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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.
Rule-based from financial data. Not advice.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 5 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 | 2025 |
|---|---|
| Total Revenue | 2,815.14 |
| Operating Revenue | 2,815.14 |
| Cost Of Revenue | 690.97 |
| Gross Profit | 2,124.17 |
| Operating Expense | 569.90 |
| Selling General And Administration | 277.61 |
| Total Expenses | 1,260.87 |
| Operating Income | 1,554.27 |
| Total Operating Income As Reported | 1,342.79 |
| EBITDA | 2,011.09 |
| Normalized EBITDA | 2,222.57 |
| EBIT | 1,718.80 |
| Interest Income | 31.68 |
| Interest Expense | 476.77 |
| Net Interest Income | -466.96 |
| Other Non Operating Income Expenses | 366.21 |
| Other Income Expense | 154.72 |
| Interest Income Non Operating | 31.68 |
| Interest Expense Non Operating | 476.77 |
| Net Non Operating Interest Income Expense | -466.96 |
| Pretax Income | 1,242.04 |
| Tax Provision | 187.58 |
| Tax Rate For Calcs | 0 |
| Tax Effect Of Unusual Items | -31.93 |
| Net Income Continuous Operations | 1,054.46 |
| Net Income From Continuing And Discontinued Operation | 1,053.63 |
| Net Income From Continuing Operation Net Minority Interest | 1,053.63 |
| Net Income | 1,053.63 |
| Net Income Common Stockholders | 1,053.63 |
| Net Income Including Noncontrolling Interests | 1,054.46 |
| Normalized Income | 1,233.18 |
| Diluted NI Availto Com Stockholders | 1,053.63 |
| Basic Average Shares | 107.21 |
| Diluted Average Shares | 107.53 |
| Reconciled Depreciation | 292.29 |
| Reconciled Cost Of Revenue | 690.97 |
| Total Unusual Items | -211.48 |
| Total Unusual Items Excluding Goodwill | -211.48 |
| Minority Interests | -0.82 |
| Other Special Charges | - |
| Write Off | 8.59 |
| Impairment Of Capital Assets | 175.57 |
| Restructuring And Mergern Acquisition | 27.32 |
| Depreciation Amortization Depletion Income Statement | 292.29 |
| Depreciation And Amortization In Income Statement | 292.29 |
| Total Other Finance Cost | 21.87 |
| Other Operating Expenses | - |
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 |
| $17.8B |
| 54.97 |
| 1.89 |
| 3.4% |
| 22.02 |
| Invitation Homes Inc. | INVH | $17.5B | 29.84 | 1.84 | 6.2% | 15.24 |
| Host Hotels & Resorts, Inc. | HST | $17.0B | 22.17 | 2.59 | 11.7% | 11.82 |
| Mid-America Apartment Communities, Inc. | MAA | $16.3B | 36.87 | 2.87 | 7.8% | 17.12 |
| Kimco Realty Corporation | KIM | $16.2B | 27.69 | 1.56 | 5.6% | 16.74 |
| Peer Median | - | 28.49 | 2.35 | 8.4% | 16.48 | |