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

Each cell as a share of that year’s revenue.

Balance Sheet

Assets, liabilities, and equity

32 accounts · 5 years

Total assets $11.6B

Total liabilities $2.7B

Shareholders equity $-4.9B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	9.4%	7.1%	7.7%	5.5%	15.9%
Short Term Investments	0.2%	9.5%	0.0%	0.1%	—
Accounts Receivable	6.1%	5.4%	6.7%	7.0%	4.4%
Prepaid Expenses	5.0%	15.6%	1.4%	1.3%	1.3%
Other Current Assets	1.2%	0.8%	0.7%	0.7%	0.7%
Total Current Assets	27.5%	73.8%	17.9%	18.3%	26.6%
Property,Plant and Equipment	120.8%	104.2%	100.0%	103.0%	111.5%
Operating Lease Assets	90.2%	85.6%	82.6%	90.4%	98.3%
Intangible Assets	102.4%	89.1%	90.6%	105.4%	121.4%
Long Term Investments	0.7%	0.8%	0.9%	1.5%	2.1%
Deferred Tax Assets	13.0%	15.2%	14.8%	14.9%	15.5%
Other Noncurrent Assets	23.2%	24.5%	30.0%	27.4%	24.9%
Total Assets	411.2%	426.1%	375.4%	401.9%	424.5%
Liabilities
Accounts Payable	2.6%	2.2%	1.6%	2.0%	1.5%
Accrued Liabilities	3.3%	3.1%	3.4%	3.9%	2.9%
Deferred Revenue	4.2%	4.8%	8.7%	5.9%	8.0%
Current Portion of Long Term Debt	68.8%	44.3%	23.7%	0.9%	1.0%
Other Current Liabilities	3.3%	0.7%	0.7%	1.9%	0.8%
Total Current Liabilities	95.1%	67.1%	50.3%	26.5%	26.7%
Long Term Debt	389.5%	462.9%	430.8%	487.7%	531.8%
Deferred Revenue Noncurrent	4.2%	4.8%	8.7%	5.9%	8.0%
Deferred Tax Liabilities	0.0%	6.4%	6.3%	5.8%	5.9%
Other Noncurrent Liabilities	20.9%	13.7%	14.9%	9.4%	8.3%
Total Liabilities	95.1%	67.1%	50.3%	26.5%	26.7%
Equity
Preferred Stock	1.1%	1.1%	1.1%	1.1%	1.3%
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	108.7%	111.0%	106.7%	106.1%	116.1%
Retained Earnings	-257.5%	-273.4%	-274.8%	-284.1%	-312.0%
Treasury Stock	17.7%	7.5%	3.7%	16.4%	25.2%
Accumulated Other Comprehensive Income	-23.6%	-28.4%	-22.7%	-22.4%	-33.0%
Total Stockholders Equity	-172.4%	-190.7%	-190.7%	-200.4%	-228.8%
Total Liabilitiesand Equity	411.2%	426.1%	375.4%	401.9%	424.5%

Income Statement

Revenue, expense, and profitability

19 accounts · 5 years

Revenue $2.8B

Operating income $1.3B

Net income $1.1B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	7.1%	4.4%	5.2%	8.5%	6.9%
Expenses Selling,General and Administrative	9.9%	9.7%	9.9%	9.9%	9.5%
Expenses Depreciation and Amortization	4.1%	4.0%	14.6%	15.4%	17.8%
Expenses Share Based Compensation	2.7%	2.8%	3.2%	3.8%	3.7%
Expenses Operating Expenses	52.3%	46.4%	65.9%	64.9%	66.1%
Other Income Expense Gross Profit	75.5%	78.3%	77.4%	74.6%	76.4%
Other Income Expense Operating Income	47.7%	53.6%	34.1%	35.1%	33.9%
Other Income Expense Interest Income	1.1%	1.6%	0.7%	0.4%	0.1%
Other Income Expense Interest Expense	0.0%	0.0%	0.0%	0.0%	0.0%
Other Income Expense Other Income/expense	13.0%	-9.3%	2.3%	0.4%	-3.2%
Other Income Expense Income Before Tax	44.1%	28.8%	20.2%	20.0%	10.9%
Income Tax Income Tax Expense	6.7%	0.9%	1.9%	2.5%	0.6%
net Income net Income	37.4%	28.0%	18.5%	17.5%	10.3%
net Income Comprehensive Income	40.8%	22.6%	17.6%	24.0%	12.3%
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 Basic	3.8%	4.0%	4.0%	4.1%	4.7%
Earnings Per Share Weighted Average Shares Diluted	3.8%	4.0%	4.0%	4.2%	4.8%

Cash Flow Statement

Operating, investing, and financing flows

22 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 Income	37.4%	28.0%	18.5%	17.5%	10.3%
Operating Activities Depreciation and Amortization	10.4%	10.1%	26.4%	26.9%	30.3%
Operating Activities Stock Based Compensation	2.7%	2.8%	3.2%	3.8%	3.7%
Operating Activities Deferred Income Taxes	3.7%	-0.5%	0.2%	1.2%	-0.4%
Operating Activities Changes In Operating Assets and Liabilities	2.6%	0.7%	1.3%	1.1%	1.2%
Operating Activities Other Non Cash Items	-1.2%	-4.6%	4.4%	-1.3%	1.3%
Operating Activities net Cash From Operating Activities	45.9%	49.8%	57.0%	48.8%	51.5%
Investing Activities Capital Expenditures	8.0%	8.5%	8.7%	8.1%	5.8%
Investing Activities Business Acquisitions	37.6%	11.2%	4.8%	44.7%	54.5%
Investing Activities Purchases of Investments	41.4%	67.2%	49.4%	33.5%	75.0%
Investing Activities Other Investing Activities	0.1%	0.2%	0.2%	-0.0%	1.4%
Investing Activities net Cash From Investing Activities	-21.4%	-30.2%	-17.3%	-52.9%	-61.6%
Financing Activities Repayment of Debt	0.8%	85.5%	0.9%	0.9%	81.0%
Financing Activities Repurchase of Common Stock	17.7%	7.5%	3.7%	16.4%	25.2%
Financing Activities Dividends Paid	17.0%	15.8%	13.6%	11.6%	11.0%
Financing Activities Proceeds From Stock Issuance	1.7%	1.1%	1.4%	1.2%	3.5%
Financing Activities Other Financing Activities	-0.1%	0.5%	0.0%	1.1%	-0.6%
Financing Activities net Cash From Financing Activities	-59.1%	24.1%	-37.5%	-5.1%	14.7%
Cash Reconciliation Effect of Exchange Rate On Cash	0.4%	-0.8%	0.1%	-0.1%	-0.6%
Cash Reconciliation net Change In Cash	-34.2%	42.9%	2.3%	-9.4%	4.0%
Cash Reconciliation Cash At Beginning of Period	15.5%	52.3%	9.3%	7.2%	18.9%
Cash Reconciliation Cash At End of Period	15.5%	52.3%	9.3%	7.2%	18.9%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+92.9%	+95.6%	+94.8%	+91.5%	+93.1%
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	+37.9%	+41.3%	+48.2%	+40.7%	+45.7%
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	+14.6%	+16.8%	+12.1%	+10.9%	+11.1%
Liquidity
Current ratio	0.29x	1.10x	0.36x	0.69x	1.00x
Quick ratio	0.16x	0.19x	0.29x	0.47x	0.76x
Leverage
D/E	-0.55x	-0.35x	-0.26x	-0.13x	-0.12x
Interest coverage	4882.86x	8111.66x	4377.53x	5411.74x	6631.31x
Efficiency
Asset turnover	0.24x	0.23x	0.27x	0.25x	0.24x
Cash conversion cycle	—	—	—	—	—

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FY2025 fundamentals · no price

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SBA Communications

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