Loading…
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.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
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 |
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 |
| 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 |
| Operating Income | - | 995.38 | 1,114.72 | 1,569.63 | 1,554.27 |
| EBITDA | - | 1,633.31 | 1,701.05 | 1,469.62 | 2,011.09 |
| EBIT | - | 925.74 | 984.74 | 1,200.10 | 1,718.80 |
| Pretax Income | - | 525.84 | 548.50 | 772.67 | 1,242.04 |
| Tax Provision | - | 66.04 | 51.09 | 23.99 | 187.58 |
| Net Income | - | 461.43 | 501.81 | 749.54 | 1,053.63 |
| Net Income Common Stockholders | - | 461.43 | 501.81 | 749.54 | 1,053.63 |
| Total Expenses | - | 1,638.08 | 1,596.87 | 1,110 | 1,260.87 |
| Interest Expense | - | 399.89 | 436.24 | 427.44 | 476.77 |
| Interest Income | - | 10.13 | 18.30 | 41.96 | 31.68 |
| Selling General And Administration | - | 261.85 | 267.94 | 258.76 | 277.61 |
| Normalized EBITDA | - | 1,703.72 | 1,892.11 | 1,609.43 | 2,222.57 |
| Normalized Income | - | 522.99 | 675.07 | 885.01 | 1,233.18 |
| Market Cap | 23,277.52 | 23,277.52 | 23,277.52 | 23,277.52 | 23,277.52 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| SBA Communications Corporationthis co. | SBAC | $23.6B | 22.09↓ discount | -4.80 | -21.7% | 19.06 |
| VICI Properties Inc. | VICI | $30.2B | 10.95 | 1.09 | 10.0% | 12.95 |
| Extra Space Storage Inc. | EXR | $30.2B | 30.81 | 2.23 | 7.3% | 18.17 |
| Equity Residential | EQR | $23.6B | 20.83 | 2.12 | 10.2% | 12.69 |
| Weyerhaeuser Company | WY |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| $18.0B |
| 55.70 |
| 1.91 |
| 3.4% |
| 22.25 |
| Kimco Realty Corporation | KIM | $16.9B | 27.32 | 1.54 | 5.6% | 16.59 |
| Essex Property Trust, Inc. | ESS | $16.4B | 24.59 | 2.97 | 12.1% | 14.82 |
| Regency Centers Corporation | REG | $15.0B | 28.42 | 2.24 | 7.9% | 17.55 |
| Mid-America Apartment Communities, Inc. | MAA | $14.8B | 32.71 | 2.57 | 7.9% | 15.77 |
| Peer Median | - | 27.87 | 2.17 | 7.9% | 16.18 | |