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 -$22.85 per share. The share price was $4.58 on September 25, 2026, 120% 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% | -$35.98 | -886% |
| Base | 5.5% | 9.0% | -$22.85 | -599% |
| Bull | 10.5% | 8.0% | $3.33 | -27% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | -$13.21 | -$10.28 | -$6.69 | -$2.21 | $3.56 |
| 8.0% | -$20.40 | -$18.49 | -$16.24 | -$13.54 | -$10.25 |
| 9.0% | -$25.65 | -$24.35 | -$22.85 | -$21.10 | -$19.03 |
| 10.0% | -$29.65 | -$28.73 | -$27.68 | -$26.48 | -$25.10 |
| 11.0% | -$32.81 | -$32.13 | -$31.37 | -$30.52 | -$29.55 |
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