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SBAC

SBA Communications Corporation

SBAC

SBA Communications Corporation • NASDAQ
$194.27 ▼ -0.27% (-0.52)
Market Cap $20.89 B
52w High $245.16
52w Low $185.45
Dividend Yield 4.44%
P/E 24.44
Volume 313.11K
Outstanding Shares 107.51M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $732.327M ▲ $168.369M ▼ $236.816M ▲ 32.337% ▲ $2.21 ▲ $486.119M ▲
Q2-2025 $698.981M ▲ $186.217M ▲ $225.794M ▲ 32.303% ▼ $2.1 ▲ $448.678M ▲
Q1-2025 $664.248M ▼ $168.293M ▲ $220.732M ▲ 33.23% ▲ $2.05 ▲ $432.985M ▼
Q4-2024 $693.7M ▲ $152.665M ▲ $173.63M ▼ 25.03% ▼ $1.61 ▼ $462.506M ▲
Q3-2024 $667.595M $136.272M $258.534M 38.726% $2.41 $448.729M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $431.067M ▲ $11.26B ▲ $16.118B ▲ $-4.934B ▲
Q2-2025 $276.826M ▼ $10.766B ▲ $15.64B ▲ $-4.939B ▲
Q1-2025 $702.177M ▲ $10.443B ▼ $15.351B ▼ $-4.971B ▲
Q4-2024 $444.375M ▲ $11.417B ▲ $16.473B ▲ $-5.11B ▲
Q3-2024 $202.584M $10.202B $15.327B $-5.175B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $240.433M ▼ $318.03M ▼ $-78.312M ▲ $-79.802M ▲ $164.871M ▲ $257.977M ▼
Q2-2025 $254.741M ▲ $368.098M ▲ $-580.962M ▼ $-158.278M ▲ $-363.583M ▲ $312.233M ▲
Q1-2025 $217.906M ▲ $301.175M ▼ $238.266M ▲ $-1.282B ▼ $-736.551M ▼ $255.002M ▲
Q4-2024 $178.791M ▼ $310.169M ▲ $-328.89M ▼ $1.18B ▲ $1.149B ▲ $254.62M ▲
Q3-2024 $255.892M $304.651M $-273.902M $-65.913M $-31.652M $239.895M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Domestic Site Leasing Revenue
Domestic Site Leasing Revenue
 $470.00M ▲$460.00M ▼$470.00M ▲$470.00M ▲
International Site Leasing Revenue
International Site Leasing Revenue
 $170.00M ▲$160.00M ▼$160.00M ▲$190.00M ▲
Site Development Construction
Site Development Construction
 $50.00M ▲$50.00M ▲$70.00M ▲$80.00M ▲

Five-Year Company Overview

Income Statement

Income Statement SBA’s income statement shows a business with very high profitability built on recurring, long‑term lease revenue. Sales have grown meaningfully over the last several years and then leveled off more recently, which is common once a tower portfolio reaches scale. Margins are strong at each level — from gross profit through operating income — reflecting the attractive economics of tower sharing: once a tower is built, adding more tenants adds a lot of profit with relatively little extra cost. Net income has improved steadily over time, with a noticeable step‑up in the most recent year, suggesting better cost control and operating leverage as the portfolio matures. Earnings can still move around year to year because of interest costs, taxes, and any one‑off items, but the overall trend points to a stable, high‑margin infrastructure business rather than a volatile growth story.

Balance Sheet

Balance Sheet The balance sheet is typical for a tower REIT: asset‑heavy and debt‑heavy, with negative reported equity. The company owns and controls a large base of towers and related infrastructure, but finances much of it with debt. Negative equity here is more a reflection of financing choices, past buybacks, and accounting rather than a sign of an insolvent business. The key implication is financial leverage. SBA’s model depends on using long‑lived, predictable cash flows to comfortably service a sizable debt load. This structure can amplify returns when conditions are favorable but also increases sensitivity to interest rates, refinancing conditions, and any unexpected drop in tenant demand. Cash on hand is modest, so liquidity relies on steady cash generation and continued access to capital markets.

Cash Flow

Cash Flow Cash flow is one of SBA’s main strengths. The business consistently converts a large portion of its revenue into operating cash, thanks to long‑term, inflation‑linked leases and limited day‑to‑day operating needs. After funding ongoing capital spending, the company still generates solid and reliable free cash flow year after year. Capital expenditures are meaningful but not extreme relative to cash generated, reflecting a mature infrastructure base with selective new builds and upgrades. This pattern supports the company’s ability to service debt, invest in growth projects, and return capital to shareholders. The flip side is that with significant debt obligations, there is limited room for a sharp or prolonged downturn in carrier spending before financial flexibility would be tested.

Competitive Edge

Competitive Edge SBA operates in a concentrated industry with high barriers to entry, and it has built a strong niche within it. Its tower portfolio is large, geographically diversified across the Americas and parts of Africa, and often located in areas that are difficult, slow, or expensive to replicate because of zoning, permitting, and land constraints. Long‑term contracts with major wireless carriers, often with built‑in escalators and renewal options, create sticky, recurring revenues. The neutral‑host model — multiple carriers sharing the same tower — increases the value of each site and embeds SBA deeply in customers’ network plans. Relationships with large carriers, including framework agreements that streamline leasing for 5G deployments, further reinforce switching costs. Key vulnerabilities include a relatively small number of large customers, exposure to carrier consolidation, regulatory changes, and shifts in network design (such as how aggressively carriers adopt small cells and alternative infrastructure). SBA’s focused strategy on macro towers, compared with some peers that diversify more into fiber, is a strength in execution but also concentrates its exposure to that part of the network stack.

Innovation and R&D

Innovation and R&D SBA’s “innovation” is more about infrastructure strategy and operational finesse than traditional lab‑based R&D. The company continues to refine site selection, permitting, and construction processes, which helps customers deploy networks faster and deepens relationships. The most forward‑looking initiative is “SBA Edge,” which places data center and computing capabilities at or near tower sites to support low‑latency 5G and edge computing use cases. If scaled successfully, this could turn towers into digital hubs rather than just passive structures, opening new revenue streams from cloud, content, and enterprise partners. SBA is also active in solutions like distributed antenna systems, small cells, and private 5G networks, allowing it to address specialized coverage needs in venues and for enterprises. These moves are promising but still developing. They require capital and strong partnerships, and the commercial payoff will depend on how quickly edge computing and advanced 5G applications mature, as well as how SBA differentiates itself versus tower and data‑center peers pursuing similar ideas.

Summary

Overall, SBA Communications looks like a mature, high‑margin infrastructure platform built on essential wireless assets and long‑term contracts. The income statement highlights strong and steadily improving profitability, while the cash flow profile is robust and consistent, supporting a leveraged but deliberate balance sheet strategy. The company’s competitive position rests on hard‑to‑replicate towers, entrenched carrier relationships, and a neutral‑host model that extracts more value from each site. Innovation efforts are evolutionary, aimed at extending the tower model into edge computing and customized connectivity solutions, which could broaden the opportunity set over time. Key positives are recurring, predictable revenues; strong margins; and dependable free cash flow. Key risks center on high leverage, interest‑rate and refinancing exposure, concentration in a few large customers, and execution risk in newer initiatives like SBA Edge and international expansion. The long‑term outlook is closely tied to ongoing data growth, 5G densification, and how the network architecture of mobile operators evolves over the next decade.

NEWS

November 24, 2025 · 10:08 AM UTC

SBA Communications Corporation to Speak at the UBS Global Media and Communications Conference

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November 18, 2025 · 11:44 AM UTC

SBA Communications Corporation to Speak at the BofA Securities 2025 Leveraged Finance Conference

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November 3, 2025 · 4:01 PM UTC

SBA Communications Corporation Reports Third Quarter 2025 Results; Updates Full Year 2025 Outlook; and Declares Quarterly Cash Dividend

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October 13, 2025 · 11:17 AM UTC

SBA Communications Corporation Sets Date for Third Quarter 2025 Earnings Release

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