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Newsmax Inc.（NMAX）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Newsmax Inc.的16.0倍（$836.0M vs $52.2M）。Sinclair, Inc.净利率更高（13.0% vs -5.7%，领先18.7%）。Sinclair, Inc.自由现金流更多（$79.0M vs $1.8M）
纽斯马克斯公司是一家总部位于美国的媒体广播企业，提供新闻报道、政治评论、观点内容及生活类节目，通过有线电视、官网、移动应用和流媒体平台分发内容，主要面向美国本土受众，核心内容板块侧重保守立场的时事资讯。
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。
NMAX vs SBGI — 直观对比
营收规模更大
SBGI
是对方的16.0倍
$52.2M
净利率更高
SBGI
高出18.7%
-5.7%
自由现金流更多
SBGI
多$77.2M
$1.8M
损益表 — Q4 2025 vs Q4 2025
| 指标 | | |
|---|---|---|
| 营收 | $52.2M | $836.0M |
| 净利润 | $-3.0M | $109.0M |
| 毛利率 | 36.7% | — |
| 营业利润率 | -9.0% | 9.6% |
| 净利率 | -5.7% | 13.0% |
| 营收同比 | — | -16.7% |
| 净利润同比 | — | -38.1% |
| 每股收益（稀释后） | $0.15 | $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NMAXSBGI
| Q4 25 | $52.2M | $836.0M | ||
| Q3 25 | $45.3M | $773.0M | ||
| Q2 25 | $46.4M | $784.0M | ||
| Q1 25 | $45.3M | $776.0M | ||
| Q4 24 | — | $1.0B | ||
| Q3 24 | — | $917.0M | ||
| Q2 24 | — | $829.0M | ||
| Q1 24 | — | $798.0M |
净利润NMAXSBGI
| Q4 25 | $-3.0M | $109.0M | ||
| Q3 25 | $-4.1M | $-1.0M | ||
| Q2 25 | $-75.2M | $-64.0M | ||
| Q1 25 | $-17.2M | $-156.0M | ||
| Q4 24 | — | $176.0M | ||
| Q3 24 | — | $94.0M | ||
| Q2 24 | — | $17.0M | ||
| Q1 24 | — | $23.0M |
毛利率NMAXSBGI
| Q4 25 | 36.7% | — | ||
| Q3 25 | 35.3% | — | ||
| Q2 25 | 38.0% | — | ||
| Q1 25 | 47.8% | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
营业利润率NMAXSBGI
| Q4 25 | -9.0% | 9.6% | ||
| Q3 25 | -15.9% | 7.5% | ||
| Q2 25 | -164.5% | 2.7% | ||
| Q1 25 | -25.5% | 1.8% | ||
| Q4 24 | — | 26.5% | ||
| Q3 24 | — | 19.5% | ||
| Q2 24 | — | 7.7% | ||
| Q1 24 | — | 5.3% |
净利率NMAXSBGI
| Q4 25 | -5.7% | 13.0% | ||
| Q3 25 | -9.1% | -0.1% | ||
| Q2 25 | -161.9% | -8.2% | ||
| Q1 25 | -38.0% | -20.1% | ||
| Q4 24 | — | 17.5% | ||
| Q3 24 | — | 10.3% | ||
| Q2 24 | — | 2.1% | ||
| Q1 24 | — | 2.9% |
每股收益（稀释后）NMAXSBGI
| Q4 25 | $0.15 | $1.62 | ||
| Q3 25 | $-0.03 | $-0.02 | ||
| Q2 25 | $-0.59 | $-0.91 | ||
| Q1 25 | $-0.49 | $-2.30 | ||
| Q4 24 | — | $2.64 | ||
| Q3 24 | — | $1.43 | ||
| Q2 24 | — | $0.27 | ||
| Q1 24 | — | $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 | $20.4M | $866.0M |
| 总债务越低越好 | — | $4.4B |
| 股东权益账面价值 | $106.0M | $443.0M |
| 总资产 | $239.8M | $5.9B |
| 负债/权益比越低杠杆越低 | — | 9.84× |
8季度趋势，按日历期对齐
现金及短期投资NMAXSBGI
| Q4 25 | $20.4M | $866.0M | ||
| Q3 25 | $14.2M | $526.0M | ||
| Q2 25 | $33.8M | $616.0M | ||
| Q1 25 | $126.7M | $631.0M | ||
| Q4 24 | — | $697.0M | ||
| Q3 24 | — | $536.0M | ||
| Q2 24 | — | $378.0M | ||
| Q1 24 | — | $655.0M |
总债务NMAXSBGI
| Q4 25 | — | $4.4B | ||
| Q3 25 | — | $4.1B | ||
| Q2 25 | — | $4.1B | ||
| Q1 25 | — | $4.2B | ||
| Q4 24 | — | $4.1B | ||
| Q3 24 | — | $4.1B | ||
| Q2 24 | — | $4.1B | ||
| Q1 24 | — | $4.1B |
股东权益NMAXSBGI
| Q4 25 | $106.0M | $443.0M | ||
| Q3 25 | $106.0M | $347.0M | ||
| Q2 25 | $106.9M | $361.0M | ||
| Q1 25 | $177.4M | $436.0M | ||
| Q4 24 | — | $583.0M | ||
| Q3 24 | — | $415.0M | ||
| Q2 24 | — | $340.0M | ||
| Q1 24 | — | $333.0M |
总资产NMAXSBGI
| Q4 25 | $239.8M | $5.9B | ||
| Q3 25 | $233.3M | $5.6B | ||
| Q2 25 | $259.8M | $5.7B | ||
| Q1 25 | $278.2M | $5.8B | ||
| Q4 24 | — | $5.9B | ||
| Q3 24 | — | $5.8B | ||
| Q2 24 | — | $5.7B | ||
| Q1 24 | — | $6.0B |
负债/权益比NMAXSBGI
| Q4 25 | — | 9.84× | ||
| Q3 25 | — | 11.75× | ||
| Q2 25 | — | 11.30× | ||
| Q1 25 | — | 9.56× | ||
| Q4 24 | — | 7.02× | ||
| Q3 24 | — | 9.86× | ||
| Q2 24 | — | 12.08× | ||
| Q1 24 | — | 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 | $2.6M | $98.0M |
| 自由现金流经营现金流 - 资本支出 | $1.8M | $79.0M |
| 自由现金流率自由现金流/营收 | 3.4% | 9.4% |
| 资本支出强度资本支出/营收 | 1.7% | 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 | $-107.1M | $115.0M |
8季度趋势，按日历期对齐
经营现金流NMAXSBGI
| Q4 25 | $2.6M | $98.0M | ||
| Q3 25 | $-68.1M | $-36.0M | ||
| Q2 25 | $-23.2M | $122.0M | ||
| Q1 25 | $-15.7M | $5.0M | ||
| Q4 24 | — | $198.0M | ||
| Q3 24 | — | $210.0M | ||
| Q2 24 | — | $-306.0M | ||
| Q1 24 | — | $-4.0M |
自由现金流NMAXSBGI
| Q4 25 | $1.8M | $79.0M | ||
| Q3 25 | $-69.2M | $-58.0M | ||
| Q2 25 | $-23.8M | $105.0M | ||
| Q1 25 | $-15.8M | $-11.0M | ||
| Q4 24 | — | $175.0M | ||
| Q3 24 | — | $193.0M | ||
| Q2 24 | — | $-329.0M | ||
| Q1 24 | — | $-25.0M |
自由现金流率NMAXSBGI
| Q4 25 | 3.4% | 9.4% | ||
| Q3 25 | -152.9% | -7.5% | ||
| Q2 25 | -51.3% | 13.4% | ||
| Q1 25 | -34.9% | -1.4% | ||
| Q4 24 | — | 17.4% | ||
| Q3 24 | — | 21.0% | ||
| Q2 24 | — | -39.7% | ||
| Q1 24 | — | -3.1% |
资本支出强度NMAXSBGI
| Q4 25 | 1.7% | 2.3% | ||
| Q3 25 | 2.4% | 2.8% | ||
| Q2 25 | 1.3% | 2.2% | ||
| Q1 25 | 0.2% | 2.1% | ||
| Q4 24 | — | 2.3% | ||
| Q3 24 | — | 1.9% | ||
| Q2 24 | — | 2.8% | ||
| Q1 24 | — | 2.6% |
现金转化率NMAXSBGI
| Q4 25 | — | 0.90× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.13× | ||
| Q3 24 | — | 2.23× | ||
| Q2 24 | — | -18.00× | ||
| Q1 24 | — | -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
NMAX
| Advertising | $33.9M | 65% |
| Affiliate Fee | $8.3M | 16% |
| Subscription And Circulation | $6.2M | 12% |
| Products | $2.6M | 5% |
| Supplement Sales | $1.1M | 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% |
