SBA Communications - Public Comps and Valuation Multiples

SBA Communications Overview

About SBA Communications

SBA Communications owns a portfolio of about 45,000 wireless towers throughout North America, South America, and Africa. It leases space on its towers to wireless service providers, who install equipment to support their wireless networks. The company has a very concentrated customer base, with most revenue in each market being generated by the top few mobile carriers. It owns more than 17,000 towers in the US, which account for about 75% of leasing revenue. Internationally, SBA’s largest presence is in Brazil, where it owns roughly 10,000 towers. SBA operates as a real estate investment trust.

Founded

1997

HQ

Employees

1.7K+

Website

sbasite.com

Sectors

Buildings & Property
Data Centers
Telecom Infrastructure

Financials

LTM Revenue $2.8B

LTM EBITDA $1.9B

EV

$35.6B

Valuation Multiples

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SBA Communications Financials

As of September 2025, SBA Communications reported last 12-month revenue of $2.8B and EBITDA of $1.9B.

In the same period, SBA Communications generated $2.1B in LTM gross profit and $866M in net income.

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SBA Communications P&L

In the most recent fiscal year, SBA Communications reported revenue of $2.7B and EBITDA of $1.5B.

SBA Communications expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$2.8B	XXX	$2.7B	XXX	XXX	XXX
Gross Profit	$2.1B	XXX	$2.1B	XXX	XXX	XXX
Gross Margin	77%	XXX	78%	XXX	XXX	XXX
EBITDA	$1.9B	XXX	$1.5B	XXX	XXX	XXX
EBITDA Margin	69%	XXX	55%	XXX	XXX	XXX
EBIT	$1.4B	XXX	$1.6B	XXX	XXX	XXX
EBIT Margin	51%	XXX	59%	XXX	XXX	XXX
Net Profit	$866M	XXX	$750M	XXX	XXX	XXX
Net Margin	31%	XXX	28%	XXX	XXX	XXX
Net Debt	XXX	XXX	$13.4B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for SBA Communications including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $2.8B. EBITDA for the last twelve months was $1.9B. In the most recent fiscal year, SBA Communications achieved $2.7B in revenue and $1.5B in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$2.8B	Analyst estimates available to subscribers	$2.7B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$2.1B	Analyst estimates available to subscribers	$2.1B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	76.5% gross margin	Analyst estimates available to subscribers	78.3% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$1.9B	Analyst estimates available to subscribers	$1.5B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	69.1% EBITDA margin	Analyst estimates available to subscribers	54.8% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$1.4B	Analyst estimates available to subscribers	$1.6B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	51.1% EBIT margin	Analyst estimates available to subscribers	58.6% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$866M	Analyst estimates available to subscribers	$750M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	31.2% net profit margin	Analyst estimates available to subscribers	28.0% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$13.4B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for SBA Communications

This financial data table provides comprehensive performance metrics for SBA Communications, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

SBA Communications generated $2.8B in revenue over the last twelve months.
The company achieved $1.9B in EBITDA over the last twelve months.
Gross profit for the last twelve months was $2.1B.
Net income over the last twelve months reached $866M.

Fiscal Year Performance

In the most recent fiscal year, SBA Communications reported $2.7B in total revenue.
Fiscal year EBITDA was $1.5B.
The company maintained a gross profit margin of 78.3% in the most recent fiscal year.
EBITDA margin for the fiscal year was 54.8%.
Net profit margin reached 28.0% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for SBA Communications. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

SBA Communications Stock Performance

SBA Communications has current market cap of $21.1B, and EV of $35.6B.

Market Cap Evolution

SBA Communications Stock Data

As of October 17, 2025, SBA Communications's stock price is $196.

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$35.6B	$21.1B	XXX	XXX	XXX	XXX	$8.03

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SBA Communications Valuation Multiples

SBA Communications's trades at 13.3x EV/Revenue multiple, and 24.2x EV/EBITDA.

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SBA Communications Financial Valuation Multiples

As of October 17, 2025, SBA Communications has market cap of $21.1B and EV of $35.6B.

Equity research analysts estimate SBA Communications's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

SBA Communications has a P/E ratio of 24.3x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$21.1B	XXX	$21.1B	XXX	XXX	XXX
EV (current)	$35.6B	XXX	$35.6B	XXX	XXX	XXX
EV/Revenue	12.8x	XXX	13.3x	XXX	XXX	XXX
EV/EBITDA	18.6x	XXX	24.2x	XXX	XXX	XXX
EV/EBIT	25.1x	XXX	22.7x	XXX	XXX	XXX
EV/Gross Profit	16.8x	XXX	n/a	XXX	XXX	XXX
P/E	24.3x	XXX	28.1x	XXX	XXX	XXX
EV/FCF	35.1x	XXX	32.2x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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SBA Communications Margins & Growth Rates

SBA Communications's last 12 month revenue growth is 3%

SBA Communications's revenue per employee in the last FY averaged $1.6M, while opex per employee averaged $0.3M for the same period.

SBA Communications's rule of 40 is 66% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

SBA Communications's rule of X is 77% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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SBA Communications Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	3%	XXX	4%	XXX	XXX	XXX
EBITDA Margin	69%	XXX	55%	XXX	XXX	XXX
EBITDA Growth	3%	XXX	6%	XXX	XXX	XXX
Rule of 40	66%	XXX	58%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	77%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$1.6M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.3M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	20%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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