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Sinclair (Sinclair) Piotroski F-Score : 4 (As of Apr. 24, 2024)


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What is Sinclair Piotroski F-Score?

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Sinclair has an F-score of 4 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Sinclair's Piotroski F-Score or its related term are showing as below:

SBGI' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 6   Max: 8
Current: 4

During the past 13 years, the highest Piotroski F-Score of Sinclair was 8. The lowest was 4. And the median was 6.


Sinclair Piotroski F-Score Historical Data

The historical data trend for Sinclair's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Sinclair Piotroski F-Score Chart

Sinclair Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Get a 7-Day Free Trial Premium Member Only Premium Member Only 5.00 6.00 4.00 7.00 4.00

Sinclair Quarterly Data
Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23
Piotroski F-Score Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 7.00 6.00 7.00 7.00 4.00

Competitive Comparison of Sinclair's Piotroski F-Score

For the Entertainment subindustry, Sinclair's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Sinclair's Piotroski F-Score Distribution in the Media - Diversified Industry

For the Media - Diversified industry and Communication Services sector, Sinclair's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Sinclair's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Dec23) TTM:Last Year (Dec22) TTM:
Net Income was 185 + -89 + -46 + -341 = $-291 Mil.
Cash Flow from Operations was 62 + 80 + 1 + 92 = $235 Mil.
Revenue was 773 + 768 + 767 + 826 = $3,134 Mil.
Gross Profit was 375 + 355 + 367 + 377 = $1,474 Mil.
Average Total Assets from the begining of this year (Dec22)
to the end of this year (Dec23) was
(6704 + 6436 + 6201 + 6083 + 6085) / 5 = $6301.8 Mil.
Total Assets at the begining of this year (Dec22) was $6,704 Mil.
Long-Term Debt & Capital Lease Obligation was $4,291 Mil.
Total Current Assets was $1,475 Mil.
Total Current Liabilities was $1,103 Mil.
Net Income was 2587 + -11 + 21 + 55 = $2,652 Mil.

Revenue was 1288 + 837 + 843 + 960 = $3,928 Mil.
Gross Profit was 530 + 434 + 447 + 531 = $1,942 Mil.
Average Total Assets from the begining of last year (Dec21)
to the end of last year (Dec22) was
(12541 + 6662 + 6449 + 6605 + 6704) / 5 = $7792.2 Mil.
Total Assets at the begining of last year (Dec21) was $12,541 Mil.
Long-Term Debt & Capital Lease Obligation was $4,381 Mil.
Total Current Assets was $1,683 Mil.
Total Current Liabilities was $608 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Sinclair's current Net Income (TTM) was -291. ==> Negative ==> Score 0.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Sinclair's current Cash Flow from Operations (TTM) was 235. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Dec22)
=-291/6704
=-0.04340692

ROA (Last Year)=Net Income/Total Assets (Dec21)
=2652/12541
=0.21146639

Sinclair's return on assets of this year was -0.04340692. Sinclair's return on assets of last year was 0.21146639. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Sinclair's current Net Income (TTM) was -291. Sinclair's current Cash Flow from Operations (TTM) was 235. ==> 235 > -291 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Dec23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec22 to Dec23
=4291/6301.8
=0.68091656

Gearing (Last Year: Dec22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Dec21 to Dec22
=4381/7792.2
=0.5622289

Sinclair's gearing of this year was 0.68091656. Sinclair's gearing of last year was 0.5622289. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Dec23)=Total Current Assets/Total Current Liabilities
=1475/1103
=1.33726201

Current Ratio (Last Year: Dec22)=Total Current Assets/Total Current Liabilities
=1683/608
=2.76809211

Sinclair's current ratio of this year was 1.33726201. Sinclair's current ratio of last year was 2.76809211. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Sinclair's number of shares in issue this year was 63.49. Sinclair's number of shares in issue last year was 69.669. ==> There is smaller number of shares in issue this year, or the same. ==> Score 1.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=1474/3134
=0.47032546

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=1942/3928
=0.49439919

Sinclair's gross margin of this year was 0.47032546. Sinclair's gross margin of last year was 0.49439919. ==> Last year's gross margin is higher ==> Score 0.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Dec22)
=3134/6704
=0.4674821

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Dec21)
=3928/12541
=0.31321266

Sinclair's asset turnover of this year was 0.4674821. Sinclair's asset turnover of last year was 0.31321266. ==> This year's asset turnover is higher. ==> Score 1.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=0+1+0+1+0+0+1+0+1
=4

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Sinclair has an F-score of 4 indicating the company's financial situation is typical for a stable company.

Sinclair  (NAS:SBGI) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Sinclair Piotroski F-Score Related Terms

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Sinclair (Sinclair) Business Description

Traded in Other Exchanges
N/A
Address
10706 Beaver Dam Road, Hunt Valley, MD, USA, 21030
Sinclair Broadcast Group is the second-largest television station operator in the U.S., with 185 stations in 86 markets. Of the firm's roughly 600 channels, 150 are affiliated with the four national broadcasters—Fox, ABC, CBS, and NBC—with over 80 other channels on networks aligned with The CW (Nexstar) and MyNetworkTV (Fox). The firm also owns the Tennis Channel and four multicast networks. Via the 2019 purchase of the Fox regional sports networks from Disney, Sinclair is now the largest owner of Diamond Sports, which operates regional sports networks. Diamond Sports sought bankruptcy protection in early 2023.
Executives
David B Gibber officer: SVP & General Counsel 10706 BEAVER DAM ROAD, HUNT VALLEY MD 21030
Howard E Friedman director 6201 GREEN MEADOW WAY, BALTIMORE MD 21209
Jeffrey Edward Lewis officer: Chief Compliance Officer 10706 BEAVER DAM ROAD, HUNT VALLEY MD 21030
Benjamin Sr Carson director PO BOX 3599, BATTLE CREEK MI 49016-3599
Lawrence E Mccanna director 36 S CHARLES ST, STE 1800, BALTIMORE MD 21201
Frederick G Smith director, 10 percent owner, officer: Vice President 10706 BEAVER DAM RD, COCKEYSVILLE MD 21030
J Duncan Smith director, 10 percent owner, officer: Secretary 10706 BEAVER DAM RD, COCKEYSVILLE MD 21030
Laurie R Beyer director 6331 FALCONWOOD STREET, MIDDLE RIVER MD 21220
David D Smith director, 10 percent owner, officer: President C/O SINCLAIR BROADCAST GROUP, 2000 WEST 41ST ST, BALTIMORE MD 21211-1420
Justin Leroy Bray officer: VP & Treasurer 10706 BEAVER DAM ROAD, HUNT VALLEY MD 21030
David R Bochenek officer: Controller and CAO 10706 BEAVER DAM ROAD, COCKEYSVILLE MD 21030
Barry Faber officer: Vice President-General Counsel 10706 BEAVER DAM ROAD, COCKEYSVILLE MD 21203
Lucy Rutishauser officer: Treasurer and VP Corp. Finance 10706 BEAVER DAM RD, COCKEYSVILLE MD 21203
Daniel C Keith director 102 W PENNSYLVANIA AVE, STE 501, TOWSON MD 21204
Benson E Legg director 393 SILVER MOSS DRIVE, VERO BEACH FL 32963