Gray Television Inc

Industrials
Broadcasting
www.gray.tv

Earnings Score
Moat Score
Safety Score

Market Cap $369.07M
PE 1
Debt $5.71B
Cash $135.00M
EV $5.94B
FCF $608.00M

Earnings

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Sales & Net Margins

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Earnings	$323.00M
EBIT	$851.00M
ROE	14%
ROA	8%
FCF	$608.00M
Equity	$2.28B
Growth Stability	-48%
PE	1.14
PEG	-0.08
PB	0.16
P/FCF	0.61
P/S	0.1
Price/Cash	0.37
Debt/Equity	2.5
Debt/FCF	9.39
Net Margins	9%
Op. Margins	23%
Earnings CAGR	2%
Sales Growth YoY	21%
Sales Growth QoQ	10%
Sales CAGR	24%
FCF CAGR	7%
Equity CAGR	21%
Earnings Stability	0.01
Earnings Growth YoY	-809%
Earnings Growth QoQ	88%
Earnings CAGR 5Y	-14%

Sales CAGR 5Y	13%
FCF CAGR 5Y	-14%
Equity CAGR 5Y	8%
Earnings CAGR 3Y	5%
Sales CAGR 3Y	5%
FCF CAGR 3Y	15%
Equity CAGR 3Y	6%
Market Cap	$369.07M
Revenue	$3.64B
Dividend Yield	9%
Payout Ratio	10%
Assets	$10.54B
Total Debt	$5.71B
Cash	$135.00M
Shares Outstanding	95M
EV	5.94B
Earnings Score	6%
Moat Score	89%
Safety Score	40%
Final Score	45%
Working Capital	14M
Current Ratio	1.03
Shares Growth 3y	1%
Equity Growth QoQ	7%
Equity Growth YoY	16%

Assets & ROA

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Stockholders Equity & ROE

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Gray Television Inc is a television broadcast company. The company is engaged in owning and operating television stations. It also owns video program production, marketing, and digital business. The company has two segments namely, Broadcasting and Production companies. It generates revenue maximum revenue from the Broadcasting segment.

SEC Filings

Direct access to Gray Television Inc (GTN) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Gray Television Inc compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Gray Television Inc compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 2%

Stability 1%

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Gray Television Inc Discounted Cash Flow

Fully customizable DCF calculator online for Gray Television Inc.

Years

Calculation mode

= $9.5B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$608M	$648M	$690M	$735M	$782M	$833M	$887M	$945M	$1B	$1.1B	$1.1B	$11B
DCF		$589M	$570M	$552M	$534M	$517M	$501M	$485M	$470M	$455M	$440M	$4.4B
Value	$9.5B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Net Margins	7%	8%	30%	19%	6%	15%	2%	11%	-4%	9%	9%
ROA	-	8%	9%	9%	7%	10%	3%	9%	4%	8%	8%
ROE	-	13%	26%	18%	9%	20%	2%	19%	-6%	14%	14%

Net Margins (8.86%)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Debt over FCF	-	11.04	12.83	10.14	13.67	7.44	73.66	16.63	20.75	9.39	9.39
Debt over Equity	2.88	3.65	1.88	2.16	2.57	2.3	3.9	3.09	3.16	2.5	2.5
Growth Stability	-	-	-	100%	71%	100%	16%	100%	-48%	100%	-48%

Bad Debt/FCF ratio (9.39)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Bad Debt/Equity ratio (2.5)

The company is overleveraged and has a bad balance between equity and debt.

Bad Graham’s Stability (-48%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	CAGR 5Y
Revenue YoY growth	-	36%	9%	23%	96%	12%	1%	52%	-11%	11%	13%
Earnings YoY growth	-	58%	321%	-20%	-40%	182%	-89%	961%	-132%	-352%	-14%
Equity YoY growth	-	15%	101%	20%	23%	20%	0%	20%	-7%	16%	8%
FCF YoY growth	-	100%	-11%	74%	9%	97%	-83%	323%	-24%	103%	-14%