Forensic Analysis · Communication Services / Telecom · as of Jun 28, 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.
B · Sound & dependable
Forensic grade
Distress
Financial health
1.0
Altman Z-score
Clean
Earnings quality
4
Forensic signals
-3.4%
ROE
$390M
Market cap
8.94%
Dividend yield
GRAY MEDIA, INC earns a B (Sound & dependable) forensic quality grade, and its Altman Z-score is 1.0, 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%Return on invested capital.Return on invested capital is 3% and slipping from 7% — well below its ~8% cost of capital, so reinvested dollars may be destroying value, not building it.
+1.4%/yrShare-count dilution.Diluted share count changed +4% over the last 3 years to FY2025 (+1.4%/yr). The count is GROWING — existing holders are being diluted. 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%.
$16MGoodwill impairments.Took $16M of goodwill writedowns across 1 year(s) (FY2023 ($16M)) — about 7% of net income over the span. Writedowns mean past acquisitions underperformed what was paid for them — worth weighing on capital-allocation skill.
-3%Dividend — cut.The payout was CUT ~3% in FY2022 (from FY2021). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies — weigh the cut when judging reliability.
Key fundamentals
Net Margin-2.7%
Debt / Equity2.67x
Free Cash Flow$181.0M
Latest Revenue$3.10B
Return on Equity-3.9%
Revenue Growth YoY-15.1%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on GRAY MEDIA, INC:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about GTN's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown