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
                    
                    n/a
                    
                    Net income
                    FY2025
                
$1.1B
                    Net margin +37.4%
                    
                    P86
                    
                    n/a
                    
                    Total assets
                    FY2025
                
$11.6B
                    ROA +9.1%
                    
                    P97
                    
                    n/a
                    
                    Operating cash flow
                    FY2025
                
$1.3B
                    FCF margin +0.3%
                    
                    P52
                    
                    n/a

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 revenue.

Balance Sheet

Assets, liabilities, and equity

17 accounts · 1 year

Total assets $11.6B

Total liabilities ~$16.4B

Shareholders equity $-4.9B

Account	2025	Trend
Assets
Cash and Cash Equivalents	15.4%
Other Current Assets	12.1%
Total Current Assets	27.5%
Other Noncurrent Assets	383.7%
Total Assets	411.2%
Liabilities
Current Portion of Long Term Debt	68.8%
Other Current Liabilities	26.4%
Total Current Liabilities	95.1%
Long Term Debt	389.5%
Other Noncurrent Liabilities	96.2%
Equity
Total Stockholders Equity	-172.4%
Common Stock	0.0%
Additional Paid In Capital	108.7%
Retained Earnings	-257.5%
Accumulated Other Comprehensive Income	-23.6%
Temporary Equity and Other	2.8%
Total Liabilitiesand Equity	411.2%

Income Statement

Revenue, expense, and profitability

14 accounts · 1 year

Revenue $2.8B

Operating income $1.3B

Net income $1.1B

Account	2025	Trend
IncomeStatement
Revenues Total Revenue	100.0%
Expenses Depreciation and Amortization	10.4%
Expenses Selling,General and Administrative	9.9%
Expenses Other Operating Expenses	32.1%
Other Income Expense Operating Income	47.7%
Other Income Expense Interest Expense	1.1%
Other Income Expense Other Income/expense	-2.5%
Other Income Expense Income Before Tax	44.1%
Income Tax Income Tax Expense	6.7%
net Income Other Items Below Tax	-0.0%
net Income net Income	37.4%
Earnings Per Share Basic Eps	0.0%
Earnings Per Share Diluted Eps	0.0%
Earnings Per Share Weighted Average Shares Diluted	3.8%

Cash Flow Statement

Operating, investing, and financing flows

16 accounts · 1 year

Operating cash flow $1.3B

Investing cash flow $-601.8M

Financing cash flow $-1.7B

Account	2025	Trend
CashFlow
Operating Activities net Cash From Operating Activities	45.9%
Operating Activities net Income	37.5%
Operating Activities Depreciation and Amortization	10.4%
Operating Activities Stock Based Compensation	2.7%
Operating Activities Other Non Cash Items	-4.7%
Investing Activities Capital Expenditures	-45.6%
Investing Activities Other Investing Activities	24.2%
Investing Activities net Cash From Investing Activities	-21.4%
Financing Activities Proceeds From Debt	24.7%
Financing Activities Repayment of Debt	-50.0%
Financing Activities Dividends Paid	-17.0%
Financing Activities Repurchase of Common Stock	-17.7%
Financing Activities Other Financing Activities	0.9%
Financing Activities net Cash From Financing Activities	-59.1%
Cash Reconciliation Effect of Exchange Rate On Cash	0.4%
Cash Reconciliation net Change In Cash	-34.2%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 1 year

Ratio	2025
Profitability
Gross margin	—
Operating margin	+47.7%
Net margin	+37.4%
FCF margin	+0.3%
Growth
Revenue CAGR (3y)	+2.2%
Returns
ROE	-21.7%
ROA	+9.1%
ROIC	+15.0%
Liquidity
Current ratio	0.29x
Quick ratio	—
Leverage
D/E	-3.38x
Interest coverage	43.71x
Efficiency
Asset turnover	0.24x
Cash conversion cycle	—

Valuation

Price against fundamentals

FY2025 fundamentals · no price

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SBA Communications

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Margins, returns, liquidity, leverage, efficiency

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