SBA Communications Corporation (SBAC) Financial Ratios
28 years of historical data (1998–2025) · Real Estate · REIT - Specialty
EV/EBITDA
↓
20.55
↓-23% vs avg
5yr avg: 26.72
30Y Low14.5·High68.7
P/FCF
↓
21.62
↓-17% vs avg
5yr avg: 26.02
30Y Low13.0·High77.4
P/B Ratio
N/A
—
5yr avg: N/A
30Y Low0.1·High32.2
ROE
N/A
—
5yr avg: N/A
30Y Low-265%·High11%
Debt/EBITDA
↓
8.30
↓-9% vs avg
5yr avg: 9.09
30Y Low6.5·High49.8
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
SBAC Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
SBA Communications Corporation trades at 22.2x earnings, 69% below its 5-year average of 70.5x, sitting at the 13th percentile of its historical range. Compared to the Real Estate sector median P/E of 24.1x, the stock trades at a discount of 8%. On a free-cash-flow basis, the stock trades at 21.6x P/FCF, 17% below the 5-year average of 26.0x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $23.1B | $20.8B | $22.0B | $27.6B | $30.7B | $43.3B | $32.0B | $27.6B | $18.9B | $19.8B | $12.9B |
| Enterprise Value | $37.9B | $35.7B | $37.6B | $41.9B | $45.7B | $57.4B | $45.1B | $40.4B | $28.7B | $29.0B | $21.6B |
| P/E Ratio → | 22.18 | 19.74 | 29.37 | 55.03 | 66.42 | 181.79 | 1343.48 | 188.27 | 394.85 | 189.95 | 169.28 |
| P/S Ratio | 8.19 | 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 | 21.62 | 19.50 | 19.90 | 21.13 | 28.62 | 40.95 | 32.09 | 33.27 | 26.86 | 29.45 | 21.94 |
| P/OCF | 17.85 | 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
SBAC EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
SBA Communications Corporation's enterprise value stands at 20.5x EBITDA, 23% below its 5-year average of 26.7x. The Real Estate sector median is 16.7x, placing the stock at a 23% premium on an enterprise-value basis.
| 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 | 20.55 | 19.33 | 22.05 | 25.54 | 27.98 | 38.72 | 33.29 | 31.54 | 23.56 | 26.34 | 21.02 |
| EV / EBIT | 27.69 | 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 |
SBAC Profitability
Margins and return-on-capital ratios measuring operating efficiency
SBA Communications Corporation earns an operating margin of 48.7%, significantly above the Real Estate sector average of 26.0%. Operating margins have expanded from 34.1% to 48.7% over the past 3 years, signaling improving operational efficiency. ROIC of 10.0% represents adequate returns on invested capital.
Margins
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% |
Return on Capital
| 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% |
SBAC Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
SBA Communications Corporation carries a Debt/EBITDA ratio of 8.3x, which is highly leveraged (6% above the sector average of 7.9x). Net debt stands at $14.9B ($15.3B total debt minus $432M cash). Interest coverage of 3.7x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| 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 | — | — | — | — | — | — | — | — | — |
SBAC Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.49x is below 1.0, meaning current liabilities exceed current assets. The current ratio has improved from 0.36x to 0.49x over the past 3 years.
| 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 | — | — | — | — | — | — | — | — | — | — | — |
SBAC Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
SBA Communications Corporation returns 4.2% to shareholders annually — split between a 2.0% dividend yield and 2.2% buyback yield. A payout ratio of 45.5% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 4.5% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 2.0% | 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% | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.5% | 5.1% | 3.4% | 1.8% | 1.5% | 0.6% | 0.1% | 0.5% | 0.3% | 0.5% | 0.6% |
| FCF Yield | 4.6% | 5.1% | 5.0% | 4.7% | 3.5% | 2.4% | 3.1% | 3.0% | 3.7% | 3.4% | 4.6% |
| Buyback Yield | 2.2% | 2.4% | 0.9% | 0.4% | 1.4% | 1.3% | 2.7% | 1.7% | 4.2% | 4.3% | 4.2% |
| Total Shareholder Yield | 4.2% | 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 |
Peer Comparison
Compare SBAC with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 SBACYou | $23B | 22.2 | 20.5 | 21.6 | 41.6% | 48.7% | — | 10.0% | 8.3 |
 AMT | $83B | 33.0 | 18.2 | 21.9 | 73.7% | 45.8% | 25.3% | 6.9% | 6.5 |
 CCI | $39B | 87.4 | 24.6 | 13.5 | 66.1% | 48.7% | — | 5.5% | 10.7 |
 UNIT | $3B | 2.4 | 11.1 | — | 36.9% | 21.2% | 343.0% | 5.2% | 8.8 |
 LUMN | $10B | -5.3 | 10.2 | 25.6 | 24.3% | -1.5% | — | -0.8% | 6.9 |
 CCOI | $905M | -4.8 | 21.8 | — | 17.5% | -10.6% | -229.1% | -3.1% | 17.6 |
 SHEN | $888M | -22.6 | 13.7 | — | 26.9% | -6.2% | -4.0% | -1.1% | 5.9 |
 T | $181B | 8.5 | 7.5 | 9.3 | 79.8% | 19.2% | 17.6% | 6.7% | 3.9 |
 VZ | $200B | 11.7 | 8.0 | 9.9 | 45.6% | 21.2% | 16.6% | 8.0% | 4.2 |
 TMUS | $210B | 20.0 | 10.1 | 20.3 | 47.6% | 21.2% | 18.2% | 8.1% | 3.8 |
 ERIC | $37B | 13.7 | 9.0 | 11.8 | 48.1% | 13.8% | 26.3% | 22.3% | 1.2 |
| Real Estate Median | — | 24.1 | 16.7 | 15.4 | 52.1% | 26.0% | 3.5% | 3.0% | 7.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonSBAC — Frequently Asked Questions
Quick answers to the most common questions about buying SBAC stock.
What is SBA Communications Corporation's P/E ratio?
SBA Communications Corporation's current P/E ratio is 22.2x. The historical average is 112.5x. This places it at the 13th percentile of its historical range.
What is SBA Communications Corporation's EV/EBITDA?
SBA Communications Corporation's current EV/EBITDA is 20.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 26.3x.
Is SBAC stock overvalued?
Based on historical data, SBA Communications Corporation is trading at a P/E of 22.2x. This is at the 13th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is SBA Communications Corporation's dividend yield?
SBA Communications Corporation's current dividend yield is 2.05% with a payout ratio of 45.5%.
What are SBA Communications Corporation's profit margins?
SBA Communications Corporation has 41.6% gross margin and 48.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does SBA Communications Corporation have?
SBA Communications Corporation's Debt/EBITDA ratio is 8.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.