Is TEGNA, Inc. overvalued or undervalued?

As of 17 October 2025, TEGNA, Inc. has moved from a fair to an expensive valuation grade. The company appears overvalued based on its current metrics, with a P/E ratio of 9, a Price to Book Value of 1.43, and an EV to EBITDA of 7.71. In comparison, peers such as Sirius XM Holdings, Inc. have a P/E of 6.62 and an EV to EBITDA of 7.38, while Nexstar Media Group, Inc. shows a P/E of 12.56 and an EV to EBITDA of 6.83, indicating that TEGNA's valuation is higher than some of its competitors.
Despite a positive YTD return of 9.08% compared to the S&P 500's 13.30%, TEGNA's longer-term performance has lagged, particularly over three years with a return of -3.90% versus the S&P 500's 81.19%. This underperformance, along with its current valuation metrics, reinforces the conclusion that TEGNA, Inc. is overvalued.