What is Gray Media, Inc worth?
With the base-case assumptions below, a discounted cash flow model on Gray Media, Inc's reported free cash flow gives -$23.07 per share. The share price was $5.82 on November 10, 2026, 125% below that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 0.5% | 10.0% | -$36.21 | -722% |
| Base | 5.5% | 9.0% | -$23.07 | -496% |
| Bull | 10.5% | 8.0% | $3.11 | -47% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | -$13.44 | -$10.50 | -$6.92 | -$2.43 | $3.33 |
| 8.0% | -$20.62 | -$18.72 | -$16.47 | -$13.77 | -$10.47 |
| 9.0% | -$25.88 | -$24.58 | -$23.07 | -$21.32 | -$19.25 |
| 10.0% | -$29.88 | -$28.96 | -$27.91 | -$26.71 | -$25.33 |
| 11.0% | -$33.03 | -$32.35 | -$31.60 | -$30.74 | -$29.78 |
Where the presets come from
Base: years 1 to 5 grow at Gray Media, Inc's revenue growth rate over the last 5 fiscal years (5.4% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions