# SBA Communications Corp (SBAC) — Stock CV

SBA Communications Corp is a $19.4B real estate company. Revenue grew 5.4% over the last year, it keeps 35¢ of every dollar of sales as profit, and its net debt equals ~10.2 years of free cash flow. It trades at 19.5× earnings — near the lowest of its own history.

> SBA Communications owns a portfolio of about 46,000 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.

## Identity

- **Ticker**: SBAC
- **Sector**: Real Estate
- **Industry**: Real Estate Investment Trusts
- **Headquarters**: BOCA RATON, FL
- **Employees**: 1 844
- **Website**: https://www.sbasite.com
- **Market cap**: $19.4B
- **Last price**: $182.49
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $2.87B
- **Net income**: $991M
- **Free cash flow**: $1.05B
- **Net debt**: $10.7B
- **P/E**: 19.5
- **Revenue growth (YoY)**: 5.4%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 69 |
| Growth | 62 |
| Profitability | 70 |
| Health | 10 |
| Quality | 84 |
| Moat | 62 |

## Qualifications (beginner checklist) — 9 of 11 passed

- [x] Revenue growing — +5.4% YoY
- [x] Profitable — $991M TTM
- [x] Profit growing — +32.4% YoY
- [x] Generates cash — $1.05B TTM
- [ ] Debt under control — ~10.2y of cash flow to repay
- [x] Established company — $19.4B market cap
- [x] Not printing shares — -5.2% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — health score 10/100
- [x] Pays a dividend — yield 2.61%
- [x] Valuation not extreme — P/E 19.5

## Experience (career milestones)

- **FY2025** — Best year on record: $1.05B net income
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $1B: $1.63B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak

## Strengths

- High gross margin (75.2%)
- Strongly profitable — 34.5% net margin
- Strong cash conversion — FCF is 36.6% of revenue
- High returns on invested capital (ROIC 18.0%)
- Piotroski F-Score 7/9 — fundamentally strong checklist

## Watch-outs

- Net debt equals ~10.2 years of free cash flow

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $2.31B | $238M | $1.06B |
| FY2022 | $2.63B | $461M | $1.07B |
| FY2023 | $2.71B | $502M | $1.31B |
| FY2024 | $2.68B | $750M | $1.11B |
| FY2025 | $2.82B | $1.05B | $1.07B |

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Source: https://stockcv.com/SBAC — derived from company filings; may be delayed or incomplete. Information, not investment advice.