Overview
SBA COMMUNICATIONS CORP
Latest 10-K: FY2025, filed Feb 27, 2026 · Open the 10-K (Inline XBRL) ↗
- Revenue
- $2.82B
- 5.1%YoYup from FY2024
- TotalRevenue
- Gross profit
- $2.12B
- 1.3%YoYup from FY2024
- GrossProfit
- Operating income
- $1.34B
- 6.5%YoYdown from FY2024
- OperatingIncome
- Net income
- $1.05B
- 40.6%YoYup from FY2024
- NetIncome
- Diluted EPS
- $9.80
- 41.2%YoYup from FY2024
- EPSDiluted
- Diluted shares
- 107.5M
- 0.5%YoYdown from FY2024
- WeightedAvgSharesDiluted
At a glance
Growth
- SBA COMMUNICATIONS CORP reported revenue of $2.82B for fiscal 2025, up 5.1% from fiscal 2024.
- Revenue grew faster than the median S&P 500 member in 1 of the last 5 fiscal years.
Profitability
- Operating margin was 47.7% and net margin was 37.4%, against a median net margin of 12.8% across S&P 500 members for the same fiscal year.
Per share
- Diluted EPS was $9.80, up 41.2% from the prior year.
Written from the filed figures on this page by fixed rules — no AI.
Data as of Oct 30, 2026 · Sources: SEC EDGAR 10-K
Financial statements
Annual figures from the 10-K, most recent fiscal year first.
Income Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Revenue | $2.82B5.1%up Benchmark median 6.4% | $2.68B1.2%down Benchmark median 4.5% | $2.71B3.0%up Benchmark median 4.8% | $2.63B14.1%up Benchmark median 10.3% | $2.31B10.8%up Benchmark median 13.8% | 5.1% Benchmark median 6.6% |
| Gross Profit Median of 315 / 498 | $2.12B1.3%up Benchmark median 6.8% | $2.10B0.1%down Benchmark median 5.5% | $2.10B6.8%up Benchmark median 5.2% | $1.96B11.4%up Benchmark median 8.3% | $1.76B9.8%up Benchmark median 15.7% | 4.8% Benchmark median 6.2% |
| Operating Income Median of 373 / 498 | $1.34B6.5%down Benchmark median 7.3% | $1.44B55.4%up Benchmark median 7.4% | $0.92B0.2%down Benchmark median 4.9% | $0.93B18.3%up Benchmark median 7.5% | $0.78B23.5%up Benchmark median 23.5% | 14.5% Benchmark median 7.2% |
| Net Income | $1.05B40.6%up Benchmark median 4.8% | $0.75B49.4%up Benchmark median 5.7% | $0.50B8.8%up Benchmark median 1.9% | $0.46B94.2%up Benchmark median 1.3% | $0.24B885.8%up Benchmark median 33.9% | 45.1% Benchmark median 4.1% |
| EPS (Diluted) | $9.8041.2%up Benchmark median 6.2% | $6.9450.5%up Benchmark median 7.9% | $4.619.2%up Benchmark median 1.9% | $4.2297.2%up Benchmark median 1.5% | $2.14919.0%up Benchmark median 34.8% | 46.3% Benchmark median 5.6% |
Balance Sheet
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Total Assets | $11.58B1.4%up Benchmark median 5.6% | $11.42B12.2%up Benchmark median 3.4% | $10.18B3.8%down Benchmark median 4.1% | $10.59B8.0%up Benchmark median 2.2% | $9.80B7.0%up Benchmark median 6.7% | 4.2% Benchmark median 4.7% |
| Total Liabilities Median of 357 / 498 | — | — | — | — | — | — Benchmark median 4.4% |
| Stockholders' Equity | negative: -$4.85Bn/m Benchmark median 6.8% | negative: -$5.11Bn/m Benchmark median 5.4% | negative: -$5.17Bn/m Benchmark median 7.3% | negative: -$5.28Bn/m Benchmark median 2.5% | negative: -$5.28Bn/m Benchmark median 9.0% | n/m Benchmark median 6.1% |
| Cash & Equivalents | $264.57M39.4%up Benchmark median 5.2% | $189.84M9.0%down Benchmark median 1.9% | $208.55M45.1%up Benchmark median 6.7% | $143.71M60.9%down Benchmark median -8.6% | $367.28M19.0%up Benchmark median -2.9% | -7.9% Benchmark median 2.0% |
| Total Debt | $12.90B5.1%down Benchmark median 2.1% | $13.59B10.3%up Benchmark median 0.2% | $12.32B4.2%down Benchmark median 0.3% | $12.87B4.6%up Benchmark median 0.1% | $12.30B10.9%up Benchmark median -0.1% | 1.2% Benchmark median 4.3% |
Cash Flow Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.29B3.3%down Benchmark median 6.3% | $1.33B13.6%down Benchmark median 4.8% | $1.54B20.1%up Benchmark median 9.9% | $1.29B8.1%up Benchmark median -0.7% | $1.19B5.7%up Benchmark median 10.7% | 2.1% Benchmark median 7.0% |
| Capital Expenditures | $224.82M1.5%down Benchmark median 5.4% | $228.15M3.6%down Benchmark median 2.8% | $236.70M10.4%up Benchmark median 11.3% | $214.44M60.4%up Benchmark median 14.0% | $133.69M4.0%up Benchmark median 8.1% | 13.9% Benchmark median 9.0% |
| Free Cash Flow Median of 378 / 498 | $1.07B3.6%down Benchmark median 7.3% | $1.11B15.4%down Benchmark median 6.1% | $1.31B22.1%up Benchmark median 8.8% | $1.07B1.4%up Benchmark median -11.3% | $1.06B5.9%up Benchmark median 10.2% | 0.2% Benchmark median 4.9% |
n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.
Benchmark median = median of the companies in the benchmark universe on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-27. This compares reported figures, not share-price returns. Methodology
Ratios & valuation
FY2025Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.
Valuation · Earnings yield
What a dollar of market value earned
5.1%
Wall Street
on net earnings
FY2024 3.4%
5.1%
Value investor
on free cash flow
FY2024 5.0%
Gap Same: Both views read the same
How it’s calculated
Wall Street · on net earnings
Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)
pe_ratio (ratio table)
P/E 19.7×Value investor · on free cash flow
(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)
free cash flow ÷ market cap
Valuation · Enterprise yield
What a dollar of enterprise value earned
4.9%
Wall Street
on EBITDA
FY2024 4.8%
4.0%
Value investor
on EBIT
FY2024 4.1%
Gap −0.9 pts: Value-investor figure 0.9 points lower
How it’s calculated
Wall Street · on EBITDA
EBITDA ÷ enterprise value (1 ÷ EV/EBITDA)
ev_ebitda (ratio table)
EV/EBITDA 20.4×Value investor · on EBIT
Operating income (EBIT) ÷ enterprise value: depreciation counts as a real cost
operating income ÷ (ev_ebitda × ebitda)
Valuation · Book yield
Net assets behind a dollar of market value
n/m
Wall Street
on book equity
FY2024 n/m
n/m
Value investor
on tangible book
FY2024 n/m
How it’s calculated
Wall Street · on book equity
Book value of equity ÷ market capitalisation (1 ÷ P/B)
pb_ratio (ratio table)
Value investor · on tangible book
Tangible book value (equity less goodwill and intangibles) ÷ market capitalisation
tangible_book_value_per_share ÷ (pb_ratio × book_value_per_share)
Quality · Return on capital
Profit earned on the money in the business
n/m
Wall Street
ROE: net income ÷ equity
FY2024 n/m
10.8%
Value investor
ROIC: after-tax operating profit ÷ invested capital
FY2024 13.4%
How it’s calculated
Wall Street · ROE: net income ÷ equity
Net income ÷ average stockholders' equity (start and end of year), including noncontrolling interests. Buybacks shrink equity and lift it.
return_on_equity (ratio table)
Value investor · ROIC: after-tax operating profit ÷ invested capital
Operating profit after tax ÷ invested capital (total assets − cash − non-interest-bearing current liabilities), so leverage cannot flatter it
roic (ratio table)
Quality · Cash margin
Cash profit kept from each dollar of sales
58.1%
Wall Street
EBITDA margin
FY2024 63.6%
37.9%
Value investor
Free-cash-flow margin
FY2024 41.3%
Gap −20.2 pts: Value-investor figure 20.2 points lower
How it’s calculated
Wall Street · EBITDA margin
EBITDA ÷ revenue
ebitda ÷ revenue
Value investor · Free-cash-flow margin
(Operating cash flow − capital expenditures) ÷ revenue: taxes, interest, working capital and capex all paid
free cash flow ÷ revenue
Balance sheet · Liquidity
Short-term assets per dollar of bills due within a year
0.29×
Wall Street
Current ratio
FY2024 1.10×
0.29×
Value investor
Quick ratio, inventory excluded
FY2024 1.10×
Gap Same: Both views read the same
How it’s calculated
Wall Street · Current ratio
Current assets ÷ current liabilities
current_ratio (ratio table)
Value investor · Quick ratio, inventory excluded
(Current assets − inventory) ÷ current liabilities
quick_ratio (ratio table)
Balance sheet · Debt cover
How many times one year of earnings repays all debt
0.13×
Wall Street
EBITDA ÷ total debt
FY2024 0.13×
0.08×
Value investor
FCF ÷ total debt
FY2024 0.08×
Gap −0.05×: Value-investor figure 0.05 lower
How it’s calculated
Wall Street · EBITDA ÷ total debt
EBITDA ÷ total debt (short-term + long-term)
ebitda ÷ total debt
Net debt/EBITDA 7.72×Value investor · FCF ÷ total debt
Free cash flow ÷ total debt: what is actually left to repay it
free cash flow ÷ total debt
Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.
Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.
Smart money
Showing the most recent 5 annual periods. Get longer history on the Pro plan, or the full history (1993–present) plus the smart-money dataset and webhooks on Institutional.
Peers, filings & research
Research Reports
No published research on SBAC yet.
Reports appear here as analysts publish research on this company — built with Valuein's agentic workflows on data pinned to its SEC filing. Be the first: run equity_research_brief on SBAC and publish the result to your public profile.
Cite this page
Data as of Oct 30, 2026. Canonical address: https://valuein.biz/data/SBAC
Valuein. (2026, October 30). SBA COMMUNICATIONS CORP (SBAC) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/SBAC
@misc{valuein_sbac_2026,
author = {{Valuein}},
title = {SBA COMMUNICATIONS CORP (SBAC) financial statements, earnings power and smart-money summary},
year = {2026},
howpublished = {\url{https://valuein.biz/data/SBAC}},
note = {Data as of 2026-10-30; source: SEC EDGAR filings}
}10-K filed Feb 27, 2026 · accession 0001034054-26-000002
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point-in-time · survivorship-free · every number traceable to its SEC filing
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