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GRAY MEDIA, INC（GTN）与Newsmax Inc.（NMAX）财务数据对比。点击上方公司名可切换其他公司
GRAY MEDIA, INC的季度营收约是Newsmax Inc.的15.2倍（$792.0M vs $52.2M）。GRAY MEDIA, INC净利率更高（-1.3% vs -5.7%，领先4.4%）。GRAY MEDIA, INC自由现金流更多（$69.0M vs $1.8M）
格雷传媒是总部位于美国亚特兰大的上市电视广播企业，1946年由詹姆斯·哈里森·格雷创立，按电视台数量计算目前是美国第三大电视台运营商，在美国113个传媒市场拥有或运营180家电视台，覆盖范围从亚特兰大这样的大型市场到内布拉斯加州北普拉特这类小型市场。
纽斯马克斯公司是一家总部位于美国的媒体广播企业，提供新闻报道、政治评论、观点内容及生活类节目，通过有线电视、官网、移动应用和流媒体平台分发内容，主要面向美国本土受众，核心内容板块侧重保守立场的时事资讯。
GTN vs NMAX — 直观对比
营收规模更大
GTN
是对方的15.2倍
$52.2M
净利率更高
GTN
高出4.4%
-5.7%
自由现金流更多
GTN
多$67.2M
$1.8M
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $792.0M | $52.2M |
| 净利润 | $-10.0M | $-3.0M |
| 毛利率 | — | 36.7% |
| 营业利润率 | 14.6% | -9.0% |
| 净利率 | -1.3% | -5.7% |
| 营收同比 | -24.2% | — |
| 净利润同比 | -105.9% | — |
| 每股收益（稀释后） | $-0.23 | $0.15 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收GTNNMAX
| Q4 25 | $792.0M | $52.2M | ||
| Q3 25 | $749.0M | $45.3M | ||
| Q2 25 | $772.0M | $46.4M | ||
| Q1 25 | $782.0M | $45.3M | ||
| Q4 24 | $1.0B | — | ||
| Q3 24 | $950.0M | — | ||
| Q2 24 | $826.0M | — | ||
| Q1 24 | $823.0M | — |
净利润GTNNMAX
| Q4 25 | $-10.0M | $-3.0M | ||
| Q3 25 | $-10.0M | $-4.1M | ||
| Q2 25 | $-56.0M | $-75.2M | ||
| Q1 25 | $-9.0M | $-17.2M | ||
| Q4 24 | $169.0M | — | ||
| Q3 24 | $96.0M | — | ||
| Q2 24 | $22.0M | — | ||
| Q1 24 | $88.0M | — |
毛利率GTNNMAX
| Q4 25 | — | 36.7% | ||
| Q3 25 | — | 35.3% | ||
| Q2 25 | — | 38.0% | ||
| Q1 25 | — | 47.8% | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
营业利润率GTNNMAX
| Q4 25 | 14.6% | -9.0% | ||
| Q3 25 | 13.6% | -15.9% | ||
| Q2 25 | 10.6% | -164.5% | ||
| Q1 25 | 11.8% | -25.5% | ||
| Q4 24 | 31.1% | — | ||
| Q3 24 | 26.3% | — | ||
| Q2 24 | 18.4% | — | ||
| Q1 24 | 15.1% | — |
净利率GTNNMAX
| Q4 25 | -1.3% | -5.7% | ||
| Q3 25 | -1.3% | -9.1% | ||
| Q2 25 | -7.3% | -161.9% | ||
| Q1 25 | -1.2% | -38.0% | ||
| Q4 24 | 16.2% | — | ||
| Q3 24 | 10.1% | — | ||
| Q2 24 | 2.7% | — | ||
| Q1 24 | 10.7% | — |
每股收益（稀释后）GTNNMAX
| Q4 25 | $-0.23 | $0.15 | ||
| Q3 25 | $-0.24 | $-0.03 | ||
| Q2 25 | $-0.71 | $-0.59 | ||
| Q1 25 | $-0.23 | $-0.49 | ||
| Q4 24 | $1.62 | — | ||
| Q3 24 | $0.86 | — | ||
| Q2 24 | $0.09 | — | ||
| Q1 24 | $0.79 | — |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $368.0M | $20.4M |
| 总债务越低越好 | $5.7B | — |
| 股东权益账面价值 | $2.2B | $106.0M |
| 总资产 | $10.4B | $239.8M |
| 负债/权益比越低杠杆越低 | 2.65× | — |
8季度趋势，按日历期对齐
现金及短期投资GTNNMAX
| Q4 25 | $368.0M | $20.4M | ||
| Q3 25 | $182.0M | $14.2M | ||
| Q2 25 | $199.0M | $33.8M | ||
| Q1 25 | $210.0M | $126.7M | ||
| Q4 24 | $135.0M | — | ||
| Q3 24 | $69.0M | — | ||
| Q2 24 | $75.0M | — | ||
| Q1 24 | $134.0M | — |
总债务GTNNMAX
| Q4 25 | $5.7B | — | ||
| Q3 25 | $5.6B | — | ||
| Q2 25 | $5.6B | — | ||
| Q1 25 | $5.6B | — | ||
| Q4 24 | $5.5B | — | ||
| Q3 24 | $5.9B | — | ||
| Q2 24 | $6.1B | — | ||
| Q1 24 | $6.2B | — |
股东权益GTNNMAX
| Q4 25 | $2.2B | $106.0M | ||
| Q3 25 | $2.2B | $106.0M | ||
| Q2 25 | $2.2B | $106.9M | ||
| Q1 25 | $2.3B | $177.4M | ||
| Q4 24 | $2.3B | — | ||
| Q3 24 | $2.1B | — | ||
| Q2 24 | $2.1B | — | ||
| Q1 24 | $2.0B | — |
总资产GTNNMAX
| Q4 25 | $10.4B | $239.8M | ||
| Q3 25 | $10.3B | $233.3M | ||
| Q2 25 | $10.4B | $259.8M | ||
| Q1 25 | $10.4B | $278.2M | ||
| Q4 24 | $10.5B | — | ||
| Q3 24 | $10.6B | — | ||
| Q2 24 | $10.6B | — | ||
| Q1 24 | $10.7B | — |
负债/权益比GTNNMAX
| Q4 25 | 2.65× | — | ||
| Q3 25 | 2.59× | — | ||
| Q2 25 | 2.57× | — | ||
| Q1 25 | 2.48× | — | ||
| Q4 24 | 2.41× | — | ||
| Q3 24 | 2.77× | — | ||
| Q2 24 | 2.97× | — | ||
| Q1 24 | 3.02× | — |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $112.0M | $2.6M |
| 自由现金流经营现金流 - 资本支出 | $69.0M | $1.8M |
| 自由现金流率自由现金流/营收 | 8.7% | 3.4% |
| 资本支出强度资本支出/营收 | 5.4% | 1.7% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $181.0M | $-107.1M |
8季度趋势，按日历期对齐
经营现金流GTNNMAX
| Q4 25 | $112.0M | $2.6M | ||
| Q3 25 | $14.0M | $-68.1M | ||
| Q2 25 | $31.0M | $-23.2M | ||
| Q1 25 | $132.0M | $-15.7M | ||
| Q4 24 | $368.0M | — | ||
| Q3 24 | $297.0M | — | ||
| Q2 24 | $18.0M | — | ||
| Q1 24 | $68.0M | — |
自由现金流GTNNMAX
| Q4 25 | $69.0M | $1.8M | ||
| Q3 25 | $-11.0M | $-69.2M | ||
| Q2 25 | $6.0M | $-23.8M | ||
| Q1 25 | $117.0M | $-15.8M | ||
| Q4 24 | $328.0M | — | ||
| Q3 24 | $257.0M | — | ||
| Q2 24 | $-11.0M | — | ||
| Q1 24 | $34.0M | — |
自由现金流率GTNNMAX
| Q4 25 | 8.7% | 3.4% | ||
| Q3 25 | -1.5% | -152.9% | ||
| Q2 25 | 0.8% | -51.3% | ||
| Q1 25 | 15.0% | -34.9% | ||
| Q4 24 | 31.4% | — | ||
| Q3 24 | 27.1% | — | ||
| Q2 24 | -1.3% | — | ||
| Q1 24 | 4.1% | — |
资本支出强度GTNNMAX
| Q4 25 | 5.4% | 1.7% | ||
| Q3 25 | 3.3% | 2.4% | ||
| Q2 25 | 3.2% | 1.3% | ||
| Q1 25 | 1.9% | 0.2% | ||
| Q4 24 | 3.8% | — | ||
| Q3 24 | 4.2% | — | ||
| Q2 24 | 3.5% | — | ||
| Q1 24 | 4.1% | — |
现金转化率GTNNMAX
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.18× | — | ||
| Q3 24 | 3.09× | — | ||
| Q2 24 | 0.82× | — | ||
| Q1 24 | 0.77× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
GTN
| Core Advertising | $392.0M | 49% |
| Retransmission Consent | $335.0M | 42% |
| Production Companies Segment | $37.0M | 5% |
| Service Other | $16.0M | 2% |
| Political Advertising | $12.0M | 2% |
NMAX
| Advertising | $33.9M | 65% |
| Affiliate Fee | $8.3M | 16% |
| Subscription And Circulation | $6.2M | 12% |
| Products | $2.6M | 5% |
| Supplement Sales | $1.1M | 2% |
