GTNGray Media, Inc.
Is the business good?
The checks split: nothing decisive, though margins compressing.
Operating profit is mostly backed by cash. Conversion is worsening vs a year ago.
Operating margin has narrowed over the past few years, profitability per dollar of sales is eroding.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is GTN?
Gray Media, Inc. earns 4.4% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 4.6 points below what the capital costs: growth destroys value
- Operating margin
- 14%
Operating margin · Communication Services median 7.6% · 12 months to Q2 2026
- Cash conversion
- 0.73×
Cash conversion · 1.57× a year ago · most of the operating profit arrived as cash, working capital took the rest
- Share count, year on year
- +3.1%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | 32% |
| FY2021 | 16% |
| FY2022 | 27% |
| FY2023 | 12% |
| FY2024 | 23% |
| FY2025 | 13% |
Details›
- Operating margin12 months to Q2 2026
- 14%
- Net margin12 months to Q2 2026
- −0.83%
- Free cash flow margin
- 4.6%
- Revenue, trailing twelve months
- $3.15B
- Free cash flow, trailing twelve months
- $146M
- Net income, trailing twelve months
- −$26M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 4.4%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Communication Services
Ranks #54 of 124 by RyuScore