# Sinclair, Inc. (SBGI)

> Source: Nexqual · https://nexqual.com/SBGI · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Sinclair, Inc. (SBGI), nexqual.com/SBGI" · informational, not investment advice.

**Price:** USD 12.8 (+0.95% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 12.68 · day 12.68–13.02 · 52w 12.23–17.88 · market cap $924M · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $3.26B, net income $52.0M (1.6% margin), free cash flow $95.0M (SEC filings).
- Valuation: P/E 17.8x (avg 3.4x at the last 1 fiscal year-ends), EV/EBITDA 9.2x, net debt $3.46B.
- Earnings quality: non-operating income -$194M vs operating income $215M over the last four quarters; P/E excluding non-operating income ≈3.8x (estimate: non-operating income taxed at the company's 0% effective rate).
- 1 of 80 tracked superinvestors hold SBGI (13F, Q2 2026): 0 new, 0 added, 0 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 3 Form 4 filings, $660K; 3 not under a Rule 10b5-1 plan ($660K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Total return with dividends: 1Y +2.0% vs S&P 500 +14.9%; 5Y -38.5% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.05, revenue estimate $877M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $6.13B | $3.93B | $3.13B | $3.55B | $3.17B | $3.26B |
| Operating income | $95.0M | $3.98B | -$331M | $551M | $173M | $215M |
| Net income | -$414M | $2.65B | -$291M | $310M | -$112M | $52.0M |
| EPS (diluted) | -$5.51 | $37.54 | -$4.46 | $4.69 | -$1.61 | — |
| Free cash flow | $247M | $694M | $143M | $14.0M | $115M | $95.0M |
| Operating margin | 1.5% | 101.3% | -10.6% | 15.5% | 5.5% | 6.6% |
| Net margin | -6.7% | 67.5% | -9.3% | 8.7% | -3.5% | 1.6% |
| Revenue growth | — | -36.0% | -20.2% | +13.2% | -10.7% | — |
| Cash + short-term investments | $819M | $884M | $662M | $697M | $866M | — |
| Total debt | — | $4.32B | $4.18B | $4.12B | $4.37B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 17.8x · P/E ex non-operating (est.) ≈3.8x · P/S 0.3x · EV/EBITDA 9.2x · EV/Sales 1.3x · P/FCF 9.7x · P/B 2.4x · FCF yield 10.28% · Earnings yield 5.63% · Dividend yield (paid, TTM) 7.69% · Net debt $3.46B · EV $4.38B
P/E at fiscal year-ends: Dec 2024 3.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold SBGI. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Ruane Cunniff | Ruane Cunniff LP | <0.01% | $256K | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 3 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-21 | Smith Frederick G | Vice President | 200 | $3K | 0.1% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-10 | Gibber David B | EVP & Chief Legal Officer | 29,246 | $402K | 13.7% | No | Too little history (no open-market trades in 2024) |
| 2026-07-02 | Keith Daniel C | Director | 17,000 | $255K | 40.4% | No | Too little history (no open-market trades in 2023 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-21 | JP Morgan | Target raised | Underweight | $14 → $15 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +2.0% | -38.5% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +2.0% | -9.3% |
| Volatility (annualized) | 44.8% | 52.4% |
| Max drawdown | -24.0% (Apr 2026→Oct 2026) | -64.6% (Jan 2022→Oct 2023) |

## Peers (Broadcasting)
NMAX (Newsmax, Inc.) USD 8.17 -2.51% · GTN-A (Gray Media, Inc.) USD 6.04 -12.46% · NXST (Nexstar Media Group, Inc.) USD 168.76 +2.38% · BIDU (Baidu, Inc.) USD 77.98 -1.07% · FOXA (Fox Corporation) USD 68.27 +3.69% · RDDT (Reddit, Inc.) USD 150.26 -1.97%

## More
Full page: https://nexqual.com/SBGI · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)


Other companies that name SBGI in their own reports (relationship from SBGI's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| partner | E.W. SCRIPPS Co (SSP) | 10-K 2026-02-27 | "In January 2025, we announced the formation of a joint venture with Gray Media, Nexstar Media Group, Inc. and Sinclair, Inc. Leveraging broadcasters' uniquely efficient network architecture and the AT…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Local Media | $731.0M | 87.0% | +7.7% | $68.0M | 9.3% |
| Tennis | $70.0M | 8.3% | +2.9% | $2.0M | 2.9% |
| Other | $53.0M | 6.3% | +15.2% | — | — |
| Total revenue | $840.0M | 100% | — | $50.0M | 6.0% |
The lines above cover 101.7% of total revenue.

## Customer concentration

Period ended 2026-06-30: 11%, 10% of revenue from unnamed direct customers (10-Q, filed 2026-08-05).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.05 | $0.09 | -44.4% | $876.8M | 1 |
| Next quarter (ends 2026-12-31) | $1.09 | $1.37 | -20.4% | $998.6M | 1 |
| Current fiscal year (ends 2026-12-31) | $0.40 | $1.28 | -68.8% | $3.52B | 2 |
| Next fiscal year (ends 2027-12-31) | $-1.97 | $-1.73 | +13.6% | $3.20B | 2 |