SBA Communications Corporation

SBAC

Real EstateLarge CapUS Equities · NYSE / NASDAQ

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Company Profile

SBA Communications Corporation is a leading independent owner and operator of wireless communications infrastructure. It includes towers, buildings, rooftops, distributed antenna systems (DAS) and small cells. With a portfolio of more than 46,000 communications sites throughout the Americas and in Africa, SBA is listed on NASDAQ under the symbol SBAC. Our organization is part of the S&P 500 and one of the top Real Estate Investment Trusts (REITs) by market capitalization. SBA Communications Corporation was incorporated in 1989.

Valuation

Market Cap$22.0B

Current Price$189.85as of Jun 23, 2026

P/E Ratio20.92

P/B Ratio-4.54

EV / EBITDA18.45

EV / Sales13.18

Profitability

Operating Margin55.2%

Net Profit Margin37.4%

EBITDA Margin71.4%

Returns

ROE-21.7%

ROCE17.5%

ROIC %-

ROA9.1%

Solvency

Current Ratio0.29

Debt / Equity-3.16

Debt / Assets1.32

CFO / Net Profit1.23

Price History▼ 18.91% over 1Y

Technical Chart

Historical Performance Charts

5-year financial trends. Figures in USD millions.

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Latest fiscal year: 2025

Revenue$2.8B▲ 5.1%

EBITDA$2.0B▲ 36.8%

Net Profit$1.1B▲ 40.6%

Cash from Ops (CFO)$1.3B▼ 3.3%

Free Cash Flow (FCF)$1.1B▼ 3.6%

Revenue CAGR 3Y2.2%

Revenue CAGR 5Y-

Net Profit CAGR 3Y31.7%

Net Profit CAGR 5Y-

Historical Growth

Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)

Year	Revenue	EBITDA	Net Profit	FCF	ROE	Rev Growth 1Y	NP Growth 1Y
2025	$2.8B	$2.0B	$1.1B	$1.1B	-21.7%	5.1%	40.6%
2024	$2.7B	$1.5B	$750M	$1.1B	-14.7%	-1.2%	49.4%
2023	$2.7B	$1.7B	$502M	$1.3B	-9.7%	3.0%	8.8%
2022	$2.6B	$1.6B	$461M	$1.1B	-8.7%	-	-
2021

Financial Statements

Income statement, balance sheet, and cash flow as reported

Consolidated Figures in USD Millions.

Metric	2021	2022	2023	2024	2025
Total Revenue	-	2,633.45	2,711.58	2,679.63	2,815.14
Operating Revenue	-	2,633.45	2,711.58	2,679.63	2,815.14
Cost Of Revenue	-	668.65	612.62	581.73	690.97
Gross Profit	-	1,964.80	2,098.96	2,097.91	2,124.17
Operating Expense	-	969.43	984.24	528.27	569.90
Selling General And Administration	-	261.85	267.94	258.76	277.61
Total Expenses	-	1,638.08	1,596.87	1,110	1,260.87
Operating Income	-	995.38	1,114.72	1,569.63	1,554.27
Total Operating Income As Reported	-	925.41	923.66	1,435.76	1,342.79
EBITDA	-	1,633.31	1,701.05	1,469.62	2,011.09
Normalized EBITDA	-	1,703.72	1,892.11	1,609.43	2,222.57
EBIT	-	925.74	984.74	1,200.10	1,718.80
Interest Income	-	10.13	18.30	41.96	31.68
Interest Expense	-	399.89	436.24	427.44	476.77
Net Interest Income	-	-409.60	-438.21	-406.74	-466.96
Other Non Operating Income Expenses	-	10.47	63.05	-250.42	366.21
Other Income Expense	-	-59.94	-128	-390.23	154.72
Interest Income Non Operating	-	10.13	18.30	41.96	31.68
Interest Expense Non Operating	-	399.89	436.24	427.44	476.77
Net Non Operating Interest Income Expense	-	-409.60	-438.21	-406.74	-466.96
Pretax Income	-	525.84	548.50	772.67	1,242.04
Tax Provision	-	66.04	51.09	23.99	187.58
Tax Rate For Calcs	-	0	0	0	0
Tax Effect Of Unusual Items	-	-8.84	-17.80	-4.34	-31.93
Net Income Continuous Operations	-	459.80	497.42	748.68	1,054.46
Net Income From Continuing And Discontinued Operation	-	461.43	501.81	749.54	1,053.63
Net Income From Continuing Operation Net Minority Interest	-	461.43	501.81	749.54	1,053.63
Net Income	-	461.43	501.81	749.54	1,053.63
Net Income Common Stockholders	-	461.43	501.81	749.54	1,053.63
Net Income Including Noncontrolling Interests	-	459.80	497.42	748.68	1,054.46
Normalized Income	-	522.99	675.07	885.01	1,233.18
Diluted NI Availto Com Stockholders	-	461.43	501.81	749.54	1,053.63
Basic Average Shares	-	107.96	108.20	107.64	107.21
Diluted Average Shares	-	109.39	108.91	108.08	107.53
Reconciled Depreciation	-	707.58	716.31	269.52	292.29
Reconciled Cost Of Revenue	-	668.65	612.62	581.73	690.97
Total Unusual Items	-	-70.40	-191.06	-139.81	-211.48
Total Unusual Items Excluding Goodwill	-	-70.40	-191.06	-139.81	-211.48
Minority Interests	-	1.63	4.40	0.86	-0.82
Other Special Charges	39.50	0.44	-	5.94	-
Write Off	-	0.33	17.91	18.62	8.59
Impairment Of Capital Assets	-	42.83	151.48	89.30	175.57
Restructuring And Mergern Acquisition	-	26.81	21.67	25.95	27.32
Depreciation Amortization Depletion Income Statement	-	707.58	716.31	269.52	292.29
Depreciation And Amortization In Income Statement	-	707.58	716.31	269.52	292.29
Total Other Finance Cost	-	19.84	20.27	21.26	21.87
Other Operating Expenses	1.88	-	-	-	-

Peer Comparison

Real Estate sector peers, ranked by market cap

Company	Ticker	Market Cap	P/E	P/B	ROE	EV/EBITDA
SBA Communications Corporationthis co.	SBAC	$22.0B	20.92↓ discount	-4.54	-21.7%	18.45
AvalonBay Communities, Inc.	AVB	$26.8B	25.53	2.31	9.1%	16.22
Equity Residential	EQR	$26.2B	23.42	2.38	10.2%	13.85
Essex Property Trust, Inc.	ESS	$19.6B	29.29	3.54	12.1%	16.82
Weyerhaeuser Company	WY

Learn while you research

Hand-picked academy chapters to deepen your understanding of SBA Communications Corporation and the metrics that matter.

01 Stock Valuation BasicsHow to think about what a fair price for a stock looks like.7 min read 02 Sectors & Industries

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Year

Revenue

EBITDA

Net Profit

FCF

ROE

Rev Growth 1Y

NP Growth 1Y

2025

$2.8B

$2.0B

$1.1B

-21.7%

5.1%

40.6%

2024

$2.7B

$1.5B

$750M

$1.1B

-14.7%

-1.2%

49.4%

2023

$2.7B

$1.7B

$502M

$1.3B

-9.7%

3.0%

8.8%

2022

$2.6B

$1.6B

$461M

$1.1B

-8.7%

2021

Metric

2021

2022

2023

2024

2025

Total Revenue

2,633.45

2,711.58

2,679.63

2,815.14

Operating Revenue

2,633.45

2,711.58

2,679.63

2,815.14

Cost Of Revenue

668.65

612.62

581.73

690.97

Gross Profit

1,964.80

2,098.96

2,097.91

2,124.17

Operating Expense

969.43

984.24

528.27

569.90

Selling General And Administration

261.85

267.94

258.76

277.61

Total Expenses

1,638.08

1,596.87

1,110

1,260.87

Operating Income

995.38

1,114.72

1,569.63

1,554.27

Total Operating Income As Reported

925.41

923.66

1,435.76

1,342.79

EBITDA

1,633.31

1,701.05

1,469.62

2,011.09

Normalized EBITDA

1,703.72

1,892.11

1,609.43

2,222.57

EBIT

925.74

984.74

1,200.10

1,718.80

Interest Income

10.13

18.30

41.96

31.68

Interest Expense

399.89

436.24

427.44

476.77

Net Interest Income

-409.60

-438.21

-406.74

-466.96

Other Non Operating Income Expenses

10.47

63.05

-250.42

366.21

Other Income Expense

-59.94

-128

-390.23

154.72

Interest Income Non Operating

10.13

18.30

41.96

31.68

Interest Expense Non Operating

399.89

436.24

427.44

476.77

Net Non Operating Interest Income Expense

-409.60

-438.21

-406.74

-466.96

Pretax Income

525.84

548.50

772.67

1,242.04

Tax Provision

66.04

51.09

23.99

187.58

Tax Rate For Calcs

Tax Effect Of Unusual Items

-8.84

-17.80

-4.34

-31.93

Net Income Continuous Operations

459.80

497.42

748.68

1,054.46

Net Income From Continuing And Discontinued Operation

461.43

501.81

749.54

1,053.63

Net Income From Continuing Operation Net Minority Interest

461.43

501.81

749.54

1,053.63

Net Income

461.43

501.81

749.54

1,053.63

Net Income Common Stockholders

461.43

501.81

749.54

1,053.63

Net Income Including Noncontrolling Interests

459.80

497.42

748.68

1,054.46

Normalized Income

522.99

675.07

885.01

1,233.18

Diluted NI Availto Com Stockholders

461.43

501.81

749.54

1,053.63

Basic Average Shares

107.96

108.20

107.64

107.21

Diluted Average Shares

109.39

108.91

108.08

107.53

Reconciled Depreciation

707.58

716.31

269.52

292.29

Reconciled Cost Of Revenue

668.65

612.62

581.73

690.97

Total Unusual Items

-70.40

-191.06

-139.81

-211.48

Total Unusual Items Excluding Goodwill

-70.40

-191.06

-139.81

-211.48

Minority Interests

1.63

4.40

0.86

-0.82

Other Special Charges

39.50

0.44

5.94

Write Off

0.33

17.91

18.62

8.59

Impairment Of Capital Assets

42.83

151.48

89.30

175.57

Restructuring And Mergern Acquisition

26.81

21.67

25.95

27.32

Depreciation Amortization Depletion Income Statement

707.58

716.31

269.52

292.29

Depreciation And Amortization In Income Statement

707.58

716.31

269.52

292.29

Total Other Finance Cost

19.84

20.27

21.26

21.87

Other Operating Expenses

1.88

Company

Ticker

Market Cap

P/E

P/B

ROE

EV/EBITDA

SBA Communications Corporationthis co.

SBAC

$22.0B

20.92↓ discount

-4.54

-21.7%

18.45

AvalonBay Communities, Inc.

AVB

$26.8B

25.53

2.31

9.1%

16.22

Equity Residential

EQR

$26.2B

23.42

2.38

10.2%

13.85

Essex Property Trust, Inc.

ESS

$19.6B

29.29

3.54

12.1%

16.82

Weyerhaeuser Company

SBA Communications Corporation

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

SBA Communications Corporation

Valuation

Profitability

Returns

Solvency

Historical Performance Charts

Revenue vs Net Profit (5Y)

Free Cash Flow vs Operating Cash Flow (5Y)

Operating Margin % (5Y)

Growth Summary

Historical Growth

Financial Statements

Peer Comparison

Key concepts to brush up on