SBA Communications Corporation logo SBAC - SBA Communications Corporation

Price: -- -- | CONSENSUS: Buy DETAILS
STRONG
BUY
1
BUY 27
HOLD 14
SELL 0
STRONG
SELL
0
| PRICE TARGET: $233.00 DETAILS
HIGH: $260.00
LOW: $205.00
MEDIAN: $230.00
CONSENSUS: $233.00
UPSIDE: 13.34%
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998
Revenue
Revenue 2,815.1 2,679.6 2,711.6 2,633.5 2,308.8 2,083.1 2,014.6 1,865.7 1,727.7 1,633.1 1,638.5 1,527.0 1,304.9 954.1 698.2 626.6 555.5 475.0 408.2 351.1 260.0 231.5 212.1 264.7 242.9 167.9 87 59.1
Cost of Revenue 1,643.9 607.7 634.3 695.5 573.1 493.1 508.3 479.8 458.7 434.0 456.3 436.3 427.5 319.9 202.9 199.4 180.5 168.2 163.4 156.6 140.0 128.7 119.8 152.1 144.7 134.4 58.4 42.5
Gross Profit 1,171.3 2,072.0 2,077.3 1,938.0 1,735.7 1,590.0 1,506.4 1,385.9 1,269.0 1,199.1 1,182.2 1,090.7 877.4 634.1 495.2 427.2 375.0 306.8 244.8 194.5 120.0 102.8 92.2 112.6 98.2 33.5 28.6 16.6
Operating Expenses
R&D Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
SG&A Expenses 277.6 259.5 267.1 261.9 220.0 194.3 192.7 142.5 130.7 125.2 113.2 101.8 84.7 71.1 62.8 58.2 52.8 48.8 45.6 42.3 28.2 36.0 31.2 35.6 41.3 27.8 19.3 18.3
Other Expenses (476.4) 376.7 886.5 750.7 733.2 762.1 730.2 699.2 679.8 686.6 756.6 652.4 563.1 0 309.1 278.7 258.5 211.4 169.2 132.7 87.6 90.5 101.3 102.3 80.5 34.8 38.6 21.6
Operating Expenses (198.8) 636.2 1,153.6 1,012.6 953.2 956.3 922.9 841.8 810.5 811.8 869.8 754.2 647.8 533.1 372.0 336.9 311.3 260.3 214.8 175.0 115.8 126.4 132.6 137.9 121.8 62.6 57.9 39.9
Operating Income
Operating Income 1,370.1 1,435.8 923.7 925.4 782.5 633.7 583.5 544.2 458.5 387.3 312.5 336.5 229.6 153.5 110.7 74.3 55.0 45.6 30.0 19.5 4.2 (23.9) (42.9) (102.9) (48.0) (29.1) (29.3) (23.3)
Interest Expense 467.9 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest Income 31.7 42.0 18.3 10.1 3.4 3.0 5.5 6.7 11.3 10.9 3.9 0.7 1.8 1.1 0.1 0.4 1.1 6.9 10.2 3.8 2.1 0.5 0 0 0 0 0 0
Profitability
EBITDA 2,186.4 1,794.6 1,791.4 1,675.8 1,513.8 1,394.7 1,310.5 1,241.4 1,133.9 1,067.6 1,061.9 987.4 791.9 562.0 432.4 369.0 322.2 258.1 199.3 168.7 120.2 96.9 60.5 70.5 73.7 5.7 9.3 (3)
EBIT 1,709.9 1,525.1 1,075.1 968.2 813.7 672.7 613.4 569.3 490.8 429.4 401.9 360.3 258.6 153.5 99.7 16.6 40.1 72.5 15.5 19.5 4.2 (23.9) (51.7) (48.6) (22.2) (29.1) (29.3) (24.6)
Income Before Tax 1,242.0 772.7 548.5 525.8 252.6 (17.7) 186.9 51.7 116.9 87.3 (166.6) (15.7) (57.2) (177.1) (124.8) (193.4) (140.6) (45.7) (77.0) (132.9) (92.5) (143.3) (162.1) (192.2) (118.4) (27.7) (33.7) (21.4)
Income Tax Expense 187.6 24.0 51.1 66.0 14.9 (41.8) 39.6 4.2 13.2 11.1 9.1 8.6 (1.3) 6.6 2.1 1.0 0.5 1.0 0.9 0.5 2.1 0.7 1.8 0.4 1.7 1.2 (0.3) (1.5)
Net Income 1,053.6 749.5 501.8 461.4 237.6 24.1 147.0 47.5 103.7 76.2 (175.7) (24.3) (55.9) (183.3) (126.5) (194.7) (140.9) (46.8) (77.9) (133.4) (94.7) (147.3) (172.2) (273.2) (125.1) (28.9) (34.5) (19.9)
Per Share Data
EPS (Basic) 9.83 6.96 4.64 4.27 2.17 0.22 1.30 0.41 0.86 0.61 -1.37 -0.19 -0.44 -1.51 -1.13 -1.68 -1.20 -0.43 -0.74 -1.36 -1.28 -2.52 -3.30 -5.41 -2.64 -0.70 -2.00 -2.33
EPS (Diluted) 9.80 6.94 4.61 4.22 2.14 0.21 1.28 0.41 0.86 0.61 -1.37 -0.19 -0.44 -1.51 -1.13 -1.68 -1.20 -0.43 -0.74 -1.36 -1.28 -2.52 -3.30 -5.41 -2.64 -0.70 -2.00 -2.33
Shares Outstanding 107.2 108.0 108.9 109.3 111.0 114.8 114.8 115.7 120.5 125.0 127.8 127.9 127.8 120.3 111.6 115.6 117.2 109.9 104.7 98.2 73.8 58.4 52.2 50.5 47.3 41.2 17.2 8.5
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2009 2008 2004 2003 2002 2001 2000 1999 1998
Current Assets
Cash & Cash Equivalents 432.4 189.8 208.5 143.7 367.3 308.6 108.3 143.4 68.8 146.1 161.3 78.9 69.6 8.3 61.1 13.9 15.0 3.1 26.7
Short-Term Investments 6.6 254.5 1.0 1.3 0.8 0 0 0 0 0 5.4 0.2 0 15.2 0 0 0 0 0
Net Receivables 663.9 284.5 202.1 264.4 150.8 108.9 158.4 146.0 109.1 89.5 19.6 16.4 40.2 29.6 46.7 56.8 61.3 22.6 12.5
Inventory 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Other Current Assets 0 1,229.4 54.7 55.4 81.2 44.3 58.0 47.1 49.2 55.0 40.7 49.3 2.0 12.1 202.4 11.3 6.0 7.9 6.6
Total Current Assets 1,103.0 1,978.7 484.3 482.7 614.4 473.0 334.3 373.9 259.5 324.6 236.8 154.3 116.2 68.9 113.6 92.3 82.2 33.6 45.8
Non-Current Assets
Property, Plant & Equipment 3,865.7 6,392.8 6,426.1 6,603.5 5,808.4 5,050.9 5,366.8 2,786.4 2,812.3 2,792.1 1,496.9 1,502.7 745.8 856.2 1,140.6 1,198.6 765.8 338.9 150.9
Goodwill 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Intangible Assets 2,882.1 2,388.7 2,455.6 2,776.5 2,803.2 3,156.2 3,626.8 3,331.5 3,598.1 3,656.9 1,435.6 1,425.1 1.4 2.4 4.3 117.1 83.4 34.4 6.9
Long-Term Investments 3,433.9 20.8 24.5 40.7 47.9 57.6 13.3 0 0 7.9 0 0 0 0 0 0 0 0 0
Other Non-Current Assets 254.6 582.3 720.5 665.5 475.8 366.7 414.5 703.7 648.5 579.5 144.3 125.7 53.9 55.4 43.3 52.0 17.4 22.9 11
Total Non-Current Assets 10,472.1 9,438.6 9,694.2 10,102.3 9,187.3 8,685.0 9,425.7 6,839.9 7,060.7 7,036.4 3,076.8 3,053.5 801.1 912.7 988.0 1,336.7 866.6 396.2 168.8
Total Assets 11,575.0 11,417.3 10,178.4 10,585.0 9,801.7 9,158.0 9,759.9 7,213.7 7,320.2 7,360.9 3,313.6 3,211.5 917.2 983.0 1,304.9 1,429.0 948.8 429.8 214.5
Current Liabilities
Account Payables 73.0 59.5 42.2 51.4 34.1 110.0 31.8 34.3 33.3 28.3 9.2 9.0 15.2 11.4 16.8 78.1 76.9 40.7 14.4
Short-Term Debt 2,235.4 1,187.9 643.1 24 24 24 522.1 941.7 20 627.2 28.6 6 3.2 11.5 60.1 0.4 2.6 0.1 17
Deferred Revenue 117.3 127.3 235.7 179.7 190.0 113.1 113.5 108.1 98.0 101.1 54.0 45.3 10.8 11.1 11.1 11.2 0 0 0
Other Current Liabilities (190.3) 17.9 18.7 12.9 4.8 14.3 16.9 9.8 8.8 11.2 3.2 2.9 6.7 24.3 31.6 9.0 30.2 13.8 6.4
Total Current Liabilities 2,235.4 1,797.9 1,363.3 696.8 616.3 614.8 1,048.3 1,206.3 278.9 873.4 158.7 90.6 51.0 76.0 262.6 113.7 109.7 54.6 37.7
Non-Current Liabilities
Long-Term Debt 10,960.0 12,403.8 11,681.2 12,844.2 12,278.7 11,071.8 9,812.3 8,996.8 9,290.7 8,148.4 2,460.4 2,386.2 924.5 859.2 964.2 845.1 281.7 318.2 165.6
Deferred Tax Liabilities 317.1 0 0 0 0 0 0 0 0 0 0 0 0 0 18.4 18.4 18.4 8 3.4
Other Non-Current Liabilities 589.5 367.9 404.2 248.1 191.5 186.2 270.9 387.4 349.7 335.0 94.6 80.5 30.5 3.8 (16.3) 3.1 0.8 0.4 0.3
Total Non-Current Liabilities 14,114.9 14,675.2 13,951.0 15,132.9 14,451.5 13,352.4 12,362.6 9,384.3 9,640.4 8,483.4 2,555.0 2,466.7 954.9 863.1 966.3 866.7 300.9 326.6 169.3
Total Liabilities 16,350.3 16,473.1 15,314.3 15,829.6 15,067.9 13,967.2 13,410.9 10,590.5 9,919.3 9,356.9 2,713.7 2,719.7 1,005.9 939.1 1,119.4 978.4 410.7 381.2 207
Stockholders' Equity
Common Stock 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.1 1.2 1.2 1.2 1.2 0.6 0.6 0.5 0.5 0.5 0.3 0
Retained Earnings (7,249.9) (7,326.2) (7,450.8) (7,482.1) (7,203.5) (6,604.0) (5,560.7) (5,136.4) (4,388.3) (3,637.5) (1,627.6) (1,401.0) (829.4) (636.6) (488.0) (214.8) (89.7) (60.8) (26.9)
Accumulated Other Comprehensive Income (664.1) (760.3) (615.2) (590.5) (762.3) (807.6) (568.8) (511.9) (379.5) (370.2) (2.8) (1.5) (369.2) (254.8) (221.7) (54.7) (54.7) (23.6) (6.5)
Total Stockholders' Equity (4,853.5) (5,109.9) (5,170.9) (5,276.3) (5,283.4) (4,824.4) (3,667.0) (3,376.8) (2,599.1) (1,995.9) 599.0 491.8 (88.7) 43.9 185.5 450.6 538.2 48.6 7.5
Total Liabilities & Equity 11,575.0 11,417.3 10,178.4 10,585.0 9,801.7 9,158.0 9,759.9 7,213.7 7,320.2 7,360.9 3,313.6 3,211.5 917.2 983.0 1,304.9 1,429.0 948.8 429.8 214.5
Debt Metrics
Total Debt 15,319.1 15,756.2 14,463.5 15,171.2 14,522.5 13,426.2 12,860.8 9,938.6 9,310.7 8,775.6 2,489.1 2,392.2 927.7 870.8 1,024.3 845.5 284.3 318.3 182.6
Net Debt 14,886.8 15,566.4 14,254.9 15,027.4 14,155.3 13,117.6 12,752.5 9,795.1 9,241.9 8,629.5 2,327.7 2,313.4 858.1 862.4 963.1 831.5 269.3 315.2 155.9
Metric 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2005 2004 2003 2002 2001 2000 1999 1998
Operating Activities
Net Income 1,025.5 748.7 501.8 459.8 237.6 24.0 147.3 47.4 103.7 76.2 (94.7) (147.3) (172.2) (273.2) (125.1) (28.9) (33.4) (19.9)
Depreciation & Amortization 292.3 269.5 736.5 707.6 700.2 722.0 697.1 672.1 643.1 638.2 116.0 120.7 94.7 135.7 80.5 34.8 38.6 21.6
Stock-Based Compensation 75.7 74.4 87.9 99.9 84.4 68.9 73.2 42.3 38.2 32.9 0.5 0.5 0.8 2.0 3.3 0 0 0
Change in Working Capital (179.6) (143.1) 64.5 (113.1) (35.0) 47.1 10.1 (46.9) (28.5) (50.2) (1.3) (8.5) (12.9) (19.4) 127.9 13.6 17.2 1.5
Other Non-Cash Items 77.4 398.4 149.0 98.6 211.2 327.2 41.3 125.8 28.3 30.4 29.8 49.3 60.5 158.4 (73.6) 28.0 0.7 0.1
Operating Cash Flow 1,291.3 1,334.9 1,544.4 1,285.7 1,189.9 1,126.0 984.9 852.1 819.6 729.0 49.8 14.2 (29.8) 1.6 13 47.5 23.1 7.5
Investing Activities
Capital Expenditure (224.8) (228.1) (236.7) (214.4) (133.6) (128.6) (154.2) (149.8) (148.2) (140.0) (19.6) (7.2) (15.1) (103.4) 0 0 (208.9) (138.1)
Acquisitions 0 (299.8) (130.0) (1,176.1) (1,257.7) (271.4) (773.8) (451.8) (441.5) (276.8) (61.3) (1.8) (3.1) 0 (530.3) (445.3) 0 0
Purchases of Investments (1,166.3) (1,800.7) (1,339.0) (881.8) (1,731.1) (1,288.7) (639.0) (157.0) (1.4) (0.5) (34.6) 0 0 0 0 0 0 0
Sales/Maturities of Investments 1,404.3 1,536.8 1,338.4 878.1 1,730.5 1,239.2 625.8 150.9 0.2 0.7 15.0 0 0 0 0 0 0 0
Other Investing Activities 443.9 (17.4) (19.3) 0.5 (31.2) 3.1 (5.8) (10.6) (15.4) (11.6) 1.3 10.3 173.7 5.4 (530.3) 0 0 0
Investing Cash Flow (601.8) (809.3) (468.2) (1,393.7) (1,423.2) (446.4) (947.0) (618.3) (606.2) (428.2) (99.3) 1.3 155.5 (98.0) (530.3) (445.3) (208.9) (138.1)
Financing Activities
Net Debt Issuance (713) 1,240.2 (540) 545.9 1,173.5 746.2 397.5 591.7 510.9 248.7 (595.9) 43.6 119.4 131.8 521.6 (59.8) 115 157.1
Stock Repurchased (497.8) (200.0) (100.0) (431.7) (582.6) (859.3) (467.0) (795.6) (854.5) (545.7) 0 0 (296.9) 0 0 0 (32.8) 0
Dividends Paid (479.0) (424.2) (370.0) (306.8) (253.6) (207.7) (83.4) 0 0 0 0 0 0 0 0 0 0 0
Other Financing Activities (29.3) 29.8 (7.2) 57.1 73.9 (202.3) 90.6 55.4 49.1 8.4 390.2 0 (0.9) 11.5 0 0 (14.5) (6.3)
Financing Cash Flow (1,663.6) 645.7 (1,017.2) (135.5) 339.3 (469.0) (62.3) (148.5) (294.6) (802.6) 25.8 45.7 (178.5) 143.7 516.2 409.6 162.1 151.3
Cash Position
Net Change in Cash (964.1) 1,149.7 61.7 (246.3) 92.8 201.7 (37.2) 74.0 (81.7) 67.9 (23.7) 61.3 (52.8) 47.2 (1.1) 11.8 (23.6) 151.3
Cash at Beginning 1,396.5 250.9 189.3 435.6 342.8 141.1 178.3 104.3 186.0 118.0 69.6 8.3 61.1 13.9 15.0 3.1 26.7 6.1
Cash at End 432.4 1,400.7 250.9 189.3 435.6 342.8 141.1 178.3 104.3 186.0 45.9 69.6 8.3 61.1 13.9 15.0 3.1 157.4
Free Cash Flow 1,066.5 1,106.7 1,307.7 1,071.3 1,056.2 997.5 830.7 702.3 671.4 589.0 30.1 7.0 (44.9) (101.8) 13 47.5 (185.8) (130.6)
Key Metrics 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998
Income Statement
Revenue 2,815.1 2,679.6 2,711.6 2,633.5 2,308.8 2,083.1 2,014.6 1,865.7 1,727.7 1,633.1 1,638.5 1,527.0 1,304.9 954.1 698.2 626.6 555.5 475.0 408.2 351.1 260.0 231.5 212.1 264.7 242.9 167.9 87 59.1
Gross Profit 1,171.3 2,072.0 2,077.3 1,938.0 1,735.7 1,590.0 1,506.4 1,385.9 1,269.0 1,199.1 1,182.2 1,090.7 877.4 634.1 495.2 427.2 375.0 306.8 244.8 194.5 120.0 102.8 92.2 112.6 98.2 33.5 28.6 16.6
Operating Income 1,370.1 1,435.8 923.7 925.4 782.5 633.7 583.5 544.2 458.5 387.3 312.5 336.5 229.6 153.5 110.7 74.3 55.0 45.6 30.0 19.5 4.2 (23.9) (42.9) (102.9) (48.0) (29.1) (29.3) (23.3)
Net Income 1,053.6 749.5 501.8 461.4 237.6 24.1 147.0 47.5 103.7 76.2 (175.7) (24.3) (55.9) (183.3) (126.5) (194.7) (140.9) (46.8) (77.9) (133.4) (94.7) (147.3) (172.2) (273.2) (125.1) (28.9) (34.5) (19.9)
EPS (Diluted) 9.80 6.94 4.61 4.22 2.14 0.21 1.28 0.41 0.86 0.61 -1.37 -0.19 -0.44 -1.51 -1.13 -1.68 -1.20 -0.43 -0.74 -1.36 -1.28 -2.52 -3.30 -5.41 -2.64 -0.70 -2.00 -2.33
Balance Sheet
Cash & Equivalents 432.4 189.8 208.5 143.7 367.3 308.6 108.3 143.4 68.8 146.1 161.3 78.9 69.6 8.3 61.1 13.9 15.0 3.1 26.7
Total Assets 11,575.0 11,417.3 10,178.4 10,585.0 9,801.7 9,158.0 9,759.9 7,213.7 7,320.2 7,360.9 3,313.6 3,211.5 917.2 983.0 1,304.9 1,429.0 948.8 429.8 214.5
Total Debt 15,319.1 15,756.2 14,463.5 15,171.2 14,522.5 13,426.2 12,860.8 9,938.6 9,310.7 8,775.6 2,489.1 2,392.2 927.7 870.8 1,024.3 845.5 284.3 318.3 182.6
Stockholders' Equity (4,853.5) (5,109.9) (5,170.9) (5,276.3) (5,283.4) (4,824.4) (3,667.0) (3,376.8) (2,599.1) (1,995.9) 599.0 491.8 (88.7) 43.9 185.5 450.6 538.2 48.6 7.5
Cash Flow
Operating Cash Flow 1,291.3 1,334.9 1,544.4 1,285.7 1,189.9 1,126.0 984.9 852.1 819.6 729.0 49.8 14.2 (29.8) 1.6 13 47.5 23.1 7.5
Capital Expenditure (224.8) (228.1) (236.7) (214.4) (133.6) (128.6) (154.2) (149.8) (148.2) (140.0) (19.6) (7.2) (15.1) (103.4) 0 0 (208.9) (138.1)
Free Cash Flow 1,066.5 1,106.7 1,307.7 1,071.3 1,056.2 997.5 830.7 702.3 671.4 589.0 30.1 7.0 (44.9) (101.8) 13 47.5 (185.8) (130.6)