Financials SBA Communications Corporation

Equities

SBAC

US78410G1040

Specialized REITs

Market Closed - Nasdaq Other stock markets 21:00:00 06/02/2026 GMT			5-day change	1st Jan Change
180.74 ^USD	+0.13%		-1.83%	-6.56%

01-23	Raymond James Adjusts Price Target on SBA Communications to $248 From $243, Maintains Strong Buy Rating	MT
01-20	UBS Adjusts Price Target on SBA Communications to $260 From $275, Maintains Buy Rating	MT

Projected Income Statement: SBA Communications Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	2,083	2,309	2,633	2,712	2,680	2,819	2,853	2,912
Change	-	10.83%	14.06%	2.97%	-1.18%	5.21%	1.2%	2.05%
EBITDA ¹	1,493	1,606	1,769	1,894	1,894	1,921	1,961	2,009
Change	-	7.62%	10.13%	7.06%	0.03%	1.43%	2.08%	2.41%
EBIT ¹	633.7	782.5	925.4	923.7	1,436	1,411	1,504	1,544
Change	-	23.48%	18.26%	-0.19%	55.44%	-1.75%	6.65%	2.64%
Interest Paid ¹	-367.9	-352.9	-353.8	-400.4	-399.8	-461.7	-531.8	-598.2
Earnings before Tax (EBT) ¹	-17.75	252.6	525.8	548.5	772.7	1,167	955.5	948.7
Change	-	1,522.98%	108.2%	4.31%	40.87%	51.04%	-18.12%	-0.71%
Net income ¹	24.1	237.6	461.4	501.8	749.5	1,030	914.7	909.5
Change	-	885.83%	94.18%	8.75%	49.37%	37.48%	-11.24%	-0.56%
Announcement Date	22/02/21	28/02/22	21/02/23	26/02/24	24/02/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	535.9	548.7	575.5	589.3	595.3	619.8	652	675.6	686.1	675.5	678.5	682.5	675	657.9	660.5	667.6	693.7	664.2	699	732.3	725.8	699.4	701.2	725.5	715.2	691.8	686.9	699.1
Change	-	2.39%	4.88%	2.39%	1.01%	4.12%	5.2%	3.62%	1.56%	-1.54%	0.44%	0.6%	-1.1%	-2.54%	0.4%	1.08%	3.91%	-4.25%	5.23%	4.77%	-0.89%	-3.64%	0.26%	3.46%	-1.43%	-3.27%	-0.71%	1.78%
EBITDA ¹	380.6	390.1	400.2	407	409.1	423.8	437.8	446.8	460.7	459.3	471.7	482.1	480.7	465.4	467.1	472.6	489.2	457.3	475.5	493.3	492.3	479.2	482.2	501.3	497.8	483.2	486.5	498.2
Change	-	2.49%	2.6%	1.69%	0.51%	3.59%	3.31%	2.06%	3.12%	-0.3%	2.7%	2.21%	-0.3%	-3.17%	0.35%	1.19%	3.52%	-6.53%	3.98%	3.75%	-0.2%	-2.67%	0.64%	3.96%	-0.7%	-2.94%	0.69%	2.4%
EBIT ¹	165.1	173.6	199.8	211.8	197.4	216.8	231	243	234.7	224.1	241.2	248.6	209.7	323.4	354.5	375.6	382.3	334.9	334.8	374.2	366.7	376.6	377.7	399.2	376.1	-	-	-
Change	-	5.14%	15.09%	6.01%	-6.8%	9.83%	6.55%	5.2%	-3.43%	-4.48%	7.62%	3.06%	-15.65%	54.21%	9.62%	5.96%	1.8%	-12.4%	-0.04%	11.77%	-1.99%	2.69%	0.31%	5.68%	-5.79%	-	-	-
Charge d'intérêts ¹	-86.54	-90.1	-90.54	-89.2	-83.08	-82.25	-84.32	-86.96	-100.3	-120.5	-101.3	-99.32	-98.54	-96.39	-97.53	-95.71	-110.1	-104.1	-119.7	-120.2	-120.5	-131.6	-131.9	-132.7	-139.3	-	-	-
Earnings before Tax (EBT) ¹	140.5	-32.67	199.9	36.96	48.35	228.8	65.59	102.6	128.8	144.1	172.8	93.22	138.4	171.5	147.1	298.2	155.9	231	260.8	289.1	382.1	220.9	221.4	249.5	228.9	-	-	-
Change	-	-123.25%	711.99%	-81.51%	30.8%	373.2%	-71.33%	56.5%	25.51%	11.83%	19.94%	-46.05%	48.49%	23.87%	-14.2%	102.7%	-47.73%	48.18%	12.89%	10.86%	32.18%	-42.2%	0.26%	12.67%	-8.24%	-	-	-
Net income ¹	105.8	-11.74	152.7	47.8	48.9	188.6	69.52	100	103.3	101.2	203.6	87.42	109.5	154.5	162.8	258.5	173.6	191.8	225.8	236.8	395.3	215.8	212.3	236.4	216.4	169.6	160.5	182
Change	-	-111.1%	1,399.86%	-68.69%	2.31%	285.72%	-63.15%	43.86%	3.27%	-2%	101.2%	-57.07%	25.29%	41.1%	5.36%	58.78%	-32.84%	10.46%	17.73%	4.88%	66.92%	-45.41%	-1.6%	11.33%	-8.43%	-21.65%	-5.33%	13.36%
Announcement Date	22/02/21	26/04/21	02/08/21	01/11/21	28/02/22	25/04/22	01/08/22	31/10/22	21/02/23	01/05/23	31/07/23	02/11/23	26/02/24	29/04/24	29/07/24	28/10/24	24/02/25	28/04/25	04/08/25	03/11/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: SBA Communications Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	10,787	11,935	12,765	12,140	12,022	12,856	12,850	12,990
Change	-	10.64%	6.95%	-4.9%	-0.97%	6.94%	-0.05%	1.09%
Announcement Date	22/02/21	28/02/22	21/02/23	26/02/24	24/02/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: SBA Communications Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	128.6	133.7	214.4	236.7	228.1	239.2	244.6	308.5
Change	-	3.99%	60.4%	10.38%	-3.61%	4.85%	2.26%	26.11%
Free Cash Flow (FCF) ¹	997.5	1,169	1,103	1,308	1,107	335.7	1,172	1,219
Change	-	17.25%	-5.66%	18.53%	-15.36%	-69.66%	249.18%	4.02%
Announcement Date	22/02/21	28/02/22	21/02/23	26/02/24	24/02/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: SBA Communications Corporation

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	71.65%	69.57%	67.17%	69.84%	70.69%	68.16%	68.75%	68.99%
EBIT Margin (%)	30.42%	33.89%	35.14%	34.06%	53.58%	50.04%	52.73%	53.03%
EBT Margin (%)	-0.85%	10.94%	19.97%	20.23%	28.83%	41.4%	33.49%	32.58%
Net margin (%)	1.16%	10.29%	17.52%	18.51%	27.97%	36.55%	32.06%	31.24%
FCF margin (%)	47.88%	50.65%	41.89%	48.23%	41.3%	11.91%	41.09%	41.88%
FCF / Net Income (%)	4,138.18%	492.16%	239.1%	260.59%	147.66%	32.58%	128.17%	134.08%
Profitability
ROA	2%	3.31%	4.53%	4.83%	6.94%	10.19%	8.65%	8.27%
ROE	-0.57%	-	-	-	-	-	-	-
Financial Health
Leverage (Debt/EBITDA)	7.23x	7.43x	7.22x	6.41x	6.35x	6.69x	6.55x	6.47x
Debt / Free cash flow	10.81x	10.21x	11.57x	9.28x	10.86x	38.29x	10.96x	10.65x
Capital Intensity
CAPEX / Current Assets (%)	6.17%	5.79%	8.14%	8.73%	8.51%	8.48%	8.57%	10.59%
CAPEX / EBITDA (%)	8.61%	8.32%	12.12%	12.5%	12.04%	12.45%	12.47%	15.36%
CAPEX / FCF (%)	12.89%	11.43%	19.44%	18.1%	20.61%	71.24%	20.86%	25.3%
Items per share
Cash flow per share ¹	9.924	11.72	12.05	14.18	12.35	14.37	13.87	-
Change	-	18.11%	2.77%	17.72%	-12.9%	16.37%	-3.51%	-
Dividend per Share ¹	1.975	2.32	2.84	3.4	3.92	4.418	4.988	5.642
Change	-	17.47%	22.41%	19.72%	15.29%	12.71%	12.9%	13.12%
Book Value Per Share ¹	-43.93	-48.49	-48.86	-47.86	-47.51	-44.92	-45.03	-46.4
Change	-	-10.38%	-0.75%	2.05%	0.73%	5.44%	-0.24%	-3.04%
EPS ¹	0.21	2.14	4.22	4.61	6.94	9.703	8.581	8.845
Change	-	919.05%	97.2%	9.24%	50.54%	39.81%	-11.56%	3.07%
Nbr of stocks (in thousands)	111,115	108,781	107,966	107,887	107,523	106,547	106,547	106,547
Announcement Date	22/02/21	28/02/22	21/02/23	26/02/24	24/02/25	-	-	-