NASDAQ: SBAC
SBA Communications
Real Estate · Real Estate Investment Trusts
52-week range
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$18.7B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $12.5B |
| FY2017, ended Dec 31, 2017 | $19.0B |
| FY2018, ended Dec 31, 2018 | $18.2B |
| FY2019, ended Dec 31, 2019 | $27.0B |
| FY2020, ended Dec 31, 2020 | $30.8B |
| FY2021, ended Dec 31, 2021 | $42.0B |
| FY2022, ended Dec 31, 2022 | $30.3B |
| FY2023, ended Dec 31, 2023 | $27.4B |
| FY2024, ended Dec 31, 2024 | $21.9B |
| FY2025, ended Dec 31, 2025 | $20.5B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $18.7B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$2.87B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $1.63B |
| FY2017, ended Dec 31, 2017 | $1.73B |
| FY2018, ended Dec 31, 2018 | $1.87B |
| FY2019, ended Dec 31, 2019 | $2.01B |
| FY2020, ended Dec 31, 2020 | $2.08B |
| FY2021, ended Dec 31, 2021 | $2.31B |
| FY2022, ended Dec 31, 2022 | $2.63B |
| FY2023, ended Dec 31, 2023 | $2.71B |
| FY2024, ended Dec 31, 2024 | $2.68B |
| FY2025, ended Dec 31, 2025 | $2.82B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $2.87B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $76.2M | $603M |
| FY2017, ended Dec 31, 2017 | $104M | $671M |
| FY2018, ended Dec 31, 2018 | $47.5M | $701M |
| FY2019, ended Dec 31, 2019 | $147M | $816M |
| FY2020, ended Dec 31, 2020 | $24.1M | $997M |
| FY2021, ended Dec 31, 2021 | $238M | $1.06B |
| FY2022, ended Dec 31, 2022 | $461M | $1.07B |
| FY2023, ended Dec 31, 2023 | $502M | $1.31B |
| FY2024, ended Dec 31, 2024 | $750M | $1.11B |
| FY2025, ended Dec 31, 2025 | $1.05B | $1.07B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $991M | $1.05B |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$327M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $146M |
| FY2017, ended Dec 31, 2017 | $68.8M |
| FY2018, ended Dec 31, 2018 | $143M |
| FY2019, ended Dec 31, 2019 | $108M |
| FY2020, ended Dec 31, 2020 | $309M |
| FY2021, ended Dec 31, 2021 | $367M |
| FY2022, ended Dec 31, 2022 | $144M |
| FY2023, ended Dec 31, 2023 | $209M |
| FY2024, ended Dec 31, 2024 | $190M |
| FY2025, ended Dec 31, 2025 | $265M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $327M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.$12.7B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $8.78B |
| FY2017, ended Dec 31, 2017 | $9.31B |
| FY2018, ended Dec 31, 2018 | $9.94B |
| FY2019, ended Dec 31, 2019 | $10.3B |
| FY2020, ended Dec 31, 2020 | $11.1B |
| FY2021, ended Dec 31, 2021 | $12.3B |
| FY2022, ended Dec 31, 2022 | $12.9B |
| FY2023, ended Dec 31, 2023 | $12.3B |
| FY2024, ended Dec 31, 2024 | $13.6B |
| FY2025, ended Dec 31, 2025 | $12.9B |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $12.7B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 12.3% since 2016.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.106M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 121M |
| FY2017, ended Dec 31, 2017 | 117M |
| FY2018, ended Dec 31, 2018 | 113M |
| FY2019, ended Dec 31, 2019 | 112M |
| FY2020, ended Dec 31, 2020 | 109M |
| FY2021, ended Dec 31, 2021 | 108M |
| FY2022, ended Dec 31, 2022 | 108M |
| FY2023, ended Dec 31, 2023 | 108M |
| FY2024, ended Dec 31, 2024 | 108M |
| FY2025, ended Dec 31, 2025 | 106M |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | 106M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Jun 30, 2026. Hover or tap a column for another year.Net: $285M more bought back than issued
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| Period | Bought back | Paid to employees | Used in acquisitions |
|---|---|---|---|
| FY2016, ended Dec 31, 2016 | $546M | $32.9M | — |
| FY2017, ended Dec 31, 2017 | $855M | $38.2M | $63.3M |
| FY2018, ended Dec 31, 2018 | $796M | $42.3M | — |
| FY2019, ended Dec 31, 2019 | $467M | $73.2M | $1.68M |
| FY2020, ended Dec 31, 2020 | $859M | $68.9M | — |
| FY2021, ended Dec 31, 2021 | $583M | $84.4M | — |
| FY2022, ended Dec 31, 2022 | $432M | $99.9M | — |
| FY2023, ended Dec 31, 2023 | $100M | $87.9M | — |
| FY2024, ended Dec 31, 2024 | $200M | $74.4M | — |
| FY2025, ended Dec 31, 2025 | $498M | $75.7M | — |
| Trailing 12 months to Jun 30, 2026 (through Q2 FY2026) | $369M | $84.2M | — |
Revenue (TTM)
$2.87B
+5.4% YoY
Net income (TTM)
$991M
+12.7% YoY
Cash
$327M
+18.8% YoY
Total debt
$12.7B
+1.7% YoY
Valuation
At current price- Market Cap
- $19.9B
- P/E
- 20.0×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 6.9×
- Price / Book
- n/m. Market cap / shareholders' equity
- EV / EBITDA
- 19.1×
Growth
Trailing 12 months- Revenue (TTM)
- $2.87B
- Revenue Growth YoY
- 5.4%
- Revenue CAGR 3Y
- 2.2%
- Revenue CAGR 5Y
- 6.2%
- EPS Growth YoY
- 13.7%
- Net Income Growth YoY
- 12.7%
Profitability
Trailing 12 months- Gross Margin
- 75.2%
- Operating Margin
- 47.6%
- Net Margin
- 34.5%
- FCF Margin
- 36.6%
- Return on Equity
- n/m. Net income (TTM) / average equity
Earnings
Trailing 12 months- Net Income
- $991M
- EPS (diluted)
- $9.27
- EBITDA
- $1.69B
- Operating Income
- $1.37B
Balance Sheet
As of Jun 30, 2026- Cash and cash equivalents
- $327M
- Total Debt
- $12.7B
- Net Debt
- $12.4B
- Total Assets
- $11.7B
- Total Liabilities
- $16.4B
- Shareholders' Equity
- −$4.63B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $1.28B
- Capital Expenditure
- $234M
- Free Cash Flow
- $1.05B
Dividends and risk
Last 12 months- Dividend Yield
- 2.6%
- Dividend / Share
- $4.86
- Beta (5Y)
- 1.00
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 5.4% year over year, at $2.87B.
Watch
Operating margin narrowed 4.8 pts in a year, to 47.6%.
Watch
Net debt is 7.3× EBITDA ($12.4B), a heavy load.
Strength
Turns 36.6% of revenue into free cash flow.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-K for the fiscal year ended Dec 31, 2025 · filed Feb 27, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2024 · 10-K68Mildly positive
10-K for the fiscal year ended Dec 31, 2024
Filed Feb 26, 2025 · Read the filing on EDGAR
- Revenue slipped about 1% to $2.68 billion, but operating income jumped 55% to $1.44 billion, mainly because tower depreciation lives were doubled to 30 years.
- SBA agreed to buy over 7,000 Central American sites from Millicom for about $975 million, and it exited the Philippines and agreed to sell Colombia.
- Debt rose to about $13.67 billion ahead of a January 2025 repayment of maturing securities; the revolving credit line grew to $2.0 billion with nothing drawn at year-end.
- Site development revenue fell 21.5% on lower carrier activity, while the quarterly dividend rises to $1.11 from $0.98.
Business momentum
Improving
“Net income increased $251.3 million for the year ended December 31, 2024, as compared to the prior year.”
Outlook
Positive
“During 2025, we expect core leasing revenue in both our domestic and international segments to increase over 2024 levels, on a currency neutral basis”
Financial stress
Low
“we believe that our cash on hand, capacity available under our Revolving Credit Facility, and cash flows from operations for the next twelve months will be sufficient to service our outstanding debt during the next twelve months”
Tone against the previous report
About the same
Red flags
None found in this report.
Positives
Net income rose strongly, helped by an accounting change and lower impairment charges
“Net income increased $251.3 million for the year ended December 31, 2024, as compared to the prior year.”
Millicom deal brings long-term lease-backs on all acquired sites
“Upon closing, Millicom will enter into country-specific MLAs to lease back space on all acquired sites for an initial term of 15 years.”
Management expects to keep growing the dividend from future cash flow
“we believe that our future cash flow generation will permit us to grow our cash dividend in the future”
Concerns
Much of the profit jump comes from a depreciation accounting change, not stronger business
“resulting in a reduction in depreciation and amortization expense of approximately $411.5 million ($372.5 million after tax, or an increase of $3.45 per diluted share)”
Site development business shrank as carriers cut activity
“Site development revenues decreased $41.8 million for the year ended December 31, 2024, as compared to the prior year, as a result of decreased carrier activity.”
Weaker foreign currencies caused a large loss on intercompany loans
“Other (expense) income, net includes a $236.5 million loss on the remeasurement of U.S. dollar denominated intercompany loans with foreign subsidiaries for the year ended December 31, 2024”
New risks since the previous report
Interest cost on the term loan will rise as a cheap rate hedge expires in March 2025
“The combined notional value of both forward-starting swaps of $2.0 billion will effectively fix one month term SOFR for a blended all-in fixed rate of 5.165% per annum through April 11, 2028.”
Large Millicom purchase depends on regulatory approval and adds integration risk
“the ultimate closing is dependent upon regulatory approvals and other requirements and may differ from this date”
International competition is causing carrier instability and expected lease losses in 2025
“we expect approximately $27.0 to $31.0 million of churn for the 2025 fiscal year”
Biggest risks named
- Reliance on T-Mobile, AT&T and Verizon, and lease losses from carrier mergers including Sprint
- $13.7 billion debt load, refinancing needs and higher interest rates
- Lower carrier network spending and delays in new spectrum rollouts
- International exposure: Brazil currency swings, competition, lease losses and tax dispute
- New technologies, satellite services or network sharing reducing demand for traditional towers
Artificial intelligence in this business: Not mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | +3 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −1.5 | |
| Score | 68 | |
Written by AI (Claude Opus 5.5) from the report’s text. 12 of 12 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-K | Feb 27, 2026 | Pro | |||
| 10-K | Feb 26, 2025 | 68 | Improving | None | |
| 10-K | Feb 28, 2024 | 57 | Stable | 1 medium | |
| 10-K | Mar 1, 2023 | 71 | Strong improvement | 1 medium | |
| 10-K | Mar 1, 2022 | 74 | Strong improvement | None | |
| 10-K | Feb 25, 2021 | 46 | Sharp deterioration | None | |
| 10-K | Feb 24, 2020 | 73 | Strong improvement | None | |
| 10-K | Feb 28, 2019 | 46 | Sharp deterioration | None | |
| 10-K | Mar 1, 2018 | 73 | Strong improvement | None | |
| 10-K | Mar 1, 2017 | 67 | Improving | 1 medium |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q2 FY2026 (period ended Jun 30, 2026), filed Aug 6, 2026. View filings on SEC EDGAR