Business Description
SBA Communications Corporation is an independent owner and operator of wireless communications infrastructure, structured as a real estate investment trust (REIT). The company primarily acquires, develops, and leases antenna space on multi-tenant towers to wireless service providers. Headquartered in Boca Raton, Florida, SBA operates a vast portfolio of nearly 40,000 communication sites across the Americas, Africa, and select Asian markets.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Property Revenue | 2,570,640 | 2,526,770 | 2,516,940 | 2,336,580 |
| Service and Other Revenue | 244,498 | 152,869 | 194,649 | 296,879 |
| Total Revenues | 2,815,140 | 2,679,630 | 2,711,580 | 2,633,450 |
| Property Expenses | 492,000 | 462,997 | 472,687 | 445,685 |
| Service and Other Expenses | 198,972 | 118,730 | 139,935 | 222,965 |
| Total Property Expenses | 690,972 | 581,727 | 612,622 | 668,650 |
| Gross Profit | 2,124,170 | 2,097,910 | 2,098,960 | 1,964,800 |
| Selling, General & Administrative Expenses | 277,611 | 258,756 | 267,936 | 261,853 |
| Depreciation & Amortization Expenses | 292,285 | 269,517 | 716,309 | 707,576 |
| Other Operating Expenses | 211,485 | 133,871 | 191,058 | 69,967 |
| Operating Profit | 1,342,790 | 1,435,760 | 923,659 | 925,408 |
| Interest and Investment Income | 31,676 | 41,962 | 18,305 | 10,133 |
| Interest Expense | (498,633) | (448,704) | (456,514) | (419,728) |
| Non-Operating Income | 366,209 | (256,355) | 63,053 | 10,030 |
| Total Non-Operating Income | (100,748) | (663,097) | (375,156) | (399,565) |
| Income Before Provision for Income Taxes | 1,242,040 | 772,666 | 548,503 | 525,843 |
| Provision for Income Taxes | 187,582 | 23,989 | 51,088 | 66,044 |
| Consolidated Net Income | 1,054,460 | 748,677 | 497,415 | 459,799 |
| Net Income Attributable to Minority Interests and Other | 824 | (859) | (4,397) | (1,630) |
| Net Income Attributable to Common Shareholders | 1,053,630 | 749,536 | 501,812 | 461,429 |
| Basic EPS | 9.83 | 6.96 | 4.64 | 4.27 |
| Diluted EPS | 9.80 | 6.94 | 4.61 | 4.22 |
| Basic Weighted Average Shares Outstanding | 107,207 | 107,644 | 108,204 | 107,957 |
| Diluted Weighted Average Shares Outstanding | 107,533 | 108,080 | 108,907 | 109,386 |
| Shares Outstanding | 105,666 | 107,561 | 108,050 | 107,997 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 264,568 | 189,841 | 208,547 | 143,708 |
| Total Cash and Cash Equivalents | 264,568 | 189,841 | 208,547 | 143,708 |
| Accounts Receivable | 171,256 | 145,695 | 182,746 | 184,368 |
| Total Trade Receivables | 171,256 | 145,695 | 182,746 | 184,368 |
| Restricted Cash | 167,804 | 1,206,650 | 38,129 | 41,959 |
| Other Current Assets | 169,803 | 436,531 | 54,845 | 112,698 |
| Total Current Assets | 773,431 | 1,978,720 | 484,267 | 482,733 |
| Net Property, Plant & Equipment | 7,267,470 | 6,392,810 | 6,426,100 | 6,603,460 |
| Net Intangible Assets | 2,882,120 | 2,388,710 | 2,455,600 | 2,776,470 |
| Other Long-Term Assets | 651,993 | 657,097 | 812,476 | 722,373 |
| Total Assets | 11,575,000 | 11,417,300 | 10,178,400 | 10,585,000 |
| Accounts Payable | 73,034 | 59,549 | 42,202 | 51,427 |
| Accrued Expenses | 158,538 | 144,216 | 150,118 | 155,657 |
| Current Portion of Long-Term Debt | 1,935,800 | 1,187,910 | 643,145 | 24,000 |
| Current Portion of Leases | 299,604 | 261,017 | 273,464 | 262,365 |
| Unearned Revenue | 117,309 | 127,308 | 235,668 | 154,553 |
| Other Current Liabilities | 94,014 | 17,933 | 18,662 | 48,762 |
| Total Current Liabilities | 2,678,300 | 1,797,940 | 1,363,260 | 696,764 |
| Long-Term Debt | 10,964,500 | 12,403,800 | 11,681,200 | 12,844,200 |
| Leases | 2,119,260 | 1,903,440 | 1,865,690 | 2,040,630 |
| Other Long-Term Liabilities | 588,244 | 367,942 | 404,161 | 248,067 |
| Total Long-Term Liabilities | 13,672,000 | 14,675,200 | 13,951,000 | 15,132,900 |
| Total Liabilities | 16,350,300 | 16,473,100 | 15,314,300 | 15,829,600 |
| Common Stock | 1,057 | 1,076 | 1,080 | 1,080 |
| Additional Paid-in Capital | 3,059,430 | 2,975,460 | 2,894,060 | 2,795,180 |
| Accumulated Other Comprehensive Income | (664,098) | (760,280) | (615,198) | (590,510) |
| Retained Earnings | (7,249,910) | (7,326,190) | (7,450,820) | (7,482,060) |
| Total Common Shareholders' Equity | (4,853,520) | (5,109,940) | (5,170,880) | (5,276,320) |
| Minority Interests and Other | 78,262 | 54,132 | 35,047 | 31,735 |
| Total Shareholders' Equity | (4,775,260) | (5,055,810) | (5,135,840) | (5,244,580) |
| Total Liabilities and Shareholders' Equity | 11,575,000 | 11,417,300 | 10,178,400 | 10,585,000 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | 1,054,460 | 748,677 | 497,415 | 459,799 |
| Depreciation & Amortization | 292,285 | 269,517 | 716,309 | 707,576 |
| Share-Based Compensation Expense | 75,734 | 74,374 | 87,919 | 99,909 |
| Other Adjustments | 48,479 | 385,354 | 178,280 | 131,536 |
| Changes in Trade Receivables | (56,247) | 18,109 | 44,386 | (81,351) |
| Changes in Accounts Payable | (17,516) | (4,402) | (66,324) | 25,118 |
| Changes in Other Operating Activities | (105,863) | (156,763) | 86,408 | (56,887) |
| Cash from Operating Activities | 1,291,330 | 1,334,870 | 1,544,390 | 1,285,700 |
| Capital Expenditure | (224,819) | (228,149) | (236,698) | (214,443) |
| Proceeds from Sale of Property, Plant & Equipment | 330,650 | 333 | 3,718 | — |
| Purchases of Investments | (1,166,310) | (1,800,680) | (1,339,030) | (881,781) |
| Proceeds from Sale of Investments | 1,404,260 | 1,536,750 | 1,338,350 | 878,138 |
| Payments for Business Acquisitions | (1,058,830) | (299,811) | (129,961) | (1,176,090) |
| Other Investing Activities | 113,218 | (17,750) | (104,633) | 524 |
| Cash from Investing Activities | (601,829) | (809,310) | (468,246) | (1,393,650) |
| Issuance of Short-Term Debt | 695,000 | 370,000 | 190,000 | 975,000 |
| Repayments of Short-Term Debt | (220,000) | (550,000) | (730,000) | (605,000) |
| Net Issuance / (Repayments) of Short-Term Debt | 475,000 | (180,000) | (540,000) | 370,000 |
| Issuance of Long-Term Debt | — | 4,332,700 | — | 839,885 |
| Repayments of Long-Term Debt | (1,188,000) | (2,912,510) | (24,000) | (664,000) |
| Net Issuance / (Repayments) of Long-Term Debt | (1,188,000) | 1,420,190 | (24,000) | 175,885 |
| Issuance of Common Shares | 55,554 | 35,986 | 44,196 | 38,303 |
| Repurchases of Common Shares | (523,312) | (218,820) | (127,491) | (441,624) |
| Net Issuance / (Repurchases) of Common Shares | (467,758) | (182,834) | (83,295) | (403,321) |
| Common Share Dividends Paid | (479,012) | (424,191) | (369,960) | (306,766) |
| Other Financing Activities | (3,805) | 12,579 | 37 | 28,728 |
| Cash from Financing Activities | (1,663,580) | 645,742 | (1,017,220) | (135,474) |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | 10,440 | (21,587) | 2,734 | (2,915) |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | (963,636) | 1,149,710 | 61,663 | (246,343) |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $20.44B |
| P/E | 19.74x |
| P/S | 7.26x |
| EV/EBITDA | 21.76x |
| Return on Equity | -21.5% |
| Return on Invested Capital | 9.5% |
| Current Ratio | 0.29x |
| Dividend Yield | 2.3% |
| Free Cash Flow Margin | 37.9% |
Margins
Gross margin
82.6%
Operating margin
52.2%
Net margin
41.0%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q1 2026 | $656M | +6.5% | 52.3% | $343M |
| Q4 2025 | $666M | +3.1% | 44.9% | $299M |
| Q3 2025 | $656M | +4.9% | 57.0% | $374M |
| Q2 2025 | $632M | +0.9% | 53.0% | $335M |
| Q1 2025 | $616M | — | 54.4% | $335M |
| Q4 2024 | $646M | — | 59.2% | $382M |
| Q3 2024 | $626M | — | 60.0% | $376M |
| Q2 2024 | $626M | — | 56.6% | $354M |
More on SBA Communications Corporation
Figures compiled from public company filings.
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