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SBA Communications Corporation (SBAC) fundamental analysis — strengths, weaknesses & financial health based on data analysis
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SBA Communications Corporation (SBAC) stock price & volume — 10-year historical chart
SBA Communications Corporation (SBAC) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
SBA Communications Corporation (SBAC) EPS & revenue vs analyst estimates — last 4 quarters
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q2 2026Latest | Apr 29, 2026 | $1.74vs $1.78-2.2% | $703Mvs $696M+1.0% |
| Q1 2026 | Feb 26, 2026 | $3.47vs $3.89-10.8% | $720Mvs $726M-0.9% |
| Q4 2025 | Nov 3, 2025 | $3.32vs $3.04+9.2% | $732Mvs $726M+0.9% |
| Q3 2025 | Aug 4, 2025 | $2.09vs $3.12-33.0% | $699Mvs $701M-0.3% |
SBA Communications Corporation (SBAC) competitors in Digital Infrastructure REITs — business model, growth, and fundamentals comparison
SBA Communications Corporation (SBAC) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
SBA Communications Corporation (SBAC) annual income statement — 10-year revenue, gross profit & net income history
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Revenue | 1.73B | 1.87B | 2.01B | 2.08B | 2.31B | 2.63B | 2.71B | 2.68B | 2.82B | 2.85B |
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 | 458.68M | 479.76M | 508.26M | 493.11M | 573.11M | 695.46M | 634.29M | 607.67M | 1.64B | 1.04B |
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 | 810.49M | 841.77M | 922.9M | 956.33M | 953.23M | 1.01B | 1.15B | 636.2M | -198.84M | 456.23M |
G&A Expenses | 130.7M | 142.53M | 192.72M | 194.27M | 220.03M | 261.85M | 267.14M | 259.46M | 277.61M | 282.1M |
EBITDA | 1.1B | 1.22B | 1.28B | 1.36B | 1.48B | 1.63B | 1.64B | 1.71B | 1.85B | 1.75B |
EBITDA Margin % | 63.76% | 65.19% | 63.56% | 65.08% | 64.22% | 62.01% | 60.48% | 63.64% | 65.59% | 61.3% |
Depreciation & Amortization | 643.1M | 672.11M | 697.08M | 721.97M | 700.16M | 707.58M | 716.31M | 269.52M | 476.45M | 390.14M |
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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 467.91M | 3M |
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 | 13.24M | 4.23M | 39.6M | -41.8M | 14.94M | 66.04M | 51.09M | 23.99M | 187.58M | 196.68M |
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 | 6.17 | 6.18 | 7.36 | 6.58 | 8.44 | 10.69 | 11.18 | 9.43 | 14.23 | 13.27 |
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) | 0.86 | 0.41 | 1.30 | 0.22 | 2.17 | 4.27 | 4.64 | 6.96 | 9.83 | - |
Diluted Shares Outstanding | 121.02M | 116.52M | 114.69M | 113.47M | 111.18M | 109.39M | 108.91M | 108.08M | 107.53M | 106.11M |
SBA Communications Corporation (SBAC) balance sheet — assets, liabilities & shareholders' equity
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Total Assets | 7.32B | 7.21B | 9.76B | 9.16B | 9.8B | 10.59B | 10.18B | 11.42B | 11.58B | 11.72B |
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 | 648.52M | 703.7M | 414.48M | 366.69M | 475.84M | 665.5M | 720.46M | 582.34M | 254.61M | 4.66B |
PP&E (Net) | 2.81B | 2.79B | 5.37B | 5.05B | 5.81B | 6.6B | 6.43B | 6.39B | 3.87B | 3.42B |
Investment Securities | 0 | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 |
Total Current Assets | 259.53M | 373.85M | 334.27M | 472.99M | 614.45M | 482.73M | 484.27M | 1.98B | 1.1B | 767.49M |
Cash & Equivalents | 68.78M | 143.44M | 108.31M | 308.56M | 367.28M | 143.71M | 208.55M | 189.84M | 432.37M | 269.06M |
Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
Other Current Assets | 49.19M | 47.14M | 57.97M | 44.27M | 81.17M | 55.41M | 54.73M | 1.23B | 0 | 58.77M |
Intangible Assets | 3.6B | 3.33B | 3.63B | 3.16B | 2.8B | 2.78B | 2.46B | 2.39B | 2.88B | 2.88B |
Total Liabilities | 9.92B | 10.59B | 13.41B | 13.97B | 15.07B | 15.83B | 15.31B | 16.47B | 16.35B | 16.47B |
Total Debt | 9.31B | 9.94B | 12.86B | 13.43B | 14.52B | 15.17B | 14.46B | 15.76B | 15.32B | 15.42B |
Net Debt | 9.24B | 9.8B | 12.75B | 13.12B | 14.16B | 15.03B | 14.25B | 15.57B | 14.89B | 15.15B |
Long-Term Debt | 9.29B | 9B | 9.81B | 11.07B | 12.28B | 12.84B | 11.68B | 12.4B | 10.96B | 10.28B |
Short-Term Borrowings | 20M | 941.73M | 522.09M | 24M | 24M | 24M | 643.14M | 1.19B | 2.24B | 2.68B |
Capital Lease Obligations | 0 | 0 | 2.53B | 2.33B | 2.22B | 2.3B | 2.14B | 2.16B | 2.12B | 9.19B |
Total Current Liabilities | 278.9M | 1.21B | 1.05B | 614.8M | 616.33M | 696.76M | 1.36B | 1.8B | 2.24B | 3.35B |
Accounts Payable | 33.33M | 34.31M | 31.85M | 109.97M | 34.07M | 51.43M | 42.2M | 59.55M | 73.03M | 63.55M |
Deferred Revenue | 97.97M | 108.05M | 113.51M | 113.12M | 190.03M | 179.74M | 235.67M | 127.31M | 117.31M | 103.65M |
Other Liabilities | 349.73M | 387.43M | 270.87M | 186.25M | 191.47M | 248.07M | 404.16M | 367.94M | 589.54M | 613.49M |
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 | 9.21B | 9.76B | 16.05M | 15.19M | 17.25M | 31.73M | 35.05M | 54.13M | 78.26M | 0 |
Common Stock | 1.16M | 1.12M | 1.12M | 1.1M | 1.09M | 1.08M | 1.08M | 1.08M | 1.06M | 1.06M |
Additional Paid-in Capital | 2.17B | 2.27B | 2.46B | 2.59B | 2.68B | 2.8B | 2.89B | 2.98B | 3.06B | 3.08B |
Retained Earnings | -4.39B | -5.14B | -5.56B | -6.6B | -7.2B | -7.48B | -7.45B | -7.33B | -7.25B | -7.2B |
Preferred Stock | 460K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
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 | 1.41x | 1.56x | - | - | - | - | - | - | - | -3.24x |
Net Debt / EBITDA | 8.39x | 8.05x | 9.96x | 9.68x | 9.55x | 9.20x | 8.69x | 9.13x | 8.06x | 8.66x |
Book Value per Share | 54.62 | 54.81 | -31.83 | -42.38 | -47.37 | -47.95 | -47.16 | -46.78 | -44.41 | -44.78 |
SBA Communications Corporation (SBAC) cash flow — operating, investing & free cash flow history
| Metric | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
Cash from Operations | 819.61M | 852.14M | 984.89M | 1.13B | 1.19B | 1.29B | 1.54B | 1.33B | 1.29B | 1.25B |
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 | 103.65M | 47.45M | 147.28M | 24.05M | 237.62M | 459.8M | 501.81M | 748.68M | 1.03B | 1.02B |
Depreciation & Amortization | 643.1M | 672.11M | 697.08M | 721.97M | 700.16M | 707.58M | 736.51M | 269.52M | 292.29M | 308.55M |
Stock-Based Compensation | 38.25M | 42.33M | 73.21M | 68.89M | 84.4M | 99.91M | 87.92M | 74.37M | 75.73M | 78.96M |
Other Non-Cash Items | 28.33M | 125.85M | 41.33M | 327.22M | 211.21M | 98.64M | 149.05M | 398.44M | 77.43M | -44.23M |
Working Capital Changes | -28.53M | -46.91M | 10.05M | 47.09M | -34.98M | -113.12M | 64.47M | -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 | -299.81M | 0 | -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 | 231K | 150.89M | 625.81M | 1.24B | 1.73B | 878.14M | 1.34B | 1.54B | 1.4B | 413.86M |
Other Investing | -15.38M | -10.61M | -5.81M | 3.12M | -31.23M | 524K | -19.3M | -17.42M | 443.87M | -50.48M |
Cash from Financing | -294.57M | -148.54M | -62.31M | -469.02M | 339.26M | -135.47M | -1.02B | 645.74M | -1.66B | -451.05M |
Dividends Paid | 0 | 0 | -83.39M | -207.69M | -253.58M | -306.77M | -369.96M | -424.19M | -479.01M | -491.93M |
Common Dividends | 0 | 0 | -83.39M | -207.69M | -253.58M | -306.77M | -369.96M | -424.19M | -479.01M | -491.93M |
Debt Issuance (Net) | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | -1000K | 4M |
Share Repurchases | -854.53M | -795.58M | -466.98M | -859.34M | -582.58M | -431.67M | -100.01M | -200.02M | -497.81M | -497.81M |
Other Financing | 49.09M | 55.36M | 90.6M | -202.28M | 73.86M | 57.07M | -7.25M | 29.76M | -29.31M | 16.87M |
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 | -2.92M | 2.73M | -21.59M | 9.95M | 11.09M |
Cash at Beginning | 185.97M | 104.3M | 178.3M | 141.12M | 342.81M | 435.63M | 189.28M | 250.95M | 1.4B | 437.02M |
Cash at End | 104.3M | 178.3M | 141.12M | 342.81M | 435.63M | 189.28M | 250.95M | 1.4B | 432.37M | 332.51M |
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% |
SBA Communications Corporation (SBAC) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
FFO per Share | 6.17 | 6.18 | 7.36 | 6.58 | 8.44 | 10.69 | 11.18 | 9.43 | 14.23 | 13.27 |
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 | 8.39x | 8.05x | 9.96x | 9.68x | 9.55x | 9.20x | 8.69x | 9.13x | 8.06x | 8.66x |
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 | 54.62 | 54.81 | -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% |
SBA Communications Corporation (SBAC) SEC filings — annual & quarterly reports (10-K, 10-Q)
Apr 29, 2026·SEC
Mar 27, 2026·SEC
Feb 26, 2026·SEC
SBA Communications Corporation (SBAC) stock FAQ — growth, dividends, profitability & financials explained
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).
Yes, SBA Communications Corporation (SBAC) pays a dividend with a yield of 2.38%. This makes it attractive for income-focused investors.
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.