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GRAY MEDIA, INC（GTN）与Sinclair, Inc.（SBGI）财务数据对比。点击上方公司名可切换其他公司
Sinclair, Inc.的季度营收约是GRAY MEDIA, INC的1.1倍（$836.0M vs $792.0M）。Sinclair, Inc.净利率更高（13.0% vs -1.3%，领先14.3%）。Sinclair, Inc.同比增速更快（-16.7% vs -24.2%）。Sinclair, Inc.自由现金流更多（$79.0M vs $69.0M）。过去两年Sinclair, Inc.的营收复合增速更高（2.4% vs -1.9%）
格雷传媒是总部位于美国亚特兰大的上市电视广播企业，1946年由詹姆斯·哈里森·格雷创立，按电视台数量计算目前是美国第三大电视台运营商，在美国113个传媒市场拥有或运营180家电视台，覆盖范围从亚特兰大这样的大型市场到内布拉斯加州北普拉特这类小型市场。
辛克莱公司（以辛克莱广播集团开展业务）是一家上市的美国电信综合企业，由创始人朱利安·辛克莱·史密斯的后代控股。公司总部位于马里兰州巴尔的摩郊县科基斯维尔，按电视台数量计算是美国第二大电视台运营商，仅次于奈克斯达媒体集团，在全国100多个市场拥有或运营193家电视台，覆盖美国40%的区域。
GTN vs SBGI — 直观对比
营收规模更大
SBGI
是对方的1.1倍
$792.0M
营收增速更快
SBGI
高出7.5%
-24.2%
净利率更高
SBGI
高出14.3%
-1.3%
自由现金流更多
SBGI
多$10.0M
$69.0M
两年增速更快
SBGI
近两年复合增速
-1.9%
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $792.0M | $836.0M |
| 净利润 | $-10.0M | $109.0M |
| 毛利率 | — | — |
| 营业利润率 | 14.6% | 9.6% |
| 净利率 | -1.3% | 13.0% |
| 营收同比 | -24.2% | -16.7% |
| 净利润同比 | -105.9% | -38.1% |
| 每股收益（稀释后） | $-0.23 | $1.62 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收GTNSBGI
| Q4 25 | $792.0M | $836.0M | ||
| Q3 25 | $749.0M | $773.0M | ||
| Q2 25 | $772.0M | $784.0M | ||
| Q1 25 | $782.0M | $776.0M | ||
| Q4 24 | $1.0B | $1.0B | ||
| Q3 24 | $950.0M | $917.0M | ||
| Q2 24 | $826.0M | $829.0M | ||
| Q1 24 | $823.0M | $798.0M |
净利润GTNSBGI
| Q4 25 | $-10.0M | $109.0M | ||
| Q3 25 | $-10.0M | $-1.0M | ||
| Q2 25 | $-56.0M | $-64.0M | ||
| Q1 25 | $-9.0M | $-156.0M | ||
| Q4 24 | $169.0M | $176.0M | ||
| Q3 24 | $96.0M | $94.0M | ||
| Q2 24 | $22.0M | $17.0M | ||
| Q1 24 | $88.0M | $23.0M |
营业利润率GTNSBGI
| Q4 25 | 14.6% | 9.6% | ||
| Q3 25 | 13.6% | 7.5% | ||
| Q2 25 | 10.6% | 2.7% | ||
| Q1 25 | 11.8% | 1.8% | ||
| Q4 24 | 31.1% | 26.5% | ||
| Q3 24 | 26.3% | 19.5% | ||
| Q2 24 | 18.4% | 7.7% | ||
| Q1 24 | 15.1% | 5.3% |
净利率GTNSBGI
| Q4 25 | -1.3% | 13.0% | ||
| Q3 25 | -1.3% | -0.1% | ||
| Q2 25 | -7.3% | -8.2% | ||
| Q1 25 | -1.2% | -20.1% | ||
| Q4 24 | 16.2% | 17.5% | ||
| Q3 24 | 10.1% | 10.3% | ||
| Q2 24 | 2.7% | 2.1% | ||
| Q1 24 | 10.7% | 2.9% |
每股收益（稀释后）GTNSBGI
| Q4 25 | $-0.23 | $1.62 | ||
| Q3 25 | $-0.24 | $-0.02 | ||
| Q2 25 | $-0.71 | $-0.91 | ||
| Q1 25 | $-0.23 | $-2.30 | ||
| Q4 24 | $1.62 | $2.64 | ||
| Q3 24 | $0.86 | $1.43 | ||
| Q2 24 | $0.09 | $0.27 | ||
| Q1 24 | $0.79 | $0.35 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $368.0M | $866.0M |
| 总债务越低越好 | $5.7B | $4.4B |
| 股东权益账面价值 | $2.2B | $443.0M |
| 总资产 | $10.4B | $5.9B |
| 负债/权益比越低杠杆越低 | 2.65× | 9.84× |
8季度趋势，按日历期对齐
现金及短期投资GTNSBGI
| Q4 25 | $368.0M | $866.0M | ||
| Q3 25 | $182.0M | $526.0M | ||
| Q2 25 | $199.0M | $616.0M | ||
| Q1 25 | $210.0M | $631.0M | ||
| Q4 24 | $135.0M | $697.0M | ||
| Q3 24 | $69.0M | $536.0M | ||
| Q2 24 | $75.0M | $378.0M | ||
| Q1 24 | $134.0M | $655.0M |
总债务GTNSBGI
| Q4 25 | $5.7B | $4.4B | ||
| Q3 25 | $5.6B | $4.1B | ||
| Q2 25 | $5.6B | $4.1B | ||
| Q1 25 | $5.6B | $4.2B | ||
| Q4 24 | $5.5B | $4.1B | ||
| Q3 24 | $5.9B | $4.1B | ||
| Q2 24 | $6.1B | $4.1B | ||
| Q1 24 | $6.2B | $4.1B |
股东权益GTNSBGI
| Q4 25 | $2.2B | $443.0M | ||
| Q3 25 | $2.2B | $347.0M | ||
| Q2 25 | $2.2B | $361.0M | ||
| Q1 25 | $2.3B | $436.0M | ||
| Q4 24 | $2.3B | $583.0M | ||
| Q3 24 | $2.1B | $415.0M | ||
| Q2 24 | $2.1B | $340.0M | ||
| Q1 24 | $2.0B | $333.0M |
总资产GTNSBGI
| Q4 25 | $10.4B | $5.9B | ||
| Q3 25 | $10.3B | $5.6B | ||
| Q2 25 | $10.4B | $5.7B | ||
| Q1 25 | $10.4B | $5.8B | ||
| Q4 24 | $10.5B | $5.9B | ||
| Q3 24 | $10.6B | $5.8B | ||
| Q2 24 | $10.6B | $5.7B | ||
| Q1 24 | $10.7B | $6.0B |
负债/权益比GTNSBGI
| Q4 25 | 2.65× | 9.84× | ||
| Q3 25 | 2.59× | 11.75× | ||
| Q2 25 | 2.57× | 11.30× | ||
| Q1 25 | 2.48× | 9.56× | ||
| Q4 24 | 2.41× | 7.02× | ||
| Q3 24 | 2.77× | 9.86× | ||
| Q2 24 | 2.97× | 12.08× | ||
| Q1 24 | 3.02× | 12.35× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $112.0M | $98.0M |
| 自由现金流经营现金流 - 资本支出 | $69.0M | $79.0M |
| 自由现金流率自由现金流/营收 | 8.7% | 9.4% |
| 资本支出强度资本支出/营收 | 5.4% | 2.3% |
| 现金转化率经营现金流/净利润 | — | 0.90× |
| 过去12个月自由现金流最近4个季度 | $181.0M | $115.0M |
8季度趋势，按日历期对齐
经营现金流GTNSBGI
| Q4 25 | $112.0M | $98.0M | ||
| Q3 25 | $14.0M | $-36.0M | ||
| Q2 25 | $31.0M | $122.0M | ||
| Q1 25 | $132.0M | $5.0M | ||
| Q4 24 | $368.0M | $198.0M | ||
| Q3 24 | $297.0M | $210.0M | ||
| Q2 24 | $18.0M | $-306.0M | ||
| Q1 24 | $68.0M | $-4.0M |
自由现金流GTNSBGI
| Q4 25 | $69.0M | $79.0M | ||
| Q3 25 | $-11.0M | $-58.0M | ||
| Q2 25 | $6.0M | $105.0M | ||
| Q1 25 | $117.0M | $-11.0M | ||
| Q4 24 | $328.0M | $175.0M | ||
| Q3 24 | $257.0M | $193.0M | ||
| Q2 24 | $-11.0M | $-329.0M | ||
| Q1 24 | $34.0M | $-25.0M |
自由现金流率GTNSBGI
| Q4 25 | 8.7% | 9.4% | ||
| Q3 25 | -1.5% | -7.5% | ||
| Q2 25 | 0.8% | 13.4% | ||
| Q1 25 | 15.0% | -1.4% | ||
| Q4 24 | 31.4% | 17.4% | ||
| Q3 24 | 27.1% | 21.0% | ||
| Q2 24 | -1.3% | -39.7% | ||
| Q1 24 | 4.1% | -3.1% |
资本支出强度GTNSBGI
| Q4 25 | 5.4% | 2.3% | ||
| Q3 25 | 3.3% | 2.8% | ||
| Q2 25 | 3.2% | 2.2% | ||
| Q1 25 | 1.9% | 2.1% | ||
| Q4 24 | 3.8% | 2.3% | ||
| Q3 24 | 4.2% | 1.9% | ||
| Q2 24 | 3.5% | 2.8% | ||
| Q1 24 | 4.1% | 2.6% |
现金转化率GTNSBGI
| Q4 25 | — | 0.90× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.18× | 1.13× | ||
| Q3 24 | 3.09× | 2.23× | ||
| Q2 24 | 0.82× | -18.00× | ||
| Q1 24 | 0.77× | -0.17× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
GTN
| Core Advertising | $392.0M | 49% |
| Retransmission Consent | $335.0M | 42% |
| Production Companies Segment | $37.0M | 5% |
| Service Other | $16.0M | 2% |
| Political Advertising | $12.0M | 2% |
SBGI
| Distribution Revenue | $384.0M | 46% |
| Core Advertising Revenue | $312.0M | 37% |
| Tennis Segment | $62.0M | 7% |
| Other | $40.0M | 5% |
| Other Media Non Media Revenuesand Intercompany Revenues | $24.0M | 3% |
| Political Advertising Revenue | $14.0M | 2% |
