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 revenue.

Balance Sheet

Assets, liabilities, and equity

17 accounts · 3 years

Total assets $11.6B

Total liabilities ~$16.4B

Shareholders equity $-4.9B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	15.4%	52.1%	9.1%
Other Current Assets	12.1%	21.7%	8.8%
Total Current Assets	27.5%	73.8%	17.9%
Other Noncurrent Assets	383.7%	352.2%	357.5%
Total Assets	411.2%	426.1%	375.4%
Liabilities
Current Portion of Long Term Debt	68.8%	44.3%	23.7%
Other Current Liabilities	26.4%	22.8%	26.6%
Total Current Liabilities	95.1%	67.1%	50.3%
Long Term Debt	389.5%	462.9%	430.8%
Other Noncurrent Liabilities	96.2%	84.8%	83.7%
Equity
Total Stockholders Equity	-172.4%	-190.7%	-190.7%
Common Stock	0.0%	0.0%	0.0%
Additional Paid In Capital	108.7%	111.0%	106.7%
Retained Earnings	-257.5%	-273.4%	-274.8%
Accumulated Other Comprehensive Income	-23.6%	-28.4%	-22.7%
Temporary Equity and Other	2.8%	2.0%	1.3%
Total Liabilitiesand Equity	411.2%	426.1%	375.4%

Income Statement

Revenue, expense, and profitability

14 accounts · 3 years

Revenue $2.8B

Operating income $1.3B

Net income $1.1B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%
Expenses Depreciation and Amortization	10.4%	10.1%	26.4%
Expenses Selling,General and Administrative	9.9%	9.7%	9.9%
Expenses Other Operating Expenses	32.1%	26.7%	29.6%
Other Income Expense Operating Income	47.7%	53.6%	34.1%
Other Income Expense Interest Expense	1.1%	1.8%	2.1%
Other Income Expense Other Income/expense	-2.5%	-22.9%	-11.8%
Other Income Expense Income Before Tax	44.1%	28.8%	20.2%
Income Tax Income Tax Expense	6.7%	0.9%	1.9%
net Income Other Items Below Tax	-0.0%	0.0%	0.2%
net Income net Income	37.4%	28.0%	18.5%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Diluted	3.8%	4.0%	4.0%

Cash Flow Statement

Operating, investing, and financing flows

16 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 Cash From Operating Activities	45.9%	49.8%	57.0%
Operating Activities net Income	37.5%	27.9%	18.3%
Operating Activities Depreciation and Amortization	10.4%	10.1%	26.4%
Operating Activities Stock Based Compensation	2.7%	2.8%	3.2%
Operating Activities Other Non Cash Items	-4.7%	9.0%	9.0%
Investing Activities Capital Expenditures	-45.6%	-19.7%	-13.5%
Investing Activities Other Investing Activities	24.2%	-10.5%	-3.7%
Investing Activities net Cash From Investing Activities	-21.4%	-30.2%	-17.3%
Financing Activities Proceeds From Debt	24.7%	175.5%	7.0%
Financing Activities Repayment of Debt	-50.0%	-129.2%	-27.8%
Financing Activities Dividends Paid	-17.0%	-15.8%	-13.6%
Financing Activities Repurchase of Common Stock	-17.7%	-7.5%	-3.7%
Financing Activities Other Financing Activities	0.9%	1.1%	0.6%
Financing Activities net Cash From Financing Activities	-59.1%	24.1%	-37.5%
Cash Reconciliation Effect of Exchange Rate On Cash	0.4%	-0.8%	0.1%
Cash Reconciliation net Change In Cash	-34.2%	42.9%	2.3%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	—	—	—
Operating margin	+47.7%	+53.6%	+34.1%
Net margin	+37.4%	+28.0%	+18.5%
FCF margin	+0.3%	+30.1%	+43.4%
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	+15.0%	+19.6%	+12.1%
Liquidity
Current ratio	0.29x	1.10x	0.36x
Quick ratio	—	—	—
Leverage
D/E	-3.38x	-3.23x	-2.97x
Interest coverage	43.71x	29.35x	16.45x
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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