SBAC Financials SBA Communications

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated Aug 9, 2026, 10:14 UTC Overview →

Growth & profitability

Revenue has grown 13.7% per year over the past 5 years.
Net income has grown faster than revenue (112.9% vs 13.7% per year).
Operating margin has expanded, at 549.2% in the latest year.
Free cash flow has grown 1.3% per year over the past 5 years.

Financial health

Total debt ($12.9B) exceeds cash ($265M); net debt is $12.6B.
Total debt has grown slower than revenue (3.1% vs 13.7% per year).
Total debt is 7.9× EBITDA.

Shareholder returns

Dividends have been paid for 7 consecutive years, consuming 45.5% of earnings and 44.9% of free cash flow.
The dividend has grown 18.2% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
2025	$244M	$1.1B	868.8%	549.2%	-21.7%	9.1%	$1.1B	$12.9B	$265M
2024	$153M	$750M	1372.4%	939.2%	-14.7%	6.6%	$1.1B	$13.6B	$190M
2023	$195M	$502M	1078.3%	474.5%	-9.7%	4.9%	$1.3B	$12.3B	$209M
2022	$297M	$461M	661.8%	311.7%	-8.7%	4.4%	$1.1B	$12.9B	$144M
2021	$205M	$238M	861.2%	382.2%	-4.5%	2.4%	$1.1B	$12.3B	$367M
2020	$129M	$24M	1248.7%	492.5%	-0.5%	0.3%	$997M	$11.1B	$309M
2019	$154M	$147M	989.4%	379.4%	-4.0%	1.5%	$816M	$10.3B	$108M
2018	$125M	$47M	1115.2%	434.4%	-1.4%	0.7%	$701M	$9.9B	$143M
2017	$105M	$104M	1226.2%	438.8%	-4.0%	1.4%	$671M	$9.3B	$69M
2016	—	$76M	—	—	-3.8%	1.0%	$603M	$8.8B	$146M
2015	—	-$176M	—	—	10.3%	-2.4%	$514M	$8.5B	$118M
2014	—	-$24M	—	—	3.7%	-0.3%	—	$7.9B	$39M
2013	—	-$56M	—	—	-15.7%	-0.8%	$329M	$5.9B	$122M
2012	—	-$181M	—	—	-27.7%	-2.7%	$228M	$5.4B	$233M
2011	—	-$126M	—	—	1117.8%	-3.5%	$122M	$3.4B	$47M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	ROE	ROA	FCF	Total debt	Cash
Jun '26	$51M	$199M	1049.4%	684.7%	-4.3%	1.7%	$345M	$12.7B	$327M
Mar '26	$47M	$185M	1125.2%	725.0%	-3.9%	1.6%	$207M	$13.0B	$269M
Dec '25	$53M	$370M	1019.7%	560.1%	-7.6%	3.2%	$241M	$12.9B	$265M
Sep '25	$76M	$237M	714.8%	493.0%	-4.8%	2.1%	$258M	$12.7B	$430M
Jun '25	$67M	$226M	784.1%	498.2%	-4.6%	2.1%	$312M	$12.5B	$275M
Mar '25	$48M	$221M	1062.8%	697.2%	-4.4%	2.1%	$255M	$12.4B	$636M
Dec '24	$47M	$174M	1143.4%	807.2%	-3.4%	1.5%	$255M	$13.6B	$190M
Sep '24	$42M	$259M	1234.6%	896.5%	-5.0%	2.5%	$240M	$12.3B	$186M
Jun '24	$34M	$163M	1526.2%	1041.9%	-3.1%	1.7%	$376M	$12.3B	$221M
Mar '24	$30M	$155M	1757.2%	1092.9%	-3.0%	1.5%	$237M	$12.4B	$240M
Dec '23	$39M	$110M	1362.9%	538.5%	-2.1%	1.1%	$370M	$12.3B	$209M
Sep '23	$45M	$87M	1181.2%	551.2%	-1.7%	0.8%	$252M	$12.5B	$191M
Jun '23	$52M	$204M	1001.3%	460.7%	-4.0%	1.9%	$423M	$12.6B	$179M
Mar '23	$58M	$101M	877.6%	384.8%	-1.9%	1.0%	$262M	$12.8B	$153M
Dec '22	$76M	$103M	671.9%	306.8%	-2.0%	1.0%	$223M	$12.9B	$144M
Sep '22	$88M	$100M	564.1%	275.2%	-1.9%	1.0%	$275M	$12.4B	$201M
Jun '22	$72M	$70M	677.1%	321.8%	-1.3%	0.7%	$319M	$12.5B	$183M
Mar '22	$60M	$189M	773.7%	359.3%	-3.5%	1.9%	$254M	$12.6B	$264M
Dec '21	$56M	$49M	815.1%	353.3%	-0.9%	0.5%	$255M	$12.3B	$367M
Sep '21	$54M	$48M	834.9%	393.5%	-1.0%	0.5%	$218M	$11.8B	$188M

Valuation over time

How the market has priced SBAC against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has fallen from 60.0× (Mar '23) to 18.5× (Nov '26).
The price-to-sales ratio has fallen from 93.3× (Mar '23) to 79.9× (Nov '26).
The dividend yield has risen from 1.1% (Mar '23) to 2.5% (Nov '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is SBAC growing its revenue and profit?

Over the past 5 years, SBA Communications's revenue has grown 13.7% per year, and net income grown 112.9% per year. These are computed facts, not advice.

How much debt does SBAC have?

As of FY2025, SBA Communications reported $12.9B of total debt against $265M of cash.

What is SBAC's profit margin?

In FY2025, gross margin was 868.8%, operating margin 549.2%, and net margin 430.9%.

What is SBAC's P/E ratio?

SBA Communications's P/E (TTM) is 19.73 as of the 2026-11-02 close — market cap ÷ net income over the trailing twelve months where four consecutive quarters are reported, otherwise the latest fiscal year, the same figure as on the SBAC stock page. The valuation chart above sets each month-end's price against the latest annual net income instead, so its latest point (about 18.5× as of Nov '26) can differ. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), split-adjusted; price return — dividends not reinvested · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.