Latest Ratios: P/E Ratio 20.3x · EV/EBITDA 19.7x · ROE N/A. (1998–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $20.1B | $20.8B | $22.0B | $27.6B | $30.7B | $43.3B | $32.0B | $27.6B | $18.9B | $19.8B | $12.9B |
| Enterprise Value | $35.0B | $35.7B | $37.6B | $41.9B | $45.7B | $57.4B | $45.1B | $40.4B | $28.7B | $29.0B | $21.6B |
| P/E Ratio → | 20.32 | 19.74 | 29.37 | 55.03 | 66.42 | 181.79 | 1343.48 | 188.27 | 394.85 | 189.95 | 169.28 |
| P/S Ratio | 7.04 | 7.39 | 8.22 | 10.19 | 11.64 | 18.73 | 15.37 | 13.72 | 10.11 | 11.44 | 7.91 |
| P/B Ratio | — | — | — | — | — | — | — | — | 2.95 | 2.99 | 1.96 |
| P/FCF | 19.22 | 19.50 | 19.90 | 21.13 | 28.62 | 40.95 | 32.09 | 33.27 | 26.86 | 29.45 | 21.94 |
| P/OCF | 15.56 | 16.11 | 16.50 | 17.89 | 23.85 | 36.35 | 28.43 | 28.06 | 22.14 | 24.12 | 17.73 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 12.68 | 14.03 | 15.45 | 17.35 | 24.86 | 21.66 | 20.05 | 15.36 | 16.79 | 13.20 |
| EV / EBITDA | 19.66 | 21.47 | 22.05 | 25.54 | 27.98 | 38.72 | 33.29 | 31.54 | 23.56 | 26.34 | 21.02 |
| EV / EBIT | 25.53 | 20.87 | 24.65 | 38.96 | 47.19 | 70.55 | 67.09 | 65.85 | 50.34 | 59.12 | 50.19 |
| EV / FCF | — | 33.46 | 33.97 | 32.03 | 42.65 | 54.35 | 45.24 | 48.63 | 40.80 | 43.21 | 36.59 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 41.6% | 41.6% | 77.3% | 76.6% | 73.6% | 75.2% | 76.3% | 74.8% | 74.3% | 73.5% | 73.4% |
| Operating Margin | 48.7% | 48.7% | 53.6% | 34.1% | 35.1% | 33.9% | 30.4% | 29.0% | 29.2% | 26.5% | 23.7% |
| Net Profit Margin | 37.4% | 37.4% | 28.0% | 18.5% | 17.5% | 10.3% | 1.2% | 7.3% | 2.5% | 6.0% | 4.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | — | — | 10.7% | 0.7% | 1.6% | 3.1% |
| ROA | 9.2% | 9.2% | 6.9% | 4.8% | 4.5% | 2.5% | 0.3% | 1.7% | 0.7% | 1.4% | 1.0% |
| ROIC | 10.0% | 10.0% | 11.0% | 7.3% | 7.4% | 6.8% | 5.5% | 3.5% | 2.5% | 2.2% | 2.7% |
| ROCE | 14.5% | 14.5% | 15.6% | 9.9% | 9.7% | 8.8% | 7.3% | 7.9% | 8.3% | 6.8% | 5.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | — | — | 1.56 | 1.41 | 1.33 |
| Debt / EBITDA | 9.22 | 9.22 | 9.24 | 8.82 | 9.29 | 9.79 | 9.90 | 10.04 | 8.17 | 8.45 | 8.56 |
| Net Debt / Equity | — | — | — | — | — | — | — | — | 1.53 | 1.40 | 1.31 |
| Net Debt / EBITDA | 8.96 | 8.96 | 9.13 | 8.69 | 9.20 | 9.55 | 9.68 | 9.96 | 8.05 | 8.39 | 8.41 |
| Debt / FCF | — | 13.96 | 14.07 | 10.90 | 14.03 | 13.40 | 13.15 | 15.35 | 13.95 | 13.76 | 14.65 |
| Interest Coverage | 3.65 | 3.65 | — | — | — | — | — | — | — | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.49 | 0.49 | 1.10 | 0.36 | 0.69 | 1.00 | 0.77 | 0.32 | 0.31 | 0.93 | 0.37 |
| Quick Ratio | 0.49 | 0.49 | 1.10 | 0.36 | 0.69 | 1.00 | 0.77 | 0.32 | 0.31 | 0.93 | 0.37 |
| Cash Ratio | 0.20 | 0.20 | 0.25 | 0.15 | 0.21 | 0.60 | 0.50 | 0.10 | 0.12 | 0.25 | 0.17 |
| Asset Turnover | — | 0.24 | 0.23 | 0.27 | 0.25 | 0.24 | 0.23 | 0.21 | 0.26 | 0.24 | 0.22 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.4% | 2.3% | 1.9% | 1.3% | 1.0% | 0.6% | 0.6% | 0.3% | — | — | — |
| Payout Ratio | 45.5% | 45.5% | 56.6% | 73.7% | 66.5% | 106.7% | 861.6% | 56.7% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.9% | 5.1% | 3.4% | 1.8% | 1.5% | 0.6% | 0.1% | 0.5% | 0.3% | 0.5% | 0.6% |
| FCF Yield | 5.2% | 5.1% | 5.0% | 4.7% | 3.5% | 2.4% | 3.1% | 3.0% | 3.7% | 3.4% | 4.6% |
| Buyback Yield | 2.5% | 2.4% | 0.9% | 0.4% | 1.4% | 1.3% | 2.7% | 1.7% | 4.2% | 4.3% | 4.2% |
| Total Shareholder Yield | 4.8% | 4.7% | 2.8% | 1.7% | 2.4% | 1.9% | 3.3% | 2.0% | 4.2% | 4.3% | 4.2% |
| Shares Outstanding | — | $108M | $108M | $109M | $109M | $111M | $113M | $115M | $117M | $121M | $125M |
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying SBAC stock.
SBA Communications Corporation's current P/E ratio is 20.3x. The historical average is 112.5x. This places it at the 13th percentile of its historical range.
SBA Communications Corporation's current EV/EBITDA is 19.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 26.4x.
Based on historical data, SBA Communications Corporation is trading at a P/E of 20.3x. This is at the 13th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
SBA Communications Corporation's current dividend yield is 2.35% with a payout ratio of 45.5%.
SBA Communications Corporation has 41.6% gross margin and 48.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
SBA Communications Corporation's Debt/EBITDA ratio is 9.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Elevated leverage and refinancing exposure
Metrics are mathematically derived from official filings.
Multiples Lack REIT-Specific Anchors
Based on the supplied data, SBAC trades at 19.70 times trailing earnings and 19.15 times EV/EBITDA, but P/FFO and P/AFFO are unavailable, so the implied cap rate cannot be reliably benchmarked against peers or history. Investors should treat the standard multiples with caution for a tower REIT.
The reported P/E of 19.70 and EV/EBITDA of 19.15 are standard metrics that are distorted for REITs by heavy depreciation and straight-line rent, so they likely understate the true cash yield investors are paying. With P/FFO data unavailable in the supplied figures, any valuation conclusion relative to AMT or CCI remains provisional. A PEG of 0.17 appears low but is driven by limited growth data and should not be read as a clear undervaluation signal without FFO-based confirmation.
Stable NOI Margins Mask Interest Drag
As reported in financial statements, SBAC's NOI margin has held in a 74% to 78% band across most recent quarters, with 2026Q2 at 75.4%, indicating property-level cost discipline is intact despite revenue volatility.
The consistency of NOI margins suggests the fixed-cost tower model continues to deliver operating leverage on incremental tenant billings. The 2025Q4 margin of 30.6% is an outlier that likely reflects a classification or non-recurring item rather than an operating shift, and it should not be extrapolated. The gap between operating margin and net margin implies that financing costs absorb a material share of property income, which may limit how much of the NOI strength reaches shareholders.
Low Yield Keeps Payout Ratio Comfortable
Based on SBAC's reported figures, FFO payout ratios have ranged from roughly 22% to 51% across recent quarters, while the dividend yield of about 2.3% remains a small component of total shareholder return.
Payout ratios well below 50% in most quarters suggest the dividend is covered with a meaningful buffer and that retained cash flow is available for debt reduction or buybacks. The 2026Q1 payout of 50.8% sits at the upper end of the range and warrants monitoring if FFO per share continues to decline year over year. Because the yield is low, dividend safety is less a concern than the allocation of retained cash between leverage reduction and repurchases.
Debt Stack Overwhelms Thin Cash Buffer
According to recent SEC filings, SBAC carries roughly $12.6 billion to $15.2 billion of debt against a cash position between $202.6M and $702.2M, with interest coverage near 2.8 to 2.9 times in recent quarters.
Debt-to-gross-assets and fixed-rate exposure cannot be fully computed from the supplied ratio set, but the scale of debt relative to asset value and liquidity suggests refinancing risk is material. Interest coverage in the 2.75x to 2.92x range leaves limited headroom if rates on maturing notes reset higher. Investors should monitor the debt maturity ladder, since the reliance on refinancing access may weigh on AFFO per share growth even if tower-level operations remain steady.
P/E Misleads on Tower Earnings Quality
The most misapplied ratio here is standard P/E at 19.70, which is distorted by depreciation on tower assets and interest expense, obscuring cash earnings; AFFO-based P/AFFO is the appropriate substitute.
Standard P/E treats the large non-cash depreciation of tower assets as an economic cost, which understates earnings power and can make the multiple look higher than the underlying cash yield warrants. It also fails to separate straight-line rent accruals from cash received. P/AFFO, which adds back depreciation and removes straight-line effects while deducting maintenance capex, better reflects the cash return available to shareholders, though its absence from the supplied data limits a firm conclusion on valuation.