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SBA COMMUNICATIONS CORP

SBAC· Nasdaq· Real Estate Investment Trusts

Market cap
–
P/FCF
–
EV/Sales
–
FCF margin
436.2%
ROIC, 5 yr avg
13.2%
Revenue, 5 yr CAGR
+13.7%
We record prices for the companies we cover; SBAC is not one of them yet.

Company statistics

From the 10-Ks, computed in code · point at a figure for its formula

Profile · FY2025

Market cap
–
Enterprise value
–
Diluted shares
107.5M
Revenue
$244.5M
Free cash flow
$1.1B
Owner earnings
$990.8M

Valuation · FY2025

P/E
–
P/FCF
–
P/Owner earnings
–
EV/Sales
–
EV/FCF
–
P/B
–

Margins · FY2025

Gross
868.8%
Operating
549.2%
Net
430.9%
Free cash flow
436.2%
Owner earnings
405.2%
Stock pay
31.0%

Returns

ROIC, FY2025
14.7%
ROIC, 5 yr avg
13.2%
ROE, FY2025
–
ROE, 5 yr avg
–

Growth (CAGR)

Revenue, 3 yr
-6.3%
Revenue, 5 yr
13.7%
Revenue, 9 yr
-19.0%
Diluted EPS, 3 yr
32.4%
Diluted EPS, 5 yr
115.7%
Diluted EPS, 9 yr
36.1%
Free cash flow, 3 yr
-0.1%
Free cash flow, 5 yr
1.3%
Free cash flow, 9 yr
6.5%

Financial health · FY2025

Cash and investments
$271.2M
Total debt
$12.9B
Net debt
$12.6B
Debt/Equity
–
Debt/FCF
12.1x

Shareholder returns · FY2025

Dividend yield
–
Payout ratio
45.5%
Buyback yield
–
Shareholder yield
–
Share count, 5 yr
-1.1%

Financials: ten years from the 10-Ks

Reported numbers open their filing · computed ones show the formula · ˢ split-adjusted

Revenue

$244.5M

-19.0% a year over 9 years

FY2016: Revenue $1.6BFY2017: Revenue $104.5MFY2018: Revenue $125.3MFY2019: Revenue $153.8MFY2020: Revenue $128.7MFY2021: Revenue $204.7MFY2022: Revenue $296.9MFY2023: Revenue $194.6MFY2024: Revenue $152.9MFY2025: Revenue $244.5M
FY2016FY2025

Margins

Gross868.8%Operating549.2%Net430.9%

FY2025

FY2016: Gross 74.2%, Operating 23.7%, Net 4.7%FY2017: Gross 1226.2%, Operating 438.8%, Net 99.2%FY2018: Gross 1115.2%, Operating 434.4%, Net 37.9%FY2019: Gross 989.4%, Operating 379.4%, Net 95.6%FY2020: Gross 1248.7%, Operating 492.5%, Net 18.7%FY2021: Gross 861.2%, Operating 382.2%, Net 116.1%FY2022: Gross 661.8%, Operating 311.7%, Net 155.4%FY2023: Gross 1078.3%, Operating 474.5%, Net 257.8%FY2024: Gross 1372.4%, Operating 939.2%, Net 490.3%FY2025: Gross 868.8%, Operating 549.2%, Net 430.9%
FY2016FY2025

Free cash flow and owner earnings

Free cash flow$1.1BOwner earnings$990.8M

Free cash flow +6.5% a year

FY2016: Free cash flow $602.5M, Owner earnings $569.6MFY2017: Free cash flow $671.4M, Owner earnings $633.2MFY2018: Free cash flow $700.8M, Owner earnings $658.5MFY2019: Free cash flow $815.8M, Owner earnings $742.6MFY2020: Free cash flow $997.5M, Owner earnings $928.6MFY2021: Free cash flow $1.1B, Owner earnings $971.8MFY2022: Free cash flow $1.1B, Owner earnings $971.3MFY2023: Free cash flow $1.3B, Owner earnings $1.2BFY2024: Free cash flow $1.1B, Owner earnings $1.0BFY2025: Free cash flow $1.1B, Owner earnings $990.8M
FY2016FY2025

Diluted shares

107.5M

-14.1% over 9 years, net buybacks

FY2016: Diluted shares 125.1MFY2017: Diluted shares 121.0MFY2018: Diluted shares 116.5MFY2019: Diluted shares 114.7MFY2020: Diluted shares 113.5MFY2021: Diluted shares 111.2MFY2022: Diluted shares 109.4MFY2023: Diluted shares 108.9MFY2024: Diluted shares 108.1MFY2025: Diluted shares 107.5M
FY2016FY2025

Return on invested capital

14.7%

FY2025

FY2016: ROIC 5.1%FY2017: ROIC 6.1%FY2018: ROIC 7.8%FY2019: ROIC 7.0%FY2020: ROIC –FY2021: ROIC 11.1%FY2022: ROIC 10.9%FY2023: ROIC 12.1%FY2024: ROIC 17.3%FY2025: ROIC 14.7%
FY2016FY2025

Net debt (below zero)

-$12.6B

$12.6B more debt than cash

FY2016: Net cash -$8.6BFY2017: Net cash -$9.2BFY2018: Net cash -$9.8BFY2019: Net cash -$10.2BFY2020: Net cash -$10.8BFY2021: Net cash -$11.9BFY2022: Net cash -$12.7BFY2023: Net cash -$12.1BFY2024: Net cash -$13.1BFY2025: Net cash -$12.6B
FY2016FY2025

Every figure, year by year

Fiscal yearFY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
The business
Revenue$1.6B$104.5M$125.3M$153.8M$128.7M$204.7M$296.9M$194.6M$152.9M$244.5M
Revenue growth-0.3%-93.6%19.9%22.8%-16.3%59.1%45.0%-34.4%-21.5%59.9%
Gross margin74.2%1226.2%1115.2%989.4%1248.7%861.2%661.8%1078.3%1372.4%868.8%
Operating margin23.7%438.8%434.4%379.4%492.5%382.2%311.7%474.5%939.2%549.2%
Net income$76.2M$103.7M$47.5M$147.0M$24.1M$237.6M$461.4M$501.8M$749.5M$1.1B
Net margin4.7%99.2%37.9%95.6%18.7%116.1%155.4%257.8%490.3%430.9%
Diluted EPS$0.61$0.86$0.41$1.28$0.21$2.14$4.22$4.61$6.94$9.80
Return on invested capital?5.1%6.1%7.8%7.0%–11.1%10.9%12.1%17.3%14.7%
Cash
Operating cash flow$742.5M$818.5M$850.6M$970.0M$1.1B$1.2B$1.3B$1.5B$1.3B$1.3B
Capital expenditure$140.0M$147.0M$149.8M$154.2M$128.6M$133.7M$214.4M$236.7M$228.1M$224.8M
Free cash flow$602.5M$671.4M$700.8M$815.8M$997.5M$1.1B$1.1B$1.3B$1.1B$1.1B
Stock-based compensation$32.9M$38.2M$42.3M$73.2M$68.9M$84.4M$99.9M$87.9M$74.4M$75.7M
Owner earnings?$569.6M$633.2M$658.5M$742.6M$928.6M$971.8M$971.3M$1.2B$1.0B$990.8M
Free cash flow per share$4.81$5.55$6.01$7.11$8.79$9.50$9.79$12.01$10.24$9.92
Capital allocation
Dividends paid–––$83.4M$207.7M$253.6M$306.8M$370.0M$424.2M$479.0M
Share repurchases$545.7M$854.5M$795.6M$467.0M$859.3M$582.6M$431.7M$100.0M$200.0M$497.8M
Diluted shares125.1M121.0M116.5M114.7M113.5M111.2M109.4M108.9M108.1M107.5M
Share count change?-2.1%-3.3%-3.7%-1.6%-1.1%-2.0%-1.6%-0.4%-0.8%-0.5%
Balance sheet
Cash and equivalents$146.1M$68.8M$143.4M$108.3M$308.6M$367.3M$143.7M$208.5M$189.8M$264.6M
Short-term investments$223.0K––––$778.0K$1.3M$1.0M$254.5M$6.6M
Total debt$8.8B$9.3B$9.9B$10.3B$11.1B$12.3B$12.9B$12.3B$13.6B$12.9B
Net debt$8.6B$9.2B$9.8B$10.2B$10.8B$11.9B$12.7B$12.1B$13.1B$12.6B
Shareholders' equity-$2.0B-$2.6B-$3.4B-$3.7B-$4.8B-$5.3B-$5.3B-$5.2B-$5.1B-$4.9B

Latest filings

All on EDGAR
2026-08-0610-QQuarterly report
2026-08-038-KEarnings release
2026-05-0510-QQuarterly report
2026-04-298-KEarnings release
2026-04-09DEF 14AProxy statement
2026-02-2710-KAnnual report
2026-02-268-KEarnings release
2025-11-0610-QQuarterly report
2025-11-038-KEarnings release
2025-08-0710-QQuarterly report

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