How does Trendshare evaluate GTN as a worked example?

This example shows how we apply the Trendshare checklist to GTN: earnings power, cash generation, valuation, and margin of safety. We look at business quality, free cash flow trends, price to earnings, and whether there is a reasonable margin of safety at the current price of 5.92.

Gray Television Stock Price and Value Analysis

Gray Television (NYSE:GTN) in our automated value investing analysis, with the cash flow history and price comparison below.

Key Facts

Ticker: GTN (NYSE)
Current price: $5.92
Sector: Communication Services
Industry: Broadcasting
Dividend yield: 5.50%

Advertisement helps keep Trendshare free for most readers.

Hold-time calculator

Estimate how long you need to hold Gray Television to reach your target.

Target type Target price Target total return %

Current price

Expected annual return (compound annual growth rate, CAGR)

Margin of safety (%)

Target price (Trendshare FV)

Include dividend yield
5.50%

GTN Free Cash Flow Trend

Free Cash Flow trendline for GTN — Free Cash Flow trendline for Gray Television

CSV

Based on historical returns, we believe that Gray Television can grow its free cash at a rate of about 3%. That's positive!

Advantages	Disadvantages
This company has a large dividend yield! This stock is available at a great discount! This company is solid.	This company is making money at a modest rate. This company has wild ups and downs.

Inside the GTN Numbers

	GTN Price (Gray Television stock price per share)	$5.92
× Present Value/Intrinsic Valuation The intrinsic value of a company is how much cash it can generate over its lifespan. If a business lasts for ten years and produces a million dollars of free cash profit every year, its intrinsic value is ten million dollars. The present value of an investment is the price you must pay right now to earn that intrinsic value in however many years you want to wait. This of course depends on the rate of return you want for your investment. You can't predict what a company will make in the future with perfect accuracy, but a company with a history of increasing its free cash flow every year is likely to do so over time. By projecting free cash flow into the future, you can calculate a fair price for the stock right now. While most stocks are priced fairly, sometimes they go on sale. This calculation will help you decide that. You still have to figure out if it's a good investment, but bargains exist. Close ^[?]	GTN Fair Price (based on intrinsic value)	$45.96
× Safety Margin Price The safety margin of a stock helps you avoid risk. Why? Because the discounted free cash flow analysis relies on estimates, discounting the fair price by a further safety margin gives you some wiggle room to be wrong about those estimates. Established companies with stable free cash flow growth need a small safety margin. Smaller and newer and riskier companies need a larger safety margin. A company with a lot of debt needs a larger safety margin and a company with a lot of equity needs less. By investing in multiple companies and keeping a sensible safety margin, you can be pleasantly surprised by great companies outperforming your expectations and minimize the possibility of stagnation (or even loss) by companies which underperform. Close ^[?]	GTN Safety Price (based on a variable margin of safety)	$29.87
	Try your own return The fair price above uses a 10.1% discount rate, the long-run US stock return (10.1% geometric, 1926 to 2025, from Bessembinder's working paper, updated 2026-11-09), and 2.5% terminal growth. A higher rate suits a higher return target and gives a lower value. Discount rate (%) Terminal growth (%) Value per share:
× PE Ratio Versus Sector The PE ratio measures the reported earnings of a company to its current stock price. While earnings are easy to manipulate on the balance sheet, this ratio gives you a sense of what buyers are willing to pay for the stock—what they believe it will do in the future. Comparing a stock's PE to the average PE of companies in its industry gives you a sense of market sentiment about the stock and how well it fares financially. It's not the only number, nor the most important, but comparing similar companies is valuable. A ratio far above or below that of its peers is significant. Industries are more specific than sectors, so companies within most industries are more similar than are companies within an industry. Be aware that the size and customers of companies are important to their prospects. Close ^[?]	PE Ratio versus Sector	80% lower than other Communication Services stocks
× PE Ratio Versus Industry The PE ratio measures the reported earnings of a company to its current stock price. While earnings are easy to manipulate on the balance sheet, this ratio gives you a sense of what buyers are willing to pay for the stock—what they believe it will do in the future. Comparing a stock's PE to the average PE of companies in its sector gives you a sense of market sentiment about the stock and how well it fares financially. It's not the only number, nor the most important, but comparing similar companies is valuable. A ratio far above or below that of its peers is significant. Be aware that sectors are very broad, with many types of companies in the same sector. Close ^[?]	PE Ratio versus Industry	35% lower than other Broadcasting stocks
× Cash Yield The cash yield of a stock is the ratio of free cash per share—real dollars available after bringing in revenue and paying bills—to the current price of the stock. It's similar to the PE ratio, but it's less prone to manipulation through accounting practices. In general, the less you have to pay to make more money, the better. Close ^[?]	Cash Yield	24.90%
× Free Cash Flow Jitter The free cash flow jitter of a stock measures how much the company's free cash flow varies from its historical trend, on average. While it's always nice to make more money than you expected, a company with predictable free cash flow is stable and good. A company with wild swings in its free cash flow warrants further research. In general, the lower this number, the better. Close ^[?]	Free Cash Flow Jitter	69%
× Dividend Yield The dividend yield of a stock is the amount of money paid out in dividends every year divided by the stock's current price. While not every stock pays a dividend, many solid companies pay good dividends. In general, the higher this calculation, the better—think of it like an interest rate of an investment—if the company pays dividends consistently. A high dividend payout rate may indicate that the share price has fallen recently. Be sure that the company is worth investing in before you chase high dividend yields! Close ^[?]	Dividend Yield	5.50% (tax impact)
	Shares Shorted	3,921

Insider Activity Summary

In the six months to 2026-11-13, no insider bought shares, and 1 insider sold in 2 trades, about $251 thousand.

The six months before that had no buys or sales.

Recent Insider Activity

Open-market buys and sells reported by Gray Television's officers, directors, and 10% owners on SEC Form 4. Routine transactions (tax withholding, option exercises, and stock grants) are excluded -- these are discretionary trades only.

Date	Insider	Type	Shares	Price
2026-05-19	BOGER RICHARD LEE	Sell	55,000	$4.19
2026-05-19	BOGER RICHARD LEE	Sell	2,000	$10.12
2025-09-09	BOGER RICHARD LEE	Sell	20,000	$5.82
2025-06-05	Gignac Jeffrey R (Executive Vice President, CFO)	Buy	12,500	$3.68
2025-02-28	BOGER RICHARD LEE	Sell	16,000	$3.85
2024-12-16	McTear Paul	Sell	17,780	$3.77
2024-12-02	Latek Kevin Paul (EVP Chief L & D Officer)	Sell	150,216	$4.37
2024-12-02	Latek Kevin Paul (EVP Chief L & D Officer)	Sell	4,908	$4.37

This stock has short interest! This means that people have shorted it.

Why does that matter? They've made a bet that price will decrease from where they bought it. Maybe there are financial problems, or maybe there's a value play.

As of the latest analysis, there are 3,921 shares shorted. With 83,292,634 shares available for purchase and an average trading volume over the past 10 trading days of 1,456,100, it would take at least 0.0 days for all of the short holders to cover their shorts.

Estimate Intrinsic Value (DCF)

Project future free cash flow and discount it back to today to compare market price vs intrinsic value. See how compound returns work over time.

📊 Intrinsic Value Calculator (DCF Method)

Calculate the present value of future cash flows to determine stock intrinsic value.

Annual Free Cash Flow ($):

Current or most recent year free cash flow (operating cash - capex)

Expected Annual Growth Rate (%):

Conservative estimate (3-7% for mature companies, 10-20% for growth)

Discount Rate (%):

Required rate of return (8-10% stable, 12-15% growth, 15%+ speculative)

Projection Period (Years):

Longer projections are less certain but may reveal more value

Terminal Value Multiple:

Exit multiple for terminal value (10-15x typical for mature companies)

Calculation Results

Total Intrinsic Value:

Discounted Cash Flows:

Terminal Value (PV):

Year	Future CF	Present Value

How to use this result: Compare the intrinsic value to the current stock price. If intrinsic value is significantly higher than market price (30-50% margin of safety), the stock may be undervalued. Remember, these are estimates based on your assumptions.

Learn to Evaluate GTN

Learn how to evaluate stocks, understand expected returns, and build a value investing strategy.

See How Returns Compound →

Free Cash Flow by Fiscal Year

Each year names the SEC filer that reported it, so a change of filer shows up here.

Fiscal year	SEC filer (CIK)	Free cash flow (USD millions)
2009	43196	1.1
2010	43196	19.6
2011	43196	17.7
2012	43196	67.9
2013	43196	38.2
2014	43196	109.3
2015	43196	80.9
2016	43196	180.4
2017	43196	148.2
2018	43196	282.0
2019	43196	328.4
2020	43196	578.3
2021	43196	193.6
2022	43196	642.4
2023	43196	405.8
2024	43196	502.2
2025	43196	40.6

Download the yearly data as CSV.

Price Versus Our Estimated Value

Every one of the 17 fiscal years we have for Gray Television under its current filer shows positive free cash flow.

Gray Television's average free cash flow rose sharply, from $12.8 million in its earliest three years to $316.2 million in its latest three.

Year-to-year variability in free cash flow is volatile, measured at 69%.

At $5.92, Gray Television trades below our safe value estimate of $29.87 and our fair value estimate of $45.96.

Gray Television pays a dividend yield of 5.50%.

Our value investing guide explains how to test these numbers against the filings themselves.

Compared With Its Sector and Industry

Its trailing P/E ratio is 80% below the average for stocks in the Communication Services sector.

Its trailing P/E ratio is 35% below the average for stocks in the Broadcasting industry.

A P/E ratio depends on trailing earnings, which one-time items can distort, so a lower P/E is not by itself evidence of value.

SEC Filer History

Every fiscal year on this page is reported by one SEC filer, CIK 43196.

Each figure on this page comes from that filer.

Risks to This Analysis

Free cash flow is volatile from year to year, so the estimates depend heavily on which years are included.
These figures are automated calculations from SEC filings and the recent price. They may contain errors, and they do not reflect lawsuits, management changes, or other events the filings do not show.

Advertisement supports free stock analysis content.

Questions to Answer Before You Invest in GTN

Does Gray Television have a coherent story? Does it have a plan to continue to make money? Is it worth your time? Only you can decide where to go from here. Our investment guide helps you ask the right questions, including how to buy stocks. Use these research links for more information.

Step 1 — Snapshot
- Price: 5.92
- Market cap: $610M
- EPS: 0.32
Step 2 — Valuation checks
- P/E: 18.5
- FCF yield: 24.9%
- Date checked: Nov 12, 2026
Step 3 — Margin of safety
- Compare price to fair value and safety price.
- Look for durable cash generation and reasonable leverage.
- Decide if it passes your personal checklist.