SBA Communications Corporation

SBAC
Financial Analysis · Updated May 13, 2026 · Coverage 2026-Q2
Latest Q Revenue
$703.4M
Q1 FY2026 · +5.9% YoY
TTM ROIC
7.8%
FY2025 · AFFO / Total Capital (Book Debt + Equity) · WACC ~5.3% · Moat spread +2.5pp

Financial Snapshot

ticker: SBAC step: 04 generated: 2026-05-12 source: quick-research

SBA Communications Corporation (SBAC) — Financial Snapshot

Income Statement Summary

Metric FY2022 FY2023 FY2024 YoY
Revenue ~$2.51B ~$2.71B ~$2.68B -1.2%
Tower Cash Flow Margin ~78% ~80% ~80%
Adjusted EBITDA Margin ~65% ~67% ~68%
Net Income ~$600M ~$700M ~$754M*
AFFO per Share ~$12.50 ~$13.09 $13.37 +2.2%

*Net income varies significantly due to depreciation, non-cash charges, and gains/losses on asset sales — AFFO is the primary operating metric for tower REITs.

Cash Flow & Balance Sheet (FY2024)

Metric Value
AFFO (total) ~$1.5B
Free Cash Flow (after dividends) ~$800M
Cash & Equivalents ~$1.7B
Net Debt ~$12.0B
Net Debt / Adj. EBITDA ~6.1x

Key Ratios (approximate)

  • EV/EBITDA: ~18x | Price/AFFO: ~16x | Dividend Yield: ~2.5%
  • Revenue Growth (FY2024): -1.2% (churn-driven) | AFFO Growth: +2.2%
  • Dividend: Growing — 13% increase announced; targeting investment-grade credit rating by 2026

Growth Profile

SBA Communications' revenue declined modestly in FY2024 due to elevated carrier churn — primarily Sprint/T-Mobile consolidation ($51M in 2025 churn) and EchoStar/DISH network default ($56M annual churn impact). Beneath the headline, organic leasing activity remains healthy: new leases and amendments added tenants at 3–4% organic growth rates, partially offset by the above churn. AFFO per share still grew 2.2% in FY2024, demonstrating the cash generation resilience of the business model even through headwinds. Once churn normalizes (expected "significant step down" by 2026), organic growth should accelerate to 4–6%.

Forward Estimates

  • FY2025 Revenue: ~$2.8B (Millicom/TIGO acquisition adds tower count; core revenue recovers)
  • Q1 2026 Revenue: $703.4M (up YoY despite ongoing churn headwinds)
  • Management FY2026 Churn Guide: $36–40M international + $56M EchoStar + ~$75M Sprint/T-Mo cumulative
  • Target investment-grade credit by FY2026, enabling dividend growth and lower cost of capital

Deeper Financial Analysis

The fundamental tier adds 9 additional research dimensions for $SBAC.

Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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