Latest Ratios: P/E Ratio 17.4x · EV/EBITDA 17.9x · 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 | $18.1B | $20.8B | $22.0B | $27.6B | $30.7B | $43.3B | $32.0B | $27.6B | $18.9B | $19.8B | $12.9B |
| Enterprise Value | $33.0B | $35.7B | $37.6B | $41.9B | $45.7B | $57.4B | $45.1B | $40.4B | $28.7B | $29.0B | $21.6B |
| P/E Ratio → | 17.40 | 19.74 | 29.37 | 55.03 | 66.42 | 181.79 | 1343.48 | 188.27 | 394.85 | 189.95 | 169.28 |
| P/S Ratio | 6.42 | 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 | 16.96 | 19.50 | 19.90 | 21.13 | 28.62 | 40.95 | 32.09 | 33.27 | 26.86 | 29.45 | 21.94 |
| P/OCF | 14.01 | 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 | 17.86 | 19.33 | 22.05 | 25.54 | 27.98 | 38.72 | 33.29 | 31.54 | 23.56 | 26.34 | 21.02 |
| EV / EBIT | 24.07 | 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 | 8.30 | 8.30 | 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 | 8.06 | 8.06 | 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 | 2.6% | 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 | 5.7% | 5.1% | 3.4% | 1.8% | 1.5% | 0.6% | 0.1% | 0.5% | 0.3% | 0.5% | 0.6% |
| FCF Yield | 5.9% | 5.1% | 5.0% | 4.7% | 3.5% | 2.4% | 3.1% | 3.0% | 3.7% | 3.4% | 4.6% |
| Buyback Yield | 2.8% | 2.4% | 0.9% | 0.4% | 1.4% | 1.3% | 2.7% | 1.7% | 4.2% | 4.3% | 4.2% |
| Total Shareholder Yield | 5.4% | 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 17.4x. The historical average is 112.5x.
SBA Communications Corporation's current EV/EBITDA is 17.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 26.3x.
Based on historical data, SBA Communications Corporation is trading at a P/E of 17.4x. Compare with industry peers and growth rates for a complete picture.
SBA Communications Corporation's current dividend yield is 2.61% 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 8.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Elevated leverage and refinancing risk
Metrics are mathematically derived from official filings.
Valuation Distorted by Negative Equity
SBAC trades at 18.5x EV/EBITDA, a discount to AMT's 17.6x, but P/FFO is negative due to negative equity, complicating relative value assessment.
With negative shareholders' equity, traditional P/FFO and P/B metrics are uninformative, pushing investors to rely on EV/EBITDA and implied cap rates. At 18.5x EV/EBITDA, SBAC appears cheaper than CCI's 22.2x, but the discount may reflect higher leverage and churn risk. The implied cap rate, derived from NOI and enterprise value, suggests a yield that compensates for these risks, though the negative equity base warrants caution in interpreting any multiple.
NOI Margin Resilience Amid Churn
NOI margin held at 75.4% in Q2 2026, down from 77.6% a year earlier, as per reported figures, indicating stable property-level profitability despite rising costs.
The 210 basis point decline in NOI margin over the past year suggests modest cost pressure, but the absolute level remains high, reflecting the tower business's operating leverage. FFO growth has been volatile, with Q2 2026 FFO down 5.3% YoY, implying that earnings are not solely driven by property operations. The spread between gross margin (41.6%) and operating margin (48.7%) indicates efficient cost management, yet the gap to net margin (37.4%) highlights the drag from interest expense.
Payout Ratio Provides Comfortable Buffer
FFO payout ratio was 47.4% in Q2 2026, as reported in financial statements, indicating a solid dividend safety margin with AFFO covering distributions by roughly 2.1x.
The payout ratio has fluctuated between 22% and 51% over the past ten quarters, with the recent level near the higher end but still leaving ample retained cash flow. AFFO per share of $2.05 in Q2 2026 supports a dividend yield of 2.5%, suggesting the distribution is well-covered. However, the volatility in FFO growth, including a -5.3% YoY decline, implies that dividend growth may be constrained if earnings decelerate further.
Leverage Overhang Intensifies Refinancing Risk
Total debt near $12.6 billion and interest coverage of 2.82x in Q2 2026, as per latest data, underscore elevated leverage and refinancing exposure.
Interest coverage has improved from 2.75x in Q1 2026 to 2.82x, but remains thin relative to the REIT's high debt load. The negative equity of -$4.6B reflects a levered-equity model that has relied on debt-funded buybacks, leaving little cushion for adverse rate movements. With a debt-to-EBITDA ratio likely exceeding 8x, refinancing maturing notes at higher rates could pressure AFFO, especially if organic growth slows.
Occupancy and Churn Dynamics
Same-store NOI growth appears to be decelerating, with overall NOI up only 3.4% YoY in Q2 2026, as reported, as carrier consolidation churn weighs on organic performance.
The T-Mobile/Sprint merger continues to drive elevated churn, offsetting the benefits of 5G densification. While NOI margins remain high, the deceleration in same-store growth suggests that new leasing activity is barely compensating for decommissioned sites. G&A efficiency appears stable, but the concentration in macro towers, while a moat, also limits diversification into faster-growing segments like fiber, which peers have pursued.
P/E Misleads on True Earnings Power
Standard P/E of 18.47 is distorted by depreciation and negative equity, as per reported figures, obscuring the REIT's cash-generating ability.
For REITs, P/E is misleading because depreciation is a non-cash charge that reduces GAAP earnings but not cash flow. SBAC's FFO exceeds net income by 41%, highlighting this distortion. Investors should use P/AFFO, which adjusts for maintenance capex and straight-line rent, to assess valuation. The negative equity also makes P/B meaningless, reinforcing the need for EV/EBITDA and implied cap rate analysis.