Is TEGNA, Inc. overvalued or undervalued?

As of 8 September 2025, TEGNA, Inc. has moved from expensive to attractive, indicating a shift in valuation perception. The company appears undervalued, supported by a P/E ratio of 9, a PEG ratio of 0.42, and an EV to EBITDA ratio of 7.71, which are favorable compared to peers like Nexstar Media Group, Inc. with a P/E of 12.56 and Sirius XM Holdings, Inc. with a P/E of 6.62.
Despite a challenging three-year return of -2.95% compared to the S&P 500's 70.41%, TEGNA has shown strong performance year-to-date with a return of 15.04%, outperforming the S&P 500's 12.22%. This suggests a potential turnaround, reinforcing the attractive valuation narrative.