FirmAtlas
Company handbook · SBAC · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
SBAC · CIK 1034054 · LATEST FILING: 10-Q JUN '26 · FILED AUG 6, 2026
SBA COMMUNICATIONS CORPORATION
$187.06
+3.34 (+1.82%)
Close, Oct 16, 2026 · 52-week $157–224
Last fiscal year
SBA COMMUNICATIONS CORPORATION reported revenue of $244M for the year ended Dec 31, 2025 (FY25), up 59.9% from FY24. Net income was $1.1B, operating cash flow $1.3B and free cash flow $1.1B. Source: 10-K filed Feb 27, 2026.
Market cap
$19.8B
P/E
19.9
EV/EBITDA
23.2x
P/B
n/m
Div yield
2.60%
ROIC
13.0%
Revenue 1Y
59.9%/yr
EPS 1Y
41.2%/yr
Shares 1Y
−2%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOBrendan T. Cavanagh
HQBoca Raton, FL
AuditorErnst & Young LLP
Employees1,844
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
5.3%
−10.6%
−2.7%
−5.2%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$3.4B deployed
Capex
$453M
13.3%
Acquisitions
$1.4B
39.8%
Dividends
$903M
26.5%
Buybacks
$698M
20.4%
Operating cash flow over the period: $2.6B. Total debt changed by +$56M.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
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Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
153
244+59.9%
228
YoY
+59.9%
Gross profit
2,098
2,124+1.3%
2,158
Gross margin
1372.4%
868.8%−503.6 pp
—
Operating income
1,436
1,343−6.5%
1,368
Operating margin
939.2%
549.2%−390.0 pp
—
EBITDA
1,552
1,475−5.0%
—
EBITDA margin
1015.3%
603.1%−412.2 pp
—
Interest expense
395
467+18.3%
—
Interest coverage
3.93x
3.15x−0.77x
—
Net income
750
1,054+40.6%
991
YoY
+40.6%
Net margin
490.3%
430.9%−59.4 pp
—
EPS (diluted, $)
6.94
9.80+41.2%
9.31
YoY
+41.2%
Balance sheet
Total assets
11,417
11,575+1.4%
11,742
Cash & short-term investments
1,655
444−73.2%
—
Accounts receivable
146
171+17.5%
—
Net PP&E
2,792
3,402+21.8%
—
Other assets
6,824
7,558+10.8%
—
Total liabilities
16,527
16,429−0.6%
16,372
Accounts payable
60
73+22.6%
—
Total debt
14,780
14,836+0.4%
16,308
Other liabilities
1,688
1,519−10.0%
—
Shareholders’ equity
(5,110)
(4,854)n/m
(4,630)
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
1,335
1,291−3.3%
1,284
Net income
749
1,054+40.8%
—
Depreciation & amortization
116
132+13.3%
—
Stock-based compensation
74
76+1.8%
—
Working capital & other
396
29−92.6%
—
Cash from investing
(809)
(602)n/m
—
Capex
(228)
(225)n/m
—
Acquisitions
(300)
(1,059)n/m
—
Investments bought
(1,801)
(1,166)n/m
—
Investments sold / matured
1,537
1,404−8.6%
—
Other investing
(17)
444n/m
—
Cash from financing
646
(1,664)−357.6%
—
Debt raised
2,281
—
—
Debt repaid
(2,292)
(23)n/m
—
Dividends
(424)
(479)n/m
—
Buybacks
(200)
(498)n/m
—
Shares issued
29
48+63.3%
—
Other financing
1,252
(712)−156.8%
—
Net change in cash
1,150
(964)−183.8%
—
Free cash flow (OCF − capex)
1,107
1,067−3.6%
1,642
Where the cash went
Operating cash flow
1,335
1,291−3.3%
1,284
Reinvested in the business
528
1,284+143.1%
—
% of operating cash flow
39.6%
99.4%
Capex
228
225−1.5%
(357)
Acquisitions
300
1,059+253.2%
—
Free cash flow
1,107
1,067−3.6%
1,642
YoY
−3.6%
Returned to shareholders
624
977+56.5%
—
% of free cash flow
56.4%
91.6%
Dividends
424
479+12.9%
—
Buybacks
200
498+148.9%
—
Change in total debt
—
56
—
Cash left over
—
(913)
—
FCF conversion (FCF ÷ net income)
147.7%
101.2%−46.4 pp
—
Owner earnings
—
949
—
Owner earnings margin
—
388.0%
—
Buyback yield
0.9%
2.4%+1.5 pp
—
Returns & ratios
ROIC (all capital)
17.4%
13.0%−4.4 pp
—
ROIC (operating)
48.3%
35.7%−12.6 pp
—
Net debt / EBITDA
8.46x
9.76x+1.30x
—
ROE
−14.7%
−21.7%−7.0 pp
—
ROA
6.6%
9.1%+2.5 pp
—
ROCE
14.9%
15.1%+0.2 pp
—
NOPAT
1,391
1,140−18.1%
—
Invested capital (operating)
2,878
3,500+21.6%
—
Invested capital (all)
8,015
9,539+19.0%
—
Reinvestment rate
—
54.5%
—
Net debt is 9.8x EBITDA (FY25).
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
76
53
47
51
vs year-ago quarter
Gross profit
543
544
532
539
Gross margin
714.8%
1019.7%
1125.2%
1049.4%
Operating income
374
299
343
352
Net income
237
370
185
199
vs year-ago quarter
Net margin
312.0%
693.9%
390.9%
386.8%
EPS (diluted, $)
2.20
3.50
1.74
1.87
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
11,260
11,575
11,721
11,742
Cash & equivalents
465
444
333
361
Total debt
13,478
14,836
15,643
16,308
Shareholders’ equity
(4,934)
(4,854)
(4,752)
(4,630)
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
318
304
255
407
Capex
75
(543)
48
62
Free cash flow
243
847
207
345
vs year-ago quarter