SBA COMMUNICATIONS CORP SBAC

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived Nasdaq

We are a leading independent owner and operator of wireless communications infrastructure, including tower structures, rooftops, and other structures that support antennas used for wireless communications, which we collectively refer to as "towers" or "sites." Our principal operations are in the United States and its territories. In addition, we own and operate towers in South America, Central America, and Africa. During the year ended December 31, 2025, we sold all of our towers and ended our operations in both the Philippines and Colombia and sold substantially all of our operations in Canada. Our primary business line is our site leasing business, which contributed 97.9% of our total segment operating profit for the year ended December 31, 2025. In our site leasing business, we (1) lease space to wireless service providers and other customers on assets that we own or operate and (2) 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 have been built by us or built by other tower owners or operators who, like us, have built such towers to lease space to multiple wireless service providers. Our other business line is our site development business, through which we assist wireless service providers in developing and maintaining their own wireless service networks.

Last close 184.75 2026-10-23
Market cap $19.60B 2026-06-30 share count
52-week range 156.60 - 224.46

Valuation FY2025 figures against the last close

P/S80.2x
P/E18.9x
P/FCF18.4x
EV/EBITDA19.7x
Dividend yield2.4%
Diluted EPS9.80

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $244.5M$152.9M$194.6M$296.9M$204.7M$128.7M$153.8M$125.3M$104.5M$1.63B
Cost of revenue $691.0M$581.7M$612.6M$668.6M$545.5M$476.5M$493.0M$468.8M$446.3M$420.9M
Gross profit $2.12B$2.10B$2.10B$1.96B$1.76B$1.61B$1.52B$1.40B$1.28B$1.21B
SG&A $277.6M$258.8M$267.9M$261.9M$220.0M$194.3M$192.7M$142.5M$130.7M$143.3M
Total operating expenses $1.47B$1.24B$1.79B$1.71B$1.53B$1.45B$1.43B$1.32B$1.27B$1.25B
Operating income $1.34B$1.44B$923.7M$925.4M$782.5M$633.7M$583.5M$544.2M$458.5M$387.3M
Pre-tax income $1.24B$772.7M$548.5M$525.8M$252.6M-$17.7M$186.9M$51.7M$116.9M$87.3M
Income tax $187.6M$24.0M$51.1M$66.0M$14.9M$41.8M$39.6M$4.2M$13.2M$11.1M
Net income $1.05B$749.5M$501.8M$461.4M$237.6M$24.1M$147.0M$47.5M$103.7M$76.2M
EPS, basic 9.836.964.644.272.170.221.300.410.860.61
EPS, diluted 9.806.944.614.222.140.211.280.410.860.61
Shares, diluted (wtd. avg.) 107.5M108.1M108.9M109.4M111.2M113.5M114.7M116.5M121.0M125.1M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $264.6M$189.8M$208.5M$189.3M$435.6M$342.8M$141.1M$178.3M$104.3M$186.0M
Short-term investments $6.6M$254.5M$1.0M$1.3M$778.0K————$223.0K
Receivables $171.3M$145.7M$182.7M$184.4M$102.0M$74.1M$132.1M$111.0M$90.7M$78.3M
Total current assets $773.4M$1.98B$484.3M$482.7M$614.4M$473.0M$334.3M$373.9M$259.5M$324.6M
Property, plant and equipment $3.40B$2.79B$2.71B$2.71B$2.58B$2.68B$2.79B$2.79B$2.81B$2.79B
Other intangibles $2.88B$2.39B$2.46B$2.78B$2.80B$3.16B$3.63B$3.33B$3.60B$3.66B
Total assets $11.58B$11.42B$10.18B$10.59B$9.80B$9.16B$9.76B$7.21B$7.32B$7.36B
Accounts payable $73.0M$59.5M$42.2M$51.4M$34.1M$110.0M$31.8M$34.3M$33.3M$28.3M
Short-term debt $1.94B$1.19B$643.1M$24.0M$24.0M$24.0M$522.1M$941.7M$20.0M$627.2M
Total current liabilities $2.68B$1.80B$1.36B$696.8M$616.3M$614.8M$1.05B$1.21B$278.9M$873.4M
Long-term debt $10.96B$12.40B$11.68B$12.84B$12.28B$11.07B$9.81B$9.00B$9.29B$8.15B
Retained earnings -$7.25B-$7.33B-$7.45B-$7.48B-$7.20B-$6.60B-$5.56B-$5.14B-$4.39B-$3.64B
Total equity -$4.85B-$5.11B-$5.17B-$5.28B-$5.28B-$4.82B-$3.67B-$3.38B-$2.60B-$2.00B

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $1.29B$1.33B$1.54B$1.29B$1.19B$1.13B$970.0M$850.6M$818.5M$742.5M
Depreciation and amortisation $292.3M$269.5M$716.3M$707.6M$700.2M$722.0M$697.1M$672.1M$643.1M$638.2M
Stock-based compensation $75.7M$74.4M$87.9M$99.9M$84.4M$68.9M$73.2M$42.3M$38.2M$32.9M
Capital expenditure $224.8M$228.1M$236.7M$214.4M$133.7M$128.6M$154.2M$149.8M$147.0M$140.0M
Investing cash flow -$601.8M-$809.3M-$468.2M-$1.39B-$1.42B-$446.4M-$947.2M-$618.3M-$605.1M-$428.2M
Financing cash flow -$1.66B$645.7M-$1.02B-$135.5M$339.3M-$469.0M-$62.3M-$148.5M-$294.6M-$288.6M
Dividends paid $479.0M$424.2M$370.0M$306.8M$253.6M$207.7M$83.4M———
Buybacks $497.8M$200.0M$100.0M$431.7M$582.6M$859.3M$467.0M$795.6M$854.5M$545.7M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-149656.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. 0 1B 2B 3B Revenue, FY2016: 1.6B Gross profit, FY2016: 1.2B Net income, FY2016: 76.2M Revenue, FY2017: 104.5M Gross profit, FY2017: 1.3B Net income, FY2017: 103.7M Revenue, FY2018: 125.3M Gross profit, FY2018: 1.4B Net income, FY2018: 47.5M Revenue, FY2019: 153.8M Gross profit, FY2019: 1.5B Net income, FY2019: 147M Revenue, FY2020: 128.7M Gross profit, FY2020: 1.6B Net income, FY2020: 24.1M Revenue, FY2021: 204.7M Gross profit, FY2021: 1.8B Net income, FY2021: 237.6M Revenue, FY2022: 296.9M Gross profit, FY2022: 2B Net income, FY2022: 461.4M Revenue, FY2023: 194.6M Gross profit, FY2023: 2.1B Net income, FY2023: 501.8M Revenue, FY2024: 152.9M Gross profit, FY2024: 2.1B Net income, FY2024: 749.5M Revenue, FY2025: 244.5M Gross profit, FY2025: 2.1B Net income, FY2025: 1.1B FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $1.63B $104.5M $125.3M $153.8M $128.7M $204.7M $296.9M $194.6M $152.9M $244.5M
Gross profit $1.21B $1.28B $1.40B $1.52B $1.61B $1.76B $1.96B $2.10B $2.10B $2.12B
Net income $76.2M $103.7M $47.5M $147.0M $24.1M $237.6M $461.4M $501.8M $749.5M $1.05B

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Material agreement signed Item 1.01
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

Others in SIC 6798

TickerCompanyMarket capP/ERevenue growth
WELL WELLTOWER INC. $167.53B 170.7x 40.2%
PLD Prologis, Inc. $117.89B 35.5x 7.2%
EQIX EQUINIX INC $94.23B 69.4x 5.4%
AMT AMERICAN TOWER CORP /MA/ $88.04B 35.0x 20.8%
SPG SIMON PROPERTY GROUP INC. $68.57B 14.9x 6.7%
DLR DIGITAL REALTY TRUST, INC. $60.57B 48.1x 10.0%
PSA Public Storage $54.42B 34.4x 2.7%
O REALTY INCOME CORP $53.83B 48.6x 9.1%