InsiderClue
Stocks · Communication · Television Broadcasting Stations

GRAY MEDIA, INC

GTN Clue Score24
United States Fiscal year ends December CIK 0000043196
$4.54 -6.00% Close, 9 Oct 2026
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Price $4.54 −80.72% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue0.81Operating income0.23Net income0.06EPS, diluted0.86Fiscal year 2017Revenue0.88 +8.7%Operating income0.29Net income0.26 +320.7%EPS, diluted3.55 +312.8%Fiscal year 2018Revenue1.08 +22.8%Operating income0.39Net income0.21 −19.5%EPS, diluted2.37 −33.2%Fiscal year 2019Revenue2.12 +95.8%Operating income0.48Net income0.18 −15.2%EPS, diluted1.27 −46.4%Fiscal year 2020Revenue2.38 +12.2%Operating income0.75Net income0.41 +129.1%EPS, diluted3.69 +190.6%Fiscal year 2021Revenue2.41 +1.3%Operating income0.38Net income0.09 −78.0%EPS, diluted0.40 −89.2%Fiscal year 2022Revenue3.68 +52.3%Operating income0.99Net income0.46 +405.6%EPS, diluted4.33 +982.5%Fiscal year 2023Revenue3.28 −10.7%Operating income0.38Net income−0.08 −116.7%EPS, diluted−1.39 −132.1%Fiscal year 2024Revenue3.64 +11.1%Operating income0.85Net income0.38EPS, diluted3.36Fiscal year 2025Revenue3.10 −15.1%Operating income0.39Net income−0.09 −122.7%EPS, diluted−1.41 −142.0%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 0.81 0.88 1.08 2.12 2.38 2.41 3.68 3.28 3.64 3.10
Growth +8.7% +22.8% +95.8% +12.2% +1.3% +52.3% −10.7% +11.1% −15.1%
Operating income 0.23 0.29 0.39 0.48 0.75 0.38 0.99 0.38 0.85 0.39
Net income 0.06 0.26 0.21 0.18 0.41 0.09 0.46 −0.08 0.38 −0.09
Growth +320.7% −19.5% −15.2% +129.1% −78.0% +405.6% −116.7% −122.7%
EPS, diluted 0.86 3.55 2.37 1.27 3.69 0.40 4.33 −1.39 3.36 −1.41
Growth +312.8% −33.2% −46.4% +190.6% −89.2% +982.5% −132.1% −142.0%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin28.8%Net margin7.7%Free cash flow margin20.5%Fiscal year 2017Operating margin32.8%Net margin29.7%Free cash flow margin16.4%Fiscal year 2018Operating margin35.9%Net margin19.5%Free cash flow margin23.3%Fiscal year 2019Operating margin22.5%Net margin8.4%Free cash flow margin13.0%Fiscal year 2020Operating margin31.6%Net margin17.2%Free cash flow margin22.8%Fiscal year 2021Operating margin15.8%Net margin3.7%Free cash flow margin3.9%Fiscal year 2022Operating margin26.9%Net margin12.4%Free cash flow margin10.7%Fiscal year 2023Operating margin11.7%Net margin−2.3%Free cash flow margin9.1%Fiscal year 2024Operating margin23.4%Net margin10.3%Free cash flow margin16.7%Fiscal year 2025Operating margin12.7%Net margin−2.7%Free cash flow margin5.8%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 28.8% 32.8% 35.9% 22.5% 31.6% 15.8% 26.9% 11.7% 23.4% 12.7%
Net margin 7.7% 29.7% 19.5% 8.4% 17.2% 3.7% 12.4% −2.3% 10.3% −2.7%
Free cash flow margin 20.5% 16.4% 23.3% 13.0% 22.8% 3.9% 10.7% 9.1% 16.7% 5.8%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow0.21Capital expenditure−0.04Free cash flow0.17Buybacks−0.00Dividends paid0.00Fiscal year 2017Operating cash flow0.18Capital expenditure−0.04Free cash flow0.15 −12.9%Buybacks−0.00Dividends paid0.00Fiscal year 2018Operating cash flow0.32Capital expenditure−0.07Free cash flow0.25 +74.5%Buybacks−0.02Fiscal year 2019Operating cash flow0.39Capital expenditure−0.11Free cash flow0.28 +8.7%Buybacks−0.03Dividends paid0.00Fiscal year 2020Operating cash flow0.65Capital expenditure−0.11Free cash flow0.54 +97.1%Buybacks−0.08Dividends paid0.00Fiscal year 2021Operating cash flow0.30Capital expenditure−0.21Free cash flow0.09 −82.8%Buybacks−0.03Dividends paid−0.03Fiscal year 2022Operating cash flow0.83Capital expenditure−0.44Free cash flow0.39 +322.6%Buybacks−0.05Dividends paid−0.03Fiscal year 2023Operating cash flow0.65Capital expenditure−0.35Free cash flow0.30 −23.7%Buybacks0.00Dividends paid−0.03Fiscal year 2024Operating cash flow0.75Capital expenditure−0.14Free cash flow0.61 +102.7%Buybacks0.00Dividends paid−0.03Fiscal year 2025Operating cash flow0.29Capital expenditure−0.11Free cash flow0.18 −70.2%Dividends paid−0.03
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 0.21 0.18 0.32 0.39 0.65 0.30 0.83 0.65 0.75 0.29
Capital expenditure −0.04 −0.04 −0.07 −0.11 −0.11 −0.21 −0.44 −0.35 −0.14 −0.11
Free cash flow 0.17 0.15 0.25 0.28 0.54 0.09 0.39 0.30 0.61 0.18
Growth −12.9% +74.5% +8.7% +97.1% −82.8% +322.6% −23.7% +102.7% −70.2%
Buybacks −0.00 −0.00 −0.02 −0.03 −0.08 −0.03 −0.05 0.00 0.00 n/a
Dividends paid 0.00 0.00 n/a 0.00 0.00 −0.03 −0.03 −0.03 −0.03 −0.03

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.33Total debt1.76Net cash (debt)−1.43Shareholders’ equity0.49Debt to equity3.56Fiscal year 2017Cash0.46Total debt1.84Net cash (debt)−1.38Shareholders’ equity0.99Debt to equity1.85Fiscal year 2018Cash0.67Total debt2.55Net cash (debt)−1.88Shareholders’ equity1.19Debt to equity2.15Fiscal year 2019Cash0.21Total debt3.70Net cash (debt)−3.49Shareholders’ equity1.46Debt to equity2.53Fiscal year 2020Cash0.77Total debt3.97Net cash (debt)−3.20Shareholders’ equity1.75Debt to equity2.27Fiscal year 2021Cash0.19Total debt6.76Net cash (debt)−6.57Shareholders’ equity1.76Debt to equity3.84Fiscal year 2022Cash0.06Total debt6.46Net cash (debt)−6.39Shareholders’ equity2.12Debt to equity3.05Fiscal year 2023Cash0.02Total debt6.16Net cash (debt)−6.14Shareholders’ equity1.97Debt to equity3.13Fiscal year 2024Cash0.14Total debt5.62Net cash (debt)−5.49Shareholders’ equity2.28Debt to equity2.46Fiscal year 2025Cash0.37Total debt5.74Net cash (debt)−5.38Shareholders’ equity2.16Debt to equity2.67
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.33 0.46 0.67 0.21 0.77 0.19 0.06 0.02 0.14 0.37
Total debt 1.76 1.84 2.55 3.70 3.97 6.76 6.46 6.16 5.62 5.74
Net cash (debt) −1.43 −1.38 −1.88 −3.49 −3.20 −6.57 −6.39 −6.14 −5.49 −5.38
Shareholders’ equity 0.49 0.99 1.19 1.46 1.75 1.76 2.12 1.97 2.28 2.16
Debt to equity 3.56 1.85 2.15 2.53 2.27 3.84 3.05 3.13 2.46 2.67

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
0.81 0.88 1.08 2.12 2.38 2.41 3.68 3.28 3.64 3.10
Growth +8.7% +22.8% +95.8% +12.2% +1.3% +52.3% −10.7% +11.1% −15.1%
0.04 0.03 0.04 0.10 0.07 0.16 n/a n/a n/a n/a
0.23 0.29 0.39 0.48 0.75 0.38 0.99 0.38 0.85 0.39
Growth +23.8% +34.1% +22.9% +57.3% −49.3% +159.8% −61.3% +122.2% −53.9%
0.11 0.19 0.29 0.26 0.54 0.17 0.61 −0.08 0.49 −0.11
0.04 −0.07 0.08 0.08 0.13 0.08 0.16 −0.01 0.12 −0.03
0.06 0.26 0.21 0.18 0.41 0.09 0.46 −0.08 0.38 −0.09
Growth +320.7% −19.5% −15.2% +129.1% −78.0% +405.6% −116.7% −122.7%
Per share
0.87 3.59 2.39 1.28 3.73 0.40 4.38 −1.39 3.40 −1.41
0.86 3.55 2.37 1.27 3.69 0.40 4.33 −1.39 3.36 −1.41
Growth +312.8% −33.2% −46.4% +190.6% −89.2% +982.5% −132.1% −142.0%
71.8 73.0 88.0 99.0 96.0 95.0 92.0 92.0 95.0 97.0
72.8 74.0 89.0 100.0 97.0 95.0 93.0 92.0 96.0 97.0
Growth +1.7% +20.3% +12.4% −3.0% −2.1% −2.1% −1.1% +4.3% +1.0%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 5.4% a year over five years.
  • The share count barely moved in five years.
  • Operating margin is down 18.9 points on five years ago, at 12.7%.
  • A net loss in 2 of 10 years on file.