Detailed financial statements for SBA Communications Corporation (SBAC): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
SBA Communications Corporation stands as a premier owner, operator, and provider of crucial wireless communication infrastructure across North, Central, and South America, in addition to South Africa. Guided by its mission to 'Build Better Wireless,' the company primarily earns revenue from two core business areas: the leasing of antenna space and providing comprehensive site development services.
Analysis Summary
SBA Communications Corporation reported revenue of $2.82B in the most recent fiscal year, growing at a 5-year CAGR of 6.2%. Net income reached $1.05B, with a 112.9% 5-year CAGR.
Trailing-twelve-month margins: gross margin 63.9%, operating margin 50.8%, net margin 34.5%. Free cash flow grew at 1.3% CAGR over 5 years.
At the current price of $161.82, SBAC trades at a P/E of 17.06 and an ROE of -21.71%. Market capitalisation stands at $17.2B, placing it among large-cap names.
Balance sheet quality for SBAC: current ratio of 0.5, net debt of $14.88B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $1.07B represents 101% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.63B | $1.73B | $1.87B | $2.01B | $2.08B | $2.31B | $2.63B | $2.71B | $2.68B | $2.82B |
| Cost of Revenue | $434.0M | $458.7M | $479.8M | $508.3M | $493.1M | $573.1M | $695.5M | $634.3M | $607.7M | $1.64B |
| Gross Profit | $1.20B | $1.27B | $1.39B | $1.51B | $1.59B | $1.74B | $1.94B | $2.08B | $2.07B | $1.17B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $125.2M | $130.7M | $142.5M | $192.7M | $194.3M | $220.0M | $261.9M | $267.1M | $259.5M | $277.6M |
| Operating Expenses | $811.8M | $810.5M | $841.8M | $922.9M | $956.3M | $953.2M | $1.01B | $1.15B | $636.2M | -$198.8M |
| Operating Income | $387.3M | $458.5M | $544.2M | $583.5M | $633.7M | $782.5M | $925.4M | $923.7M | $1.44B | $1.37B |
| EBITDA | $1.07B | $1.13B | $1.24B | $1.31B | $1.39B | $1.51B | $1.68B | $1.79B | $1.79B | $2.19B |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $467.9M |
| Pre-tax Income | $87.3M | $116.9M | $51.7M | $186.9M | -$17.7M | $252.6M | $525.8M | $548.5M | $772.7M | $1.24B |
| Income Tax | $11.1M | $13.2M | $4.2M | $39.6M | -$41.8M | $14.9M | $66.0M | $51.1M | $24.0M | $187.6M |
| Net Income | $76.2M | $103.7M | $47.5M | $147.0M | $24.1M | $237.6M | $461.4M | $501.8M | $749.5M | $1.05B |
| EPS | $0.61 | $0.86 | $0.41 | $1.28 | $0.21 | $2.17 | $4.27 | $4.64 | $6.96 | $9.83 |
| EPS (Diluted) | $0.61 | $0.86 | $0.41 | $1.28 | $0.21 | $2.14 | $4.22 | $4.61 | $6.94 | $9.80 |
| Shares Outstanding (Diluted) | $125.1M | $121.0M | $116.5M | $114.7M | $113.5M | $111.2M | $109.4M | $108.9M | $108.1M | $107.5M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $732.3M | $719.6M | $703.4M | $715.3M |
| Gross Profit | $542.5M | $220.2M | $532.1M | $539.3M |
| Operating Income | $374.2M | $307.8M | $342.8M | $433.2M |
| EBITDA | $486.1M | $718.2M | $451.9M | $441.6M |
| Net Income | $236.8M | $370.3M | $184.8M | $198.8M |
| EPS | $2.21 | $3.48 | $1.75 | $1.87 |
| EPS (Diluted) | $2.21 | $3.47 | $1.74 | $1.87 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $146.1M | $68.8M | $143.4M | $108.3M | $308.6M | $367.3M | $143.7M | $208.5M | $189.8M | $432.4M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | $778,000 | $1.3M | $1.0M | $254.5M | $6.6M |
| Receivables | $89.5M | $109.1M | $146.0M | $158.4M | $108.9M | $150.8M | $264.4M | $202.1M | $284.5M | $663.9M |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $324.6M | $259.5M | $373.9M | $334.3M | $473.0M | $614.4M | $482.7M | $484.3M | $1.98B | $1.10B |
| Property, Plant & Equipment | $2.79B | $2.81B | $2.79B | $5.37B | $5.05B | $5.81B | $6.60B | $6.43B | $6.39B | $3.87B |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | $3.66B | $3.60B | $3.33B | $3.63B | $3.16B | $2.80B | $2.78B | $2.46B | $2.39B | $2.88B |
| Total Assets | $7.36B | $7.32B | $7.21B | $9.76B | $9.16B | $9.80B | $10.59B | $10.18B | $11.42B | $11.58B |
| Accounts Payable | $28.3M | $33.3M | $34.3M | $31.8M | $110.0M | $34.1M | $51.4M | $42.2M | $59.5M | $73.0M |
| Short-term Debt | $627.2M | $20.0M | $941.7M | $522.1M | $24.0M | $24.0M | $24.0M | $643.1M | $1.19B | $2.24B |
| Total Current Liabilities | $873.4M | $278.9M | $1.21B | $1.05B | $614.8M | $616.3M | $696.8M | $1.36B | $1.80B | $2.24B |
| Long-term Debt | $8.15B | $9.29B | $9.00B | $9.81B | $11.07B | $12.28B | $12.84B | $11.68B | $12.40B | $10.96B |
| Total Liabilities | $9.36B | $9.92B | $10.59B | $13.41B | $13.97B | $15.07B | $15.83B | $15.31B | $16.47B | $16.35B |
| Retained Earnings | -$3.64B | -$4.39B | -$5.14B | -$5.56B | -$6.60B | -$7.20B | -$7.48B | -$7.45B | -$7.33B | -$7.25B |
| Total Equity | -$2.00B | -$2.60B | -$3.38B | -$3.67B | -$4.82B | -$5.28B | -$5.28B | -$5.17B | -$5.11B | -$4.85B |
| Total Debt | $8.78B | $9.31B | $9.94B | $12.86B | $13.43B | $14.52B | $15.17B | $14.46B | $15.76B | $15.32B |
| Net Debt | $8.63B | $9.24B | $9.80B | $12.75B | $13.12B | $14.15B | $15.03B | $14.25B | $15.31B | $14.88B |
| Working Capital | -$548.9M | -$19.4M | -$832.4M | -$714.0M | -$141.8M | -$1.9M | -$214.0M | -$879.0M | $180.8M | -$1.13B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $430.3M | $432.4M | $327.8M | $327.1M |
| Total Assets | $11.26B | $11.58B | $11.72B | $11.74B |
| Total Liabilities | $16.12B | $16.35B | $16.47B | $16.37B |
| Total Equity | -$4.93B | -$4.85B | -$4.75B | -$4.63B |
| Total Debt | $15.02B | $15.32B | $15.42B | $15.21B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $76.2M | $103.7M | $47.4M | $147.3M | $24.0M | $237.6M | $459.8M | $501.8M | $748.7M | $1.03B |
| Depreciation & Amortization | $638.2M | $643.1M | $672.1M | $697.1M | $722.0M | $700.2M | $707.6M | $736.5M | $269.5M | $292.3M |
| Stock-based Compensation | $32.9M | $38.2M | $42.3M | $73.2M | $68.9M | $84.4M | $99.9M | $87.9M | $74.4M | $75.7M |
| Change in Working Capital | -$50.2M | -$28.5M | -$46.9M | $10.1M | $47.1M | -$35.0M | -$113.1M | $64.5M | -$143.1M | -$179.6M |
| Operating Cash Flow | $729.0M | $819.6M | $852.1M | $984.9M | $1.13B | $1.19B | $1.29B | $1.54B | $1.33B | $1.29B |
| Capital Expenditure | -$140.0M | -$148.2M | -$149.8M | -$154.2M | -$128.6M | -$133.6M | -$214.4M | -$236.7M | -$228.1M | -$224.8M |
| Acquisitions | -$276.8M | -$441.5M | -$451.8M | -$773.8M | -$271.4M | -$1.26B | -$1.18B | -$130.0M | -$299.8M | -$1.06B |
| Stock Repurchased | -$545.7M | -$854.5M | -$795.6M | -$467.0M | -$859.3M | -$582.6M | -$431.7M | -$100.0M | -$200.0M | -$497.8M |
| Dividends Paid | 0 | 0 | 0 | -$83.4M | -$207.7M | -$253.6M | -$306.8M | -$370.0M | -$424.2M | -$479.0M |
| Free Cash Flow | $589.0M | $671.4M | $702.3M | $830.7M | $997.5M | $1.06B | $1.07B | $1.31B | $1.11B | $1.07B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $318.0M | $304.0M | $255.1M | $407.2M |
| Capital Expenditure | -$60.1M | -$62.7M | -$48.4M | -$62.4M |
| Free Cash Flow | $258.0M | $241.3M | $206.7M | $344.8M |
| Dividends Paid | -$119.1M | -$118.2M | -$135.2M | -$132.7M |
| Stock-based Compensation | $19.3M | $19.2M | $18.9M | $26.8M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +5.8% | +8.0% | +8.0% | +3.4% | +10.8% | +14.1% | +3.0% | -1.2% | +5.1% | |
| Net Income Growth (YoY) | +36.0% | -54.2% | +209.8% | -83.6% | +885.8% | +94.2% | +8.8% | +49.4% | +40.6% | |
| EPS Growth (YoY) | +41.0% | -52.3% | +212.2% | -83.6% | +933.3% | +96.8% | +8.7% | +50.0% | +41.2% | |
| Shares Change (YoY) | -3.3% | -3.7% | -1.6% | -1.1% | -2.0% | -1.6% | -0.4% | -0.8% | -0.5% | |
| FCF Growth (YoY) | +14.0% | +4.6% | +18.3% | +20.1% | +5.9% | +1.4% | +22.1% | -15.4% | -3.6% | |
| Gross Margin | 73.4% | 73.5% | 74.3% | 74.8% | 76.3% | 75.2% | 73.6% | 76.6% | 77.3% | 41.6% |
| Operating Margin | 23.7% | 26.5% | 29.2% | 29.0% | 30.4% | 33.9% | 35.1% | 34.1% | 53.6% | 48.7% |
| EBITDA Margin | 65.4% | 65.6% | 66.5% | 65.0% | 67.0% | 65.6% | 63.6% | 66.1% | 67.0% | 77.7% |
| Net Margin | 4.7% | 6.0% | 2.5% | 7.3% | 1.2% | 10.3% | 17.5% | 18.5% | 28.0% | 37.4% |
| FCF Margin | 36.1% | 38.9% | 37.6% | 41.2% | 47.9% | 45.7% | 40.7% | 48.2% | 41.3% | 37.9% |
| Effective Tax Rate | 12.7% | 11.3% | 8.2% | 21.2% | 235.5% | 5.9% | 12.6% | 9.3% | 3.1% | 15.1% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $4.71 | $5.55 | $6.03 | $7.24 | $8.79 | $9.50 | $9.79 | $12.01 | $10.24 | $9.92 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.73 | $1.83 | $2.28 | $2.80 | $3.40 | $3.92 | $4.45 |
| Shares Outstanding (Basic) | $125.0M | $120.5M | $115.7M | $114.7M | $113.5M | $111.0M | $109.3M | $108.9M | $108.0M | $107.2M |
What to look at in Reit companies
- FFO / Share (Positive growth) — REIT 'true EPS' — net income + depreciation.
- Dividend coverage (FFO/div) (>=1.1x) — FFO must cover the dividend with margin.
- Net Debt / EBITDA (<=6x) — NAREIT benchmark. Normalises leverage by cash generation.
- Debt / Assets (40-60%) — REITs use a lot of debt by design. >65% fragile when rates rise.
- FFO Payout (proxy) (<80%) — Dividends / Operating CF. Quality REITs retain >20% to grow.
- P/FFO (15-20x) — REIT P/E equivalent. Healthy typical range.
Profitability
| Return on Equity | -21.71% |
| Return on Invested Capital | 10.05% |
| Return on Assets | 9.10% |
| Gross Margin | 63.89% |
| Operating Margin | 50.79% |
| Net Margin | 34.51% |
Financial Health
| Debt / Equity | -3.28 |
| Current Ratio | 0.17 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 0.40 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 169.28 | 189.95 | 394.85 | 188.27 | 1,343.48 | 179.27 | 65.65 | 54.67 | 29.28 | 19.68 |
| P/B | -6.47 | -7.58 | -5.55 | -7.54 | -6.64 | -8.18 | -5.81 | -5.34 | -4.31 | -4.27 |
| P/S | 7.90 | 11.40 | 10.04 | 13.72 | 15.37 | 18.71 | 11.64 | 10.18 | 8.21 | 7.37 |
| Gross Margin | 73.4% | 73.5% | 74.3% | 74.8% | 76.3% | 75.2% | 73.6% | 76.6% | 77.3% | 41.6% |
| Operating Margin | 23.7% | 26.5% | 29.2% | 29.0% | 30.4% | 33.9% | 35.1% | 34.1% | 53.6% | 48.7% |
| Net Margin | 4.7% | 6.0% | 2.5% | 7.3% | 1.2% | 10.3% | 17.5% | 18.5% | 28.0% | 37.4% |
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