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 28 h ago 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

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	FCF	Total debt	Cash
2025	$244M	$1.1B	868.8%	549.2%	$1.1B	$12.9B	$265M
2024	$153M	$750M	1372.4%	939.2%	$1.1B	$13.6B	$190M
2023	$195M	$502M	1078.3%	474.5%	$1.3B	$12.3B	$209M
2022	$297M	$461M	661.8%	311.7%	$1.1B	$12.9B	$144M
2021	$205M	$238M	861.2%	382.2%	$1.1B	$12.3B	$367M
2020	$129M	$24M	1248.7%	492.5%	$997M	$11.1B	$309M
2019	$154M	$147M	989.4%	379.4%	$816M	$10.3B	$108M
2018	$125M	$47M	1115.2%	434.4%	$701M	$9.9B	$143M
2017	$105M	$104M	1226.2%	438.8%	$671M	$9.3B	$69M
2016	—	$76M	—	—	$603M	$8.8B	$146M
2015	—	-$176M	—	—	$514M	$8.5B	$118M
2014	—	-$24M	—	—	—	$7.9B	$39M
2013	—	-$56M	—	—	$329M	$5.9B	$122M
2012	—	-$181M	—	—	$228M	$5.4B	$233M
2011	—	-$126M	—	—	$122M	$3.4B	$47M

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

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	FCF	Total debt	Cash
Mar '26	$47M	$185M	1125.2%	725.0%	$207M	$13.0B	$269M
Dec '25	$53M	$370M	1019.7%	560.1%	$241M	$12.9B	$265M
Sep '25	$76M	$237M	714.8%	493.0%	$258M	$12.7B	$430M
Jun '25	$67M	$226M	784.1%	498.2%	$312M	$12.5B	$275M
Mar '25	$48M	$221M	1062.8%	697.2%	$255M	$12.4B	$636M
Dec '24	$47M	$174M	1143.4%	807.2%	$255M	$13.6B	$190M
Sep '24	$42M	$259M	1234.6%	896.5%	$240M	$12.3B	$186M
Jun '24	$34M	$163M	1526.2%	1041.9%	$376M	$12.3B	$221M
Mar '24	$30M	$155M	1757.2%	1092.9%	$237M	$12.4B	$240M
Dec '23	$39M	$110M	1362.9%	538.5%	$370M	$12.3B	$209M
Sep '23	$45M	$87M	1181.2%	551.2%	$252M	$12.5B	$191M
Jun '23	$52M	$204M	1001.3%	460.7%	$423M	$12.6B	$179M
Mar '23	$58M	$101M	877.6%	384.8%	$262M	$12.8B	$153M
Dec '22	$76M	$103M	671.9%	306.8%	$223M	$12.9B	$144M
Sep '22	$88M	$100M	564.1%	275.2%	$275M	$12.4B	$201M
Jun '22	$72M	$70M	677.1%	321.8%	$319M	$12.5B	$183M
Mar '22	$60M	$189M	773.7%	359.3%	$254M	$12.6B	$264M
Dec '21	$56M	$49M	815.1%	353.3%	$255M	$12.3B	$367M
Sep '21	$54M	$48M	834.9%	393.5%	$218M	$11.8B	$188M
Jun '21	$51M	$153M	855.0%	388.4%	$322M	$11.9B	$274M

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 18.2× (Jun '26).
The price-to-sales ratio has fallen from 93.3× (Mar '23) to 78.5× (Jun '26).
The dividend yield has risen from 1.1% (Mar '23) to 2.5% (Jun '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?

As of Jun '26, SBA Communications traded at a price-to-earnings ratio of about 18.2× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. 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), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.