Gray Media vs Sinclair
Sinclair reported revenue of $3.2 billion in fiscal 2025, about the same as Gray Media's $3.1 billion in fiscal 2025. Gray Media's revenue fell 15.1% in its latest year, and Sinclair's fell 10.7%. Gray Media had an operating margin of 12.7%, against 5.5% at Sinclair. Free cash flow was $181 million at Gray Media and $115 million at Sinclair.
Side by side
| Gray Media | Sinclair | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $3.1B | $3.2B |
| Revenue growth | −15.1% | −10.7% |
| Revenue growth a year, last 5 years | 5.4% | — |
| Gross margin | — | — |
| Operating margin | 12.7% | 5.5% |
| Net margin | −2.8% | −3.5% |
| Free cash flow | $181M | $115M |
| Free cash flow margin | 5.8% | 3.6% |
| Return on capital | 4.1% | 3.5% |
| Net debt to EBITDA | 8.5x | 8.3x |
| Dividends and buybacks | $33M | $69M |
| Change in diluted share count | 1.0% | 4.6% |
| Last close | $4.92 | $13.68 |
| P/E at the last close | 15.9× | 9.7× |
| Insider trades, last 12 months | — | — |
| Piotroski F-score | 3 of 8 | 2 of 8 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Gray MediaSinclair
Operating margin
Percent of revenue
Gray MediaSinclair
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Gray MediaSinclair
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Gray Media and Sinclair pages.