SBA Communications Corporation (SBAC) 10-Year Financial Performance & Capital Metrics

SBAC • • REIT / Real Estate

Real EstateSpecialty REITsCommunications InfrastructureCell Tower Operators

AboutSBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America and South Africa. By Building Better Wireless, SBA generates revenue from two primary businesses site leasing and site development services. The primary focus of the Company is the leasing of antenna space on its multi-tenant communication sites to a variety of wireless service providers under long-term lease contracts. For more information please visit: www.sbasite.com.Show more

Revenue $2.68B -1.2%
FFO $1.02B -16.3%
FFO/Share 9.43 -15.7%
FFO Payout 41.63% +37.1%
FFO per Share 9.43 -15.7%
NOI Margin 77.32% +0.9%
FFO Margin 38.03% -15.3%
ROE -
ROA 6.94% +43.6%
Debt/Assets 138% -2.9%
Net Debt/EBITDA 9.13 +5.0%
Book Value/Share -46.78 +0.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 38.5%
✓Strong Piotroski F-Score: 8/9
✓FFO growing 6.8% TTM
✓Sustainable FFO payout ratio of 41.6%
✓High NOI margin of 77.3%
✓Healthy dividend yield of 2.0%

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y5.78%

5Y5.87%

3Y5.09%

TTM4.82%

Profit (Net Income) CAGR

10Y-

5Y38.52%

3Y46.66%

TTM25.03%

EPS CAGR

10Y-

5Y40.23%

3Y48.02%

TTM25.39%

ROCE

10Y Avg8.43%

5Y Avg10.27%

3Y Avg11.72%

Latest15.58%

Peer Comparison

Cell Tower Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AMTAmerican Tower Corporation	84.99B	181.55	37.67	1.15%	28.11%	27.29%	4.35%	4.56
SBACSBA Communications Corporation	20.46B	191.99	27.66	-1.18%	30.72%		5.41%
CCICrown Castle Inc.	39.37B	90.41	-10.07	-5.92%	-95.37%	-124.94%	4.37%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	1.64B	1.63B	1.73B	1.87B	2.01B	2.08B	2.31B	2.63B	2.71B	2.68B
Revenue Growth %	0.07%	-0%	0.06%	0.08%	0.08%	0.03%	0.11%	0.14%	0.03%	-0.01%
Property Operating Expenses	456.26M	434.04M	458.68M	479.76M	508.26M	493.11M	573.11M	695.46M	634.29M	607.67M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	869.75M	811.78M	810.49M	841.77M	922.9M	956.33M	953.23M	1.01B	1.15B	636.2M
G&A Expenses	113.19M	125.21M	130.7M	142.53M	192.72M	194.27M	220.03M	261.85M	267.14M	259.46M
EBITDA+	972.48M	1.03B	1.1B	1.22B	1.28B	1.36B	1.48B	1.63B	1.64B	1.71B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	660.02M	638.19M	643.1M	672.11M	697.08M	721.97M	700.16M	707.58M	716.31M	269.52M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	312.46M	387.31M	458.5M	544.17M	583.49M	633.69M	782.5M	925.41M	923.66M	1.44B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	0	0	0	0	0	0	0	0	0	0
Interest Coverage	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	-89.41M	-42.11M	-32.25M	-25.14M	-29.95M	-39.01M	-31.16M	-42.83M	-151.48M	-89.3M
Pretax Income+	-166.59M	87.3M	116.89M	51.68M	186.89M	-17.75M	252.56M	525.84M	548.5M	772.67M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	9.06M	11.06M	13.24M	4.23M	39.6M	-41.8M	14.94M	66.04M	51.09M	23.99M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	-175.66M	76.24M	103.65M	47.45M	146.99M	24.1M	237.62M	461.43M	501.81M	749.54M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-6.23%	1.43%	0.36%	-0.54%	2.1%	-0.84%	8.86%	0.94%	0.09%	0.49%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	-0.2%	0.47%	0.05%	-0.04%	0.17%	-0.12%	0.26%	0.25%	0.04%	-0.16%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	-1.37	0.61	0.86	0.41	1.28	0.21	2.14	4.22	4.61	6.94
EPS Growth %	-6.21%	1.45%	0.41%	-0.52%	2.12%	-0.84%	9.19%	0.97%	0.09%	0.51%
EPS (Basic)	-1.37	0.61	0.86	0.41	1.30	0.22	2.17	4.27	4.64	6.96
Diluted Shares Outstanding	127.79M	125.14M	121.02M	116.52M	114.69M	113.47M	111.18M	109.39M	108.91M	108.08M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	7.4B	7.36B	7.32B	7.21B	9.76B	9.16B	9.8B	10.59B	10.18B	11.42B
Asset Growth %	-0.06%	-0.01%	-0.01%	-0.01%	0.35%	-0.06%	0.07%	0.08%	-0.04%	0.12%
Real Estate & Other Assets+	493.11M	579.49M	648.52M	703.7M	414.48M	366.69M	475.84M	665.5M	720.46M	582.34M
PP&E (Net)	2.78B	2.79B	2.81B	2.79B	5.37B	5.05B	5.81B	6.6B	6.43B	6.39B
Investment Securities	1000K	1000K	0	0	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	293.96M	324.57M	259.53M	373.85M	334.27M	472.99M	614.45M	482.73M	484.27M	1.98B
Cash & Equivalents	118.04M	146.11M	68.78M	143.44M	108.31M	308.56M	367.28M	143.71M	208.55M	189.84M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	25.35M	55.02M	49.19M	47.14M	57.97M	44.27M	81.17M	55.41M	54.73M	1.23B
Intangible Assets	3.74B	3.66B	3.6B	3.33B	3.63B	3.16B	2.8B	2.78B	2.46B	2.39B
Total Liabilities	9.11B	9.36B	9.92B	10.59B	13.41B	13.97B	15.07B	15.83B	15.31B	16.47B
Total Debt+	8.45B	8.78B	9.31B	9.94B	12.86B	13.43B	14.52B	15.17B	14.46B	15.76B
Net Debt	8.33B	8.63B	9.24B	9.8B	12.75B	13.12B	14.16B	15.03B	14.25B	15.57B
Long-Term Debt	8.52B	8.15B	9.29B	9B	9.81B	11.07B	12.28B	12.84B	11.68B	12.4B
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	0	0	0	0	2.53B	2.33B	2.22B	2.3B	2.14B	2.16B
Total Current Liabilities+	273.37M	873.45M	278.9M	1.21B	1.05B	614.8M	616.33M	696.76M	1.36B	1.8B
Accounts Payable	27.11M	28.32M	33.33M	34.31M	31.85M	109.97M	34.07M	51.43M	42.2M	59.55M
Deferred Revenue	97.08M	101.1M	97.97M	108.05M	113.51M	113.12M	190.03M	179.74M	235.67M	127.31M
Other Liabilities	313.68M	334.99M	349.73M	387.43M	270.87M	186.25M	191.47M	248.07M	404.16M	367.94M
Total Equity+	-1.71B	6.6B	6.61B	6.39B	-3.65B	-4.81B	-5.27B	-5.24B	-5.14B	-5.06B
Equity Growth %	-1.58%	4.87%	0%	-0.03%	-1.57%	-0.32%	-0.1%	0%	0.02%	0.02%
Shareholders Equity	-1.71B	-2B	-2.6B	-3.38B	-3.67B	-4.82B	-5.28B	-5.28B	-5.17B	-5.11B
Minority Interest	0	8.59B	9.21B	9.76B	16.05M	15.19M	17.25M	31.73M	35.05M	54.13M
Common Stock	1.26M	1.21M	1.16M	1.12M	1.12M	1.1M	1.09M	1.08M	1.08M	1.08M
Additional Paid-in Capital	1.96B	2.01B	2.17B	2.27B	2.46B	2.59B	2.68B	2.8B	2.89B	2.98B
Retained Earnings	-3.17B	-3.64B	-4.39B	-5.14B	-5.56B	-6.6B	-7.2B	-7.48B	-7.45B	-7.33B
Preferred Stock	45K	184K	460K	0	0	0	0	0	0	0
Return on Assets (ROA)	-0.02%	0.01%	0.01%	0.01%	0.02%	0%	0.03%	0.05%	0.05%	0.07%
Return on Equity (ROE)	-	0.03%	0.02%	0.01%	0.11%	-	-	-	-	-
Debt / Assets	1.14%	1.19%	1.27%	1.38%	1.32%	1.47%	1.48%	1.43%	1.42%	1.38%
Debt / Equity	-	1.33x	1.41x	1.56x	-	-	-	-	-	-
Net Debt / EBITDA	8.57x	8.41x	8.39x	8.05x	9.96x	9.68x	9.55x	9.20x	8.69x	9.13x
Book Value per Share	-13.35	52.71	54.62	54.81	-31.83	-42.38	-47.37	-47.95	-47.16	-46.78

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	737.17M	729.03M	819.61M	852.14M	984.89M	1.13B	1.19B	1.29B	1.54B	1.33B
Operating CF Growth %	0.08%	-0.01%	0.12%	0.04%	0.16%	0.14%	0.06%	0.08%	0.2%	-0.14%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	-175.65M	76.24M	103.65M	47.45M	147.28M	24.05M	237.62M	459.8M	501.81M	748.68M
Depreciation & Amortization	660.02M	638.19M	643.1M	672.11M	697.08M	721.97M	700.16M	707.58M	736.51M	269.52M
Stock-Based Compensation	28.75M	32.92M	38.25M	42.33M	73.21M	68.89M	84.4M	99.91M	87.92M	74.37M
Other Non-Cash Items	249.97M	30.44M	28.33M	125.85M	41.33M	327.22M	211.21M	98.64M	149.05M	398.44M
Working Capital Changes	-25.91M	-50.18M	-28.53M	-46.91M	10.05M	47.09M	-34.98M	-113.12M	64.47M	-143.06M
Cash from Investing+	-734.52M	-428.25M	-606.24M	-618.35M	-947.02M	-446.37M	-1.42B	-1.39B	-468.25M	-809.31M
Acquisitions (Net)	-609.53M	-276.85M	-441.55M	-451.83M	-773.82M	-271.42M	-1.26B	-1.18B	-129.96M	-299.81M
Purchase of Investments	-7.79M	-490K	-1.37M	-156.98M	-638.96M	-1.29B	-1.73B	-881.78M	-1.34B	-1.8B
Sale of Investments	1000K	712K	231K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	1.78M	-11.64M	-15.38M	-10.61M	-5.81M	3.12M	-31.23M	524K	-19.3M	-17.42M
Cash from Financing+	75.75M	-802.62M	-294.57M	-148.54M	-62.31M	-469.02M	339.26M	-135.47M	-1.02B	645.74M
Dividends Paid	0	0	0	0	-83.39M	-207.69M	-253.58M	-306.77M	-369.96M	-424.19M
Common Dividends	0	0	0	0	-83.39M	-207.69M	-253.58M	-306.77M	-369.96M	-424.19M
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	-1000K	1000K
Share Repurchases	-450.07M	-545.69M	-854.53M	-795.58M	-466.98M	-859.34M	-582.58M	-431.67M	-100.01M	-200.02M
Other Financing	-138.16M	8.39M	49.09M	55.36M	90.6M	-202.28M	73.86M	57.07M	-7.25M	29.76M
Net Change in Cash+	78.6M	67.93M	-81.67M	74M	-37.18M	201.69M	92.82M	-246.34M	61.66M	1.15B
Exchange Rate Effect	-1000K	1000K	-464K	-1000K	-1000K	-1000K	-1000K	-1000K	1000K	-1000K
Cash at Beginning	39.44M	118.04M	185.97M	104.3M	178.3M	141.12M	342.81M	435.63M	189.28M	250.95M
Cash at End	118.04M	185.97M	104.3M	178.3M	141.12M	342.81M	435.63M	189.28M	250.95M	1.4B
Free Cash Flow+	528.47M	589.04M	671.43M	702.33M	830.66M	997.47M	1.06B	1.07B	1.31B	1.11B
FCF Growth %	0.12%	0.11%	0.14%	0.05%	0.18%	0.2%	0.06%	0.01%	0.22%	-0.15%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	3.79	5.71	6.17	6.18	7.36	6.58	8.44	10.69	11.18	9.43
FFO Payout Ratio	0%	0%	0%	0%	9.88%	27.84%	27.04%	26.24%	30.37%	41.63%
NOI Margin	72.15%	73.42%	73.45%	74.29%	74.77%	76.33%	75.18%	73.59%	76.61%	77.32%
Net Debt / EBITDA	8.57x	8.41x	8.39x	8.05x	9.96x	9.68x	9.55x	9.20x	8.69x	9.13x
Debt / Assets	114.17%	119.22%	127.19%	137.77%	131.77%	146.61%	148.16%	143.33%	142.1%	138%
Book Value / Share	-13.35	52.71	54.62	54.81	-31.83	-42.38	-47.37	-47.95	-47.16	-46.78
Revenue Growth	7.3%	-0.33%	5.79%	7.99%	7.98%	3.4%	10.83%	14.06%	2.97%	-1.18%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Domestic Site Leasing Revenue	1.24B	1.27B	1.31B	1.4B	1.49B	1.56B	1.68B	1.78B	1.85B	1.86B
Domestic Site Leasing Revenue Growth	-	3.00%	2.71%	7.01%	6.21%	4.79%	7.90%	5.72%	3.88%	0.81%
International Site Leasing Revenue	243.88M	264.2M	314.78M	340.34M	373.75M	396.16M	422.71M	558.98M	670.38M	665.34M
International Site Leasing Revenue Growth	-	8.34%	19.14%	8.12%	9.82%	6.00%	6.70%	32.24%	19.93%	-0.75%
Site Development Construction	157.84M	95.06M	104.5M	125.26M	153.79M	128.67M	204.75M	296.88M	194.65M	152.87M
Site Development Construction Growth	-	-39.78%	9.94%	19.87%	22.77%	-16.33%	59.13%	45.00%	-34.43%	-21.46%

Frequently Asked Questions

Valuation & Price

SBA Communications Corporation (SBAC) has a price-to-earnings (P/E) ratio of 27.7x. This suggests investors expect higher future growth.

Growth & Financials

SBA Communications Corporation (SBAC) reported $2.79B in revenue for fiscal year 2024. This represents a 300% increase from $698.2M in 2011.

SBA Communications Corporation (SBAC) saw revenue decline by 1.2% over the past year.

Yes, SBA Communications Corporation (SBAC) is profitable, generating $857.0M in net income for fiscal year 2024 (28.0% net margin).

Dividend & Returns

Yes, SBA Communications Corporation (SBAC) pays a dividend with a yield of 2.04%. This makes it attractive for income-focused investors.

Industry Metrics

SBA Communications Corporation (SBAC) generated Funds From Operations (FFO) of $1.13B in the trailing twelve months. FFO is the primary profitability metric for REITs.

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SBA Communications Corporation (SBAC) 10-Year Financial Performance & Capital Metrics

SBAC • • REIT / Real Estate

Real EstateSpecialty REITsCommunications InfrastructureCell Tower Operators

Revenue $2.68B -1.2%
FFO $1.02B -16.3%
FFO/Share 9.43 -15.7%
FFO Payout 41.63% +37.1%
FFO per Share 9.43 -15.7%
NOI Margin 77.32% +0.9%
FFO Margin 38.03% -15.3%
ROE -
ROA 6.94% +43.6%
Debt/Assets 138% -2.9%
Net Debt/EBITDA 9.13 +5.0%
Book Value/Share -46.78 +0.8%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 38.5%
✓Strong Piotroski F-Score: 8/9
✓FFO growing 6.8% TTM
✓Sustainable FFO payout ratio of 41.6%
✓High NOI margin of 77.3%
✓Healthy dividend yield of 2.0%

✗Weaknesses

No significant weaknesses identified

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y5.78%

5Y5.87%

3Y5.09%

TTM4.82%

Profit (Net Income) CAGR

10Y-

5Y38.52%

3Y46.66%

TTM25.03%

EPS CAGR

10Y-

5Y40.23%

3Y48.02%

TTM25.39%

ROCE

10Y Avg8.43%

5Y Avg10.27%

3Y Avg11.72%

Latest15.58%

Peer Comparison

Cell Tower Operators

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
AMTAmerican Tower Corporation	84.99B	181.55	37.67	1.15%	28.11%	27.29%	4.35%	4.56
SBACSBA Communications Corporation	20.46B	191.99	27.66	-1.18%	30.72%		5.41%
CCICrown Castle Inc.	39.37B	90.41	-10.07	-5.92%	-95.37%	-124.94%	4.37%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Revenue+	1.64B	1.63B	1.73B	1.87B	2.01B	2.08B	2.31B	2.63B	2.71B	2.68B
Revenue Growth %	0.07%	-0%	0.06%	0.08%	0.08%	0.03%	0.11%	0.14%	0.03%	-0.01%
Property Operating Expenses	456.26M	434.04M	458.68M	479.76M	508.26M	493.11M	573.11M	695.46M	634.29M	607.67M
Net Operating Income (NOI)+	-	-	-	-	-	-	-	-	-	-
NOI Margin %	-	-	-	-	-	-	-	-	-	-
Operating Expenses+	869.75M	811.78M	810.49M	841.77M	922.9M	956.33M	953.23M	1.01B	1.15B	636.2M
G&A Expenses	113.19M	125.21M	130.7M	142.53M	192.72M	194.27M	220.03M	261.85M	267.14M	259.46M
EBITDA+	972.48M	1.03B	1.1B	1.22B	1.28B	1.36B	1.48B	1.63B	1.64B	1.71B
EBITDA Margin %	-	-	-	-	-	-	-	-	-	-
Depreciation & Amortization+	660.02M	638.19M	643.1M	672.11M	697.08M	721.97M	700.16M	707.58M	716.31M	269.52M
D&A / Revenue %	-	-	-	-	-	-	-	-	-	-
Operating Income+	312.46M	387.31M	458.5M	544.17M	583.49M	633.69M	782.5M	925.41M	923.66M	1.44B
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Interest Expense+	0	0	0	0	0	0	0	0	0	0
Interest Coverage	-	-	-	-	-	-	-	-	-	-
Non-Operating Income	-89.41M	-42.11M	-32.25M	-25.14M	-29.95M	-39.01M	-31.16M	-42.83M	-151.48M	-89.3M
Pretax Income+	-166.59M	87.3M	116.89M	51.68M	186.89M	-17.75M	252.56M	525.84M	548.5M	772.67M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	9.06M	11.06M	13.24M	4.23M	39.6M	-41.8M	14.94M	66.04M	51.09M	23.99M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	-175.66M	76.24M	103.65M	47.45M	146.99M	24.1M	237.62M	461.43M	501.81M	749.54M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	-6.23%	1.43%	0.36%	-0.54%	2.1%	-0.84%	8.86%	0.94%	0.09%	0.49%
Funds From Operations (FFO)+	-	-	-	-	-	-	-	-	-	-
FFO Margin %	-	-	-	-	-	-	-	-	-	-
FFO Growth %	-0.2%	0.47%	0.05%	-0.04%	0.17%	-0.12%	0.26%	0.25%	0.04%	-0.16%
FFO per Share+	-	-	-	-	-	-	-	-	-	-
FFO Payout Ratio %	-	-	-	-	-	-	-	-	-	-
EPS (Diluted)+	-1.37	0.61	0.86	0.41	1.28	0.21	2.14	4.22	4.61	6.94
EPS Growth %	-6.21%	1.45%	0.41%	-0.52%	2.12%	-0.84%	9.19%	0.97%	0.09%	0.51%
EPS (Basic)	-1.37	0.61	0.86	0.41	1.30	0.22	2.17	4.27	4.64	6.96
Diluted Shares Outstanding	127.79M	125.14M	121.02M	116.52M	114.69M	113.47M	111.18M	109.39M	108.91M	108.08M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Assets+	7.4B	7.36B	7.32B	7.21B	9.76B	9.16B	9.8B	10.59B	10.18B	11.42B
Asset Growth %	-0.06%	-0.01%	-0.01%	-0.01%	0.35%	-0.06%	0.07%	0.08%	-0.04%	0.12%
Real Estate & Other Assets+	493.11M	579.49M	648.52M	703.7M	414.48M	366.69M	475.84M	665.5M	720.46M	582.34M
PP&E (Net)	2.78B	2.79B	2.81B	2.79B	5.37B	5.05B	5.81B	6.6B	6.43B	6.39B
Investment Securities	1000K	1000K	0	0	1000K	1000K	1000K	1000K	1000K	1000K
Total Current Assets+	293.96M	324.57M	259.53M	373.85M	334.27M	472.99M	614.45M	482.73M	484.27M	1.98B
Cash & Equivalents	118.04M	146.11M	68.78M	143.44M	108.31M	308.56M	367.28M	143.71M	208.55M	189.84M
Receivables	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Assets	25.35M	55.02M	49.19M	47.14M	57.97M	44.27M	81.17M	55.41M	54.73M	1.23B
Intangible Assets	3.74B	3.66B	3.6B	3.33B	3.63B	3.16B	2.8B	2.78B	2.46B	2.39B
Total Liabilities	9.11B	9.36B	9.92B	10.59B	13.41B	13.97B	15.07B	15.83B	15.31B	16.47B
Total Debt+	8.45B	8.78B	9.31B	9.94B	12.86B	13.43B	14.52B	15.17B	14.46B	15.76B
Net Debt	8.33B	8.63B	9.24B	9.8B	12.75B	13.12B	14.16B	15.03B	14.25B	15.57B
Long-Term Debt	8.52B	8.15B	9.29B	9B	9.81B	11.07B	12.28B	12.84B	11.68B	12.4B
Short-Term Borrowings	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Capital Lease Obligations	0	0	0	0	2.53B	2.33B	2.22B	2.3B	2.14B	2.16B
Total Current Liabilities+	273.37M	873.45M	278.9M	1.21B	1.05B	614.8M	616.33M	696.76M	1.36B	1.8B
Accounts Payable	27.11M	28.32M	33.33M	34.31M	31.85M	109.97M	34.07M	51.43M	42.2M	59.55M
Deferred Revenue	97.08M	101.1M	97.97M	108.05M	113.51M	113.12M	190.03M	179.74M	235.67M	127.31M
Other Liabilities	313.68M	334.99M	349.73M	387.43M	270.87M	186.25M	191.47M	248.07M	404.16M	367.94M
Total Equity+	-1.71B	6.6B	6.61B	6.39B	-3.65B	-4.81B	-5.27B	-5.24B	-5.14B	-5.06B
Equity Growth %	-1.58%	4.87%	0%	-0.03%	-1.57%	-0.32%	-0.1%	0%	0.02%	0.02%
Shareholders Equity	-1.71B	-2B	-2.6B	-3.38B	-3.67B	-4.82B	-5.28B	-5.28B	-5.17B	-5.11B
Minority Interest	0	8.59B	9.21B	9.76B	16.05M	15.19M	17.25M	31.73M	35.05M	54.13M
Common Stock	1.26M	1.21M	1.16M	1.12M	1.12M	1.1M	1.09M	1.08M	1.08M	1.08M
Additional Paid-in Capital	1.96B	2.01B	2.17B	2.27B	2.46B	2.59B	2.68B	2.8B	2.89B	2.98B
Retained Earnings	-3.17B	-3.64B	-4.39B	-5.14B	-5.56B	-6.6B	-7.2B	-7.48B	-7.45B	-7.33B
Preferred Stock	45K	184K	460K	0	0	0	0	0	0	0
Return on Assets (ROA)	-0.02%	0.01%	0.01%	0.01%	0.02%	0%	0.03%	0.05%	0.05%	0.07%
Return on Equity (ROE)	-	0.03%	0.02%	0.01%	0.11%	-	-	-	-	-
Debt / Assets	1.14%	1.19%	1.27%	1.38%	1.32%	1.47%	1.48%	1.43%	1.42%	1.38%
Debt / Equity	-	1.33x	1.41x	1.56x	-	-	-	-	-	-
Net Debt / EBITDA	8.57x	8.41x	8.39x	8.05x	9.96x	9.68x	9.55x	9.20x	8.69x	9.13x
Book Value per Share	-13.35	52.71	54.62	54.81	-31.83	-42.38	-47.37	-47.95	-47.16	-46.78

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	737.17M	729.03M	819.61M	852.14M	984.89M	1.13B	1.19B	1.29B	1.54B	1.33B
Operating CF Growth %	0.08%	-0.01%	0.12%	0.04%	0.16%	0.14%	0.06%	0.08%	0.2%	-0.14%
Operating CF / Revenue %	-	-	-	-	-	-	-	-	-	-
Net Income	-175.65M	76.24M	103.65M	47.45M	147.28M	24.05M	237.62M	459.8M	501.81M	748.68M
Depreciation & Amortization	660.02M	638.19M	643.1M	672.11M	697.08M	721.97M	700.16M	707.58M	736.51M	269.52M
Stock-Based Compensation	28.75M	32.92M	38.25M	42.33M	73.21M	68.89M	84.4M	99.91M	87.92M	74.37M
Other Non-Cash Items	249.97M	30.44M	28.33M	125.85M	41.33M	327.22M	211.21M	98.64M	149.05M	398.44M
Working Capital Changes	-25.91M	-50.18M	-28.53M	-46.91M	10.05M	47.09M	-34.98M	-113.12M	64.47M	-143.06M
Cash from Investing+	-734.52M	-428.25M	-606.24M	-618.35M	-947.02M	-446.37M	-1.42B	-1.39B	-468.25M	-809.31M
Acquisitions (Net)	-609.53M	-276.85M	-441.55M	-451.83M	-773.82M	-271.42M	-1.26B	-1.18B	-129.96M	-299.81M
Purchase of Investments	-7.79M	-490K	-1.37M	-156.98M	-638.96M	-1.29B	-1.73B	-881.78M	-1.34B	-1.8B
Sale of Investments	1000K	712K	231K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Investing	1.78M	-11.64M	-15.38M	-10.61M	-5.81M	3.12M	-31.23M	524K	-19.3M	-17.42M
Cash from Financing+	75.75M	-802.62M	-294.57M	-148.54M	-62.31M	-469.02M	339.26M	-135.47M	-1.02B	645.74M
Dividends Paid	0	0	0	0	-83.39M	-207.69M	-253.58M	-306.77M	-369.96M	-424.19M
Common Dividends	0	0	0	0	-83.39M	-207.69M	-253.58M	-306.77M	-369.96M	-424.19M
Debt Issuance (Net)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	-1000K	1000K
Share Repurchases	-450.07M	-545.69M	-854.53M	-795.58M	-466.98M	-859.34M	-582.58M	-431.67M	-100.01M	-200.02M
Other Financing	-138.16M	8.39M	49.09M	55.36M	90.6M	-202.28M	73.86M	57.07M	-7.25M	29.76M
Net Change in Cash+	78.6M	67.93M	-81.67M	74M	-37.18M	201.69M	92.82M	-246.34M	61.66M	1.15B
Exchange Rate Effect	-1000K	1000K	-464K	-1000K	-1000K	-1000K	-1000K	-1000K	1000K	-1000K
Cash at Beginning	39.44M	118.04M	185.97M	104.3M	178.3M	141.12M	342.81M	435.63M	189.28M	250.95M
Cash at End	118.04M	185.97M	104.3M	178.3M	141.12M	342.81M	435.63M	189.28M	250.95M	1.4B
Free Cash Flow+	528.47M	589.04M	671.43M	702.33M	830.66M	997.47M	1.06B	1.07B	1.31B	1.11B
FCF Growth %	0.12%	0.11%	0.14%	0.05%	0.18%	0.2%	0.06%	0.01%	0.22%	-0.15%
FCF / Revenue %	-	-	-	-	-	-	-	-	-	-

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
FFO per Share	3.79	5.71	6.17	6.18	7.36	6.58	8.44	10.69	11.18	9.43
FFO Payout Ratio	0%	0%	0%	0%	9.88%	27.84%	27.04%	26.24%	30.37%	41.63%
NOI Margin	72.15%	73.42%	73.45%	74.29%	74.77%	76.33%	75.18%	73.59%	76.61%	77.32%
Net Debt / EBITDA	8.57x	8.41x	8.39x	8.05x	9.96x	9.68x	9.55x	9.20x	8.69x	9.13x
Debt / Assets	114.17%	119.22%	127.19%	137.77%	131.77%	146.61%	148.16%	143.33%	142.1%	138%
Book Value / Share	-13.35	52.71	54.62	54.81	-31.83	-42.38	-47.37	-47.95	-47.16	-46.78
Revenue Growth	7.3%	-0.33%	5.79%	7.99%	7.98%	3.4%	10.83%	14.06%	2.97%	-1.18%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Domestic Site Leasing Revenue	1.24B	1.27B	1.31B	1.4B	1.49B	1.56B	1.68B	1.78B	1.85B	1.86B
Domestic Site Leasing Revenue Growth	-	3.00%	2.71%	7.01%	6.21%	4.79%	7.90%	5.72%	3.88%	0.81%
International Site Leasing Revenue	243.88M	264.2M	314.78M	340.34M	373.75M	396.16M	422.71M	558.98M	670.38M	665.34M
International Site Leasing Revenue Growth	-	8.34%	19.14%	8.12%	9.82%	6.00%	6.70%	32.24%	19.93%	-0.75%
Site Development Construction	157.84M	95.06M	104.5M	125.26M	153.79M	128.67M	204.75M	296.88M	194.65M	152.87M
Site Development Construction Growth	-	-39.78%	9.94%	19.87%	22.77%	-16.33%	59.13%	45.00%	-34.43%	-21.46%

Frequently Asked Questions

Valuation & Price

SBA Communications Corporation (SBAC) has a price-to-earnings (P/E) ratio of 27.7x. This suggests investors expect higher future growth.

Growth & Financials

SBA Communications Corporation (SBAC) reported $2.79B in revenue for fiscal year 2024. This represents a 300% increase from $698.2M in 2011.

SBA Communications Corporation (SBAC) saw revenue decline by 1.2% over the past year.

Yes, SBA Communications Corporation (SBAC) is profitable, generating $857.0M in net income for fiscal year 2024 (28.0% net margin).

Dividend & Returns

Yes, SBA Communications Corporation (SBAC) pays a dividend with a yield of 2.04%. This makes it attractive for income-focused investors.

Industry Metrics

SBA Communications Corporation (SBAC) generated Funds From Operations (FFO) of $1.13B in the trailing twelve months. FFO is the primary profitability metric for REITs.