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SBA Communications Corporation

SBAC Real Estate Reit Specialty

SBA Communications Corporation’s revenue for fiscal 2025 (year ended December 2025) was $2.8 billion, up 5.06% from fiscal 2024.

Revenue
+2.33%
EPS
−11.0%
Free cash flow
+11.3%
Total debt
+1.74%

Quarter to June 2026, against a year earlier

187.15 2.27 +1.23%
Market cap
$19.6B
P/E
20.1×
Fwd P/E
24.3×
Dividend yield
2.59%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Filings

Revenue by segment Fiscal 2016

  • Domestic Site Leasing
  • International Site Leasing
  • Site Development

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 0.05
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — 1 — — —
Insider Ownership 0.69%

Capital & Financial Ratios $m

Size
Market Cap 19,610.00
Revenue ttm 2,870.62
Net income ttm 992.23
Free cash flow ttm 1,345.95
Net debt Q 12,373.16
Valuation
P/E 20.13
Forward P/E 24.30
Price / sales 6.92
Forward P/S Powerpack
Price / FCF 14.77
Price / book 0.00
Financial health
Current ratio Q 0.17
Debt / equity Q (2.75)
Interest coverage Q 2.70
Growth
Revenue growth Q +2.33% (above 0%: growing)
Operating income growth Q +5.10% (above 0%: growing)
EPS, this year −21.30% (below 0%: weak)
EPS, next year A +7.01%
Revenue, next year A +1.77%
EPS, past 5 yrs +115.68% (at or above 15%: strong)
EPS, next 5 yrs A −2.74% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 11.2×, against a ten-year median of 15.4×; over the ten years it ranged from 10.2× in 2026 to 23.6× in 2021.
P/E against its own 10 years 6.13%
10-year low 10-year high
P/S against its own 10 years 3.82%
10-year low 10-year high
EV/Sales against its own 10 years 3.27%
10-year low 10-year high
EV/FCF against its own 10 years 4.66%
10-year low 10-year high

Dividends raised every year since 2019

Yield
2.59%
Annual rate
4.86
Payout ratio
52.4%
Growth, 2019–25
+34.8%/yr
  1. 0.74 ’19
  2. 1.86 ’20 +151%
  3. 2.32 ’21 +25%
  4. 2.84 ’22 +22%
  5. 3.40 ’23 +20%
  6. 3.92 ’24 +15%
  7. 4.44 ’25 +13%
  8. 5.00 ’26e +13%
paid forecast Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 247 1,396 432 356
Receivables 183 146 171 176
Inventory — — — —
Other 16 19 28 25
484 1,979 773 745
2023 2024 2025 Q'26
Payables 42 60 73 70
ST’ Debt 643 1,188 1,936 3,579
Other 19 18 94 69
1,363 1,798 2,678 4,337

Compound Annual Growth %

10y 5y 3y
Sales 5.56% 6.21% 2.25%
Cash Flow 5.97% 2.78% 0.15%
Earnings 0.00% 112.87% 31.68%
Book Value 0.00% 0.00% 0.00%

Earnings Trends EPS, adjusted, against the consensus

Q2 FY26 Estimate 2.96 Actual 1.87

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q3 FY25 3.19 2.20 Miss by 0.99
Q4 FY25 3.25 3.47 Beat by 0.22
Q1 FY26 2.86 1.74 Miss by 1.12
Q2 FY26 2.96 1.87 Miss by 1.09
Q3 FY26 3.08 — Reports 2 November 2026

EPS $

Mar Jun Sep Dec Year
’26 1.74 1.87 — — —
’25 2.04 2.09 2.20 3.47 9.80
’24 1.42 1.51 2.40 1.61 6.94
’23 0.93 1.87 0.80 1.01 4.61
’22 1.72 0.64 0.91 0.94 4.22
’21 (0.11) 1.37 0.43 0.44 2.14
’20 (1.14) 0.20 0.20 0.94 0.21
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 703 715 — — —
’25 664 699 732 720 2,815
’24 658 660 668 694 2,680
’23 676 679 683 675 2,712
’22 620 652 676 686 2,633
’21 549 576 589 595 2,309
’20 517 507 523 536 2,083
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 255 407 — — —
’25 301 368 318 304 1,291
’24 294 426 305 310 1,335
’23 311 487 314 433 1,544
’22 292 372 332 289 1,286
’21 285 353 253 299 1,190
’20 278 315 290 243 1,126
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 209 348 — — —
’25 295 312 258 531 1,397
’24 237 376 240 255 1,107
’23 262 423 252 374 1,311
’22 254 319 275 223 1,071
’21 261 322 218 255 1,056
’20 238 287 262 210 997
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Jun ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 1,633 1,728 1,866 2,015 2,083 2,309 2,633 2,712 2,680 2,815 2,871 +6.2% 2,865 2,936 3,056 +2.8%
Gross margin, % 74.23 74.17 74.87 75.53 77.12 76.37 74.61 77.41 78.29 75.46 75.18 +1.2 pt
EBT 87 117 52 187 (18) 253 526 549 773 1,242 1,190 +34.3%
EBT margin, % 5.35 6.77 2.77 9.28 (0.85) 10.94 19.97 20.23 28.83 44.12 41.45 +38.8 pt
Net income 76 104 47 147 24 238 460 497 749 1,054 992 +33.9%
Per share, $
Per share, $ Revenue 13.12 14.41 16.24 17.86 18.68 21.12 24.39 25.06 24.89 26.26 27.06 +8.0%
Earnings 0.61 0.86 0.41 1.30 0.22 2.17 4.27 4.64 6.96 9.83 9.31 +36.2%
Cash flow 5.97 6.83 7.40 8.60 10.10 10.88 11.91 14.27 12.40 12.05 12.11 +8.1%
Capex (1.12) (1.23) (1.30) (1.37) (1.15) (1.22) (1.99) (2.15) (2.12) 0.99 0.58 n/m
Free cash flow 4.84 5.60 6.10 7.23 8.94 9.66 9.92 12.12 10.28 13.03 12.69 +11.6%
Book value (16.04) (21.68) (29.39) (32.51) (43.26) (48.33) (48.87) (47.79) (47.47) (45.27) (43.65) +12.2%
Shares, m 124 120 115 113 112 109 108 108 108 107 107 (1.6%)
Valuation, ×
Valuation, × P/E 173.00 184.63 394.85 185.38 1,282.41 178.45 65.83 54.95 29.24 19.66 20.13 256.8
P/S 8.04 11.14 9.97 13.49 15.11 18.42 11.55 10.17 8.19 7.37 6.92 11.3
P/B 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.0
EV/Sales 13.30 16.47 15.20 18.56 20.27 23.56 16.37 14.63 12.74 11.80 11.23 16.3
EV/FCF 36.06 42.39 40.48 45.82 42.33 51.51 40.23 30.25 30.83 23.77 23.96 38.4
Cash, $m
Cash, $m Operating cash flow 743 818 851 970 1,126 1,190 1,286 1,544 1,335 1,291 1,284 +6.3%
Capex (140) (147) (150) (154) (129) (134) (214) (233) (228) 106 62 n/m
Free cash flow 603 671 701 816 997 1,056 1,071 1,311 1,107 1,397 1,346 +9.8%
Balance, $m
Balance, $m Working capital (549) (19) (832) (714) (142) (2) (214) (879) 181 (1,905) (3,592) +14.8%
Net debt 8,593 9,209 9,763 10,196 10,756 11,870 12,682 12,078 12,195 12,468 12,373 +4.2%
Shareholders’ equity (1,996) (2,599) (3,377) (3,667) (4,824) (5,283) (5,276) (5,171) (5,110) (4,854) (4,630) +10.4%
Returns, %
Returns, % ROA 1.04 1.41 0.65 1.73 0.25 2.51 4.53 4.83 6.94 9.17 8.80 +8.1 pt
ROIC 3.67 4.34 5.33 5.59 6.68 7.43 7.81 8.36 12.66 11.02 11.04 +7.4 pt
ROE (4.12) (4.51) (1.59) (4.17) (0.57) (4.70) (8.74) (9.61) (14.58) (21.15) (20.71) (17.0) pt
People
People Employees 1,241 1,291 1,347 1,475 1,483 1,596 1,834 1,787 1,720 1,844 — +4.5%
Revenue/emp, $m 1.32 1.34 1.39 1.37 1.40 1.45 1.44 1.52 1.56 1.53 — +1.7%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026 · fundamentals updated 25 Oct 2026

Business profile

Updated

SBA Communications Corporation is a real estate investment trust that owns and operates wireless communications infrastructure. It was founded in 1989, is headquartered in Boca Raton, and Brendan T. Cavanagh is President and Chief Executive Officer.

The company’s core assets are tower structures, rooftops and other sites that support antennas used by wireless networks. It leases space on these sites to wireless service providers and other customers, allowing multiple tenants to place equipment on one tower. It also manages some rooftop and tower sites for property owners under contractual arrangements.

Where the money comes from and where it goes Fiscal 2016

Fiscal 2016: revenue by segment, and margins
Domestic Site Leasing 1,274 78.00%
International Site Leasing 264 16.18%
Site Development 95 5.82%
Gross margin 74.23%
Operating margin 23.72%
Pre-tax margin 5.35%

Revenue by segment since 2009

SBA Communications Corporation vs peers in Reit Specialty (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
DLR Digital Realty Trust, Inc. $67.9B 82.9× 64.4× +28.86% (above 0%: growing) −58.75% (below 0%: shrinking) −25.86% (below 0%: shrinking) 61.14% 24.28% Compare
CCI Crown Castle Inc. $37.8B 44.9× 46.0× −4.91% (below 0%: shrinking) −67.16% (below 0%: shrinking) −40.40% (below 0%: shrinking) 73.41% 46.63% Compare
IRM Iron Mountain Incorporated $35.2B 83.2× 63.1× +18.52% (above 0%: growing) n/m +58.56% (above 0%: growing) 52.76% 18.41% Compare
SBAC SBA Communications Corporation $19.6B 20.1× 24.3× +2.33% (above 0%: growing) −10.95% (below 0%: shrinking) +11.32% (above 0%: growing) 75.39% 49.19%
LAMR Lamar Advertising Company $16.2B 28.7× 26.7× +6.46% (above 0%: growing) +3.95% (above 0%: growing) +8.91% (above 0%: growing) 68.51% 33.72% Compare
WY Weyerhaeuser Company $14.2B 30.9× 43.9× −0.90% (below 0%: shrinking) +91.67% (above 0%: growing) +29.41% (above 0%: growing) 16.66% 11.94% Compare
GLPI Gaming and Leisure Properties, Inc. $11.5B 11.4× 12.0× +9.03% (above 0%: growing) +45.45% (above 0%: growing) −42.77% (below 0%: shrinking) 100.00% 77.21% Compare
OUT OUTFRONT Media Inc. $5.7B 22.9× 22.4× +13.54% (above 0%: growing) +340.00% (above 0%: growing) +167.78% (above 0%: growing) 52.90% 22.22% Compare
RYN Rayonier Inc. $5.7B 42.2× 72.7× +272.15% (above 0%: growing) −97.72% (below 0%: shrinking) −88.66% (below 0%: shrinking) 19.08% 8.73% Compare
Median of peers $15.2B 36.5× 45.0× +11.29% +3.95% −8.47% 57.02% 23.25%

All 19 Reit Specialty stocks →

From the latest earnings call

Updated

  • Marc Montagner said SBA modestly increased its full-year outlook for site leasing revenue, FFO and FFO per share after the second quarter.
  • Brendan Cavanagh said U.S. application volumes remained consistent through the year, while new spectrum opportunities were expected to develop over a longer time frame.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 98.28%
Held by the ten largest 56.62%
Holder Shares Stake Change
Vanguard 17.90m 16.87% +136.50k
Dodge & Cox 12.32m 11.62% +242.97k
BlackRock 10.14m 9.56% +21.72k
State Street 5.12m 4.83% +157.70k
COHEN & STEERS, INC. 3.25m 3.06% +114.49k
Geode Capital Management 3.18m 2.99% +26.38k
JPMorgan Chase 2.71m 2.55% −1.21m
Invesco 1.93m 1.82% −29.00k
Deutsche Bank (DWS) 1.81m 1.71% +1.33m
Charles Schwab 1.71m 1.61% +132.43k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 9 April 2026

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group 16.30%
Dodge & Cox 10.90%
BlackRock, Inc. 9.50%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

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SBAC metrics, ten years each

stockrow.com/SBAC · Data as of Oct 25, 2026 · For information only; not investment advice. · © 2026 stockrow.com