A Business at a Glance
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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.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.8B | 2.8B | 2.7B | 2.7B | 2.6B | 2.3B |
| Net Income | 1.1B | 1.1B | 750M | 502M | 461M | 238M |
| EPS | $9.80 | $9.80 | $6.94 | $4.61 | $4.22 | $2.14 |
| Free Cash Flow | 1.1B | 1.1B | 1.1B | 1.3B | 1.1B | 1.1B |
| ROIC | 11.7% | 12.2% | 15.0% | 11.4% | 11.0% | 11.7% |
| Gross Margin | 65.1% | 65.1% | 68.2% | 51.0% | 47.7% | 46.0% |
| Debt/Equity | 0.00 | -3.06 | -2.89 | -2.51 | -2.44 | -2.33 |
| Dividends/Share | $4.46 | $4.46 | $3.93 | $3.40 | $2.81 | $2.28 |
| Operating Income | 1.3B | 1.3B | 1.4B | 924M | 925M | 782M |
| Operating Margin | 47.7% | 47.7% | 53.6% | 34.1% | 35.1% | 33.9% |
| ROE | 0.0% | -21.1% | -14.7% | -9.7% | -8.7% | -4.5% |
| Shares Outstanding | 108M | 108M | 108M | 109M | 109M | 111M |
SBA COMMUNICATIONS CORP passes 5 of 9 quality checks, suggesting mixed fundamentals.
SBA COMMUNICATIONS CORP trades at 22.5x trailing earnings, compared to its 15-year median P/E of 40.9x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 21.8x vs a median of 25.9x. The company's 5-year average ROIC is 12.2% with a gross margin of 55.6%. Total shareholder yield (dividends + buybacks) is 4.1%. At current prices, the estimated annualized return to fair value is +8.9%.
SBA COMMUNICATIONS CORP (SBAC) has a current P/E ratio of 22.5, compared to its historical median P/E of 40.9. The stock is currently considered Cheap based on its historical valuation range.
SBA COMMUNICATIONS CORP (SBAC) has a 5-year average return on invested capital (ROIC) of 12.2%. This indicates solid capital allocation.
SBA COMMUNICATIONS CORP (SBAC) has a market capitalization of $23.7B. It is classified as a large-cap stock.
Yes, SBA COMMUNICATIONS CORP (SBAC) pays a dividend with a trailing twelve-month yield of 2.02%. The company also returns capital through share buybacks, with a buyback yield of 2.10%.
Based on historical P/E analysis, SBA COMMUNICATIONS CORP (SBAC) appears cheap. The current P/E of 22.5 is 45% below its historical median of 40.9. The estimated fair value CAGR (P/E method) is 56.3%.
SBA COMMUNICATIONS CORP (SBAC) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
SBA COMMUNICATIONS CORP (SBAC) reported annual revenue of $2.8 billion in its most recent fiscal year, based on SEC EDGAR filings.
SBA COMMUNICATIONS CORP (SBAC) has a net profit margin of 37.4%. This is a strong margin indicating high profitability.
SBA COMMUNICATIONS CORP (SBAC) generated $1.1 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
SBA COMMUNICATIONS CORP (SBAC) reported earnings per share (EPS) of $9.80 in its most recent fiscal year.
SBA COMMUNICATIONS CORP (SBAC) has a return on equity (ROE) of -21.1%. A negative ROE may indicate losses or negative equity.
SBA COMMUNICATIONS CORP (SBAC) has a 5-year average gross margin of 55.6%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 18 years of financial data for SBA COMMUNICATIONS CORP (SBAC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
SBA COMMUNICATIONS CORP (SBAC) has a book value per share of $-45.14, based on its most recent annual SEC filing.
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