Built from weaker models, sales multiples or analyst targets, so treat it as a rough guide.
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Valued as a growth company: Discounted cash flow and P/E comparison.
ACCE opinionGray Media Inc. Common Stock (GTN)
Fair value (2 models)
Not available
ACCE price target
$5.00
Rating
Not rated
Horizon
12 months
ACCE price target published on 15 Oct 2026, 00:00 CEST.
Price used: $4.58 at the close on 23 Oct 2026, 22:00 CEST.
Models: Discounted cash flow and P/E comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
58
out of 100
Analysts
60% buy
5 covering
P/E
0.0x
forward 2.4x
1-year return
-4.6%
Dividend yield
6.93%
Gray Media Inc. Common Stock in four questions
Plain answers, details below
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Overview
ACCE thesis
Gray Media owns and operates local television stations across U.S. markets, earning most of its revenue from retransmission fees, network affiliate payments, and local and political advertising. The structural case rests on that footprint: a scaled group of stations in mid-sized markets, where local news remains a primary viewing habit and retrans contracts with pay-TV distributors provide a recurring base. The near-term driver is the 2026 political ad cycle, which should lift the revenue line sharply after an off-year, and the stock currently trades at a forward P/E of 2.4 on a 26.0% gross margin and 18.6% operating margin. Revenue grew 8.7%, but return on equity is still slightly negative at -0.9%, reflecting heavy debt-service costs that keep the equity sensitive to any shortfall in ad revenue or retrans renewals. The 56/100 score and absence from major indices make this a sub-scale, leveraged broadcaster where the thesis hinges on whether political and retrans cash flow clears the balance sheet burden, which is worth a deeper look at the debt schedule and renewal calendar.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
high
Leverage well above equity
Debt/Equity of 2.07 on a $461M market cap. Net margin is -0.8% and ROE is -0.9%, so the equity base is not earning a return to service that debt.
moderate
Quarterly revenue slipping
Revenue is up 8.7% year on year but down 3.0% quarter on quarter. Earnings growth of 1016.4% comes off a very low base and says little about underlying trend.
moderate
Net margin negative despite strong operating margin
Operating margin is 18.6% while net margin is -0.8%. The gap points to interest and other charges absorbing most of the operating profit, which ties back to the debt load.
AI research notes
AI-assisted·How I use AIWritten Oct 21, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Revenue grew 8.7% year over year, ahead of its 5.4% average annual pace over the last five years.
The stock trades at 2.4 times forward earnings, against a sector median of 16.7 times, and free cash flow over the last twelve months was $181M.
Three of five analysts rate the stock Buy or Strong Buy, and their mean price target sits 40.4% above the current price.
Why it could disappoint
Net margin is -0.8% and return on equity is -0.9%, so the business is not yet turning sales into profit for shareholders.
Debt to equity stands at 2.07, a heavy debt load that leaves less room to absorb a downturn in advertising or broadcast revenue.
The diluted share count rose 1.0% over the last fiscal year, so each share now carries a slightly smaller claim on future earnings.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 6, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
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Where GTN's valuation models land
Price
$4.58
Model fair valueConfidence: low
about $30.16
Model
Fair value
Upside
Discounted cash flow
P/E comparison
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Quality
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