SBA Communications (SBAC) Financials

$218.47 +0.30 (+0.14%)

As of 12:59 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-176	76	104	47	147	24	238	461	502	750	1,054
Consolidated Net Income / (Loss)	-176	76	104	47	147	24	238	460	497	749	1,054
Net Income / (Loss) Continuing Operations	-176	76	104	47	147	24	238	460	497	749	1,054
Total Pre-Tax Income	-167	87	117	52	187	-18	253	526	549	773	1,242
Total Operating Income	312	387	459	544	583	634	782	925	924	1,436	1,343
Total Gross Profit	1,194	1,212	1,281	1,397	1,522	1,607	1,763	1,965	2,099	2,098	2,124
Total Revenue	1,638	1,633	1,728	1,866	2,015	2,083	2,309	2,633	2,712	2,680	2,815
Operating Revenue	1,638	1,633	1,728	1,866	2,015	2,083	2,309	2,633	2,712	2,680	2,815
Total Cost of Revenue	444	421	446	469	493	477	545	669	613	582	691
Operating Cost of Revenue	444	421	446	469	493	477	545	669	613	582	691
Total Operating Expenses	882	825	823	853	938	973	981	1,039	1,175	662	781
Selling, General & Admin Expense	115	143	131	143	193	194	220	262	268	259	278
Depreciation Expense	660	638	643	672	697	722	700	708	716	270	292
Other Operating Expenses / (Income)	12	13	12	11	15	17	28	27	22	26	27
Impairment Charge	95	30	37	27	33	40	33	43	169	108	184
Total Other Income / (Expense), net	-479	-300	-342	-492	-397	-651	-530	-400	-375	-663	-101
Interest Expense	2.29	2.20	2.88	2.64	3.19	25	47	46	36	28	8.86
Interest & Investment Income	-318	-318	-312	-369	-385	-365	-349	-344	-382	-358	-436
Other Income / (Expense), net	-158	20	-26	-120	-8.87	-262	-133	-9.81	43	-278	344
Income Tax Expense	9.06	11	13	4.23	40	-42	15	66	51	24	188
Net Income / (Loss) Attributable to Noncontrolling Interest	-	-	0.00	0.00	0.29	-0.06	0.00	-1.63	-4.40	-0.86	0.82
Basic Earnings per Share	($1.37)	$0.61	$0.86	$0.41	$1.30	$0.22	$2.17	$4.27	$4.64	$6.96	$9.83
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	107.21M
Diluted Earnings per Share	($1.37)	$0.61	$0.86	$0.41	$1.28	$0.21	$2.14	$4.22	$4.61	$6.94	$9.80
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	107.53M
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	105.79M

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	87	110	155	163	259	174	221	226	237	370	185
Consolidated Net Income / (Loss)	85	110	155	159	256	179	218	226	240	370	185
Net Income / (Loss) Continuing Operations	85	110	155	159	256	179	218	226	240	370	185
Total Pre-Tax Income	93	138	171	147	298	156	260	261	289	432	236
Total Operating Income	249	210	323	354	376	382	335	335	374	299	343
Total Gross Profit	533	531	520	519	517	542	511	527	543	544	532
Total Revenue	683	675	658	660	668	694	664	699	732	720	703
Operating Revenue	683	675	658	660	668	694	664	699	732	720	703
Total Cost of Revenue	150	144	138	141	150	152	154	172	190	175	171
Operating Cost of Revenue	150	144	138	141	150	152	154	172	190	175	171
Total Operating Expenses	284	321	197	165	142	159	176	192	168	245	189
Selling, General & Admin Expense	65	68	69	62	60	68	66	71	66	74	71
Depreciation Expense	181	171	77	64	64	65	65	70	77	80	81
Other Operating Expenses / (Income)	5.61	5.05	7.42	6.57	5.39	6.57	7.38	5.89	5.16	8.90	8.09
Impairment Charge	33	77	44	32	13	20	37	45	20	82	29
Total Other Income / (Expense), net	-155	-71	-152	-207	-77	-226	-75	-74	-85	133	-107
Interest Expense	7.90	6.21	8.44	7.08	7.19	4.95	8.35	1.23	0.57	-1.29	0.77
Interest & Investment Income	-94	-93	-89	-90	-89	-90	-93	-112	-115	-117	-123
Other Income / (Expense), net	-53	28	-54	-110	19	-132	27	39	30	249	17
Income Tax Expense	7.86	29	17	-12	42	-23	42	35	49	62	51
Net Income / (Loss) Attributable to Noncontrolling Interest	-2.06	0.00	0.00	-3.38	-2.64	5.16	-2.83	-0.10	3.62	0.14	0.07
Basic Earnings per Share	$0.81	$1.01	$1.43	$1.52	$2.41	$1.60	$2.05	$2.10	$2.21	$3.47	$1.75
Weighted Average Basic Shares Outstanding	108.37M	108.20M	108.10M	107.46M	107.49M	107.64M	107.74M	107.53M	107.26M	107.21M	105.82M
Diluted Earnings per Share	$0.80	$1.01	$1.42	$1.51	$2.40	$1.61	$2.04	$2.09	$2.20	$3.47	$1.74
Weighted Average Diluted Shares Outstanding	108.89M	108.91M	108.62M	107.68M	107.92M	108.08M	108.14M	107.80M	107.56M	107.53M	106.11M
Weighted Average Basic & Diluted Shares Outstanding	107.89M	108.11M	107.44M	107.47M	107.52M	107.62M	107.45M	107.38M	106.55M	105.79M	106.06M

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	2025
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	12/31/2025
Net Change in Cash & Equivalents	49	39	-81	84	-37	202	93	-246	62	1,150	-964
Net Cash From Operating Activities	723	743	818	851	970	1,126	1,190	1,286	1,544	1,335	1,291
Net Cash From Continuing Operating Activities	723	743	816	851	970	1,126	1,190	1,286	1,544	1,335	1,291
Net Income / (Loss) Continuing Operations	-176	76	104	47	147	24	238	460	497	749	1,054
Consolidated Net Income / (Loss)	-176	76	104	47	147	24	238	460	497	749	1,054
Depreciation Expense	660	638	643	672	697	722	700	708	716	270	292
Amortization Expense	19	21	22	20	20	20	20	20	20	21	22
Non-Cash Adjustments To Reconcile Net Income	255	43	77	173	188	484	390	314	382	579	128
Changes in Operating Assets and Liabilities, net	-36	-36	-30	-62	-82	-124	-158	-216	-72	-283	-205
Net Cash From Investing Activities	-737	-428	-605	-618	-947	-446	-1,423	-1,394	-468	-809	-602
Net Cash From Continuing Investing Activities	-737	-428	-605	-618	-947	-446	-1,423	-1,394	-468	-809	-602
Purchase of Property, Plant & Equipment	-209	-140	-147	-150	-154	-129	-134	-214	-237	-228	-225
Acquisitions	-610	-277	-442	-452	-774	-271	-1,258	-1,176	-130	-300	-1,059
Purchase of Investments	-	-0.10	-0.40	-157	-639	-1,289	-1,731	-882	-1,339	-1,801	-1,166
Divestitures	-	-	-	-	-	-	-	-	3.72	0.33	331
Sale and/or Maturity of Investments	90	0.71	0.23	151	626	1,239	1,730	878	1,338	1,537	1,404
Other Investing Activities, net	-8.56	-12	-16	-11	-5.81	3.12	-31	0.52	-105	-18	113
Net Cash From Financing Activities	76	-289	-295	-149	-62	-469	339	-135	-1,017	646	-1,664
Net Cash From Continuing Financing Activities	76	-289	-295	-149	-62	-469	339	-135	-1,017	646	-1,664
Repayment of Debt	-1,072	-2,091	-1,511	-3,542	-1,536	-2,990	-2,260	-1,240	-754	-3,450	-1,412
Repurchase of Common Equity	-601	-546	-855	-796	-467	-859	-583	-432	-100	-200	-498
Payment of Dividends	-	-	0.00	0.00	-83	-208	-254	-307	-370	-424	-479
Issuance of Debt	1,749	2,349	2,016	4,129	1,907	3,710	3,420	1,815	190	4,703	695
Issuance of Common Equity	-	-	55	60	130	99	87	38	44	36	56
Other Financing Activities, net	-	-	-	0.00	-14	-221	-72	-9.96	-27	-19	-26
Effect of Exchange Rate Changes	-13	14	-	-	2.25	-8.96	-13	-2.92	2.73	-22	10
Cash Interest Paid	322	338	320	377	387	352	361	348	397	395	467
Cash Income Taxes Paid	9.43	9.66	15	22	22	20	26	32	26	42	53

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 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-23	19	13	19	-32	1,149	-737	-364	165	-28	-105
Net Cash From Operating Activities	314	433	294	426	305	310	301	368	318	304	255
Net Cash From Continuing Operating Activities	314	433	294	426	305	310	301	368	318	304	255
Net Income / (Loss) Continuing Operations	85	110	155	159	256	179	218	226	240	370	185
Consolidated Net Income / (Loss)	85	110	155	159	256	179	218	226	240	370	185
Depreciation Expense	181	171	77	64	64	65	65	70	77	80	81
Non-Cash Adjustments To Reconcile Net Income	150	102	159	197	48	174	69	64	48	-53	83
Changes in Operating Assets and Liabilities, net	-103	30	-96	5.23	-63	-129	-50	8.45	-47	-116	-94
Net Cash From Investing Activities	-104	-106	-85	-121	-274	-329	238	-581	-78	-181	-297
Net Cash From Continuing Investing Activities	-104	-106	-85	-121	-274	-329	238	-581	-78	-181	-297
Purchase of Property, Plant & Equipment	-61	-63	-58	-50	-65	-56	-46	-56	-60	-63	-48
Acquisitions	-53	-138	-19	-42	-207	-43	-63	-589	-12	-394	-143
Purchase of Investments	-378	-334	-312	-369	-523	-596	-228	-206	-224	-508	-725
Divestitures	-	-	0.00	-	-	-	40	0.04	0.10	290	2.18
Sale and/or Maturity of Investments	398	333	311	341	528	358	416	270	224	494	618
Other Investing Activities, net	-9.39	94	-7.20	-0.90	-5.94	7.72	120	0.02	-6.95	0.22	0.08
Net Cash From Financing Activities	-231	-312	-191	-277	-66	1,180	-1,282	-158	-80	-143	-70
Net Cash From Continuing Financing Activities	-231	-312	-191	-277	-66	1,180	-1,282	-158	-80	-143	-70
Repayment of Debt	-137	-197	-2,376	-151	-141	-781	-1,172	-0.69	-107	-132	-849
Payment of Dividends	-92	-92	-108	-105	-105	-105	-122	-119	-119	-118	-135
Issuance of Debt	50	-	2,400	70	175	2,058	0.00	80	295	320	900
Issuance of Common Equity	1.75	23	17	4.21	5.84	8.84	36	13	2.61	4.06	34
Other Financing Activities, net	-0.10	-0.01	-18	-0.26	-0.13	-0.61	-24	-0.41	-0.18	-0.63	-20
Effect of Exchange Rate Changes	-2.80	4.18	-4.35	-9.05	3.51	-12	6.14	7.56	4.96	-8.22	6.79
Cash Interest Paid	124	71	121	72	122	80	132	80	158	97	155
Cash Income Taxes Paid	4.13	5.29	7.42	9.80	8.76	16	7.45	16	9.81	20	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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
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	12/31/2025
Total Assets	7,313	7,361	7,320	7,214	9,760	9,158	9,802	10,585	10,178	11,417	11,575
Total Current Assets	294	325	260	374	334	473	614	483	484	1,979	773
Cash & Equivalents	118	146	69	143	108	309	367	144	209	190	265
Restricted Cash	25	37	33	32	30	32	66	42	38	1,207	168
Accounts Receivable	100	89	108	111	132	74	102	184	183	146	171
Prepaid Expenses	50	52	50	63	37	24	31	33	39	417	142
Other Current Assets	-	-	-	24	26	35	49	80	16	19	28
Plant, Property, & Equipment, net	2,782	2,792	2,812	2,786	2,795	2,677	2,575	2,714	2,712	2,792	3,402
Total Noncurrent Assets	4,237	4,244	4,248	4,053	6,631	6,008	6,612	7,389	6,982	6,647	7,400
Noncurrent Note & Lease Receivables	-	-	-	-	-	2,369	-	2,382	2,241	2,292	2,540
Intangible Assets	3,735	3,657	3,598	3,331	3,627	3,156	2,803	2,776	2,456	2,389	2,882
Other Noncurrent Operating Assets	501	587	650	722	3,004	482	3,809	2,230	2,286	1,965	1,977
Total Liabilities & Shareholders' Equity	7,313	7,361	7,320	7,214	9,760	9,158	9,802	10,585	10,178	11,417	11,575
Total Liabilities	9,019	9,357	9,919	10,591	13,411	13,967	15,068	15,830	15,314	16,473	16,350
Total Current Liabilities	273	873	279	1,206	1,048	615	616	697	1,363	1,798	2,678
Short-Term Debt	20	627	20	942	522	24	24	24	643	1,188	1,936
Accounts Payable	27	28	33	34	32	110	34	51	42	60	73
Accrued Expenses	64	61	70	64	68	63	68	101	93	82	94
Current Deferred Revenue	97	101	98	108	114	113	184	155	236	127	117
Other Current Liabilities	12	11	8.84	9.80	264	250	257	311	292	279	394
Other Current Nonoperating Liabilities	53	45	49	49	49	54	49	54	57	62	65
Total Noncurrent Liabilities	8,746	8,483	9,640	9,384	12,363	13,352	14,452	15,133	13,951	14,675	13,672
Long-Term Debt	8,432	8,148	9,291	8,997	9,812	11,072	12,279	12,844	11,681	12,404	10,964
Other Noncurrent Operating Liabilities	314	335	350	387	2,550	2,281	2,173	2,289	2,270	2,271	2,708
Redeemable Noncontrolling Interest	-	-	-	0.00	16	15	17	32	35	54	78
Total Equity & Noncontrolling Interests	-1,706	-1,996	-2,599	-3,377	-3,667	-4,824	-5,283	-5,276	-5,171	-5,110	-4,854
Total Preferred & Common Equity	-1,706	-1,996	-2,599	-3,377	-3,667	-4,824	-5,283	-5,276	-5,171	-5,110	-4,854
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	-1,706	-1,996	-2,599	-3,377	-3,667	-4,825	-5,283	-5,276	-5,171	-5,110	-4,854
Common Stock	1,964	2,012	2,169	2,271	2,462	2,586	2,682	2,796	2,895	2,977	3,060
Retained Earnings	-3,168	-3,637	-4,388	-5,136	-5,561	-6,604	-7,204	-7,482	-7,451	-7,326	-7,250
Accumulated Other Comprehensive Income / (Loss)	-502	-370	-379	-512	-569	-808	-762	-591	-615	-760	-664

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	10,604	10,334	10,178	9,995	9,786	10,202	11,417	10,443	10,766	11,260	11,721
Total Current Assets	519	460	484	448	460	450	1,979	933	524	813	767
Cash & Equivalents	179	191	209	240	221	186	190	636	275	430	269
Restricted Cash	72	37	38	20	58	61	1,207	23	21	30	59
Accounts Receivable	160	158	183	127	89	111	146	130	140	158	161
Prepaid Expenses	65	46	39	44	73	67	417	117	41	144	255
Other Current Assets	42	28	16	17	20	25	19	27	47	50	23
Plant, Property, & Equipment, net	2,712	2,701	2,712	2,710	2,720	2,784	2,792	2,819	3,258	3,296	3,416
Total Noncurrent Assets	7,374	7,173	6,982	6,838	6,606	6,967	6,647	6,691	6,984	7,152	7,537
Noncurrent Note & Lease Receivables	2,362	2,316	2,241	2,186	2,129	2,323	2,292	2,340	2,419	2,435	2,679
Intangible Assets	2,628	2,524	2,456	2,404	2,314	2,492	2,389	2,403	2,580	2,725	2,880
Other Noncurrent Operating Assets	2,383	2,334	2,286	2,248	2,163	2,152	1,965	1,948	1,985	1,992	1,979
Total Liabilities & Shareholders' Equity	10,604	10,334	10,178	9,995	9,786	10,202	11,417	10,443	10,766	11,260	11,721
Total Liabilities	15,659	15,466	15,314	15,182	15,062	15,327	16,473	15,351	15,640	16,118	16,387
Total Current Liabilities	738	663	1,363	2,413	2,460	668	1,798	1,343	1,430	1,611	3,346
Short-Term Debt	24	24	643	1,805	1,806	23	1,188	772	772	773	2,684
Accounts Payable	47	47	42	46	51	54	60	65	61	220	64
Accrued Expenses	84	93	93	77	76	89	82	75	86	98	85
Current Deferred Revenue	230	176	236	161	191	184	127	110	125	132	104
Other Current Liabilities	298	294	292	291	277	285	279	286	310	351	371
Other Current Nonoperating Liabilities	55	30	57	33	58	32	62	35	75	38	39
Total Noncurrent Liabilities	14,921	14,802	13,951	12,768	12,603	14,660	14,675	14,008	14,210	14,507	13,041
Long-Term Debt	12,572	12,491	11,681	10,551	10,474	12,296	12,404	11,654	11,739	11,933	10,276
Other Noncurrent Operating Liabilities	2,349	2,311	2,270	2,218	2,129	2,363	2,271	2,354	2,471	2,574	2,765
Redeemable Noncontrolling Interest	38	35	35	37	41	49	54	63	65	77	86
Total Equity & Noncontrolling Interests	-5,092	-5,166	-5,171	-5,223	-5,317	-5,175	-5,110	-4,971	-4,939	-4,934	-4,752
Total Preferred & Common Equity	-5,092	-5,166	-5,171	-5,223	-5,317	-5,175	-5,110	-4,971	-4,939	-4,934	-4,752
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	-5,092	-5,166	-5,171	-5,223	-5,317	-5,175	-5,110	-4,971	-4,939	-4,934	-4,752
Common Stock	2,826	2,850	2,895	2,916	2,931	2,943	2,977	2,992	3,024	3,039	3,086
Retained Earnings	-7,363	-7,422	-7,451	-7,509	-7,546	-7,394	-7,326	-7,226	-7,251	-7,285	-7,201
Accumulated Other Comprehensive Income / (Loss)	-556	-594	-615	-630	-702	-724	-760	-737	-712	-688	-637

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	2025
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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	7.30%	-0.33%	5.79%	7.99%	7.98%	3.40%	10.83%	14.06%	2.97%	-1.18%	5.06%
EBITDA Growth	-14.46%	28.05%	2.83%	1.73%	15.75%	-13.78%	22.87%	20.03%	3.65%	-14.92%	38.12%
EBIT Growth	-53.22%	164.49%	5.99%	-1.94%	35.58%	-35.26%	74.49%	41.05%	5.55%	19.84%	45.68%
NOPAT Growth	-7.15%	54.64%	20.21%	22.88%	-7.96%	-3.53%	65.97%	9.91%	3.52%	66.09%	-18.06%
Net Income Growth	-623.01%	143.40%	35.96%	-54.22%	210.39%	-83.67%	888.16%	93.50%	8.18%	50.51%	40.84%
EPS Growth	-621.05%	144.53%	40.98%	-52.33%	212.20%	-83.59%	919.05%	97.20%	9.24%	50.54%	41.21%
Operating Cash Flow Growth	7.22%	2.70%	10.23%	3.93%	14.04%	16.08%	5.67%	8.05%	20.12%	-13.57%	-3.26%
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%	-50.88%
Invested Capital Growth	-5.74%	-0.21%	0.26%	-3.37%	2.48%	-9.00%	10.87%	12.62%	-6.58%	2.89%	7.72%
Revenue Q/Q Growth	0.13%	0.59%	1.56%	2.23%	1.50%	1.08%	2.64%	3.57%	-0.41%	0.70%	0.93%
EBITDA Q/Q Growth	4.27%	-5.97%	4.54%	10.04%	3.42%	7.43%	-6.00%	8.49%	0.53%	-4.75%	20.07%
EBIT Q/Q Growth	28.45%	-13.70%	11.15%	21.41%	2.18%	17.76%	-12.94%	11.66%	0.03%	1.11%	21.40%
NOPAT Q/Q Growth	-4.42%	0.51%	4.87%	39.15%	1.71%	1.80%	14.72%	-0.08%	-2.98%	22.43%	-10.54%
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%	22.21%
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%	23.43%
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%	-0.47%
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%	-29.44%
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%	4.48%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	72.88%	74.23%	74.17%	74.87%	75.53%	77.12%	76.37%	74.61%	77.41%	78.29%	75.46%
EBITDA Margin	50.86%	65.34%	63.51%	59.83%	64.13%	53.48%	59.29%	62.39%	62.81%	54.07%	71.09%
Operating Margin	19.07%	23.72%	26.54%	29.17%	28.96%	30.42%	33.89%	35.14%	34.06%	53.58%	47.70%
EBIT Margin	9.41%	24.97%	25.02%	22.72%	28.52%	17.86%	28.11%	34.77%	35.64%	43.22%	59.93%
Profit (Net Income) Margin	-10.72%	4.67%	6.00%	2.54%	7.31%	1.15%	10.29%	17.46%	18.34%	27.94%	37.46%
Tax Burden Percent	105.44%	87.33%	88.68%	91.81%	78.81%	-135.48%	94.08%	87.44%	90.69%	96.90%	84.90%
Interest Burden Percent	-108.06%	21.41%	27.05%	12.20%	32.52%	-4.77%	38.91%	57.43%	56.76%	66.72%	73.62%
Effective Tax Rate	0.00%	12.67%	11.32%	8.19%	21.19%	0.00%	5.92%	12.56%	9.31%	3.10%	15.10%
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%	15.24%
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%	14.55%
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%	-36.69%
Return on Equity (ROE)	14.84%	-4.12%	-4.51%	-1.59%	-4.19%	-0.57%	-4.72%	-8.75%	-9.58%	-14.69%	-21.45%
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%	7.81%
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%	14.68%
Return on Assets (ROA)	-2.32%	1.04%	1.41%	0.65%	1.74%	0.25%	2.51%	4.51%	4.79%	6.93%	9.17%
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%	-21.74%
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%	0.00%
Net Operating Profit after Tax (NOPAT)	219	338	407	500	460	444	736	809	838	1,391	1,140
NOPAT Margin	13.35%	20.71%	23.53%	26.78%	22.82%	21.29%	31.89%	30.73%	30.89%	51.92%	40.49%
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%	0.69%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	10.66%	11.71%	16.40%	14.17%
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%	24.54%
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%	9.86%
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	53.81%	50.51%	47.63%	45.71%	46.57%	46.70%	42.48%	39.47%	43.34%	24.71%	27.76%
Earnings before Interest and Taxes (EBIT)	154	408	432	424	575	372	649	916	966	1,158	1,687
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	2,001
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)	7.66	7.43	10.52	9.31	12.79	14.38	17.65	11.12	9.91	8.18	7.32
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	19.56
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.32%	0.69%	0.62%	1.05%	1.37%	1.92%	2.30%
Earnings Yield	0.00%	0.63%	0.57%	0.27%	0.57%	0.08%	0.58%	1.58%	1.87%	3.42%	5.11%
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	4.27
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	11.78
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	16.57
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	19.65
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	29.08
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	25.68
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	56.77
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	-2.70
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	-2.30
Financial Leverage	-6.79	-4.59	-3.89	-3.19	-2.85	-2.49	-2.26	-2.35	-2.40	-2.39	-2.52
Leverage Ratio	-6.40	-3.96	-3.20	-2.43	-2.42	-2.24	-1.88	-1.94	-2.00	-2.12	-2.34
Compound Leverage Factor	6.92	-0.85	-0.86	-0.30	-0.79	0.11	-0.73	-1.11	-1.14	-1.41	-1.72
Debt to Total Capital	125.29%	129.44%	138.73%	151.46%	154.63%	176.50%	174.84%	168.79%	171.45%	159.23%	158.77%
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%	23.83%
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%	134.95%
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%	0.24%	0.24%	0.25%	0.42%	0.49%	0.63%	0.96%
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%	-59.74%
Debt to EBITDA	10.14	8.22	8.49	8.90	8.00	9.96	8.99	7.83	7.24	9.38	6.45
Net Debt to EBITDA	9.97	8.05	8.39	8.75	7.89	9.65	8.67	7.72	7.09	8.42	6.23
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	5.48
Debt to NOPAT	38.64	25.95	22.90	19.89	22.47	25.01	16.71	15.90	14.71	9.77	11.32
Net Debt to NOPAT	37.98	25.41	22.65	19.54	22.17	24.25	16.12	15.67	14.42	8.77	10.94
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	9.62
Altman Z-Score	0.53	0.40	0.69	0.30	0.67	0.62	1.05	0.63	0.50	0.49	0.41
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	-0.23%	-0.38%	-0.33%	-0.47%	-0.64%	-0.88%	-1.35%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.08	0.37	0.93	0.31	0.32	0.77	1.00	0.69	0.36	1.10	0.29
Quick Ratio	0.80	0.27	0.63	0.21	0.23	0.62	0.76	0.47	0.29	0.19	0.16
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	624	352	389	724	300	1,037	84	-30	1,330	1,189	584
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%	574.39%
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	65.94
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	145.80
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	120.41
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.22	0.22	0.24	0.26	0.24	0.22	0.24	0.26	0.26	0.25	0.24
Accounts Receivable Turnover	13.97	17.22	17.49	17.03	16.57	20.20	26.23	18.40	14.77	16.32	17.76
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	0.59	0.59	0.62	0.67	0.72	0.76	0.88	1.00	1.00	0.97	0.91
Accounts Payable Turnover	12.71	15.19	14.48	13.86	14.91	6.72	7.57	15.64	13.09	11.43	10.42
Days Sales Outstanding (DSO)	26.13	21.20	20.87	21.44	22.03	18.07	13.91	19.84	24.71	22.37	20.55
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)	28.73	24.03	25.21	26.33	24.49	54.31	48.19	23.33	27.89	31.92	35.02
Cash Conversion Cycle (CCC)	-2.60	-2.83	-4.34	-4.90	-2.46	-36.25	-34.27	-3.49	-3.18	-9.55	-14.47
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	7,758
Invested Capital Turnover	0.24	0.25	0.26	0.29	0.31	0.33	0.36	0.37	0.37	0.38	0.38
Increase / (Decrease) in Invested Capital	-405	-14	17	-224	160	-593	652	839	-493	202	556
Enterprise Value (EV)	20,860	20,725	27,393	27,136	35,985	40,733	52,646	41,992	38,984	34,162	33,156
Market Capitalization	12,552	12,132	18,184	17,373	25,773	29,962	40,759	29,278	26,871	21,913	20,609
Book Value per Share	($13.52)	($16.09)	($22.11)	($29.80)	($32.57)	($43.43)	($48.57)	($48.87)	($47.93)	($47.52)	($45.55)
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)	($72.60)
Total Capital	6,746	6,780	6,712	6,562	6,683	6,287	7,037	7,624	7,188	8,536	8,125
Total Debt	8,452	8,776	9,311	9,939	10,334	11,096	12,303	12,868	12,324	13,592	12,900
Total Long-Term Debt	8,432	8,148	9,291	8,997	9,812	11,072	12,279	12,844	11,681	12,404	10,964
Net Debt	8,308	8,593	9,209	9,763	10,196	10,756	11,870	12,682	12,078	12,195	12,468
Capital Expenditures (CapEx)	209	140	147	150	154	129	134	214	237	228	225
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-104	-105	-101	-67	-330	-458	-411	-376	-483	-28	-401
Debt-free Net Working Capital (DFNWC)	41	78	0.63	109	-192	-118	22	-190	-236	1,369	31
Net Working Capital (NWC)	21	-549	-19	-832	-714	-142	-1.89	-214	-879	181	-1,905
Net Nonoperating Expense (NNE)	394	262	303	452	313	420	499	349	340	643	86
Net Nonoperating Obligations (NNO)	8,361	8,637	9,258	9,811	10,245	10,810	11,919	12,737	12,135	12,257	12,533
Total Depreciation and Amortization (D&A)	679	659	665	692	717	742	720	727	737	291	314
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%	-14.26%
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%	1.10%
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%	-67.67%
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	$9.83
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	107.21M
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	$9.80
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	107.53M
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	$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	105.79M
Normalized Net Operating Profit after Tax (NOPAT)	285	365	439	525	486	472	767	847	991	1,496	1,296
Normalized NOPAT Margin	17.40%	22.33%	25.42%	28.11%	24.12%	22.64%	33.23%	32.16%	36.56%	55.82%	46.05%
Pre Tax Income Margin	-10.17%	5.35%	6.77%	2.77%	9.28%	-0.85%	10.94%	19.97%	20.23%	28.83%	44.12%
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	190.49
NOPAT to Interest Expense	95.59	153.53	141.22	189.24	144.01	17.84	15.64	17.55	23.35	50.29	128.71
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	165.10
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	103.33
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%	45.43%
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%	92.64%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	105,788,592.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	105,788,592.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1.75
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	1.03%	-1.61%	-2.61%	-2.66%	-2.19%	2.77%	0.97%	5.83%	9.70%	3.73%	5.90%
EBITDA Growth	1.01%	-2.70%	-21.27%	-32.67%	21.76%	-22.88%	23.41%	43.58%	5.14%	99.12%	3.45%
EBIT Growth	-1.56%	0.12%	4.78%	-11.64%	101.92%	5.36%	34.44%	52.64%	2.58%	118.77%	-0.42%
NOPAT Growth	-3.61%	-11.21%	86.28%	36.26%	41.58%	164.32%	-3.66%	-24.58%	-3.44%	-41.59%	-4.33%
Net Income Growth	-14.43%	6.77%	53.69%	-21.05%	199.77%	63.24%	41.00%	41.54%	-6.04%	107.18%	-15.15%
EPS Growth	-12.09%	6.32%	52.69%	-19.25%	200.00%	59.41%	43.66%	38.41%	-8.33%	115.53%	-14.71%
Operating Cash Flow Growth	-5.65%	49.88%	-5.37%	-12.60%	-2.88%	-28.30%	2.28%	-13.51%	4.39%	-1.98%	-15.30%
Free Cash Flow Firm Growth	-233.54%	200.96%	328.68%	630.66%	403.47%	-64.15%	-57.67%	-136.36%	-125.58%	-226.96%	-355.67%
Invested Capital Growth	5.93%	-6.58%	-6.56%	-7.65%	-2.89%	2.89%	-0.71%	9.34%	6.40%	7.72%	16.13%
Revenue Q/Q Growth	0.60%	-1.10%	-2.54%	0.40%	1.08%	3.91%	-4.25%	5.23%	4.77%	-1.74%	-2.24%
EBITDA Q/Q Growth	-18.07%	8.83%	-15.47%	-10.67%	48.17%	-31.07%	35.27%	3.93%	8.51%	30.54%	-29.72%
EBIT Q/Q Growth	-29.52%	21.75%	13.19%	-9.04%	61.07%	-36.47%	44.45%	3.28%	8.25%	35.48%	-34.25%
NOPAT Q/Q Growth	-19.27%	-27.12%	75.66%	31.83%	-16.11%	36.07%	-35.98%	3.21%	7.40%	-17.69%	4.86%
Net Income Q/Q Growth	-57.74%	28.31%	41.10%	3.18%	60.48%	-30.13%	21.88%	3.57%	6.53%	54.07%	-50.08%
EPS Q/Q Growth	-57.22%	26.25%	40.59%	6.34%	58.94%	-32.92%	26.71%	2.45%	5.26%	57.73%	-49.86%
Operating Cash Flow Q/Q Growth	-35.58%	37.91%	-31.94%	44.54%	-28.42%	1.81%	-2.90%	22.22%	-13.60%	-4.40%	-16.10%
Free Cash Flow Firm Q/Q Growth	2.07%	477.26%	18.27%	21.46%	-44.00%	-55.43%	39.61%	-204.34%	60.61%	-121.24%	-181.14%
Invested Capital Q/Q Growth	-2.17%	-2.60%	-0.82%	-2.29%	2.88%	3.20%	-4.28%	7.60%	0.11%	4.48%	3.18%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	78.06%	78.62%	79.02%	78.61%	77.48%	78.07%	76.87%	75.38%	74.08%	75.62%	75.64%
EBITDA Margin	55.07%	60.60%	52.55%	46.76%	68.55%	45.47%	64.24%	63.44%	65.70%	87.29%	62.75%
Operating Margin	36.42%	31.06%	49.15%	53.67%	56.26%	55.12%	50.42%	47.90%	51.09%	41.54%	48.74%
EBIT Margin	28.60%	35.20%	40.89%	37.05%	59.03%	36.09%	54.44%	53.43%	55.21%	76.12%	51.19%
Profit (Net Income) Margin	12.51%	16.23%	23.49%	24.14%	38.33%	25.77%	32.80%	32.29%	32.83%	51.48%	26.29%
Tax Burden Percent	91.57%	79.12%	90.13%	108.39%	85.81%	114.70%	83.83%	86.55%	83.17%	85.69%	78.34%
Interest Burden Percent	47.76%	58.25%	63.75%	60.13%	75.67%	62.26%	71.87%	69.82%	71.50%	78.92%	65.54%
Effective Tax Rate	8.43%	20.88%	9.87%	-8.39%	14.19%	-14.70%	16.17%	13.45%	16.83%	14.31%	21.66%
Return on Invested Capital (ROIC)	13.00%	9.20%	16.61%	22.04%	18.14%	23.86%	16.41%	15.91%	16.46%	13.40%	14.63%
ROIC Less NNEP Spread (ROIC-NNEP)	11.84%	8.74%	15.50%	20.20%	17.60%	21.73%	15.89%	15.38%	15.88%	14.32%	13.95%
Return on Net Nonoperating Assets (RNNOA)	-27.65%	-20.95%	-36.89%	-47.82%	-41.89%	-52.00%	-37.66%	-36.90%	-38.79%	-36.11%	-35.65%
Return on Equity (ROE)	-14.65%	-11.75%	-20.28%	-25.78%	-23.75%	-28.15%	-21.25%	-20.99%	-22.33%	-22.71%	-21.02%
Cash Return on Invested Capital (CROIC)	6.60%	18.36%	20.41%	22.83%	18.98%	16.74%	20.44%	9.19%	11.49%	7.81%	0.28%
Operating Return on Assets (OROA)	7.68%	9.19%	10.73%	9.72%	15.30%	8.96%	14.31%	14.17%	14.35%	18.64%	13.19%
Return on Assets (ROA)	3.36%	4.24%	6.16%	6.34%	9.93%	6.40%	8.62%	8.56%	8.53%	12.61%	6.77%
Return on Common Equity (ROCE)	-14.76%	-11.83%	-20.43%	-25.98%	-23.95%	-28.39%	-21.46%	-21.21%	-22.61%	-23.02%	-21.35%
Return on Equity Simple (ROE_SIMPLE)	-9.49%	0.00%	-10.56%	-9.57%	-13.13%	0.00%	-16.34%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	228	166	291	384	322	439	281	290	311	256	269
NOPAT Margin	33.35%	24.58%	44.30%	58.17%	48.28%	63.22%	42.27%	41.46%	42.49%	35.60%	38.18%
Net Nonoperating Expense Percent (NNEP)	1.17%	0.45%	1.10%	1.84%	0.54%	2.13%	0.53%	0.53%	0.58%	-0.92%	0.68%
Return On Investment Capital (ROIC_SIMPLE)	-	2.32%	-	-	-	5.17%	3.77%	3.83%	4.00%	3.18%	3.27%
Cost of Revenue to Revenue	21.94%	21.38%	20.98%	21.39%	22.52%	21.93%	23.13%	24.62%	25.92%	24.38%	24.36%
SG&A Expenses to Revenue	9.50%	10.00%	10.44%	9.44%	9.00%	9.74%	9.97%	10.16%	9.01%	10.33%	10.03%
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	41.63%	47.56%	29.87%	24.94%	21.22%	22.95%	26.45%	27.48%	22.99%	34.08%	26.90%
Earnings before Interest and Taxes (EBIT)	195	238	269	245	394	250	362	373	404	548	360
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	376	409	346	309	458	315	427	443	481	628	441
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)	7.83	9.91	8.61	7.85	9.72	8.18	8.81	9.26	7.44	7.32	6.38
Price to Earnings (P/E)	43.02	53.55	41.80	40.82	37.74	29.24	29.03	28.72	24.23	19.56	17.89
Dividend Yield	1.66%	1.37%	1.64%	1.87%	1.57%	1.92%	1.84%	1.78%	2.23%	2.30%	2.66%
Earnings Yield	2.32%	1.87%	2.39%	2.45%	2.65%	3.42%	3.45%	3.48%	4.13%	5.11%	5.59%
Enterprise Value to Invested Capital (EV/IC)	4.68	5.57	5.09	4.87	5.44	4.74	5.15	5.06	4.46	4.27	3.86
Enterprise Value to Revenue (EV/Rev)	12.36	14.38	13.12	12.35	14.28	12.75	13.22	13.77	11.86	11.78	10.83
Enterprise Value to EBITDA (EV/EBITDA)	19.86	22.89	22.24	22.95	24.97	23.58	23.54	22.83	19.85	16.57	15.51
Enterprise Value to EBIT (EV/EBIT)	34.82	40.34	36.11	34.91	33.17	29.50	28.39	27.19	23.80	19.65	18.35
Enterprise Value to NOPAT (EV/NOPAT)	38.96	46.54	36.08	31.44	33.43	24.56	26.01	29.16	25.96	29.08	27.30
Enterprise Value to Operating Cash Flow (EV/OCF)	24.02	25.24	23.13	22.53	26.07	25.59	26.47	29.21	25.50	25.68	24.83
Enterprise Value to Free Cash Flow (EV/FCFF)	72.95	29.30	24.09	20.49	28.27	28.74	25.11	57.49	39.97	56.77	1,468.89
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	-2.44	-2.40	-2.38	-2.33	-2.40	-2.69	-2.53	-2.57	-2.62	-2.70	-2.78
Long-Term Debt to Equity	-2.43	-2.27	-2.03	-1.99	-2.40	-2.45	-2.37	-2.41	-2.46	-2.30	-2.20
Financial Leverage	-2.34	-2.40	-2.38	-2.37	-2.38	-2.39	-2.37	-2.40	-2.44	-2.52	-2.56
Leverage Ratio	-1.94	-2.00	-1.97	-1.97	-2.00	-2.12	-2.02	-2.03	-2.15	-2.34	-2.32
Compound Leverage Factor	-0.93	-1.17	-1.26	-1.19	-1.51	-1.32	-1.46	-1.41	-1.54	-1.85	-1.52
Debt to Total Capital	169.50%	171.45%	172.34%	175.33%	171.25%	159.23%	165.28%	163.81%	161.89%	158.77%	156.26%
Short-Term Debt to Total Capital	0.33%	8.95%	25.18%	25.79%	0.32%	13.92%	10.27%	10.11%	9.84%	23.83%	32.36%
Long-Term Debt to Total Capital	169.17%	162.50%	147.15%	149.54%	170.93%	145.31%	155.02%	153.70%	152.05%	134.95%	123.90%
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	0.47%	0.49%	0.51%	0.58%	0.68%	0.63%	0.83%	0.85%	0.98%	0.96%	1.03%
Common Equity to Total Capital	-69.97%	-71.93%	-72.85%	-75.91%	-71.94%	-59.86%	-66.12%	-64.66%	-62.87%	-59.74%	-57.29%
Debt to EBITDA	7.39	7.24	7.77	8.53	8.10	9.38	8.24	7.61	7.62	6.45	6.50
Net Debt to EBITDA	7.25	7.09	7.61	8.34	7.94	8.42	7.80	7.43	7.35	6.23	6.33
Long-Term Debt to EBITDA	7.37	6.86	6.64	7.28	8.08	8.56	7.73	7.14	7.16	5.48	5.15
Debt to NOPAT	14.50	14.71	12.62	11.69	10.84	9.77	9.10	9.73	9.97	11.32	11.44
Net Debt to NOPAT	14.23	14.42	12.35	11.42	10.62	8.77	8.62	9.50	9.61	10.94	11.15
Long-Term Debt to NOPAT	14.47	13.95	10.77	9.97	10.82	8.92	8.54	9.13	9.36	9.62	9.07
Altman Z-Score	0.12	0.27	-0.01	-0.13	0.36	0.23	0.28	0.29	0.15	0.08	-0.11
Noncontrolling Interest Sharing Ratio	-0.73%	-0.64%	-0.72%	-0.76%	-0.82%	-0.88%	-0.98%	-1.04%	-1.26%	-1.35%	-1.55%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.69	0.36	0.19	0.19	0.67	1.10	0.69	0.37	0.50	0.29	0.23
Quick Ratio	0.53	0.29	0.15	0.13	0.45	0.19	0.57	0.29	0.37	0.16	0.13
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-175	659	779	946	530	236	330	-344	-136	-300	-843
Operating Cash Flow to CapEx	510.94%	689.73%	508.81%	851.65%	470.46%	558.37%	652.28%	658.91%	529.58%	484.67%	527.07%
Free Cash Flow to Firm to Interest Expense	-22.11	106.02	92.27	133.64	73.67	47.75	39.50	-279.03	-239.03	0.00	-1,091.95
Operating Cash Flow to Interest Expense	39.72	69.63	34.88	60.11	42.36	62.71	36.08	298.54	560.90	0.00	330.42
Operating Cash Flow Less CapEx to Interest Expense	31.94	59.53	28.02	53.05	33.36	51.48	30.55	253.23	454.99	0.00	267.73
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.27	0.26	0.26	0.26	0.26	0.25	0.26	0.27	0.26	0.24	0.26
Accounts Receivable Turnover	19.78	14.77	17.40	21.50	19.76	16.32	20.95	23.84	20.73	17.76	19.60
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	1.02	1.00	0.99	0.99	0.97	0.97	0.97	0.91	0.92	0.91	0.92
Accounts Payable Turnover	13.08	13.09	11.81	11.73	11.36	11.43	10.78	11.26	4.87	10.42	11.02
Days Sales Outstanding (DSO)	18.45	24.71	20.98	16.98	18.47	22.37	17.42	15.31	17.61	20.55	18.63
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)	27.90	27.89	30.91	31.12	32.13	31.92	33.85	32.41	74.94	35.02	33.12
Cash Conversion Cycle (CCC)	-9.45	-3.18	-9.94	-14.14	-13.66	-9.55	-16.43	-17.10	-57.33	-14.47	-14.49
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	7,186	6,999	6,942	6,783	6,978	7,202	6,893	7,417	7,425	7,758	8,005
Invested Capital Turnover	0.39	0.37	0.37	0.38	0.38	0.38	0.39	0.38	0.39	0.38	0.38
Increase / (Decrease) in Invested Capital	402	-493	-488	-562	-208	202	-49	634	447	556	1,112
Enterprise Value (EV)	33,640	38,984	35,340	33,039	37,990	34,162	35,506	37,515	33,083	33,156	30,925
Market Capitalization	21,318	26,871	23,207	20,997	25,869	21,913	23,676	25,234	20,762	20,609	18,207
Book Value per Share	($47.67)	($47.93)	($48.31)	($49.48)	($48.15)	($47.52)	($46.19)	($45.96)	($45.95)	($45.55)	($44.92)
Tangible Book Value per Share	($70.95)	($70.69)	($70.55)	($71.02)	($71.34)	($69.74)	($68.52)	($69.97)	($71.33)	($72.60)	($72.14)
Total Capital	7,384	7,188	7,170	7,004	7,194	8,536	7,518	7,638	7,848	8,125	8,294
Total Debt	12,515	12,324	12,356	12,280	12,319	13,592	12,426	12,512	12,705	12,900	12,960
Total Long-Term Debt	12,491	11,681	10,551	10,474	12,296	12,404	11,654	11,739	11,933	10,964	10,276
Net Debt	12,287	12,078	12,096	12,001	12,072	12,195	11,767	12,216	12,245	12,468	12,632
Capital Expenditures (CapEx)	61	63	58	50	65	56	46	56	60	63	48
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-407	-483	-420	-472	-442	-28	-298	-430	-487	-401	-223
Debt-free Net Working Capital (DFNWC)	-179	-236	-160	-193	-195	1,369	362	-134	-26	31	105
Net Working Capital (NWC)	-203	-879	-1,966	-2,000	-218	181	-410	-906	-798	-1,905	-2,578
Net Nonoperating Expense (NNE)	142	56	137	225	66	260	63	64	71	-114	84
Net Nonoperating Obligations (NNO)	12,317	12,135	12,128	12,059	12,104	12,257	11,801	12,291	12,283	12,533	12,671
Total Depreciation and Amortization (D&A)	181	171	77	64	64	65	65	70	77	80	81
Debt-free, Cash-free Net Working Capital to Revenue	-14.95%	-17.79%	-15.61%	-17.65%	-16.61%	-1.04%	-11.08%	-15.77%	-17.45%	-14.26%	-7.80%
Debt-free Net Working Capital to Revenue	-6.58%	-8.70%	-5.95%	-7.22%	-7.31%	51.08%	13.48%	-4.91%	-0.93%	1.10%	3.69%
Net Working Capital to Revenue	-7.46%	-32.42%	-72.97%	-74.72%	-8.18%	6.75%	-15.25%	-33.25%	-28.63%	-67.67%	-90.33%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.81	$1.01	$1.43	$1.52	$2.41	$1.60	$2.05	$2.10	$2.21	$3.47	$1.75
Adjusted Weighted Average Basic Shares Outstanding	108.37M	108.20M	108.10M	107.46M	107.49M	107.64M	107.74M	107.53M	107.26M	107.21M	105.82M
Adjusted Diluted Earnings per Share	$0.80	$1.01	$1.42	$1.51	$2.40	$1.61	$2.04	$2.09	$2.20	$3.47	$1.74
Adjusted Weighted Average Diluted Shares Outstanding	108.89M	108.91M	108.62M	107.68M	107.92M	108.08M	108.14M	107.80M	107.56M	107.53M	106.11M
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	107.89M	108.11M	107.44M	107.47M	107.52M	107.62M	107.45M	107.38M	106.55M	105.79M	106.06M
Normalized Net Operating Profit after Tax (NOPAT)	258	227	331	270	333	282	312	329	328	326	292
Normalized NOPAT Margin	37.79%	33.61%	50.28%	40.92%	49.91%	40.60%	46.94%	47.06%	44.80%	45.31%	41.45%
Pre Tax Income Margin	13.66%	20.51%	26.06%	22.27%	44.67%	22.47%	39.13%	37.30%	39.47%	60.07%	33.55%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	24.71	38.25	31.86	34.56	54.80	50.62	43.32	302.91	713.03	0.00	466.46
NOPAT to Interest Expense	28.82	26.70	34.52	54.26	44.81	88.67	33.63	235.01	548.85	0.00	347.93
EBIT Less CapEx to Interest Expense	16.94	28.15	25.01	27.50	45.79	39.39	37.79	257.60	607.11	0.00	403.77
NOPAT Less CapEx to Interest Expense	21.05	16.61	27.66	47.21	35.81	77.44	28.10	189.70	442.94	0.00	285.24
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	72.35%	74.38%	69.67%	78.08%	60.43%	56.66%	53.98%	51.51%	54.03%	45.43%	48.16%
Augmented Payout Ratio	83.29%	94.48%	107.06%	137.04%	96.69%	83.38%	65.54%	66.39%	86.66%	92.64%	48.16%

Financials Breakdown Chart

Key Financial Trends

Below is a concise, investor-focused summary of SBA Communications (SBAC) using the quarterly figures from the last four years. The bullets highlight notable trends and potential implications for investors.

4-year revenue trend and margin stability: Operating revenue rose from about $686.1 million in 2022 Q4 to $719.6 million in 2025 Q4, with gross margins consistently in the mid-70s%. This suggests steady top-line growth with durable profitability.
Material net income growth and higher EPS: Net income attributable to common shareholders increased from roughly $101.2 million in 2022 Q4 to $370.29 million in 2025 Q4, with diluted EPS at $3.47 in Q4 2025 (versus much lower levels a few years earlier). This points to expanding profitability over the period.
Robust operating cash flow across quarters: Net cash from continuing operations typically runs around $300–$370 million per quarter, with Q2 2025 peaking near $368 million. This indicates strong cash-generating capacity to fund dividends, capex, and debt service.
Regular cash returns to shareholders via dividends: The company consistently paid dividends in 2025, with quarterly dividend cash outlays around $118–$122 million, signaling a steady capital return policy.
Healthy gross profit stability: Gross margin has remained solid (roughly 74–76% across periods), supporting sustained profitability even as quarterly revenue fluctuates.

Asset growth and capex intensity: Total assets rose from about $9.95 billion in 2022 to approximately $11.26 billion by 2025 Q3, with significant PP&E (net) backing ongoing expansion. This signals ongoing investment in network capacity but also higher depreciation and capex needs.
Rising debt to fund growth: Long‑term debt increased to roughly $11.9–$11.93 billion by 2025 Q4, consistent with expanding fixed assets and capex. Interest expense remains modest relative to earnings, but elevated debt levels warrant watchfulness on leverage and refinancing risk.
Occasional impairment charges: Impairment charges occurred in some quarters (e.g., about $81.6 million in 2025 Q4), which can complicate margin comparisons and reduce one-off profitability in those periods.
Investing activity shows sizable deployment: Net cash from investing activities is regularly negative due to acquisitions and investments, indicating ongoing strategic deployment of capital rather than pushover liquidity generation.

Financing outflows and cash balance pressure: Net cash from financing activities has been negative in several quarters (e.g., -$143.36 million in 2025 Q4), contributing to a modest overall cash balance decline in that period. This reflects dividends, debt repayment, and other financing uses that may weigh on liquidity if sustained.

05/11/26 11:32 AM ETAI Generated. May Contain Errors.

SBA Communications Financials - Frequently Asked Questions

According to the most recent income statement we have on file, SBA Communications' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

SBA Communications' net income appears to be on an upward trend, with a most recent value of $1.05 billion in 2025, falling from -$175.66 million in 2015. The previous period was $748.68 million in 2024. See where experts think SBA Communications is headed by visiting SBA Communications' forecast page.

SBA Communications' total operating income in 2025 was $1.34 billion, based on the following breakdown:

Total Gross Profit: $2.12 billion
Total Operating Expenses: $781.38 million

Over the last 10 years, SBA Communications' total revenue changed from $1.64 billion in 2015 to $2.82 billion in 2025, a change of 71.8%.

SBA Communications' total liabilities were at $16.35 billion at the end of 2025, a 0.7% decrease from 2024, and a 81.3% increase since 2015.

In the past 10 years, SBA Communications' cash and equivalents has ranged from $68.78 million in 2017 to $367.28 million in 2021, and is currently $264.57 million as of their latest financial filing in 2025.

Over the last 10 years, SBA Communications' book value per share changed from -13.52 in 2015 to -45.55 in 2025, a change of 236.8%.

Related Companies

Financial statements for NASDAQ:SBAC last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Get 30 Days of MarketBeat All Access for Free

Start Your 30-Day Trial

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

SBA Communications (SBAC) Financials

Financials Breakdown Chart

Key Financial Trends

SBA Communications Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

SBA Communications (SBAC) Financials

Annual Income Statements for SBA Communications

Quarterly Income Statements for SBA Communications

Annual Cash Flow Statements for SBA Communications

Quarterly Cash Flow Statements for SBA Communications

Annual Balance Sheets for SBA Communications

Quarterly Balance Sheets for SBA Communications

Annual Metrics And Ratios for SBA Communications

Quarterly Metrics And Ratios for SBA Communications

Financials Breakdown Chart

Key Financial Trends

SBA Communications Financials - Frequently Asked Questions

When does SBA Communications' financial year end?

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

What is SBA Communications' operating income?

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

How much debt does SBA Communications have?

How much cash does SBA Communications have?

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

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools