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SBACSBA Communications Corporation
$186.87$19.8B
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SBAC logoSBA Communications Corporation(SBAC)Earnings, Financials & Key Ratios

SBAC•NASDAQ•REIT / Real Estate
19.1× P/E·Price updated Jun 19, 2026
SectorReal EstateIndustrySpecialty REITsSub-IndustryDigital Infrastructure REITs
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$2.82B+5.1%
  • FFO$1.53B+50.1%
  • FFO/Share14.23+50.9%
  • FFO Payout31.31%-24.8%
  • FFO per Share14.23+50.9%
  • NOI Margin41.61%-46.2%
  • FFO Margin54.35%+42.9%
  • ROA9.17%+32.0%

SBAC Key Insights

SBA Communications Corporation (SBAC) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Strong 5Y profit CAGR of 112.9%
  • ✓Strong Piotroski F-Score: 7/9
  • ✓FFO growing 31.1% TTM
  • ✓Sustainable FFO payout ratio of 31.3%
  • ✓Healthy dividend yield of 2.4%

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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SBAC Price & Volume

SBA Communications Corporation (SBAC) stock price & volume — 10-year historical chart

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SBAC Growth Metrics

SBA Communications Corporation (SBAC) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years5.56%
5 Years6.21%
3 Years2.25%
TTM6.27%

Profit CAGR

10 Years-
5 Years112.87%
3 Years31.68%
TTM24.76%

EPS CAGR

10 Years-
5 Years115.68%
3 Years32.43%
TTM25.79%

Return on Capital

10 Years9.45%
5 Years11.69%
3 Years13.3%
Last Year14.45%

SBAC Recent Earnings

SBA Communications Corporation (SBAC) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 4/12 qtrs (33%)●Beat Revenue 6/12 qtrs (50%)
Q2 2026Latest
Apr 29, 2026
Metric
Actual
Est
EPS
$1.74-2.2%
$1.78
Rev
$703M+1.0%
$696M
Q1 2026
Feb 26, 2026
Metric
Actual
Est
EPS
$3.47-10.8%
$3.89
Rev
$720M-0.9%
$726M
Q4 2025
Nov 3, 2025
Metric
Actual
Est
EPS
$3.32+9.2%
$3.04
Rev
$732M+0.9%
$726M
Q3 2025
Aug 4, 2025
Metric
Actual
Est
EPS
$2.09-33.0%
$3.12
Rev
$699M-0.3%
$701M
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestApr 29, 2026
$1.74vs $1.78-2.2%
$703Mvs $696M+1.0%
Q1 2026Feb 26, 2026
$3.47vs $3.89-10.8%
$720Mvs $726M-0.9%
Q4 2025Nov 3, 2025
$3.32vs $3.04+9.2%
$732Mvs $726M+0.9%
Q3 2025Aug 4, 2025
$2.09vs $3.12-33.0%
$699Mvs $701M-0.3%
Based on last 12 quarters of dataView full earnings history →

SBAC Peer Comparison

SBA Communications Corporation (SBAC) competitors in Digital Infrastructure REITs — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
AMT logoAMTAmerican Tower CorporationDirect Competitor82.02B176.0532.665.11%26.6%27.44%4.34
CCI logoCCICrown Castle Inc.Direct Competitor35.8B82.0580.44-35.06%25.13%
UNIT logoUNITUniti Group Inc.Direct Competitor2.83B11.642.3991.49%40.53%342.98%26.35
LUMN logoLUMNLumen Technologies, Inc.Product Competitor8.45B8.20-4.69-5.39%-14.34%-79.42%
CCOI logoCCOICogent Communications Holdings, Inc.Product Competitor710.6M14.19-3.73-5.82%-17.88%-229.15%
SHEN logoSHENShenandoah Telecommunications CompanyProduct Competitor784.18M14.18-19.979.08%-13.67%-3.7%0.66
T logoTAT&T Inc.Supply Chain153.71B22.017.242.71%16.92%16.85%1.35
VZ logoVZVerizon Communications Inc.Supply Chain191.36B45.3711.172.52%12.43%16.42%1.90

Compare SBAC vs Peers

SBA Communications Corporation (SBAC) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs AMT

Most directly comparable listed peer for SBAC.

Scale Benchmark

vs TMUS

Larger-name benchmark to compare SBAC against a more recognizable public peer.

Peer Set

Compare Top 5

vs AMT, CCI, UNIT, LUMN

SBAC Income Statement

SBA Communications Corporation (SBAC) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue
1.73B1.87B2.01B2.08B2.31B2.63B2.71B2.68B2.82B2.85B
Revenue Growth %
5.79%7.99%7.98%3.4%10.83%14.06%2.97%-1.18%5.06%6.27%
Property Operating Expenses
458.68M479.76M508.26M493.11M573.11M695.46M634.29M607.67M1.64B1.04B
Net Operating Income (NOI)
1.27B▲ 0%
1.39B▲ 9.2%
1.51B▲ 8.7%
1.59B▲ 5.6%
1.74B▲ 9.2%
1.94B▲ 11.7%
2.08B▲ 7.2%
2.07B▼ 0.3%
1.17B▼ 43.5%
1.82B▲ 0%
NOI Margin %
73.45%74.29%74.77%76.33%75.18%73.59%76.61%77.32%41.61%63.62%
Operating Expenses
810.49M841.77M922.9M956.33M953.23M1.01B1.15B636.2M-198.84M456.23M
G&A Expenses
130.7M142.53M192.72M194.27M220.03M261.85M267.14M259.46M277.61M282.1M
EBITDA
1.1B1.22B1.28B1.36B1.48B1.63B1.64B1.71B1.85B1.75B
EBITDA Margin %
63.76%65.19%63.56%65.08%64.22%62.01%60.48%63.64%65.59%61.3%
Depreciation & Amortization
643.1M672.11M697.08M721.97M700.16M707.58M716.31M269.52M476.45M390.14M
D&A / Revenue %
37.22%36.02%34.6%34.66%30.33%26.87%26.42%10.06%16.92%13.67%
Operating Income
458.5M▲ 0%
544.17M▲ 18.7%
583.49M▲ 7.2%
633.69M▲ 8.6%
782.5M▲ 23.5%
925.41M▲ 18.3%
923.66M▼ 0.2%
1.44B▲ 55.4%
1.37B▼ 4.6%
1.36B▲ 0%
Operating Margin %
26.54%29.17%28.96%30.42%33.89%35.14%34.06%53.58%48.67%47.63%
Interest Expense
00000000467.91M3M
Interest Coverage
--------3.65x-
Non-Operating Income
-32.25M-25.14M-29.95M-39.01M-31.16M-42.83M-151.48M-89.3M-339.84M-327.4M
Pretax Income
116.89M▲ 0%
51.68M▼ 55.8%
186.89M▲ 261.6%
-17.75M▼ 109.5%
252.56M▲ 1523.0%
525.84M▲ 108.2%
548.5M▲ 4.3%
772.67M▲ 40.9%
1.24B▲ 60.7%
1.22B▲ 0%
Pretax Margin %
6.77%2.77%9.28%-0.85%10.94%19.97%20.23%28.83%44.12%42.68%
Income Tax
13.24M4.23M39.6M-41.8M14.94M66.04M51.09M23.99M187.58M196.68M
Effective Tax Rate %
11.32%8.19%21.19%235.48%5.92%12.56%9.31%3.1%15.1%16.15%
Net Income
103.65M▲ 0%
47.45M▼ 54.2%
146.99M▲ 209.8%
24.1M▼ 83.6%
237.62M▲ 885.8%
461.43M▲ 94.2%
501.81M▲ 8.8%
749.54M▲ 49.4%
1.05B▲ 40.6%
1.02B▲ 0%
Net Margin %
6%2.54%7.3%1.16%10.29%17.52%18.51%27.97%37.43%35.66%
Net Income Growth %
35.96%-54.22%209.77%-83.6%885.83%94.18%8.75%49.37%40.57%24.76%
Funds From Operations (FFO)
746.75M▲ 0%
719.56M▼ 3.6%
844.07M▲ 17.3%
746.07M▼ 11.6%
937.78M▲ 25.7%
1.17B▲ 24.7%
1.22B▲ 4.2%
1.02B▼ 16.3%
1.53B▲ 50.1%
1.41B▲ 0%
FFO Margin %
43.22%38.57%41.9%35.81%40.62%44.39%44.92%38.03%54.35%49.32%
FFO Growth %
4.52%-3.64%17.3%-11.61%25.7%24.66%4.2%-16.34%50.15%143.8%
FFO per Share
6.176.187.366.588.4410.6911.189.4314.2313.27
FFO Payout Ratio %
0%0%9.88%27.84%27.04%26.24%30.37%41.63%31.31%34.94%
EPS (Diluted)
0.86▲ 0%
0.41▼ 52.3%
1.28▲ 212.2%
0.21▼ 83.6%
2.14▲ 919.0%
4.22▲ 97.2%
4.61▲ 9.2%
6.94▲ 50.5%
9.80▲ 41.2%
9.59▲ 0%
EPS Growth %
40.98%-52.33%212.2%-83.59%919.05%97.2%9.24%50.54%41.21%25.79%
EPS (Basic)
0.860.411.300.222.174.274.646.969.83-
Diluted Shares Outstanding
121.02M116.52M114.69M113.47M111.18M109.39M108.91M108.08M107.53M106.11M

SBAC Balance Sheet

SBA Communications Corporation (SBAC) balance sheet — assets, liabilities & shareholders' equity

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets
7.32B7.21B9.76B9.16B9.8B10.59B10.18B11.42B11.58B11.72B
Asset Growth %
-0.55%-1.45%35.3%-6.17%7.03%7.99%-3.84%12.17%1.38%34.01%
Real Estate & Other Assets
648.52M703.7M414.48M366.69M475.84M665.5M720.46M582.34M254.61M4.66B
PP&E (Net)
2.81B2.79B5.37B5.05B5.81B6.6B6.43B6.39B3.87B3.42B
Investment Securities
001000K1000K1000K1000K1000K1000K1000K0
Total Current Assets
259.53M373.85M334.27M472.99M614.45M482.73M484.27M1.98B1.1B767.49M
Cash & Equivalents
68.78M143.44M108.31M308.56M367.28M143.71M208.55M189.84M432.37M269.06M
Receivables
1000K1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Current Assets
49.19M47.14M57.97M44.27M81.17M55.41M54.73M1.23B058.77M
Intangible Assets
3.6B3.33B3.63B3.16B2.8B2.78B2.46B2.39B2.88B2.88B
Total Liabilities
9.92B10.59B13.41B13.97B15.07B15.83B15.31B16.47B16.35B16.47B
Total Debt
9.31B9.94B12.86B13.43B14.52B15.17B14.46B15.76B15.32B15.42B
Net Debt
9.24B9.8B12.75B13.12B14.16B15.03B14.25B15.57B14.89B15.15B
Long-Term Debt
9.29B9B9.81B11.07B12.28B12.84B11.68B12.4B10.96B10.28B
Short-Term Borrowings
20M941.73M522.09M24M24M24M643.14M1.19B2.24B2.68B
Capital Lease Obligations
002.53B2.33B2.22B2.3B2.14B2.16B2.12B9.19B
Total Current Liabilities
278.9M1.21B1.05B614.8M616.33M696.76M1.36B1.8B2.24B3.35B
Accounts Payable
33.33M34.31M31.85M109.97M34.07M51.43M42.2M59.55M73.03M63.55M
Deferred Revenue
97.97M108.05M113.51M113.12M190.03M179.74M235.67M127.31M117.31M103.65M
Other Liabilities
349.73M387.43M270.87M186.25M191.47M248.07M404.16M367.94M589.54M613.49M
Total Equity
6.61B▲ 0%
6.39B▼ 3.4%
-3.65B▼ 157.2%
-4.81B▼ 31.7%
-5.27B▼ 9.5%
-5.24B▲ 0.4%
-5.14B▲ 2.1%
-5.06B▲ 1.6%
-4.78B▲ 5.5%
-4.75B▲ 0%
Equity Growth %
0.2%-3.39%-157.17%-31.72%-9.5%0.41%2.07%1.56%5.55%21.6%
Shareholders Equity
-2.6B-3.38B-3.67B-4.82B-5.28B-5.28B-5.17B-5.11B-4.85B-4.75B
Minority Interest
9.21B9.76B16.05M15.19M17.25M31.73M35.05M54.13M78.26M0
Common Stock
1.16M1.12M1.12M1.1M1.09M1.08M1.08M1.08M1.06M1.06M
Additional Paid-in Capital
2.17B2.27B2.46B2.59B2.68B2.8B2.89B2.98B3.06B3.08B
Retained Earnings
-4.39B-5.14B-5.56B-6.6B-7.2B-7.48B-7.45B-7.33B-7.25B-7.2B
Preferred Stock
460K000000000
Return on Assets (ROA)
1.41%0.65%1.73%0.25%2.51%4.53%4.83%6.94%9.17%8.98%
Return on Equity (ROE)
1.57%0.73%10.75%-------21.14%
Debt / Assets
127.19%137.77%131.77%146.61%148.16%143.33%142.1%138%132.35%131.53%
Debt / Equity
1.41x1.56x--------3.24x
Net Debt / EBITDA
8.39x8.05x9.96x9.68x9.55x9.20x8.69x9.13x8.06x8.66x
Book Value per Share
54.6254.81-31.83-42.38-47.37-47.95-47.16-46.78-44.41-44.78

SBAC Cash Flow Statement

SBA Communications Corporation (SBAC) cash flow — operating, investing & free cash flow history

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations
819.61M852.14M984.89M1.13B1.19B1.29B1.54B1.33B1.29B1.25B
Operating CF Growth %
12.42%3.97%15.58%14.33%5.67%8.05%20.12%-13.57%-3.26%-26.4%
Operating CF / Revenue %
47.44%45.67%48.89%54.05%51.54%48.82%56.96%49.82%45.87%43.63%
Net Income
103.65M47.45M147.28M24.05M237.62M459.8M501.81M748.68M1.03B1.02B
Depreciation & Amortization
643.1M672.11M697.08M721.97M700.16M707.58M736.51M269.52M292.29M308.55M
Stock-Based Compensation
38.25M42.33M73.21M68.89M84.4M99.91M87.92M74.37M75.73M78.96M
Other Non-Cash Items
28.33M125.85M41.33M327.22M211.21M98.64M149.05M398.44M77.43M-44.23M
Working Capital Changes
-28.53M-46.91M10.05M47.09M-34.98M-113.12M64.47M-143.06M-179.63M-206.77M
Cash from Investing
-606.24M-618.35M-947.02M-446.37M-1.42B-1.39B-468.25M-809.31M-601.83M-1.14B
Acquisitions (Net)
-441.55M-451.83M-773.82M-271.42M-1.26B-1.18B-129.96M-299.81M0-103.72M
Purchase of Investments
-1.37M-156.98M-638.96M-1.29B-1.73B-881.78M-1.34B-1.8B-1.17B-775.07M
Sale of Investments
231K150.89M625.81M1.24B1.73B878.14M1.34B1.54B1.4B413.86M
Other Investing
-15.38M-10.61M-5.81M3.12M-31.23M524K-19.3M-17.42M443.87M-50.48M
Cash from Financing
-294.57M-148.54M-62.31M-469.02M339.26M-135.47M-1.02B645.74M-1.66B-451.05M
Dividends Paid
00-83.39M-207.69M-253.58M-306.77M-369.96M-424.19M-479.01M-491.93M
Common Dividends
00-83.39M-207.69M-253.58M-306.77M-369.96M-424.19M-479.01M-491.93M
Debt Issuance (Net)
1000K1000K1000K1000K1000K1000K-1000K1000K-1000K4M
Share Repurchases
-854.53M-795.58M-466.98M-859.34M-582.58M-431.67M-100.01M-200.02M-497.81M-497.81M
Other Financing
49.09M55.36M90.6M-202.28M73.86M57.07M-7.25M29.76M-29.31M16.87M
Net Change in Cash
-81.67M▲ 0%
74M▲ 190.6%
-37.18M▼ 150.2%
201.69M▲ 642.5%
92.82M▼ 54.0%
-246.34M▼ 365.4%
61.66M▲ 125.0%
1.15B▲ 1764.5%
-964.12M▼ 183.9%
-331.62M▲ 0%
Exchange Rate Effect
-464K-11.26M-12.74M-8.96M-13.1M-2.92M2.73M-21.59M9.95M11.09M
Cash at Beginning
185.97M104.3M178.3M141.12M342.81M435.63M189.28M250.95M1.4B437.02M
Cash at End
104.3M178.3M141.12M342.81M435.63M189.28M250.95M1.4B432.37M332.51M
Free Cash Flow
671.43M▲ 0%
702.33M▲ 4.6%
830.66M▲ 18.3%
997.47M▲ 20.1%
1.06B▲ 5.9%
1.07B▲ 1.4%
1.31B▲ 22.1%
1.11B▼ 15.4%
1.07B▼ 3.6%
1.02B▲ 0%
FCF Growth %
13.99%4.6%18.27%20.08%5.89%1.42%22.07%-15.37%-3.63%-9.5%
FCF / Revenue %
38.86%37.64%41.23%47.88%45.75%40.68%48.23%41.3%37.88%35.67%

SBAC Key Ratios

SBA Communications Corporation (SBAC) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
FFO per Share
6.176.187.366.588.4410.6911.189.4314.2313.27
FFO Payout Ratio
0%0%9.88%27.84%27.04%26.24%30.37%41.63%31.31%34.94%
NOI Margin
73.45%74.29%74.77%76.33%75.18%73.59%76.61%77.32%41.61%63.62%
Net Debt / EBITDA
8.39x8.05x9.96x9.68x9.55x9.20x8.69x9.13x8.06x8.66x
Debt / Assets
127.19%137.77%131.77%146.61%148.16%143.33%142.1%138%132.35%131.53%
Interest Coverage
--------3.65x-
Book Value / Share
54.6254.81-31.83-42.38-47.37-47.95-47.16-46.78-44.41-44.78
Revenue Growth
5.79%7.99%7.98%3.4%10.83%14.06%2.97%-1.18%5.06%6.27%
Related:SBAC Dividend History·SBAC Revenue History·SBAC Price History·SBAC P/E History·SBAC Financial Ratios·SBAC Institutional Holders

SBAC SEC Filings & Documents

SBA Communications Corporation (SBAC) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Apr 29, 2026·SEC

Material company update

Mar 27, 2026·SEC

Material company update

Feb 26, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 27, 2026·SEC

FY 2025

Feb 26, 2025·SEC

FY 2024

Feb 28, 2024·SEC

10-Q Quarterly Reports

6
FY 2025

Nov 6, 2025·SEC

FY 2025

Aug 7, 2025·SEC

FY 2025

May 1, 2025·SEC

SBAC Frequently Asked Questions

SBA Communications Corporation (SBAC) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

SBA Communications Corporation (SBAC) reported $2.85B in revenue for fiscal year 2025. This represents a 4730% increase from $59.1M in 1998.

SBA Communications Corporation (SBAC) grew revenue by 5.1% over the past year. This is steady growth.

Yes, SBA Communications Corporation (SBAC) is profitable, generating $1.02B in net income for fiscal year 2025 (37.4% net margin).

Dividend & Returns

Yes, SBA Communications Corporation (SBAC) pays a dividend with a yield of 2.38%. This makes it attractive for income-focused investors.

Industry Metrics

SBA Communications Corporation (SBAC) generated Funds From Operations (FFO) of $1.41B in the trailing twelve months. FFO is the primary profitability metric for REITs.

What if you invested $1,000 in SBAC back in 1998?

Total return calculator · dividends reinvested · 28+ years of data

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How much would $100/month in SBAC be worth today?

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