Gray Media, Inc. — Earnings Quality Grade F
GTN · Communication Services
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 24 days, change -10 days YoY
AR growth -39.2% vs revenue growth -15.1%
Revenue -15.1%, CFFO -61.5%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -24.5% vs revenue -15.1%. Normal
SG&A/Gross Profit = 14.8%, excellent (<30%)
Gross margin swung -9.6pp (34.1% → 24.6%)
Cash Flow Quality
CFFO/NI = -3.40. Below 1.0
FCF $0.2B, FCF/NI = -2.13
Accruals ratio = -3.6%. Low accruals
Cash $0.4B covers only 6% of debt $5.8B
Balance Sheet Health
Goodwill+Intangibles $8.1B = 289% of equity. Over 50%
Debt/EBITDA = 9.3x (>4x). Interest coverage = 0.9x (<2x). Financial stress
Other assets grew 59.3% vs revenue -15.1%
Write-offs normal
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -2% YoY. Normal
Manipulation Score
M-Score = -2.89 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25