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SBA Communications

SBAC Clue Score54
United States Fiscal year ends December CIK 0001034054
$182.49 +7.34% Close, 9 Oct 2026
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Price $182.49 −44.67% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue1.63Operating income0.39Net income0.08EPS, diluted0.61Fiscal year 2017Revenue0.10 −93.6%Operating income0.46Net income0.10 +36.0%EPS, diluted0.86 +41.0%Fiscal year 2018Revenue0.13 +19.9%Operating income0.54Net income0.05 −54.2%EPS, diluted0.41 −52.3%Fiscal year 2019Revenue0.15 +22.8%Operating income0.58Net income0.15 +209.8%EPS, diluted1.28 +212.2%Fiscal year 2020Revenue0.13 −16.3%Operating income0.63Net income0.02 −83.6%EPS, diluted0.21 −83.6%Fiscal year 2021Revenue0.20 +59.1%Operating income0.78Net income0.24 +885.8%EPS, diluted2.14 +919.0%Fiscal year 2022Revenue0.30 +45.0%Operating income0.93Net income0.46 +94.2%EPS, diluted4.22 +97.2%Fiscal year 2023Revenue0.19 −34.4%Operating income0.92Net income0.50 +8.8%EPS, diluted4.61 +9.2%Fiscal year 2024Revenue0.15 −21.5%Operating income1.44Net income0.75 +49.4%EPS, diluted6.94 +50.5%Fiscal year 2025Revenue0.24 +59.9%Operating income1.34Net income1.05 +40.6%EPS, diluted9.80 +41.2%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 1.63 0.10 0.13 0.15 0.13 0.20 0.30 0.19 0.15 0.24
Growth −93.6% +19.9% +22.8% −16.3% +59.1% +45.0% −34.4% −21.5% +59.9%
Operating income 0.39 0.46 0.54 0.58 0.63 0.78 0.93 0.92 1.44 1.34
Net income 0.08 0.10 0.05 0.15 0.02 0.24 0.46 0.50 0.75 1.05
Growth +36.0% −54.2% +209.8% −83.6% +885.8% +94.2% +8.8% +49.4% +40.6%
EPS, diluted 0.61 0.86 0.41 1.28 0.21 2.14 4.22 4.61 6.94 9.80
Growth +41.0% −52.3% +212.2% −83.6% +919.0% +97.2% +9.2% +50.5% +41.2%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin74.2%Operating margin23.7%Net margin4.7%Free cash flow margin36.9%Fiscal year 2017Gross margin1,226.2%Operating margin438.8%Net margin99.2%Free cash flow margin642.5%Fiscal year 2018Gross margin1,115.2%Operating margin434.4%Net margin37.9%Free cash flow margin559.5%Fiscal year 2019Gross margin989.4%Operating margin379.4%Net margin95.6%Free cash flow margin530.5%Fiscal year 2020Gross margin1,248.7%Operating margin492.5%Net margin18.7%Free cash flow margin775.2%Fiscal year 2021Gross margin861.2%Operating margin382.2%Net margin116.1%Free cash flow margin515.9%Fiscal year 2022Gross margin661.8%Operating margin311.7%Net margin155.4%Free cash flow margin360.8%Fiscal year 2023Gross margin1,078.3%Operating margin474.5%Net margin257.8%Free cash flow margin671.8%Fiscal year 2024Gross margin1,372.4%Operating margin939.2%Net margin490.3%Free cash flow margin724.0%Fiscal year 2025Gross margin868.8%Operating margin549.2%Net margin430.9%Free cash flow margin436.2%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 74.2% 1,226.2% 1,115.2% 989.4% 1,248.7% 861.2% 661.8% 1,078.3% 1,372.4% 868.8%
Operating margin 23.7% 438.8% 434.4% 379.4% 492.5% 382.2% 311.7% 474.5% 939.2% 549.2%
Net margin 4.7% 99.2% 37.9% 95.6% 18.7% 116.1% 155.4% 257.8% 490.3% 430.9%
Free cash flow margin 36.9% 642.5% 559.5% 530.5% 775.2% 515.9% 360.8% 671.8% 724.0% 436.2%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow0.74Capital expenditure−0.14Free cash flow0.60Buybacks−0.55Fiscal year 2017Operating cash flow0.82Capital expenditure−0.15Free cash flow0.67 +11.4%Buybacks−0.85Fiscal year 2018Operating cash flow0.85Capital expenditure−0.15Free cash flow0.70 +4.4%Buybacks−0.80Fiscal year 2019Operating cash flow0.97Capital expenditure−0.15Free cash flow0.82 +16.4%Buybacks−0.47Dividends paid−0.08Fiscal year 2020Operating cash flow1.13Capital expenditure−0.13Free cash flow1.00 +22.3%Buybacks−0.86Dividends paid−0.21Fiscal year 2021Operating cash flow1.19Capital expenditure−0.13Free cash flow1.06 +5.9%Buybacks−0.58Dividends paid−0.25Fiscal year 2022Operating cash flow1.29Capital expenditure−0.21Free cash flow1.07 +1.4%Buybacks−0.43Dividends paid−0.31Fiscal year 2023Operating cash flow1.54Capital expenditure−0.24Free cash flow1.31 +22.1%Buybacks−0.10Dividends paid−0.37Fiscal year 2024Operating cash flow1.33Capital expenditure−0.23Free cash flow1.11 −15.4%Buybacks−0.20Dividends paid−0.42Fiscal year 2025Operating cash flow1.29Capital expenditure−0.22Free cash flow1.07 −3.6%Buybacks−0.50Dividends paid−0.48
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 0.74 0.82 0.85 0.97 1.13 1.19 1.29 1.54 1.33 1.29
Capital expenditure −0.14 −0.15 −0.15 −0.15 −0.13 −0.13 −0.21 −0.24 −0.23 −0.22
Free cash flow 0.60 0.67 0.70 0.82 1.00 1.06 1.07 1.31 1.11 1.07
Growth +11.4% +4.4% +16.4% +22.3% +5.9% +1.4% +22.1% −15.4% −3.6%
Buybacks −0.55 −0.85 −0.80 −0.47 −0.86 −0.58 −0.43 −0.10 −0.20 −0.50
Dividends paid n/a n/a n/a −0.08 −0.21 −0.25 −0.31 −0.37 −0.42 −0.48

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.15Total debt8.78Net cash (debt)−8.63Shareholders’ equity−2.00Fiscal year 2017Cash0.07Total debt9.31Net cash (debt)−9.24Shareholders’ equity−2.60Fiscal year 2018Cash0.14Total debt9.94Net cash (debt)−9.80Shareholders’ equity−3.38Fiscal year 2019Cash0.11Total debt10.33Net cash (debt)−10.23Shareholders’ equity−3.67Fiscal year 2020Cash0.31Total debt11.10Net cash (debt)−10.79Shareholders’ equity−4.82Fiscal year 2021Cash0.37Total debt12.30Net cash (debt)−11.94Shareholders’ equity−5.28Fiscal year 2022Cash0.14Total debt12.87Net cash (debt)−12.72Shareholders’ equity−5.28Fiscal year 2023Cash0.21Total debt12.32Net cash (debt)−12.12Shareholders’ equity−5.17Fiscal year 2024Cash0.19Total debt13.59Net cash (debt)−13.40Shareholders’ equity−5.11Fiscal year 2025Cash0.26Total debt12.90Net cash (debt)−12.64Shareholders’ equity−4.85
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.15 0.07 0.14 0.11 0.31 0.37 0.14 0.21 0.19 0.26
Total debt 8.78 9.31 9.94 10.33 11.10 12.30 12.87 12.32 13.59 12.90
Net cash (debt) −8.63 −9.24 −9.80 −10.23 −10.79 −11.94 −12.72 −12.12 −13.40 −12.64
Shareholders’ equity −2.00 −2.60 −3.38 −3.67 −4.82 −5.28 −5.28 −5.17 −5.11 −4.85

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
1.63 0.10 0.13 0.15 0.13 0.20 0.30 0.19 0.15 0.24
Growth −93.6% +19.9% +22.8% −16.3% +59.1% +45.0% −34.4% −21.5% +59.9%
0.42 0.45 0.47 0.49 0.48 0.55 0.67 0.61 0.58 0.69
1.21 1.28 1.40 1.52 1.61 1.76 1.96 2.10 2.10 2.12
Growth +5.7% +9.0% +8.9% +5.6% +9.8% +11.4% +6.8% −0.1% +1.3%
0.14 0.13 0.14 0.19 0.19 0.22 0.26 0.27 0.26 0.28
0.39 0.46 0.54 0.58 0.63 0.78 0.93 0.92 1.44 1.34
Growth +18.4% +18.7% +7.2% +8.6% +23.5% +18.3% −0.2% +55.4% −6.5%
0.09 0.12 0.05 0.19 −0.02 0.25 0.53 0.55 0.77 1.24
0.01 0.01 0.00 0.04 −0.04 0.01 0.07 0.05 0.02 0.19
0.08 0.10 0.05 0.15 0.02 0.24 0.46 0.50 0.75 1.05
Growth +36.0% −54.2% +209.8% −83.6% +885.8% +94.2% +8.8% +49.4% +40.6%
Per share
0.61 0.86 0.41 1.30 0.22 2.17 4.27 4.64 6.96 9.83
0.61 0.86 0.41 1.28 0.21 2.14 4.22 4.61 6.94 9.80
Growth +41.0% −52.3% +212.2% −83.6% +919.0% +97.2% +9.2% +50.5% +41.2%
124.4 119.9 114.9 112.8 111.5 109.3 108.0 108.2 107.6 107.2
125.1 121.0 116.5 114.7 113.5 111.2 109.4 108.9 108.1 107.5
Growth −3.3% −3.7% −1.6% −1.1% −2.0% −1.6% −0.4% −0.8% −0.5%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 13.7% a year over five years, and earnings per share grew 115.7% a year.
  • The diluted share count fell 5.2% in five years, so buybacks did some of the work per share.
  • Operating margin is up 56.7 points on five years ago, at 549.2%.
  • Profitable in every one of the 10 years on file.