, regular-season games and minor league coverage (Client Announcements).
Narrative Update • Feb 06

GTN: Expanded Hispanic And Sports Reach Will Support Higher Future Earnings Multiple

Analysts have maintained their price target on Gray Media at US$0.00, citing updated expectations for revenue growth of 1.91%, a profit margin assumption of 7.19%, a P/E multiple of 5.29x, and a slightly lower discount rate of 12.33% in their valuation work. What's in the News Gray Media entered a multi-year affiliation agreement with Telemundo Network that extends their partnership and adds new local affiliates in Dayton, Chattanooga, and Lafayette on Gray owned stations, with Telemundo content now reaching over 1.6 million Hispanic TV households and delivering more than 1,100 hours of local Spanish language news each month plus over 50 million annual digital impressions (Key Developments).
Narrative Update • Jan 23

GTN: Renewed Network Deals Will Still Lead To Multiple Compression

Analysts have raised their price targets on Gray Media, citing updated expectations for revenue growth of 1.91%, a profit margin of 7.15%, and a future P/E of 1.60 as key factors in their revised valuation. What's in the News Gray Media and NBC agreed to a multi year renewal that extends station affiliation agreements across all 54 NBC affiliated markets where Gray operates, covering more than 14 million households, or nearly 11% of U.S. TV homes, including cities such as Nashville, Louisville, Memphis, and Richmond (Key Developments).
Analysis Article • Jan 13

When Should You Buy Gray Media, Inc. (NYSE:GTN)?

Gray Media, Inc. ( NYSE:GTN ), is not the largest company out there, but it saw significant share price movement during...
Narrative Update • Jan 09

GTN: Renewed Network Deals Will Not Prevent Future Multiple Compression

Analysts have adjusted their price target on Gray Media, citing updated expectations for a smaller revenue decline, a slightly higher discount rate, modestly improved profit margins, and a lower assumed future P/E multiple. What's in the News Gray Media and NBC entered a multi-year deal renewing station affiliation agreements across all 54 Gray owned and operated NBC stations, covering more than 14 million households, or nearly 11% of U.S. TV households, across markets such as Nashville, Louisville, Memphis, and Richmond (Key Developments).
Narrative Update • Dec 15

GTN: Expanded Sports Broadcast Reach Will Support Stronger Future Earnings Multiple

Analysts have raised their price target on Gray Media by approximately 10 percent to reflect a higher fair value estimate of about 10 dollars per share, citing expectations for moderating revenue declines and a slightly richer future earnings multiple despite a marginally higher discount rate and a modestly lower profit margin outlook. What's in the News Gray Media, the Memphis Grizzlies, and FanDuel Sports Network renewed their partnership to simulcast seven upcoming Memphis NBA games this season across multiple markets.
Analysis Article • Nov 15

Some Investors May Be Willing To Look Past Gray Media's (NYSE:GTN) Soft Earnings

Gray Media, Inc.'s ( NYSE:GTN ) stock was strong despite it releasing a soft earnings report last week. However, we...
Analysis Article • Nov 10

Gray Media's (NYSE:GTN) Dividend Will Be $0.08

Gray Media, Inc.'s ( NYSE:GTN ) investors are due to receive a payment of $0.08 per share on 31st of December. Based on...
Analysis Article • Oct 10

Gray Media (NYSE:GTN) Has A Somewhat Strained Balance Sheet

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...
Analysis Article • Sep 08

Gray Media, Inc. (NYSE:GTN) Held Back By Insufficient Growth Even After Shares Climb 48%

The Gray Media, Inc. ( NYSE:GTN ) share price has done very well over the last month, posting an excellent gain of 48...
Narrative Update • Sep 05

Aggressive M&A Will Accelerate US Media Erosion

With both Net Profit Margin and Future P/E remaining stable, there were no material fundamental changes driving a revision, leaving Gray Media’s consensus analyst price target effectively unchanged at $6.08. What's in the News Gray Media partnered with Victory+ to simulcast 17 Dallas Stars NHL games across 15 television markets in Texas, Arkansas, and Louisiana, expanding access for hockey fans in outer markets.
Analysis Article • Aug 26

Gray Media (NYSE:GTN) Is Paying Out A Dividend Of $0.08

The board of Gray Media, Inc. ( NYSE:GTN ) has announced that it will pay a dividend of $0.08 per share on the 30th of...
Analysis Article • Aug 11

Gray Media (NYSE:GTN) Is Paying Out A Dividend Of $0.08

Gray Media, Inc. ( NYSE:GTN ) will pay a dividend of $0.08 on the 30th of September. This makes the dividend yield...
Analysis Article • Jul 31

Should You Investigate Gray Media, Inc. (NYSE:GTN) At US$4.73?

Gray Media, Inc. ( NYSE:GTN ), is not the largest company out there, but it received a lot of attention from a...
Analysis Article • Jul 05

Gray Media, Inc. (NYSE:GTN) Stock Catapults 35% Though Its Price And Business Still Lag The Industry

The Gray Media, Inc. ( NYSE:GTN ) share price has done very well over the last month, posting an excellent gain of 35...
Analysis Article • May 15

Gray Media's (NYSE:GTN) Earnings May Just Be The Starting Point

When companies post strong earnings, the stock generally performs well, just like Gray Media, Inc.'s ( NYSE:GTN ) stock...
Analysis Article • May 09

Gray Media, Inc. (NYSE:GTN) Held Back By Insufficient Growth Even After Shares Climb 29%

Gray Media, Inc. ( NYSE:GTN ) shareholders would be excited to see that the share price has had a great month, posting...

Earnings and Revenue Growth Forecasts

NYSE:GTN - Analysts future estimates and past financials data (USD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/20283,7052684545323
12/31/20273,217-64691605
12/31/20263,6262243594415
6/30/20263,148-58146250N/A
3/31/20263,081-14846158N/A
12/31/20253,095-137181289N/A
9/30/20253,34842440545N/A
6/30/20253,549148708828N/A
3/31/20253,603226691815N/A
12/31/20243,644323608751N/A
9/30/20243,463145303466N/A
6/30/20243,316977275N/A
3/31/20243,303-932304N/A
12/31/20233,281-128300648N/A
9/30/20233,48967372798N/A
6/30/20233,595215468958N/A
3/31/20233,6503106011,100N/A
12/31/20223,676403393829N/A
9/30/20223,325246262613N/A
6/30/20223,017121147392N/A
3/31/20222,6966153294N/A
12/31/20212,4133893300N/A
9/30/20212,484233253447N/A
6/30/20212,487372403583N/A
3/31/20212,391344572668N/A
12/31/20202,381358542652N/A
9/30/20202,168228511618N/A
6/30/20202,081165470587N/A
3/31/20202,138198N/A492N/A
12/31/20192,122127N/A385N/A
9/30/20191,871134N/A392N/A
6/30/20191,633150N/A330N/A
3/31/20191,376160N/A332N/A
12/31/20181,084211N/A323N/A
9/30/2018990289N/A252N/A
6/30/2018930242N/A219N/A
3/31/2018905271N/A195N/A
12/31/2017883262N/A180N/A
9/30/2017887132N/A221N/A
6/30/2017872117N/A224N/A
3/31/201784264N/A180N/A
12/31/201681262N/A210N/A
9/30/201674441N/A126N/A
6/30/201669148N/A119N/A
3/31/201663843N/A106N/A
12/31/201559739N/A107N/A
9/30/201560656N/A129N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: GTN's earnings are forecast to decline over the next 3 years (-6.5% per year).

Earnings vs Market: GTN is forecast to become profitable over the next 3 years, which is considered above average market growth.

High Growth Earnings: GTN is expected to become profitable in the next 3 years.

Revenue vs Market: GTN's revenue (2% per year) is forecast to grow slower than the US market (13.5% per year).

High Growth Revenue: GTN's revenue (2% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if GTN's Return on Equity is forecast to be high in 3 years time

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/09/20 01:40
End of Day Share Price 2026/09/18 00:00
Earnings2026/06/30
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Gray Media, Inc. is covered by 11 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Patrick ShollBarrington Research Associates, Inc.
Curry BakerGuggenheim Securities, LLC
Craig HuberHuber Research Partners, LLC