NASDAQ : SBAC
SBA Communications Corporation — Financial statements
Real Estate · REIT - Specialty · United States
Last price 184.88 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 19.61B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 2.65B | 2.57B | 2.53B | 2.52B | 2.34B | 2.10B |
| Other Revenue | 200.61M | 244.50M | 152.87M | 194.65M | 296.88M | 204.75M |
| Total Revenue | 2.85B | 2.82B | 2.68B | 2.71B | 2.63B | 2.31B |
| Property Expenses | 725.96M | 718.29M | 607.67M | 634.29M | 695.46M | 573.11M |
| Selling, General & Administrative | 289.59M | 276.74M | 259.42M | 267.94M | 261.85M | 220.03M |
| Depreciation & Amortization | 327.51M | 292.29M | 269.52M | 716.31M | 707.58M | 700.16M |
| Other Operating Expenses | 9.47M | 9.47M | 17.96M | 17.91M | 331.00K | 1.88M |
| Total Operating Expenses | 1.35B | 1.30B | 1.15B | 1.64B | 1.67B | 1.50B |
| Operating Income | 1.50B | 1.52B | 1.53B | 1.08B | 968.24M | 813.66M |
| Interest Expense | -514.24M | -498.63M | -448.70M | -456.51M | -419.73M | -419.59M |
| Interest & Investment Income | 25.96M | 31.68M | 41.96M | 18.30M | 10.13M | 3.45M |
| Currency Exchange Gain (Loss) | 121.50M | 121.50M | -236.50M | |||
| Other Non-Operating Income | -27.56M | 36.31M | -13.91M | 63.05M | 10.47M | -74.28M |
| EBT Excluding Unusual Items | 1.11B | 1.21B | 867.91M | 699.98M | 569.11M | 323.23M |
| Gain (Loss) on Sale of Assets | 208.40M | 208.40M | ||||
| Asset Writedown | -138.32M | -175.57M | -89.30M | -151.48M | -42.83M | -31.16M |
| Other Unusual Items | -20.08M | -5.94M | -437.00K | -39.50M | ||
| Pretax Income | 1.16B | 1.24B | 772.67M | 548.50M | 525.84M | 252.56M |
| Income Tax Expense | 171.19M | 187.58M | 23.99M | 51.09M | 66.04M | 14.94M |
| Earnings From Continuing Operations | 984.16M | 1.05B | 748.68M | 497.42M | 459.80M | 237.62M |
| Minority Interest in Earnings | 1.05M | -824.00K | 859.00K | 4.40M | 1.63M | |
| Net Income | 985.21M | 1.05B | 749.54M | 501.81M | 461.43M | 237.62M |
| Net Income to Common | 985.21M | 1.05B | 749.54M | 501.81M | 461.43M | 237.62M |
| Basic Shares Outstanding | 105.90M | 107.21M | 107.64M | 108.20M | 107.96M | 109.33M |
| Diluted Shares Outstanding | 106.17M | 107.53M | 108.08M | 108.91M | 109.39M | 111.18M |
| EPS (Basic) | 9.30 | 9.83 | 6.96 | 4.64 | 4.27 | 2.17 |
| EPS (Diluted) | 9.28 | 9.80 | 6.94 | 4.61 | 4.22 | 2.14 |
| Dividend Per Share | 1.11 | 4.44 | 3.92 | 3.40 | 2.84 | 2.32 |
| Operating Margin | 52.58% | 53.94% | 56.91% | 39.65% | 36.77% | 35.24% |
| Profit Margin | 34.54% | 37.43% | 27.97% | 18.51% | 17.52% | 10.29% |
| EBITDA | 1.83B | 1.81B | 1.79B | 1.79B | 1.68B | 1.51B |
| EBITDA Margin | 64.06% | 64.32% | 66.97% | 66.07% | 63.64% | 65.57% |
| D&A For Ebitda | 327.51M | 292.29M | 269.52M | 716.31M | 707.58M | 700.16M |
| EBIT | 1.50B | 1.52B | 1.53B | 1.08B | 968.24M | 813.66M |
| EBIT Margin | 52.58% | 53.94% | 56.91% | 39.65% | 36.77% | 35.24% |
| Effective Tax Rate | 14.82% | 15.10% | 3.10% | 9.31% | 12.56% | 5.92% |
| Revenue as Reported | 2.85B | 2.82B | 2.68B | 2.71B | 2.63B | 2.31B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 7.25B | 7.27B | 6.39B | 6.43B | 6.60B | 5.81B |
| Cash & Equivalents | 417.53M | 264.57M | 189.84M | 208.55M | 143.71M | 367.28M |
| Accounts Receivable | 168.05M | 199.41M | 164.89M | 199.00M | 263.92M | 150.79M |
| Other Receivables | 611.00K | 4.36M | 2.10M | |||
| Investment In Debt and Equity Securities | 34.15M | 325.90M | 130.26M | 224.89M | 108.99M | |
| Other Intangible Assets | 2.79B | 2.88B | 2.39B | 2.46B | 2.78B | 2.80B |
| Loans Receivable Current | 63.78M | 115.28M | 148.10M | |||
| Restricted Cash | 11.14M | 167.80M | 1.21B | 38.13M | 41.96M | 65.56M |
| Other Current Assets | 247.85M | 70.61M | 43.16M | 34.42M | 31.82M | 30.04M |
| Deferred Long-Term Tax Assets | 35.72M | 53.97M | 67.47M | 16.17M | 51.92M | |
| Deferred Long-Term Charges | 9.97M | 8.84M | 8.71M | 7.75M | 6.34M | |
| Other Long-Term Assets | 722.91M | 578.81M | 522.92M | 460.00M | 474.90M | 409.17M |
| Total Assets | 11.62B | 11.58B | 11.42B | 10.18B | 10.59B | 9.80B |
| Current Portion of Long-Term Debt | 3.56B | 1.94B | 1.19B | 643.14M | 24.00M | 24.00M |
| Current Portion of Leases | 293.88M | 299.60M | 261.02M | 273.46M | 262.37M | 238.50M |
| Long-Term Debt | 9.34B | 10.98B | 12.40B | 11.68B | 12.84B | 12.28B |
| Long-Term Leases | 2.05B | 2.12B | 1.90B | 1.87B | 2.04B | 1.98B |
| Accounts Payable | 65.73M | 73.03M | 59.55M | 42.20M | 51.43M | 34.07M |
| Accrued Expenses | 177.64M | 143.07M | 118.74M | 127.54M | 122.50M | 109.87M |
| Current Unearned Revenue | 115.22M | 124.49M | 132.60M | 241.26M | 179.74M | 190.03M |
| Other Current Liabilities | 102.11M | 102.30M | 38.12M | 35.64M | 56.73M | 19.86M |
| Long-Term Deferred Tax Liabilities | 317.11M | 85.17M | 119.21M | 60.94M | 70.73M | |
| Other Long-Term Liabilities | 656.02M | 258.87M | 282.77M | 284.95M | 187.13M | 120.75M |
| Total Liabilities | 16.36B | 16.35B | 16.47B | 15.31B | 15.83B | 15.07B |
| Common Stock | 1.04M | 1.06M | 1.08M | 1.08M | 1.08M | 1.09M |
| Additional Paid-In Capital | 3.13B | 3.06B | 2.98B | 2.89B | 2.80B | 2.68B |
| Retained Earnings | -7.34B | -7.25B | -7.33B | -7.45B | -7.48B | -7.20B |
| Comprehensive Income & Other | -624.62M | -664.10M | -760.28M | -615.20M | -590.51M | -762.31M |
| Total Common Equity | -4.83B | -4.85B | -5.11B | -5.17B | -5.28B | -5.28B |
| Minority Interest | 92.88M | 78.26M | 54.13M | 35.05M | 31.73M | 17.25M |
| Shareholders' Equity | -4.74B | -4.78B | -5.06B | -5.14B | -5.24B | -5.27B |
| Total Liabilities & Equity | 11.62B | 11.58B | 11.42B | 10.18B | 10.59B | 9.80B |
| Total Debt | 15.24B | 15.33B | 15.76B | 14.46B | 15.17B | 14.52B |
| Net Cash (Debt) | -14.82B | -15.07B | -15.57B | -14.25B | -15.03B | -14.16B |
| Net Cash Per Share | -139.63 | -140.11 | -144.03 | -130.89 | -137.38 | -127.32 |
| Filing Date Shares Outstanding | 104.43M | 105.79M | 107.62M | 108.11M | 108.04M | 107.92M |
| Total Common Shares Outstanding | 104.43M | 105.67M | 107.56M | 108.05M | 108.00M | 108.96M |
| Book Value Per Share | -46.30 | -45.93 | -47.51 | -47.86 | -48.86 | -48.49 |
| Tangible Book Value | -7.63B | -7.74B | -7.50B | -7.63B | -8.05B | -8.09B |
| Tangible Book Value Per Share | -73.06 | -73.21 | -69.72 | -70.58 | -74.56 | -74.22 |
| Land | 985.02M | 1.01B | 941.36M | 889.29M | 848.05M | |
| Construction In Progress | 72.79M | 72.20M | 105.63M | 77.56M | 47.56M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 985.21M | 1.05B | 749.54M | 501.81M | 461.43M | 237.62M |
| Depreciation & Amortization | 327.51M | 292.29M | 269.52M | 716.31M | 707.58M | 700.16M |
| Other Amortization | 21.87M | 21.87M | 21.27M | 20.27M | 19.84M | 19.59M |
| Gain (Loss) on Sale of Assets | -227.31M | -208.40M | 710.00K | 7.62M | ||
| Asset Writedown | 137.26M | 174.09M | 91.28M | 154.95M | 42.81M | 31.79M |
| Stock-Based Compensation | 82.88M | 75.73M | 74.37M | 87.92M | 99.91M | 84.40M |
| Change in Accounts Receivable | 7.26M | -56.25M | 18.11M | 44.39M | -81.35M | -38.24M |
| Change in Accounts Payable | -23.54M | -17.52M | -4.40M | -66.32M | 25.12M | -473.00K |
| Change in Other Net Operating Assets | -110.19M | -105.86M | -156.76M | 86.41M | -56.89M | 3.58M |
| Other Operating Activities | 90.43M | 61.75M | 271.24M | -8.95M | 67.26M | 151.46M |
| Operating Cash Flow | 1.29B | 1.29B | 1.33B | 1.54B | 1.29B | 1.19B |
| Acquisition of Real Estate Assets | -246.32M | -224.82M | -228.15M | -236.70M | -214.44M | -133.69M |
| Sale of Real Estate Assets | 440.94M | 330.65M | 333.00K | 3.72M | ||
| Net Sale / Acq. of Real Estate Assets | 194.61M | 105.83M | -227.82M | -232.98M | -214.44M | -133.69M |
| Cash Acquisition | -599.09M | -1.06B | -299.81M | -129.96M | -1.18B | -1.26B |
| Investment in Marketable & Equity Securities | -39.51M | 237.95M | -263.93M | -672.00K | -3.64M | -634.00K |
| Other Investing Activities | -7.27M | 113.22M | -17.75M | -104.63M | 524.00K | -31.23M |
| Investing Cash Flow | -451.26M | -601.83M | -809.31M | -468.25M | -1.39B | -1.42B |
| Long-Term Debt Issued | 695.00M | 4.70B | 190.00M | 1.81B | 6.34B | |
| Long-Term Debt Repaid | -1.41B | -3.46B | -754.00M | -1.27B | -5.17B | |
| Net Debt Issued (Repaid) | 150.37M | -713.00M | 1.24B | -564.00M | 545.88M | 1.17B |
| Issuance of Common Stock | 41.09M | 55.55M | 35.99M | 44.20M | 38.30M | 86.69M |
| Repurchase of Common Stock | -539.31M | -523.31M | -218.82M | -127.49M | -441.62M | -654.48M |
| Common Dividends Paid | -517.34M | -479.01M | -424.19M | -369.96M | -306.77M | -253.58M |
| Other Financing Activities | -5.53M | -3.81M | 12.58M | 37.00K | 28.73M | -12.83M |
| Foreign Exchange Rate Adjustments | -1.02M | 10.44M | -21.59M | 2.73M | -2.92M | -13.08M |
| Net Cash Flow | -31.62M | -963.64M | 1.15B | 61.66M | -246.34M | 92.82M |
| Levered Free Cash Flow | 662.94M | 1.93B | -400.51M | 926.64M | 920.96M | 833.86M |
| Unlevered Free Cash Flow | 962.48M | 2.22B | -141.33M | 1.19B | 1.16B | 1.08B |
| Cash Interest Paid | 353.23M | 467.40M | 395.11M | 396.59M | 347.66M | 360.51M |
| Cash Income Tax Paid | 86.65M | 52.77M | 42.41M | 25.58M | 32.32M | 25.57M |
| Change in Working Capital | -126.47M | -179.63M | -143.06M | 64.47M | -113.12M | -35.13M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 19.61B | 20.61B | 21.91B | 27.37B | 30.26B | 42.32B |
| Enterprise Value | 34.44B | 35.28B | 36.32B | 41.98B | 44.74B | 56.24B |
| Last Close Price | 184.86 | 189.66 | 195.78 | 239.27 | 260.51 | 358.34 |
| PE Ratio | 19.92 | 19.56 | 29.24 | 54.54 | 65.59 | 178.09 |
| PS Ratio | 6.88 | 7.32 | 8.18 | 10.09 | 11.49 | 18.33 |
| PB Ratio | -4.32 | -4.33 | -5.33 | -5.77 | -8.04 | |
| P/OCF Ratio | 15.19 | 15.96 | 16.42 | 17.72 | 23.54 | 35.56 |
| EV/Sales Ratio | 12.07 | 12.53 | 13.55 | 15.48 | 16.99 | 24.36 |
| EV/EBITDA Ratio | 18.85 | 19.49 | 20.24 | 23.43 | 26.70 | 37.15 |
| EV/EBIT Ratio | 22.96 | 23.24 | 23.82 | 39.05 | 46.20 | 69.12 |
| Debt / Equity Ratio | -3.21 | -3.21 | -3.12 | -2.82 | -2.89 | -2.76 |
| Debt / EBITDA Ratio | 6.91 | 7.06 | 7.38 | 6.74 | 7.54 | 7.96 |
| Net Debt / Equity Ratio | -3.13 | -3.15 | -3.08 | -2.78 | -2.87 | -2.69 |
| Net Debt / EBITDA Ratio | 8.11 | 8.32 | 8.67 | 7.96 | 8.97 | 9.35 |
| Asset Turnover | 0.25 | 0.24 | 0.25 | 0.26 | 0.26 | 0.24 |
| Quick Ratio | 0.14 | 0.17 | 0.20 | 0.30 | 0.58 | 0.84 |
| Current Ratio | 0.20 | 0.29 | 0.96 | 0.46 | 0.69 | 1.00 |
| Return on Assets (ROA) | 8.19% | 8.25% | 8.83% | 6.47% | 5.94% | 5.36% |
| Earnings Yield | 5.02% | 5.11% | 3.42% | 1.83% | 1.52% | 0.56% |
| Dividend Yield | 2.71% | 2.28% | 1.92% | 1.34% | 1.01% | 0.60% |
| Payout Ratio | 53.85% | 45.46% | 56.59% | 73.72% | 66.48% | 106.72% |
| Buyback Yield / Dilution | 1.60% | 0.51% | 0.76% | 0.44% | 1.61% | 2.02% |
| Total Shareholder Return | 4.31% | 2.78% | 2.68% | 1.78% | 2.62% | 2.61% |