Gray Television (GTN.A) Financials

$7.86 -0.14 (-1.75%)

Closing price 05/21/2025 03:58 PM Eastern

Extended Trading

$7.73 -0.13 (-1.65%)

As of 05/21/2025 04:04 PM Eastern

Annual Income Statements for Gray Television

This table shows Gray Television's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Net Income / (Loss) Attributable to Common Shareholders	323	-128	403
Consolidated Net Income / (Loss)	375	-76	455
Net Income / (Loss) Continuing Operations	375	-76	455
Total Pre-Tax Income	492	-82	614
Total Operating Income	851	383	990
Total Gross Profit	1,244	898	1,428
Total Revenue	3,644	3,281	3,676
Total Cost of Revenue	2,400	2,383	2,248
Operating Cost of Revenue	2,400	2,383	2,248
Total Operating Expenses	393	515	438
Selling, General & Admin Expense	104	112	104
Depreciation Expense	144	145	129
Amortization Expense	125	194	207
Impairment Charge	0.00	43	0.00
Other Special Charges / (Income)	20	21	-2.00
Total Other Income / (Expense), net	-359	-465	-376
Interest Expense	451	443	354
Interest & Investment Income	-25	-29	-18
Other Income / (Expense), net	117	7.00	-4.00
Income Tax Expense	117	-6.00	159
Preferred Stock Dividends Declared	52	52	52
Basic Earnings per Share	$3.40	($1.39)	$4.38
Weighted Average Basic Shares Outstanding	95M	92M	92M
Diluted Earnings per Share	$3.36	($1.39)	$4.33
Weighted Average Diluted Shares Outstanding	96M	92M	93M
Weighted Average Basic & Diluted Shares Outstanding	101.54M	97.20M	92.83M
Cash Dividends to Common per Share	$0.32	$0.32	$0.32

This table shows Gray Television's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	-22	156	83	9.00	75	-22	-53	-9.00	-44	173	95
Consolidated Net Income / (Loss)	-9.00	169	96	22	88	-9.00	-40	4.00	-31	186	108
Net Income / (Loss) Continuing Operations	-9.00	169	96	22	88	-9.00	-40	4.00	-31	186	108
Total Pre-Tax Income	-24	216	128	29	119	-12	-37	9.00	-42	244	150
Total Operating Income	92	325	250	152	124	113	84	119	67	363	245
Total Gross Profit	185	421	357	247	219	233	228	250	187	475	356
Total Revenue	782	1,045	950	826	823	864	803	813	801	1,072	909
Total Cost of Revenue	597	624	593	579	604	631	575	563	614	597	553
Operating Cost of Revenue	597	624	593	579	604	631	575	563	614	597	553
Total Operating Expenses	93	96	107	95	95	120	144	131	120	112	111
Selling, General & Admin Expense	32	24	24	28	28	33	23	30	26	24	27
Depreciation Expense	34	36	36	36	36	39	36	35	35	33	33
Amortization Expense	29	31	31	32	31	47	48	50	49	51	52
Other Special Charges / (Income)	-2.00	5.00	16	-1.00	0.00	1.00	-6.00	16	10	4.00	-1.00
Total Other Income / (Expense), net	-116	-109	-122	-123	-5.00	-125	-121	-110	-109	-119	-95
Interest Expense	117	87	124	125	115	116	111	109	107	100	94
Other Income / (Expense), net	1.00	3.00	2.00	2.00	110	20	-10	-1.00	-2.00	-1.00	-1.00
Income Tax Expense	-15	47	32	7.00	31	-3.00	3.00	5.00	-11	58	42
Preferred Stock Dividends Declared	13	13	13	13	13	13	13	13	13	13	13
Basic Earnings per Share	($0.23)	$1.64	$0.87	$0.09	$0.80	($0.24)	($0.57)	($0.10)	($0.48)	$1.89	$1.04
Weighted Average Basic Shares Outstanding	96M	95M	95M	95M	94M	92M	93M	93M	92M	92M	91M
Diluted Earnings per Share	($0.23)	$1.62	$0.86	$0.09	$0.79	($0.24)	($0.57)	($0.10)	($0.48)	$1.87	$1.03
Weighted Average Diluted Shares Outstanding	96M	96M	97M	96M	95M	92M	93M	93M	92M	93M	92M
Weighted Average Basic & Diluted Shares Outstanding	101.79M	101.54M	99.67M	99.67M	99.14M	97.20M	95.45M	95.45M	95.24M	92.83M	93.09M
Cash Dividends to Common per Share	$0.08	$0.08	$0.08	$0.08	$0.08	$0.08	$0.08	$0.08	$0.08	$0.08	$0.08

This table details how cash moves in and out of Gray Television's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Net Change in Cash & Equivalents	114	-40	-128
Net Cash From Operating Activities	751	648	829
Net Cash From Continuing Operating Activities	751	648	829
Net Income / (Loss) Continuing Operations	375	-76	455
Consolidated Net Income / (Loss)	375	-76	455
Depreciation Expense	144	145	129
Amortization Expense	168	243	270
Non-Cash Adjustments To Reconcile Net Income	-107	102	-2.00
Changes in Operating Assets and Liabilities, net	171	234	-23
Net Cash From Investing Activities	-28	-291	-503
Net Cash From Continuing Investing Activities	-28	-291	-503
Purchase of Property, Plant & Equipment	-143	-348	-436
Acquisitions	-1.00	-6.00	-58
Purchase of Investments	-7.00	-14	-16
Sale of Property, Plant & Equipment	14	54	4.00
Divestitures	0.00	6.00	0.00
Sale and/or Maturity of Investments	110	0.00	0.00
Other Investing Activities, net	-1.00	17	3.00
Net Cash From Financing Activities	-609	-397	-454
Net Cash From Continuing Financing Activities	-609	-397	-454
Repayment of Debt	-2,544	-610	-315
Repurchase of Common Equity	0.00	0.00	-50
Payment of Dividends	-84	-82	-82
Issuance of Debt	2,070	300	0.00
Other Financing Activities, net	-51	-5.00	-7.00

This table details how cash moves in and out of Gray Television's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	75	66	-6.00	-59	113	-	-15	-20	-5.00	-83	-18
Net Cash From Operating Activities	132	368	297	18	68	83	106	47	412	233	266
Net Cash From Continuing Operating Activities	132	368	297	18	68	83	106	47	412	233	266
Net Income / (Loss) Continuing Operations	-9.00	169	96	22	88	-9.00	-40	4.00	-31	186	108
Consolidated Net Income / (Loss)	-9.00	169	96	22	88	-9.00	-40	4.00	-31	186	108
Depreciation Expense	34	36	36	36	36	39	36	35	35	33	33
Amortization Expense	39	43	42	42	41	57	60	63	63	66	67
Non-Cash Adjustments To Reconcile Net Income	1.00	-6.00	5.00	8.00	-114	33	41	19	9.00	22	-10
Changes in Operating Assets and Liabilities, net	67	126	118	-90	17	-37	9.00	-74	336	-74	68
Net Cash From Investing Activities	-15	-38	-40	-30	80	-32	-72	-92	-95	-141	-161
Net Cash From Continuing Investing Activities	-15	-38	-40	-30	80	-32	-72	-92	-95	-141	-161
Purchase of Property, Plant & Equipment	-15	-40	-40	-29	-34	-60	-75	-103	-110	-138	-139
Acquisitions	-1.00	-1.00	-	-	-	1.00	-1.00	-	-	-5.00	-13
Purchase of Investments	-8.00	-3.00	-	-1.00	-3.00	-3.00	-4.00	-3.00	-4.00	-	-7.00
Sale of Property, Plant & Equipment	10	6.00	1.00	-	7.00	23	9.00	14	8.00	2.00	-
Sale and/or Maturity of Investments	1.00	-	-	-	110	-	-	-	0.00	-	-
Other Investing Activities, net	-2.00	-	-1.00	-	0.00	7.00	-1.00	-	11	-	-2.00
Net Cash From Financing Activities	-42	-264	-263	-47	-35	-51	-49	25	-322	-175	-123
Net Cash From Continuing Financing Activities	-42	-264	-263	-47	-35	-51	-49	25	-322	-175	-123
Repayment of Debt	-146	-287	-242	-1,961	-54	-104	-103	-54	-349	-154	-103
Payment of Dividends	-21	-21	-21	-21	-21	-21	-21	-20	-20	-20	-20
Issuance of Debt	129	45	-	1,975	50	75	75	100	50	-	-
Other Financing Activities, net	-4.00	-1.00	-	-40	-10	-1.00	-	-1.00	-3.00	-1.00	-

This table presents Gray Television's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Total Assets	10,542	10,640	11,152
Total Current Assets	541	468	857
Cash & Equivalents	135	21	61
Accounts Receivable	337	342	650
Prepaid Expenses	21	48	54
Current Deferred & Refundable Income Taxes	31	39	65
Other Current Assets	17	18	27
Plant, Property, & Equipment, net	1,577	1,601	1,466
Total Noncurrent Assets	8,424	8,571	8,829
Long-Term Investments	66	85	105
Goodwill	2,642	2,643	2,663
Intangible Assets	5,601	5,735	5,967
Employee Benefit Assets	19	17	5.00
Other Noncurrent Operating Assets	96	91	89
Total Liabilities & Shareholders' Equity	10,542	10,640	11,152
Total Liabilities	7,609	8,019	8,386
Total Current Liabilities	527	395	409
Short-Term Debt	20	15	15
Accounts Payable	75	23	55
Accrued Expenses	132	94	89
Dividends Payable	15	14	14
Current Deferred Revenue	29	23	24
Current Deferred & Payable Income Tax Liabilities	5.00	22	15
Current Employee Benefit Liabilities	111	110	98
Other Current Liabilities	28	31	39
Other Current Nonoperating Liabilities	112	63	60
Total Noncurrent Liabilities	7,082	7,624	7,977
Long-Term Debt	5,601	6,145	6,440
Noncurrent Deferred & Payable Income Tax Liabilities	1,347	1,359	1,454
Other Noncurrent Operating Liabilities	134	120	83
Commitments & Contingencies	0.00	0.00	0.00
Redeemable Noncontrolling Interest	650	650	650
Total Equity & Noncontrolling Interests	2,283	1,971	2,116
Total Preferred & Common Equity	2,283	1,971	2,116
Total Common Equity	2,283	1,971	2,116
Common Stock	1,255	1,224	1,195
Retained Earnings	1,375	1,084	1,242
Treasury Stock	-317	-314	-309
Accumulated Other Comprehensive Income / (Loss)	-30	-23	-12

This table presents Gray Television's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	3/31/2025	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	10,438	10,631	10,634	10,735	10,735	10,810	10,845	11,183
Total Current Assets	483	576	538	601	495	512	537	934
Cash & Equivalents	210	69	75	134	21	36	56	144
Accounts Receivable	198	358	344	362	339	329	333	615
Prepaid Expenses	34	51	49	58	53	52	46	54
Current Deferred & Refundable Income Taxes	30	73	65	35	55	88	85	83
Other Current Assets	11	25	5.00	12	27	7.00	17	38
Plant, Property, & Equipment, net	1,552	1,583	1,582	1,590	1,610	1,574	1,521	1,366
Total Noncurrent Assets	8,403	8,472	8,514	8,544	8,630	8,724	8,787	8,883
Long-Term Investments	72	86	86	86	101	108	107	125
Goodwill	2,642	2,642	2,643	2,643	2,643	2,660	2,663	2,657
Intangible Assets	5,573	5,632	5,672	5,704	5,782	5,857	5,917	6,013
Employee Benefit Assets	20	20	19	18	9.00	5.00	5.00	-
Other Noncurrent Operating Assets	96	92	94	93	95	94	95	88
Total Liabilities & Shareholders' Equity	10,438	10,631	10,634	10,735	10,735	10,810	10,845	11,183
Total Liabilities	7,534	7,851	7,929	8,035	8,083	8,100	8,134	8,601
Total Current Liabilities	533	508	331	424	414	357	424	446
Short-Term Debt	20	23	13	15	15	15	15	15
Accounts Payable	72	17	32	36	26	33	40	40
Accrued Expenses	206	143	88	89	83	91	114	79
Dividends Payable	15	15	15	14	14	14	14	14
Current Deferred Revenue	21	50	23	22	51	40	43	64
Current Deferred & Payable Income Tax Liabilities	6.00	9.00	11	56	12	12	18	8.00
Current Employee Benefit Liabilities	75	96	85	77	82	71	64	90
Other Current Liabilities	21	35	15	22	39	19	29	50
Other Current Nonoperating Liabilities	97	120	49	93	92	62	87	86
Total Noncurrent Liabilities	7,001	7,343	7,598	7,611	7,669	7,743	7,710	8,155
Long-Term Debt	5,589	5,870	6,125	6,139	6,171	6,197	6,147	6,590
Noncurrent Deferred & Payable Income Tax Liabilities	1,331	1,344	1,349	1,353	1,397	1,448	1,458	1,468
Other Noncurrent Operating Liabilities	81	129	124	119	101	98	105	81
Redeemable Noncontrolling Interest	650	650	650	650	650	650	650	650
Total Equity & Noncontrolling Interests	2,254	2,130	2,055	2,050	2,002	2,060	2,061	1,932
Total Preferred & Common Equity	2,254	2,130	2,055	2,050	2,002	2,060	2,061	1,932
Total Common Equity	2,254	2,130	2,055	2,050	2,002	2,060	2,061	1,932
Common Stock	1,262	1,250	1,245	1,239	1,218	1,213	1,206	1,190
Retained Earnings	1,345	1,227	1,152	1,151	1,114	1,175	1,191	1,076
Treasury Stock	-322	-317	-317	-317	-313	-313	-313	-307
Accumulated Other Comprehensive Income / (Loss)	-31	-30	-25	-23	-17	-15	-23	-27
Other Equity Adjustments	0.00	-	-	-	-	-	-	-

This table displays calculated financial ratios and metrics derived from Gray Television's official financial filings.

Metric	2024	2023	2022
Period end date	12/31/2024	12/31/2023	12/31/2022
Growth Metrics	-	-	-
Revenue Growth	11.06%	-10.75%	52.34%
EBITDA Growth	64.52%	-43.83%	115.40%
EBIT Growth	148.21%	-60.45%	164.34%
NOPAT Growth	141.94%	-63.46%	259.43%
Net Income Growth	593.42%	-116.70%	405.56%
EPS Growth	341.73%	-132.10%	982.50%
Operating Cash Flow Growth	15.90%	-21.83%	176.33%
Free Cash Flow Firm Growth	42.71%	22.73%	116.77%
Invested Capital Growth	-3.11%	-4.13%	2.33%
Revenue Q/Q Growth	5.23%	-5.96%	10.56%
EBITDA Q/Q Growth	16.15%	-22.97%	25.23%
EBIT Q/Q Growth	25.23%	-37.00%	35.44%
NOPAT Q/Q Growth	36.03%	-38.07%	38.56%
Net Income Q/Q Growth	90.36%	-163.87%	52.68%
EPS Q/Q Growth	124.00%	-293.06%	64.02%
Operating Cash Flow Q/Q Growth	61.16%	-18.80%	35.24%
Free Cash Flow Firm Q/Q Growth	42.55%	2.57%	121.37%
Invested Capital Q/Q Growth	-2.00%	-0.79%	1.23%
Profitability Metrics	-	-	-
Gross Margin	34.14%	27.37%	38.85%
EBITDA Margin	35.13%	23.71%	37.68%
Operating Margin	23.35%	11.67%	26.93%
EBIT Margin	26.56%	11.89%	26.82%
Profit (Net Income) Margin	10.29%	-2.32%	12.38%
Tax Burden Percent	76.22%	92.68%	74.10%
Interest Burden Percent	50.83%	-21.03%	62.27%
Effective Tax Rate	23.78%	0.00%	25.90%
Return on Invested Capital (ROIC)	7.53%	3.00%	8.13%
ROIC Less NNEP Spread (ROIC-NNEP)	2.84%	-2.51%	3.80%
Return on Net Nonoperating Assets (RNNOA)	5.98%	-5.82%	9.46%
Return on Equity (ROE)	13.50%	-2.82%	17.59%
Cash Return on Invested Capital (CROIC)	10.69%	7.22%	5.82%
Operating Return on Assets (OROA)	9.14%	3.58%	8.86%
Return on Assets (ROA)	3.54%	-0.70%	4.09%
Return on Common Equity (ROCE)	10.34%	-2.14%	13.17%
Return on Equity Simple (ROE_SIMPLE)	16.43%	-3.86%	21.50%
Net Operating Profit after Tax (NOPAT)	649	268	734
NOPAT Margin	17.80%	8.17%	19.96%
Net Nonoperating Expense Percent (NNEP)	4.69%	5.51%	4.33%
Return On Investment Capital (ROIC_SIMPLE)	8.21%	3.30%	8.56%
Cost of Revenue to Revenue	65.86%	72.63%	61.15%
SG&A Expenses to Revenue	2.85%	3.41%	2.83%
R&D to Revenue	0.00%	0.00%	0.00%
Operating Expenses to Revenue	10.78%	15.70%	11.92%
Earnings before Interest and Taxes (EBIT)	968	390	986
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,280	778	1,385
Valuation Ratios	-	-	-
Price to Book Value (P/BV)	0.13	0.40	0.43
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.08	0.24	0.25
Price to Earnings (P/E)	0.95	0.00	2.28
Dividend Yield	10.36%	3.89%	3.24%
Earnings Yield	104.88%	0.00%	43.87%
Enterprise Value to Invested Capital (EV/IC)	0.75	0.86	0.86
Enterprise Value to Revenue (EV/Rev)	1.75	2.28	2.14
Enterprise Value to EBITDA (EV/EBITDA)	4.98	9.63	5.67
Enterprise Value to EBIT (EV/EBIT)	6.59	19.20	7.97
Enterprise Value to NOPAT (EV/NOPAT)	9.83	27.93	10.71
Enterprise Value to Operating Cash Flow (EV/OCF)	8.49	11.56	9.48
Enterprise Value to Free Cash Flow (EV/FCFF)	6.93	11.61	14.95
Leverage & Solvency	-	-	-
Debt to Equity	1.92	2.35	2.33
Long-Term Debt to Equity	1.91	2.34	2.33
Financial Leverage	2.10	2.32	2.49
Leverage Ratio	3.81	4.05	4.30
Compound Leverage Factor	1.94	-0.85	2.68
Debt to Total Capital	65.71%	70.15%	70.00%
Short-Term Debt to Total Capital	0.23%	0.17%	0.16%
Long-Term Debt to Total Capital	65.48%	69.98%	69.84%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	7.60%	7.40%	7.05%
Common Equity to Total Capital	26.69%	22.45%	22.95%
Debt to EBITDA	4.39	7.92	4.66
Net Debt to EBITDA	4.23	7.78	4.54
Long-Term Debt to EBITDA	4.38	7.90	4.65
Debt to NOPAT	8.67	22.98	8.80
Net Debt to NOPAT	8.36	22.58	8.57
Long-Term Debt to NOPAT	8.64	22.92	8.78
Altman Z-Score	0.86	0.64	0.89
Noncontrolling Interest Sharing Ratio	23.41%	24.13%	25.13%
Liquidity Ratios	-	-	-
Current Ratio	1.03	1.18	2.10
Quick Ratio	0.90	0.92	1.74
Cash Flow Metrics	-	-	-
Free Cash Flow to Firm (FCFF)	921	645	526
Operating Cash Flow to CapEx	582.17%	220.41%	191.90%
Free Cash Flow to Firm to Interest Expense	2.04	1.46	1.48
Operating Cash Flow to Interest Expense	1.67	1.46	2.34
Operating Cash Flow Less CapEx to Interest Expense	1.38	0.80	1.12
Efficiency Ratios	-	-	-
Asset Turnover	0.34	0.30	0.33
Accounts Receivable Turnover	10.73	6.61	5.77
Inventory Turnover	0.00	0.00	0.00
Fixed Asset Turnover	2.29	2.14	2.79
Accounts Payable Turnover	48.98	61.10	39.44
Days Sales Outstanding (DSO)	34.01	55.18	63.25
Days Inventory Outstanding (DIO)	0.00	0.00	0.00
Days Payable Outstanding (DPO)	7.45	5.97	9.25
Cash Conversion Cycle (CCC)	26.55	49.20	53.99
Capital & Investment Metrics	-	-	-
Invested Capital	8,480	8,752	9,129
Invested Capital Turnover	0.42	0.37	0.41
Increase / (Decrease) in Invested Capital	-272	-377	208
Enterprise Value (EV)	6,378	7,488	7,858
Market Capitalization	308	784	919
Book Value per Share	$22.91	$20.65	$22.73
Tangible Book Value per Share	($59.80)	($67.12)	($69.97)
Total Capital	8,554	8,781	9,221
Total Debt	5,621	6,160	6,455
Total Long-Term Debt	5,601	6,145	6,440
Net Debt	5,420	6,054	6,289
Capital Expenditures (CapEx)	129	294	432
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-101	67	402
Debt-free Net Working Capital (DFNWC)	34	88	463
Net Working Capital (NWC)	14	73	448
Net Nonoperating Expense (NNE)	274	344	279
Net Nonoperating Obligations (NNO)	5,547	6,131	6,363
Total Depreciation and Amortization (D&A)	312	388	399
Debt-free, Cash-free Net Working Capital to Revenue	-2.77%	2.04%	10.94%
Debt-free Net Working Capital to Revenue	0.93%	2.68%	12.60%
Net Working Capital to Revenue	0.38%	2.22%	12.19%
Earnings Adjustments	-	-	-
Adjusted Basic Earnings per Share	$3.40	($1.39)	$4.38
Adjusted Weighted Average Basic Shares Outstanding	95M	92M	92M
Adjusted Diluted Earnings per Share	$3.36	($1.39)	$4.33
Adjusted Weighted Average Diluted Shares Outstanding	96M	92M	93M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	101.54M	97.20M	92.83M
Normalized Net Operating Profit after Tax (NOPAT)	664	313	732
Normalized NOPAT Margin	18.22%	9.54%	19.92%
Pre Tax Income Margin	13.50%	-2.50%	16.70%
Debt Service Ratios	-	-	-
EBIT to Interest Expense	2.15	0.88	2.79
NOPAT to Interest Expense	1.44	0.61	2.07
EBIT Less CapEx to Interest Expense	1.86	0.22	1.57
NOPAT Less CapEx to Interest Expense	1.15	-0.06	0.85
Payout Ratios	-	-	-
Dividend Payout Ratio	22.40%	-107.89%	18.02%
Augmented Payout Ratio	22.40%	-107.89%	29.01%

This table displays calculated financial ratios and metrics derived from Gray Television's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-4.98%	20.95%	18.31%	1.60%	2.75%	-19.40%	-11.66%	-6.34%	-3.14%	48.68%	51.25%
EBITDA Growth	-46.62%	77.73%	94.12%	7.41%	90.80%	-50.33%	-50.58%	-31.86%	-38.02%	153.30%	160.61%
EBIT Growth	-60.26%	146.62%	240.54%	30.51%	260.00%	-63.26%	-69.67%	-45.87%	-59.88%	248.08%	269.70%
NOPAT Growth	-29.77%	221.47%	218.88%	118.02%	95.52%	-71.41%	-66.67%	-66.43%	-61.72%	281.67%	378.77%
Net Income Growth	-110.23%	1,977.78%	340.00%	450.00%	383.87%	-104.84%	-137.04%	-95.96%	-150.00%	541.38%	735.29%
EPS Growth	-129.11%	775.00%	250.88%	190.00%	264.58%	-112.83%	-155.34%	-110.99%	-192.31%	938.89%	421.88%
Operating Cash Flow Growth	94.12%	343.37%	180.19%	-61.70%	-83.50%	-64.38%	-60.15%	-75.13%	192.20%	1,270.59%	491.11%
Free Cash Flow Firm Growth	185.97%	15.39%	39.91%	26.24%	-8.07%	563.77%	109.06%	105.49%	105.38%	102.10%	-333.86%
Invested Capital Growth	-4.55%	-3.11%	-1.92%	-1.22%	-0.79%	-4.13%	-2.17%	-1.38%	-1.44%	2.33%	49.58%
Revenue Q/Q Growth	-25.17%	10.00%	15.01%	0.36%	-4.75%	7.60%	-1.23%	1.50%	-25.28%	17.93%	4.72%
EBITDA Q/Q Growth	-59.21%	23.33%	42.24%	-25.40%	35.81%	34.71%	-21.30%	32.52%	-64.64%	34.01%	8.52%
EBIT Q/Q Growth	-71.65%	30.16%	63.64%	-34.19%	75.94%	79.73%	-37.29%	81.54%	-82.04%	48.36%	11.93%
NOPAT Q/Q Growth	-74.67%	35.62%	62.60%	25.75%	15.93%	34.52%	11.18%	12.77%	-83.05%	56.87%	11.98%
Net Income Q/Q Growth	-105.33%	76.04%	336.36%	-75.00%	1,077.78%	77.50%	-1,100.00%	112.90%	-116.67%	72.22%	9.09%
EPS Q/Q Growth	-114.20%	88.37%	855.56%	-88.61%	429.17%	57.89%	-470.00%	79.17%	-125.67%	81.55%	13.19%
Operating Cash Flow Q/Q Growth	-64.13%	23.91%	1,550.00%	-73.53%	-18.07%	-21.70%	125.53%	-88.59%	76.82%	-12.41%	40.74%
Free Cash Flow Firm Q/Q Growth	-12.14%	47.62%	59.64%	38.10%	-64.55%	79.00%	44.05%	0.56%	155.99%	102.44%	12.77%
Invested Capital Q/Q Growth	-1.62%	-2.00%	-1.06%	0.06%	-0.13%	-0.79%	-0.36%	0.49%	-3.48%	1.23%	0.45%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	23.66%	40.29%	37.58%	29.90%	26.61%	26.97%	28.39%	30.75%	23.35%	44.31%	39.16%
EBITDA Margin	21.23%	38.95%	34.74%	28.09%	37.79%	26.50%	21.17%	26.57%	20.35%	43.00%	37.84%
Operating Margin	11.76%	31.10%	26.32%	18.40%	15.07%	13.08%	10.46%	14.64%	8.36%	33.86%	26.95%
EBIT Margin	11.89%	31.39%	26.53%	18.64%	28.43%	15.39%	9.22%	14.51%	8.11%	33.77%	26.84%
Profit (Net Income) Margin	-1.15%	16.17%	10.11%	2.66%	10.69%	-1.04%	-4.98%	0.49%	-3.87%	17.35%	11.88%
Tax Burden Percent	37.50%	78.24%	75.00%	75.86%	73.95%	75.00%	108.11%	44.44%	73.81%	76.23%	72.00%
Interest Burden Percent	-25.81%	65.85%	50.79%	18.83%	50.85%	-9.02%	-50.00%	7.63%	-64.62%	67.40%	61.48%
Effective Tax Rate	0.00%	21.76%	25.00%	24.14%	26.05%	0.00%	0.00%	55.56%	0.00%	23.77%	28.00%
Return on Invested Capital (ROIC)	3.47%	10.29%	7.82%	5.26%	4.19%	3.36%	2.86%	2.62%	2.41%	10.51%	8.58%
ROIC Less NNEP Spread (ROIC-NNEP)	2.19%	8.83%	6.30%	3.73%	4.13%	1.95%	1.30%	1.85%	1.17%	9.11%	7.22%
Return on Net Nonoperating Assets (RNNOA)	4.50%	18.57%	13.97%	8.39%	9.27%	4.52%	3.12%	4.49%	2.85%	22.66%	14.53%
Return on Equity (ROE)	7.97%	28.86%	21.80%	13.65%	13.47%	7.88%	5.99%	7.12%	5.26%	33.18%	23.10%
Cash Return on Invested Capital (CROIC)	12.30%	10.69%	7.39%	4.54%	3.53%	7.22%	7.05%	7.98%	8.90%	5.82%	-32.69%
Operating Return on Assets (OROA)	4.05%	10.80%	8.60%	5.77%	8.70%	4.64%	2.93%	4.76%	2.70%	11.15%	9.41%
Return on Assets (ROA)	-0.39%	5.56%	3.28%	0.82%	3.27%	-0.31%	-1.59%	0.16%	-1.29%	5.73%	4.17%
Return on Common Equity (ROCE)	6.12%	22.10%	16.58%	10.37%	10.23%	5.98%	4.50%	5.34%	3.94%	24.84%	17.05%
Return on Equity Simple (ROE_SIMPLE)	12.33%	0.00%	9.25%	2.97%	2.10%	0.00%	5.94%	12.96%	17.56%	0.00%	15.42%
Net Operating Profit after Tax (NOPAT)	64	254	188	115	92	79	59	53	47	277	176
NOPAT Margin	8.24%	24.33%	19.74%	13.96%	11.14%	9.16%	7.32%	6.51%	5.86%	25.81%	19.41%
Net Nonoperating Expense Percent (NNEP)	1.28%	1.46%	1.52%	1.53%	0.06%	1.41%	1.57%	0.77%	1.24%	1.41%	1.36%
Return On Investment Capital (ROIC_SIMPLE)	0.82%	3.22%	2.34%	1.41%	1.12%	0.97%	0.72%	0.64%	0.57%	3.23%	2.07%
Cost of Revenue to Revenue	76.34%	59.71%	62.42%	70.10%	73.39%	73.03%	71.61%	69.25%	76.65%	55.69%	60.84%
SG&A Expenses to Revenue	4.09%	2.30%	2.53%	3.39%	3.40%	3.82%	2.86%	3.69%	3.25%	2.24%	2.97%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	11.89%	9.19%	11.26%	11.50%	11.54%	13.89%	17.93%	16.11%	14.98%	10.45%	12.21%
Earnings before Interest and Taxes (EBIT)	93	328	252	154	234	133	74	118	65	362	244
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	166	407	330	232	311	229	170	216	163	461	344
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.19	0.13	0.24	0.24	0.27	0.40	0.30	0.33	0.35	0.43	0.60
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	0.12	0.08	0.15	0.15	0.17	0.24	0.17	0.19	0.20	0.25	0.35
Price to Earnings (P/E)	1.94	0.95	3.54	54.08	0.00	0.00	8.96	3.14	2.32	2.28	4.75
Dividend Yield	7.41%	10.36%	6.21%	6.52%	5.45%	3.89%	5.09%	4.52%	4.13%	3.24%	2.55%
Earnings Yield	51.52%	104.88%	28.25%	1.85%	0.00%	0.00%	11.16%	31.87%	43.06%	43.87%	21.07%
Enterprise Value to Invested Capital (EV/IC)	0.77	0.75	0.80	0.81	0.82	0.86	0.83	0.83	0.84	0.86	0.90
Enterprise Value to Revenue (EV/Rev)	1.78	1.75	1.99	2.15	2.16	2.28	2.10	2.06	2.02	2.14	2.45
Enterprise Value to EBITDA (EV/EBITDA)	5.65	4.98	6.26	7.55	7.72	9.63	7.24	6.24	5.73	5.67	7.37
Enterprise Value to EBIT (EV/EBIT)	7.76	6.59	8.93	11.96	12.78	19.20	11.82	9.37	8.29	7.97	11.20
Enterprise Value to NOPAT (EV/NOPAT)	9.83	9.83	14.47	24.41	29.83	27.93	16.90	12.59	11.15	10.71	15.40
Enterprise Value to Operating Cash Flow (EV/OCF)	7.87	8.49	14.81	25.87	23.50	11.56	9.17	7.72	6.70	9.48	13.30
Enterprise Value to Free Cash Flow (EV/FCFF)	6.11	6.93	10.69	17.81	23.09	11.61	11.63	10.39	9.33	14.95	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.93	1.92	2.12	2.27	2.28	2.35	2.33	2.29	2.27	2.33	2.56
Long-Term Debt to Equity	1.92	1.91	2.11	2.26	2.27	2.34	2.33	2.29	2.27	2.33	2.55
Financial Leverage	2.05	2.10	2.22	2.25	2.24	2.32	2.41	2.43	2.44	2.49	2.01
Leverage Ratio	3.78	3.81	3.93	3.96	3.99	4.05	4.19	4.22	4.26	4.30	3.80
Compound Leverage Factor	-0.98	2.51	2.00	0.75	2.03	-0.37	-2.09	0.32	-2.75	2.90	2.33
Debt to Total Capital	65.89%	65.71%	67.95%	69.41%	69.51%	70.15%	69.99%	69.63%	69.45%	70.00%	71.90%
Short-Term Debt to Total Capital	0.23%	0.23%	0.27%	0.15%	0.17%	0.17%	0.17%	0.17%	0.17%	0.16%	0.16%
Long-Term Debt to Total Capital	65.65%	65.48%	67.68%	69.26%	69.34%	69.98%	69.82%	69.46%	69.28%	69.84%	71.73%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	7.64%	7.60%	7.49%	7.35%	7.34%	7.40%	7.35%	7.29%	7.33%	7.05%	7.08%
Common Equity to Total Capital	26.48%	26.69%	24.56%	23.24%	23.15%	22.45%	22.65%	23.09%	23.23%	22.95%	21.03%
Debt to EBITDA	4.94	4.39	5.35	6.52	6.65	7.92	6.12	5.25	4.80	4.66	5.97
Net Debt to EBITDA	4.69	4.23	5.21	6.35	6.41	7.78	6.00	5.13	4.67	4.54	5.73
Long-Term Debt to EBITDA	4.92	4.38	5.33	6.50	6.63	7.90	6.11	5.23	4.78	4.65	5.96
Debt to NOPAT	8.60	8.67	12.36	21.06	25.70	22.98	14.29	10.58	9.32	8.80	12.48
Net Debt to NOPAT	8.17	8.36	12.03	20.51	24.78	22.58	14.01	10.33	9.07	8.57	11.97
Long-Term Debt to NOPAT	8.57	8.64	12.31	21.02	25.63	22.92	14.25	10.55	9.30	8.78	12.45
Altman Z-Score	0.58	0.66	0.61	0.57	0.59	0.56	0.55	0.59	0.58	0.71	0.64
Noncontrolling Interest Sharing Ratio	23.20%	23.41%	23.93%	24.01%	24.03%	24.13%	24.84%	25.01%	25.17%	25.13%	26.21%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.91	1.03	1.13	1.63	1.42	1.18	1.20	1.43	1.27	2.10	2.09
Quick Ratio	0.77	0.90	0.84	1.27	1.17	0.92	0.87	1.02	0.92	1.74	1.70
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	462	526	357	223	162	456	255	177	176	69	-2,813
Operating Cash Flow to CapEx	2,640.00%	1,082.35%	761.54%	62.07%	251.85%	224.32%	160.61%	52.81%	403.92%	171.32%	191.37%
Free Cash Flow to Firm to Interest Expense	3.95	6.05	2.88	1.79	1.41	3.93	2.30	1.62	1.64	0.69	-29.92
Operating Cash Flow to Interest Expense	1.13	4.23	2.40	0.14	0.59	0.72	0.96	0.43	3.85	2.33	2.83
Operating Cash Flow Less CapEx to Interest Expense	1.09	3.84	2.08	-0.09	0.36	0.40	0.36	-0.39	2.90	0.97	1.35
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.34	0.34	0.32	0.31	0.31	0.30	0.32	0.33	0.33	0.33	0.35
Accounts Receivable Turnover	12.87	10.73	9.94	9.85	9.51	6.61	7.31	7.62	7.47	5.77	6.30
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	2.29	2.29	2.17	2.10	2.12	2.14	2.34	2.54	2.70	2.79	2.92
Accounts Payable Turnover	44.31	48.98	111.95	73.51	62.45	61.10	71.18	47.01	73.21	39.44	57.38
Days Sales Outstanding (DSO)	28.37	34.01	36.73	37.04	38.40	55.18	49.90	47.87	48.85	63.25	57.91
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	8.24	7.45	3.26	4.97	5.84	5.97	5.13	7.76	4.99	9.25	6.36
Cash Conversion Cycle (CCC)	20.13	26.55	33.47	32.07	32.56	49.20	44.77	40.11	43.86	53.99	51.54
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	8,343	8,480	8,653	8,746	8,741	8,752	8,822	8,854	8,811	9,129	9,018
Invested Capital Turnover	0.42	0.42	0.40	0.38	0.38	0.37	0.39	0.40	0.41	0.41	0.44
Increase / (Decrease) in Invested Capital	-398	-272	-169	-108	-70	-377	-196	-124	-129	208	2,989
Enterprise Value (EV)	6,416	6,378	6,901	7,114	7,145	7,488	7,314	7,393	7,369	7,858	8,154
Market Capitalization	439	308	513	487	561	784	600	675	720	919	1,168
Book Value per Share	$22.20	$22.91	$21.37	$20.73	$21.81	$20.65	$20.97	$21.63	$22.20	$22.73	$20.75
Tangible Book Value per Share	($58.70)	($59.80)	($61.65)	($63.14)	($66.99)	($67.12)	($67.29)	($67.80)	($70.23)	($69.97)	($72.38)
Total Capital	8,513	8,554	8,673	8,843	8,854	8,781	8,838	8,922	8,873	9,221	9,187
Total Debt	5,609	5,621	5,893	6,138	6,154	6,160	6,186	6,212	6,162	6,455	6,605
Total Long-Term Debt	5,589	5,601	5,870	6,125	6,139	6,145	6,171	6,197	6,147	6,440	6,590
Net Debt	5,327	5,420	5,738	5,977	5,934	6,054	6,064	6,068	5,999	6,289	6,336
Capital Expenditures (CapEx)	5.00	34	39	29	27	37	66	89	102	136	139
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-240	-101	22	145	58	67	75	134	72	402	359
Debt-free Net Working Capital (DFNWC)	-30	34	91	220	192	88	96	170	128	463	503
Net Working Capital (NWC)	-50	14	68	207	177	73	81	155	113	448	488
Net Nonoperating Expense (NNE)	73	85	92	93	3.70	88	99	49	78	91	68
Net Nonoperating Obligations (NNO)	5,439	5,547	5,873	6,041	6,041	6,131	6,170	6,144	6,100	6,363	6,436
Total Depreciation and Amortization (D&A)	73	79	78	78	77	96	96	98	98	99	100
Debt-free, Cash-free Net Working Capital to Revenue	-6.66%	-2.77%	0.64%	4.37%	1.76%	2.04%	2.15%	3.73%	1.97%	10.94%	10.80%
Debt-free Net Working Capital to Revenue	-0.83%	0.93%	2.63%	6.63%	5.81%	2.68%	2.75%	4.73%	3.51%	12.60%	15.13%
Net Working Capital to Revenue	-1.39%	0.38%	1.96%	6.24%	5.36%	2.22%	2.32%	4.31%	3.10%	12.19%	14.68%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.23)	$1.64	$0.87	$0.09	$0.80	($0.24)	($0.57)	($0.10)	($0.48)	$1.89	$1.04
Adjusted Weighted Average Basic Shares Outstanding	96M	95M	95M	95M	94M	92M	93M	93M	92M	92M	91M
Adjusted Diluted Earnings per Share	($0.23)	$1.62	$0.86	$0.09	$0.79	($0.24)	($0.57)	($0.10)	($0.48)	$1.87	$1.03
Adjusted Weighted Average Diluted Shares Outstanding	96M	96M	97M	96M	95M	92M	93M	93M	92M	93M	92M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	101.79M	101.54M	99.67M	99.67M	99.14M	97.20M	95.45M	95.45M	95.24M	92.83M	93.09M
Normalized Net Operating Profit after Tax (NOPAT)	63	258	200	115	92	80	85	95	54	280	176
Normalized NOPAT Margin	8.06%	24.71%	21.00%	13.87%	11.14%	9.24%	10.55%	11.62%	6.73%	26.10%	19.33%
Pre Tax Income Margin	-3.07%	20.67%	13.47%	3.51%	14.46%	-1.39%	-4.61%	1.11%	-5.24%	22.76%	16.50%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.79	3.77	2.03	1.23	2.03	1.15	0.67	1.08	0.61	3.62	2.60
NOPAT to Interest Expense	0.55	2.92	1.51	0.92	0.80	0.68	0.53	0.49	0.44	2.77	1.88
EBIT Less CapEx to Interest Expense	0.75	3.38	1.72	1.00	1.80	0.83	0.07	0.27	-0.35	2.26	1.12
NOPAT Less CapEx to Interest Expense	0.51	2.53	1.20	0.69	0.56	0.36	-0.06	-0.33	-0.52	1.41	0.40
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	30.22%	22.40%	42.64%	137.70%	193.02%	-107.89%	68.07%	29.96%	22.38%	18.02%	27.85%
Augmented Payout Ratio	30.22%	22.40%	42.64%	137.70%	193.02%	-107.89%	68.07%	29.96%	22.38%	29.01%	54.70%

Frequently Asked Questions About Gray Television's Financials

When does Gray Television's financial year end?

According to the most recent income statement we have on file, Gray Television's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Gray Television's net income changed over the last 2 years?

Gray Television's net income appears to be on a downward trend, with a most recent value of $375 million in 2024, falling from $455 million in 2022. The previous period was -$76 million in 2023.

What is Gray Television's operating income?

Gray Television's total operating income in 2024 was $851 million, based on the following breakdown:

Total Gross Profit: $1.24 billion
Total Operating Expenses: $393 million

How has Gray Television revenue changed over the last 2 years?

Over the last 2 years, Gray Television's total revenue changed from $3.68 billion in 2022 to $3.64 billion in 2024, a change of -0.9%.

How much debt does Gray Television have?

Gray Television's total liabilities were at $7.61 billion at the end of 2024, a 5.1% decrease from 2023, and a 9.3% decrease since 2022.

How much cash does Gray Television have?

In the past 2 years, Gray Television's cash and equivalents has ranged from $21 million in 2023 to $135 million in 2024, and is currently $135 million as of their latest financial filing in 2024.

How has Gray Television's book value per share changed over the last 2 years?

Over the last 2 years, Gray Television's book value per share changed from 22.73 in 2022 to 22.91 in 2024, a change of 0.8%.

Related Companies

This page (NYSE:GTN.A) was last updated on 5/22/2025 by MarketBeat.com Staff

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Gray Television (GTN.A) Financials

Frequently Asked Questions About Gray Television's Financials

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Gray Television (GTN.A) Financials

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