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%
                    
                    P87
                    
                    +40.6%
                    
                    Total assets
                    FY2025
                
$11.6B
                    ROA +9.1%
                    
                    P97
                    
                    +1.4%
                    
                    Operating cash flow
                    FY2025
                
$1.3B
                    FCF margin +37.9%
                    
                    P60
                    
                    -3.3%

18 yrs · FY2008–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Running CAGR since the earliest displayed year.

Balance Sheet

Assets, liabilities, and equity

32 accounts · 3 years

Total assets $11.6B

Total liabilities $2.7B

Shareholders equity $-4.9B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	+12.6%	-9.0%	—
Short Term Investments	+152.1%	+24234.0%	—
Accounts Receivable	-3.2%	-20.3%	—
Prepaid Expenses	+91.6%	+981.4%	—
Other Current Assets	+34.6%	+18.9%	—
Total Current Assets	+26.4%	+308.6%	—
Property,Plant and Equipment	+12.0%	+3.0%	—
Operating Lease Assets	+6.5%	+2.3%	—
Intangible Assets	+8.3%	-2.7%	—
Long Term Investments	-7.4%	-15.3%	—
Deferred Tax Assets	-4.4%	+1.3%	—
Other Noncurrent Assets	-10.4%	-19.1%	—
Total Assets	+6.6%	+12.2%	—
Liabilities
Accounts Payable	+31.6%	+41.1%	—
Accrued Liabilities	+0.5%	-11.5%	—
Deferred Revenue	-29.4%	-46.0%	—
Current Portion of Long Term Debt	+73.5%	+84.7%	—
Other Current Liabilities	+124.4%	-3.9%	—
Total Current Liabilities	+40.2%	+31.9%	—
Long Term Debt	-3.1%	+6.2%	—
Deferred Revenue Noncurrent	-29.4%	-46.0%	—
Deferred Tax Liabilities	—	+0.3%	—
Other Noncurrent Liabilities	+20.6%	-9.0%	—
Total Liabilities	+40.2%	+31.9%	—
Equity
Preferred Stock	+0.0%	+0.0%	—
Common Stock	-1.1%	-0.4%	—
Additional Paid In Capital	+2.8%	+2.8%	—
Retained Earnings	—	—	—
Treasury Stock	+123.1%	+100.0%	—
Accumulated Other Comprehensive Income	—	—	—
Total Stockholders Equity	—	—	—
Total Liabilitiesand Equity	+6.6%	+12.2%	—

Income Statement

Revenue, expense, and profitability

19 accounts · 3 years

Revenue $2.8B

Operating income $1.3B

Net income $1.1B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	+1.9%	-1.2%	—
Expenses Cost of Revenue	+19.2%	-15.2%	—
Expenses Selling,General and Administrative	+1.8%	-3.4%	—
Expenses Depreciation and Amortization	-46.2%	-73.0%	—
Expenses Share Based Compensation	-7.2%	-15.4%	—
Expenses Operating Expenses	-9.3%	-30.4%	—
Other Income Expense Gross Profit	+0.6%	-0.1%	—
Other Income Expense Operating Income	+20.6%	+55.4%	—
Other Income Expense Interest Income	+31.5%	+129.2%	—
Other Income Expense Interest Expense	+14.2%	-16.1%	—
Other Income Expense Other Income/expense	+141.0%	—	—
Other Income Expense Income Before Tax	+50.5%	+40.9%	—
Income Tax Income Tax Expense	+91.6%	-53.0%	—
net Income net Income	+44.9%	+49.4%	—
net Income Comprehensive Income	+55.2%	+26.7%	—
Earnings Per Share Basic Eps	+45.6%	+50.0%	—
Earnings Per Share Diluted Eps	+45.8%	+50.5%	—
Earnings Per Share Weighted Average Shares Basic	-0.5%	-0.5%	—
Earnings Per Share Weighted Average Shares Diluted	-0.6%	-0.8%	—

Cash Flow Statement

Operating, investing, and financing flows

22 accounts · 3 years

Operating cash flow $1.3B

Investing cash flow $-601.8M

Financing cash flow $-1.7B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	+44.9%	+49.4%	—
Operating Activities Depreciation and Amortization	-36.1%	-62.4%	—
Operating Activities Stock Based Compensation	-7.2%	-15.4%	—
Operating Activities Deferred Income Taxes	+375.0%	—	—
Operating Activities Changes In Operating Assets and Liabilities	+43.8%	-45.1%	—
Operating Activities Other Non Cash Items	—	—	—
Operating Activities net Cash From Operating Activities	-8.6%	-13.6%	—
Investing Activities Capital Expenditures	-2.5%	-3.6%	—
Investing Activities Business Acquisitions	+185.4%	+130.7%	—
Investing Activities Purchases of Investments	-6.7%	+34.5%	—
Investing Activities Other Investing Activities	-34.4%	+60.7%	—
Investing Activities net Cash From Investing Activities	—	—	—
Financing Activities Repayment of Debt	-2.1%	+9451.0%	—
Financing Activities Repurchase of Common Stock	+123.1%	+100.0%	—
Financing Activities Dividends Paid	+13.8%	+14.7%	—
Financing Activities Proceeds From Stock Issuance	+11.5%	-23.8%	—
Financing Activities Other Financing Activities	—	+33897.3%	—
Financing Activities net Cash From Financing Activities	—	—	—
Cash Reconciliation Effect of Exchange Rate On Cash	+95.4%	—	—
Cash Reconciliation net Change In Cash	—	+1764.5%	—
Cash Reconciliation Cash At Beginning of Period	+32.0%	+458.2%	—
Cash Reconciliation Cash At End of Period	+32.0%	+458.2%	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	+92.9%	+95.6%	+94.8%
Operating margin	+47.7%	+53.6%	+34.1%
Net margin	+37.4%	+28.0%	+18.5%
FCF margin	+37.9%	+41.3%	+48.2%
Growth
Revenue CAGR (3y)	+2.2%	+5.1%	+9.2%
Returns
ROE	-21.7%	-14.7%	-9.7%
ROA	+9.1%	+6.6%	+4.9%
ROIC	+14.6%	+16.8%	+12.1%
Liquidity
Current ratio	0.29x	1.10x	0.36x
Quick ratio	0.16x	0.19x	0.29x
Leverage
D/E	-0.55x	-0.35x	-0.26x
Interest coverage	4882.86x	8111.66x	4377.53x
Efficiency
Asset turnover	0.24x	0.23x	0.27x
Cash conversion cycle	—	—	—

Valuation

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FY2025 fundamentals · no price

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SBA Communications

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