SBA Communications SBAC

REIT - Specialty, Real Estate

$184.75

+3.57%

Market cap: $19.6B
PE: 19.9×; 10y median 81.2×
Forward PE: n/m; not a meaningful number
Price to FFO: 13.5×; its own FFO
Price to sales: 6.8×
EV/EBIT: 20.8×
Revenue, 12 months: $2.9B; +5% on a year ago
Net margin: 34.5%

SBA Communications trades at 13.5× its funds from operations, the earnings measure REITs are valued on. Revenue was $2.9B over the last twelve months, up 5% on a year earlier with a 35% net margin.

Charts

Financials

Income statement for SBAC, by quarter
Income statement	Q3 FY23	Q4 FY23	Q1 FY24	Q2 FY24	Q3 FY24	Q4 FY24	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
	$682.5M+1%	$675M−2%	$657.9M−3%	$660.5M−3%	$667.6M−2%	$693.7M+3%	$664.2M+1%	$699M+6%	$732.3M+10%	$719.6M+4%	$703.4M+6%	$715.3M+2%
Cost of revenue	$149.8M−16%	$144.3M−16%	$138M−16%	$141.3M−8%	$150.3M+0%	$152.1M+5%	$153.7M+11%	$172.1M+22%	$189.8M+26%	$175.4M+15%	$171.3M+12%	$176M+2%
Gross profit	$532.8M+7%	$530.7M+3%	$519.9M+2%	$519.2M−1%	$517.3M−3%	$541.6M+2%	$510.6M−2%	$526.9M+2%	$542.5M+5%	$544.2M+1%	$532.1M+4%	$539.3M+2%
SG&A	$64.8M−2%	$67.5M−4%	$68.7M−5%	$62.4M−2%	$60.1M−7%	$67.6M+0%	$66.2M−4%	$71M+14%	$66M+10%	$74.4M+10%	$70.5M+7%	$77.5M+9%
	$248.6M+2%	$209.7M−11%	$323.4M+44%	$354.5M+47%	$375.6M+51%	$382.3M+82%	$334.9M+4%	$334.8M−6%	$374.2M−0%	$298.9M−22%	$342.8M+2%	$351.9M+5%
Interest expense	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Pre-tax income	$93.2M−9%	$138.4M+8%	$171.5M+19%	$147.1M−15%	$298.2M+220%	$155.9M+13%	$259.9M+52%	$260.8M+77%	$289.1M−3%	$432.3M+177%	$236M−9%	$232.5M−11%
	$7.9M+173%	$28.9M+10%	$16.9M−61%	−$12.3M−58%	$42.3M+438%	−$22.9M	$42M+148%	$35.1M	$48.7M+15%	$61.9M	$51.1M+22%	$36M+3%
Net income	$87.4M−13%	$109.5M+6%	$154.5M+53%	$162.8M−20%	$258.5M+196%	$173.6M+59%	$220.7M+43%	$225.8M+39%	$236.8M−8%	$370.3M+113%	$184.8M−16%	$198.8M−12%
	$0.80−12%	$1.01+7%	$1.42+53%	$1.51−19%	$2.40+200%	$1.61+59%	$2.04+44%	$2.09+38%	$2.20−8%	$3.47+116%	$1.74−15%	$1.87−11%
	108.9M−0%	108.6M−1%	108.6M−1%	107.7M−1%	107.9M−1%	108.1M−0%	108.1M−0%	107.8M+0%	107.6M−0%	106.6M−1%	106.1M−2%	106.3M−1%

Gross profit: 69 periods, Q2 FY09 to Q2 FY26: not printed by the filing, worked out from its own lines.

EPS, diluted: Q4 FY13 and Q4 FY15: quarter's net income to common over its shares, to the cent.

Diluted shares: Q2 FY10: not printed by the filing, worked out from its own lines. Q4 FY12 and Q4 FY13: a loss quarter: its basic count, share-days: the 12-month average less the 9-month, weighted by days. 10 periods, Q4 FY14 to Q4 FY25: share-days: the 12-month average less the 9-month, weighted by days. Q4 FY18 and Q4 FY20: the earlier year to date counted no dilution: the quarter's basic count plus the later year to date's dilution.

From each company's 10-Q and 10-K filings, the newest version of each figure. Quarters are as filed (a fourth quarter is the year less its first nine months), fiscal years as the 10-K prints them, restated where a later 10-K restated them, and balance sheet lines as of the period's end. A quarter whose 10-Q isn't filed yet is from the company's results release. Growth is on the same period a year earlier. A dash is a period with no figure for the line: the filing doesn't print it, or it hasn't been read yet.

Peers

Companies in REIT - Specialty nearest SBA Communications' size, closest first.

Company	Market cap	PE	Its 10y median PE	P/S	Revenue growth	Net margin
SBACSBA Communications	$19.6B	19.9×	81.2×	6.8×	+5%	34.5%
HSTHost Hotels & Resorts	$16.9B	16.6×	17.1×	2.7×	+5%	16.5%
KIMKimco Realty	$15.8B	27.8×	25.5×	7.2×	+4%	27.8%
LAMRLamar Advertising	$15.7B	28.3×	24.4×	6.8×	+4%	23.9%
WPCW. P. Carey	$14.6B	21.8×	26.7×	8.1×	+9%	36.3%
WYWeyerhaeuser	$14B	29.5×	31.5×	2.1×	−3%	6.9%
OHIOmega Healthcare Investors	$14B	16.7×	25.6×	10.9×	+15%	67.0%
MAAMID America Apartment Communities	$13.9B	35.0×	34.7×	6.3×	+1%	18.2%
NLYAnnaly Capital Management	$13.8B	4.6×	4.6×	n/m	n/m	n/m
REGRegency Centers	$13.5B	25.0×	32.5×	8.4×	+8%	34.4%
DOCHealthpeak Properties	$13.3B	55.0×	40.7×	4.5×	+6%	8.2%
Peer median	$14B	26.4×	26.1×	6.8×	+5%	23.9%