Sinclair, Inc. — Earnings Quality Grade F
SBGI · Communication Services
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO increased by 14 days
AR growth 7.8% vs revenue growth -10.7%
Revenue -10.7%, CFFO 92.9%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -11.9% vs revenue -10.7%. Normal
SG&A/Gross Profit = 67.5%. Normal
Gross margin swung -5.4pp (51.7% → 46.3%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF $0.1B, FCF/NI = -1.03
Accruals ratio = -5.1%. Low accruals
Cash $0.9B covers only 19% of debt $4.5B
Balance Sheet Health
Goodwill+Intangibles $2.8B = 625% of equity. Over 50%
Debt/EBITDA = 9.2x (>4x). Interest coverage = 0.4x (<2x). Financial stress
Other assets -1.6% vs revenue -10.7%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -3% YoY. Normal
Manipulation Score
M-Score = -2.63 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25