SBGISinclair, Inc.

Television Broadcasting Stations

Revenue: $3.2B; 11% YoY
Operating margin: 5.5%; 65% YoY
EBITDA: $422M; 47% YoY
Market cap: $913M
Employees: 7,100; $446K revenue each
Net debt / EBITDA: 8.1×; $3.4B net debt
AI in 10-K: 0.7; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$11M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
2% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
37% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
38% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$446K · 35th pct
Bottom quartile of its SIC industry
Quiet on AINo
0.7 per 10K words · 28th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
8.1× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$913M market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$2M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$6.1B	$3.9B	$3.1B	$3.5B	$3.2B	11%
Operating income	$95M	$4.0B	−$331M	$551M	$173M	69%
Net income	−$326M	$2.7B	−$279M	$319M	−$99M	131%
Operating cash flow	$327M	$799M	$235M	$98M	$189M	93%
Capex	$80M	$105M	$92M	$84M	$74M	12%
Stock-based comp	$60M	$50M	$45M	$51M	$51M	0.0%
Buybacks	$61M	$120M	$153M	$0	$0
Dividends	$60M	$70M	$65M	$66M	$69M	4.5%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
May 8, 2026	SMITH DAVID D	SCHEDULE 13D/A	38.0%	Passive
Apr 2, 2026	GAMCO INVESTORS, INC. ET AL	SCHEDULE 13D/A	11.0%	Passive
Aug 8, 2025	GAMCO INVESTORS, INC. ET AL	SCHEDULE 13D/A	12.2%	Passive
Apr 16, 2025	SMITH DAVID D	SCHEDULE 13D/A	39.1%	Passive
Apr 15, 2025	GAMCO INVESTORS, INC. ET AL	SCHEDULE 13D/A	11.1%	Passive
Jan 18, 2024	GAMCO INVESTORS, INC. ET AL	SC 13D/A	12.4%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $2M · 15
Net: −$2M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$11M	$12M	64	111
FY2024	$11M	$11M	62	106
FY2023	$7M	$8M	47	119
FY2022	$10M	$7M	52	65
FY2021	$16M	$14M	84	93