Gray MediaGTN +0.51%65 Piotroski F-Score is 3 as of Jun. 25, 2026, which is 40% below its 10-year median of 5.00. GuruFocus rates GTN with a GF Score™ of 65/100 and a GF Value™ of $4.30 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 1,015 Media - Diversified companies, Gray Media ranks worse than 79.9% on this metric.
Warning Sign:
Piotroski F-Score of 3 is low, which usually implies poor business operation.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Gray Media has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
The historical rank and industry rank for Gray Media's Piotroski F-Score or its related term are showing as below:
GTN'
s Piotroski F-Score Range Over the Past 10 Years
Min: 3 Med: 5 Max: 9
Current: 3
During the past 13 years, the highest Piotroski F-Score of Gray Media was 9. The lowest was 3. And the median was 5.
Gray Media (NYSE:GTN) Piotroski F-Score Explanation
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Gray Media Piotroski F-Score Related Terms
Gray Media Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Gray Media's Piotroski F-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
GTN vs SSP, FUBO, IHRT: Piotroski F-Score Comparison
For the Broadcasting subindustry, Gray Media's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Gray Media Piotroski F-Score vs Media - Diversified Industry
For the Media - Diversified industry and Communication Services sector, Gray Media's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Gray Media's Piotroski F-Score falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Gray Media's current Net Income (TTM) was -96.
==> Negative ==> Score 0.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Gray Media's return on assets of this year was -0.00919716. Gray Media's return on assets of last year was 0.0258966.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Gray Media's current ratio of this year was 1.19679634. Gray Media's current ratio of last year was 0.90619137.
==> This year's current ratio is higher. ==> Score 1.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Gray Media's number of shares in issue this year was 97. Gray Media's number of shares in issue last year was 96.
==> There is larger number of shares in issue this year. ==> Score 0.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
Gray Media's gross margin of this year was 0.24699773. Gray Media's gross margin of last year was 0.33583125.
==> Last year's gross margin is higher ==> Score 0.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Gray Media's asset turnover of this year was 0.29517149. Gray Media's asset turnover of last year was 0.33563111.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
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Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Gray Media has an F-score of 3. It is a bad or low score, which usually implies poor business operation.
Gray Media (GTN) has a Piotroski F-Score of 3 as of Jun. 25, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Gray Media and its competitors. This is 40% below median its historical median of 5.00. Over the past decade, Gray Media's Piotroski F-Score has ranged from 3.00 to 9.00. According to the industry distribution chart, Gray Media ranks #811 out of 1015 companies in the Media - Diversified industry, placing it in the top 79.9%.
Is Gray Media's Piotroski F-Score too high?
Gray Media's current Piotroski F-Score of 3 is 40% below median its 10-year median of 5.00. Over the past 10 years, this metric has ranged from a low of 3.00 to a high of 9.00. The Media - Diversified industry median Piotroski F-Score is 5.00. Gray Media's value of 3 is 40% below this industry median. Based on the distribution chart, Gray Media ranks #811 out of 1015 companies in the Media - Diversified industry, which is in the bottom quartile relative to peers. Overall, Gray Media has a GF Score™ of 65/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Gray Media's Piotroski F-Score compare to SSP and FUBO?
According to the Media - Diversified industry distribution chart, Gray Media ranks #811 out of 1015 companies for Piotroski F-Score. This places Gray Media in the lower half of its industry. The industry median Piotroski F-Score is 5.00. Gray Media's value of 3 is 40% below this benchmark. Historically, Gray Media's own Piotroski F-Score has ranged from 3.00 to 9.00 over the past decade. While the company's 10-year median is 5.00 vs. the industry median of 5.00, Gray Media has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Piotroski F-Score for a Media - Diversified company?
The median Piotroski F-Score among Media - Diversified companies is 5.00, based on 1,015 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Gray Media's current Piotroski F-Score of 3 is 40% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Gray Media and its competitors. For the Media - Diversified industry, the median Piotroski F-Score is 5.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Gray Media's current Piotroski F-Score is 3, which is 40% below median its own 10-year median of 5.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Gray Media stock overvalued right now?
Based on GuruFocus' analysis, Gray Media (GTN) is currently considered Significantly Overvalued. The stock's GF Value™ is $4.30, compared to a current price of $3.95 — trading 8.1% below its estimated fair value. The current Piotroski F-Score is 3, which is 40% below median its 10-year median of 5.00 and 40% below the Media - Diversified industry median of 5.00. Gray Media's overall GF Score™ is 65/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For Gray Media (GTN), the current Piotroski F-Score is 3 as of Jun. 25, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Gray Media (GTN) Overvalued in 2026?
Based on GuruFocus' analysis, Gray Media stock appears to be undervalued.
The current stock price of $3.95 is trading 8.1% below its estimated GF Value™ of $4.30.
GuruFocus considers Gray Media to be Significantly Overvalued.
Key valuation signals for GTN:
Piotroski F-Score: 3 (40% below median its 10-year median of 5.00)
GF Value™: $4.30 vs. price of $3.95 (8.1% below fair value)
Industry Position: 40% below the Media - Diversified median (#811 of 1015)
No single metric tells the full story. See the GTN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Gray Media Inc is a multimedia company. The company owns and operates local television stations and digital assets. It also owns Gray Digital Media, a full-service digital agency offering national and local clients digital marketing strategies with digital products and services. Its additional media properties include video production companies Raycom Sports, Tupelo Media Group, and PowerNation Studios, and studio production facilities Assembly Atlanta and Third Rail Studios. The company's segments include Broadcasting and Production Companies. The majority of revenue is derived from broadcast and digital advertising and from retransmission consent fees.
65GF Score
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