SBA Communications Corporation (SBAC) Key Metrics
SBAC valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $19.84B
- Enterprise value
- $34.53B
- P/E (TTM)
- 20.2 10-yr median 169.5
- Forward P/E
- 19.4
- PEG ratio
- 10.77
- Price / sales
- 6.9 10-yr median 10.8
- Price / book
- 91.0
- EV / EBITDA
- 17.2 10-yr median 24.5
- Dividend yield
- 2.67% $5.00 a year
- Beta
- 0.99
SBAC key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsSBAC valuation Price multiples at each fiscal year-end price.
SBAC returns How much profit the business earns on the capital it uses.
SBAC per-share figures Results divided by the shares outstanding at year-end.
SBAC financial health Debt, liquidity and how easily interest is covered.
SBAC efficiency & capital use Working capital cycle and where the cash goes.
SBAC valuation history
SBAC returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
SBAC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
SBAC cash returned to shareholders
SBAC price vs earnings per share
SBAC key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $20.80B | $22.03B | $27.63B | $30.66B | $43.25B | $32.01B | $27.64B | $18.86B | $19.77B | $12.92B |
| Enterprise value | $35.68B | $37.34B | $41.88B | $45.69B | $57.40B | $45.13B | $40.39B | $28.66B | $29.01B | $21.55B |
| P/E ratio | 19.7 | 29.4 | 55.1 | 66.5 | 182.0 | — | 188.0 | 397.5 | 190.7 | 169.5 |
| Price / sales | 7.4 | 8.2 | 10.2 | 11.6 | 18.7 | 15.4 | 13.7 | 10.1 | 11.4 | 7.9 |
| Price / free cash flow | 19.5 | 19.9 | 21.1 | 27.8 | 40.9 | 32.1 | 33.3 | 26.9 | 29.4 | 21.9 |
| Price / operating cash flow | 16.1 | 16.5 | 17.9 | 23.3 | 36.3 | 28.4 | 28.1 | 22.1 | 24.1 | 17.7 |
| EV / sales | 12.7 | 13.9 | 15.4 | 17.3 | 24.9 | 21.7 | 20.0 | 15.4 | 16.8 | 13.2 |
| EV / EBITDA | 17.8 | 20.8 | 23.4 | 27.3 | 37.9 | 32.4 | 30.8 | 23.1 | 25.6 | 20.2 |
| EV / free cash flow | 33.5 | 33.7 | 32.0 | 41.4 | 54.3 | 45.2 | 48.6 | 40.8 | 43.2 | 36.6 |
| Earnings yield | 5.1% | 3.4% | 1.8% | 1.5% | 0.5% | 0.1% | 0.5% | 0.3% | 0.5% | 0.6% |
| Free cash flow yield | 5.1% | 5.0% | 4.7% | 3.6% | 2.4% | 3.1% | 3.0% | 3.7% | 3.4% | 4.6% |
| Dividend yield | 2.3% | 1.9% | 1.3% | 1.0% | 0.6% | 0.6% | 0.3% | 0.4% | 0.4% | 0.6% |
| Shareholder yield (dividends + buybacks) | 4.7% | 2.8% | 1.7% | 2.4% | 1.9% | 3.3% | 2.0% | 4.7% | 4.7% | 4.9% |
| Share price at fiscal year-end | $193.43 | $203.80 | $253.69 | $280.31 | $389.02 | $282.13 | $240.99 | $161.89 | $163.36 | $103.26 |
| Per share | ||||||||||
| Revenue per share | $26.18 | $24.79 | $24.90 | $24.07 | $20.77 | $18.36 | $17.57 | $16.01 | $14.28 | $13.05 |
| Earnings per share | $9.80 | $6.94 | $4.61 | $4.22 | $2.14 | $0.21 | $1.28 | $0.41 | $0.86 | $0.61 |
| Operating cash flow per share | $12.01 | $12.35 | $14.18 | $12.05 | $10.70 | $9.92 | $8.59 | $7.31 | $6.77 | $5.83 |
| Free cash flow per share | $9.92 | $10.24 | $12.01 | $10.09 | $9.50 | $8.79 | $7.24 | $6.03 | $5.55 | $4.71 |
| Cash per share | $4.08 | $4.11 | $1.92 | $1.33 | $3.31 | $2.72 | $0.94 | $1.23 | $0.57 | $1.17 |
| Book value per share | −$45.14 | −$47.28 | −$47.48 | −$48.24 | −$47.52 | −$42.52 | −$31.97 | −$28.98 | −$21.48 | −$15.95 |
| Tangible book value per share | −$71.94 | −$69.38 | −$70.03 | −$73.62 | −$72.74 | −$70.33 | −$63.59 | −$57.57 | −$51.21 | −$45.17 |
| Dividends per share | $4.45 | $3.92 | $3.40 | $2.80 | $2.28 | $1.83 | $0.73 | $0.72 | $0.69 | $0.67 |
| Capex per share | $2.09 | $2.11 | $2.17 | $1.96 | $1.20 | $1.13 | $1.34 | $1.29 | $1.22 | $1.12 |
| Debt per share | $142.46 | $145.78 | $132.81 | $138.69 | $130.63 | $118.33 | $112.13 | $85.30 | $76.93 | $70.12 |
| Shares outstanding | 107.5M | 108.1M | 108.9M | 109.4M | 111.2M | 113.5M | 114.7M | 116.5M | 121.0M | 125.1M |
| Change in shares outstanding | −0.5% | −0.8% | −0.4% | −1.6% | −2.0% | −1.1% | −1.6% | −3.7% | −3.3% | −2.1% |
| Returns & profitability | ||||||||||
| Return on invested capital (ROIC) | 11.5% | 14.4% | 8.9% | 8.7% | 8.6% | 5.8% | 5.9% | 7.7% | 6.1% | 5.1% |
| Return on assets (ROA) | 9.2% | 6.9% | 4.8% | 4.5% | 2.5% | 0.3% | 1.7% | 0.7% | 1.4% | 1.0% |
| Return on tangible assets | 12.1% | 8.3% | 6.5% | 5.9% | 3.4% | 0.4% | 2.4% | 1.2% | 2.8% | 2.1% |
| Free cash flow margin | 37.9% | 41.3% | 48.2% | 41.9% | 45.7% | 47.9% | 41.2% | 37.6% | 38.9% | 36.1% |
| Income quality (OCF / net income) | 1.23 | 1.78 | 3.08 | 2.86 | 5.01 | 46.72 | 6.70 | 17.96 | 7.91 | 9.56 |
| Financial health | ||||||||||
| Total debt | $15.32B | $15.76B | $14.46B | $15.17B | $14.52B | $13.43B | $12.86B | $9.94B | $9.31B | $8.78B |
| Cash & short-term investments | $439.0M | $444.4M | $209.6M | $145.0M | $368.1M | $308.6M | $108.3M | $143.4M | $68.8M | $146.1M |
| Net debt | $14.88B | $15.31B | $14.25B | $15.03B | $14.15B | $13.12B | $12.75B | $9.80B | $9.24B | $8.63B |
| Debt / assets | 1.32 | 1.38 | 1.42 | 1.43 | 1.48 | 1.47 | 1.32 | 1.38 | 1.27 | 1.19 |
| Net debt / EBITDA | 7.43 | 8.53 | 7.96 | 8.97 | 9.35 | 9.41 | 9.73 | 7.89 | 8.15 | 8.08 |
| Current ratio | 0.49 | 1.10 | 0.36 | 0.69 | 1.00 | 0.77 | 0.32 | 0.31 | 0.93 | 0.37 |
| Quick ratio | 0.49 | 1.10 | 0.36 | 0.63 | 0.87 | 0.70 | 0.29 | 0.25 | 0.70 | 0.36 |
| Interest coverage | 2.9 | 3.4 | 2.1 | 2.3 | 2.0 | 1.6 | 1.5 | 1.4 | 1.4 | 1.2 |
| Working capital | −$1.13B | $180.8M | −$879.0M | −$214.0M | −$1.9M | −$141.8M | −$714.0M | −$832.4M | −$19.4M | −$548.9M |
| Invested capital | $10.03B | $10.20B | $9.08B | $9.75B | $8.87B | $8.29B | $9.09B | $6.42B | $6.64B | $6.63B |
| Tangible asset value | −$7.66B | −$7.44B | −$7.59B | −$8.02B | −$8.07B | −$7.97B | −$7.28B | −$6.71B | −$6.20B | −$5.65B |
| Net current asset value | −$15.25B | −$14.49B | −$14.83B | −$15.35B | −$14.45B | −$13.49B | −$13.08B | −$10.22B | −$9.66B | −$9.03B |
| Graham net-net per share | −$143.34 | −$146.33 | −$137.30 | −$141.38 | −$130.84 | −$119.46 | −$114.80 | −$88.39 | −$80.45 | −$73.02 |
| Capital allocation | ||||||||||
| Dividends paid | $479.0M | $424.2M | $370.0M | $306.8M | $253.6M | $207.7M | $83.4M | $83.4M | $83.4M | $83.4M |
| Share buybacks (net) | $497.8M | $200.0M | $100.0M | $431.7M | $582.6M | $859.3M | $467.0M | $795.6M | $854.5M | $545.7M |
| Dividend payout ratio | 45.5% | 56.6% | 73.7% | 66.5% | 106.7% | 861.6% | 56.7% | 175.7% | 80.4% | 109.4% |
| Dividends + buybacks / free cash flow | 91.6% | 56.4% | 35.9% | 66.9% | 79.2% | 107.0% | 66.3% | 125.1% | 139.7% | 106.8% |
| Capex / revenue | 8.0% | 8.5% | 8.7% | 8.1% | 5.8% | 6.2% | 7.7% | 8.0% | 8.6% | 8.6% |
| Capex / operating cash flow | 17.4% | 17.1% | 15.3% | 16.3% | 11.2% | 11.4% | 15.7% | 17.6% | 18.1% | 19.2% |
| Capex / depreciation | 0.77 | 0.85 | 0.33 | 0.30 | 0.19 | 0.18 | 0.22 | 0.22 | 0.23 | 0.22 |
| Stock-based compensation / revenue | 2.7% | 2.8% | 3.2% | 3.8% | 3.7% | 3.3% | 3.6% | 2.3% | 2.2% | 2.0% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 9.9% | 9.7% | 10.0% | 9.9% | 9.5% | 9.3% | 9.6% | 7.6% | 7.6% | 8.8% |
| Efficiency | ||||||||||
| Days sales outstanding | 61.5 | 33.1 | 31.4 | 28.8 | 20.5 | 23.4 | 27.6 | 24.9 | 21.0 | 21.2 |
| Days of inventory on hand | — | — | 12.1 | 32.0 | 39.6 | 29.3 | 40.5 | 54.5 | 30.5 | 11.8 |
| Days payables outstanding | 14.7 | 30.6 | 26.9 | 22.4 | 45.9 | 52.5 | 23.8 | 25.7 | 24.5 | 23.3 |
| Cash conversion cycle (days) | 46.8 | 2.6 | 16.5 | 38.3 | 14.3 | 0.3 | 44.3 | 53.7 | 26.9 | 9.7 |
| Receivables turnover | 5.94 | 11.01 | 11.62 | 12.68 | 17.78 | 15.59 | 13.24 | 14.63 | 17.40 | 17.22 |
| Payables turnover | 24.80 | 11.94 | 13.55 | 16.27 | 7.96 | 6.95 | 15.37 | 14.19 | 14.88 | 15.66 |
| Inventory turnover | — | — | 30.23 | 11.41 | 9.22 | 12.45 | 9.01 | 6.69 | 11.98 | 30.94 |
| Asset turnover | 0.24 | 0.25 | 0.26 | 0.26 | 0.24 | 0.22 | 0.24 | 0.26 | 0.24 | 0.22 |
| Average receivables | $474.2M | $243.3M | $233.3M | $207.6M | $129.8M | $133.7M | $152.2M | $127.5M | $99.3M | $94.9M |
| Average payables | $66.3M | $50.9M | $46.8M | $42.7M | $72.0M | $70.9M | $33.1M | $33.8M | $30.8M | $27.7M |
| Average inventory | — | — | $21.0M | $61.0M | $62.2M | $39.6M | $56.4M | $71.7M | $38.3M | $14.0M |
| Intangibles / total assets | 24.9% | 20.9% | 24.1% | 26.2% | 28.6% | 34.5% | 37.2% | 46.2% | 49.2% | 49.7% |
Computed from SBAC's annual financial statements (latest annual report filed February 27, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
SBAC valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), SBA Communications traded at 19.7 times earnings, against a 10-year median of 169.5. Based on the latest twelve months, the trailing P/E is 20.2 and the forward P/E is 19.4. SBA Communications earned a return on invested capital of 11.5% in fiscal 2025. It ended the year with $15.3 billion of debt and $439.0 million in cash and short-term investments, net debt of $14.9 billion. It returned $976.8 million to shareholders: $479.0 million in dividends and $497.8 million in share buybacks, 92% of free cash flow. The share count fell 14.1% from 125.1M to 107.5M over 9 years.
See the SBAC income statement, the SBAC chart for price history, or the SBAC stock overview for the latest quote and news.
SBAC key metrics FAQ
What is SBA Communications's P/E ratio?
SBA Communications's trailing P/E ratio is 20.2 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 19.4. At the end of fiscal 2025 it was 19.7, compared with a 10-year median of 169.5.
What is SBA Communications's EV/EBITDA?
SBA Communications's enterprise value was 17.8 times EBITDA at the end of fiscal 2025 (enterprise value $35.7 billion, EBITDA $2.0 billion); the current EV/EBITDA is 17.2.
What is SBA Communications's ROIC?
SBA Communications's return on invested capital was 11.5% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does SBA Communications have?
SBA Communications had total debt of $15.3 billion at the end of fiscal 2025 and $14.9 billion of net debt (7.43 times EBITDA).
What is SBA Communications's dividend yield?
SBA Communications's forward dividend yield is 2.67%. SBA Communications paid $479.0 million in dividends in fiscal 2025 ($4.45 per share), a payout ratio of 45.5%.
Does SBA Communications buy back its shares?
Yes. SBA Communications spent $497.8 million on net share repurchases in fiscal 2025 Shares outstanding changed −0.5% over the year, to 107.5M..
What is SBA Communications's free cash flow yield?
SBA Communications generated $1.1 billion of free cash flow in fiscal 2025, a free cash flow yield of 5.1% on its market value at year-end ($20.8 billion).
What is SBA Communications's current ratio?
SBA Communications's current ratio was 0.49 at the end of fiscal 2025: current assets were 0.49 times current liabilities.