Financial Ratios SBA Communications Corporation

Equities

SBAC

US78410G1040

Specialized REITs

Market Closed - Nasdaq Other stock markets 21:00:00 12/01/2026 GMT			5-day change	1st Jan Change
185.00 ^USD	+2.10%		-2.66%	-4.36%

01-12	RBC Capital Adjusts Price Target on SBA Communications to $215 From $232, Maintains Outperform Rating	MT
01-12	JPMorgan Adjusts Price Target on SBA Communications to $240 From $245, Maintains Neutral Rating	MT

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Published financial data: SBA COMMUNICATIONS CORPORATION

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Rental Revenues	1.95B	2.1B	2.34B	2.52B	2.53B
Other Revenues, Total	129M	205M	297M	195M	153M
Total Revenues	2.08B	2.31B	2.63B	2.71B	2.68B
Property Expenses	493M	573M	695M	634M	608M
Selling General & Admin Expenses, Total	193M	219M	260M	267M	259M
Depreciation & Amortization - (IS) - (Collected)	722M	700M	708M	716M	270M
Other Operating Expenses	1.99M	2.79M	2.47M	18.71M	17.92M
Total Operating Expenses	1.41B	1.5B	1.67B	1.64B	1.15B
Operating Income (REIT / Utility Template)	673M	814M	968M	1.08B	1.53B
Interest Expense, Total	-413M	-420M	-420M	-457M	-449M
Interest and Investment Income	2.98M	3.45M	10.13M	18.3M	41.96M
Net Interest Expenses	-410M	-416M	-410M	-438M	-407M
Currency Exchange Gains (Loss)	-220M	-66.3M	-20.3M	81.2M	-236M
Other Non Operating Income (Expenses)	-1.76M	-7.98M	30.77M	-10.55M	-13.92M
EBT, Excl. Unusual Items	40.72M	323M	569M	708M	868M
Gain (Loss) on Sale of Investments	-	-	-	-	-
Gain (Loss) on Sale of Assets	-	-	-	-7.6M	-
Asset Writedown	-39.01M	-31.16M	-42.83M	-151M	-89.3M
Other Unusual Items	-19.46M	-39.5M	-437K	-	-5.94M
EBT, Incl. Unusual Items	-17.75M	253M	526M	549M	773M
Income Tax Expense	-41.8M	14.94M	66.04M	51.09M	23.99M
Earnings From Continuing Operations	24.05M	238M	460M	497M	749M
Net Income to Company	24.05M	238M	460M	497M	749M
Minority Interest	57K	-	1.63M	4.4M	859K
Net Income - (IS)	24.1M	238M	461M	502M	750M
Net Income to Common Incl Extra Items	24.1M	238M	461M	502M	750M
Net Income to Common Excl. Extra Items	24.1M	238M	461M	502M	750M
Per Share Items
Net EPS - Basic	0.22	2.17	4.27	4.64	6.96
Basic EPS - Continuing Operations	0.22	2.17	4.27	4.64	6.96
Basic Weighted Average Shares Outstanding	112M	109M	108M	108M	108M
Net EPS - Diluted	0.21	2.14	4.22	4.61	6.94
Diluted EPS - Continuing Operations	0.21	2.14	4.22	4.61	6.94
Diluted Weighted Average Shares Outstanding	113M	111M	109M	109M	108M
Normalized Basic EPS	0.23	1.85	3.31	4.13	5.05
Normalized Diluted EPS	0.22	1.82	3.27	4.1	5.03
Dividend Per Share	1.98	2.32	2.84	3.4	3.92
Payout Ratio	861.64	106.71	66.48	73.72	56.59
Supplemental Items
EBITDA	1.39B	1.51B	1.68B	1.79B	1.79B
EBITA	1.11B	1.23B	1.37B	1.47B	1.63B
EBIT	673M	814M	968M	1.08B	1.53B
EBITDAR	1.7B	1.82B	2.01B	2.15B	2.13B
Total Revenues (As Reported)	2.08B	2.31B	2.63B	2.71B	2.68B
Effective Tax Rate - (Ratio)	235.48	5.92	12.56	9.31	3.1
Current Domestic Taxes	753K	543K	6.12M	8.1M	2.76M
Current Foreign Taxes	20.64M	22.91M	27.03M	38.36M	34.32M
Total Current Taxes	21.39M	23.45M	33.14M	46.46M	37.08M
Total Deferred Taxes	-63.19M	-8.51M	32.9M	4.63M	-13.09M
Normalized Net Income	25.51M	202M	357M	447M	543M
Interest Capitalized	600K	500K	600K	900K	800K
Interest on Long-Term Debt	424M	439M	420M	458M	456M
Supplemental Operating Expense Items
Net Rental Expense, Total	303M	310M	337M	354M	339M
Imputed Operating Lease Interest Expense	76.05M	74.52M	76.33M	87.37M	80.72M
Imputed Operating Lease Depreciation	227M	235M	261M	266M	258M
Stock-Based Comp., COGS (Total)	2.07M	2.48M	2.49M	2.87M	2.74M
Stock-Based Comp., SG&A Exp. (Total)	66.82M	81.92M	97.42M	85.05M	71.64M
Total Stock-Based Compensation	68.89M	84.4M	99.91M	87.92M	74.37M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Gross Property Plant And Equipment	8.5B	9.51B	10.57B	10.67B	10.67B
Accumulated Depreciation	-3.45B	-3.7B	-3.97B	-4.25B	-4.28B
Net Property Plant And Equipment	5.05B	5.81B	6.6B	6.43B	6.39B
Total Real Estate Assets	5.05B	5.81B	6.6B	6.43B	6.39B
Cash And Equivalents	309M	367M	144M	209M	190M
Accounts Receivable, Total	109M	151M	264M	199M	165M
Other Receivables	-	-	-	-	4.36M
Investment In Debt and Equity Securities	69.7M	108M	225M	130M	326M
Other Intangibles, Total	3.16B	2.8B	2.78B	2.46B	2.39B
Notes Receivable (Collected)	-	-	-	-	-
Restricted Cash	31.67M	65.56M	41.96M	38.13M	1.21B
Other Current Assets, Total	23.88M	30.81M	31.82M	37.55M	43.16M
Deferred Tax Assets Long-Term (Collected)	53.72M	51.92M	16.17M	67.47M	53.97M
Deferred Charges Long-Term	4.79M	6.34M	7.75M	8.71M	8.84M
Other Long-Term Assets, Total	350M	409M	475M	607M	638M
Total Assets	9.16B	9.8B	10.59B	10.18B	11.42B
Liabilities
Current Portion of Long-Term Debt	24M	24M	24M	643M	1.19B
Current Portion of Leases	236M	238M	262M	273M	261M
Long-Term Debt	11.07B	12.28B	12.84B	11.68B	12.4B
Long-Term Leases	2.09B	1.98B	2.04B	1.87B	1.9B
Accounts Payable, Total	110M	34.07M	51.43M	42.2M	59.55M
Accrued Expenses, Total	111M	110M	148M	128M	119M
Unearned Revenue, Current	115M	190M	180M	241M	133M
Deferred Tax Liability Current	-	-	-	-	-
Other Current Liabilities - (Brok / FS / Ins. / REIT Template)	18.58M	19.86M	31.05M	35.64M	38.12M
Deferred Tax Liability Non-Current	82.29M	70.73M	60.94M	119M	85.17M
Other Non Current Liabilities	104M	121M	187M	285M	283M
Total Liabilities	13.97B	15.07B	15.83B	15.31B	16.47B
Common Stock, Total	1.1M	1.09M	1.08M	1.08M	1.08M
Additional Paid In Capital	2.59B	2.68B	2.8B	2.89B	2.98B
Retained Earnings	-6.6B	-7.2B	-7.48B	-7.45B	-7.33B
Comprehensive Income and Other	-808M	-762M	-591M	-615M	-760M
Total Common Equity	-4.82B	-5.28B	-5.28B	-5.17B	-5.11B
Minority Interest	15.19M	17.25M	31.74M	35.05M	54.13M
Total Equity	-4.81B	-5.27B	-5.24B	-5.14B	-5.06B
Total Liabilities And Equity	9.16B	9.8B	10.59B	10.18B	11.42B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	109M	108M	108M	108M	108M
ECS Total Common Shares Outstanding	110M	109M	108M	108M	108M
Book Value / Share	-43.93	-48.49	-48.86	-47.86	-47.51
Tangible Book Value	-7.98B	-8.09B	-8.05B	-7.63B	-7.5B
Tangible Book Value Per Share	-72.67	-74.22	-74.56	-70.58	-69.72
Total Debt	13.43B	14.52B	15.17B	14.46B	15.76B
Net Debt	13.12B	14.16B	15.03B	14.25B	15.57B
Debt Equivalent Oper. Leases	2.43B	2.48B	2.7B	2.83B	2.71B
Minority Interest, Total (Incl. Fin. Div)	15.19M	17.25M	31.74M	35.05M	54.13M
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	818M	848M	889M	927M	1.01B
Machinery, Total	5.27B	5.38B	5.72B	5.93B	5.99B
Full Time Employees	1.48K	1.6K	1.83K	1.79K	1.72K
Accumulated Allowance for Doubtful Accounts (Supple)	15.69M	12.14M	9.17M	12.84M	14.69M

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	24.1M	238M	461M	502M	750M
Depreciation, Depletion & Amortization	288M	288M	302M	319M	162M
Amortization of Goodwill and Intangible Assets - (CF)	434M	412M	406M	397M	107M
Total Depreciation, Depletion & Amortization	722M	700M	708M	716M	270M
Amortization of Deferred Charges, Total	20.06M	19.59M	19.84M	20.27M	21.26M
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
Total Asset Writedown	39.5M	31.79M	42.81M	155M	91.28M
Stock-Based Compensation (CF)	68.89M	84.4M	99.91M	87.92M	74.37M
Provision and Write-off of Bad Debts	-	-	-	-	-
Change in Accounts Receivable	38.2M	-38.24M	-81.35M	44.39M	18.11M
Change in Accounts Payable	13.17M	-473K	25.12M	-66.32M	-4.4M
Change in Other Net Operating Assets (Collected)	-2.66M	3.58M	-56.89M	86.41M	-157M
Other Operating Activities	203M	151M	67.26M	-1.34M	272M
Cash from Operations	1.13B	1.19B	1.29B	1.54B	1.33B
Acquisition of Real Estate Assets, Total	-400M	-441M	-788M	-362M	-528M
Net Sale / Acquisition of Real Estate Assets	-400M	-441M	-788M	-362M	-528M
Investment in Marketable and Equity Securities, Total	-49.5M	-634K	-3.64M	-672K	-264M
Other Investing Activities, Total	3.12M	-982M	-602M	-106M	-17.42M
Cash from Investing	-446M	-1.42B	-1.39B	-468M	-809M
Long-Term Debt Issued, Total	3.71B	6.34B	1.81B	190M	4.7B
Total Debt Issued	3.71B	6.34B	1.81B	190M	4.7B
Long-Term Debt Repaid, Total	-2.99B	-5.17B	-1.24B	-730M	-3.46B
Total Debt Repaid	-2.99B	-5.17B	-1.24B	-730M	-3.46B
Issuance of Common Stock	54.05M	86.69M	38.3M	44.2M	35.99M
Repurchase of Common Stock	-859M	-654M	-442M	-127M	-219M
Common Dividends Paid	-208M	-254M	-307M	-370M	-424M
Common & Preferred Stock Dividends Paid	-208M	-254M	-307M	-370M	-424M
Other Financing Activities, Total	-178M	-12.83M	4.73M	-23.96M	12.58M
Cash from Financing	-469M	339M	-135M	-1.02B	646M
Foreign Exchange Rate Adjustments	-8.96M	-13.08M	-2.92M	2.73M	-21.59M
Net Change in Cash	202M	92.82M	-246M	61.66M	1.15B
Supplemental Items
Cash Interest Paid	352M	360M	379M	397M	395M
Cash Income Tax Paid (Refund)	20.28M	25.57M	32.32M	25.58M	42.42M
Net Debt Issued / Repaid	722M	1.17B	570M	-540M	1.24B
Levered Free Cash Flow	800M	558M	431M	992M	-677M
Unlevered Free Cash Flow	1.04B	801M	674M	1.26B	-418M
Change In Net Working Capital	-137M	83.67M	34.74M	-99.27M	1.24B

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	4.44	5.36	5.94	6.47	8.83
Return on Total Capital	4.69	5.69	6.31	6.98	9.52
Return On Equity %	-0.57	-4.72	-8.75	-9.58	-14.69
Return on Common Equity	-0.57	-4.7	-8.74	-9.61	-14.58
Margin Analysis
Gross Profit Margin %	76.33	75.18	73.59	76.61	77.32
SG&A Margin	9.28	9.49	9.86	9.85	9.68
EBITDA Margin %	66.95	65.57	63.64	66.07	66.97
EBITA Margin %	53.15	53.08	52.18	54.29	60.91
EBIT Margin %	32.29	35.24	36.77	39.65	56.91
Income From Continuing Operations Margin %	1.15	10.29	17.46	18.34	27.94
Net Income Margin %	1.16	10.29	17.52	18.51	27.97
Net Avail. For Common Margin %	1.16	10.29	17.52	18.51	27.97
Normalized Net Income Margin	1.22	8.75	13.57	16.47	20.28
Levered Free Cash Flow Margin	38.42	24.18	16.37	36.59	-25.26
Unlevered Free Cash Flow Margin	49.85	34.69	25.58	46.36	-15.59
Asset Turnover
Asset Turnover	0.22	0.24	0.26	0.26	0.25
Fixed Assets Turnover	0.4	0.43	0.42	0.42	0.42
Receivables Turnover (Average Receivables)	14.62	16.21	11.27	10.87	13.89
Short Term Liquidity
Current Ratio	0.77	1	0.69	0.35	0.89
Quick Ratio	0.68	0.84	0.59	0.3	0.2
Operating Cash Flow to Current Liabilities	1.83	1.93	1.85	1.13	0.74
Days Sales Outstanding (Average Receivables)	25.03	22.52	32.39	33.57	26.35
Average Days Payable Outstanding	52.63	45.87	22.43	26.94	30.64
Long Term Solvency
Total Debt/Equity	-279.18	-275.77	-289.27	-281.62	-311.65
Total Debt / Total Capital	155.81	156.89	152.83	155.06	147.25
LT Debt/Equity	-273.77	-270.79	-283.81	-263.77	-282.99
Long-Term Debt / Total Capital	152.79	154.06	149.95	145.23	133.71
Total Liabilities / Total Assets	152.51	153.73	149.55	150.46	144.28
EBIT / Interest Expense	1.63	1.94	2.31	2.36	3.4
EBITDA / Interest Expense	4.11	4.35	4.8	4.7	4.76
(EBITDA - Capex) / Interest Expense	3.36	3.37	3.12	4	3.7
Total Debt / EBITDA	7.91	7.96	7.54	6.74	7.38
Net Debt / EBITDA	7.73	7.76	7.47	6.64	7.3
Total Debt / (EBITDA - Capex)	9.67	10.26	11.59	7.92	9.48
Net Debt / (EBITDA - Capex)	9.45	10	11.48	7.8	9.37
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	3.4	10.83	14.06	2.97	-1.18
Gross Profit, 1 Yr. Growth %	5.55	9.16	11.65	7.19	-0.26
EBITDA, 1 Yr. Growth %	6.42	8.54	10.7	6.9	0.17
EBITA, 1 Yr. Growth %	7.63	10.7	12.13	7.12	10.87
EBIT, 1 Yr. Growth %	9.66	20.95	19	11.04	41.85
Earnings From Cont. Operations, 1 Yr. Growth %	-83.67	888.16	93.5	8.18	50.51
Net Income, 1 Yr. Growth %	-83.6	885.83	94.18	8.75	49.37
Diluted EPS Before Extra, 1 Yr. Growth %	-83.59	919.05	97.2	9.24	50.54
Normalized Net Income, 1 Yr. Growth %	-81.18	691.97	76.88	25	21.64
Net Property, Plant and Equip., 1 Yr. Growth %	-5.89	15	13.69	-2.69	-0.52
Accounts Receivable, 1 Yr. Growth %	-31.28	38.49	75.02	-24.6	-17.14
Total Assets, 1 Yr. Growth %	-6.17	7.03	7.99	-3.84	12.17
Common Equity, 1 Yr. Growth %	31.56	9.51	-0.13	-2	-1.18
Tangible Book Value, 1 Yr. Growth %	9.42	1.33	-0.42	-5.29	-1.68
Cash From Operations, 1 Yr. Growth %	16.08	5.67	8.05	20.12	-13.57
Capital Expenditures, 1 Yr. Growth %	-63.77	31.74	72.44	-54.81	45.89
Levered Free Cash Flow, 1 Yr. Growth %	931.25	-30.25	-22.9	130.15	-168.51
Unlevered Free Cash Flow, 1 Yr. Growth %	227.49	-22.86	-15.99	86.64	-133.34
Dividend Per Share, 1 Yr. Growth %	63.9	17.47	22.41	19.72	15.29
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	5.67	7.05	12.44	8.37	0.87
Gross Profit, 2 Yr. CAGR %	7.11	7.34	10.4	9.4	3.4
EBITDA, 2 Yr. CAGR %	5.99	7.48	9.62	8.78	3.48
EBITA, 2 Yr. CAGR %	6.73	9.15	11.41	9.6	8.98
EBIT, 2 Yr. CAGR %	8.7	15.17	19.97	14.95	25.5
Earnings From Cont. Operations, 2 Yr. CAGR %	-28.81	27.02	337.27	44.68	27.6
Net Income, 2 Yr. CAGR %	-28.73	27.15	337.53	45.32	27.45
Diluted EPS Before Extra, 2 Yr. CAGR %	-28.43	29.3	348.28	46.77	28.24
Normalized Net Income, 2 Yr. CAGR %	-33.13	22.1	274.27	48.69	23.31
Net Property, Plant and Equip., 2 Yr. CAGR %	34.64	4.03	14.34	5.18	-1.61
Accounts Receivable, 2 Yr. CAGR %	-10.13	-2.44	55.69	14.88	-20.96
Total Assets, 2 Yr. CAGR %	12.67	0.21	7.51	1.9	3.86
Common Equity, 2 Yr. CAGR %	19.53	20.03	4.58	-1.07	-1.59
Tangible Book Value, 2 Yr. CAGR %	9.07	5.3	0.45	-2.89	-3.5
Cash From Operations, 2 Yr. CAGR %	15.06	10.75	6.85	13.93	1.89
Capital Expenditures, 2 Yr. CAGR %	-25.36	-30.91	50.72	-11.72	-39.92
Levered Free Cash Flow, 2 Yr. CAGR %	78.73	168.21	-26.61	33.21	98.68
Unlevered Free Cash Flow, 2 Yr. CAGR %	47.12	58.94	-19.46	25.22	142.6
Dividend Per Share, 2 Yr. CAGR %	-	38.76	19.92	21.06	17.49
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	6.44	7.36	9.34	9.19	5.09
Gross Profit, 3 Yr. CAGR %	7.81	7.79	8.76	9.32	6.08
EBITDA, 3 Yr. CAGR %	7.14	6.84	8.54	8.7	5.84
EBITA, 3 Yr. CAGR %	8.16	8.04	10.14	9.96	10.02
EBIT, 3 Yr. CAGR %	11.08	12.64	16.43	16.92	23.3
Earnings From Cont. Operations, 3 Yr. CAGR %	-38.55	71.09	46.15	174.51	46.6
Net Income, 3 Yr. CAGR %	-38.51	71.09	46.42	175.1	46.66
Diluted EPS Before Extra, 3 Yr. CAGR %	-37.5	73.46	48.83	180	48.02
Normalized Net Income, 3 Yr. CAGR %	-35.36	52.43	38.15	159.67	39.06
Net Property, Plant and Equip., 3 Yr. CAGR %	21.55	27.74	7.16	8.36	3.25
Accounts Receivable, 3 Yr. CAGR %	0.24	3.8	18.54	22.26	3.02
Total Assets, 3 Yr. CAGR %	7.75	10.76	2.74	3.58	5.22
Common Equity, 3 Yr. CAGR %	22.9	16.09	12.89	2.34	-1.11
Tangible Book Value, 3 Yr. CAGR %	8.8	6.43	3.35	-1.5	-2.48
Cash From Operations, 3 Yr. CAGR %	11.22	11.84	9.85	11.11	3.91
Capital Expenditures, 3 Yr. CAGR %	-16.88	-9.8	-6.28	0.88	4.92
Levered Free Cash Flow, 3 Yr. CAGR %	46.89	30.62	77.09	7.42	6.58
Unlevered Free Cash Flow, 3 Yr. CAGR %	32.3	18.63	28.55	6.58	-19.53
Dividend Per Share, 3 Yr. CAGR %	-	-	33.08	19.85	19.11
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	4.92	7.17	8.8	7.76	5.87
Gross Profit, 5 Yr. CAGR %	6.11	7.68	8.84	8.43	6.58
EBITDA, 5 Yr. CAGR %	5.6	7.23	8.13	7.61	6.49
EBITA, 5 Yr. CAGR %	7.66	8.92	9.45	8.66	9.67
EBIT, 5 Yr. CAGR %	10.85	13.64	14.56	13.56	19.98
Earnings From Cont. Operations, 5 Yr. CAGR %	-32.81	25.53	34.71	59.99	38.43
Net Income, 5 Yr. CAGR %	-32.78	25.53	34.8	60.27	38.52
Diluted EPS Before Extra, 5 Yr. CAGR %	-31.32	28.53	37.46	62.25	40.23
Normalized Net Income, 5 Yr. CAGR %	-18.68	12.16	30.49	50.92	32.01
Net Property, Plant and Equip., 5 Yr. CAGR %	12.67	15.78	18.62	18.19	3.56
Accounts Receivable, 5 Yr. CAGR %	1.66	11	19.54	8.1	0.8
Total Assets, 5 Yr. CAGR %	4.6	5.89	7.65	7.13	3.19
Common Equity, 5 Yr. CAGR %	23.11	21.49	15.21	8.9	6.86
Tangible Book Value, 5 Yr. CAGR %	7.96	7.42	5.38	2.6	0.56
Cash From Operations, 5 Yr. CAGR %	9.26	9.89	9.45	12.67	6.59
Capital Expenditures, 5 Yr. CAGR %	-15.84	2.86	5.46	-10.57	-11.23
Levered Free Cash Flow, 5 Yr. CAGR %	62.02	8.27	11.29	31.68	54.21
Unlevered Free Cash Flow, 5 Yr. CAGR %	31.22	6.87	8.48	21.25	5.67
Dividend Per Share, 5 Yr. CAGR %	-	-	-	-	26.61