SBACNasdaqReal Estate Investment TrustsFiscal year ends December 31
SBA COMMUNICATIONS CORP
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026
$183.09−3.97 (-2.12%)
Close on Oct 19, 2026
- Market cap
- $19.46B
- P/E (TTM)
- 19.7
- Dividend yield
- –
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
75.5%−1.7 pts over 5 years
Operating margin
47.7%+17.3 pts over 5 years
Net margin
37.4%+36.3 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +5.1% | +2.2% | +6.2% | +5.6% | |
| Gross profit | +1.3% | +2.6% | +5.7% | +5.9% | |
| Operating income | -6.5% | +13.2% | +16.2% | +15.7% | |
| Net income | +40.6% | +31.7% | +112.9% | – | |
| EPS, diluted | +41.2% | +32.4% | +115.7% | – | |
| Free cash flow | -3.6% | -0.1% | +1.3% | +7.6% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | -4.1% | -0.6% | -21.1% | |
| Return on assets | 1.0% | 0.3% | 9.2% | |
| Current ratio | 0.37 | 0.77 | 0.29 | |
| Debt to equity | -4.40 | -2.30 | -2.66 | |
| Net debt to EBITDA | 8.38× | 7.93× | 7.73× | |
| Capex to revenue | 8.6% | 6.2% | 8.0% | |
| Diluted shares | 125M | 113M | 108M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Sba Communications generated $6.65B from operations and spent $4.68B on capital expenditure, dividends and share buybacks. 22% of that went back into the business.
Generated
$6.65B
Used
$4.68B
Capital expenditure$1.04B22%Dividends$1.83B39%Share buybacks$1.81B39%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin37.4%
×Asset turnover0.24×
×Equity multiplier-2.31×
=Return on equity, FY2025-21.1%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 37.4% | 0.24× | -2.31× | -21.1% |
| FY2024 | 28.0% | 0.25× | -2.10× | -14.6% |
| FY2023 | 18.5% | 0.26× | -1.99× | -9.6% |
| FY2022 | 17.5% | 0.26× | -1.93× | -8.7% |
| FY2021 | 10.3% | 0.24× | -1.88× | -4.7% |
| FY2020 | 1.2% | 0.22× | -2.23× | -0.6% |
| FY2019 | 7.3% | 0.24× | -2.41× | -4.2% |
| FY2018 | 2.5% | 0.26× | -2.43× | -1.6% |
| FY2017 | 6.0% | 0.24× | -3.20× | -4.5% |
| FY2016 | 4.7% | 0.22× | -3.96× | -4.1% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$1.05B
- Cash generatingOperating cash flow above zero$1.29B
- Return on assets improvedROA up on the prior year7.4% → 9.2%
- Earnings backed by cashOperating cash flow above net income$1.29B vs $1.05B
- Less leverageLong-term debt to assets fell108.6% → 94.7%
- Better liquidityCurrent ratio rose1.10 → 0.29
- No dilutionShare count did not rise108M → 108M
- Gross margin improvedGross margin up on the prior year78.29% → 75.46%
- More efficientAsset turnover rose0.26 → 0.25