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SBA Communications (SBAC) Financials

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Annual Income Statements for SBA Communications

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 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		 -176 76 104 47 147 24 238 461 502 750
Consolidated Net Income / (Loss)		 -176 76 104 47 147 24 238 460 497 749
Net Income / (Loss) Continuing Operations		 -176 76 104 47 147 24 238 460 497 749
Total Pre-Tax Income 		-167 87 117 52 187 -18 253 526 549 773
Total Operating Income		 312 387 459 544 583 634 782 925 924 1,436
Total Gross Profit		 1,194 1,212 1,281 1,397 1,522 1,607 1,763 1,965 2,099 2,098
Total Revenue		 1,638 1,633 1,728 1,866 2,015 2,083 2,309 2,633 2,712 2,680
Operating Revenue		 1,638 1,633 1,728 1,866 2,015 2,083 2,309 2,633 2,712 2,680
Total Cost of Revenue		 444 421 446 469 493 477 545 669 613 582
Operating Cost of Revenue		 444 421 446 469 493 477 545 669 613 582
Total Operating Expenses		 882 825 823 853 938 973 981 1,039 1,175 662
Selling, General & Admin Expense		 115 143 131 143 193 194 220 262 268 259
Depreciation Expense		 660 638 643 672 697 722 700 708 716 270
Other Operating Expenses / (Income)		 12 13 12 11 15 17 28 27 22 26
Impairment Charge		 95 30 37 27 33 40 33 43 169 108
Total Other Income / (Expense), net		 -479 -300 -342 -492 -397 -651 -530 -400 -375 -663
Interest Expense		 2.29 2.20 2.88 2.64 3.19 25 47 46 36 28
Interest & Investment Income		 -318 -318 -312 -369 -385 -365 -349 -344 -382 -358
Other Income / (Expense), net		 -158 20 -26 -120 -8.87 -262 -133 -9.81 43 -278
Income Tax Expense		 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		 ($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		 127.79M 124.45M 119.86M 114.91M 112.81M 111.53M 109.33M 107.96M 108.20M 107.64M
Diluted Earnings per Share		 ($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		 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		 128.20M 125M 120.50M 115.70M 111.93M 109.32M 107.92M 108.04M 108.11M 107.62M

Quarterly Income Statements for SBA Communications

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
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
Net Income / (Loss) Attributable to Common Shareholders		 100 103 101 204 87 110 155 163 259 174
Consolidated Net Income / (Loss)		 100 103 101 202 85 110 155 159 256 179
Net Income / (Loss) Continuing Operations		 100 103 101 202 85 110 155 159 256 179
Total Pre-Tax Income 		103 129 144 173 93 138 171 147 298 156
Total Operating Income		 243 235 224 241 249 210 323 354 376 382
Total Gross Profit		 498 514 511 524 533 531 520 519 517 542
Total Revenue		 676 686 676 679 683 675 658 660 668 694
Operating Revenue		 676 686 676 679 683 675 658 660 668 694
Total Cost of Revenue		 178 172 164 154 150 144 138 141 150 152
Operating Cost of Revenue		 178 172 164 154 150 144 138 141 150 152
Total Operating Expenses		 255 279 287 283 284 321 197 165 142 159
Selling, General & Admin Expense		 66 71 72 63 65 68 69 62 60 68
Depreciation Expense		 174 183 182 182 181 171 77 64 64 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
Impairment Charge		 8.53 18 26 33 33 77 44 32 13 20
Total Other Income / (Expense), net		 -140 -106 -80 -68 -155 -71 -152 -207 -77 -226
Interest Expense		 12 12 14 7.52 7.90 6.21 8.44 7.08 7.19 4.95
Interest & Investment Income		 -84 -97 -98 -97 -94 -93 -89 -90 -89 -90
Other Income / (Expense), net		 -45 2.69 33 36 -53 28 -54 -110 19 -132
Income Tax Expense		 2.88 26 44 -29 7.86 29 17 -12 42 -23
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
Basic Earnings per Share		 $0.93 $0.95 $0.94 $1.88 $0.81 $1.01 $1.43 $1.52 $2.41 $1.60
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
Diluted Earnings per Share		 $0.91 $0.95 $0.93 $1.87 $0.80 $1.01 $1.42 $1.51 $2.40 $1.61
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
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

Annual Cash Flow Statements for SBA Communications

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 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		 49 39 -81 84 -37 202 93 -246 62 1,150
Net Cash From Operating Activities		 723 743 818 851 970 1,126 1,190 1,286 1,544 1,335
Net Cash From Continuing Operating Activities		 723 743 816 851 970 1,126 1,190 1,286 1,544 1,335
Net Income / (Loss) Continuing Operations		 -176 76 104 47 147 24 238 460 497 749
Consolidated Net Income / (Loss)		 -176 76 104 47 147 24 238 460 497 749
Depreciation Expense		 660 638 643 672 697 722 700 708 716 270
Amortization Expense		 19 21 22 20 20 20 20 20 20 21
Non-Cash Adjustments To Reconcile Net Income		 255 43 77 173 188 484 390 314 382 579
Changes in Operating Assets and Liabilities, net		 -36 -36 -30 -62 -82 -124 -158 -216 -72 -283
Net Cash From Investing Activities		 -737 -428 -605 -618 -947 -446 -1,423 -1,394 -468 -809
Net Cash From Continuing Investing Activities		 -737 -428 -605 -618 -947 -446 -1,423 -1,394 -468 -809
Purchase of Property, Plant & Equipment		 -209 -140 -147 -150 -154 -129 -134 -214 -237 -228
Acquisitions		 -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		 90 0.71 0.23 151 626 1,239 1,730 878 1,338 1,537
Other Investing Activities, net		 -8.56 -12 -16 -11 -5.81 3.12 -31 0.52 -0.42 -6.32
Net Cash From Financing Activities		 76 -289 -295 -149 -62 -469 339 -135 -1,017 646
Net Cash From Continuing Financing Activities		 76 -289 -295 -149 -62 -469 339 -135 -1,017 646
Repayment of Debt		 -1,072 -2,091 -1,511 -3,542 -1,536 -2,990 -2,260 -1,240 -754 -3,450
Repurchase of Common Equity		 -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		 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		 322 338 320 377 387 352 361 348 397 395
Cash Income Taxes Paid		 9.43 9.66 15 22 22 20 26 32 26 42

Quarterly Cash Flow Statements for SBA Communications

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

Annual Balance Sheets for SBA Communications

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

Quarterly Balance Sheets for SBA Communications

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

Annual Metrics and Ratios for SBA Communications

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 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		 7.30% -0.33% 5.79% 7.99% 7.98% 3.40% 10.83% 14.06% 2.97% -1.18%
EBITDA Growth		 -14.46% 28.05% 2.83% 1.73% 15.75% -13.78% 22.87% 20.03% 3.65% -14.92%
EBIT Growth		 -53.22% 164.49% 5.99% -1.94% 35.58% -35.26% 74.49% 41.05% 5.55% 19.84%
NOPAT Growth		 -7.15% 54.64% 20.21% 22.88% -7.96% -3.53% 65.97% 9.91% 3.52% 66.09%
Net Income Growth		 -623.01% 143.40% 35.96% -54.22% 210.39% -83.67% 888.16% 93.50% 8.18% 50.51%
EPS Growth		 -621.05% 144.53% 40.98% -52.33% 212.20% -83.59% 919.05% 97.20% 9.24% 50.54%
Operating Cash Flow Growth		 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		 178.73% -43.56% 10.49% 86.03% -58.53% 245.46% -91.89% -135.79% 4,518.38% -10.64%
Invested Capital Growth		 -5.74% -0.21% 0.26% -3.37% 2.48% -9.00% 10.87% 12.62% -6.58% 2.89%
Revenue Q/Q Growth		 0.13% 0.59% 1.56% 2.23% 1.50% 1.08% 2.64% 3.57% -0.41% 0.70%
EBITDA Q/Q Growth		 4.27% -5.97% 4.54% 10.04% 3.42% 7.43% -6.00% 8.49% 0.53% -4.75%
EBIT Q/Q Growth		 28.45% -13.70% 11.15% 21.41% 2.18% 17.76% -12.94% 11.66% 0.03% 1.11%
NOPAT Q/Q Growth		 -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		 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		 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		 -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		 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		 0.56% -0.58% 1.65% -0.43% 6.75% 0.92% -0.38% 10.44% -2.60% 3.20%
Profitability Metrics		 - - - - - - - - - -
Gross Margin		 72.88% 74.23% 74.17% 74.87% 75.53% 77.12% 76.37% 74.61% 77.41% 78.29%
EBITDA Margin		 50.86% 65.34% 63.51% 59.83% 64.13% 53.48% 59.29% 62.39% 62.81% 54.07%
Operating Margin		 19.07% 23.72% 26.54% 29.17% 28.96% 30.42% 33.89% 35.14% 34.06% 53.58%
EBIT Margin		 9.41% 24.97% 25.02% 22.72% 28.52% 17.86% 28.11% 34.77% 35.64% 43.22%
Profit (Net Income) Margin		 -10.72% 4.67% 6.00% 2.54% 7.31% 1.15% 10.29% 17.46% 18.34% 27.94%
Tax Burden Percent		 105.44% 87.33% 88.68% 91.81% 78.81% -135.48% 94.08% 87.44% 90.69% 96.90%
Interest Burden Percent		 -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% 12.67% 11.32% 8.19% 21.19% 0.00% 5.92% 12.56% 9.31% 3.10%
Return on Invested Capital (ROIC)		 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)		 -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)		 11.65% -9.21% -10.63% -9.22% -11.25% -7.61% -16.35% -20.19% -21.14% -34.28%
Return on Equity (ROE)		 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)		 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)		 2.03% 5.56% 5.89% 5.83% 6.77% 3.93% 6.85% 8.98% 9.31% 10.73%
Return on Assets (ROA)		 -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)		 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)		 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)		 219 338 407 500 460 444 736 809 838 1,391
NOPAT Margin		 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)		 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		 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		 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%
Operating Expenses to Revenue		 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)		 154 408 432 424 575 372 649 916 966 1,158
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 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
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
Price to Revenue (P/Rev)		 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)		 0.00 159.14 175.43 366.12 175.33 1,243.03 171.53 63.45 53.55 29.24
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.32% 0.69% 0.62% 1.05% 1.37% 1.92%
Earnings Yield		 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)		 3.13 3.12 4.11 4.22 5.46 6.79 7.91 5.60 5.57 4.74
Enterprise Value to Revenue (EV/Rev)		 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)		 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)		 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)		 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)		 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)		 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		 -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		 -4.94 -4.08 -3.57 -2.66 -2.69 -2.30 -2.33 -2.45 -2.27 -2.45
Financial Leverage		 -6.79 -4.59 -3.89 -3.19 -2.85 -2.49 -2.26 -2.35 -2.40 -2.39
Leverage Ratio		 -6.40 -3.96 -3.20 -2.43 -2.42 -2.24 -1.88 -1.94 -2.00 -2.12
Compound Leverage Factor		 6.92 -0.85 -0.86 -0.30 -0.79 0.11 -0.73 -1.11 -1.14 -1.41
Debt to Total Capital		 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		 0.30% 9.25% 0.30% 14.35% 7.81% 0.38% 0.34% 0.31% 8.95% 13.92%
Long-Term Debt to Total Capital		 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%
Noncontrolling Interests to Total Capital		 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		 -25.29% -29.44% -38.73% -51.46% -54.87% -76.76% -75.09% -69.21% -71.93% -59.86%
Debt to EBITDA		 10.14 8.22 8.49 8.90 8.00 9.96 8.99 7.83 7.24 9.38
Net Debt to EBITDA		 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		 10.12 7.64 8.47 8.06 7.59 9.94 8.97 7.82 6.86 8.56
Debt to NOPAT		 38.64 25.95 22.90 19.89 22.47 25.01 16.71 15.90 14.71 9.77
Net Debt to NOPAT		 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		 38.55 24.09 22.85 18.01 21.34 24.96 16.68 15.87 13.95 8.92
Altman Z-Score		 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% -0.23% -0.38% -0.33% -0.47% -0.64% -0.88%
Liquidity Ratios		 - - - - - - - - - -
Current Ratio		 1.08 0.37 0.93 0.31 0.32 0.77 1.00 0.69 0.36 1.10
Quick Ratio		 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)		 624 352 389 724 300 1,037 84 -30 1,330 1,189
Operating Cash Flow to CapEx		 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		 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		 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		 224.79 273.51 233.22 265.46 255.50 40.11 22.43 23.23 36.46 40.01
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.22 0.22 0.24 0.26 0.24 0.22 0.24 0.26 0.26 0.25
Accounts Receivable Turnover		 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
Fixed Asset Turnover		 0.59 0.59 0.62 0.67 0.72 0.76 0.88 1.00 1.00 0.97
Accounts Payable Turnover		 12.71 15.19 14.48 13.86 14.91 6.72 7.57 15.64 13.09 11.43
Days Sales Outstanding (DSO)		 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
Days Payable Outstanding (DPO)		 28.73 24.03 25.21 26.33 24.49 54.31 48.19 23.33 27.89 31.92
Cash Conversion Cycle (CCC)		 -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		 6,655 6,641 6,659 6,435 6,594 6,001 6,653 7,492 6,999 7,202
Invested Capital Turnover		 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		 -405 -14 17 -224 160 -593 652 839 -493 202
Enterprise Value (EV)		 20,860 20,725 27,393 27,136 35,985 40,733 52,646 41,992 38,984 34,162
Market Capitalization		 12,552 12,132 18,184 17,373 25,773 29,962 40,759 29,278 26,871 21,913
Book Value per Share		 ($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		 ($43.14) ($45.56) ($52.72) ($59.20) ($64.78) ($71.83) ($74.34) ($74.59) ($70.69) ($69.74)
Total Capital		 6,746 6,780 6,712 6,562 6,683 6,287 7,037 7,624 7,188 8,536
Total Debt		 8,452 8,776 9,311 9,939 10,334 11,096 12,303 12,868 12,324 13,592
Total Long-Term Debt		 8,432 8,148 9,291 8,997 9,812 11,072 12,279 12,844 11,681 12,404
Net Debt		 8,308 8,593 9,209 9,763 10,196 10,756 11,870 12,682 12,078 12,195
Capital Expenditures (CapEx)		 209 140 147 150 154 129 134 214 237 228
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -104 -105 -101 -67 -330 -458 -411 -376 -483 -28
Debt-free Net Working Capital (DFNWC)		 41 78 0.63 109 -192 -118 22 -190 -236 1,369
Net Working Capital (NWC)		 21 -549 -19 -832 -714 -142 -1.89 -214 -879 181
Net Nonoperating Expense (NNE)		 394 262 303 452 313 420 499 349 340 643
Net Nonoperating Obligations (NNO)		 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)		 679 659 665 692 717 742 720 727 737 291
Debt-free, Cash-free Net Working Capital to Revenue		 -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		 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		 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		 ($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		 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		 ($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		 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		 ($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		 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)		 285 365 439 525 486 472 767 847 991 1,496
Normalized NOPAT Margin		 17.40% 22.33% 25.42% 28.11% 24.12% 22.64% 33.23% 32.16% 36.56% 55.82%
Pre Tax Income Margin		 -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		 67.38 185.09 150.12 160.53 179.96 14.96 13.79 19.86 26.94 41.87
NOPAT to Interest Expense		 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		 -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		 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% 56.62% 863.68% 106.71% 66.72% 74.38% 56.66%
Augmented Payout Ratio		 -342.12% 715.77% 824.41% 1,676.64% 373.68% 4,437.24% 351.88% 160.60% 94.48% 83.38%

Quarterly Metrics and Ratios for SBA Communications

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
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
Growth Metrics		 - - - - - - - - - -
Revenue Growth		 14.64% 15.26% 8.99% 4.06% 1.03% -1.61% -2.61% -2.66% -2.19% 2.77%
EBITDA Growth		 20.83% 34.89% -11.18% 36.40% 1.01% -2.70% -21.27% -32.67% 21.76% -22.88%
EBIT Growth		 44.69% 67.44% -19.79% 73.16% -1.56% 0.12% 4.78% -11.64% 101.92% 5.36%
NOPAT Growth		 -13.76% -6.40% -12.32% 15.78% -3.61% -11.21% 86.28% 36.26% 41.58% 164.32%
Net Income Growth		 108.72% 109.77% -46.60% 192.07% -14.43% 6.77% 53.69% -21.05% 199.77% 63.24%
EPS Growth		 111.63% 111.11% -45.93% 192.19% -12.09% 6.32% 52.69% -19.25% 200.00% 59.41%
Operating Cash Flow Growth		 31.39% -3.33% 6.39% 30.86% -5.65% 49.88% -5.37% -12.60% -2.88% -28.30%
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%
Invested Capital Growth		 1.58% 12.62% 7.17% 6.69% 5.93% -6.58% -6.56% -7.65% -2.89% 2.89%
Revenue Q/Q Growth		 3.62% 1.56% -1.54% 0.44% 0.60% -1.10% -2.54% 0.40% 1.08% 3.91%
EBITDA Q/Q Growth		 10.64% 12.98% 4.46% 4.47% -18.07% 8.83% -15.47% -10.67% 48.17% -31.07%
EBIT Q/Q Growth		 23.99% 19.71% 8.16% 7.87% -29.52% 21.75% 13.19% -9.04% 61.07% -36.47%
NOPAT Q/Q Growth		 -3.02% -20.88% -16.27% 80.23% -19.27% -27.12% 75.66% 31.83% -16.11% 36.07%
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%
EPS Q/Q Growth		 42.19% 4.40% -2.11% 101.08% -57.22% 26.25% 40.59% 6.34% 58.94% -32.92%
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%
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%
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%
Profitability Metrics		 - - - - - - - - - -
Gross Margin		 73.72% 74.91% 75.68% 77.27% 78.06% 78.62% 79.02% 78.61% 77.48% 78.07%
EBITDA Margin		 55.08% 61.27% 65.01% 67.61% 55.07% 60.60% 52.55% 46.76% 68.55% 45.47%
Operating Margin		 35.97% 34.20% 33.18% 35.55% 36.42% 31.06% 49.15% 53.67% 56.26% 55.12%
EBIT Margin		 29.35% 34.59% 38.00% 40.81% 28.60% 35.20% 40.89% 37.05% 59.03% 36.09%
Profit (Net Income) Margin		 14.77% 14.95% 14.89% 29.77% 12.51% 16.23% 23.49% 24.14% 38.33% 25.77%
Tax Burden Percent		 97.19% 79.63% 69.80% 116.89% 91.57% 79.12% 90.13% 108.39% 85.81% 114.70%
Interest Burden Percent		 51.77% 54.28% 56.12% 62.40% 47.76% 58.25% 63.75% 60.13% 75.67% 62.26%
Effective Tax Rate		 2.81% 20.37% 30.20% -16.89% 8.43% 20.88% 9.87% -8.39% 14.19% -14.70%
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%
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%
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%
Return on Equity (ROE)		 -14.66% -12.04% -10.68% -20.06% -14.65% -11.75% -20.28% -25.78% -23.75% -28.15%
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%
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%
Return on Assets (ROA)		 3.83% 3.86% 3.87% 7.84% 3.36% 4.24% 6.16% 6.34% 9.93% 6.40%
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%
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%
Net Operating Profit after Tax (NOPAT)		 236 187 156 282 228 166 291 384 322 439
NOPAT Margin		 34.96% 27.23% 23.16% 41.56% 33.35% 24.58% 44.30% 58.17% 48.28% 63.22%
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%
Return On Investment Capital (ROIC_SIMPLE)		 - 2.46% - - - 2.32% - - - 5.17%
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%
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%
R&D to Revenue		 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%
Earnings before Interest and Taxes (EBIT)		 198 237 257 277 195 238 269 245 394 250
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 372 420 439 459 376 409 346 309 458 315
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
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
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
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
Dividend Yield		 0.98% 1.05% 1.17% 1.38% 1.66% 1.37% 1.64% 1.87% 1.57% 1.92%
Earnings Yield		 1.37% 1.58% 1.36% 2.07% 2.32% 1.87% 2.39% 2.45% 2.65% 3.42%
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
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
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
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
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
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
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
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
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
Financial Leverage		 -2.31 -2.35 -2.35 -2.36 -2.34 -2.40 -2.38 -2.37 -2.38 -2.39
Leverage Ratio		 -1.91 -1.94 -1.95 -1.97 -1.94 -2.00 -1.97 -1.97 -2.00 -2.12
Compound Leverage Factor		 -0.99 -1.05 -1.09 -1.23 -0.93 -1.17 -1.26 -1.19 -1.51 -1.32
Debt to Total Capital		 175.68% 168.79% 168.91% 167.03% 169.50% 171.45% 172.34% 175.33% 171.25% 159.23%
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%
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%
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%
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%
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%
Debt to EBITDA		 8.16 7.83 8.18 7.45 7.39 7.24 7.77 8.53 8.10 9.38
Net Debt to EBITDA		 7.98 7.72 8.06 7.30 7.25 7.09 7.61 8.34 7.94 8.42
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
Debt to NOPAT		 15.26 15.90 16.30 14.51 14.50 14.71 12.62 11.69 10.84 9.77
Net Debt to NOPAT		 14.92 15.67 16.06 14.22 14.23 14.42 12.35 11.42 10.62 8.77
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
Altman Z-Score		 0.34 0.42 0.37 0.29 0.12 0.27 -0.01 -0.13 0.36 0.23
Noncontrolling Interest Sharing Ratio		 -0.55% -0.47% -0.71% -0.75% -0.73% -0.64% -0.72% -0.76% -0.82% -0.88%
Liquidity Ratios		 - - - - - - - - - -
Current Ratio		 0.40 0.69 0.74 0.70 0.69 0.36 0.19 0.19 0.67 1.10
Quick Ratio		 0.24 0.47 0.53 0.46 0.53 0.29 0.15 0.13 0.45 0.19
Cash Flow Metrics		 - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 131 -652 -341 -178 -175 659 779 946 530 236
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%
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
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
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
Efficiency Ratios		 - - - - - - - - - -
Asset Turnover		 0.26 0.26 0.26 0.26 0.27 0.26 0.26 0.26 0.26 0.25
Accounts Receivable Turnover		 26.34 18.40 17.65 19.72 19.78 14.77 17.40 21.50 19.76 16.32
Inventory Turnover		 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
Accounts Payable Turnover		 14.78 15.64 14.45 15.11 13.08 13.09 11.81 11.73 11.36 11.43
Days Sales Outstanding (DSO)		 13.86 19.84 20.68 18.51 18.45 24.71 20.98 16.98 18.47 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
Days Payable Outstanding (DPO)		 24.69 23.33 25.26 24.16 27.90 27.89 30.91 31.12 32.13 31.92
Cash Conversion Cycle (CCC)		 -10.84 -3.49 -4.58 -5.65 -9.45 -3.18 -9.94 -14.14 -13.66 -9.55
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
Invested Capital Turnover		 0.38 0.37 0.37 0.38 0.39 0.37 0.37 0.38 0.38 0.38
Increase / (Decrease) in Invested Capital		 105 839 497 460 402 -493 -488 -562 -208 202
Enterprise Value (EV)		 41,893 41,992 40,173 36,958 33,640 38,984 35,340 33,039 37,990 34,162
Market Capitalization		 29,769 29,278 27,503 24,576 21,318 26,871 23,207 20,997 25,869 21,913
Book Value per Share		 ($49.74) ($48.87) ($48.77) ($47.00) ($47.67) ($47.93) ($48.31) ($49.48) ($48.15) ($47.52)
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)
Total Capital		 7,035 7,624 7,591 7,541 7,384 7,188 7,170 7,004 7,194 8,536
Total Debt		 12,359 12,868 12,822 12,596 12,515 12,324 12,356 12,280 12,319 13,592
Total Long-Term Debt		 11,696 12,844 12,798 12,572 12,491 11,681 10,551 10,474 12,296 12,404
Net Debt		 12,083 12,682 12,632 12,345 12,287 12,078 12,096 12,001 12,072 12,195
Capital Expenditures (CapEx)		 57 66 49 63 61 63 58 50 65 56
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -422 -376 -333 -447 -407 -483 -420 -472 -442 -28
Debt-free Net Working Capital (DFNWC)		 -145 -190 -143 -196 -179 -236 -160 -193 -195 1,369
Net Working Capital (NWC)		 -809 -214 -167 -220 -203 -879 -1,966 -2,000 -218 181
Net Nonoperating Expense (NNE)		 136 84 56 80 142 56 137 225 66 260
Net Nonoperating Obligations (NNO)		 12,108 12,737 12,661 12,400 12,317 12,135 12,128 12,059 12,104 12,257
Total Depreciation and Amortization (D&A)		 174 183 182 182 181 171 77 64 64 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%
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%
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%
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
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
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
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
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
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
Normalized Net Operating Profit after Tax (NOPAT)		 244 201 175 192 258 227 331 270 333 282
Normalized NOPAT Margin		 36.18% 29.28% 25.89% 28.28% 37.79% 33.61% 50.28% 40.92% 49.91% 40.60%
Pre Tax Income Margin		 15.19% 18.78% 21.33% 25.47% 13.66% 20.51% 26.06% 22.27% 44.67% 22.47%
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
NOPAT to Interest Expense		 20.49 16.21 10.99 37.50 28.82 26.70 34.52 54.26 44.81 88.67
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
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
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%
Augmented Payout Ratio		 251.93% 160.60% 87.04% 67.23% 83.29% 94.48% 107.06% 137.04% 96.69% 83.38%

Frequently Asked Questions About SBA Communications' Financials

When does SBA Communications's 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 9 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 -$175.66 million in 2015. The previous period was $497.42 million in 2023. See where experts think SBA Communications is headed by visiting SBA Communications' forecast page.

What is SBA Communications's operating income?
SBA Communications's 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 9 years?

Over the last 9 years, SBA Communications' total revenue changed from $1.64 billion in 2015 to $2.68 billion in 2024, a change of 63.5%.

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 82.6% increase since 2015.

How much cash does SBA Communications have?

In the past 9 years, SBA Communications' cash and equivalents has ranged from $68.78 million in 2017 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 9 years?

Over the last 9 years, SBA Communications' book value per share changed from -13.52 in 2015 to -47.52 in 2024, a change of 251.4%.


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This page (NASDAQ:SBAC) was last updated on 5/6/2025 by MarketBeat.com Staff
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