GRAY MEDIA, INC
GTN, GTN-A · Television Broadcasting Stations · 88.1M shares · -2%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $30M (gross $50M, SBC $20M)
Reference price $4.19 · est. market cap ~$369M — last insider sale, 2026-05-19 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D50Gray Media — TV broadcaster running a net loss with heavy leverage.
Strengths
- Positive operating margin (12.7%, 67th pct) and FCF
- Large station portfolio with political-ad cyclicality
Risks
- Net loss; D/E 2.66 (75th pct)
- Weak liquidity (current 1.27, 20th)
- Cord-cutting / secular ad decline
Notable findings
- High leverageHigh leverage (debt/equity 2.66)
- Net lossNet loss (net margin -2.7%)
- Buying back stockNet buyback — share count -2%/yr over 4y
- Insider sellingInsider selling — 2 open-market sale(s) by 1 insider(s) (~$250,690, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
12.7%
Net margin
-2.7%
Return on equity
-3.9%
Return on assets
-0.8%
ROIC
3.9%
Revenue growth (QoQ)
-3.0%
Net-income growth
-122.7%
Debt / equity
2.7×
Net debt / EBITDA
8.5×
Current ratio
1.3×
Free cash flow
$181M
EBITDA
$629M
Tangible book value
-$644M
Cash & investments
$368M
Stock comp / revenue
0.7%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-19 | BOGER RICHARD LEE | Sell | 55K | $4.19 |
| 2026-05-19 | BOGER RICHARD LEE | Sell | 2.0K | $10.12 |
| 2026-05-06 | McClain Lorri | Grant | 31K | — |
| 2026-05-06 | Spainhour Sterling A Jr. | Grant | 31K | — |
| 2026-05-06 | Garcia Luis A. | Grant | 31K | — |
| 2026-05-06 | Howell Robin Robinson | Grant | 31K | — |
| 2026-05-06 | McTear Paul | Grant | 31K | — |
| 2026-05-06 | Hare Richard B | Grant | 31K | — |
| 2026-05-06 | NEWTON HOWELL | Grant | 31K | — |
| 2026-05-06 | BOGER RICHARD LEE | Grant | 31K | — |
| 2026-05-06 | HOWELL HILTON H JR | Grant | 31K | — |
| 2026-04-01 | Gignac Jeffrey R | Tax withheld | 43K | $4.40 |
| 2026-02-28 | Gignac Jeffrey R | Tax withheld | 69K | $5.19 |
| 2026-02-28 | McNamara Sandra Breland | Grant | 19K | — |
| 2026-02-28 | McNamara Sandra Breland | Tax withheld | 125K | $5.19 |
| 2026-02-28 | Howell Robin Robinson | Grant | 125K | — |
| 2026-02-28 | Howell Robin Robinson | Tax withheld | 468K | $10.73 |
| 2026-02-28 | Latek Kevin Paul | Grant | 37K | — |
| 2026-02-28 | Latek Kevin Paul | Tax withheld | 306K | $5.19 |
| 2026-02-28 | LaPlatney D Patrick | Grant | 51K | — |
| 2026-02-28 | LaPlatney D Patrick | Tax withheld | 181K | $5.19 |
| 2026-02-28 | HOWELL HILTON H JR | Grant | 125K | — |
| 2026-02-28 | HOWELL HILTON H JR | Tax withheld | 468K | $10.73 |
| 2026-02-12 | Gignac Jeffrey R | Grant | 238K | $4.64 |
| 2026-02-12 | Latek Kevin Paul | Grant | 262K | $4.64 |
| 2026-02-12 | HOWELL HILTON H JR | Grant | 327K | $12.16 |
| 2026-02-12 | HOWELL HILTON H JR | Grant | 327K | $12.16 |
| 2026-02-12 | LaPlatney D Patrick | Grant | 365K | $4.64 |
| 2026-02-12 | Howell Robin Robinson | Grant | 327K | $12.16 |
| 2026-02-12 | Howell Robin Robinson | Grant | 327K | $12.16 |
| 2026-02-12 | McNamara Sandra Breland | Grant | 238K | $4.64 |
| 2025-12-01 | LaPlatney D Patrick | Tax withheld | 17K | $4.73 |
| 2025-12-01 | HOWELL HILTON H JR | Tax withheld | 29K | $9.00 |
| 2025-12-01 | Howell Robin Robinson | Tax withheld | 29K | $9.00 |
| 2025-12-01 | Latek Kevin Paul | Tax withheld | 24K | $4.73 |
| 2025-09-09 | BOGER RICHARD LEE | Sell | 20K | $5.82 |
| 2025-06-05 | Gignac Jeffrey R | Buy | 12K | $3.68 |
| 2025-05-07 | Howell Robin Robinson | Grant | 43K | — |
| 2025-05-07 | McClain Lorri | Grant | 43K | — |
| 2025-05-07 | Spainhour Sterling A Jr. | Grant | 43K | — |
| 2025-05-07 | NEWTON HOWELL | Grant | 43K | — |
| 2025-05-07 | HOWELL HILTON H JR | Grant | 43K | — |
| 2025-05-07 | McTear Paul | Grant | 43K | — |
| 2025-05-07 | Hare Richard B | Grant | 43K | — |
| 2025-05-07 | Garcia Luis A. | Grant | 43K | — |
| 2025-05-07 | BOGER RICHARD LEE | Grant | 43K | — |
| 2025-04-30 | HOWELL HILTON H JR | Tax withheld | 7.1K | $3.35 |
| 2025-04-30 | Howell Robin Robinson | Tax withheld | 7.1K | $3.35 |
| 2025-04-30 | McTear Paul | Tax withheld | 7.1K | $3.35 |
| 2025-04-30 | Garcia Luis A. | Tax withheld | 8.3K | $3.35 |
| 2025-04-30 | BOGER RICHARD LEE | Tax withheld | 17K | $3.35 |
| 2025-04-30 | Spainhour Sterling A Jr. | Tax withheld | 10K | $3.35 |
| 2025-04-30 | Hare Richard B | Tax withheld | 10K | $3.35 |
| 2025-04-30 | NEWTON HOWELL | Tax withheld | 21K | $3.35 |
| 2025-04-01 | Gignac Jeffrey R | Tax withheld | 51K | $4.32 |
| 2025-02-28 | McNamara Sandra Breland | Tax withheld | 31K | $3.76 |
| 2025-02-28 | Gignac Jeffrey R | Tax withheld | 20K | $3.76 |
| 2025-02-28 | HOWELL HILTON H JR | Grant | 29K | $6.55 |
| 2025-02-28 | HOWELL HILTON H JR | Tax withheld | 173K | $6.55 |
| 2025-02-28 | Latek Kevin Paul | Grant | 10K | $3.76 |
| 2025-02-28 | Latek Kevin Paul | Tax withheld | 126K | $3.76 |
| 2025-02-28 | Howell Robin Robinson | Grant | 29K | $6.55 |
| 2025-02-28 | Howell Robin Robinson | Tax withheld | 173K | $6.55 |
| 2025-02-28 | LaPlatney D Patrick | Grant | 14K | $3.76 |
| 2025-02-28 | LaPlatney D Patrick | Tax withheld | 109K | $3.76 |
| 2025-02-28 | BOGER RICHARD LEE | Sell | 16K | $3.85 |
| 2025-02-28 | COWART JACKSON S IV | Tax withheld | 12K | $3.76 |
| 2025-02-28 | COWART JACKSON S IV | Tax withheld | 10K | $3.76 |
| 2025-02-19 | HOWELL HILTON H JR | Grant | 932K | $6.89 |
| 2025-02-19 | McNamara Sandra Breland | Grant | 223K | $4.10 |
| 2025-02-19 | Howell Robin Robinson | Grant | 932K | $6.98 |
| 2025-02-19 | LaPlatney D Patrick | Grant | 358K | $4.10 |
| 2025-02-19 | Gignac Jeffrey R | Grant | 233K | $4.10 |
| 2025-02-19 | Latek Kevin Paul | Grant | 257K | $4.10 |
| 2025-01-31 | Howell Robin Robinson | Tax withheld | 16K | $7.42 |
| 2025-01-31 | Latek Kevin Paul | Tax withheld | 12K | $3.74 |
| 2025-01-31 | LaPlatney D Patrick | Tax withheld | 7.9K | $3.74 |
| 2025-01-31 | HOWELL HILTON H JR | Tax withheld | 16K | $7.42 |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-07 | ResultsExhibits | filing ↗ |
| 2026-05-07 | OtherExhibits | filing ↗ |
| 2026-05-07 | Acquisition/dispositionReg FDExhibits | filing ↗ |
| 2026-05-07 | Reg FDExhibits | filing ↗ |
| 2026-05-06 | Shareholder vote | filing ↗ |
| 2026-04-01 | Material agreementDebt obligationExhibits | filing ↗ |
| 2026-02-26 | OtherExhibits | filing ↗ |
| 2026-02-26 | Reg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-07 | 2026-05-07 | 0001437749-26-015346 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001437749-26-015447 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001437749-26-015345 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001437749-26-015344 ↗ |
| 8-K | 2026-05-07 | 2026-05-01 | 0001437749-26-015616 ↗ |
| 8-K | 2026-05-06 | 2026-05-06 | 0001437749-26-015225 ↗ |
| 8-K | 2026-04-01 | 2026-03-31 | 0001437749-26-010908 ↗ |
| 10-K | 2026-02-26 | 2025-12-31 | 0001437749-26-005803 ↗ |
| 8-K | 2026-02-26 | 2026-02-26 | 0001437749-26-005740 ↗ |
| 8-K | 2026-02-26 | 2026-02-26 | 0001437749-26-005741 ↗ |
| 8-K | 2026-02-26 | 2026-02-26 | 0001437749-26-005742 ↗ |
| 8-K | 2025-12-18 | 2025-12-18 | 0001437749-25-038207 ↗ |