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On January 1, 2025, we changed our corporate name from Gray Television, Inc. to Gray Media, Inc. We will not distinguish between our prior and current corporate name and will refer to our current corporate name throughout this Annual Report.
12.67% operating margin is respectable but not wide. ROIC at 3.88%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue declined 15.1% YoY. Margins deteriorated 10.7pp alongside, both lines moving the wrong way.
Free cash flow declined 70% versus the prior year, cash generation momentum has weakened. ROIC dropped from 9.07% to 3.88%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$3.08B
▼ -15.1% YoY
Net Income (TTM)
-$96M
▼ -122.7% YoY
Op. Margin
12.37%
▼ -10.7pp YoY
ROIC
3.81%
▼ -5.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$46M
▼ -70.2% YoY
Op. Cash Flow (TTM)
$158M
▼ -61.5% YoY
Net Debt
$5.55B
Cash & Equiv.
$259M
5Y CAGR: +5.4%
5Y CAGR: -19.7%
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