The business behind the dividend
| Measure | SBGI | Median | Formula |
|---|---|---|---|
| Return on equity | -25.3% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 3.6% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $63.00m | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $115.00m | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 5.5% | 15.0% | Operating income ÷ revenue |
| Net margin | -3.5% | 10.2% | Net income ÷ revenue |
| Debt to equity | 9.87x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 0.44x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 2.42x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 4.36x | 2.30x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | — | — | Operating cash flow ÷ net income |
Not computed here: Cash conversion — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | Median |
|---|---|---|---|---|---|---|
| Return on equity | -25.3% | 53.2% | -102.1% | 354.5% | — | 53.2% |
| Return on capital employed | 3.6% | 11.7% | -7.4% | 79.4% | — | 11.7% |
| Operating margin | 5.5% | 15.5% | -10.6% | — | 1.5% | 5.5% |
| Net margin | -3.5% | 8.7% | -9.3% | 67.5% | -6.7% | -3.5% |
| Debt to equity | 9.87x | 7.07x | 14.67x | 5.70x | — | 9.87x |
| Current ratio | 2.42x | 2.45x | 1.34x | 2.77x | — | 2.45x |
| Cash conversion | — | 0.32x | — | 0.30x | — | 0.30x |
How it compares in communications
Among the 25 communications companies here measured on free cash flow, Sinclair pays out less than 3 of them. The median for that group is 28.4%, against this company’s 60.0%.
Closest on free cash flow
- AT&T (T) 42.1%
- Telephone & Data Systems (TDS) 44.0%
- ACCO Brands (ACCO) 54.9%
- Verizon Communications (VZ) 57.0%
Same sector and same denominator, so the figures are comparable. All 31 in communications →