SBA Communications Corporation (SBAC) Financial Ratios
28 years of historical data (1998–2025) · Real Estate · REIT - Specialty
EV/EBITDA
↓
18.80
↓-30% vs avg
5yr avg: 26.72
30Y Low14.5·High68.7
P/FCF
↓
18.58
↓-29% 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 19.1x earnings, 73% below its 5-year average of 70.5x, sitting at the 0th percentile of its historical range. Compared to the Real Estate sector median P/E of 24.1x, the stock trades at a discount of 21%. On a free-cash-flow basis, the stock trades at 18.6x P/FCF, 29% 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 | $19.8B | $20.8B | $22.0B | $27.6B | $30.7B | $43.3B | $32.0B | $27.6B | $18.9B | $19.8B | $12.9B |
| Enterprise Value | $34.7B | $35.7B | $37.6B | $41.9B | $45.7B | $57.4B | $45.1B | $40.4B | $28.7B | $29.0B | $21.6B |
| P/E Ratio → | 19.07 | 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 | 18.58 | 19.50 | 19.90 | 21.13 | 28.62 | 40.95 | 32.09 | 33.27 | 26.86 | 29.45 | 21.94 |
| P/OCF | 15.35 | 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 18.8x EBITDA, 30% below its 5-year average of 26.7x. The Real Estate sector median is 17.0x, placing the stock at a 11% 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 | 18.80 | 19.33 | 22.05 | 25.54 | 27.98 | 38.72 | 33.29 | 31.54 | 23.56 | 26.34 | 21.02 |
| EV / EBIT | 25.33 | 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 24.8%. 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 (roughly in line with 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 4.9% to shareholders annually — split between a 2.4% dividend yield and 2.5% buyback yield. A payout ratio of 45.5% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 5.2% (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 | 2.4% | 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% | — | — | — |
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 | 5.2% | 5.1% | 3.4% | 1.8% | 1.5% | 0.6% | 0.1% | 0.5% | 0.3% | 0.5% | 0.6% |
| FCF Yield | 5.4% | 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 | 4.9% | 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 | $20B | 19.1 | 18.8 | 18.6 | 41.6% | 48.7% | — | 10.0% | 8.3 |
 AMT | $82B | 32.7 | 18.1 | 21.7 | 73.7% | 45.8% | 25.3% | 6.9% | 6.5 |
 CCI | $36B | 80.4 | 23.5 | 12.5 | 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 | $8B | -4.7 | 9.8 | 22.8 | 46.5% | -1.5% | — | -0.8% | 6.9 |
 CCOI | $711M | -3.7 | 20.7 | — | 17.5% | -10.6% | -229.1% | -3.1% | 17.6 |
 SHEN | $784M | -20.0 | 12.8 | — | 26.9% | -6.2% | -4.0% | -1.1% | 5.9 |
 T | $154B | 7.2 | 6.9 | 7.9 | 79.8% | 19.2% | 17.6% | 6.7% | 3.9 |
 VZ | $191B | 11.2 | 7.8 | 9.5 | 45.6% | 21.2% | 16.6% | 8.0% | 4.2 |
 TMUS | $197B | 18.7 | 9.7 | 19.0 | 47.6% | 21.2% | 18.2% | 8.1% | 3.8 |
 ERIC | $35B | 13.6 | 8.9 | 11.8 | 48.1% | 13.8% | 26.3% | 22.3% | 1.2 |
| Real Estate Median | — | 24.1 | 17.0 | 15.4 | 49.3% | 24.8% | 3.7% | 2.7% | 7.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 28 years · Updated daily
Consensus-Based Analysis Tools
Full Stock Analysis
Deep dive into SBAC consensus models and risk factors.
View Analysis
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Check Valuation
Historical Returns
10-year return with dividends reinvested.
Calculate
DCA Calculator
See how regular investing compounds over time.
Run Numbers
Peer Comparison
Compare growth, multiples, and margins vs sector.
Compare
SBAC — 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 19.1x. The historical average is 112.5x.
What is SBA Communications Corporation's EV/EBITDA?
SBA Communications Corporation's current EV/EBITDA is 18.8x. 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 19.1x. 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 2.38% 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.