Gray Television
Financial ratios & Valuation

Forward Multiples (2025 – 2027)

202520262027
Price/Earnings ratio
-30.751.6113
Price/Sales ratio
0.160.140.16
Earnings per Share (EPS)
$-0.18$3.55$0.44

Historical Multiples (2014 – 2023)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 TTM Median
Valuation Ratios
Price/Earnings ratio
13.4828.3312.514.676.1511.854.1821.282.26-10.841.4511.85
Price/Sales ratio
1.271.860.951.381.191.000.720.790.280.250.071.00
Price/Book Value ratio
2.992.591.581.231.091.000.710.790.370.310.131.00
Price/Cash Flow ratio
4.8210.543.776.794.015.512.636.381.241.270.615.51
Price/Free Cash Flow ratio
6.3513.684.788.415.127.713.1620.592.612.740.907.71
Price/Earnings Growth ratio
0.08-0.940.250.01-0.18-0.250.02-0.230.000.080.63-0.18
Dividend Yield
N/AN/AN/AN/AN/A1.83%3.02%4.33%7.96%9.94%10.63%10.63%
Profitability Indicator Ratios
Gross Profit Margin
43.71%37.36%41.51%36.88%44.98%34.07%41.53%33.27%38.84%27.40%42.27%42.27%
Operating Profit Margin
30.26%23.44%28.81%32.99%35.86%22.52%31.58%15.78%26.93%11.67%18.45%22.52%
Pretax Profit Margin
15.70%11.00%13.00%21.89%26.53%12.01%22.84%6.96%16.70%-2.49%7.62%12.01%
Net Profit Margin
9.45%6.57%7.66%29.67%19.44%8.43%17.21%3.72%12.37%-2.31%5.68%8.43%
Effective Tax Rate
39.77%40.22%41.08%-35.53%26.71%29.80%24.63%46.42%25.89%7.31%25.37%29.80%
Return on Assets
2.56%1.83%2.23%8.03%5.00%2.56%5.36%0.81%4.08%-0.71%1.85%2.56%
Return On Equity
22.23%9.15%12.63%26.38%17.75%8.46%17.06%3.73%16.44%-2.89%7.75%8.46%
Return on Capital Employed
8.58%6.81%8.78%9.30%9.56%7.10%10.17%3.55%9.21%3.73%6.31%7.10%
Liquidity Ratios
Current Ratio
2.103.254.495.075.802.735.11N/AN/AN/A1.132.73
Quick Ratio
1.833.134.374.965.752.634.872.261.991.181.132.63
Cash ratio
0.381.112.723.524.430.863.030.490.140.050.130.86
Days of Sales Outstanding
76.6374.2265.9570.8061.9470.6968.3797.5666.7240.3838.3670.69
Days of Inventory outstanding
26.9010.2510.559.604.476.2615.9921.316.98N/AN/A6.26
Operating Cycle
103.5384.4776.5080.4066.4276.9584.36118.8773.7040.3838.3676.95
Days of Payables Outstanding
5.884.424.035.135.142.862.6213.378.933.523.102.86
Cash Conversion Cycle
97.6580.0572.4675.2661.2774.0881.74105.5064.7736.8535.2674.08
Debt Ratios
Debt Ratio
0.660.560.630.560.600.530.520.600.570.570.550.53
Debt Equity Ratio
5.712.843.561.852.141.751.652.812.332.352.762.14
Long-term Debt to Capitalization
0.850.730.780.640.680.630.620.730.690.700.730.68
Total Debt to Capitalization
0.850.730.780.640.680.630.620.730.700.700.730.68
Interest Coverage Ratio
2.241.882.412.273.491.863.78N/AN/AN/A1.331.86
Cash Flow to Debt Ratio
0.100.080.110.090.120.100.160.040.120.100.070.10
Company Equity Multiplier
8.654.995.643.283.543.293.184.614.034.054.993.54
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
0.260.170.250.200.290.180.270.120.220.190.130.18
Free Cash Flow / Operating Cash Flow Ratio
0.750.770.780.800.780.710.830.310.470.460.650.71
Cash Flow Coverage Ratio
0.100.080.110.090.120.100.160.040.120.100.070.10
Short Term Coverage Ratio
N/AN/AN/A28.05N/A64.1693.1412.533.1624.9220.2664.16
Dividend Payout Ratio
N/AN/AN/AN/AN/A21.78%12.68%92.22%18.02%-107.89%41.11%21.78%