SBA Communications CorporationSBAC
NasdaqGS•Real Estate•REIT - Specialty
SBA Communications Corporation is a leading independent owner and operator of wireless communications infrastructure. It includes towers, buildings, rooftops, distributed antenna systems (DAS) and small cells. With a portfolio of more than 46,000 communications sites throughout the Americas and in Africa, SBA is listed on NASDAQ under the symbol SBAC. Our organization is part of the S&P 500 and one of the top Real Estate Investment Trusts (REITs) by market capitalization. SBA Communications Corporation was incorporated in 1989 and is based in Boca Raton, United States.
SBA Communications Corporation (SBAC) reported trailing twelve months revenue of $2.85B as of March 2026, a 6.3% increase year-over-year. Quarterly revenue reached $703.44M, reflecting continued top-line momentum.
SBA Communications Corporation generated $1.02B in TTM net income, with quarterly EBITDA of $424.16M. The operating margin contracted from 50.4% to 48.7%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (48.7%) and net margin (26.3%) indicates significant non-operating expenses or interest burden. Net margin has narrowed from 33.2% a year ago, reflecting increased costs or interest expense.
SBAC trades at a P/E of 17.7x (in line with broad market averages) and a P/S of 6.3x.
The company generated $206.69M in free cash flow over the trailing twelve months, a 18.9% decrease year-over-year, indicating cash generation ability. The balance sheet shows $11.72B in total assets with $10.28B in long-term debt against $-4.75B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are positive at ~50.6% on average, but show some variability — pricing power may be sensitive to market conditions.
Limited ROE data for a reliable assessment.
8 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
TTM revenue has grown consistently (6 of 7 quarters up), with ~6.7% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Operating margins declined 12.2% — watch for continued compression, which may signal competitive or cost pressure.
FCF covers net income by 1.3x on average — earnings are well-supported by cash generation.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation