Latest Ratios: P/E Ratio 18.4x · EV/EBITDA 18.4x · ROE N/A. (1998–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $19.2B | $20.8B | $22.0B | $27.6B | $30.7B | $43.3B | $32.0B | $27.6B | $18.9B | $19.8B | $12.9B |
| Enterprise Value | $34.0B | $35.7B | $37.6B | $41.9B | $45.7B | $57.4B | $45.1B | $40.4B | $28.7B | $29.0B | $21.6B |
| P/E Ratio → | 18.43 | 19.74 | 29.37 | 55.03 | 66.42 | 181.79 | 1343.48 | 188.27 | 394.85 | 189.95 | 169.28 |
| P/S Ratio | 6.80 | 7.39 | 8.22 | 10.19 | 11.64 | 18.73 | 15.37 | 13.72 | 10.11 | 11.44 | 7.91 |
| P/B Ratio | — | — | — | — | — | — | — | — | 2.95 | 2.99 | 1.96 |
| P/FCF | 17.96 | 19.50 | 19.90 | 21.13 | 28.62 | 40.95 | 32.09 | 33.27 | 26.86 | 29.45 | 21.94 |
| P/OCF | 14.83 | 16.11 | 16.50 | 17.89 | 23.85 | 36.35 | 28.43 | 28.06 | 22.14 | 24.12 | 17.73 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 12.68 | 14.03 | 15.45 | 17.35 | 24.86 | 21.66 | 20.05 | 15.36 | 16.79 | 13.20 |
| EV / EBITDA | 18.43 | 19.33 | 22.05 | 25.54 | 27.98 | 38.72 | 33.29 | 31.54 | 23.56 | 26.34 | 21.02 |
| EV / EBIT | 24.84 | 20.87 | 24.65 | 38.96 | 47.19 | 70.55 | 67.09 | 65.85 | 50.34 | 59.12 | 50.19 |
| EV / FCF | — | 33.46 | 33.97 | 32.03 | 42.65 | 54.35 | 45.24 | 48.63 | 40.80 | 43.21 | 36.59 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 41.6% | 41.6% | 77.3% | 76.6% | 73.6% | 75.2% | 76.3% | 74.8% | 74.3% | 73.5% | 73.4% |
| Operating Margin | 48.7% | 48.7% | 53.6% | 34.1% | 35.1% | 33.9% | 30.4% | 29.0% | 29.2% | 26.5% | 23.7% |
| Net Profit Margin | 37.4% | 37.4% | 28.0% | 18.5% | 17.5% | 10.3% | 1.2% | 7.3% | 2.5% | 6.0% | 4.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | — | — | — | — | — | 10.7% | 0.7% | 1.6% | 3.1% |
| ROA | 9.2% | 9.2% | 6.9% | 4.8% | 4.5% | 2.5% | 0.3% | 1.7% | 0.7% | 1.4% | 1.0% |
| ROIC | 10.0% | 10.0% | 11.0% | 7.3% | 7.4% | 6.8% | 5.5% | 3.5% | 2.5% | 2.2% | 2.7% |
| ROCE | 14.5% | 14.5% | 15.6% | 9.9% | 9.7% | 8.8% | 7.3% | 7.9% | 8.3% | 6.8% | 5.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | — | — | — | — | — | 1.56 | 1.41 | 1.33 |
| Debt / EBITDA | 8.30 | 8.30 | 9.24 | 8.82 | 9.29 | 9.79 | 9.90 | 10.04 | 8.17 | 8.45 | 8.56 |
| Net Debt / Equity | — | — | — | — | — | — | — | — | 1.53 | 1.40 | 1.31 |
| Net Debt / EBITDA | 8.06 | 8.06 | 9.13 | 8.69 | 9.20 | 9.55 | 9.68 | 9.96 | 8.05 | 8.39 | 8.41 |
| Debt / FCF | — | 13.96 | 14.07 | 10.90 | 14.03 | 13.40 | 13.15 | 15.35 | 13.95 | 13.76 | 14.65 |
| Interest Coverage | 3.65 | 3.65 | — | — | — | — | — | — | — | — | — |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.49 | 0.49 | 1.10 | 0.36 | 0.69 | 1.00 | 0.77 | 0.32 | 0.31 | 0.93 | 0.37 |
| Quick Ratio | 0.49 | 0.49 | 1.10 | 0.36 | 0.69 | 1.00 | 0.77 | 0.32 | 0.31 | 0.93 | 0.37 |
| Cash Ratio | 0.20 | 0.20 | 0.25 | 0.15 | 0.21 | 0.60 | 0.50 | 0.10 | 0.12 | 0.25 | 0.17 |
| Asset Turnover | — | 0.24 | 0.23 | 0.27 | 0.25 | 0.24 | 0.23 | 0.21 | 0.26 | 0.24 | 0.22 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.5% | 2.3% | 1.9% | 1.3% | 1.0% | 0.6% | 0.6% | 0.3% | — | — | — |
| Payout Ratio | 45.5% | 45.5% | 56.6% | 73.7% | 66.5% | 106.7% | 861.6% | 56.7% | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.4% | 5.1% | 3.4% | 1.8% | 1.5% | 0.6% | 0.1% | 0.5% | 0.3% | 0.5% | 0.6% |
| FCF Yield | 5.6% | 5.1% | 5.0% | 4.7% | 3.5% | 2.4% | 3.1% | 3.0% | 3.7% | 3.4% | 4.6% |
| Buyback Yield | 2.6% | 2.4% | 0.9% | 0.4% | 1.4% | 1.3% | 2.7% | 1.7% | 4.2% | 4.3% | 4.2% |
| Total Shareholder Yield | 5.1% | 4.7% | 2.8% | 1.7% | 2.4% | 1.9% | 3.3% | 2.0% | 4.2% | 4.3% | 4.2% |
| Shares Outstanding | — | $108M | $108M | $109M | $109M | $111M | $113M | $115M | $117M | $121M | $125M |
Elevated carrier churn headwinds
As reported in recent quarterly filings, SBAC's NOI margin experienced a sharp contraction to 30.6% in 2025Q4 before rebounding to 75.6% in 2026Q1, suggesting that operational profitability remains highly sensitive to non-recurring site-level adjustments and the ongoing integration of new tower assets into the portfolio.
The significant variance in NOI margins indicates that the company's core property-level profitability is subject to noise from site development projects and potential pass-through revenue distortions. Investors should monitor whether the 75.6% margin level is sustainable or if it reflects a temporary reduction in maintenance-related site expenses that may revert in subsequent quarters.
Based on the company's reported financial statements, the FFO payout ratio has fluctuated between 22.2% and 50.8% over the last ten quarters, indicating that dividend sustainability is increasingly tied to the volatility of FFO per share rather than a consistent, predictable cash flow generation profile.
While the payout ratio remains within a manageable range, the underlying instability of FFO per share suggests that the dividend coverage may be less secure than the headline percentages imply. The reliance on variable FFO to fund distributions warrants further investigation into the company's long-term ability to maintain dividend growth amidst persistent carrier churn.
According to the company's balance sheet data, the persistent negative equity position, which reached -$4.8B in 2026Q1, suggests that the firm's aggressive debt-funded capital allocation strategy has consistently outpaced the book value growth of its macro tower assets, leaving the balance sheet in a vulnerable state.
The lack of positive equity makes traditional debt-to-equity metrics irrelevant, forcing a focus on the company's ability to service its $15.4B debt load through operational cash flow. Given the limited cash reserves, the company's financial flexibility appears constrained, potentially limiting its capacity to navigate future interest rate volatility or unexpected operational disruptions.
As indicated by the provided data, the market's reliance on a P/E ratio of 18.75 for SBAC is fundamentally misleading, as it fails to account for the massive non-cash depreciation charges inherent in the tower REIT business model, which significantly distort the company's true earnings power.
Investors should prioritize FFO and AFFO metrics over standard P/E ratios to properly evaluate the company's valuation and cash-generating capacity. By ignoring the impact of maintenance capital expenditures and leasing commissions, the P/E ratio obscures the actual cash available for distribution, leading to a potentially flawed assessment of the company's investment attractiveness.
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying SBAC stock.
SBA Communications Corporation's current P/E ratio is 18.4x. The historical average is 112.5x.
SBA Communications Corporation's current EV/EBITDA is 18.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 26.3x.
Based on historical data, SBA Communications Corporation is trading at a P/E of 18.4x. Compare with industry peers and growth rates for a complete picture.
SBA Communications Corporation's current dividend yield is 2.47% with a payout ratio of 45.5%.
SBA Communications Corporation has 41.6% gross margin and 48.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
SBA Communications Corporation's Debt/EBITDA ratio is 8.3x, indicating high leverage. A ratio above 4x may signal elevated financial risk.