Gray Media's preferred shares face a convergence of structural headwinds: revenue is contracting 12.2% year over year, operating margins have compressed 9.5 percentage points, financial health scores among the weakest in the investable universe, and a death-cross technical block disqualifies entry — together constituting a value-trap profile rather than a recovery opportunity at current levels.
Thesis pillars
- Value Trap Revenue Margin Deterioration→Stable
- Weak Financial Health No Moat→Stable
- Death Cross Confirmed Downtrend→Stable
- +1 more pillar — see the Why tab for full reasoning
Gray Media, Inc. (GTN-A) Stock Analysis
Inst Constrain edge
Communication Services · Broadcasting
Sell if holding. Engine safety override at $7.41: Quality below floor (2.1 < 4.0) triggers a hard block regardless of the otherwise-positive setup — overall score 4.5/10. Specifically: Below-average business quality; Below long-term trend.
Gray Media operates 114 local television stations across the United States reaching approximately 37% of US television households, including the nation's largest Telemundo affiliate group spanning 47 markets and over 1.6 million Hispanic TV households. The company earns revenue... Read more
Sell if holding. Engine safety override at $7.41: Quality below floor (2.1 < 4.0) triggers a hard block regardless of the otherwise-positive setup — overall score 4.5/10. Specifically: Below-average business quality; Below long-term trend. Chart setup: No clear chart pattern; technical signals are mixed. Score 4.5/10, moderate confidence.
Passes 7/10 gates (positive momentum, clean insider activity, no SEC red flags, news events none recent, earnings proximity no date, semi cycle peak clear, materials cycle peak clear). Suitability: speculative.
About Gray Media, Inc.
About Gray Media, Inc.
Gray Media generated $3.1 billion in total revenue in 2025 across 114 local television markets reaching approximately 37% of US television households, anchored by CBS-affiliated stations that produced roughly 37% of total revenue and NBC affiliates contributing another 27%. The company also owns the largest Telemundo affiliate group, with 47 markets covering more than 1.6 million Hispanic television households.
Gray Media earns revenue primarily from local, regional and national advertising sold around network and syndicated programming, supplemented by retransmission consent fees paid by cable, satellite and other multichannel video distributors carrying its signals. Advertising demand skews toward a handful of industries: services-sector advertisers (financial, legal and medical) accounted for approximately 26% of core advertising revenue in 2025, with automotive customers contributing another 17%. The company's affiliation agreements with CBS, NBC, ABC and FOX, which run through dates between mid-2027 and December 31, 2028, govern programming access and the split of advertising inventory between network and station. Political advertising adds a cyclical overlay, contributing about 1% of 2025 revenue but rising sharply in even-numbered election years. Programming costs represent one of the largest expense lines, since stations often purchase multi-year syndicated content rights before knowing whether a show will draw a large enough audience to recoup the outlay.
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A regulatory catalyst sits ahead of Gray Media's affiliation renewals: in July 2025, the U.S. Court of Appeals for the Eighth Circuit vacated the FCC's "top-four" prohibition and its Note 11 extension to low-power stations, loosening restrictions that had capped ownership of top-ranked stations within a market. The FCC's pending Ownership NPRM, issued in September 2025 following its 2022 quadrennial review, is weighing whether to further ease the two-station local ownership limit, a decision that could reshape acquisition opportunities for a broadcaster that has completed multiple station-group deals since 2013. Separately, Gray Media's network affiliation agreements with CBS, NBC, ABC and FOX expire between mid-2027 and December 31, 2028, setting up a renewal cycle that could shift the economic terms underpinning nearly two-thirds of total revenue.
See also: Communication Services · Broadcasting
From Gray Media, Inc.'s most recent 10-K filing, extracted July 6, 2026.
Thesis
Key Metrics
Quality Signals
Concentration Risks(10-K Item 1A)
- MEDIUMcounterpartyCBS-affiliated channels37%10-K Item 1: 'our CBS-affiliated channels accounted for approximately 37% of total revenue'
- MEDIUMcounterpartyNBC-affiliated channels27%10-K Item 1: 'our NBC-affiliated channels accounted for approximately 27% of total revenue'
- MEDIUMCustomerservices sector advertisers26%10-K Item 1: 'approximately 26%, 23% and 27%, respectively, of our broadcast advertising revenue (excluding political advertising revenue) was obtained from advertising sales to the services sector'
- LOWCustomerautomotive advertisers17%10-K Item 1: 'approximately 17%, 20% and 20%, respectively, of our broadcast advertising revenue (excluding political advertising revenue) was obtained from advertising sales to automotive customers'
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Rating Breakdown
3 floor-breakers
Revenue shrinking — -1.8% YoY. Growth thesis broken unless recovery story develops.static
Unprofitable operations — net margin -3.1%. Quality floor flags this regardless of sector context.static
Ranks in the bottom of its industry peers on the composite signal. Better names in the same sector exist.static
Price Targets
Position Sizing
Risk Alerts
Earnings
Verdict History
Frequently Asked Questions
Sell if holding. Engine safety override at $7.41: Quality below floor (2.1 < 4.0) triggers a hard block regardless of the otherwise-positive setup — overall score 4.5/10. Specifically: Below-average business quality; Below long-term trend. Chart setup: No clear chart pattern; technical signals are mixed. Prior stop was $6.69. Score 4.5/10, moderate confidence.
Take-profit target: $9.10 (+28.5% upside). Prior stop was $6.69. Stop-loss: $6.69.
Quality below floor (2.1 < 4.0).
Gray Media, Inc. trades at a P/E of N/A (forward -11.1). TrendMatrix value score: 7.7/10. Verdict: Sell.
9 analysts cover GTN-A with a consensus score of 3.9/5.
What does Gray Media, Inc. do?Gray Media operates 114 local television stations across the United States reaching approximately 37% of US television...
Gray Media operates 114 local television stations across the United States reaching approximately 37% of US television households, including the nation's largest Telemundo affiliate group spanning 47 markets and over 1.6 million Hispanic TV households. The company earns revenue primarily through broadcast and digital advertising and retransmission consent fees, posting $3.1 billion in total revenue in 2025. Its competitive position rests on holding the #1 or #2 audience ranking in 97 of its 113 measured markets, reinforcing its leverage in retransmission and affiliation negotiations.