Also trades as: GTN-A (NYSE) · $vol 0M
GTN NYSE
Gray Media, Inc.
1W: -6.9%
1M: -6.1%
3M: +1.4%
YTD: -10.2%
1Y: -9.4%
3Y: -22.3%
5Y: -77.0%
$4.30
-0.07 (-1.60%)
After Hours: $4.38 (+0.08, +1.74%)
Weekly Expected Move ±5.4%
$4
$4
$5
$5
$5
Credit Risk of going bust: higher than 90% of companies Debt: 92.9% of company value Bonds: $508.2M held by 415 funds, 486 bp over Treasuries → details ▾
Of US companies ranked in the second-riskiest tenth, about 1 in 87 filed for bankruptcy within a year (2020-2025).
If the stock fell to about $1.70 (down 60%), Gray Media, Inc. would be worth roughly what it owes.
Total debt $5.89B against a stock market value of $450.0M.
Distance to default 1.59 (Merton model): prices to 2026-10-26, balance sheet 2026-06-30, debt counted $2.92B (short-term plus half of long-term), stock volatility 61.8%; Altman Z'' 0.84. A ranking and a back-test, not a forecast.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. How these are computed.
If the stock fell to about $1.70 (down 60%), Gray Media, Inc. would be worth roughly what it owes.
Total debt $5.89B against a stock market value of $450.0M.
Distance to default 1.59 (Merton model): prices to 2026-10-26, balance sheet 2026-06-30, debt counted $2.92B (short-term plus half of long-term), stock volatility 61.8%; Altman Z'' 0.84. A ranking and a back-test, not a forecast.
Bond figures are fund-reported marks (SEC N-PORT) as of Jul 2026. How these are computed.
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Cash Flow Trends
Operating Cash Flow
$289M
-61.5% ▼
5Y CAGR: -15.0%
Capital Expenditures
$108M
+24.5% ▲
5Y CAGR: -0.4%
Free Cash Flow
$181M
-70.2% ▼
5Y CAGR: -19.7%
Dividends Paid
$85M
-1.2% ▼
Buybacks
$0
+100.0% ▲
Net Change in Cash
$233M
+104.4% ▲
Cash Flow Composition
Year-over-Year Growth
View Full Cash Flow Statement
| Line Item | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
| — Operating Activities — | |||||
| Net Income | $90M | $455M | -$76M | $375M | -$85M |
| Depreciation & Amort. | $259M | $384M | $376M | $297M | $237M |
| Stock-Based Comp. | $22M | $31M | $30M | $22M | $22M |
| Change in Working Capital | -$50M | -$3M | $325M | $180M | $91M |
| Other Non-Cash Items | $1M | -$18M | $84M | -$114M | $80M |
| Operating Cash Flow | $300M | $829M | $648M | $751M | $289M |
| — Investing Activities — | |||||
| Capital Expenditures | -$207M | -$436M | -$348M | -$143M | -$108M |
| Acquisitions (Net) | -$3.3B | -$74M | -$14M | $13M | $0 |
| Investment Purchases | $0 | $0 | $0 | -$7M | $0 |
| Investment Sales | $0 | $0 | $0 | $110M | $19M |
| Other Investing | $14M | $7M | $71M | -$1M | $26M |
| Investing Cash Flow | -$3.5B | -$503M | -$291M | -$28M | -$63M |
| — Financing Activities — | |||||
| Net Debt Issuance | $2.8B | -$315M | -$310M | -$474M | $97M |
| Stock Repurchased | -$30M | -$50M | $0 | -$4M | $0 |
| Dividends Paid | -$83M | -$82M | -$82M | -$84M | -$85M |
| Other Financing | -$37M | -$7M | -$5M | -$47M | -$5M |
| Financing Cash Flow | $2.6B | -$454M | -$397M | -$609M | $7M |
| Net Change in Cash | -$584M | -$128M | -$40M | $114M | $233M |
| Cash End of Period | $189M | $61M | $21M | $135M | $368M |
| Free Cash Flow | $93M | $393M | $300M | $608M | $181M |