# Sinclair Broadcast Group (SBGI.US)

Canonical: https://gigainvestors.com/s/SBGI

Analysis as of: 2026-10-16T07:31:47.209Z. Financial observations: FY1996–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $12.70 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 4

- Operating margin variation: 2.39×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.22×

- FY2017: 0.27×

- FY2018: 0.22×

- FY2019: 0.11×

- FY2020: -0.47×

- FY2021: 0.02×

- FY2022: 1.01×

- FY2023: -0.11×

- FY2024: 0.16×

- FY2025: 0.05×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 12.9pp below the typical margin (limit 4pp)

- ROIC, median of available years: 11.0%

- ROIC, second-lowest year: -13.8%

- Typical minus recent gross margin: 12.9 pp

- Typical gross margin (annual median): 49.1%

- Recent gross margin (lower of latest and 3-year median): 36.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.8%

- ROIC including acquisitions, ten-year median: 7.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 16.0%

- FY2017: 26.2%

- FY2018: 28.1%

- FY2019: 3.8%

- FY2020: -26.8%

- FY2021: 0.9%

- FY2022: >100%

- FY2023: -13.8%

- FY2024: 21.3%

- FY2025: 6.0%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.80×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $3.9B

- Net income, five-year total: $2.1B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -0.9 pp

- Working capital / revenue, change between three-year averages: -5.3 pp

- Working capital / revenue, final three-year average: 16.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: -0.42×

- FY2022: 1.20×

- FY2023: 0.38×

- FY2024: 1.54×

- FY2025: -1.22×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- ROIC first 3 years vs last 3 years: 26.2% vs 6.0%

- Per-share earnings: 2.60 to -1.62 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- material buybacks concentrated at lower earnings yields (Spearman rho below threshold)

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -3.2%

- Ordinary dilution, 5-year annual growth: -2.9%

- Market cap gain: -$2.1B

- Cumulative retained earnings: $85M

- Diluted shares, 10-year annual growth: -3.2%

- Diluted shares, 5-year annual growth: -2.9%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: -$4.22

- Per-share value, starting three-year median: $2.60

- Per-share value, ending three-year median: -$1.62

- Buybacks concentrated in cheaper years (correlation): -0.57

- Average buyback yield: 11.8%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: $9.6B

- Cumulative net income, 10 years: $941M

- ROIC, first three-year median: 26.2%

- ROIC, last three-year median: 6.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.60

- FY2017: $5.72

- FY2018: $3.35

- FY2019: $0.50

- FY2020: -$30.20

- FY2021: -$5.52

- FY2022: $37.53

- FY2023: -$4.47

- FY2024: $4.69

- FY2025: -$1.62

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -5.1%

- Receivables to sales index (DSRI): 1.20×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 27.0%

- Earnings backed by cash: Yes

- Accounting red flags: 1

- Goodwill and intangibles / equity: 5.04×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.8%

- FY2017: 2.1%

- FY2018: -4.7%

- FY2019: -5.0%

- FY2020: -29.6%

- FY2021: -5.9%

- FY2022: 27.6%

- FY2023: -8.6%

- FY2024: 3.6%

- FY2025: -5.1%

## Holders

- [Bill Ruane](https://gigainvestors.com/RC): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 58% since Feb 2022 · sales -10.7%

Story as of 2026-10-16T09:59:33.123Z; price observation 2026-10-15.

### Sales · FY2024–2025

sales -10.7%; source https://www.sec.gov/Archives/edgar/data/912752/000197121326000012/sbgi-20251231.htm; observed 2026-02-27.

- FY2016: $2.7B 

- FY2017: $2.7B 

- FY2018: $3.1B 

- FY2019: $4.2B 

- FY2020: $5.9B 

- FY2021: $6.1B 

- FY2022: $3.9B 

- FY2023: $3.1B 

- FY2024: $3.5B 

- FY2025: $3.2B 

### Gross margin · FY2025

gross margin 36.1%; source https://www.sec.gov/Archives/edgar/data/912752/000197121326000012/sbgi-20251231.htm; observed 2026-02-27.

- FY2016: 58.0% 

- FY2017: 55.1% 

- FY2018: 61.0% 

- FY2019: 45.3% 

- FY2020: 51.0% 

- FY2021: 27.6% 

- FY2022: 47.1% 

- FY2023: 47.0% 

- FY2024: 51.7% 

- FY2025: 36.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in broadcasting; annual sales are USD 3.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/912752/000197121326000012/sbgi-20251231.htm (filed 2026-02-27); FY2025: revenue 3169000000; grossProfit 1145000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); SBGI.US: Sinclair, Inc., a media company, provides content on local television stations and digital platforms in the United States. It operates through two segments, Local Media and Tennis. The Local Media segment operates broadcast television stations, original networks, and content; provides free over-the-air programming and live local sporting events on its stations; distributes its content to multi-channel video programming distributors in exchange for contractual fees; and produces local and original news programs. This segment operates The Nest, a free over-the-air national broadcast TV network; Comet, a science fiction network; CHARGE!, an adventure and action-based network; The National News Desk, a news program; and Full Measure with Sharyl Attkisson, an investigative and political analysis program, as well as podcasts related to soccer and sports programming. Its Tennis segment offers Tennis Channel, a cable network that includes coverage of tennis' top tournaments and original professional sports, and tennis lifestyle shows; Tennis Channel International and Tennis Channel streaming services; Tennischannel 2, a 24-hours a day free ad-supported streaming television channel; Tennis.com; and FAST Channel Pickleballtv. The company also provides non-broadcast digital and internet solutions; and technical sales and services, including the design and manufacture of broadcast systems. In addition, it owns various investments in non-media related companies. The company distributes its content through its broadcast platform and third-party platforms that consist of programming provided by third-party networks and syndicators, local news, sports, and other original programming. The company was founded in 1971 and is headquartered in Hunt Valley, Maryland.

### Why customers stay

Margins ranged from 36.1% to 51.7% during 2023–25; it earns 11% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2023: grossProfit / revenue = 47%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2024: grossProfit / revenue = 51.7%.

- Source: https://www.sec.gov/Archives/edgar/data/912752/000197121326000012/sbgi-20251231.htm (filed 2026-02-27); FY2025: grossProfit / revenue = 36.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); 10-year return on capital observations [[2016,0.1595403305504603],[2017,0.26226519898921147],[2018,0.28105064706822175],[2019,0.03750306899091579],[2020,-0.26843343956852167],[2021,0.009492790285858841],[2022,1.3410901299075881],[2023,-0.13842773954473267],[2024,0.2134219712837325],[2025,0.06049726504226753]]; median 0.11001879779636392. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 21.2% of cash earnings; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2016: growth capex 0; upkeep 94465000; owner earnings 561040000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2017: growth capex 0; upkeep 83812000; owner earnings 883649000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2018: growth capex 0; upkeep 105061000; owner earnings 617167000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2019: growth capex 0; upkeep 156000000; owner earnings 186209523.80952382. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2021: growth capex 0; upkeep 80000000; owner earnings 174000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2022: growth capex 0; upkeep 105000000; cash acquisitions 315000000; owner earnings 3194000000. Growth capex plus acquisitions / owner earnings = 0.09862241703193488.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); FY2024: growth capex 0; upkeep 84000000; cash acquisitions 0; owner earnings 476000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/912752/000197121326000012/sbgi-20251231.htm (filed 2026-02-27); FY2025: growth capex 0; upkeep 74000000; cash acquisitions 29000000; owner earnings 137000000. Growth capex plus acquisitions / owner earnings = 0.2116788321167883.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Dividend observations: [[2016,65909000],[2017,71364000],[2018,74566000],[2019,106000000],[2020,99000000],[2021,65000000],[2022,77000000],[2023,65000000],[2024,66000000],[2025,69000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 14.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); SBGI.US SharesStats.PercentInsiders = 14.52 percentage points; cache date 2026-10-15.

### What the price says

The price is 0.3 times annual sales.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-27); Closing price 12.7 USD; reporting-to-trading FX 1; FY2025 annual sales per share 45.849127578923; price multiple 0.27699545597980435. FY2025 cash earnings/share 1.9821175381232097. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $25.10 per share

- 2016-11: $32.55 per share

- 2016-12: $33.35 per share

- 2017-01: $33.75 per share

- 2017-02: $39.90 per share

- 2017-03: $40.50 per share

- 2017-04: $39.45 per share

- 2017-05: $32.40 per share

- 2017-06: $32.90 per share

- 2017-07: $36.05 per share

- 2017-08: $30.25 per share

- 2017-09: $32.05 per share

- 2017-10: $31.70 per share

- 2017-11: $34.05 per share

- 2017-12: $37.85 per share

- 2018-01: $37.10 per share

- 2018-02: $33.80 per share

- 2018-03: $31.30 per share

- 2018-04: $28.35 per share

- 2018-05: $27.40 per share

- 2018-06: $32.15 per share

- 2018-07: $25.80 per share

- 2018-08: $28.95 per share

- 2018-09: $28.35 per share

- 2018-10: $28.64 per share

- 2018-11: $31.45 per share

- 2018-12: $26.34 per share

- 2019-01: $30.81 per share

- 2019-02: $36.10 per share

- 2019-03: $38.48 per share

- 2019-04: $45.79 per share

- 2019-05: $53.68 per share

- 2019-06: $53.63 per share

- 2019-07: $50.25 per share

- 2019-08: $44.57 per share

- 2019-09: $42.74 per share

- 2019-10: $39.84 per share

- 2019-11: $34.83 per share

- 2019-12: $33.34 per share

- 2020-01: $29.92 per share

- 2020-02: $23.21 per share

- 2020-03: $16.08 per share

- 2020-04: $17.65 per share

- 2020-05: $18.69 per share

- 2020-06: $18.46 per share

- 2020-07: $20.60 per share

- 2020-08: $20.81 per share

- 2020-09: $19.23 per share

- 2020-10: $18.58 per share

- 2020-11: $27.26 per share

- 2020-12: $31.85 per share

- 2021-01: $31.51 per share

- 2021-02: $30.93 per share

- 2021-03: $29.26 per share

- 2021-04: $32.47 per share

- 2021-05: $33.69 per share

- 2021-06: $33.22 per share

- 2021-07: $28.29 per share

- 2021-08: $30.01 per share

- 2021-09: $31.68 per share

- 2021-10: $26.13 per share

- 2021-11: $23.33 per share

- 2021-12: $26.43 per share

- 2022-01: $27.48 per share

- 2022-02: $30.00 per share

- 2022-03: $28.02 per share

- 2022-04: $22.24 per share

- 2022-05: $24.23 per share

- 2022-06: $20.40 per share

- 2022-07: $21.84 per share

- 2022-08: $22.09 per share

- 2022-09: $18.09 per share

- 2022-10: $17.81 per share

- 2022-11: $18.56 per share

- 2022-12: $15.51 per share

- 2023-01: $20.63 per share

- 2023-02: $16.27 per share

- 2023-03: $17.16 per share

- 2023-04: $19.89 per share

- 2023-05: $15.38 per share

- 2023-06: $13.82 per share

- 2023-07: $13.91 per share

- 2023-08: $12.62 per share

- 2023-09: $11.22 per share

- 2023-10: $10.87 per share

- 2023-11: $12.61 per share

- 2023-12: $13.03 per share

- 2024-01: $15.70 per share

- 2024-02: $14.85 per share

- 2024-03: $13.47 per share

- 2024-04: $12.30 per share

- 2024-05: $14.20 per share

- 2024-06: $13.33 per share

- 2024-07: $15.38 per share

- 2024-08: $13.92 per share

- 2024-09: $15.30 per share

- 2024-10: $17.27 per share

- 2024-11: $18.32 per share

- 2024-12: $16.14 per share

- 2025-01: $14.65 per share

- 2025-02: $14.52 per share

- 2025-03: $15.93 per share

- 2025-04: $14.40 per share

- 2025-05: $14.03 per share

- 2025-06: $13.82 per share

- 2025-07: $14.46 per share

- 2025-08: $14.47 per share

- 2025-09: $15.10 per share

- 2025-10: $13.66 per share

- 2025-11: $15.76 per share

- 2025-12: $15.30 per share

- 2026-01: $14.51 per share

- 2026-02: $16.34 per share

- 2026-03: $12.94 per share

- 2026-04: $15.55 per share

- 2026-05: $13.83 per share

- 2026-06: $14.25 per share

- 2026-07: $13.74 per share

- 2026-08: $14.10 per share

- 2026-09: $12.69 per share

- 2026-10: $12.70 per share

## Annual estimated value (USD per share)

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/912752/000197121326000012/sbgi-20251231.htm); period 2025-12-31, filed 2026-02-27.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.