Gray Television Inc (GTN) - Net Assets
Based on the latest financial reports, Gray Television Inc (GTN) has net assets worth $2.81 Billion USD as of September 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets ($10.32 Billion) and total liabilities ($7.51 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check GTN asset liquidity ratio to evaluate the company's liquid asset resilience ratio.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | $2.81 Billion |
| % of Total Assets | 27.21% |
| Annual Growth Rate | 13.8% |
| 5-Year Change | 22.06% |
| 10-Year Change | 583.25% |
| Growth Volatility | 165.44 |
Gray Television Inc - Net Assets Trend (1990–2024)
This chart illustrates how Gray Television Inc's net assets have evolved over time, based on quarterly financial data. Also explore Gray Television Inc total assets for the complete picture of this company's asset base.
Annual Net Assets for Gray Television Inc (1990–2024)
The table below shows the annual net assets of Gray Television Inc from 1990 to 2024. For live valuation and market cap data, see market cap of Gray Television Inc.
| Year | Net Assets | Change |
|---|---|---|
| 2024-12-31 | $2.93 Billion | +11.90% |
| 2023-12-31 | $2.62 Billion | -5.24% |
| 2022-12-31 | $2.77 Billion | +14.91% |
| 2021-12-31 | $2.41 Billion | +0.17% |
| 2020-12-31 | $2.40 Billion | +13.67% |
| 2019-12-31 | $2.11 Billion | +78.07% |
| 2018-12-31 | $1.19 Billion | +19.57% |
| 2017-12-31 | $992.90 Million | +101.46% |
| 2016-12-31 | $492.86 Million | +14.81% |
| 2015-12-31 | $429.27 Million | +98.56% |
| 2014-12-31 | $216.19 Million | +24.24% |
| 2013-12-31 | $174.01 Million | +20.89% |
| 2012-12-31 | $143.94 Million | +17.07% |
| 2011-12-31 | $122.95 Million | -4.99% |
| 2010-12-31 | $129.41 Million | +38.23% |
| 2009-12-31 | $93.62 Million | -20.06% |
| 2008-12-31 | $117.11 Million | -65.34% |
| 2007-12-31 | $337.85 Million | -11.04% |
| 2006-12-31 | $379.75 Million | -0.33% |
| 2005-12-31 | $381.00 Million | +0.73% |
| 2004-12-31 | $378.24 Million | +4.26% |
| 2003-12-31 | $362.77 Million | -1.80% |
| 2002-12-31 | $369.42 Million | +159.80% |
| 2001-12-31 | $142.20 Million | -8.83% |
| 2000-12-31 | $155.96 Million | -7.28% |
| 1999-12-31 | $168.20 Million | +32.75% |
| 1998-12-31 | $126.70 Million | +37.27% |
| 1997-12-31 | $92.30 Million | -3.05% |
| 1996-12-31 | $95.20 Million | +957.78% |
| 1995-12-31 | $9.00 Million | +80.00% |
| 1994-12-31 | $5.00 Million | -29.58% |
| 1993-12-31 | $7.10 Million | +82.05% |
| 1992-12-31 | $3.90 Million | -89.23% |
| 1991-12-31 | $36.20 Million | 0.00% |
| 1990-12-31 | $36.20 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Gray Television Inc's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 3932.3% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2024)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | $1.38 Billion | 46.88% |
| Common Stock | $1.25 Billion | 42.79% |
| Other Comprehensive Income | $-30.00 Million | -1.02% |
| Other Components | $333.00 Million | 11.35% |
| Total Equity | $2.93 Billion | 100.00% |
Gray Television Inc Competitors by Market Cap
The table below lists competitors of Gray Television Inc ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Ensign Energy Services Inc
TO:ESI
|
$523.66 Million |
|
IDI S.C.A.
PA:IDIP
|
$523.70 Million |
|
Shandong Homey Aquatic Development Co Ltd
SHG:600467
|
$523.78 Million |
|
Zhejiang Jinlihua Electric Co
SHE:300069
|
$523.90 Million |
|
Beijing Centergate Technologies Holding Co Ltd
SHE:000931
|
$523.48 Million |
|
Zhanjiang Guolian Aquatic Products
SHE:300094
|
$523.32 Million |
|
Unifique Telecomunicações S.A.
SA:FIQE3
|
$523.16 Million |
|
Amex Exploration Inc
V:AMX
|
$523.14 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Gray Television Inc's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 2,621,000,000 to 2,933,000,000, a change of 312,000,000 (11.9%).
- Net income of 375,000,000 contributed positively to equity growth.
- Dividend payments of 84,000,000 reduced retained earnings.
- Share repurchases of 4,000,000 reduced equity.
- Other comprehensive income decreased equity by 7,000,000.
- Other factors increased equity by 32,000,000.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | $375.00 Million | +12.79% |
| Dividends Paid | $84.00 Million | -2.86% |
| Share Repurchases | $4.00 Million | -0.14% |
| Other Comprehensive Income | $-7.00 Million | -0.24% |
| Other Changes | $32.00 Million | +1.09% |
| Total Change | $- | 11.90% |
Book Value vs Market Value Analysis
This analysis compares Gray Television Inc's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 0.19x
- The company is trading below its book value, potentially indicating the market believes the assets are overvalued on the balance sheet or anticipates future losses.
- The price-to-book ratio has decreased from 1.73x to 0.19x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 1990-12-31 | $3.28 | $5.66 | x |
| 1991-12-31 | $3.28 | $5.66 | x |
| 1992-12-31 | $0.49 | $5.66 | x |
| 1993-12-31 | $1.10 | $5.66 | x |
| 1994-12-31 | $0.70 | $5.66 | x |
| 1995-12-31 | $1.40 | $5.66 | x |
| 1996-12-31 | $11.33 | $5.66 | x |
| 1997-12-31 | $7.79 | $5.66 | x |
| 1998-12-31 | $10.21 | $5.66 | x |
| 1999-12-31 | $13.10 | $5.66 | x |
| 2000-12-31 | $10.06 | $5.66 | x |
| 2001-12-31 | $9.11 | $5.66 | x |
| 2002-12-31 | $16.51 | $5.66 | x |
| 2003-12-31 | $7.18 | $5.66 | x |
| 2004-12-31 | $7.54 | $5.66 | x |
| 2005-12-31 | $7.83 | $5.66 | x |
| 2006-12-31 | $7.84 | $5.66 | x |
| 2007-12-31 | $7.07 | $5.66 | x |
| 2008-12-31 | $2.42 | $5.66 | x |
| 2009-12-31 | $1.93 | $5.66 | x |
| 2010-12-31 | $2.38 | $5.66 | x |
| 2011-12-31 | $2.15 | $5.66 | x |
| 2012-12-31 | $2.51 | $5.66 | x |
| 2013-12-31 | $3.00 | $5.66 | x |
| 2014-12-31 | $3.70 | $5.66 | x |
| 2015-12-31 | $6.22 | $5.66 | x |
| 2016-12-31 | $6.77 | $5.66 | x |
| 2017-12-31 | $13.45 | $5.66 | x |
| 2018-12-31 | $13.37 | $5.66 | x |
| 2019-12-31 | $21.14 | $5.66 | x |
| 2020-12-31 | $24.77 | $5.66 | x |
| 2021-12-31 | $25.34 | $5.66 | x |
| 2022-12-31 | $29.74 | $5.66 | x |
| 2023-12-31 | $28.49 | $5.66 | x |
| 2024-12-31 | $30.55 | $5.66 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Gray Television Inc utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 12.79%
- The company shows good efficiency in utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 10.29%
- • Asset Turnover: 0.35x
- • Equity Multiplier: 3.59x
- Recent ROE (12.79%) is above the historical average (3.23%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 1990 | 8.84% | 11.64% | 0.66x | 1.15x | $-420.00K |
| 1991 | 8.84% | 11.64% | 0.66x | 1.15x | $-420.00K |
| 1992 | -10.26% | -1.45% | 1.04x | 6.77x | $-790.00K |
| 1993 | 15.49% | 8.40% | 0.61x | 3.01x | $390.00K |
| 1994 | 56.00% | 7.67% | 0.53x | 13.76x | $2.30 Million |
| 1995 | 10.00% | 1.54% | 0.75x | 8.69x | $0.00 |
| 1996 | 2.63% | 3.15% | 0.27x | 3.14x | $-7.02 Million |
| 1997 | -1.52% | -1.35% | 0.30x | 3.74x | $-10.63 Million |
| 1998 | 32.91% | 32.35% | 0.27x | 3.70x | $29.03 Million |
| 1999 | -3.75% | -4.38% | 0.22x | 3.91x | $-23.12 Million |
| 2000 | -3.98% | -3.63% | 0.27x | 4.08x | $-21.81 Million |
| 2001 | -9.37% | -8.52% | 0.20x | 5.59x | $-27.54 Million |
| 2002 | -7.55% | -14.04% | 0.15x | 3.51x | $-64.83 Million |
| 2003 | 3.87% | 4.75% | 0.22x | 3.65x | $-22.25 Million |
| 2004 | 11.71% | 12.78% | 0.25x | 3.63x | $6.46 Million |
| 2005 | 0.88% | 1.29% | 0.17x | 4.00x | $-34.74 Million |
| 2006 | 3.08% | 3.53% | 0.20x | 4.29x | $-26.26 Million |
| 2007 | -6.85% | -7.53% | 0.19x | 4.81x | $-56.94 Million |
| 2008 | -172.51% | -61.75% | 0.26x | 10.92x | $-213.73 Million |
| 2009 | -24.62% | -8.52% | 0.22x | 13.31x | $-32.41 Million |
| 2010 | 17.90% | 6.69% | 0.28x | 9.60x | $10.22 Million |
| 2011 | 7.35% | 2.94% | 0.25x | 10.04x | $-3.26 Million |
| 2012 | 19.54% | 6.95% | 0.32x | 8.68x | $13.74 Million |
| 2013 | 10.51% | 5.28% | 0.26x | 7.67x | $887.00K |
| 2014 | 22.23% | 9.46% | 0.27x | 8.66x | $26.44 Million |
| 2015 | 9.16% | 6.58% | 0.28x | 4.99x | $-3.63 Million |
| 2016 | 12.64% | 7.66% | 0.29x | 5.65x | $12.99 Million |
| 2017 | 26.38% | 29.68% | 0.27x | 3.28x | $162.66 Million |
| 2018 | 17.76% | 19.44% | 0.26x | 3.55x | $92.08 Million |
| 2019 | 8.47% | 8.44% | 0.30x | 3.30x | $-32.40 Million |
| 2020 | 17.06% | 17.22% | 0.31x | 3.18x | $169.70 Million |
| 2021 | 3.74% | 3.73% | 0.22x | 4.61x | $-150.70 Million |
| 2022 | 16.45% | 12.38% | 0.33x | 4.03x | $178.40 Million |
| 2023 | -2.90% | -2.32% | 0.31x | 4.06x | $-338.10 Million |
| 2024 | 12.79% | 10.29% | 0.35x | 3.59x | $81.70 Million |
Industry Comparison
This section compares Gray Television Inc's net assets metrics with peer companies in the Broadcasting industry.
Industry Context
- Industry: Broadcasting
- Average net assets among peers: $1,422,395,837
- Average return on equity (ROE) among peers: -1400.87%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Gray Television Inc (GTN) | $2.81 Billion | 8.84% | 2.68x | $523.55 Million |
| Beasley Broadcast Group Inc (BBGI) | $81.08 Million | 14.84% | 2.53x | $7.05 Million |
| Cumulus Media Inc Class A (CMLS) | $16.03 Million | -3408.77% | 187.67x | $2.54 Million |
| Curiositystream Inc. (CURI) | $106.69 Million | -34.40% | 0.07x | $180.73 Million |
| CuriosityStream Inc (CURIW) | $57.85 Million | -22.37% | 0.49x | $121.00 |
| Fubotv Inc (FUBO) | $28.96K | -9048.21% | 17.95x | $412.68 Million |
| Gray Television Inc (GTN-A) | $2.93 Billion | 12.79% | 2.59x | $109.27 Million |
| iHeartMedia Inc Class A (IHRT) | $9.55 Billion | 8.86% | 1.09x | $527.25 Million |
| Mediaco Holding Inc (MDIA) | $37.41 Million | -20.40% | 1.82x | $51.19 Million |
| Newsmax, Inc. (NMAX) | $18.10 Million | -110.15% | 2.69x | $573.50 Million |
About Gray Television Inc
Gray Media, Inc., a multimedia company, owns and/or operates television stations and digital assets in the United States. The company operates through Broadcasting, Production Companies, and Other segments. It also owns Gray Digital Media, a digital agency that provides clients with digital marketing strategies; and operates video production companies and studio production facilities. The company… Read more