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Relative to Communication Services Sector Median (N=134)
Metric
TGNA
Benchmark
P/E Ratio
10.4x
-60%
EV/EBITDA
10.4x
+109%
Price / Book
1.0x
Implied Value Audit
FAIR VALUE
Implied Fair Value (vs Sector)
-5.4%
$19.19Spot: $20.29
Spot
Implied
-50% Delta+50% Delta
Relative valuation derived from Communication Services sector median benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Multiples adjusted for extreme outliers and non-recurring volatility.
Auditing capital efficiency...
Quality Profile Audit
Score: 50GRADE C+
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation.
Return on Equity
Profit generated per dollar of shareholder equity
9.8%
Sector: 1.0%
Dividend Analysis audit
INCOME
2.46%
Trailing Yield
$2.46
Per $100 Invested
Solid dividend yield for income-focused strategies.
Est. Payout Ratio
26%SAFE
Analyst Projections
Analyst Consensus
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Based on our 6-factor quantitative model, TEGNA INC (TGNA) receives a "Buy" rating with a composite score of 49.6/100, ranked #44 out of 4446 stocks. Key factor scores: Quality 50/100, Value 67/100, Momentum 46/100. This is quantitative analysis only — not investment advice.
TEGNA INC (TGNA) Stock Analysis — April 2026 Rating, Price, and Forecast
Company Overview — What Does TEGNA INC Do?
TEGNA Inc. operates as a media company in the United States. The company operates television stations that deliver television programming and digital content. It offers news content to consumers across various platforms, including online, mobile, and social platforms; owns and operates multicast networks under the names True Crime Network, Quest, and Twist that offer on-demand episodes of shows; and operates VAULT Studios, which provides true crime and investigative content in the form of podcasts and original television programs. The company also provides solutions for advertisers through TEGNA Marketing Solutions (TMS). TMS delivers results for advertisers across television and digital platforms, as well as over-the-top (OTT) platforms, including Premion OTT advertising network. As of February 28, 2022, it operated 64 television stations in 51 markets. The company was formerly known as Gannett Co., Inc. and changed its name to TEGNA Inc. in June 2015. TEGNA Inc. was founded in 1906 and is headquartered in Tysons, Virginia. TEGNA INC (TGNA) is classified as a mid-cap stock in the Communication Services sector, specifically within the Communication industry. The company is led by CEO David T. Lougee and employs approximately 6,300 people, headquartered in McLean, Virginia. With a market capitalization of $3.2B, TGNA is one of the notable companies in the Communication Services sector.
TEGNA INC (TGNA) Stock Rating — Buy (April 2026)
As of April 2026, TEGNA INC receives a Buy rating with a composite score of 49.6/100 and 4 out of 5 stars from the Blank Capital Research quantitative model.TGNA ranks #44 out of 4,446 stocks in our coverage universe. Within the Communication Services sector, TEGNA INC ranks #2 of 134 stocks, placing it in the top 10% of its Communication Services peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).
TGNA Stock Price and 52-Week Range
TEGNA INC (TGNA) currently trades at $20.29. The stock lost $0.09 (0.4%) in the most recent trading session. The 52-week high for TGNA is $21.35, which means the stock is currently trading -5.0% from its annual peak. The 52-week low is $14.87, putting the stock 36.4% above its annual trough. Recent trading volume was 1.7M shares, reflecting moderate market activity.
Is TGNA Overvalued or Undervalued? — Valuation Analysis
TEGNA INC (TGNA) carries a value factor score of 67/100 in the Blank Capital model, indicating fair valuation relative to historical norms. The trailing price-to-earnings ratio is 10.44x, compared to the Communication Services sector average of 26.08x — a discount of 60%. The price-to-book ratio stands at 1.03x, versus the sector average of 1.87x. The price-to-sales ratio is 1.15x, compared to 0.55x for the average Communication Services stock. On an enterprise value basis, TGNA trades at 10.43x EV/EBITDA, versus 4.98x for the sector.
Overall, TGNA's valuation appears roughly in line with sector benchmarks, suggesting the market is pricing the stock fairly given its current fundamentals and growth trajectory. Neither deep value nor significantly overpriced, the stock occupies a middle ground on valuation.
TEGNA INC Profitability — ROE, Margins, and Quality Score
TEGNA INC (TGNA) earns a quality factor score of 50/100, indicating solid business quality with consistent operational execution. The return on equity (ROE) is 9.8%, compared to the Communication Services sector average of 1.0%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at 4.5% versus the sector average of -0.0%.
On a margin basis, TEGNA INC reports gross margins of 38.3%, compared to 56.4% for the sector. The operating margin is 19.2% (sector: 0.4%). Net profit margin stands at 10.6%, versus -0.9% for the average Communication Services stock. Revenue growth is running at -8.4% on a trailing basis, compared to 3.0% for the sector. The overall profitability profile is adequate, though there may be room for margin expansion.
TGNA Debt, Balance Sheet, and Financial Health
TEGNA INC has a debt-to-equity ratio of 80.0%, compared to the Communication Services sector average of 82.0%. Leverage is within a manageable range for the industry, though investors should monitor debt trends over time. The current ratio is 2.28x, indicating strong short-term liquidity. Total debt on the balance sheet is $2.53B. Cash and equivalents stand at $233M.
TGNA has a beta of 0.72, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for TEGNA INC is 73/100, indicating low-volatility characteristics and consistent price behavior that appeals to risk-averse investors.
TEGNA INC Revenue and Earnings History — Quarterly Trend
In TTM 2026, TEGNA INC reported revenue of $2.81B and earnings per share (EPS) of $1.36. Net income for the quarter was $311M. Gross margin was 38.3%. Operating income came in at $553M.
In FY 2025, TEGNA INC reported revenue of $2.71B and earnings per share (EPS) of $1.36. Net income for the quarter was $219M. Gross margin was 36.2%. Revenue grew -12.6% year-over-year compared to FY 2024. Operating income came in at $443M.
In Q3 2025, TEGNA INC reported revenue of $651M and earnings per share (EPS) of $0.23. Net income for the quarter was $37M. Gross margin was 35.1%. Revenue grew -19.3% year-over-year compared to Q3 2024. Operating income came in at $92M.
In Q2 2025, TEGNA INC reported revenue of $675M and earnings per share (EPS) of $0.42. Net income for the quarter was $68M. Gross margin was 37.4%. Revenue grew -5.0% year-over-year compared to Q2 2024. Operating income came in at $122M.
Over the past 8 quarters, TEGNA INC has demonstrated a growth trajectory, with revenue expanding from $710M to $2.81B. Investors analyzing TGNA stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.
TGNA Dividend Yield and Income Analysis
TEGNA INC (TGNA) currently pays a dividend yield of 2.5%. At this yield, a $10,000 investment in TGNA stock would generate approximately $$246.00 in annual dividend income. The net margin of 10.6% provides reasonable coverage for the dividend, though investors should monitor payout sustainability.
TGNA Momentum and Technical Analysis Profile
TEGNA INC (TGNA) has a momentum factor score of 46/100, reflecting neutral trend characteristics. The stock is neither significantly outperforming nor underperforming the broader market on a momentum basis. The investment factor score is 36/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 20/100 signals elevated short interest, which can indicate bearish sentiment among institutional investors.
TGNA vs Competitors — Communication Services Sector Ranking and Peer Comparison
Comparing TGNA against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full TGNA vs S&P 500 (SPY) comparison to assess how TEGNA INC stacks up against the broader market across all factor dimensions.
TGNA Next Earnings Date
No upcoming earnings date has been announced for TEGNA INC (TGNA) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.
Should You Buy TGNA? — Investment Thesis Summary
The bull case for TEGNA INC rests on several quantitative strengths. The value score of 67/100 suggests attractive pricing relative to fundamentals. Low volatility (stability score 73/100) reduces downside risk.
In summary, TEGNA INC (TGNA) earns a Buy rating with a composite score of 49.6/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on TGNA stock.
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Institutional Research Dossier
TEGNA INC (TGNA) Deep Dive Analysis
Published on March 24, 2026
Action RatingBuy
Sections
Executive Summary
We initiate coverage on TEGNA Inc. with a Buy rating, driven by its compelling valuation relative to peers and its strong profitability metrics. While the company faces headwinds in a rapidly evolving media landscape, its focus on local news and strategic investments in digital platforms position it to maintain a competitive edge. The current market price does not fully reflect TEGNA's inherent value, presenting an attractive entry point for investors.
TEGNA's ability to generate substantial free cash flow, even amidst revenue declines, underscores the resilience of its business model. The company's commitment to returning capital to shareholders through dividends and share repurchases further enhances its appeal. However, investors should closely monitor the company's debt levels and its ability to adapt to changing consumer preferences in the media industry.
Business Strategy & Overview
TEGNA operates as a media company primarily focused on local news and content delivery through its television stations and digital platforms. The company generates revenue through advertising sales, subscription fees, and content licensing. TEGNA's strategic focus is on providing high-quality local news and information to its viewers, which it believes differentiates it from national news networks and other media outlets. This localized approach allows TEGNA to cater to the specific needs and interests of its audience, fostering strong brand loyalty and engagement.
TEGNA's business model is evolving to incorporate digital platforms and over-the-top (OTT) streaming services. The company's TEGNA Marketing Solutions (TMS) provides advertisers with a comprehensive suite of advertising solutions across television, digital, and OTT platforms. This integrated approach allows TEGNA to capture a larger share of the advertising market and generate higher revenue per user. The company's investment in Premion, its OTT advertising network, is a key driver of growth in the digital advertising space.
VAULT Studios, TEGNA's true crime and investigative content division, represents another strategic initiative to diversify its revenue streams and attract new audiences. The popularity of true crime content has surged in recent years, and TEGNA is capitalizing on this trend by producing high-quality podcasts and original television programs. This content is distributed across various platforms, including streaming services and podcast networks, further expanding TEGNA's reach and brand awareness.
TEGNA's competitive landscape includes other local television station operators, national news networks, and digital media companies. The company differentiates itself through its focus on local news, its integrated advertising solutions, and its investment in digital platforms. TEGNA's scale and market presence provide it with a competitive advantage in negotiating advertising rates and securing content distribution agreements. However, the company faces increasing competition from digital media companies that are disrupting the traditional media landscape.
Execution Benchmarks audit
Revenue Growth
YOY expansion rate
-8.4%
Sector: 3.0%
-383% VS SCTR
Economic Moat Analysis
TEGNA possesses a Narrow economic moat, primarily derived from its strong local market presence and the intangible assets associated with its established news brands. In the media industry, brand recognition and trust are crucial for attracting viewers and advertisers. TEGNA's long-standing presence in its local markets has allowed it to build strong relationships with its audience and establish itself as a trusted source of news and information. This brand equity provides TEGNA with a competitive advantage over new entrants and smaller competitors.
The company's local market dominance also creates a barrier to entry for other media companies. Establishing a new television station or news website requires significant investment in infrastructure, personnel, and marketing. TEGNA's existing infrastructure and established audience base give it a cost advantage over potential competitors. Furthermore, TEGNA's relationships with local advertisers provide it with a steady stream of revenue and make it difficult for new entrants to gain traction in the market.
However, TEGNA's moat is not as wide as some of its peers due to the increasing competition from digital media companies and the fragmentation of the media landscape. The rise of social media and online news sources has made it easier for consumers to access news and information from a variety of sources, reducing the reliance on traditional television stations. TEGNA must continue to invest in its digital platforms and adapt to changing consumer preferences to maintain its competitive advantage.
The company's ability to generate substantial free cash flow, even amidst revenue declines, suggests that its moat is relatively resilient. This cash flow allows TEGNA to invest in new technologies, acquire complementary businesses, and return capital to shareholders. However, the company's high debt levels could limit its ability to make strategic investments and adapt to changing market conditions, potentially weakening its moat over time.
Financial Health & Profitability
TEGNA's financial health presents a mixed picture. While the company exhibits strong profitability metrics compared to its sector, its revenue growth has been negative, and its debt levels are relatively high. The company's revenue for FY2025 was $2.71 billion, a decrease from $3.10 billion in FY2024, indicating a decline of approximately 12.6%. This decline is a concern, as it suggests that TEGNA is struggling to maintain its market share in a competitive media landscape. However, the company's net income remained positive at $219.47 million, demonstrating its ability to generate profits even amidst revenue declines.
TEGNA's profitability metrics are significantly better than the sector averages. The company's gross margin of 38.3%, operating margin of 19.2%, and net margin of 10.6% are all substantially higher than the sector averages of 56.8%, 0.5%, and -1.1%, respectively. This indicates that TEGNA is a more efficient and profitable company than its peers. The company's ROE of 9.8% is also significantly higher than the sector average of 0.9%, suggesting that TEGNA is effectively utilizing its equity to generate profits.
TEGNA's balance sheet is characterized by high debt levels. The company's total debt of $2.53 billion is significantly higher than its total cash of $232.78 million. The company's debt-to-equity ratio is 80.00, which is equal to the sector average. While the current ratio of 2.28 indicates that TEGNA has sufficient liquid assets to cover its short-term liabilities, the high debt levels could pose a risk if the company's revenue continues to decline.
The quarterly financial history reveals a trend of declining revenue and fluctuating profitability. While the company's gross and operating margins have remained relatively stable, its net income has varied significantly from quarter to quarter. This volatility could be due to a variety of factors, including changes in advertising rates, programming costs, and economic conditions. The lack of free cash flow data in the provided quarterly history makes it difficult to assess the company's cash flow generation capabilities.
Valuation Assessment
TEGNA's valuation appears attractive relative to its peers and its historical performance. The company's P/E ratio of 14.7x is significantly lower than the sector average of 26.0x, suggesting that the stock is undervalued. Similarly, the company's EV/EBITDA ratio of 3.3x is lower than the sector average of 5.0x, further supporting the argument that TEGNA is undervalued. These valuation metrics indicate that investors are not fully recognizing the company's inherent value and its potential for future growth.
However, it is important to consider the company's negative revenue growth when assessing its valuation. While TEGNA's profitability metrics are strong, its declining revenue suggests that the company is facing challenges in the current media landscape. Investors may be discounting the stock due to concerns about the company's ability to maintain its market share and generate future growth. Therefore, a more conservative valuation approach may be warranted.
The company's free cash flow of $72.62 million is relatively low compared to its market capitalization of $3.24 billion. This translates to a free cash flow yield of approximately 2.2%, which is not particularly attractive. However, it is important to note that the free cash flow figure may be depressed due to recent investments in digital platforms and content creation. If TEGNA can successfully monetize these investments, its free cash flow could increase significantly in the future.
Overall, TEGNA's valuation appears to be a bargain, considering its strong profitability metrics and its potential for future growth. However, investors should carefully consider the company's negative revenue growth and its high debt levels before making an investment decision. A discounted cash flow analysis, incorporating conservative growth assumptions, would provide a more comprehensive assessment of the company's intrinsic value.
Risk & Uncertainty
TEGNA faces several risks that could negatively impact its financial performance and stock price. One of the most significant risks is the increasing competition from digital media companies. The rise of social media and online news sources has made it easier for consumers to access news and information from a variety of sources, reducing the reliance on traditional television stations. TEGNA must continue to invest in its digital platforms and adapt to changing consumer preferences to maintain its competitive advantage. Failure to do so could result in further revenue declines and a loss of market share.
Another risk is the company's high debt levels. TEGNA's total debt of $2.53 billion is a significant burden, and the company's ability to repay this debt depends on its ability to generate sufficient cash flow. A decline in revenue or an increase in interest rates could make it difficult for TEGNA to meet its debt obligations, potentially leading to financial distress. The company's debt covenants could also restrict its ability to make strategic investments or return capital to shareholders.
Regulatory risks also pose a threat to TEGNA's business. The media industry is subject to a variety of regulations, including those related to broadcast licensing, content standards, and advertising practices. Changes in these regulations could negatively impact TEGNA's operations and financial performance. For example, stricter content standards could increase the company's programming costs, while changes in advertising regulations could reduce its advertising revenue.
A potential economic downturn could also negatively impact TEGNA's business. Advertising revenue is highly correlated with economic activity, and a recession could lead to a significant decline in advertising spending. This would disproportionately affect TEGNA, as advertising revenue accounts for a significant portion of its total revenue. Furthermore, a recession could reduce consumer spending on subscription services and other discretionary items, further impacting TEGNA's financial performance.
Bulls Say / Bears Say
The Bull Case
BULL VIEWTEGNA's attractive valuation, with a P/E ratio significantly below the sector average, presents a compelling entry point for value investors seeking exposure to the media industry.
BULL VIEWThe company's strong profitability metrics, including high operating and net margins, demonstrate its ability to generate profits even amidst revenue declines, suggesting a resilient business model.
BULL VIEWTEGNA's strategic investments in digital platforms and OTT advertising solutions position it to capitalize on the growing demand for digital content and advertising, driving future revenue growth.
The Bear Case
BEAR VIEWTEGNA's declining revenue and high debt levels raise concerns about its long-term financial sustainability in a rapidly evolving media landscape.
BEAR VIEWThe increasing competition from digital media companies and the fragmentation of the media landscape pose a significant threat to TEGNA's market share and profitability.
BEAR VIEWThe company's relatively low free cash flow yield and lack of consistent free cash flow data suggest that it may be struggling to generate sufficient cash to fund its operations and repay its debt.
About the Author
Marques Blank
Founder & Chief Investment Officer, Blank Capital
Marques brings 15 years of institutional finance and investing experience, having overseen financial planning for a $1.6B defense business unit. He developed the proprietary 6-factor quantitative model used to score TGNA and 4,400+ other equities.
TEGNA INC exhibits a 28% valuation premium relative to institutional benchmarks. This represents a potential valuation overextension based on current multiples.
Return on Assets
Efficiency of asset utilization
4.5%
Sector: -0.0%
Gross Margin
Pricing power and cost efficiency
38.3%
Sector: 56.4%
Operating Margin
Core business profitability
19.2%
Sector: 0.4%
Net Margin
Bottom-line profitability
10.6%
Sector: -0.9%
Factor Methodology
The Quality factor evaluates the persistence and magnitude of cash flows. Companies with scores >70 exhibit superior competitive moats and financial resilience through economic cycles.
Sector Avg Yield0.00%
Yield Delta—
Income Projection audit
A $10,000 investment would generate approximately $246 annually in dividends at the current trailing rate.
