Forensic Analysis · Media / Entertainment / Streaming · as of Sep 26, 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
4
Forensic signals
-9.4
P / E (ttm)
-3.9%
ROE
$471M
Market cap
3.99%
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, going concern, valuation). 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. 4 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, against 3.0% in FY2023, having run between 3.0% and 6.6% across FY2023–FY2025 with no direction held. After-tax operating profit was $303M in FY2023 and $310M in FY2025, with operating income at 11.7% of revenue in FY2023, 23.4% in FY2024 and 12.7% in FY2025. The capital base behind it went from $10.2B in FY2023 to $9.6B in FY2025 (-7%), while the revenue it carried went from $3.3B to $3.1B. FY2023's operating profit carried a $16M goodwill write-off that alone took about 0.1 points off that year's return, so about 0.1 of the 0.2-point rise across FY2023–FY2025 is that charge leaving the base year rather than the capital earning more.
+2.7%/yr
FY2023–FY2025
Share-count dilution.Diluted share count changed +5% over the last 2 years to FY2025 (+2.7%/yr). The count is growing — 92.0M shares in FY2023, 97.0M in FY2025: more stock was issued than repurchased over this window, so aggregate results grew faster than their per-share equivalents. That's ~2.7% 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 FY2023 has been diluted ~5%.
0.7% of rev
FY2025
Stock-based comp load.Stock-based compensation ran 0.7% of revenue and 12% of free cash flow in FY2025 — about $0.23 per diluted share. No cash left the business to pay it, which is why operating cash flow adds it back. Net of repurchases the diluted count still rose about 2.7% a year across FY2023–FY2025, and the rate is falling. Stock compensation is one source of that issuance; acquisition consideration, equity raises, convertibles and other employee plans also net into the count, and these figures do not separate them.
$16M
FY2023–FY2023
Key fundamentals
Latest Revenue$3.10B
Revenue Growth YoY-15.1%
Revenue CAGR (2yr)-2.9%
Net Margin-2.7%
Free Cash Flow$181.0M
Return on Equity-3.9%
Debt / Equity2.67x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Gray Media, Inc's actual 10-K/10-Q/8-K filings?
Goodwill impairments.Took $16M of goodwill writedowns across 1 year (FY2023 ($16M)). Writedowns mean past acquisitions underperformed what was paid for them.