Gray Media, Inc. Financial Ratios — GTN Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	11.21	7.71	17.55	9.68	11.43	31.43	17.62	8.66	19.7	1.88	18.02	-5.4	13.08	-5.36
Return on Assets (%)	0.73	2.27	1.42	3	1.97	2.55	8.71	5.65	3.2	5.61	0.96	4.09	-0.7	3.54	-0.81
Return on Capital (%)	6.31	5.99	4.54	6.82	5.13	5.88	- -	8.54	6.85	8.71	2.47	7.5	- -	8.2	- -
Return on Invested Capital (%)	4.97	9.32	4.94	7.53	5.4	7.09	- -	8.28	6.19	8.85	2.89	7.9	- -	7.59	- -
Gross Margin (%)	36.77	47.56	37.22	43.72	37.36	41.54	36.81	45.02	34.07	41.54	33.28	38.85	27.37	34.14	24.59
EBITDA Margin (%)	36.55	46.36	34.78	40.5	34.12	38.91	35.56	43.17	31.01	40.4	28.26	37.32	25.08	32.05	21.81
Operating Margin (%)	23.59	37.89	24.44	30.38	23.46	28.88	24.46	34.32	19.98	30.37	17.53	26.88	13.62	23.9	13.28
Incremental Operating Margin (%)	83.74	82.86	117.48	43.1	-15.98	43.93	-26.42	77.61	5.01	115.44	-937.5	44.73	136.96	116.8	83.79
Pretax Margin (%)	4.42	11.69	9.08	15.7	11.01	13.01	21.86	26.57	12.02	22.85	6.96	16.7	-2.5	13.5	-3.65
Profit Margin (%)	2.94	6.95	5.28	9.46	6.58	7.66	29.67	19.46	8.44	17.22	3.73	12.38	-2.32	10.29	-2.75
Net Income to Common Margin (%)	0.58	5.94	5.28	9.46	6.58	7.66	29.67	19.46	5.98	15.04	1.57	10.96	-3.9	8.86	-4.43
Effective Tax Rate (%)	33.44	40.55	41.82	39.77	40.23	41.08	- -	26.74	29.8	24.63	46.43	25.9	- -	23.78	- -
Dvd Payout Ratio (%)	-35.88	52.58	- -	- -	- -	- -	- -	- -	-10.24	- -	81.58	7.44	-23.44	9.91	-24.09
Sustainable Growth Rate (%)	- -	5.32	7.71	17.55	9.68	11.43	31.43	17.62	9.54	19.7	0.35	16.68	-6.66	11.79	-6.65

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	832	833	843	1,236	1,220	1,757	1,837	2,549	3,748	4,032	6,827	6,533	6,240	5,693	5,813
ST Debt	5	- -	- -	- -	- -	- -	6	- -	6	7	24	25	26	30	12
LT Debt	827	833	843	1,236	1,220	1,757	1,831	2,549	3,742	4,025	6,803	6,508	6,214	5,663	5,801
Total Debt/EBITDA	7.41	4.44	7	6.01	5.99	5.56	5.85	5.45	5.7	4.19	10.01	4.76	7.58	4.87	8.61
Net Debt/EBITDA	7.37	4.38	6.89	5.86	5.51	4.53	4.38	4.02	5.3	3.33	9.63	4.66	7.46	4.7	7.96
Total Debt/EBIT	11.49	5.43	9.96	8.01	8.71	7.49	8.51	6.85	8.84	5.58	16.14	6.61	13.96	6.54	14.14
Net Debt/EBIT	11.41	5.36	9.8	7.81	8.01	6.1	6.37	5.06	8.22	4.43	15.52	6.47	13.73	6.3	13.08
EBITDA to Interest Expense	1.82	3.16	2.3	2.99	2.74	3.25	3.31	4.37	2.9	5.04	3.33	3.88	1.87	2.41	1.42
EBITDA-CapEx/Interest Expense	1.42	2.75	1.84	2.52	2.41	2.8	2.94	3.72	2.41	4.46	2.32	2.64	1.08	2.11	1.2
EBIT to Interest Expense	1.17	2.58	1.61	2.24	1.88	2.41	2.27	3.48	1.87	3.79	2.06	2.79	1.02	1.8	0.87
Interest Expense	62	59	52	69	74	97	95	107	227	191	205	354	440	485	474
Common Equity/Total Assets	16.36	18.15	18.54	16.05	24.02	21.02	33.39	31	23.35	26.25	18.32	21.85	21.69	24.95	23.77
Long-Term Debt/Equity (%)	559.84	578.64	484.25	571.9	284.22	356.44	184.41	214.74	177.01	167.5	282.63	235.29	237.09	193.08	206.81
Long-Term Debt/Capital (%)	78.14	78.6	77.29	80.45	70.48	75.23	62.57	66.12	62.1	60.18	71.52	67.65	67.56	63.11	64.85
Long-Term Debt/Total Assets (%)	67.05	66.64	63.15	66.06	57.34	63.82	56.15	60.5	53.67	52.66	61.24	58.36	58.4	53.72	55.57
Total Debt/Equity (%)	563.1	578.64	484.38	571.9	284.22	356.44	185.06	214.74	177.29	167.79	283.63	236.19	238.08	194.1	207.24
Total Debt/Capital (%)	78.59	78.6	77.31	80.45	70.48	75.23	62.79	66.12	62.2	60.29	71.77	67.91	67.84	63.45	64.99
Total Debt/Total Assets (%)	67.44	66.64	63.16	66.06	57.34	63.82	56.35	60.5	53.76	52.75	61.46	58.58	58.65	54	55.68
Net Debt to Equity	559.59	570.95	476.64	557.67	261.55	290.46	138.49	158.55	164.85	133.21	272.79	231.16	234.22	187.04	191.66
Net Debt/Capital (%)	78.49	78.37	77.03	80.05	68.72	71.22	55.81	59.03	59.94	54.12	70.43	66.89	66.9	62.07	62.68
EBITDA	112	188	120	206	204	316	314	468	658	962	682	1,372	823	1,168	675
EBITDA-CapEx	88	163	96	174	180	273	279	398	548	852	475	936	475	1,025	567
Operating Income (Loss)	72	153	85	154	140	235	216	372	424	723	423	988	447	871	411

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	0.1	0.23	0.21	0.38	1.11	2.72	3.52	4.45	0.86	3.03	0.49	0.15	0.05	0.26	0.71
Current Ratio	1.6	2.02	2.07	2.1	3.26	4.23	5.08	5.82	2.73	5.11	2.51	2.1	1.18	1.03	1.27
Quick Ratio	1.36	1.54	1.32	1.72	2.5	3.95	4.83	5.67	2.53	4.78	2.17	1.79	0.97	0.91	1.12
CFO/Avg Current Liab	0.71	1.84	1.09	1.88	1.27	2.03	1.44	2.3	1.94	2.6	0.94	2.09	1.61	1.63	0.55
Common Equity/Total Assets	16.36	18.15	18.54	16.05	24.02	21.02	33.39	31	23.35	26.25	18.32	21.85	21.69	24.95	23.77
Long-Term Debt/Equity (%)	559.84	578.64	484.25	571.9	284.22	356.44	184.41	214.74	177.01	167.5	282.63	235.29	237.09	193.08	206.81
Long-Term Debt/Capital (%)	78.14	78.6	77.29	80.45	70.48	75.23	62.57	66.12	62.1	60.18	71.52	67.65	67.56	63.11	64.85
Long-Term Debt/Total Assets (%)	67.05	66.64	63.15	66.06	57.34	63.82	56.15	60.5	53.67	52.66	61.24	58.36	58.4	53.72	55.57
Total Debt/Equity (%)	563.1	578.64	484.38	571.9	284.22	356.44	185.06	214.74	177.29	167.79	283.63	236.19	238.08	194.1	207.24
Total Debt/Capital (%)	78.59	78.6	77.31	80.45	70.48	75.23	62.79	66.12	62.2	60.29	71.77	67.91	67.84	63.45	64.99
Total Debt/Total Assets (%)	67.44	66.64	63.16	66.06	57.34	63.82	56.35	60.5	53.76	52.75	61.46	58.58	58.65	54	55.68
CFO/Total Liabilities	3.51	8.08	5.19	8.11	6.28	9.3	7.94	10.67	7.93	12.44	3.45	9.89	8.08	9.87	3.79
CFO/CapEx	1.57	3.64	2.5	4.17	4.41	4.82	5.14	4.61	3.5	5.93	1.45	1.9	1.86	5.25	2.68
Altman's Z-Score	0.75	2.35	1.6	2.21	2.38	2.4	2.68	2.09	3.44	3.47	2.59	3.73	2.87	3.7	2.74

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	4.85	6.5	5.23	5.75	5.24	6.06	5.55	6.1	7.13	5.7	4.6	5.77	6.61	10.73	11.42
Days Sales Outstanding	75.21	56.15	69.84	63.48	69.71	60.26	65.73	59.81	51.17	64.08	79.34	63.25	55.18	34.01	31.96
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	50.74	95.97	93.81	83.27	81.83	97.05	85.21	75.25	147.26	132.57	46.67	39.44	61.1	27.12	15.66
Accounts Payable Turnover Days	7.19	3.8	3.89	4.38	4.46	3.76	4.28	4.85	2.48	2.75	7.82	9.25	5.97	13.46	23.3
Cash Conversion Cycle	68.02	52.35	65.95	59.09	65.25	56.5	61.45	54.96	48.69	61.32	71.52	53.99	49.2	20.55	8.66
Inventory to Cash Days	75.21	56.15	69.84	63.48	69.71	60.26	65.73	59.81	51.17	64.08	79.34	63.25	55.18	34.01	31.96
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	93	126	858	648	1,114	780	1,224	1,298	2,123	1,717	1,915	1,029	824	299	469
- Cash & Cash Equivalents	5	11	13	31	97	325	462	667	212	773	189	61	21	135	368
+ Preferred Equity and Hybrid Capital	25	- -	- -	- -	- -	- -	- -	- -	650	650	650	650	650	650	650
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	832	833	843	1,236	1,220	1,757	1,837	2,549	3,748	4,032	6,827	6,533	6,240	5,693	5,813
Enterprise Value	944	948	1,687	1,854	2,237	2,211	2,599	3,180	6,309	5,626	9,203	8,151	7,693	6,507	6,564
Total Capital	1,059	1,060	1,090	1,537	1,731	2,335	2,926	3,855	6,026	6,688	9,512	9,620	9,198	8,973	8,945
Total Debt/Capital (%)	78.59	78.6	77.31	80.45	70.48	75.23	62.79	66.12	62.2	60.29	71.77	67.91	67.84	63.45	64.99
Total Debt / EV	0.88	0.88	0.5	0.67	0.55	0.79	0.71	0.8	0.59	0.72	0.74	0.8	0.81	0.87	0.89
EV/Sales	3.07	2.34	4.87	3.65	3.74	2.72	2.94	2.93	2.97	2.36	3.81	2.22	2.34	1.79	2.12
EV/EBITDA	8.41	5.05	14.01	9.01	10.97	6.99	8.28	6.8	9.59	5.85	13.49	5.94	9.35	5.57	9.73
EV/EBIT	13.03	6.18	19.93	12.01	15.96	9.42	12.03	8.55	14.88	7.78	21.76	8.25	17.21	7.47	15.97
EV/Cash Flow to Firm	11.91	7.6	18.59	10.55	14.79	8.27	8.41	7.92	11.59	7.07	22.46	7.47	7.29	5.81	10.17
EV/Free Cash Flow to Firm	9.12	6.35	14.69	8.91	12.75	7.11	7.56	6.75	9.64	6.21	14.92	5.34	5.48	5.15	8.71
Diluted Market Cap	93	126	863	654	1,124	789	1,237	1,309	2,144	1,735	1,915	1,041	824	302	469
Diluted Enterprise Value	944	948	1,692	1,859	2,247	2,221	2,612	3,191	6,330	5,644	9,203	8,163	7,693	6,510	6,564
EV per Share	16.53	16.57	29.27	32.04	32.73	30.77	35.57	36.11	63.72	58.61	96.88	88.6	83.62	68.5	67.68
TTM Sales	307	405	346	508	597	812	883	1,084	2,122	2,381	2,413	3,676	3,281	3,644	3,095
TTM EBITDA	112	188	120	206	204	316	314	468	658	962	682	1,372	823	1,168	675
TTM Operating Income	72	153	85	154	140	235	216	372	424	723	423	988	447	871	411
TTM Cash Flow to Firm	79	125	91	176	151	267	309	401	544	796	410	1,091	1,056	1,121	646
TTM Free Cash Flow to Firm	104	149	115	208	175	311	344	471	654	906	617	1,527	1,404	1,264	754

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	1.48	1.11	10.23	3.93	8.59	3.11	5.75	3.33	4.33	2.28	3.78	0.82	0.83	0.34	1.18
EV/EBIT	13.03	6.18	19.93	12.01	15.96	9.42	12.03	8.55	14.88	7.78	21.76	8.25	17.21	7.47	15.97
Enterprise Value	944	948	1,687	1,854	2,237	2,211	2,599	3,180	6,309	5,626	9,203	8,151	7,693	6,507	6,564
Low Price	1.31	1.34	2.25	7.16	9.17	7	9.95	10.7	13.6	8.53	16.3	8.61	5.97	2.91	3.13
EV/Sales	3.07	2.34	4.87	3.65	3.74	2.72	2.94	2.93	2.97	2.36	3.81	2.22	2.34	1.79	2.12
EV/EBITDA	8.41	5.05	14.01	9.01	10.97	6.99	8.28	6.8	9.59	5.85	13.49	5.94	9.35	5.57	9.73
Price/Earnings	51.55	5.23	46.89	13.48	28.34	12.52	4.67	6.15	16.71	4.8	50.4	2.55	- -	0.93	- -
Price/Earnings Average	65.91	4.51	22.15	12.96	24.35	12.92	3.91	6.34	14.31	4.11	52.87	4.12	-6.2	1.71	-3.22
Price/Earnings High	93.87	5.95	47.8	18.03	31.42	18.76	4.88	8.45	19.73	6.19	63.1	5.66	-10.35	2.96	-4.47
Price/Earnings Low	41.68	3.19	7.09	8.62	15.94	8.08	2.77	4.47	10.6	2.29	40.75	1.97	-4.29	0.86	-2.22
Price/Book Value	0.46	0.55	3.47	2.16	2.18	1.35	1.12	0.99	1.3	0.86	0.94	0.42	0.36	0.11	0.19
Price/Book Value Average	0.59	0.48	1.64	2.07	1.87	1.39	0.94	1.02	1.12	0.73	0.99	0.68	0.34	0.21	0.18
Price/Book Value High	0.83	0.63	3.53	2.88	2.42	2.02	1.17	1.37	1.54	1.1	1.18	0.94	0.57	0.36	0.25
Price/Book Value Low	0.37	0.34	0.52	1.38	1.23	0.87	0.67	0.72	0.83	0.41	0.76	0.33	0.24	0.11	0.12
Price/Tangible Book Value	-0.11	-0.15	-1.01	-0.53	-0.96	-0.56	-1	-1.29	-0.53	-0.47	-0.27	-0.16	-0.13	-0.05	-0.08
Price/Tangible Book Value Average	-0.14	-0.13	-0.48	-0.51	-0.82	-0.58	-0.84	-1.33	-0.45	-0.4	-0.29	-0.25	-0.12	-0.09	-0.07
Price/Tangible Book Value High	-0.19	-0.17	-1.03	-0.7	-1.06	-0.84	-1.05	-1.77	-0.62	-0.6	-0.34	-0.35	-0.21	-0.16	-0.1
Price/Tangible Book Value Low	-0.09	-0.09	-0.15	-0.34	-0.54	-0.36	-0.59	-0.94	-0.34	-0.22	-0.22	-0.12	-0.09	-0.05	-0.05
Price/Sales	0.3	0.31	2.48	1.28	1.86	0.96	1.39	1.2	1	0.72	0.79	0.28	0.25	0.08	0.15
Price/Sales Average	0.39	0.27	1.17	1.23	1.6	0.99	1.16	1.23	0.86	0.62	0.83	0.45	0.24	0.15	0.14
Price/Sales High	0.55	0.35	2.52	1.71	2.07	1.44	1.45	1.64	1.18	0.93	0.99	0.62	0.4	0.26	0.2
Price/Sales Low	0.24	0.19	0.37	0.82	1.05	0.62	0.82	0.87	0.63	0.34	0.64	0.22	0.17	0.08	0.1
Price/Cash Flow	2.42	1.41	14.24	4.83	10.44	3.71	6.8	4.02	5.51	2.63	6.38	1.24	1.27	0.4	1.62
Price/Cash Flow Average	3.1	1.21	6.72	4.64	8.97	3.83	5.69	4.14	4.72	2.26	6.7	2	1.22	0.73	1.53
Price/Cash Flow High	4.41	1.6	14.51	6.46	11.57	5.56	7.1	5.52	6.51	3.4	7.99	2.75	2.04	1.27	2.12
Price/Cash Flow Low	1.96	0.86	2.15	3.09	5.87	2.39	4.04	2.92	3.5	1.26	5.16	0.96	0.85	0.37	1.05
Price/Free Cash Flow Average	1.89	0.95	4.83	3.78	7.38	3.21	4.82	3.43	3.71	1.95	3.96	1.33	0.8	0.62	1.11
Price/Free Cash Flow High	2.7	1.26	10.43	5.25	9.52	4.66	6.01	4.57	5.11	2.94	4.73	1.82	1.33	1.08	1.54
Price/Free Cash Flow Low	1.2	0.67	1.55	2.51	4.83	2.01	3.42	2.42	2.75	1.09	3.05	0.63	0.55	0.31	0.76
EV/Sales Average	3.16	2.3	3.56	3.6	3.48	2.75	2.72	2.97	2.83	2.26	3.85	2.39	2.34	1.85	2.11
EV/Sales High	3.32	2.38	4.92	4.08	3.95	3.2	3.01	3.38	3.15	2.57	4.01	2.56	2.5	1.97	2.17
EV/Sales Low	3.02	2.22	2.77	3.19	2.93	2.38	2.38	2.61	2.61	1.99	3.66	2.15	2.26	1.78	2.07
EV/EBITDA Average	8.64	4.96	10.25	8.89	10.2	7.07	7.64	6.88	9.12	5.59	13.63	6.4	9.31	5.79	9.68
EV/EBITDA High	9.09	5.14	14.14	10.07	11.57	8.22	8.45	7.83	10.17	6.37	14.2	6.85	9.96	6.13	9.94
EV/EBITDA Low	8.26	4.79	7.96	7.87	8.58	6.12	6.69	6.04	8.41	4.91	12.96	5.77	9.01	5.55	9.48
EV/EBIT Average	13.39	6.06	14.58	11.84	14.84	9.53	11.11	8.66	14.16	7.44	21.98	8.89	17.14	7.76	15.9
EV/EBIT High	14.08	6.29	20.13	13.42	16.82	11.08	12.29	9.85	15.78	8.47	22.9	9.52	18.33	8.23	16.32
EV/EBIT Low	12.79	5.86	11.33	10.49	12.48	8.24	9.73	7.59	13.05	6.54	20.89	8.01	16.6	7.44	15.57
Last Price	1.62	2.2	14.88	11.2	16.3	10.85	16.75	14.74	21.44	17.89	20.16	11.19	8.96	3.15	4.84
High Price	2.95	2.5	15.17	14.98	18.07	16.26	17.5	20.24	25.31	23.07	25.24	24.81	14.4	10.07	6.31
Enterprise Value Average	970	930	1,234	1,829	2,080	2,236	2,400	3,220	6,003	5,381	9,297	8,781	7,662	6,760	6,536
Enterprise Value High	1,020	965	1,704	2,072	2,357	2,600	2,654	3,665	6,692	6,124	9,686	9,405	8,194	7,165	6,707
Enterprise Value Low	927	898	959	1,620	1,749	1,934	2,102	2,824	5,532	4,728	8,836	7,914	7,418	6,484	6,399

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	57	58	58	59	72	72	90	89	100	95	95	93	95	100	102
Diluted Weighted Avg Shares	57	57	58	58	69	73	74	89	100	97	95	93	92	96	97
Basic Weighted Avg Shares	57	57	58	58	68	72	73	88	99	96	95	92	92	95	97
Revenue per Share	5.38	7.08	6.01	8.78	8.74	11.31	12.09	12.31	21.43	24.8	25.4	39.96	35.66	38.36	31.91
EBITDA per Share	1.97	3.28	2.09	3.56	2.98	4.4	4.3	5.31	6.65	10.02	7.18	14.91	8.95	12.29	6.96
Operating Income per Share	1.27	2.68	1.47	2.67	2.05	3.27	2.96	4.22	4.28	7.53	4.45	10.74	4.86	9.17	4.24
Basic EPS, GAAP	0.03	0.42	0.32	0.83	0.58	0.87	3.59	2.4	1.28	3.73	0.4	4.38	-1.39	3.4	-1.41
Basic EPS from Cont Ops	0.16	0.49	0.32	0.83	0.58	0.87	3.59	2.4	1.81	4.27	0.95	4.95	-0.83	3.95	-0.88
Diluted EPS, GAAP	0.03	0.42	0.32	0.82	0.57	0.86	3.55	2.38	1.27	3.69	0.4	4.33	-1.39	3.36	-1.41
Diluted EPS from Cont Ops	0.16	0.49	0.32	0.82	0.57	0.86	3.55	2.38	1.79	4.23	0.95	4.89	-0.83	3.91	-0.88
Dividend per Share	0.12	0.29	- -	- -	- -	- -	- -	- -	0.39	0.54	0.87	0.89	0.89	0.88	0.88
Cash Flow per Share	0.67	1.56	1.05	2.32	1.56	2.92	2.46	3.67	3.89	6.79	3.16	9.01	7.04	7.91	2.98
Free Cash Flow per Basic Share	0.24	1.13	0.63	1.76	1.21	2.32	1.98	2.87	2.78	5.65	0.98	4.27	3.26	6.4	1.87
Cash & Equivalents per Share	0.09	0.19	0.23	0.53	1.42	4.53	6.33	7.57	2.14	8.05	1.99	0.66	0.23	1.42	3.79
Book Value per Share	3.53	3.97	4.29	5.19	7.48	8.05	14.9	14.83	16.44	20.9	21.42	26.49	25.09	27.68	25.59
Tangible Book Value per Share	-15.18	-14.81	-14.78	-21.25	-17	-19.33	-16.74	-11.44	-40.56	-38.34	-73.89	-70.8	-69.64	-62.74	-61.37

Gray Media, Inc.

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)