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SBACSBA Communications

Real estate · REIT · 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.” 10-K, Item 1

SBAC quote by TradingView
Employees
1,844
Headquarters
Boca Raton, FL
CEO
Brendan T. Cavanagh
Next results
around Feb 25, 2027
Compare with peers → Embed
All key numbers (39, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)9.26Sales (ttm)2.9BNet income (ttm)985.2MSales growth+5.1%EPS growth+41.2%Sales Q/Q-2.5%
Free cash flow1.1BGross margin75.7%Oper. margin47.7%Net margin34.5%FCF margin36.9%ROEn/m
ROA8.5%R&D / sales-Dividend-Debt/Eqn/mCurr. ratio0.20Cash417.5M
Op. cash flow (ttm)1.3BEBITDA1.6BEBITDA margin58.1%Net debt12.5BQuick ratio0.20Interest cover2.87
Tax rate15.1%Stock pay / sales2.7%Shares out.104.4MShares Y/Y-0.5%Book / share-46.30Cash / share4.00
Sales / share27.31Asset turnover0.25Days sales out.22Sales 3Y CAGR+2.2%Sales 5Y CAGR+6.2%EPS 3Y CAGR+32.4%
EPS 5Y CAGR+116%Employees1,844Sales / employee1.5M

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024
  • Revenue growth sped up to +5.1%-1.2% → +5.1% · Revenue FY2025 / revenue FY2024 − 1, against the same a year earlier · 10-K ↗
  • Operating margin narrowed to 47.7%53.6% → 47.7% · Operating income / revenue · 10-K ↗
What management wrote about it → · Every company →

SBAC against Real estate peers

Ten years, side by side → · All 30 →
GrowthProfitBalanceCleanInsiders
SBACPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 30 companies, the better end on the right. Hover a dot for the company.

Sales growth
+5.1%17th of 29 · median +5.1%
Net margin
34.5%8th of 29 · median 21.7%
Free cash flow margin
36.9%5th of 12 · median 24.1%
SBAC and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
SBAC SBA Communications$2.9B +5.1%75.7%34.5%-36.9%-
EXR Extra Space Storage$3.5B +3.7%-29.9%8.1%44.7%-
DOC Healthpeak Properties$3.1B +4.5%-12.3%4.8%12.3%1.19
INVH Invitation Homes$2.9B +4.2%-23.5%7.7%-0.99
ARE Alexandria Real Estate Equities$2.8B -2.9%--51.8%-9.7%-0.87
MAA Mid-America Apartment Communities$2.2B +0.8%-17.6%7.0%--

From $2.3B of sales to $237.6M of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $1.8BRevenue to Cost of revenue: $545.5MGross profit to Operating profit: $782.5MGross profit to Operating expenses: $980.9MOperating profit to Net profit: $237.6MOperating profit to Tax & other: $544.9M Revenue: $2.3B Revenue$2.3B +11% Y/Y Gross profit: $1.8B · 76% margin Gross profit$1.8B76% margin +10% Y/Y Cost of revenue: $545.5M · 24% of revenue Cost of revenue$545.5M24% of revenue Operating profit: $782.5M · 34% margin Operating profit$782.5M34% margin +23% Y/Y Operating expenses: $980.9M · 42% of revenue Operating expenses$980.9M42% of revenue Net profit: $237.6M · 10% margin Net profit$237.6M10% margin +886% Y/Y Tax & other: $544.9M · 24% of revenue Tax & other$544.9M24% of revenue

Swipe sideways for the whole flow →

From $2.6B of sales to $461.4M of profit

FY2022, from the 10-K income statement and revenue by segment
Domestic Site Leasing to Revenue: $1.8BInternational Site Leasing to Revenue: $559.0MSite Development to Revenue: $296.9MRevenue to Gross profit: $2.0BRevenue to Cost of revenue: $668.6MGross profit to Operating profit: $925.4MGross profit to Operating expenses: $1.0BOperating profit to Net profit: $461.4MOperating profit to Tax & other: $464.0M Domestic Site Leasing: $1.8B · 68% Domestic Site Leasing$1.8B68% International Site Leasing: $559.0M · 21% International Site Leas…$559.0M21% Site Development: $296.9M · 11% Site Development$296.9M11% Revenue: $2.6B Revenue$2.6B +14% Y/Y Gross profit: $2.0B · 75% margin Gross profit$2.0B75% margin +11% Y/Y Cost of revenue: $668.6M · 25% of revenue Cost of revenue$668.6M25% of revenue Operating profit: $925.4M · 35% margin Operating profit$925.4M35% margin +18% Y/Y Operating expenses: $1.0B · 39% of revenue Operating expenses$1.0B39% of revenue Net profit: $461.4M · 18% margin Net profit$461.4M18% margin +94% Y/Y Tax & other: $464.0M · 18% of revenue Tax & other$464.0M18% of revenue

Swipe sideways for the whole flow →

From $2.7B of sales to $501.8M of profit

FY2023, from the 10-K income statement and revenue by segment
Domestic Site Leasing to Revenue: $1.8BInternational Site Leasing to Revenue: $670.4MSite Development to Revenue: $194.6MRevenue to Gross profit: $2.1BRevenue to Cost of revenue: $612.6MGross profit to Operating profit: $923.7MGross profit to Operating expenses: $1.2BOperating profit to Net profit: $501.8MOperating profit to Tax & other: $421.8M Domestic Site Leasing: $1.8B · 68% Domestic Site Leasing$1.8B68% International Site Leasing: $670.4M · 25% International Site Leas…$670.4M25% Site Development: $194.6M · 7% Site Development$194.6M7% Revenue: $2.7B Revenue$2.7B +3% Y/Y Gross profit: $2.1B · 77% margin Gross profit$2.1B77% margin +7% Y/Y Cost of revenue: $612.6M · 23% of revenue Cost of revenue$612.6M23% of revenue Operating profit: $923.7M · 34% margin Operating profit$923.7M34% margin +0% Y/Y Operating expenses: $1.2B · 43% of revenue Operating expenses$1.2B43% of revenue Net profit: $501.8M · 19% margin Net profit$501.8M19% margin +9% Y/Y Tax & other: $421.8M · 16% of revenue Tax & other$421.8M16% of revenue

Swipe sideways for the whole flow →

From $2.7B of sales to $749.5M of profit

FY2024, from the 10-K income statement and revenue by segment
Domestic Site Leasing to Revenue: $1.9BInternational Site Leasing to Revenue: $665.3MSite Development to Revenue: $152.9MRevenue to Gross profit: $2.1BRevenue to Cost of revenue: $581.7MGross profit to Operating profit: $1.4BGross profit to Operating expenses: $662.1MOperating profit to Net profit: $749.5MOperating profit to Tax & other: $686.2M Domestic Site Leasing: $1.9B · 69% Domestic Site Leasing$1.9B69% International Site Leasing: $665.3M · 25% International Site Leas…$665.3M25% Site Development: $152.9M · 6% Site Development$152.9M6% Revenue: $2.7B Revenue$2.7B −1% Y/Y Gross profit: $2.1B · 78% margin Gross profit$2.1B78% margin +0% Y/Y Cost of revenue: $581.7M · 22% of revenue Cost of revenue$581.7M22% of revenue Operating profit: $1.4B · 54% margin Operating profit$1.4B54% margin +55% Y/Y Operating expenses: $662.1M · 25% of revenue Operating expenses$662.1M25% of revenue Net profit: $749.5M · 28% margin Net profit$749.5M28% margin +49% Y/Y Tax & other: $686.2M · 26% of revenue Tax & other$686.2M26% of revenue

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From $2.8B of sales to $1.1B of profit

FY2025, from the 10-K income statement and revenue by segment
Domestic Site Leasing to Revenue: $1.9BInternational Site Leasing to Revenue: $705.0MSite Development to Revenue: $244.5MRevenue to Gross profit: $2.1BRevenue to Cost of revenue: $691.0MGross profit to Operating profit: $1.3BGross profit to Operating expenses: $781.4MOperating profit to Net profit: $1.1BOperating profit to Tax & other: $289.2M Domestic Site Leasing: $1.9B · 66% Domestic Site Leasing$1.9B66% International Site Leasing: $705.0M · 25% International Site Leas…$705.0M25% Site Development: $244.5M · 9% Site Development$244.5M9% Revenue: $2.8B Revenue$2.8B +5% Y/Y Gross profit: $2.1B · 75% margin Gross profit$2.1B75% margin +1% Y/Y Cost of revenue: $691.0M · 25% of revenue Cost of revenue$691.0M25% of revenue Operating profit: $1.3B · 48% margin Operating profit$1.3B48% margin −6% Y/Y Operating expenses: $781.4M · 28% of revenue Operating expenses$781.4M28% of revenue Net profit: $1.1B · 37% margin Net profit$1.1B37% margin +41% Y/Y Tax & other: $289.2M · 10% of revenue Tax & other$289.2M10% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

2 of 3
  • ✓
    Net margin above the peer median34.5% vs 21.7%
  • !
    Gross margin down over 5 years77.1% → 75.5%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 4.7% → 37.4%

Balance sheet

0 of 4
  • !
    Interest covered less than 5 timesOperating income is 2.9× interest expense
  • !
    Equity below zeroDebt $12.9B, equity −$4.8B
  • !
    Current ratio below 1Current ratio 0.20
  • !
    Net debt over 3 years of free cash flow$12.5B net debt, 11.9 years
What the debt is made of ↓

Cash and shareholders

3 of 3
  • ✓
    Free cash flow positive in every one of 10 years$1.1B last year
  • ✓
    Share count down over 5 years−5.2%
  • ✓
    Cash from operations above net income$1.3B vs $1.1B
Free cash flow, FY2016 to FY2025: 602.5M → 1.1B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026 · schedule of Dec 31, 2025
Debt: $12.9B Debt$12.9B Long-term debt: $9.3B · 72% Long-term debt$9.3B · 72% Due within a year: $3.6B · 28% Due within a year$3.6B · 28% Next 12 months: $1.9B · 15% Next 12 months$1.9B · 15% Year 2: $3.0B · 24% Year 2$3.0B · 24% Year 3: $1.5B · 11% Year 3$1.5B · 11% Year 4: $3.4B · 27% Year 4$3.4B · 27% Year 5: $23.0M · 0% Year 5$23.0M · 0%

The debt note's own lines, 2025-12-31

Fixed rate $0Floating $2.2B Not stated $19.6B

Line, as the company names itKindRateFixed or floatingAmount
2024 Tower Securities––not stated$7.2B
2024 Term LoanBank loans5.20–5.47%floating$2.2B
2020 Senior NotesNotes and bonds3.88%not stated$1.5B
2021 Senior NotesNotes and bonds3.12%not stated$1.5B
2024-1C Tower Securities–4.83%not stated$1.4B
2019-1C Tower Securities–2.84%not stated$1.2B
2021-1C Tower Securities–1.63%not stated$1.2B
2021-2C Tower Securities–1.84%not stated$892.7M
2021-3C Tower Securities–2.59%not stated$889.2M
2022-1C Tower Securities–6.60%not stated$845.4M
2020-1C Tower Securities–1.88%not stated$749.9M
2014-2C Tower Securities–3.87%not stated$620.0M
2024-2C Tower Securities–4.65–5.12%not stated$616.6M
2020-2C Tower Securities–2.33%not stated$598.1M
2024-1R Tower Securities–6.25%not stated$108.7M
2021-3R Tower Securities–4.09%not stated$94.3M
2020-2R Tower Securities–4.34%not stated$71.1M
2019-1R Tower Securities–4.21%not stated$61.4M
2021-1R Tower Securities–3.60%not stated$61.4M
2022-1R Tower Securities–7.87%not stated$44.8M
All 20 lines

From the debt note in the 10-K's XBRL (0001034054-26-000002), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 2.8B Net income 1.1B
FY2016 revenue 1.6B · Revenues, 0001034054-19-000002 FY2016 net income 76.2M · NetIncomeLoss, 0001034054-19-000002 1.6B FY2016 FY2017 revenue 1.7B · Revenues, 0001034054-20-000003 FY2017 net income 103.7M · NetIncomeLoss, 0001034054-20-000003 1.7B FY2017 FY2018 revenue 1.9B · Revenues, 0001034054-21-000003 FY2018 net income 47.5M · NetIncomeLoss, 0001034054-21-000003 1.9B FY2018 FY2019 revenue 2.0B · Revenues, 0001034054-22-000002 FY2019 net income 147.0M · NetIncomeLoss, 0001034054-22-000002 2.0B FY2019 FY2020 revenue 2.1B · Revenues, 0001034054-23-000002 FY2020 net income 24.1M · NetIncomeLoss, 0001034054-23-000002 2.1B FY2020 FY2021 revenue 2.3B · Revenues, 0001034054-24-000002 FY2021 net income 237.6M · NetIncomeLoss, 0001034054-24-000002 2.3B FY2021 FY2022 revenue 2.6B · Revenues, 0001034054-25-000002 FY2022 net income 461.4M · NetIncomeLoss, 0001034054-25-000002 2.6B FY2022 FY2023 revenue 2.7B · Revenues, 0001034054-26-000002 FY2023 net income 501.8M · NetIncomeLoss, 0001034054-26-000002 2.7B FY2023 FY2024 revenue 2.7B · Revenues, 0001034054-26-000002 FY2024 net income 749.5M · NetIncomeLoss, 0001034054-26-000002 2.7B FY2024 FY2025 revenue 2.8B · Revenues, 0001034054-26-000002 FY2025 net income 1.1B · NetIncomeLoss, 0001034054-26-000002 2.8B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

SBAC's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly
Revenue2.8B
FY2016: 1.6BFY2017: 1.7BFY2018: 1.9BFY2019: 2.0BFY2020: 2.1BFY2021: 2.3BFY2022: 2.6BFY2023: 2.7BFY2024: 2.7BFY2025: 2.8B FY2017FY2019FY2021FY2023FY2025
Net income1.1B
FY2016: 76.2MFY2017: 103.7MFY2018: 47.5MFY2019: 147.0MFY2020: 24.1MFY2021: 237.6MFY2022: 461.4MFY2023: 501.8MFY2024: 749.5MFY2025: 1.1B FY2017FY2019FY2021FY2023FY2025
Free cash flow1.1B
FY2016: 602.5MFY2017: 671.4MFY2018: 700.8MFY2019: 815.8MFY2020: 997.5MFY2021: 1.1BFY2022: 1.1BFY2023: 1.3BFY2024: 1.1BFY2025: 1.1B FY2017FY2019FY2021FY2023FY2025
EPS (diluted)9.80
FY2016: 0.61FY2017: 0.86FY2018: 0.41FY2019: 1.28FY2020: 0.21FY2021: 2.14FY2022: 4.22FY2023: 4.61FY2024: 6.94FY2025: 9.80 FY2017FY2019FY2021FY2023FY2025
Diluted shares107.5M
FY2016: 125.1MFY2017: 121.0MFY2018: 116.5MFY2019: 114.7MFY2020: 113.5MFY2021: 111.2MFY2022: 109.4MFY2023: 108.9MFY2024: 108.1MFY2025: 107.5M FY2017FY2019FY2021FY2023FY2025

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
Domestic Site Leasing 1.9B66.3% +0.2%
International Site Leasing 705.0M25.0% +6.0%
Site Development 244.5M8.7% +59.9%

10-K 0001034054-26-000002, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue1.6B1.7B1.9B2.0B2.1B2.3B2.6B2.7B2.7B2.8B
Cost of revenue420.9M446.3M468.8M493.0M476.5M545.5M668.6M612.6M581.7M691.0M
Gross profit1.2B1.3B1.4B1.5B1.6B1.8B2.0B2.1B2.1B2.1B
SG&A143.3M130.7M142.5M192.7M194.3M220.0M261.9M267.9M258.8M277.6M
Operating income387.3M458.5M544.2M583.5M633.7M782.5M925.4M923.7M1.4B1.3B
Interest expense338.4M319.6M376.6M386.6M351.9M360.5M347.7M396.6M395.1M467.4M
Pretax income87.3M116.9M51.7M186.9M-17.7M252.6M525.8M548.5M772.7M1.2B
Income tax11.1M13.2M4.2M39.6M-41.8M14.9M66.0M51.1M24.0M187.6M
Net income76.2M103.7M47.5M147.0M24.1M237.6M461.4M501.8M749.5M1.1B
EPS (diluted)0.610.860.411.280.212.144.224.616.949.80
Diluted shares125.1M121.0M116.5M114.7M113.5M111.2M109.4M108.9M108.1M107.5M
Depreciation & amortization638.2M643.1M672.1M697.1M722.0M700.2M707.6M716.3M269.5M292.3M
EBITDA1.0B1.1B1.2B1.3B1.4B1.5B1.6B1.6B1.7B1.6B
Gross margin74.2%74.2%74.9%75.5%77.1%76.4%74.6%77.4%78.3%75.5%
Operating margin23.7%26.5%29.2%29.0%30.4%33.9%35.1%34.1%53.6%47.7%
Net margin4.7%6.0%2.5%7.3%1.2%10.3%17.5%18.5%28.0%37.4%
Revenue growth-+5.8%+8.0%+8.0%+3.4%+10.8%+14.1%+3.0%-1.2%+5.1%
EPS growth-+41.0%-52.3%+212%-83.6%+919%+97.2%+9.2%+50.5%+41.2%

Balance sheet

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash146.1M68.8M143.4M108.3M308.6M367.3M143.7M208.5M189.8M264.6M
Short-term investments223K-239K500K700K778K1.3M1.0M254.5M6.6M
Receivables78.3M90.7M111.0M132.1M74.1M102.0M184.4M182.7M145.7M171.3M
Current assets324.6M259.5M373.9M334.3M473.0M614.4M482.7M484.3M2.0B773.4M
Property & equipment2.8B2.8B2.8B2.8B2.7B2.6B2.7B2.7B2.8B3.4B
Total assets7.4B7.3B7.2B9.8B9.2B9.8B10.6B10.2B11.4B11.6B
Accounts payable28.3M33.3M34.3M31.8M110.0M34.1M51.4M42.2M59.5M73.0M
Current liabilities873.4M278.9M1.2B1.0B614.8M616.3M696.8M1.4B1.8B2.7B
Total debt8.8B9.3B9.9B10.3B11.1B12.3B12.9B12.3B13.6B12.9B
Shareholders' equity-2.0B-2.6B-3.4B-3.7B-4.8B-5.3B-5.3B-5.2B-5.1B-4.9B
Retained earnings-3.6B-4.4B-5.1B-5.6B-6.6B-7.2B-7.5B-7.5B-7.3B-7.2B

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow742.5M818.5M850.6M970.0M1.1B1.2B1.3B1.5B1.3B1.3B
Capital spending140.0M147.0M149.8M154.2M128.6M133.7M214.4M236.7M228.1M224.8M
Free cash flow602.5M671.4M700.8M815.8M997.5M1.1B1.1B1.3B1.1B1.1B
Stock-based pay (added back)32.9M38.2M42.3M73.2M68.9M84.4M99.9M87.9M74.4M75.7M
Dividends paid---83.4M207.7M253.6M306.8M370.0M424.2M479.0M
Buybacks545.7M854.5M795.6M467.0M859.3M582.6M431.7M100.0M200.0M497.8M
Acquisitions276.8M441.5M451.8M774.0M271.4M1.3B1.2B130.0M299.8M1.1B
Debt raised1.1B741.1M--1.5B1.5B--2.3B-
Debt repaid----759.1M1.9B24.0M24.0M2.3B23.0M
Investing cash flow-428.2M-605.1M-618.3M-947.2M-446.4M-1.4B-1.4B-468.2M-809.3M-601.8M
Financing cash flow-288.6M-294.6M-148.5M-62.3M-469.0M339.3M-135.5M-1.0B645.7M-1.7B

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)32.9M38.2M42.3M73.2M68.9M84.4M99.9M87.9M74.4M75.7M
Stock-based pay / revenue2.0%2.2%2.3%3.6%3.3%3.7%3.8%3.2%2.8%2.7%
Operating lease cost--273.5M266.7M260.6M260.7M275.9M290.2M278.4M293.3M
Operating lease cash paid---237.8M237.7M242.6M259.8M279.2M277.6M282.5M
Finance lease principal paid---1.3M1.5M1.7M2.3M2.5M2.0M2.7M
Right-of-use assets---2.6B2.4B2.3B2.4B2.2B2.3B2.5B
Operating lease liabilities---2.5B2.3B2.2B2.3B2.1B2.2B2.4B
Finance lease liabilities---3.9M3.4M3.8M5.4M4.8M3.1M7.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on SBAC in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/SBAC/export.csv") into a cell.