SBA Communications Corporation

SBAC · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998
Valuation
Market cap	$20,612	$21,913	$27,370	$30,264	$42,318	$30,690	$26,215	$17,611	$17,771	$11,233	$11,430	$14,163	$11,479	$8,537	$4,794	$4,732	$4,002	$1,793	$3,545	$2,700	$1,321	$542	$196	$21	$616	$1,690	$323	$76
Enterprise value	$35,739	$37,279	$41,659	$45,322	$56,490	$43,823	$38,983	$37,168	$36,221	$28,454	$19,763	$21,979	$17,228	$13,667	$8,108	$7,504	$6,326	$4,106	$5,324	$4,209	$2,040	$1,400	$1,044	$984	$1,448	$1,959	$639	$232
P/E (TTM) at period end	19.56×	29.24×	54.54×	65.59×	178.09×	1273.25×	178.35×	371.13×	171.44×	147.34×	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
P/S (TTM) at period end	7.32×	8.18×	10.09×	11.49×	18.33×	14.73×	13.01×	9.44×	10.29×	6.88×	6.98×	9.27×	8.80×	8.95×	6.87×	7.55×	7.20×	3.78×	8.68×	7.69×	5.08×	2.34×	0.93×	0.08×	2.54×	10.06×	3.72×	1.28×
P/B at period end	–	–	–	–	–	–	–	–	–	–	–	–	32.16×	13.07×	–	14.92×	6.67×	3.65×	10.51×	7.00×	16.23×	–	4.47×	0.11×	1.37×	3.14×	6.65×	10.09×
EV / EBITDA (TTM)	21.86×	21.86×	25.40×	27.75×	38.10×	32.33×	30.44×	30.56×	32.88×	27.75×	20.32×	22.81×	22.58×	24.60×	19.31×	21.26×	20.18×	15.98×	25.69×	24.96×	16.98×	14.46×	20.13×	30.01×	44.55×	343.32×	68.67×	–
EV / Sales (TTM)	12.70×	13.91×	15.36×	17.21×	24.47×	21.04×	19.35×	19.92×	20.97×	17.42×	12.06×	14.39×	13.20×	14.32×	11.61×	11.98×	11.39×	8.65×	13.04×	11.99×	7.85×	6.05×	4.92×	3.72×	5.96×	11.67×	7.34×	3.92×
Returns
Return on equity	–	–	–	–	–	–	–	–	–	–	–	–	(15.7%)	(27.7%)	–	(61.4%)	(23.5%)	(13.7%)	(23.1%)	(34.6%)	(116.3%)	–	(392.4%)	(147.3%)	(27.8%)	(5.4%)	(71.0%)	(265.3%)
Return on invested capital	11.2%	13.3%	9.2%	8.3%	8.3%	–	5.1%	7.8%	6.1%	5.1%	4.7%	4.7%	3.7%	2.5%	3.4%	2.4%	1.9%	1.5%	1.3%	1.0%	0.5%	(3.1%)	(4.7%)	(9.0%)	(3.7%)	(3.6%)	(8.0%)	(13.3%)
Dividend yield	2.3%	1.9%	1.4%	1.0%	0.6%	0.7%	0.3%	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	0.29×	1.10×	0.36×	0.69×	1.00×	0.77×	0.32×	0.31×	0.93×	0.37×	1.08×	0.99×	0.46×	0.45×	1.02×	1.12×	1.49×	1.70×	2.80×	2.19×	2.54×	2.28×	0.91×	0.43×	0.81×	0.75×	0.62×	1.21×
Debt / equity	(2.66×)	(2.66×)	(2.38×)	(2.44×)	(2.33×)	(2.30×)	(2.82×)	(2.94×)	(3.58×)	(4.40×)	(4.95×)	(11.90×)	16.46×	8.20×	(296.52×)	9.02×	4.15×	4.86×	5.65×	4.03×	9.63×	(10.46×)	19.85×	5.52×	1.88×	0.53×	6.55×	24.35×
Effective tax rate	15.1%	3.1%	9.3%	12.6%	5.9%	235.5%	21.2%	8.2%	11.3%	12.7%	(5.4%)	(55.1%)	2.3%	(3.7%)	(1.7%)	(0.5%)	(0.3%)	(1.6%)	(1.1%)	(0.4%)	(2.3%)	(0.5%)	(1.1%)	(0.2%)	(1.4%)	(4.5%)	0.9%	7.0%
Share count
Diluted shares outstanding	108	108	109	109	111	113	115	117	121	125	128	129	128	120	112	116	117	110	105	98	74	58	52	50	47	41	17	9

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998
Revenue and gross profit
Revenue	$2,871	$2,815	$2,680	$2,712	$2,633	$2,309	$2,083	$2,015	$1,866	$1,728	$1,633	$1,638	$1,527	$1,305	$954	$698	$627	$556	$475	$408	$351	$260	$231	$212	$265	$243	$168	$87	$59
Cost of revenue	($189)	($199)	($119)	($140)	($223)	($159)	($103)	($119)	($469)	($446)	($421)	($444)	($428)	($408)	($0)	($0)	($80)	($0)	($72)	($163)	($157)	($140)	($129)	($120)	($152)	($145)	($134)	($58)	($42)
Gross profit	$2,158	$2,124	$2,098	$2,099	$1,965	$1,763	$1,607	$1,522	$1,397	$1,281	$1,212	$1,194	$1,099	$897	$675	$698	$546	$555	$403	$245	$195	$120	$103	$92	$113	$98	$34	$29	$17
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($288)	($278)	($259)	($268)	($262)	($220)	($194)	($193)	($143)	($131)	($143)	($115)	($103)	($85)	($72)	($63)	($58)	($53)	($49)	($46)	($42)	($28)	($36)	($31)	($36)	($41)	($28)	($19)	($18)
Total operating expenses	($790)	($781)	($662)	($1,175)	($1,039)	($981)	($973)	($938)	($853)	($823)	($825)	($882)	($762)	($667)	($527)	($587)	($472)	($500)	($357)	($215)	($175)	($116)	($127)	($135)	($215)	($146)	($63)	($58)	($40)
Total costs and expenses	($1,503)	($1,472)	($1,244)	($1,788)	($1,708)	($1,526)	($1,449)	($1,431)	($1,322)	($1,269)	($1,246)	($1,326)	($1,190)	($1,075)	($807)	($588)	($552)	($501)	($429)	($378)	($332)	($256)	($255)	($255)	($368)	($291)	($197)	($116)	($82)
Operating income	$1,368	$1,343	$1,436	$924	$925	$782	$634	$583	$544	$459	$387	$312	$337	$230	$147	$111	$74	$55	$46	$30	$20	$4	($24)	($43)	($103)	($48)	($29)	($29)	($23)
Earnings
EBITDA	$1,688	$1,635	$1,705	$1,640	$1,633	$1,483	$1,356	$1,281	$1,216	$1,102	$1,025	$972	$964	$763	$556	$420	$353	$313	$257	$207	$169	$120	$97	$52	$33	$32	$6	$9	($2)
Interest income	$24	$32	$42	$18	$10	$3	$3	$6	$7	$11	$11	$4	$1	$2	$1	$0	$0	$1	$7	$10	$4	$2	$1	–	–	–	–	–	–
Interest expense	($534)	($499)	($449)	($457)	($20)	($67)	($413)	($413)	($397)	($346)	($350)	($342)	($310)	($265)	($196)	($161)	($150)	($131)	($105)	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$1,190	$1,242	$773	$549	$526	$253	($18)	$187	$52	$117	$87	($167)	($16)	($57)	($177)	($125)	($193)	($141)	($66)	($77)	($133)	($93)	($143)	($162)	($192)	($118)	($28)	($34)	($21)
Income tax expense	($198)	($188)	($24)	($51)	($66)	($15)	$42	($40)	($4)	($13)	($11)	($9)	($9)	$1	($7)	($2)	($1)	($0)	($1)	($1)	($1)	($2)	($1)	($2)	($0)	($2)	($1)	$0	$2
Net income	$991	$1,054	$750	$502	$461	$238	$24	$147	$47	$104	$76	($176)	($24)	($56)	($181)	($126)	($195)	($141)	($67)	($78)	($133)	($95)	($147)	($172)	($273)	($125)	($29)	($34)	($20)
Per share
Diluted EPS (GAAP)	$9.28	$9.80	$6.94	$4.61	$4.22	$2.14	$0.21	$1.28	$0.41	$0.86	$0.61	($1.37)	($0.19)	($0.44)	($1.51)	($1.14)	($1.68)	($1.20)	($0.43)	($0.74)	($1.36)	($1.28)	($2.52)	($3.30)	($5.41)	($2.64)	($0.70)	($2.00)	($2.33)
Basic EPS (GAAP)	$9.31	$9.83	$6.96	$4.64	$4.27	$2.17	$0.22	$1.30	$0.41	$0.86	$0.61	($1.37)	($0.19)	($0.44)	($1.51)	($1.14)	($1.68)	($1.20)	($0.43)	($0.74)	($1.36)	($1.28)	($2.52)	($3.30)	($5.41)	($2.64)	($0.70)	($2.00)	($2.33)
Basic shares outstanding	106	107	108	108	108	109	112	113	115	120	124	128	129	128	120	112	116	117	110	105	98	74	58	52	50	47	41	17	9
Margins
Gross margin	75.2%	75.5%	78.3%	77.4%	74.6%	76.4%	77.1%	75.5%	74.9%	74.2%	74.2%	72.9%	71.9%	68.7%	70.7%	100.0%	87.2%	100.0%	84.8%	60.0%	55.4%	46.2%	44.4%	43.5%	42.5%	40.4%	20.0%	32.9%	28.1%
Operating margin	47.6%	47.7%	53.6%	34.1%	35.1%	33.9%	30.4%	29.0%	29.2%	26.5%	23.7%	19.1%	22.0%	17.6%	15.4%	15.8%	11.9%	9.9%	9.6%	7.4%	5.6%	1.6%	(10.3%)	(20.2%)	(38.9%)	(19.7%)	(17.3%)	(33.7%)	(39.4%)
Net margin	34.5%	37.4%	28.0%	18.5%	17.5%	10.3%	1.2%	7.3%	2.5%	6.0%	4.7%	(10.7%)	(1.6%)	(4.3%)	(19.0%)	(18.1%)	(31.1%)	(25.4%)	(14.1%)	(19.1%)	(38.0%)	(36.4%)	(63.6%)	(81.2%)	(103.2%)	(51.5%)	(17.2%)	(39.7%)	(33.7%)

Analyst consensus

Buy43 analysts

Bearish · 0 · Hold · 14 · Bullish · 29

Earnings history

	EPS	Estimate
Q3 2024	$2.40	$2.27	Beat
Q4 2024	$1.61	$2.08	Miss
Q1 2025	$1.77	$3.12	Miss
Q2 2025	$2.09	$3.12	Miss
Q3 2025	$3.32	$3.04	Beat
Q4 2025	$3.47	$3.89	Miss
Q1 2026	$1.74	$1.78	Miss
Q2 2026	$1.87	$1.85	Beat

Peers

Company overview

IPO dateJun 16, 1999

CEOBrendan Thomas Cavanagh

Employees1,844

SectorReal Estate

IndustryREIT - Specialty

CountryUS

ExchangeNASDAQ Global Select

Websitewww.sbasite.com

SBA Communications Corporation stands as a premier owner, operator, and provider of crucial wireless communication infrastructure across North, Central, and South America, in addition to South Africa. Guided by its mission to 'Build Better Wireless,' the company primarily earns revenue from two core business areas: the leasing of antenna space and providing comprehensive site development services. Its central activity revolves around renting out capacity on its shared communication towers to various wireless service providers through long-term contractual agreements. For further details, please visit www.sbasite.com.

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