SBA Communications

Real Estate Telecom Tower REITs Boca Raton, Florida Last filing Feb 27, 2026 · FY2025

                    Revenue
                    FY2025
                
$2.8B
                    3y CAGR +2.2%
                    
                    P10
                    
                    +5.1%
                    
                    Net income
                    FY2025
                
$1.1B
                    Net margin +37.4%
                    
                    P86
                    
                    +40.6%
                    
                    Total assets
                    FY2025
                
$11.6B
                    ROA +9.1%
                    
                    P97
                    
                    +1.4%
                    
                    Operating cash flow
                    FY2025
                
$1.3B
                    FCF margin +0.3%
                    
                    P52
                    
                    -3.3%

18 yrs · FY2008–FY2025 8 filed · 1 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

17 accounts · 5 years

Total assets $11.6B

Total liabilities ~$16.4B

Shareholders equity $-4.9B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	3.7%	12.2%	2.4%	1.8%	4.4%
Other Current Assets	2.9%	5.1%	2.3%	2.8%	1.9%
Total Current Assets	6.7%	17.3%	4.8%	4.6%	6.3%
Other Noncurrent Assets	93.3%	82.7%	95.2%	95.4%	93.7%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Current Portion of Long Term Debt	16.7%	10.4%	6.3%	0.2%	0.2%
Other Current Liabilities	6.4%	5.3%	7.1%	6.4%	6.0%
Total Current Liabilities	23.1%	15.7%	13.4%	6.6%	6.3%
Long Term Debt	94.7%	108.6%	114.8%	121.3%	125.3%
Other Noncurrent Liabilities	23.4%	19.9%	22.3%	21.6%	22.2%
Equity
Total Stockholders Equity	-41.9%	-44.8%	-50.8%	-49.8%	-53.9%
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	26.4%	26.1%	28.4%	26.4%	27.4%
Retained Earnings	-62.6%	-64.2%	-73.2%	-70.7%	-73.5%
Accumulated Other Comprehensive Income	-5.7%	-6.7%	-6.0%	-5.6%	-7.8%
Temporary Equity and Other	0.7%	0.5%	0.3%	0.3%	0.2%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%

Income Statement

Revenue, expense, and profitability

14 accounts · 5 years

Revenue $2.8B

Operating income $1.3B

Net income $1.1B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	24.3%	23.5%	26.6%	24.9%	23.6%
Expenses Depreciation and Amortization	2.5%	2.4%	7.0%	6.7%	7.1%
Expenses Selling,General and Administrative	2.4%	2.3%	2.6%	2.5%	2.2%
Expenses Other Operating Expenses	7.8%	6.3%	7.9%	7.0%	6.2%
Other Income Expense Operating Income	11.6%	12.6%	9.1%	8.7%	8.0%
Other Income Expense Interest Expense	0.3%	0.4%	0.6%	0.6%	0.7%
Other Income Expense Other Income/expense	-0.6%	-5.4%	-3.1%	-3.2%	-4.7%
Other Income Expense Income Before Tax	10.7%	6.8%	5.4%	5.0%	2.6%
Income Tax Income Tax Expense	1.6%	0.2%	0.5%	0.6%	0.2%
net Income Other Items Below Tax	-0.0%	0.0%	0.0%	0.0%	—
net Income net Income	9.1%	6.6%	4.9%	4.4%	2.4%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Diluted	0.9%	0.9%	1.1%	1.0%	1.1%

Cash Flow Statement

Operating, investing, and financing flows

16 accounts · 5 years

Operating cash flow $1.3B

Investing cash flow $-601.8M

Financing cash flow $-1.7B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Cash From Operating Activities	11.2%	11.7%	15.2%	12.1%	12.1%
Operating Activities net Income	9.1%	6.6%	4.9%	4.3%	2.4%
Operating Activities Depreciation and Amortization	2.5%	2.4%	7.0%	6.7%	7.1%
Operating Activities Stock Based Compensation	0.7%	0.7%	0.9%	0.9%	0.9%
Operating Activities Other Non Cash Items	-1.1%	2.1%	2.4%	0.2%	1.7%
Investing Activities Capital Expenditures	-11.1%	-4.6%	-3.6%	-13.1%	-14.2%
Investing Activities Other Investing Activities	5.9%	-2.5%	-1.0%	-0.0%	-0.3%
Investing Activities net Cash From Investing Activities	-5.2%	-7.1%	-4.6%	-13.2%	-14.5%
Financing Activities Proceeds From Debt	6.0%	41.2%	1.9%	17.1%	64.7%
Financing Activities Repayment of Debt	-12.2%	-30.3%	-7.4%	-12.0%	-52.8%
Financing Activities Dividends Paid	-4.1%	-3.7%	-3.6%	-2.9%	-2.6%
Financing Activities Repurchase of Common Stock	-4.3%	-1.8%	-1.0%	-4.1%	-5.9%
Financing Activities Other Financing Activities	0.2%	0.3%	0.2%	0.5%	0.0%
Financing Activities net Cash From Financing Activities	-14.4%	5.7%	-10.0%	-1.3%	3.5%
Cash Reconciliation Effect of Exchange Rate On Cash	0.1%	-0.2%	0.0%	-0.0%	-0.1%
Cash Reconciliation net Change In Cash	-8.3%	10.1%	0.6%	-2.3%	0.9%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	—	—	—	—	—
Operating margin	+47.7%	+53.6%	+34.1%	+35.1%	+33.9%
Net margin	+37.4%	+28.0%	+18.5%	+17.5%	+10.3%
FCF margin	+0.3%	+30.1%	+43.4%	-4.0%	-8.7%
Growth
Revenue CAGR (3y)	+2.2%	+5.1%	+9.2%	+9.3%	+7.4%
Returns
ROE	-21.7%	-14.7%	-9.7%	-8.7%	-4.5%
ROA	+9.1%	+6.6%	+4.9%	+4.4%	+2.4%
ROIC	+15.0%	+19.6%	+12.1%	+10.9%	+11.2%
Liquidity
Current ratio	0.29x	1.10x	0.36x	0.69x	1.00x
Quick ratio	—	—	—	—	—
Leverage
D/E	-3.38x	-3.23x	-2.97x	-3.01x	-2.86x
Interest coverage	43.71x	29.35x	16.45x	14.03x	11.74x
Efficiency
Asset turnover	0.24x	0.23x	0.27x	0.25x	0.24x
Cash conversion cycle	—	—	—	—	—

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SBA Communications

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