Assay
Financial-condition grades for SEC filers
Company Report · as of Oct 9, 2026
|
| Gray Media, Inc.GTN-A · telecom | |
|---|---|
| Grade |  Eweakest fifth of 558 graded peers; percentile 90.9, sampling error 2.1 points; lower is stronger |
| Rank | 501 of 558 |
| Profitability | Dpercentile 68.2 |
| Solvency | Dpercentile 71.1 |
| Growth and financing | Dpercentile 68.7 |
| Reliability | 0.94 AUCfailure model, filers with over $2.67B assets; 95% interval 0.88 to 0.97; 61 events, 2020 to 2025 |
| Peer failure rate | 0.52% a yearItem 1.03 bankruptcies, same asset band, 2012 to 2025 |
| Size band | over $2.67B assetstotal assets $10.4B[1] |
| Standard universe | insiderevenue above $1M and assets above $10M[1-2] |
| Warnings | none activenot computable: dilution, distress |
| Inputs computable | 9 of 14 |
| Graded from | filings received through Feb 26, 2026225 days before the rescan; every figure keyed to the SEC receipt date |
| Last close | $5.412026-10-08; market equity $0; iex feed |
| Price used in grade | None |
| Share price, twelve months to the rescansplit-adjusted close; a lollipop at every rescan carries the letter held then; baseline ticks are SEC receipt dates of the inputs; ranges and dragging scroll the full history | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Percentile at every rescan on file, Jan 21, 2012 to Oct 9, 2026; stronger toward the top. Hover for the date. Open this report as it stood on | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Each date opens the report as it stood on that rescan. |
Business, in the company's words. Opening of Item 1 of the 10-K received Feb 26, 2026; the document on sec.gov.
On January 1, 2025, we changed our corporate name from Gray Television, Inc. to Gray Media, Inc. We will not distinguish between our prior and current corporate name and will refer to our current corporate name throughout this Annual Report. As such, in this Annual Report, unless otherwise indicated or the context otherwise requires, the words “Gray,” “Gray Media,” “the Company,” “we,” “us,” and “our” refer to Gray Media, Inc. and its consolidated subsidiaries. Unless otherwise indicated, all station rank, in-market share and television household data herein are derived from reports prepared by The Nielsen Company US, LLC (“Nielsen”) and/or Comscore, Inc. (“Comscore”).
The Fourteen Inputs [top]
Lower percentile is stronger. Source numbers open the SEC filing; a range that spans filings opens the sources table.
| Input | Percentile, 0 to 100 | Value | Source | Peer median | Percentile | Peers | Period end |
|---|---|---|---|---|---|---|---|
| Profitability, sleeve percentile 68.2 | |||||||
| Gross profitability | not computable | 28.0% | |||||
| one or more required annual facts are missing | |||||||
| Return on invested capital | 3.9% | [3-11] | 8.9% | 63.6 | 181 | 2025-12-31 | |
| Accruals ratio | (3.6%) | [1,12-14] | (7.3%) | 72.9 | 703 | 2025-12-31 | |
| Gross margin stability, five years | not computable | 2.4 pts | |||||
| five annual gross margins are required; found 0 | |||||||
| Solvency, sleeve percentile 71.1 | |||||||
| Twelve-month failure probability | not computable | 0.05% | |||||
| firm-wide XBRL shares cannot be assigned to one ticker class | |||||||
| Altman Z double-prime | 1.01 | [1,3,7,15-18] | 1.93 | 50.6 | 625 | 2025-12-31 | |
| Net debt to EBITDA | 10.16x | [3,6,8,19] | 1.71x | 94.4 | 190 | 2025-12-31 | |
| Interest coverage | not computable | 2.81x | |||||
| one or more required annual facts are missing | |||||||
| Current ratio | 1.27x | [15-16] | 1.96x | 68.3 | 756 | 2025-12-31 | |
| Growth and financing, sleeve percentile 68.7 | |||||||
| Revenue growth, three-year compound | (5.6%) | [2,20-22] | 5.1% | 79.6 | 615 | 2025-12-31 | |
| Free cash flow growth, three-year compound | (22.8%) | [13,23-29] | 12.4% | 90.6 | 314 | 2025-12-31 | |
| Reinvestment rate | 34.3% | [3-5,15-16,19,23,30-31] | 15.1% | 40.4 | 262 | 2025-12-31 | |
| Asset growth, three years | (2.2%) | [1,14,32-33] | 3.4% | 64.1 | 641 | 2025-12-31 | |
| Net share issuance, one year | not computable | 0.5% | |||||
| firm-wide XBRL shares cannot be assigned to one ticker class | |||||||
Gross profitability. Revenue less cost of goods sold, over total assets.
Accruals ratio. Net income less operating cash flow, over average assets; lower is stronger.
Gross margin stability, five years. Standard deviation of gross margin; lower is stronger.
Twelve-month failure probability. CHS model; lower is stronger.
Net debt to EBITDA. Lower is stronger.
Net share issuance, one year. Split-adjusted; lower is stronger.
Sleeves are equal-weighted; within a sleeve each computable input carries equal weight. Composite 0.410; sampling error 2.1 percentile points on 558 peers.
Among 558 Peers [top]
Composite score of every graded peer, smoothed. Vertical rules are the letter band edges at the 20th, 40th, 60th and 80th percentiles. Small dots are the six largest peers by market equity.
| Rank | Company | Percentile | Letter | Warnings |
|---|---|---|---|---|
| 497 | Liberty Media Corp. (FWONK) Liberty Media Corp. (FWONK) Eweakest fifth; percentile 90.4 Nasdaq · Television Broadcasting Stations last close $95.13 No active warnings; 9 of 14 inputs | 90.4 | E | |
| 498 | BIO KEY International Inc. (BKYI) BIO KEY International Inc. (BKYI) Eweakest fifth; percentile 90.5 Nasdaq · Services-Prepackaged Software market equity $2.5M; last close $1.70 Warnings: short runway, late filer; 7 of 14 inputs | 90.5 | E | short runway, late filer |
| 499 | Firefly Neuroscience, Inc. (AIFF) Firefly Neuroscience, Inc. (AIFF) Eweakest fifth; percentile 90.7 Nasdaq · Services-Prepackaged Software market equity $19.0M; last close $1.21 Warnings: dilution, late filer, fortress balance sheet; 7 of 14 inputs | 90.7 | E | dilution, late filer, fortress balance sheet |
| 500 | Laser Photonics Corp. (LASE) Laser Photonics Corp. (LASE) Eweakest fifth; percentile 90.9 Nasdaq · Miscellaneous Electrical Machinery, Equipment & Supplies market equity $37.3M; last close $0.74 Warnings: late filer; 7 of 14 inputs | 90.9 | E | late filer |
| 501 | Gray Media, Inc. (GTN) Gray Media, Inc. (GTN) Eweakest fifth; percentile 90.9 NYSE · Television Broadcasting Stations last close $4.83 No active warnings; 9 of 14 inputs | 90.9 | E | |
| 502 | Gray Media, Inc. (GTN-A) Gray Media, Inc. (GTN-A) Eweakest fifth; percentile 90.9 NYSE · Television Broadcasting Stations last close $5.41 No active warnings; 9 of 14 inputs | 90.9 | E | |
| 503 | Marketwise, Inc. (MKTW) Marketwise, Inc. (MKTW) Eweakest fifth; percentile 91.1 Nasdaq · Services-Prepackaged Software last close $19.60 No active warnings; 9 of 14 inputs | 91.1 | E | |
| 504 | Lumen Technologies, Inc. (LUMN) Lumen Technologies, Inc. (LUMN) Eweakest fifth; percentile 91.2 NYSE · Telephone Communications (No Radiotelephone) market equity $5.7B; last close $5.55 No active warnings; 11 of 14 inputs | 91.2 | E | |
| 505 | Skillsoft Corp. (SKIL) Skillsoft Corp. (SKIL) Eweakest fifth; percentile 91.3 NYSE · Services-Prepackaged Software market equity $55.9M; last close $6.38 No active warnings; 8 of 14 inputs | 91.3 | E | |
| 506 | Townsquare Media, Inc. (TSQ) Townsquare Media, Inc. (TSQ) Eweakest fifth; percentile 91.4 NYSE · Radio Broadcasting Stations market equity $74.0M; last close $4.43 No active warnings; 9 of 14 inputs | 91.4 | E | |
| 507 | Tucows Inc. (TCX) Tucows Inc. (TCX) Eweakest fifth; percentile 91.5 Nasdaq · Services-Computer Processing & Data Preparation market equity $108.0M; last close $9.69 No active warnings; 8 of 14 inputs | 91.5 | E |
| Peer policy | Letter | Percentile | Peers |
|---|---|---|---|
| all graded filers, equal sleeves | E | 93.3 | 2204 |
| sector peers, equal sleeves (the grade) | E | 90.9 | 558 |
| same exchange, equal sleeves | E | 95.7 | 984 |
| sector peers, equal inputs | E | 90.6 | 558 |
Each letter is one fifth of the 558 graded peers, about 111 companies. A boundary letter (A/B, B/C, C/D, D/E) marks a percentile within one sampling error of a band edge.
What the Price Implies [top]
Market measures at the 2026-10-08 close. None enters the grade. Percentile among graded peers with the same measure.
| Measure | Value | Peer median | Percentile | Reading |
|---|---|---|---|---|
| Twelve-month price change, skipping the latest month | (39.3%) | (0.3%) | 18 | hotter than 18 of 100 peers |
| Distance from 52-week high | (64.2%) | (29.7%) | 15 | closer to its high than 15 of 100 peers |
| EBIT to enterprise value | not computable | 1.4% | required accounting or market input is missing | |
| Free cash flow yield | not computable | 2.7% | required accounting or market input is missing | |
| Book value to price | not computable | 0.24 | required accounting or market input is missing | |
| Sales to price | not computable | 0.33 | required accounting or market input is missing | |
| Composite equity issuance, five years | not computable | 3.2% | required accounting or market input is missing | |
| Relative strength against the sector, log excess return | (0.44) | (0.23) | 34 | ahead of 34 of 100 peers |
Inputs: EBIT $392.0M; free cash flow $181.0M; book equity $2.1B; sales $3.1B; debt $5.8B; cash $176.0M[34].
Diagnostics [top]
Diagnostics do not feed the grade.
| Piotroski F-score: None of 9, period end 2025-12-31 | ||
|---|---|---|
| Return on assets above zero | (0.8%) | ✗ fail[12,14] |
| Operating cash flow above zero | $289.0M | ✓ pass[13] |
| Return on assets improved | (4.3 pts) | ✗ fail[12,14,32,35] |
| Operating cash flow exceeds net income | $374.0M | ✓ pass[12-13] |
| Long-term leverage fell | 1.8 pts | ✗ fail[1,14,32,36-37] |
| Current ratio improved | 24.5 pts | ✓ pass[15-16,30-31] |
| No new shares issued | n/a | |
| Gross margin improved | n/a | |
| Asset turnover improved | (4.9 pts) | ✗ fail[2,14,20,32] |
| Cash, filings, liquidity | |
|---|---|
| Cash and equivalents | $176.0M[38] |
| Operating cash flow, four quarters | $250.0M[13,38-42] |
| Months of runway | not finite |
| trailing operating cash flow is nonnegative, so runway is not finite | |
| Late filings, two years | 0 |
| NT 10-K or NT 10-Q | |
| Days since last periodic filing | 63 |
| 10-Q received Aug 7, 2026 | |
| Median daily dollar volume | $5,439 |
| 63 sessions | |
| Days since newest grade input | 225 |
Downloads [top]
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Sources [top]
Every citation on this page. Filing opens the SEC index page for that submission; viewer opens the SEC interactive data for the same filing; series opens the SEC XBRL API record for that tag and company.
| # | Concept | XBRL tag | Value | Period end | Received | Form | Links |
|---|---|---|---|---|---|---|---|
| 1 | assets | us-gaap:Assets | $10.4B | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 2 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $3.1B | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 3 | operating income | us-gaap:OperatingIncomeLoss | $392.0M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 4 | pretax income | us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest | -$113.0M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 5 | income tax | us-gaap:IncomeTaxExpenseBenefit | -$28.0M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 6 | total debt | us-gaap:LongTermDebt | $5.7B | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 7 | book equity | us-gaap:StockholdersEquity | $2.2B | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 8 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $368.0M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 9 | total debt | us-gaap:LongTermDebt | $5.5B | 2024-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 10 | book equity | us-gaap:StockholdersEquity | $2.3B | 2024-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 11 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $135.0M | 2024-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 12 | net income | us-gaap:NetIncomeLoss | -$85.0M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 13 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $289.0M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 14 | assets | us-gaap:Assets | $10.5B | 2024-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 15 | current assets | us-gaap:AssetsCurrent | $656.0M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 16 | current liabilities | us-gaap:LiabilitiesCurrent | $516.0M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 17 | retained earnings | us-gaap:RetainedEarningsAccumulatedDeficit | $1.2B | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 18 | liabilities | us-gaap:Liabilities | $7.6B | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 19 | depreciation amortization | us-gaap:Depreciation | $133.0M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 20 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $3.6B | 2024-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 21 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $3.3B | 2023-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 22 | revenue | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax | $3.7B | 2022-12-31 | 2025-02-27 | 10-K | filing · viewer · series |
| 23 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $108.0M | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 24 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $751.0M | 2024-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 25 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $143.0M | 2024-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 26 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $648.0M | 2023-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 27 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $348.0M | 2023-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 28 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $829.0M | 2022-12-31 | 2025-02-27 | 10-K | filing · viewer · series |
| 29 | capital expenditure | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment | $436.0M | 2022-12-31 | 2025-02-27 | 10-K | filing · viewer · series |
| 30 | current assets | us-gaap:AssetsCurrent | $541.0M | 2024-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 31 | current liabilities | us-gaap:LiabilitiesCurrent | $527.0M | 2024-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 32 | assets | us-gaap:Assets | $10.6B | 2023-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 33 | assets | us-gaap:Assets | $11.2B | 2022-12-31 | 2025-02-27 | 10-K | filing · viewer · series |
| 34 | shares outstanding | us-gaap:CommonStockSharesOutstanding | 87,539,056 | 2021-12-31 | 2022-02-25 | 10-K | filing · viewer · series |
| 35 | net income | us-gaap:NetIncomeLoss | $375.0M | 2024-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 36 | long term debt | us-gaap:LongTermDebtNoncurrent | $5.7B | 2025-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 37 | long term debt | us-gaap:LongTermDebtNoncurrent | $5.6B | 2024-12-31 | 2026-02-26 | 10-K | filing · viewer · series |
| 38 | cash | us-gaap:CashAndCashEquivalentsAtCarryingValue | $176.0M | 2026-06-30 | 2026-08-07 | 10-Q | filing · viewer · series |
| 39 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $124.0M | 2026-06-30 | 2026-08-07 | 10-Q | filing · viewer · series |
| 40 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $1.0M | 2026-03-31 | 2026-05-07 | 10-Q | filing · viewer · series |
| 41 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $177.0M | 2025-09-30 | 2025-11-07 | 10-Q | filing · viewer · series |
| 42 | operating cash flow | us-gaap:NetCashProvidedByUsedInOperatingActivities | $163.0M | 2025-06-30 | 2026-08-07 | 10-Q | filing · viewer · series |
Limitations [top]
Grade boundary. Percentile 90.9 is 10.9 points from the nearest band edge; sampling error is 2.1 points.
Peer group. Sector assignment from four-digit SIC codes, hand-tuned and published. The grade under three alternative peer policies is tabled above.
Size. Within a sector the letter tracks size. Among graded filers in the smallest asset band, 72% grade E and 0% grade A; in the largest, 13% grade E and 21% grade A. Universe as of Oct 9, 2026.
Failure model. filings 2012-01-01 to 2019-12-31 fit, filings 2020-01-01 to 2025-12-31 test; status post hoc pending confirmation. pre-registered on 2026 filings once their 12-month outcome windows close; supported if the paired per-quintile gain over the pooled model has a lower bound above 0.05.
Input validity. Revenue or total assets at or below $100,000 sets the degenerate-inputs flag. An input whose denominator is at or below $100,000 is left not computable rather than ranked.
Returns. No input on this page has a post-2015 confidence interval on returns that excludes zero. The grade ranks reported financial condition and is not a return forecast.
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