# SBA Communications Corporation (SBAC) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/SBAC/thesis · /stocks/SBAC/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/SBAC/fundamental

## Navigation

- Overview: /stocks/SBAC
- Financials (this page): /stocks/SBAC/financials
- Thesis: /stocks/SBAC/thesis
- Investment Memo: /stocks/SBAC/memo
- Coverage universe: /stocks