SBA Communications Corp (SBAC)

SBA Communications Corporation is a leading independent owner and operator of wireless communications infrastructure, including tower structures, rooftops and other structures that support antennas used for wireless communications. In our site leasing business, we lease space to wireless service providers and other customers on assets we own or operate, and manage rooftop and tower sites for property owners under various contractual arrangements. As of December 31, 2025, we owned 46,328 towers, a substantial portion of which were built by us or by other tower owners or operators who, like us, build towers to lease space to multiple wireless service providers. As of December 31, 2025, each of our towers had an average of 1.8 tenants. SBA Communications Corporation was established in 1989 and was incorporated in Florida.

Symbol: SBAC
Exchange: Nasdaq
Sector: Real Estate
Industry: REIT - Specialty
Market cap: $16.81B
52 week range: 157.35 - 224.46

Valuation

Share price: $158.49 (close of 2026-10-02)
P/E (TTM): 17.02x
Price to book: -3.63x
Price to free cash flow: 16.00x
Enterprise value: $31.67B
Book value per share: $-43.64

Price performance

Period	Change
1 day	+0.30%
5 days	-4.61%
1 month	-14.98%
3 months	-14.13%
6 months	-22.32%
Year to date	-18.06%
1 year	-17.32%
3 years	-20.05%
5 years	-52.49%
10 years	+41.31%
All time	+1684.80%

Members of Congress who disclosed SBAC trades

Gilbert Ray Cisneros · Julie Johnson · Lisa McClain · Robert Bresnahan · Jefferson Shreve

Super investors holding SBAC

Dodge & Cox (Dodge & Cox Funds) · Ken Griffin (Citadel) · Christopher Davis (Davis Selected Advisers) · Ray Dalio (Bridgewater Associates)

Profitability and growth

Return on equity: -21.71%
Return on invested capital: 11.33%
Return on assets: 9.10%
Return on capital employed: 15.09%
Gross margin: 868.79%
Net margin: 430.94%
EBITDA margin: 668.75%
Revenue growth: 59.94%
Net income growth: 40.57%
Free cash flow growth: -3.63%

Cash flow and balance sheet

Free cash flow yield (TTM): 6.25%
Current ratio: 0.17x
Net debt to EBITDA: 7.38x

Latest reported year

Period end: 2025-12-31
Fiscal year: 2025
Revenue: $244.50M
Cost of revenue: $690.97M
Gross profit: $2.12B
EBITDA: $1.64B
Net income: $1.05B
Earnings per share: $9.83
Shares outstanding: 107.21M

Income statement by year

Period end	Revenue	Gross profit	Net income	EPS
2025-12-31	$244.50M	$2.12B	$1.05B	$9.83
2024-12-31	$152.87M	$2.10B	$749.54M	$6.96
2023-12-31	$194.65M	$2.10B	$501.81M	$4.64
2022-12-31	$296.88M	$1.96B	$461.43M	$4.27
2021-12-31	$204.75M	$1.76B	$237.62M	$2.17
2020-12-31	$128.67M	$1.61B	$24.10M	$0.22
2019-12-31	$153.79M	$1.52B	$146.99M	$1.30
2018-12-31	$125.26M	$1.40B	$47.45M	$0.41
2017-12-31	$104.50M	$1.28B	$103.65M	$0.86
2016-12-31	$1.63B	$1.21B	$76.24M	$0.61

Margins and returns by year

Period end	Gross margin	Net margin	Return on equity	Return on capital
2025-12-31	868.79%	430.94%	-21.71%	11.33%
2024-12-31	1372.36%	490.31%	-14.67%	13.84%
2023-12-31	1078.33%	257.80%	-9.70%	9.61%
2022-12-31	661.82%	155.43%	-8.75%	8.81%
2021-12-31	861.23%	116.06%	-4.50%	8.65%
2020-12-31	1248.67%	18.73%	-0.50%	7.64%
2019-12-31	989.43%	95.58%	-4.01%	5.99%
2018-12-31	1115.19%	37.88%	-1.41%	8.41%
2017-12-31	1226.17%	99.19%	-3.99%	6.70%
2016-12-31	74.23%	4.67%	-3.82%	5.67%

Cash and debt by year

Period end	Cash	Debt
2025-12-31	$271.22M	$10.96B
2024-12-31	$444.38M	$12.40B
2023-12-31	$209.59M	$11.68B
2022-12-31	$145.04M	$12.84B
2021-12-31	$368.06M	$12.28B
2020-12-31	$308.56M	$11.07B
2019-12-31	$108.31M	$9.81B
2018-12-31	$143.44M	$9.00B
2017-12-31	$68.78M	$9.29B
2016-12-31	$146.33M	$8.15B

Free cash flow by year

Period end	Free cash flow	Stock-based compensation
2025-12-31	$1.07B	$75.73M
2024-12-31	$1.11B	$74.37M
2023-12-31	$1.31B	$87.92M
2022-12-31	$1.07B	$99.91M
2021-12-31	$1.06B	$84.40M
2020-12-31	$997.47M	$68.89M
2019-12-31	$815.81M	$73.21M
2018-12-31	$700.81M	$42.33M
2017-12-31	$671.43M	$38.25M
2016-12-31	$602.54M	$32.91M

Dividend history

Most recent payment: 2026-08-20
Paid in the last twelve months: $4.86

Payment date	Dividend per share
2026-08-20	$1.25
2026-05-22	$1.25
2026-03-13	$1.25
2025-11-13	$1.11
2025-08-21	$1.11
2025-05-22	$1.11
2025-03-13	$1.11
2024-11-14	$0.98

Investor relations

Next earnings report

Next confirmed report: 2026-11-02
Consensus EPS estimate: $2.92

Past earnings dates

Reported	Fiscal period	EPS estimate
2026-08-03	Jun/2026	$2.76
2026-04-29	Mar/2026	$2.71
2026-02-26	Dec/2025	$3.08
2025-11-03	Sep/2025	$3.03
2025-08-04	Jun/2025	$2.94
2025-04-28	Mar/2025	$2.95
2025-02-24	Dec/2024	$3.20
2024-10-28	Sep/2024	$3.17

Filings and sources

Company website: sbasite.com
SEC filings: 10-K, 10-Q and 8-K on EDGAR
Earnings calendar: All upcoming reports

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