Stock fact sheet · data as of
Gray Media, Inc. (GTN): fair value, margin of safety and Wheel Score
Ticker symbol GTN · Communication Services · Broadcasting · United States · Speculative Income
Is GTN undervalued?
At 4.98 (close of 5 Nov 2026), GTN trades 83% below the GLS average fair value of 29.09. That average comes from 3 models run on the latest filings, and 2 of them land above the current price. Margins of safety over 30% are the exception rather than the rule across the ~7,400 stocks we value each night, so the number earns Gray Media, Inc. the full Value points in the Wheel Score - and a closer look at what the market is pricing in.
The average is built from just 3 models (DCF, 10 Cap, DDM) - the rest returned nothing because an input they need (dividends, free cash flow, book value) is zero or negative - so treat it with more caution than usual.
The nightly engine files GTN under Speculative - it is losing money or its Piotroski health score is 3 or lower - which caps its Wheel Score at 45 and keeps it out of the Sunday Scan. It also carries the Income tag (Income = a dividend yield of 4% or more).
Nine valuation models for GTN
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 53.96 | +983% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | - | - | The most a defensive investor pays for the earnings and book value per share; no value tonight |
| Graham Growth | - | - | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields; no value tonight |
| Lynch | - | - | EPS × the earnings growth rate (PEG of 1), growth capped at 25%; no value tonight |
| GLS Growth | - | - | EPS compounded ten years at the blended growth rate, discounted back at 15% a year; no value tonight |
| 10 Cap | 28.61 | +475% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | - | - | Eight years of compounded free cash flow: the price at which the business pays for itself; no value tonight |
| DDM | 4.71 | -5% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | - | - | Earnings power value: current EPS capitalised at 9% with no growth; no value tonight |
| Zombie (liquidation) | -67.77 | -1461% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 7.00 | +41% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
Gray Media, Inc. scores only 4 of 9 on the Piotroski F-score, which fails the "Piotroski 6 or more" Wheel Trade Filter. A reading this low means several of the basic tests - positive earnings, positive operating cash flow, falling debt, no new share issuance - are not met. A GLS Moat score of 4.2/10 is a weak reading: the accounts do not show returns and margins that competitors have been unable to wear down, so the Moat part of the Wheel Score contributes little.
Returns on capital are thin or negative - ROIC -1.0%, ROE -3.0%, ROA -0.8% - with debt at 2.07 times equity and a free-cash-flow yield of 28.5%. Debt of 2.07 times equity is on the high side for the sector and is worth checking against the cash flow before treating the stock as a long-term hold.
The dividend yield is high at 6.43% (payout ratio -335%). A yield this size is often the market's way of pricing a risk to the payout, so the health score and cash flow matter more than usual. Revenue comes mainly from Advertising 34%, Retransmission Consent 28%, Core Advertising 28% (quarter Q2 FY2026).
Institutional ownership scores 10/10, insider activity 1/10 and Congressional trading 5/10 on the GLS smart-money scales.
| Piotroski F-score | 4 / 9 | ROIC | -1.0% |
|---|---|---|---|
| GLS Moat | 4.2 / 10 | ROE | -3.0% |
| Debt / equity | 2.07 | ROA | -0.8% |
| Free-cash-flow yield | 28.5% | Payout ratio | -335% |
| Institutions | 10 / 10 | Insiders · Congress | 1 · 5 / 10 |
Wheel Score 45: Weak
With a Wheel Score of 45 Gray Media, Inc. sits in the Weak band. It fails filter 2, a real business, not a gamble - speculative (a loss, or a weak Piotroski score); and filter 4, financially healthy - Piotroski 4/9 (under 6); and filter 5, can repay its debt - 19.9 years to repay its debt (over 3); and filter 8, big enough - market cap $513M (under $1.0B); and filter 9, not a penny stock - price 4.98 (under $5); Option trading (weak) is its weakest part.
Implied volatility is 64% on the near-the-money contracts 20-60 days out - above the 60% top of the sweet spot. It still passes the 25-80% filter, but the Wheel Score rewards it less because volatility this high usually comes with a reason. Chain open interest is 3,676 contracts across all expiries - enough for the wheel at normal size.
Volume runs at 1.6M shares a day on a market cap of $513M, with a beta of 1.02; the Stability part of the Wheel Score rates that fair.
| Filter | Wheel Trade Filter | Result | Detail |
|---|---|---|---|
| 1 | Options that actually trade | Passes | Listed options with 1,000+ contracts of open interest and 100+ traded a day |
| 2 | A real business, not a gamble | Fails | speculative (a loss, or a weak Piotroski score) |
| 3 | Below fair value | Passes | Trading below the nine-model average fair value (margin of safety above 0) |
| 4 | Financially healthy | Fails | Piotroski 4/9 (under 6) |
| 5 | Can repay its debt | Fails | 19.9 years to repay its debt (over 3) |
| 6 | No serious red flags | Passes | Red Flags score 60 or more out of 100 (earnings, margins, debt, analysts, filings and price checked the same way for every stock) |
| 7 | A premium worth selling | Passes | Implied volatility 25-80% (enough premium, not a lottery ticket) |
| 8 | Big enough | Fails | market cap $513M (under $1.0B) |
| 9 | Not a penny stock | Fails | price 4.98 (under $5) |
| How it ranks | Rating | From | |
|---|---|---|---|
| Value | Strong | 83% below fair value | |
| Premium | Strong | implied volatility 64% | |
| Moat | Fair | moat 4.2/10 | |
| Health | Fair | Piotroski 4/9 | |
| Red Flags | Good | Red Flags score 85/100 | |
| Option trading | Weak | 385 contracts a day, 3,676 open interest | |
| Stability | Fair | beta 1.02, $513M company |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls: a stock must pass all 9 Wheel Trade Filters to score 70, and the score then ranks the ones that pass; the Sunday Scan is the top 10. It is updated nightly and is not a recommendation. How the Wheel Score works · the walkthrough lesson shows how it fits into a trade, start to finish.
Upcoming events
Gray Media, Inc. reports earnings on 6 Nov 2026 (before the open) - inside the 14-day window the Sunday Scan avoids, because a put sold now would carry the report's gap risk.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in Broadcasting
The 12 companies below are the closest to Gray Media, Inc. by market cap within the Broadcasting industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| EVC Entravision Communications | 7.28 | 3.11 | -134% | 25Weak | $672M |
| NMAX Newsmax, Inc. | 8.14 | 0.1497 | -5336% | 25Weak | $732M |
| FUBO fuboTV Inc. | 8.23 | - | - | 18Weak | $924M |
| IHRT iHeartMedia, Inc. | 2.05 | 10.18 | +80% | 22Weak | $274M |
| SBGI Sinclair, Inc. | 14.10 | 51.98 | +73% | 48Weak | $1.0B |
| SSP The E.W. Scripps Company | 2.88 | - | - | 19Weak | $233M |
| IHRTB iHeartMedia, Inc. | 4.00 | 10.30 | +61% | 25No options | $1.5B |
| CURI CuriosityStream Inc. | 2.66 | 0.8781 | -203% | 17Weak | $158M |
| MDIA MediaCo Holding Inc. | 0.9702 | 0.1394 | -596% | 14No options | $76M |
| SGA Saga Communications, Inc. | 7.84 | 16.04 | +51% | 31No options | $50M |
| CAST FreeCast, Inc. Class A Common Stock | 1.32 | - | - | 11No options | $49M |
| NXST Nexstar Media Group, Inc. | 185.12 | 190.34 | +3% | 34Weak | $5.7B |
⚖ Compare GTN with 7 of them All Communication Services stocks →
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Start free See the Sunday ScanQuestions about GTN
Is GTN undervalued right now?
By the GLS models, yes: at 4.98 the stock is 83% below the average fair value of 29.09 (data as of 5 Nov 2026). Whether the discount is deserved is the question to research next.
What is the Wheel Score of GTN and what does it mean?
GTN scores 45 out of 100 (Weak) - it fails Wheel Trade Filters 2, 4, 5, 8, 9. The Wheel Score ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned - in two parts: the 9 pass/fail Wheel Trade Filters (busy options, a real business, below fair value, Piotroski 6 or more, debt it can repay, a Red Flags score of 60 or more, implied volatility of 25-80%, a $1 billion company, $5 a share) and a ranking of how strongly a stock passes on value, premium, moat, health, red flags, option trading and stability. A stock that fails any filter stays under 70; 70-84 is Good, 85 and above is Prime. The Sunday Scan is the top 10 that pass, sorted by Wheel Score.
What is the GLS fair value for GTN?
29.09 per share as of 5 Nov 2026 - the simple average of the 3 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does Gray Media, Inc. report earnings next?
The next earnings report is due on 6 Nov 2026 (before the open), 1 days from the data date of 5 Nov 2026. The Calendars page lists every upcoming report with its time of day.
Does GTN have listed options, and how liquid are they?
Yes. The nightly snapshot found 4 listed contracts with 3,676 open interest across all expiries and implied volatility of 64% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.