vs
Sinclair, Inc.（SBGI）与Trade Desk (The)（TTD）财务数据对比。点击上方公司名可切换其他公司
Trade Desk (The)的季度营收约是Sinclair, Inc.的1.0倍（$846.8M vs $836.0M），Trade Desk (The)净利率更高（22.1% vs 13.0%，领先9.0%），Trade Desk (The)同比增速更快（14.3% vs -16.7%），Trade Desk (The)自由现金流更多（$285.3M vs $79.0M），过去两年Trade Desk (The)的营收复合增速更高（31.3% vs 2.4%）
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。
The Trade Desk是来自美国的跨国科技企业，专注于实时程序化营销自动化领域的技术、产品与服务研发，可实现面向用户的个性化数字内容分发，为全球广告营销行业客户提供专业解决方案。
SBGI vs TTD — 直观对比
营收规模更大
TTD
是对方的1.0倍
$836.0M
营收增速更快
TTD
高出31.0%
-16.7%
净利率更高
TTD
高出9.0%
13.0%
自由现金流更多
TTD
多$206.3M
$79.0M
两年增速更快
TTD
近两年复合增速
2.4%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $836.0M | $846.8M |
| 净利润 | $109.0M | $186.9M |
| 毛利率 | — | 80.7% |
| 营业利润率 | 9.6% | 30.3% |
| 净利率 | 13.0% | 22.1% |
| 营收同比 | -16.7% | 14.3% |
| 净利润同比 | -38.1% | 2.6% |
| 每股收益（稀释后） | $1.62 | $0.39 |
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SBGITTD
| Q4 25 | $836.0M | $846.8M | ||
| Q3 25 | $773.0M | $739.4M | ||
| Q2 25 | $784.0M | $694.0M | ||
| Q1 25 | $776.0M | $616.0M | ||
| Q4 24 | $1.0B | $741.0M | ||
| Q3 24 | $917.0M | $628.0M | ||
| Q2 24 | $829.0M | $584.5M | ||
| Q1 24 | $798.0M | $491.3M |
净利润SBGITTD
| Q4 25 | $109.0M | $186.9M | ||
| Q3 25 | $-1.0M | $115.5M | ||
| Q2 25 | $-64.0M | $90.1M | ||
| Q1 25 | $-156.0M | $50.7M | ||
| Q4 24 | $176.0M | $182.2M | ||
| Q3 24 | $94.0M | $94.2M | ||
| Q2 24 | $17.0M | $85.0M | ||
| Q1 24 | $23.0M | $31.7M |
毛利率SBGITTD
| Q4 25 | — | 80.7% | ||
| Q3 25 | — | 78.1% | ||
| Q2 25 | — | 78.2% | ||
| Q1 25 | — | 76.8% | ||
| Q4 24 | — | 81.7% | ||
| Q3 24 | — | 80.5% | ||
| Q2 24 | — | 81.1% | ||
| Q1 24 | — | 78.9% |
营业利润率SBGITTD
| Q4 25 | 9.6% | 30.3% | ||
| Q3 25 | 7.5% | 21.8% | ||
| Q2 25 | 2.7% | 16.8% | ||
| Q1 25 | 1.8% | 8.8% | ||
| Q4 24 | 26.5% | 26.4% | ||
| Q3 24 | 19.5% | 17.3% | ||
| Q2 24 | 7.7% | 16.2% | ||
| Q1 24 | 5.3% | 5.8% |
净利率SBGITTD
| Q4 25 | 13.0% | 22.1% | ||
| Q3 25 | -0.1% | 15.6% | ||
| Q2 25 | -8.2% | 13.0% | ||
| Q1 25 | -20.1% | 8.2% | ||
| Q4 24 | 17.5% | 24.6% | ||
| Q3 24 | 10.3% | 15.0% | ||
| Q2 24 | 2.1% | 14.5% | ||
| Q1 24 | 2.9% | 6.4% |
每股收益（稀释后）SBGITTD
| Q4 25 | $1.62 | $0.39 | ||
| Q3 25 | $-0.02 | $0.23 | ||
| Q2 25 | $-0.91 | $0.18 | ||
| Q1 25 | $-2.30 | $0.10 | ||
| Q4 24 | $2.64 | $0.36 | ||
| Q3 24 | $1.43 | $0.19 | ||
| Q2 24 | $0.27 | $0.17 | ||
| Q1 24 | $0.35 | $0.06 |
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 | $866.0M | $1.3B |
| 总债务越低越好 | $4.4B | — |
| 股东权益账面价值 | $443.0M | $2.5B |
| 总资产 | $5.9B | $6.2B |
| 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SBGITTD
| Q4 25 | $866.0M | $1.3B | ||
| Q3 25 | $526.0M | $1.4B | ||
| Q2 25 | $616.0M | $1.7B | ||
| Q1 25 | $631.0M | $1.7B | ||
| Q4 24 | $697.0M | $1.9B | ||
| Q3 24 | $536.0M | $1.7B | ||
| Q2 24 | $378.0M | $1.5B | ||
| Q1 24 | $655.0M | $1.4B |
总债务SBGITTD
| 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SBGITTD
| Q4 25 | $443.0M | $2.5B | ||
| Q3 25 | $347.0M | $2.6B | ||
| Q2 25 | $361.0M | $2.7B | ||
| Q1 25 | $436.0M | $2.7B | ||
| Q4 24 | $583.0M | $2.9B | ||
| Q3 24 | $415.0M | $2.6B | ||
| Q2 24 | $340.0M | $2.4B | ||
| Q1 24 | $333.0M | $2.2B |
总资产SBGITTD
| Q4 25 | $5.9B | $6.2B | ||
| Q3 25 | $5.6B | $5.9B | ||
| Q2 25 | $5.7B | $6.0B | ||
| Q1 25 | $5.8B | $5.7B | ||
| Q4 24 | $5.9B | $6.1B | ||
| Q3 24 | $5.8B | $5.5B | ||
| Q2 24 | $5.7B | $5.2B | ||
| Q1 24 | $6.0B | $4.7B |
负债/权益比SBGITTD
| 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 | $98.0M | $311.6M |
| 自由现金流经营现金流 - 资本支出 | $79.0M | $285.3M |
| 自由现金流率自由现金流/营收 | 9.4% | 33.7% |
| 资本支出强度资本支出/营收 | 2.3% | 3.1% |
| 现金转化率经营现金流/净利润 | 0.90× | 1.67× |
| 过去12个月自由现金流最近4个季度 | $115.0M | $795.7M |
8季度趋势，按日历期对齐
经营现金流SBGITTD
| Q4 25 | $98.0M | $311.6M | ||
| Q3 25 | $-36.0M | $224.7M | ||
| Q2 25 | $122.0M | $165.0M | ||
| Q1 25 | $5.0M | $291.4M | ||
| Q4 24 | $198.0M | $199.4M | ||
| Q3 24 | $210.0M | $273.3M | ||
| Q2 24 | $-306.0M | $81.3M | ||
| Q1 24 | $-4.0M | $185.5M |
自由现金流SBGITTD
| Q4 25 | $79.0M | $285.3M | ||
| Q3 25 | $-58.0M | $158.3M | ||
| Q2 25 | $105.0M | $119.8M | ||
| Q1 25 | $-11.0M | $232.3M | ||
| Q4 24 | $175.0M | $179.2M | ||
| Q3 24 | $193.0M | $224.6M | ||
| Q2 24 | $-329.0M | $59.1M | ||
| Q1 24 | $-25.0M | $178.2M |
自由现金流率SBGITTD
| Q4 25 | 9.4% | 33.7% | ||
| Q3 25 | -7.5% | 21.4% | ||
| Q2 25 | 13.4% | 17.3% | ||
| Q1 25 | -1.4% | 37.7% | ||
| Q4 24 | 17.4% | 24.2% | ||
| Q3 24 | 21.0% | 35.8% | ||
| Q2 24 | -39.7% | 10.1% | ||
| Q1 24 | -3.1% | 36.3% |
资本支出强度SBGITTD
| Q4 25 | 2.3% | 3.1% | ||
| Q3 25 | 2.8% | 9.0% | ||
| Q2 25 | 2.2% | 6.5% | ||
| Q1 25 | 2.1% | 9.6% | ||
| Q4 24 | 2.3% | 2.7% | ||
| Q3 24 | 1.9% | 7.8% | ||
| Q2 24 | 2.8% | 3.8% | ||
| Q1 24 | 2.6% | 1.5% |
现金转化率SBGITTD
| Q4 25 | 0.90× | 1.67× | ||
| Q3 25 | — | 1.94× | ||
| Q2 25 | — | 1.83× | ||
| Q1 25 | — | 5.75× | ||
| Q4 24 | 1.13× | 1.09× | ||
| Q3 24 | 2.23× | 2.90× | ||
| Q2 24 | -18.00× | 0.96× | ||
| Q1 24 | -0.17× | 5.86× |
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
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% |
TTD
| Other | $427.2M | 50% |
| Non Us | $419.6M | 50% |
