SBA Communications (SBAC) Financials

$218.84 -2.73 (-1.23%)

Closing price 04:00 PM Eastern

Extended Trading

$218.78 -0.06 (-0.03%)

As of 05:44 PM Eastern

Annual Income Statements for SBA Communications

This table shows SBA Communications' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-24	-176	76	104	47	147	24	238	461	502	750
Consolidated Net Income / (Loss)	-24	-176	76	104	47	147	24	238	460	497	749
Net Income / (Loss) Continuing Operations	-24	-176	76	104	47	147	24	238	460	497	749
Total Pre-Tax Income	-16	-167	87	117	52	187	-18	253	526	549	773
Total Operating Income	337	312	387	459	544	583	634	782	925	924	1,436
Total Gross Profit	1,099	1,194	1,212	1,281	1,397	1,522	1,607	1,763	1,965	2,099	2,098
Total Revenue	1,527	1,638	1,633	1,728	1,866	2,015	2,083	2,309	2,633	2,712	2,680
Operating Revenue	1,527	1,638	1,633	1,728	1,866	2,015	2,083	2,309	2,633	2,712	2,680
Total Cost of Revenue	428	444	421	446	469	493	477	545	669	613	582
Operating Cost of Revenue	428	444	421	446	469	493	477	545	669	613	582
Total Operating Expenses	762	882	825	823	853	938	973	981	1,039	1,175	662
Selling, General & Admin Expense	103	115	143	131	143	193	194	220	262	268	259
Depreciation Expense	627	660	638	643	672	697	722	700	708	716	270
Other Operating Expenses / (Income)	7.80	12	13	12	11	15	17	28	27	22	26
Impairment Charge	24	95	30	37	27	33	40	33	43	169	108
Total Other Income / (Expense), net	-352	-479	-300	-342	-492	-397	-651	-530	-400	-375	-663
Interest Expense	53	2.29	2.20	2.88	2.64	3.19	25	47	46	36	28
Interest & Investment Income	-292	-318	-318	-312	-369	-385	-365	-349	-344	-382	-358
Other Income / (Expense), net	-6.94	-158	20	-26	-120	-8.87	-262	-133	-9.81	43	-278
Income Tax Expense	8.64	9.06	11	13	4.23	40	-42	15	66	51	24
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	-	0.00	0.00	0.29	-0.06	0.00	-1.63	-4.40	-0.86
Basic Earnings per Share	($0.19)	($1.37)	$0.61	$0.86	$0.41	$1.30	$0.22	$2.17	$4.27	$4.64	$6.96
Weighted Average Basic Shares Outstanding	128.92M	127.79M	124.45M	119.86M	114.91M	112.81M	111.53M	109.33M	107.96M	108.20M	107.64M
Diluted Earnings per Share	($0.19)	($1.37)	$0.61	$0.86	$0.41	$1.28	$0.21	$2.14	$4.22	$4.61	$6.94
Weighted Average Diluted Shares Outstanding	128.92M	127.79M	125.14M	121.02M	116.52M	114.69M	113.47M	111.18M	109.39M	108.91M	108.08M
Weighted Average Basic & Diluted Shares Outstanding	128.92M	128.20M	125M	120.50M	115.70M	111.93M	109.32M	107.92M	108.04M	108.11M	107.62M

This table shows SBA Communications' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Income / (Loss) Attributable to Common Shareholders	100	103	101	204	87	110	155	163	259	174	221
Consolidated Net Income / (Loss)	100	103	101	202	85	110	155	159	256	179	218
Net Income / (Loss) Continuing Operations	100	103	101	202	85	110	155	159	256	179	218
Total Pre-Tax Income	103	129	144	173	93	138	171	147	298	156	260
Total Operating Income	243	235	224	241	249	210	323	354	376	382	335
Total Gross Profit	498	514	511	524	533	531	520	519	517	542	511
Total Revenue	676	686	676	679	683	675	658	660	668	694	664
Operating Revenue	676	686	676	679	683	675	658	660	668	694	664
Total Cost of Revenue	178	172	164	154	150	144	138	141	150	152	154
Operating Cost of Revenue	178	172	164	154	150	144	138	141	150	152	154
Total Operating Expenses	255	279	287	283	284	321	197	165	142	159	176
Selling, General & Admin Expense	66	71	72	63	65	68	69	62	60	68	66
Depreciation Expense	174	183	182	182	181	171	77	64	64	65	65
Other Operating Expenses / (Income)	6.84	8.03	6.06	4.95	5.61	5.05	7.42	6.57	5.39	6.57	7.38
Impairment Charge	8.53	18	26	33	33	77	44	32	13	20	37
Total Other Income / (Expense), net	-140	-106	-80	-68	-155	-71	-152	-207	-77	-226	-75
Interest Expense	12	12	14	7.52	7.90	6.21	8.44	7.08	7.19	4.95	8.35
Interest & Investment Income	-84	-97	-98	-97	-94	-93	-89	-90	-89	-90	-93
Other Income / (Expense), net	-45	2.69	33	36	-53	28	-54	-110	19	-132	27
Income Tax Expense	2.88	26	44	-29	7.86	29	17	-12	42	-23	42
Net Income / (Loss) Attributable to Noncontrolling Interest	-0.25	-0.70	-0.66	-1.68	-2.06	0.00	0.00	-3.38	-2.64	5.16	-2.83
Basic Earnings per Share	$0.93	$0.95	$0.94	$1.88	$0.81	$1.01	$1.43	$1.52	$2.41	$1.60	$2.05
Weighted Average Basic Shares Outstanding	107.92M	107.96M	108.13M	108.36M	108.37M	108.20M	108.10M	107.46M	107.49M	107.64M	107.74M
Diluted Earnings per Share	$0.91	$0.95	$0.93	$1.87	$0.80	$1.01	$1.42	$1.51	$2.40	$1.61	$2.04
Weighted Average Diluted Shares Outstanding	109.36M	109.39M	109.27M	108.88M	108.89M	108.91M	108.62M	107.68M	107.92M	108.08M	108.14M
Weighted Average Basic & Diluted Shares Outstanding	107.97M	108.04M	108.34M	108.38M	107.89M	108.11M	107.44M	107.47M	107.52M	107.62M	107.45M

This table details how cash moves in and out of SBA Communications' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-81	49	39	-81	84	-37	202	93	-246	62	1,150
Net Cash From Operating Activities	674	723	743	818	851	970	1,126	1,190	1,286	1,544	1,335
Net Cash From Continuing Operating Activities	674	723	743	816	851	970	1,126	1,190	1,286	1,544	1,335
Net Income / (Loss) Continuing Operations	-24	-176	76	104	47	147	24	238	460	497	749
Consolidated Net Income / (Loss)	-24	-176	76	104	47	147	24	238	460	497	749
Depreciation Expense	627	660	638	643	672	697	722	700	708	716	270
Amortization Expense	18	19	21	22	20	20	20	20	20	20	21
Non-Cash Adjustments To Reconcile Net Income	80	255	43	77	173	188	484	390	314	382	579
Changes in Operating Assets and Liabilities, net	-26	-36	-36	-30	-62	-82	-124	-158	-216	-72	-283
Net Cash From Investing Activities	-1,764	-737	-428	-605	-618	-947	-446	-1,423	-1,394	-468	-809
Net Cash From Continuing Investing Activities	-1,764	-737	-428	-605	-618	-947	-446	-1,423	-1,394	-468	-809
Purchase of Property, Plant & Equipment	-211	-209	-140	-147	-150	-154	-129	-134	-214	-237	-228
Acquisitions	-1,585	-610	-277	-442	-452	-774	-271	-1,258	-1,176	-230	-311
Purchase of Investments	-	-	-0.10	-0.40	-157	-639	-1,289	-1,731	-882	-1,339	-1,801
Sale and/or Maturity of Investments	21	90	0.71	0.23	151	626	1,239	1,730	878	1,338	1,537
Other Investing Activities, net	11	-8.56	-12	-16	-11	-5.81	3.12	-31	0.52	-0.42	-6.32
Net Cash From Financing Activities	995	76	-289	-295	-149	-62	-469	339	-135	-1,017	646
Net Cash From Continuing Financing Activities	995	76	-289	-295	-149	-62	-469	339	-135	-1,017	646
Repayment of Debt	-2,554	-1,072	-2,091	-1,511	-3,542	-1,536	-2,990	-2,260	-1,240	-754	-3,450
Repurchase of Common Equity	-885	-601	-546	-855	-796	-467	-859	-583	-432	-100	-200
Payment of Dividends	-	-	-	0.00	0.00	-83	-208	-254	-307	-370	-424
Issuance of Debt	4,434	1,749	2,349	2,016	4,129	1,907	3,710	3,420	1,815	190	4,703
Issuance of Common Equity	-	-	-	55	60	130	99	87	38	44	36
Other Financing Activities, net	-	-	-	-	0.00	-14	-221	-72	-9.96	-27	-19
Effect of Exchange Rate Changes	-	-13	14	-	-	2.25	-8.96	-13	-2.92	2.73	-22
Cash Interest Paid	278	322	338	320	377	387	352	361	348	397	395
Cash Income Taxes Paid	7.53	9.43	9.66	15	22	22	20	26	32	26	42

This table details how cash moves in and out of SBA Communications' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Net Change in Cash & Equivalents	29	-91	3.90	62	-23	19	13	19	-32	1,149	-737
Net Cash From Operating Activities	332	289	311	487	314	433	294	426	305	310	301
Net Cash From Continuing Operating Activities	332	289	311	487	314	433	294	426	305	310	301
Net Income / (Loss) Continuing Operations	100	103	101	202	85	110	155	159	256	179	218
Consolidated Net Income / (Loss)	100	103	101	202	85	110	155	159	256	179	218
Depreciation Expense	174	183	182	182	181	171	77	64	64	65	65
Non-Cash Adjustments To Reconcile Net Income	126	64	72	58	150	102	159	197	48	174	69
Changes in Operating Assets and Liabilities, net	-67	-80	-44	45	-103	30	-96	5.23	-63	-129	-50
Net Cash From Investing Activities	-106	-802	-147	-112	-104	-106	-85	-121	-274	-329	238
Net Cash From Continuing Investing Activities	-106	-802	-147	-112	-104	-106	-85	-121	-274	-329	238
Purchase of Property, Plant & Equipment	-57	-66	-49	-63	-61	-63	-58	-50	-65	-56	-46
Acquisitions	-65	-757	-20	-20	-53	-138	-19	-42	-207	-43	-63
Purchase of Investments	-225	-375	-213	-414	-378	-334	-312	-369	-523	-596	-228
Divestitures	-	-	-	-	-	-	0.00	-	-	-	40
Sale and/or Maturity of Investments	240	395	213	394	398	333	311	341	528	358	416
Other Investing Activities, net	1.65	1.02	-77	-8.19	-9.39	94	-7.20	-0.90	-5.94	7.72	120
Net Cash From Financing Activities	-190	431	-161	-314	-231	-312	-191	-277	-66	1,180	-1,282
Net Cash From Continuing Financing Activities	-190	431	-161	-314	-231	-312	-191	-277	-66	1,180	-1,282
Repayment of Debt	-127	-982	-192	-229	-137	-197	-2,376	-151	-141	-781	-1,172
Repurchase of Common Equity	-	-	0.00	-	-54	-46	-106	-94	-	-	0.00
Payment of Dividends	-77	-77	-94	-92	-92	-92	-108	-105	-105	-105	-122
Issuance of Debt	-	1,485	140	-	50	-	2,400	70	175	2,058	0.00
Issuance of Common Equity	14	4.56	12	7.37	1.75	23	17	4.21	5.84	8.84	36
Other Financing Activities, net	-0.28	-0.05	-27	-0.72	-0.10	-0.01	-18	-0.26	-0.13	-0.61	-24
Effect of Exchange Rate Changes	-7.89	-7.48	0.22	1.14	-2.80	4.18	-4.35	-9.05	3.51	-12	6.14
Cash Interest Paid	109	70	127	74	124	71	121	72	122	80	132
Cash Income Taxes Paid	4.79	13	7.00	9.16	4.13	5.29	7.42	9.80	8.76	16	7.45

This table presents SBA Communications' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	7,841	7,313	7,361	7,320	7,214	9,760	9,158	9,802	10,585	10,178	11,417
Total Current Assets	327	294	325	260	374	334	473	614	483	484	1,979
Cash & Equivalents	39	118	146	69	143	108	309	367	144	209	190
Restricted Cash	53	25	37	33	32	30	32	66	42	38	1,207
Accounts Receivable	134	100	89	108	111	132	74	102	184	183	146
Prepaid Expenses	95	50	52	50	63	37	24	31	33	39	417
Other Current Assets	-	-	-	-	24	26	35	49	80	16	19
Plant, Property, & Equipment, net	2,762	2,782	2,792	2,812	2,786	2,795	2,677	2,575	2,714	2,712	2,792
Total Noncurrent Assets	4,752	4,237	4,244	4,248	4,053	6,631	6,008	6,612	7,389	6,982	6,647
Noncurrent Note & Lease Receivables	-	-	-	-	-	-	2,369	-	2,382	2,241	2,292
Intangible Assets	4,190	3,735	3,657	3,598	3,331	3,627	3,156	2,803	2,776	2,456	2,389
Other Noncurrent Operating Assets	467	501	587	650	722	3,004	482	3,809	2,230	2,286	1,965
Total Liabilities & Shareholders' Equity	7,841	7,313	7,361	7,320	7,214	9,760	9,158	9,802	10,585	10,178	11,417
Total Liabilities	8,502	9,019	9,357	9,919	10,591	13,411	13,967	15,068	15,830	15,314	16,473
Total Current Liabilities	331	273	873	279	1,206	1,048	615	616	697	1,363	1,798
Short-Term Debt	33	20	627	20	942	522	24	24	24	643	1,188
Accounts Payable	43	27	28	33	34	32	110	34	51	42	60
Accrued Expenses	66	64	61	70	64	68	63	68	101	93	82
Current Deferred Revenue	120	97	101	98	108	114	113	184	155	236	127
Other Current Liabilities	17	12	11	8.84	9.80	264	250	257	311	292	279
Other Current Nonoperating Liabilities	53	53	45	49	49	49	54	49	54	57	62
Total Noncurrent Liabilities	8,171	8,746	8,483	9,640	9,384	12,363	13,352	14,452	15,133	13,951	14,675
Long-Term Debt	7,828	8,432	8,148	9,291	8,997	9,812	11,072	12,279	12,844	11,681	12,404
Other Noncurrent Operating Liabilities	343	314	335	350	387	2,550	2,281	2,173	2,289	2,270	2,271
Redeemable Noncontrolling Interest	-	-	-	-	0.00	16	15	17	32	35	54
Total Equity & Noncontrolling Interests	-661	-1,706	-1,996	-2,599	-3,377	-3,667	-4,824	-5,283	-5,276	-5,171	-5,110
Total Preferred & Common Equity	-661	-1,706	-1,996	-2,599	-3,377	-3,667	-4,824	-5,283	-5,276	-5,171	-5,110
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-661	-1,706	-1,996	-2,599	-3,377	-3,667	-4,825	-5,283	-5,276	-5,171	-5,110
Common Stock	2,064	1,964	2,012	2,169	2,271	2,462	2,586	2,682	2,796	2,895	2,977
Retained Earnings	-2,542	-3,168	-3,637	-4,388	-5,136	-5,561	-6,604	-7,204	-7,482	-7,451	-7,326
Accumulated Other Comprehensive Income / (Loss)	-182	-502	-370	-379	-512	-569	-808	-762	-591	-615	-760

This table presents SBA Communications' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Total Assets	9,949	10,585	10,542	10,604	10,334	10,178	9,995	9,786	10,202	11,417	10,443
Total Current Assets	530	483	472	519	460	484	448	460	450	1,979	933
Cash & Equivalents	201	144	153	179	191	209	240	221	186	190	636
Restricted Cash	75	42	37	72	37	38	20	58	61	1,207	23
Accounts Receivable	117	184	183	160	158	183	127	89	111	146	130
Prepaid Expenses	55	33	40	65	46	39	44	73	67	417	117
Other Current Assets	82	80	59	42	28	16	17	20	25	19	27
Plant, Property, & Equipment, net	2,658	2,714	2,710	2,712	2,701	2,712	2,710	2,720	2,784	2,792	2,819
Total Noncurrent Assets	6,761	7,389	7,360	7,374	7,173	6,982	6,838	6,606	6,967	6,647	6,691
Noncurrent Note & Lease Receivables	2,325	2,382	2,377	2,362	2,316	2,241	2,186	2,129	2,323	2,292	2,340
Intangible Assets	2,702	2,776	2,694	2,628	2,524	2,456	2,404	2,314	2,492	2,389	2,403
Other Noncurrent Operating Assets	1,734	2,230	2,290	2,383	2,334	2,286	2,248	2,163	2,152	1,965	1,948
Total Liabilities & Shareholders' Equity	9,949	10,585	10,542	10,604	10,334	10,178	9,995	9,786	10,202	11,417	10,443
Total Liabilities	15,273	15,830	15,772	15,659	15,466	15,314	15,182	15,062	15,327	16,473	15,351
Total Current Liabilities	1,338	697	639	738	663	1,363	2,413	2,460	668	1,798	1,343
Short-Term Debt	663	24	24	24	24	643	1,805	1,806	23	1,188	772
Accounts Payable	51	51	54	47	47	42	46	51	54	60	65
Accrued Expenses	96	101	93	84	93	93	77	76	89	82	75
Current Deferred Revenue	217	155	145	230	176	236	161	191	184	127	110
Other Current Liabilities	286	311	295	298	294	292	291	277	285	279	286
Other Current Nonoperating Liabilities	25	54	28	55	30	57	33	58	32	62	35
Total Noncurrent Liabilities	13,935	15,133	15,134	14,921	14,802	13,951	12,768	12,603	14,660	14,675	14,008
Long-Term Debt	11,696	12,844	12,798	12,572	12,491	11,681	10,551	10,474	12,296	12,404	11,654
Other Noncurrent Operating Liabilities	2,239	2,289	2,336	2,349	2,311	2,270	2,218	2,129	2,363	2,271	2,354
Redeemable Noncontrolling Interest	41	32	38	38	35	35	37	41	49	54	63
Total Equity & Noncontrolling Interests	-5,365	-5,276	-5,269	-5,092	-5,166	-5,171	-5,223	-5,317	-5,175	-5,110	-4,971
Total Preferred & Common Equity	-5,365	-5,276	-5,269	-5,092	-5,166	-5,171	-5,223	-5,317	-5,175	-5,110	-4,971
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-5,366	-5,276	-5,269	-5,092	-5,166	-5,171	-5,223	-5,317	-5,175	-5,110	-4,971
Common Stock	2,756	2,796	2,801	2,826	2,850	2,895	2,916	2,931	2,943	2,977	2,992
Retained Earnings	-7,508	-7,482	-7,474	-7,363	-7,422	-7,451	-7,509	-7,546	-7,394	-7,326	-7,226
Accumulated Other Comprehensive Income / (Loss)	-614	-591	-596	-556	-594	-615	-630	-702	-724	-760	-737

This table displays calculated financial ratios and metrics derived from SBA Communications' official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	17.02%	7.30%	-0.33%	5.79%	7.99%	7.98%	3.40%	10.83%	14.06%	2.97%	-1.18%
EBITDA Growth	22.68%	-14.46%	28.05%	2.83%	1.73%	15.75%	-13.78%	22.87%	20.03%	3.65%	-14.92%
EBIT Growth	34.40%	-53.22%	164.49%	5.99%	-1.94%	35.58%	-35.26%	74.49%	41.05%	5.55%	19.84%
NOPAT Growth	46.54%	-7.15%	54.64%	20.21%	22.88%	-7.96%	-3.53%	65.97%	9.91%	3.52%	66.09%
Net Income Growth	56.55%	-623.01%	143.40%	35.96%	-54.22%	210.39%	-83.67%	888.16%	93.50%	8.18%	50.51%
EPS Growth	56.82%	-621.05%	144.53%	40.98%	-52.33%	212.20%	-83.59%	919.05%	97.20%	9.24%	50.54%
Operating Cash Flow Growth	35.52%	7.22%	2.70%	10.23%	3.93%	14.04%	16.08%	5.67%	8.05%	20.12%	-13.57%
Free Cash Flow Firm Growth	-477.76%	178.73%	-43.56%	10.49%	86.03%	-58.53%	245.46%	-91.89%	-135.79%	4,518.38%	-10.64%
Invested Capital Growth	17.04%	-5.74%	-0.21%	0.26%	-3.37%	2.48%	-9.00%	10.87%	12.62%	-6.58%	2.89%
Revenue Q/Q Growth	4.76%	0.13%	0.59%	1.56%	2.23%	1.50%	1.08%	2.64%	3.57%	-0.41%	0.70%
EBITDA Q/Q Growth	6.56%	4.27%	-5.97%	4.54%	10.04%	3.42%	7.43%	-6.00%	8.49%	0.53%	-4.75%
EBIT Q/Q Growth	10.28%	28.45%	-13.70%	11.15%	21.41%	2.18%	17.76%	-12.94%	11.66%	0.03%	1.11%
NOPAT Q/Q Growth	12.41%	-4.42%	0.51%	4.87%	39.15%	1.71%	1.80%	14.72%	-0.08%	-2.98%	22.43%
Net Income Q/Q Growth	44.59%	14.85%	-25.25%	2.37%	2,426.03%	7.60%	264.90%	-19.42%	13.22%	1.42%	10.19%
EPS Q/Q Growth	42.42%	15.43%	-25.61%	2.38%	1,466.67%	6.67%	231.25%	-18.94%	13.44%	1.32%	9.46%
Operating Cash Flow Q/Q Growth	10.19%	-0.10%	3.77%	1.45%	-0.06%	4.14%	-1.91%	4.89%	-0.77%	10.28%	-8.40%
Free Cash Flow Firm Q/Q Growth	-16.23%	94.73%	28.00%	-24.70%	61.74%	-59.27%	55.43%	192.82%	-104.27%	188.51%	-11.54%
Invested Capital Q/Q Growth	5.22%	0.56%	-0.58%	1.65%	-0.43%	6.75%	0.92%	-0.38%	10.44%	-2.60%	3.20%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	71.94%	72.88%	74.23%	74.17%	74.87%	75.53%	77.12%	76.37%	74.61%	77.41%	78.29%
EBITDA Margin	63.80%	50.86%	65.34%	63.51%	59.83%	64.13%	53.48%	59.29%	62.39%	62.81%	54.07%
Operating Margin	22.04%	19.07%	23.72%	26.54%	29.17%	28.96%	30.42%	33.89%	35.14%	34.06%	53.58%
EBIT Margin	21.58%	9.41%	24.97%	25.02%	22.72%	28.52%	17.86%	28.11%	34.77%	35.64%	43.22%
Profit (Net Income) Margin	-1.59%	-10.72%	4.67%	6.00%	2.54%	7.31%	1.15%	10.29%	17.46%	18.34%	27.94%
Tax Burden Percent	155.14%	105.44%	87.33%	88.68%	91.81%	78.81%	-135.48%	94.08%	87.44%	90.69%	96.90%
Interest Burden Percent	-4.75%	-108.06%	21.41%	27.05%	12.20%	32.52%	-4.77%	38.91%	57.43%	56.76%	66.72%
Effective Tax Rate	0.00%	0.00%	12.67%	11.32%	8.19%	21.19%	0.00%	5.92%	12.56%	9.31%	3.10%
Return on Invested Capital (ROIC)	3.60%	3.19%	5.09%	6.11%	7.63%	7.06%	7.04%	11.64%	11.44%	11.56%	19.59%
ROIC Less NNEP Spread (ROIC-NNEP)	-0.28%	-1.72%	2.01%	2.73%	2.89%	3.94%	3.06%	7.25%	8.61%	8.82%	14.32%
Return on Net Nonoperating Assets (RNNOA)	12.39%	11.65%	-9.21%	-10.63%	-9.22%	-11.25%	-7.61%	-16.35%	-20.19%	-21.14%	-34.28%
Return on Equity (ROE)	15.99%	14.84%	-4.12%	-4.51%	-1.59%	-4.19%	-0.57%	-4.72%	-8.75%	-9.58%	-14.69%
Cash Return on Invested Capital (CROIC)	-12.11%	9.10%	5.30%	5.85%	11.06%	4.61%	16.47%	1.33%	-0.43%	18.36%	16.74%
Operating Return on Assets (OROA)	4.51%	2.03%	5.56%	5.89%	5.83%	6.77%	3.93%	6.85%	8.98%	9.31%	10.73%
Return on Assets (ROA)	-0.33%	-2.32%	1.04%	1.41%	0.65%	1.74%	0.25%	2.51%	4.51%	4.79%	6.93%
Return on Common Equity (ROCE)	15.99%	14.84%	-4.12%	-4.51%	-1.59%	-4.20%	-0.57%	-4.73%	-8.79%	-9.65%	-14.82%
Return on Equity Simple (ROE_SIMPLE)	3.68%	10.30%	-3.82%	-3.99%	-1.41%	-4.02%	-0.50%	-4.50%	-8.71%	-9.62%	-14.65%
Net Operating Profit after Tax (NOPAT)	236	219	338	407	500	460	444	736	809	838	1,391
NOPAT Margin	15.43%	13.35%	20.71%	23.53%	26.78%	22.82%	21.29%	31.89%	30.73%	30.89%	51.92%
Net Nonoperating Expense Percent (NNEP)	3.88%	4.90%	3.08%	3.39%	4.74%	3.12%	3.99%	4.39%	2.83%	2.74%	5.27%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	10.66%	11.71%	16.40%
Cost of Revenue to Revenue	28.06%	27.12%	25.77%	25.83%	25.13%	24.47%	22.88%	23.63%	25.39%	22.59%	21.71%
SG&A Expenses to Revenue	6.77%	7.02%	8.78%	7.56%	7.64%	9.57%	9.33%	9.53%	9.94%	9.88%	9.66%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	49.90%	53.81%	50.51%	47.63%	45.71%	46.57%	46.70%	42.48%	39.47%	43.34%	24.71%
Earnings before Interest and Taxes (EBIT)	330	154	408	432	424	575	372	649	916	966	1,158
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	974	833	1,067	1,097	1,116	1,292	1,114	1,369	1,643	1,703	1,449
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	8.87	7.66	7.43	10.52	9.31	12.79	14.38	17.65	11.12	9.91	8.18
Price to Earnings (P/E)	0.00	0.00	159.14	175.43	366.12	175.33	1,243.03	171.53	63.45	53.55	29.24
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.32%	0.69%	0.62%	1.05%	1.37%	1.92%
Earnings Yield	0.00%	0.00%	0.63%	0.57%	0.27%	0.57%	0.08%	0.58%	1.58%	1.87%	3.42%
Enterprise Value to Invested Capital (EV/IC)	3.02	3.13	3.12	4.11	4.22	5.46	6.79	7.91	5.60	5.57	4.74
Enterprise Value to Revenue (EV/Rev)	13.95	12.73	12.69	15.86	14.54	17.86	19.55	22.80	15.95	14.38	12.75
Enterprise Value to EBITDA (EV/EBITDA)	21.87	25.03	19.42	24.97	24.31	27.85	36.56	38.46	25.56	22.89	23.58
Enterprise Value to EBIT (EV/EBIT)	64.64	135.31	50.83	63.38	64.03	62.62	109.49	81.10	45.86	40.34	29.50
Enterprise Value to NOPAT (EV/NOPAT)	90.44	95.37	61.28	67.37	54.31	78.26	91.83	71.51	51.89	46.54	24.56
Enterprise Value to Operating Cash Flow (EV/OCF)	31.59	28.85	27.91	33.47	31.90	37.10	36.17	44.24	32.66	25.24	25.59
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	33.43	58.85	70.40	37.49	119.87	39.28	625.71	0.00	29.30	28.74
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-11.90	-4.95	-4.40	-3.58	-2.94	-2.83	-2.31	-2.34	-2.45	-2.40	-2.69
Long-Term Debt to Equity	-11.85	-4.94	-4.08	-3.57	-2.66	-2.69	-2.30	-2.33	-2.45	-2.27	-2.45
Financial Leverage	-44.09	-6.79	-4.59	-3.89	-3.19	-2.85	-2.49	-2.26	-2.35	-2.40	-2.39
Leverage Ratio	-48.13	-6.40	-3.96	-3.20	-2.43	-2.42	-2.24	-1.88	-1.94	-2.00	-2.12
Compound Leverage Factor	2.29	6.92	-0.85	-0.86	-0.30	-0.79	0.11	-0.73	-1.11	-1.14	-1.41
Debt to Total Capital	109.18%	125.29%	129.44%	138.73%	151.46%	154.63%	176.50%	174.84%	168.79%	171.45%	159.23%
Short-Term Debt to Total Capital	0.45%	0.30%	9.25%	0.30%	14.35%	7.81%	0.38%	0.34%	0.31%	8.95%	13.92%
Long-Term Debt to Total Capital	108.73%	125.00%	120.19%	138.43%	137.11%	146.82%	176.12%	174.50%	168.48%	162.50%	145.31%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.24%	0.24%	0.25%	0.42%	0.49%	0.63%
Common Equity to Total Capital	-9.18%	-25.29%	-29.44%	-38.73%	-51.46%	-54.87%	-76.76%	-75.09%	-69.21%	-71.93%	-59.86%
Debt to EBITDA	8.07	10.14	8.22	8.49	8.90	8.00	9.96	8.99	7.83	7.24	9.38
Net Debt to EBITDA	7.97	9.97	8.05	8.39	8.75	7.89	9.65	8.67	7.72	7.09	8.42
Long-Term Debt to EBITDA	8.04	10.12	7.64	8.47	8.06	7.59	9.94	8.97	7.82	6.86	8.56
Debt to NOPAT	33.37	38.64	25.95	22.90	19.89	22.47	25.01	16.71	15.90	14.71	9.77
Net Debt to NOPAT	32.96	37.98	25.41	22.65	19.54	22.17	24.25	16.12	15.67	14.42	8.77
Long-Term Debt to NOPAT	33.23	38.55	24.09	22.85	18.01	21.34	24.96	16.68	15.87	13.95	8.92
Altman Z-Score	0.83	0.53	0.40	0.69	0.30	0.67	0.62	1.05	0.63	0.50	0.49
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	-0.23%	-0.38%	-0.33%	-0.47%	-0.64%	-0.88%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.99	1.08	0.37	0.93	0.31	0.32	0.77	1.00	0.69	0.36	1.10
Quick Ratio	0.54	0.80	0.27	0.63	0.21	0.23	0.62	0.76	0.47	0.29	0.19
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-793	624	352	389	724	300	1,037	84	-30	1,330	1,189
Operating Cash Flow to CapEx	319.21%	346.43%	530.44%	556.62%	567.79%	628.94%	875.84%	890.01%	599.55%	652.47%	585.09%
Free Cash Flow to Firm to Interest Expense	-14.86	272.71	159.85	135.15	274.17	94.02	41.70	1.79	-0.65	37.09	42.98
Operating Cash Flow to Interest Expense	12.65	316.01	337.05	284.29	322.20	303.80	45.28	25.27	27.88	43.06	48.26
Operating Cash Flow Less CapEx to Interest Expense	8.69	224.79	273.51	233.22	265.46	255.50	40.11	22.43	23.23	36.46	40.01
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.21	0.22	0.22	0.24	0.26	0.24	0.22	0.24	0.26	0.26	0.25
Accounts Receivable Turnover	13.08	13.97	17.22	17.49	17.03	16.57	20.20	26.23	18.40	14.77	16.32
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.57	0.59	0.59	0.62	0.67	0.72	0.76	0.88	1.00	1.00	0.97
Accounts Payable Turnover	12.76	12.71	15.19	14.48	13.86	14.91	6.72	7.57	15.64	13.09	11.43
Days Sales Outstanding (DSO)	27.91	26.13	21.20	20.87	21.44	22.03	18.07	13.91	19.84	24.71	22.37
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	28.60	28.73	24.03	25.21	26.33	24.49	54.31	48.19	23.33	27.89	31.92
Cash Conversion Cycle (CCC)	-0.69	-2.60	-2.83	-4.34	-4.90	-2.46	-36.25	-34.27	-3.49	-3.18	-9.55
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	7,060	6,655	6,641	6,659	6,435	6,594	6,001	6,653	7,492	6,999	7,202
Invested Capital Turnover	0.23	0.24	0.25	0.26	0.29	0.31	0.33	0.36	0.37	0.37	0.38
Increase / (Decrease) in Invested Capital	1,028	-405	-14	17	-224	160	-593	652	839	-493	202
Enterprise Value (EV)	21,304	20,860	20,725	27,393	27,136	35,985	40,733	52,646	41,992	38,984	34,162
Market Capitalization	13,541	12,552	12,132	18,184	17,373	25,773	29,962	40,759	29,278	26,871	21,913
Book Value per Share	($5.12)	($13.52)	($16.09)	($22.11)	($29.80)	($32.57)	($43.43)	($48.57)	($48.87)	($47.93)	($47.52)
Tangible Book Value per Share	($37.57)	($43.14)	($45.56)	($52.72)	($59.20)	($64.78)	($71.83)	($74.34)	($74.59)	($70.69)	($69.74)
Total Capital	7,200	6,746	6,780	6,712	6,562	6,683	6,287	7,037	7,624	7,188	8,536
Total Debt	7,861	8,452	8,776	9,311	9,939	10,334	11,096	12,303	12,868	12,324	13,592
Total Long-Term Debt	7,828	8,432	8,148	9,291	8,997	9,812	11,072	12,279	12,844	11,681	12,404
Net Debt	7,763	8,308	8,593	9,209	9,763	10,196	10,756	11,870	12,682	12,078	12,195
Capital Expenditures (CapEx)	211	209	140	147	150	154	129	134	214	237	228
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-69	-104	-105	-101	-67	-330	-458	-411	-376	-483	-28
Debt-free Net Working Capital (DFNWC)	28	41	78	0.63	109	-192	-118	22	-190	-236	1,369
Net Working Capital (NWC)	-4.16	21	-549	-19	-832	-714	-142	-1.89	-214	-879	181
Net Nonoperating Expense (NNE)	260	394	262	303	452	313	420	499	349	340	643
Net Nonoperating Obligations (NNO)	7,721	8,361	8,637	9,258	9,811	10,245	10,810	11,919	12,737	12,135	12,257
Total Depreciation and Amortization (D&A)	645	679	659	665	692	717	742	720	727	737	291
Debt-free, Cash-free Net Working Capital to Revenue	-4.53%	-6.32%	-6.41%	-5.85%	-3.57%	-16.40%	-21.99%	-17.79%	-14.27%	-17.79%	-1.04%
Debt-free Net Working Capital to Revenue	1.86%	2.48%	4.79%	0.04%	5.86%	-9.53%	-5.66%	0.96%	-7.22%	-8.70%	51.08%
Net Working Capital to Revenue	-0.27%	1.26%	-33.61%	-1.12%	-44.62%	-35.44%	-6.81%	-0.08%	-8.13%	-32.42%	6.75%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.19)	($1.37)	$0.61	$0.86	$0.41	$1.30	$0.22	$2.17	$4.27	$4.64	$6.96
Adjusted Weighted Average Basic Shares Outstanding	129.18M	125.26M	124.45M	119.86M	114.91M	112.81M	111.53M	109.33M	107.96M	108.20M	107.64M
Adjusted Diluted Earnings per Share	($0.19)	($1.37)	$0.61	$0.86	$0.41	$1.28	$0.21	$2.14	$4.22	$4.61	$6.94
Adjusted Weighted Average Diluted Shares Outstanding	129.18M	125.26M	125.14M	121.02M	116.52M	114.69M	113.47M	111.18M	109.39M	108.91M	108.08M
Adjusted Basic & Diluted Earnings per Share	($0.19)	($1.37)	$0.00	$0.00	$0.00	$1.30	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	128.92M	127.79M	120.98M	116.51M	112.59M	111.93M	109.32M	107.92M	108.04M	108.11M	107.62M
Normalized Net Operating Profit after Tax (NOPAT)	252	285	365	439	525	486	472	767	847	991	1,496
Normalized NOPAT Margin	16.52%	17.40%	22.33%	25.42%	28.11%	24.12%	22.64%	33.23%	32.16%	36.56%	55.82%
Pre Tax Income Margin	-1.03%	-10.17%	5.35%	6.77%	2.77%	9.28%	-0.85%	10.94%	19.97%	20.23%	28.83%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	6.18	67.38	185.09	150.12	160.53	179.96	14.96	13.79	19.86	26.94	41.87
NOPAT to Interest Expense	4.42	95.59	153.53	141.22	189.24	144.01	17.84	15.64	17.55	23.35	50.29
EBIT Less CapEx to Interest Expense	2.22	-23.84	121.55	99.04	103.79	131.66	9.79	10.95	15.21	20.35	33.62
NOPAT Less CapEx to Interest Expense	0.46	4.38	89.99	90.15	132.49	95.71	12.67	12.80	12.90	16.75	42.05
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	56.62%	863.68%	106.71%	66.72%	74.38%	56.66%
Augmented Payout Ratio	-3,642.66%	-342.12%	715.77%	824.41%	1,676.64%	373.68%	4,437.24%	351.88%	160.60%	94.48%	83.38%

This table displays calculated financial ratios and metrics derived from SBA Communications' official financial filings.

Metric	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025
Period end date	9/30/2022	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	14.64%	15.26%	8.99%	4.06%	1.03%	-1.61%	-2.61%	-2.66%	-2.19%	2.77%	0.97%
EBITDA Growth	20.83%	34.89%	-11.18%	36.40%	1.01%	-2.70%	-21.27%	-32.67%	21.76%	-22.88%	23.41%
EBIT Growth	44.69%	67.44%	-19.79%	73.16%	-1.56%	0.12%	4.78%	-11.64%	101.92%	5.36%	34.44%
NOPAT Growth	-13.76%	-6.40%	-12.32%	15.78%	-3.61%	-11.21%	86.28%	36.26%	41.58%	164.32%	-3.66%
Net Income Growth	108.72%	109.77%	-46.60%	192.07%	-14.43%	6.77%	53.69%	-21.05%	199.77%	63.24%	41.00%
EPS Growth	111.63%	111.11%	-45.93%	192.19%	-12.09%	6.32%	52.69%	-19.25%	200.00%	59.41%	43.66%
Operating Cash Flow Growth	31.39%	-3.33%	6.39%	30.86%	-5.65%	49.88%	-5.37%	-12.60%	-2.88%	-28.30%	2.28%
Free Cash Flow Firm Growth	128.51%	-44.21%	-847.78%	-190.57%	-233.54%	200.96%	328.68%	630.66%	403.47%	-64.15%	-57.67%
Invested Capital Growth	1.58%	12.62%	7.17%	6.69%	5.93%	-6.58%	-6.56%	-7.65%	-2.89%	2.89%	-0.71%
Revenue Q/Q Growth	3.62%	1.56%	-1.54%	0.44%	0.60%	-1.10%	-2.54%	0.40%	1.08%	3.91%	-4.25%
EBITDA Q/Q Growth	10.64%	12.98%	4.46%	4.47%	-18.07%	8.83%	-15.47%	-10.67%	48.17%	-31.07%	35.27%
EBIT Q/Q Growth	23.99%	19.71%	8.16%	7.87%	-29.52%	21.75%	13.19%	-9.04%	61.07%	-36.47%	44.45%
NOPAT Q/Q Growth	-3.02%	-20.88%	-16.27%	80.23%	-19.27%	-27.12%	75.66%	31.83%	-16.11%	36.07%	-35.98%
Net Income Q/Q Growth	44.27%	2.82%	-1.98%	100.86%	-57.74%	28.31%	41.10%	3.18%	60.48%	-30.13%	21.88%
EPS Q/Q Growth	42.19%	4.40%	-2.11%	101.08%	-57.22%	26.25%	40.59%	6.34%	58.94%	-32.92%	26.71%
Operating Cash Flow Q/Q Growth	-10.65%	-13.18%	7.81%	56.49%	-35.58%	37.91%	-31.94%	44.54%	-28.42%	1.81%	-2.90%
Free Cash Flow Firm Q/Q Growth	-33.58%	-599.03%	47.79%	47.66%	2.07%	477.26%	18.27%	21.46%	-44.00%	-55.43%	39.61%
Invested Capital Q/Q Growth	-1.47%	10.44%	-0.83%	-1.14%	-2.17%	-2.60%	-0.82%	-2.29%	2.88%	3.20%	-4.28%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	73.72%	74.91%	75.68%	77.27%	78.06%	78.62%	79.02%	78.61%	77.48%	78.07%	76.87%
EBITDA Margin	55.08%	61.27%	65.01%	67.61%	55.07%	60.60%	52.55%	46.76%	68.55%	45.47%	64.24%
Operating Margin	35.97%	34.20%	33.18%	35.55%	36.42%	31.06%	49.15%	53.67%	56.26%	55.12%	50.42%
EBIT Margin	29.35%	34.59%	38.00%	40.81%	28.60%	35.20%	40.89%	37.05%	59.03%	36.09%	54.44%
Profit (Net Income) Margin	14.77%	14.95%	14.89%	29.77%	12.51%	16.23%	23.49%	24.14%	38.33%	25.77%	32.80%
Tax Burden Percent	97.19%	79.63%	69.80%	116.89%	91.57%	79.12%	90.13%	108.39%	85.81%	114.70%	83.83%
Interest Burden Percent	51.77%	54.28%	56.12%	62.40%	47.76%	58.25%	63.75%	60.13%	75.67%	62.26%	71.87%
Effective Tax Rate	2.81%	20.37%	30.20%	-16.89%	8.43%	20.88%	9.87%	-8.39%	14.19%	-14.70%	16.17%
Return on Invested Capital (ROIC)	13.20%	10.14%	8.67%	15.86%	13.00%	9.20%	16.61%	22.04%	18.14%	23.86%	16.41%
ROIC Less NNEP Spread (ROIC-NNEP)	12.06%	9.46%	8.23%	15.21%	11.84%	8.74%	15.50%	20.20%	17.60%	21.73%	15.89%
Return on Net Nonoperating Assets (RNNOA)	-27.86%	-22.18%	-19.35%	-35.92%	-27.65%	-20.95%	-36.89%	-47.82%	-41.89%	-52.00%	-37.66%
Return on Equity (ROE)	-14.66%	-12.04%	-10.68%	-20.06%	-14.65%	-11.75%	-20.28%	-25.78%	-23.75%	-28.15%	-21.25%
Cash Return on Invested Capital (CROIC)	10.47%	-0.43%	4.03%	5.73%	6.60%	18.36%	20.41%	22.83%	18.98%	16.74%	20.44%
Operating Return on Assets (OROA)	7.61%	8.94%	9.88%	10.75%	7.68%	9.19%	10.73%	9.72%	15.30%	8.96%	14.31%
Return on Assets (ROA)	3.83%	3.86%	3.87%	7.84%	3.36%	4.24%	6.16%	6.34%	9.93%	6.40%	8.62%
Return on Common Equity (ROCE)	-14.74%	-12.10%	-10.75%	-20.21%	-14.76%	-11.83%	-20.43%	-25.98%	-23.95%	-28.39%	-21.46%
Return on Equity Simple (ROE_SIMPLE)	-7.57%	0.00%	-7.06%	-9.91%	-9.49%	0.00%	-10.56%	-9.57%	-13.13%	0.00%	-16.34%
Net Operating Profit after Tax (NOPAT)	236	187	156	282	228	166	291	384	322	439	281
NOPAT Margin	34.96%	27.23%	23.16%	41.56%	33.35%	24.58%	44.30%	58.17%	48.28%	63.22%	42.27%
Net Nonoperating Expense Percent (NNEP)	1.15%	0.68%	0.45%	0.65%	1.17%	0.45%	1.10%	1.84%	0.54%	2.13%	0.53%
Return On Investment Capital (ROIC_SIMPLE)	-	2.46%	-	-	-	2.32%	-	-	-	5.17%	3.77%
Cost of Revenue to Revenue	26.28%	25.09%	24.32%	22.73%	21.94%	21.38%	20.98%	21.39%	22.52%	21.93%	23.13%
SG&A Expenses to Revenue	9.75%	10.29%	10.69%	9.34%	9.50%	10.00%	10.44%	9.44%	9.00%	9.74%	9.97%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	37.75%	40.70%	42.50%	41.71%	41.63%	47.56%	29.87%	24.94%	21.22%	22.95%	26.45%
Earnings before Interest and Taxes (EBIT)	198	237	257	277	195	238	269	245	394	250	362
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	372	420	439	459	376	409	346	309	458	315	427
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	11.71	11.12	10.23	9.05	7.83	9.91	8.61	7.85	9.72	8.18	8.81
Price to Earnings (P/E)	73.13	63.45	73.53	48.36	43.02	53.55	41.80	40.82	37.74	29.24	29.03
Dividend Yield	0.98%	1.05%	1.17%	1.38%	1.66%	1.37%	1.64%	1.87%	1.57%	1.92%	1.84%
Earnings Yield	1.37%	1.58%	1.36%	2.07%	2.32%	1.87%	2.39%	2.45%	2.65%	3.42%	3.45%
Enterprise Value to Invested Capital (EV/IC)	6.18	5.60	5.41	5.03	4.68	5.57	5.09	4.87	5.44	4.74	5.15
Enterprise Value to Revenue (EV/Rev)	16.48	15.95	14.94	13.61	12.36	14.38	13.12	12.35	14.28	12.75	13.22
Enterprise Value to EBITDA (EV/EBITDA)	27.66	25.56	25.62	21.86	19.86	22.89	22.24	22.95	24.97	23.58	23.54
Enterprise Value to EBIT (EV/EBIT)	51.09	45.86	47.14	38.13	34.82	40.34	36.11	34.91	33.17	29.50	28.39
Enterprise Value to NOPAT (EV/NOPAT)	51.73	51.89	51.07	42.57	38.96	46.54	36.08	31.44	33.43	24.56	26.01
Enterprise Value to Operating Cash Flow (EV/OCF)	32.33	32.66	30.80	26.04	24.02	25.24	23.13	22.53	26.07	25.59	26.47
Enterprise Value to Free Cash Flow (EV/FCFF)	59.47	0.00	138.72	90.58	72.95	29.30	24.09	20.49	28.27	28.74	25.11
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-2.32	-2.45	-2.45	-2.49	-2.44	-2.40	-2.38	-2.33	-2.40	-2.69	-2.53
Long-Term Debt to Equity	-2.20	-2.45	-2.45	-2.49	-2.43	-2.27	-2.03	-1.99	-2.40	-2.45	-2.37
Financial Leverage	-2.31	-2.35	-2.35	-2.36	-2.34	-2.40	-2.38	-2.37	-2.38	-2.39	-2.37
Leverage Ratio	-1.91	-1.94	-1.95	-1.97	-1.94	-2.00	-1.97	-1.97	-2.00	-2.12	-2.02
Compound Leverage Factor	-0.99	-1.05	-1.09	-1.23	-0.93	-1.17	-1.26	-1.19	-1.51	-1.32	-1.46
Debt to Total Capital	175.68%	168.79%	168.91%	167.03%	169.50%	171.45%	172.34%	175.33%	171.25%	159.23%	165.28%
Short-Term Debt to Total Capital	9.43%	0.31%	0.32%	0.32%	0.33%	8.95%	25.18%	25.79%	0.32%	13.92%	10.27%
Long-Term Debt to Total Capital	166.25%	168.48%	168.60%	166.71%	169.17%	162.50%	147.15%	149.54%	170.93%	145.31%	155.02%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.58%	0.42%	0.50%	0.50%	0.47%	0.49%	0.51%	0.58%	0.68%	0.63%	0.83%
Common Equity to Total Capital	-76.27%	-69.21%	-69.41%	-67.53%	-69.97%	-71.93%	-72.85%	-75.91%	-71.94%	-59.86%	-66.12%
Debt to EBITDA	8.16	7.83	8.18	7.45	7.39	7.24	7.77	8.53	8.10	9.38	8.24
Net Debt to EBITDA	7.98	7.72	8.06	7.30	7.25	7.09	7.61	8.34	7.94	8.42	7.80
Long-Term Debt to EBITDA	7.72	7.82	8.16	7.44	7.37	6.86	6.64	7.28	8.08	8.56	7.73
Debt to NOPAT	15.26	15.90	16.30	14.51	14.50	14.71	12.62	11.69	10.84	9.77	9.10
Net Debt to NOPAT	14.92	15.67	16.06	14.22	14.23	14.42	12.35	11.42	10.62	8.77	8.62
Long-Term Debt to NOPAT	14.44	15.87	16.27	14.48	14.47	13.95	10.77	9.97	10.82	8.92	8.54
Altman Z-Score	0.34	0.42	0.37	0.29	0.12	0.27	-0.01	-0.13	0.36	0.23	0.28
Noncontrolling Interest Sharing Ratio	-0.55%	-0.47%	-0.71%	-0.75%	-0.73%	-0.64%	-0.72%	-0.76%	-0.82%	-0.88%	-0.98%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.40	0.69	0.74	0.70	0.69	0.36	0.19	0.19	0.67	1.10	0.69
Quick Ratio	0.24	0.47	0.53	0.46	0.53	0.29	0.15	0.13	0.45	0.19	0.57
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	131	-652	-341	-178	-175	659	779	946	530	236	330
Operating Cash Flow to CapEx	579.45%	436.70%	633.29%	767.45%	510.94%	689.73%	508.81%	851.65%	470.46%	558.37%	652.28%
Free Cash Flow to Firm to Interest Expense	11.34	-56.61	-23.92	-23.72	-22.11	106.02	92.27	133.64	73.67	47.75	39.50
Operating Cash Flow to Interest Expense	28.84	25.04	21.85	64.77	39.72	69.63	34.88	60.11	42.36	62.71	36.08
Operating Cash Flow Less CapEx to Interest Expense	23.86	19.31	18.40	56.33	31.94	59.53	28.02	53.05	33.36	51.48	30.55
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.26	0.26	0.26	0.26	0.27	0.26	0.26	0.26	0.26	0.25	0.26
Accounts Receivable Turnover	26.34	18.40	17.65	19.72	19.78	14.77	17.40	21.50	19.76	16.32	20.95
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.97	1.00	1.00	1.01	1.02	1.00	0.99	0.99	0.97	0.97	0.97
Accounts Payable Turnover	14.78	15.64	14.45	15.11	13.08	13.09	11.81	11.73	11.36	11.43	10.78
Days Sales Outstanding (DSO)	13.86	19.84	20.68	18.51	18.45	24.71	20.98	16.98	18.47	22.37	17.42
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	24.69	23.33	25.26	24.16	27.90	27.89	30.91	31.12	32.13	31.92	33.85
Cash Conversion Cycle (CCC)	-10.84	-3.49	-4.58	-5.65	-9.45	-3.18	-9.94	-14.14	-13.66	-9.55	-16.43
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	6,784	7,492	7,430	7,345	7,186	6,999	6,942	6,783	6,978	7,202	6,893
Invested Capital Turnover	0.38	0.37	0.37	0.38	0.39	0.37	0.37	0.38	0.38	0.38	0.39
Increase / (Decrease) in Invested Capital	105	839	497	460	402	-493	-488	-562	-208	202	-49
Enterprise Value (EV)	41,893	41,992	40,173	36,958	33,640	38,984	35,340	33,039	37,990	34,162	35,506
Market Capitalization	29,769	29,278	27,503	24,576	21,318	26,871	23,207	20,997	25,869	21,913	23,676
Book Value per Share	($49.74)	($48.87)	($48.77)	($47.00)	($47.67)	($47.93)	($48.31)	($49.48)	($48.15)	($47.52)	($46.19)
Tangible Book Value per Share	($74.79)	($74.59)	($73.71)	($71.26)	($70.95)	($70.69)	($70.55)	($71.02)	($71.34)	($69.74)	($68.52)
Total Capital	7,035	7,624	7,591	7,541	7,384	7,188	7,170	7,004	7,194	8,536	7,518
Total Debt	12,359	12,868	12,822	12,596	12,515	12,324	12,356	12,280	12,319	13,592	12,426
Total Long-Term Debt	11,696	12,844	12,798	12,572	12,491	11,681	10,551	10,474	12,296	12,404	11,654
Net Debt	12,083	12,682	12,632	12,345	12,287	12,078	12,096	12,001	12,072	12,195	11,767
Capital Expenditures (CapEx)	57	66	49	63	61	63	58	50	65	56	46
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-422	-376	-333	-447	-407	-483	-420	-472	-442	-28	-298
Debt-free Net Working Capital (DFNWC)	-145	-190	-143	-196	-179	-236	-160	-193	-195	1,369	362
Net Working Capital (NWC)	-809	-214	-167	-220	-203	-879	-1,966	-2,000	-218	181	-410
Net Nonoperating Expense (NNE)	136	84	56	80	142	56	137	225	66	260	63
Net Nonoperating Obligations (NNO)	12,108	12,737	12,661	12,400	12,317	12,135	12,128	12,059	12,104	12,257	11,801
Total Depreciation and Amortization (D&A)	174	183	182	182	181	171	77	64	64	65	65
Debt-free, Cash-free Net Working Capital to Revenue	-16.59%	-14.27%	-12.37%	-16.46%	-14.95%	-17.79%	-15.61%	-17.65%	-16.61%	-1.04%	-11.08%
Debt-free Net Working Capital to Revenue	-5.72%	-7.22%	-5.33%	-7.21%	-6.58%	-8.70%	-5.95%	-7.22%	-7.31%	51.08%	13.48%
Net Working Capital to Revenue	-31.80%	-8.13%	-6.22%	-8.09%	-7.46%	-32.42%	-72.97%	-74.72%	-8.18%	6.75%	-15.25%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.93	$0.95	$0.94	$1.88	$0.81	$1.01	$1.43	$1.52	$2.41	$1.60	$2.05
Adjusted Weighted Average Basic Shares Outstanding	107.92M	107.96M	108.13M	108.36M	108.37M	108.20M	108.10M	107.46M	107.49M	107.64M	107.74M
Adjusted Diluted Earnings per Share	$0.91	$0.95	$0.93	$1.87	$0.80	$1.01	$1.42	$1.51	$2.40	$1.61	$2.04
Adjusted Weighted Average Diluted Shares Outstanding	109.36M	109.39M	109.27M	108.88M	108.89M	108.91M	108.62M	107.68M	107.92M	108.08M	108.14M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	107.97M	108.04M	108.34M	108.38M	107.89M	108.11M	107.44M	107.47M	107.52M	107.62M	107.45M
Normalized Net Operating Profit after Tax (NOPAT)	244	201	175	192	258	227	331	270	333	282	312
Normalized NOPAT Margin	36.18%	29.28%	25.89%	28.28%	37.79%	33.61%	50.28%	40.92%	49.91%	40.60%	46.94%
Pre Tax Income Margin	15.19%	18.78%	21.33%	25.47%	13.66%	20.51%	26.06%	22.27%	44.67%	22.47%	39.13%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	17.20	20.59	18.03	36.83	24.71	38.25	31.86	34.56	54.80	50.62	43.32
NOPAT to Interest Expense	20.49	16.21	10.99	37.50	28.82	26.70	34.52	54.26	44.81	88.67	33.63
EBIT Less CapEx to Interest Expense	12.22	14.86	14.58	28.39	16.94	28.15	25.01	27.50	45.79	39.39	37.79
NOPAT Less CapEx to Interest Expense	15.51	10.48	7.54	29.07	21.05	16.61	27.66	47.21	35.81	77.44	28.10
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	72.20%	66.72%	87.04%	67.23%	72.35%	74.38%	69.67%	78.08%	60.43%	56.66%	53.98%
Augmented Payout Ratio	251.93%	160.60%	87.04%	67.23%	83.29%	94.48%	107.06%	137.04%	96.69%	83.38%	65.54%

Key Financial Trends

SBA Communications (NASDAQ: SBAC) has displayed consistent financial performance over the last four years, with a focus on operating revenue growth, stable gross profits, and carefully managed expenses despite fluctuations in operating costs and impairment charges. Here are the key takeaways from SBA's financial statements from Q1 2022 through Q1 2025:

Consistent Revenue Growth: Operating and total revenues have shown a generally stable to modestly increasing trend from about $675 million in Q1 2022 to $664 million in Q1 2025, reflecting resilience in SBA's core business.
Strong Gross Profit Margins: Gross profit consistently remains around the $500 million mark each quarter, indicating efficient management of the cost of revenue relative to sales.
Increasing Net Income: Net income attributable to common shareholders grew from approximately $101 million in Q1 2023 to around $221 million in Q1 2025, with basic EPS improving from $0.94 to $2.05 over the same period, signaling earnings growth and operational leverage.
Robust Cash Flow from Operating Activities: SBA generated strong net cash from operating activities each quarter, recently hitting $301 million in Q1 2025, indicating good cash conversion from earnings.
Significant Investments and Acquisitions: The company has actively invested in property, plant, equipment, and acquisitions (e.g., $46 million for PPE and $63 million for acquisitions in Q1 2025), supporting future growth and infrastructure expansion.
High Debt Levels: Total liabilities remain very high, over $15 billion as of recent balance sheets, with long-term debt around $11.6 billion in Q1 2025, which could impact financial flexibility.
Negative Total Equity: The firm's total common equity has been negative for several years (e.g., approximately -$5 billion in Q1 2025), primarily due to accumulated retained losses and comprehensive losses, which investors should monitor closely for solvency impact.
Fluctuating Impairment Charges: Impairment charges have varied, reaching $37 million in Q1 2025, which increases operating expenses and impacts profitability non-cash wise.
Declining Interest & Investment Income: Interest and investment income is reported as a significant negative amount each quarter (e.g., -$93 million in Q1 2025), which appears to impair the financial results and may hint at investment losses or valuation adjustments.
High Interest Expense and Cash Interest Paid: SBA incurs consistent interest expenses around $7 to $14 million per quarter, with cash interest paid exceeding $120 million in some quarters, indicating significant financing costs due to high leverage.

Overall, SBA Communications shows solid revenue and earnings growth with strong operating cash flows, driven by sustained demand for its communications infrastructure. However, the company's high leverage, negative equity, and investment income losses introduce some risk factors. Investors should watch how SBA manages its debt and capital structure, along with controlling impairments and investment performance, to sustain its growth trajectory.

08/26/25 03:55 PMAI Generated. May Contain Errors.

Frequently Asked Questions About SBA Communications' Financials

When does SBA Communications' financial year end?

According to the most recent income statement we have on file, SBA Communications' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has SBA Communications' net income changed over the last 10 years?

SBA Communications' net income appears to be on an upward trend, with a most recent value of $748.68 million in 2024, falling from -$24.30 million in 2014. The previous period was $497.42 million in 2023. See SBA Communications' forecast for analyst expectations on what’s next for the company.

What is SBA Communications' operating income?

SBA Communications' total operating income in 2024 was $1.44 billion, based on the following breakdown:

Total Gross Profit: $2.10 billion
Total Operating Expenses: $662.14 million

How has SBA Communications' revenue changed over the last 10 years?

Over the last 10 years, SBA Communications' total revenue changed from $1.53 billion in 2014 to $2.68 billion in 2024, a change of 75.5%.

How much debt does SBA Communications have?

SBA Communications' total liabilities were at $16.47 billion at the end of 2024, a 7.6% increase from 2023, and a 93.8% increase since 2014.

How much cash does SBA Communications have?

In the past 10 years, SBA Communications' cash and equivalents has ranged from $39.44 million in 2014 to $367.28 million in 2021, and is currently $189.84 million as of their latest financial filing in 2024.

How has SBA Communications' book value per share changed over the last 10 years?

Over the last 10 years, SBA Communications' book value per share changed from -5.12 in 2014 to -47.52 in 2024, a change of 828.5%.

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This page (NASDAQ:SBAC) was last updated on 8/26/2025 by MarketBeat.com Staff

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SBA Communications (SBAC) Financials

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SBA Communications (SBAC) Financials

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