Sinclair, Inc.
- Open
- 14.21
- Day high
- 14.46
- Day low
- 13.77
- Prev close
- 14.34
- Volume
- 353K
- Mkt cap
- $997M
- P/E (TTM)
- 15.3
- EPS (TTM)
- $0.91
- P/B
- 2.1
- P/S
- 0.3
- Yield
- 7.24%
- Per share
- $1.00
- ▼Insiders net selling -$715K over the last 3 months (0 open-market buys, 2 sales)
- 🏛Institutions mixed (13F)
Sinclair, Inc. (SBGI) is a Communication Services company listed on NASDAQ. The stock is down 6% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 2 sales (SEC Form 4).
Sinclair, Inc. (SBGI) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
SBGI earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 30, 2026 | $-0.68 | $0.28 | +141.2% | $807M | +1.8% |
| Feb 25, 2026 | $-0.03 | $0.04 | +233.3% | $836M | +4.3% |
| Nov 5, 2025 | $-0.65 | $-0.02 | +96.9% | $773M | -8.0% |
| May 7, 2025 | $-1.78 | $-2.18 | -22.5% | $776M | +0.0% |
| Feb 26, 2025 | $1.99 | $2.61 | +31.2% | $1.0B | -0.1% |
| Feb 28, 2024 | $0.46 | $0.81 | +76.1% | $826M | -1.3% |
| Nov 1, 2023 | $-0.49 | $-0.30 | +38.8% | $767M | +1.6% |
| Aug 2, 2023 | $-0.58 | $-1.09 | -87.9% | $768M | +0.1% |
| May 3, 2023 | $-0.60 | $2.64 | +540.0% | $773M | -0.3% |
| Feb 22, 2023 | $0.42 | $0.79 | +88.1% | $960M | -2.2% |
| Nov 2, 2022 | $0.15 | $0.32 | +113.3% | $843M | — |
| Aug 3, 2022 | $-0.28 | $-0.03 | +89.3% | $837M | -0.3% |
SBGI insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jul 6, 2026 | KEITH DANIEL Cdirector | Sell | 17,000 | $15.02 |
| Jun 10, 2026 | CARSON BENJAMIN SRdirector | Grant | 17,095 | — |
| Jun 8, 2026 | Friedman Howard Edirector | Grant | 17,095 | — |
| Jun 8, 2026 | SMITH ROBERT Edirector, 10 percent owner: | Grant | 17,095 | — |
| Jun 8, 2026 | KEITH DANIEL Cdirector | Grant | 17,095 | — |
| Jun 8, 2026 | Beyer Laurie Rdirector | Grant | 17,095 | — |
| Jun 8, 2026 | Legg Benson Edirector | Grant | 17,095 | — |
| May 6, 2026 | Legg Benson Edirector | Sell | 31,500 | $14.60 |
| Apr 2, 2026 | KEITH DANIEL Cdirector | Sell | 17,989 | $13.10 |
| Apr 2, 2026 | KEITH DANIEL Cdirector | Sell | 1,398 | $13.10 |
| Apr 2, 2026 | KEITH DANIEL Cdirector | Sell | 22,613 | $13.10 |
| Mar 31, 2026 | SMITH DAVID Ddirector, 10 percent owner, officer: Executive Chairman | Grant | 1,000,000 | — |
| Mar 19, 2026 | Weisbord Robertofficer: COO & President of Local Media | Tax | 726 | $16.29 |
| Mar 19, 2026 | Weisbord Robertofficer: COO & President of Local Media | Option | 93,926 | $15.97 |
| Mar 19, 2026 | Weisbord Robertofficer: COO & President of Local Media | Option | 75,131 | $13.31 |
Source: SBGI SEC Form 4 filings, latest Jul 6, 2026. For informational purposes only — not investment advice.
See the full SBGI insider & 13F page →Sinclair, Inc. company profile
Overview
Sinclair, Inc. (NASDAQ:SBGI) is one of the largest television broadcasting companies in the United States, founded in 1971 by Julian Sinclair Smith. The company has grown through decades of acquisitions to become a major force in local television, operating 183 television stations across 86 markets and reaching approximately 38% of US television households. Sinclair also owns and operates the Tennis Channel, a national sports network, and maintains a ventures portfolio of strategic investments. The company completed a comprehensive balance sheet refinancing in 2024 and has positioned itself to capitalize on political advertising cycles and emerging broadcast technologies.
Business
Sinclair operates as a broadcast television company with three primary business segments. The Local Media segment represents the core of the business, operating 183 television stations affiliated with major networks including Fox, ABC, CBS, NBC, and The CW across 86 markets nationwide. These stations broadcast local news, syndicated programming, network content, and advertising to their respective communities. Local television stations generate revenue through advertising sales to local and national businesses, as well as retransmission consent fees paid by cable, satellite, and streaming providers who carry the stations' signals to their subscribers. The Tennis Channel segment operates a national sports network dedicated to tennis programming, including live tournament coverage, original shows, and tennis-related content. The Tennis Channel reaches millions of households through cable, satellite, and streaming distribution partnerships and generates revenue through advertising sales and subscriber fees from distributors. The network has been expanding internationally and recently launched a direct-to-consumer streaming product. The Ventures segment consists of a portfolio of strategic investments in various media and technology companies. This segment includes stakes in companies across different industries, with a focus on high-growth opportunities in fragmented markets. The ventures portfolio has generated significant returns, including a $495 million settlement from Diamond Sports Group litigation in 2023. Based on recent financial reports, Local Media represents the vast majority of revenues (approximately 85-90%), with Tennis Channel contributing roughly 5-7% and Ventures providing investment returns and distributions rather than consistent operating revenue.
Revenue model
Sinclair generates revenue through multiple streams within its broadcasting business model. The primary revenue source is advertising sales from both local and national advertisers who purchase commercial time during programming. Local businesses advertise services like automotive dealerships, legal services, healthcare, and retail, while national advertisers include major brands seeking to reach specific geographic markets. Political advertising provides significant cyclical revenue, with the company generating record political revenues of $405 million in 2024. The second major revenue stream comes from retransmission consent fees, which are monthly payments from cable, satellite, and streaming services (like YouTube TV, Hulu Live) to carry Sinclair's broadcast signals. These fees have grown consistently as cord-cutting has made broadcast content more valuable to pay-TV providers seeking to retain subscribers. Sinclair expects mid-single-digit growth in net retransmission revenues from 2023-2025. The Tennis Channel generates revenue through subscription fees from distributors and advertising sales during tennis programming. The network also launched a direct-to-consumer streaming service to capture additional subscription revenue from tennis enthusiasts. Several factors impact Sinclair's profitability margins. Positive factors include political advertising cycles (every two years), the increasing value of live local content in a fragmented media landscape, and the company's scale advantages in negotiating with advertisers and distributors. Negative factors include cord-cutting reducing traditional pay-TV subscriber bases, economic downturns affecting local advertising spending, competition from digital advertising platforms, and the cyclical nature of political advertising creating revenue volatility between election and non-election years.
Competitive moat
Sinclair's competitive moat is moderately strong but faces ongoing challenges from digital disruption. The company's primary moat stems from its regulatory barriers to entry - broadcast television licenses are limited by the Federal Communications Commission, and acquiring new stations requires regulatory approval. This creates a natural oligopoly in local television markets where Sinclair often competes with only 2-3 other major broadcasters. The company also benefits from local content advantages, as its news operations rank #1 or #2 in over 50% of their markets. Local news remains highly trusted (62% trust rating) and difficult to replicate, providing audience loyalty and advertiser value that national digital platforms cannot easily match. Additionally, broadcast television reaches 80% of adults daily with an average of 4 hours of viewing time, demonstrating continued relevance despite streaming competition. However, Sinclair's moat faces significant competitive pressures. Digital advertising platforms like Google and Facebook capture increasing shares of local advertising budgets with superior targeting capabilities and measurement. Streaming services are fragmenting television audiences, though broadcast TV still dominates the most-watched programming. The company's high debt levels (debt-to-equity ratio of 7.3x) limit financial flexibility compared to better-capitalized digital competitors. Potential disruption could come from continued cord-cutting reducing retransmission fee growth, economic downturns disproportionately affecting local advertising, or regulatory changes allowing increased media consolidation that could intensify competition. Conversely, Sinclair could benefit from FCC deregulation enabling beneficial mergers or acquisitions to strengthen market positions.
Risks & safety
Sinclair's margin of safety appears moderate to concerning based on current financial metrics and market conditions. • **Cash and Liquidity**: Strong cash position with $697 million in cash and short-term investments as of Q1 2025, providing operational flexibility • **Debt Burden**: High debt-to-equity ratio of 9.95x creates significant financial leverage risk, though recent refinancing extended maturities beyond 6 years • **Solvency**: Current ratio of 2.08x indicates adequate short-term liquidity, but negative free cash flow in some quarters raises concerns about cash generation consistency • **Valuation Metrics**: Trading at 85x EV/EBITDA based on Q1 2025 results due to very low EBITDA, though this reflects cyclical political advertising decline; P/E ratio of -1.72x due to recent losses • **Operational Risk**: Heavy dependence on cyclical political advertising and declining core advertising markets creates earnings volatility • **Other Considerations**: Ventures portfolio provides some asset value cushion, but overall financial leverage and industry headwinds suggest limited margin of safety for equity holders
Recent development
Over the past few years, Sinclair has pursued several strategic initiatives to adapt to changing media consumption patterns and regulatory environments. The company has heavily invested in NextGen broadcast technology (ATSC 3.0), deploying the advanced broadcasting standard across 30+ markets covering over 75% of the U.S. This technology enables enhanced viewing experiences and new revenue opportunities through data distribution services, automotive connectivity, and precision navigation applications. In 2024, Sinclair completed a comprehensive balance sheet refinancing that extended debt maturities to over 6.5 years, providing financial stability and M&A flexibility. The company formed EdgeBeam Wireless, a joint venture with other major broadcasters (Scripps, Gray, and Nexstar) to advance NextGen broadcast initiatives and create new revenue streams from wireless data services. The company has expanded its sports and content strategy by hiring Jeff Blackburn as Tennis Channel CEO, launching multiple sports podcasts that rank in Apple's top 10, and creating a new ATP/WTA sponsorship business unit. The Tennis Channel launched a direct-to-consumer streaming product and expanded internationally to capture growing tennis interest globally. Sinclair has also focused on operational efficiency and technology modernization, implementing AI-powered pricing algorithms for advertising sales, migrating to cloud technologies, and launching AMP Sales and Marketing Solutions to rebrand and enhance its internal sales platforms. The company has maintained disciplined expense management while investing approximately $75 million annually in technology initiatives to remain competitive in the evolving media landscape.
SBGI company profile · for informational purposes only — not investment advice.
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