Forensic Analysis · Media / Entertainment / Streaming · as of Aug 12, 2026

Gray Media, Inc (GTN)

A forensic read on Gray Media, Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

D · Weak — demands caution

Forensic grade

Distress

Financial health

0.8

Distress distance

Clean

Earnings quality

Forensic signals

-9.9

P / E (ttm)

-3.9%

ROE

$490M

Market cap

7.48%

Dividend yield

-15.1%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Gray Media, Inc earns a D (Weak — demands caution) forensic quality grade, and its balance-sheet distress test reads 0.8, placing it in the Distress zone. 3 forensic signals were flagged in its latest SEC filings, led by return on invested capital.

What the filings flag

3.2%

FY2025

Return on invested capital. Return on invested capital is 3.2% in the latest fiscal year and slipping from 7% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.

+1.4%/yr

FY2022–FY2025

Share-count dilution. Diluted share count changed +4% over the last 3 years to FY2025 (+1.4%/yr). The count is growing: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~1.4% shaved off per-share growth every year — total profit has to grow that much just to keep earnings-per-share flat, and a stake held since FY2022 has been diluted ~4%.

$16M

FY2023–FY2023

Goodwill impairments. Took $16M of goodwill writedowns across 1 year (FY2023 ($16M)). Writedowns mean past acquisitions underperformed what was paid for them.

Key fundamentals

Latest Revenue$3.10B

Revenue Growth YoY-15.1%

Net Margin-2.7%

Free Cash Flow$181.0M

Return on Equity-3.9%

Debt / Equity2.67x

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Data from SEC EDGAR public filings · metrics as of Aug 12, 2026. Forensic signals flag probability, not certainty.