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Sinclair, Inc. ( the Company or Sinclair ), a Maryland corporation formed in 2022, is the parent company of Sinclair Broadcast Group, LLC ( SBG ), a Maryland limited liability company, which formed from the conversion of Sinclair Broadcast Group, Inc. ( Old Sinclair ), a Maryland corporation founded in 1986, to a Maryland limited liability company in 2023. Sinclair is a diversified media compan…
Operating margin is thin at 5.46%. Limited cushion if revenue slows or costs rise, not the profile of a wide-moat business.
Revenue declined 10.7% YoY. Margins deteriorated 10.1pp alongside, both lines moving the wrong way.
ROIC dropped from 9.93% to 2.77%, capital efficiency is deteriorating. Net debt of $3.67B represents 32.0x FCF, leverage limits flexibility.
Profitability & Returns
Revenue (TTM)
$3.20B
▼ -10.7% YoY
Net Income (TTM)
$64M
▼ -136.1% YoY
Op. Margin
5.81%
▼ -10.1pp YoY
ROIC
3.07%
▼ -7.2pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$154M
▲ +721.4% YoY
Op. Cash Flow (TTM)
$227M
▲ +92.9% YoY
Net Debt
$3.67B
Cash & Equiv.
$844M
3Y CAGR: -6.9%
3Y CAGR: -45.1%
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