Income-statement, balance-sheet and cash-flow figures from SEC filings, plus a debt profile anchored in the latest 10-K and updated by each 10-Q and debt exhibit.
d Gross profit for periods the company did not report it, or tagged its operating income as gross profit, is Revenue − Cost of Revenue. Italic rows are computed from reported lines — open a row's info icon for its formula. Values reflect the latest filing (restatements included); per-share figures on today's split basis. Click a value for its source filing.
TTM: trailing twelve months through the latest reported quarter — flows sum the last four quarters, balances take the latest. 3Y/5Y/10Y columns are trailing CAGR from the newest fiscal year; blank where an endpoint is missing or negative. (G): the company's own guidance — a (G) column is a guided period not yet reported; a G marker shows how the reported figure landed against the guided range. Non-GAAP-basis guidance (*) is shown as stated and never judged against GAAP actuals.
Capital Returned to Shareholders
Cash spent on share repurchases and dividends per fiscal year, as reported on the cash-flow statement.
Across FY2008–FY2025: $6.29B in buybacks, $2.12B in dividends.
Debt Profile
Reported borrowing balances, repayment dates and agreement terms, with links to the underlying filings.
Reported debt balances
Each amount keeps its reported scope. Related balance-sheet measures appear under the borrowing they describe.
On July 14, 2026, SBA Communications Corporation (the “Company”) filed a prospectus supplement to its automatic shelf registration statement on Form S-3 (Registration No. 333-277527) with the Securities and Exchange Commission relating to the Company’s offering of $1,350,000,000 aggregate principal amount of 4.875% Senior Notes due 2030 (the “2030 notes”), $1,350,000,000 aggregate principal amount of 5.150% Senior Notes due 2031 (the “2031 notes”), and $800,000,000 aggregate principal amount of 5.450% Senior Notes due 2033 (the “2033 notes” and, together with the 2030 notes and the 2031 notes, the “notes”), which closed on July 23, 2026.
Issuer evidence: On July 14, 2026, SBA Communications Corporation (the “Company”) filed a prospectus supplement to its automatic shelf registration statement on Form S-3 (Registration No. 333-277527) with the Securities and Exchange Commission relating to the Company’s offering of $1,350,000,000 aggregate principal amount of 4.875% Senior Notes due 2030 (the “2030 notes”), $1,350,000,000 aggregate principal amount of 5.150% Senior Notes due 2031 (the “2031 notes”), and $800,000,000 aggregate principal amount of 5.450% Senior Notes due 2033 (the “2033 notes” and, together with the 2030 notes and the 2031 notes, the “notes”), which closed on July 23, 2026.
Supporting evidence: On July 14, 2026, SBA Communications Corporation (the “Company”) filed a prospectus supplement to its automatic shelf registration statement on Form S-3 (Registration No. 333-277527) with the Securities and Exchange Commission relating to the Company’s offering of $1,350,000,000 aggregate principal amount of 4.875% Senior Notes due 2030 (the “2030 notes”), $1,350,000,000 aggregate principal amount of 5.150% Senior Notes due 2031 (the “2031 notes”), and $800,000,000 aggregate principal amount of 5.450% Senior Notes due 2033 (the “2033 notes” and, together with the 2030 notes and the 2031 notes, the “notes”), which closed on July 23, 2026.
On July 14, 2026, SBA Communications Corporation (the “Company”) entered into an underwriting agreement with Morgan Stanley & Co. LLC, Barclays Capital Inc., Wells Fargo Securities, LLC and Goldman Sachs & Co. LLC, as Representatives for the several Underwriters (the “Underwriters”), pursuant to which the Company agreed to issue and sell to the Underwriters $1,350,000,000 aggregate principal amount of its 4.875% Senior Notes due 2030, $1,350,000,000 aggregate principal amount of its 5.150% Senior Notes due 2031 and $800,000,000 aggregate principal amount of its 5.450% Senior Notes due 2033 in a registered public offering (the “Offering”) pursuant to the Company’s shelf registration statement on Form S-3 (Registration File No. 333-277527). The Company intends to use the net proceeds of the Offering to repay in full its senior secured term loan that matures on January 25, 2031 and repay in full outstanding borrowings under its senior secured revolving credit facility that matures on January 25, 2029 (the “Revolving Credit Facility”).
Issuer evidence: On July 14, 2026, SBA Communications Corporation (the “Company”) entered into an underwriting agreement with Morgan Stanley & Co. LLC, Barclays Capital Inc., Wells Fargo Securities, LLC and Goldman Sachs & Co. LLC, as Representatives for the several Underwriters (the “Underwriters”), pursuant to which the Company agreed to issue and sell to the Underwriters $1,350,000,000 aggregate principal amount of its 4.875% Senior Notes due 2030, $1,350,000,000 aggregate principal amount of its 5.150% Senior Notes due 2031 and $800,000,000 aggregate principal amount of its 5.450% Senior Notes due 2033 in a registered public offering (the “Offering”) pursuant to the Company’s shelf registration statement on Form S-3 (Registration File No. 333-277527). The Company intends to use the net proceeds of the Offering to repay in full its senior secured term loan that matures on January 25, 2031 and repay in full outstanding borrowings under its senior secured revolving credit facility that matures on January 25, 2029 (the “Revolving Credit Facility”).
Supporting evidence: On July 14, 2026, SBA Communications Corporation (the “Company”) entered into an underwriting agreement with Morgan Stanley & Co. LLC, Barclays Capital Inc., Wells Fargo Securities, LLC and Goldman Sachs & Co. LLC, as Representatives for the several Underwriters (the “Underwriters”), pursuant to which the Company agreed to issue and sell to the Underwriters $1,350,000,000 aggregate principal amount of its 4.875% Senior Notes due 2030, $1,350,000,000 aggregate principal amount of its 5.150% Senior Notes due 2031 and $800,000,000 aggregate principal amount of its 5.450% Senior Notes due 2033 in a registered public offering (the “Offering”) pursuant to the Company’s shelf registration statement on Form S-3 (Registration File No. 333-277527). The Company intends to use the net proceeds of the Offering to repay in full its senior secured term loan that matures on January 25, 2031 and repay in full outstanding borrowings under its senior secured revolving credit facility that matures on January 25, 2029 (the “Revolving Credit Facility”).
5.150% Senior Notes due 2031
Note · SBA Communications Corporation
Reference: 5.150% Senior Notes due 2031
Active
Original principal
USD 1,350,000,000
Outstanding
USD 1,350,000,000
Commitment
—
Availability
—
Maturity
—
Last reported interest terms:
5.15%
Reported 2026-07-23Later filings may not restate these terms; this does not confirm they still apply.
Covenant terms for this agreement are not yet verified.
On July 14, 2026, SBA Communications Corporation (the “Company”) filed a prospectus supplement to its automatic shelf registration statement on Form S-3 (Registration No. 333-277527) with the Securities and Exchange Commission relating to the Company’s offering of $1,350,000,000 aggregate principal amount of 4.875% Senior Notes due 2030 (the “2030 notes”), $1,350,000,000 aggregate principal amount of 5.150% Senior Notes due 2031 (the “2031 notes”), and $800,000,000 aggregate principal amount of 5.450% Senior Notes due 2033 (the “2033 notes” and, together with the 2030 notes and the 2031 notes, the “notes”), which closed on July 23, 2026.
Issuer evidence: On July 14, 2026, SBA Communications Corporation (the “Company”) filed a prospectus supplement to its automatic shelf registration statement on Form S-3 (Registration No. 333-277527) with the Securities and Exchange Commission relating to the Company’s offering of $1,350,000,000 aggregate principal amount of 4.875% Senior Notes due 2030 (the “2030 notes”), $1,350,000,000 aggregate principal amount of 5.150% Senior Notes due 2031 (the “2031 notes”), and $800,000,000 aggregate principal amount of 5.450% Senior Notes due 2033 (the “2033 notes” and, together with the 2030 notes and the 2031 notes, the “notes”), which closed on July 23, 2026.
Supporting evidence: On July 14, 2026, SBA Communications Corporation (the “Company”) filed a prospectus supplement to its automatic shelf registration statement on Form S-3 (Registration No. 333-277527) with the Securities and Exchange Commission relating to the Company’s offering of $1,350,000,000 aggregate principal amount of 4.875% Senior Notes due 2030 (the “2030 notes”), $1,350,000,000 aggregate principal amount of 5.150% Senior Notes due 2031 (the “2031 notes”), and $800,000,000 aggregate principal amount of 5.450% Senior Notes due 2033 (the “2033 notes” and, together with the 2030 notes and the 2031 notes, the “notes”), which closed on July 23, 2026.
On July 14, 2026, SBA Communications Corporation (the “Company”) entered into an underwriting agreement with Morgan Stanley & Co. LLC, Barclays Capital Inc., Wells Fargo Securities, LLC and Goldman Sachs & Co. LLC, as Representatives for the several Underwriters (the “Underwriters”), pursuant to which the Company agreed to issue and sell to the Underwriters $1,350,000,000 aggregate principal amount of its 4.875% Senior Notes due 2030, $1,350,000,000 aggregate principal amount of its 5.150% Senior Notes due 2031 and $800,000,000 aggregate principal amount of its 5.450% Senior Notes due 2033 in a registered public offering (the “Offering”) pursuant to the Company’s shelf registration statement on Form S-3 (Registration File No. 333-277527). The Company intends to use the net proceeds of the Offering to repay in full its senior secured term loan that matures on January 25, 2031 and repay in full outstanding borrowings under its senior secured revolving credit facility that matures on January 25, 2029 (the “Revolving Credit Facility”).
Issuer evidence: On July 14, 2026, SBA Communications Corporation (the “Company”) entered into an underwriting agreement with Morgan Stanley & Co. LLC, Barclays Capital Inc., Wells Fargo Securities, LLC and Goldman Sachs & Co. LLC, as Representatives for the several Underwriters (the “Underwriters”), pursuant to which the Company agreed to issue and sell to the Underwriters $1,350,000,000 aggregate principal amount of its 4.875% Senior Notes due 2030, $1,350,000,000 aggregate principal amount of its 5.150% Senior Notes due 2031 and $800,000,000 aggregate principal amount of its 5.450% Senior Notes due 2033 in a registered public offering (the “Offering”) pursuant to the Company’s shelf registration statement on Form S-3 (Registration File No. 333-277527). The Company intends to use the net proceeds of the Offering to repay in full its senior secured term loan that matures on January 25, 2031 and repay in full outstanding borrowings under its senior secured revolving credit facility that matures on January 25, 2029 (the “Revolving Credit Facility”).
Supporting evidence: On July 14, 2026, SBA Communications Corporation (the “Company”) entered into an underwriting agreement with Morgan Stanley & Co. LLC, Barclays Capital Inc., Wells Fargo Securities, LLC and Goldman Sachs & Co. LLC, as Representatives for the several Underwriters (the “Underwriters”), pursuant to which the Company agreed to issue and sell to the Underwriters $1,350,000,000 aggregate principal amount of its 4.875% Senior Notes due 2030, $1,350,000,000 aggregate principal amount of its 5.150% Senior Notes due 2031 and $800,000,000 aggregate principal amount of its 5.450% Senior Notes due 2033 in a registered public offering (the “Offering”) pursuant to the Company’s shelf registration statement on Form S-3 (Registration File No. 333-277527). The Company intends to use the net proceeds of the Offering to repay in full its senior secured term loan that matures on January 25, 2031 and repay in full outstanding borrowings under its senior secured revolving credit facility that matures on January 25, 2029 (the “Revolving Credit Facility”).
5.450% Senior Notes due 2033
Note · SBA Communications Corporation
Reference: 5.450% Senior Notes due 2033
Active
Original principal
USD 800,000,000
Outstanding
USD 800,000,000
Commitment
—
Availability
—
Maturity
—
Last reported interest terms:
5.45%
Reported 2026-07-23Later filings may not restate these terms; this does not confirm they still apply.
Covenant terms for this agreement are not yet verified.
On July 14, 2026, SBA Communications Corporation (the “Company”) filed a prospectus supplement to its automatic shelf registration statement on Form S-3 (Registration No. 333-277527) with the Securities and Exchange Commission relating to the Company’s offering of $1,350,000,000 aggregate principal amount of 4.875% Senior Notes due 2030 (the “2030 notes”), $1,350,000,000 aggregate principal amount of 5.150% Senior Notes due 2031 (the “2031 notes”), and $800,000,000 aggregate principal amount of 5.450% Senior Notes due 2033 (the “2033 notes” and, together with the 2030 notes and the 2031 notes, the “notes”), which closed on July 23, 2026.
Issuer evidence: On July 14, 2026, SBA Communications Corporation (the “Company”) filed a prospectus supplement to its automatic shelf registration statement on Form S-3 (Registration No. 333-277527) with the Securities and Exchange Commission relating to the Company’s offering of $1,350,000,000 aggregate principal amount of 4.875% Senior Notes due 2030 (the “2030 notes”), $1,350,000,000 aggregate principal amount of 5.150% Senior Notes due 2031 (the “2031 notes”), and $800,000,000 aggregate principal amount of 5.450% Senior Notes due 2033 (the “2033 notes” and, together with the 2030 notes and the 2031 notes, the “notes”), which closed on July 23, 2026.
Supporting evidence: On July 14, 2026, SBA Communications Corporation (the “Company”) filed a prospectus supplement to its automatic shelf registration statement on Form S-3 (Registration No. 333-277527) with the Securities and Exchange Commission relating to the Company’s offering of $1,350,000,000 aggregate principal amount of 4.875% Senior Notes due 2030 (the “2030 notes”), $1,350,000,000 aggregate principal amount of 5.150% Senior Notes due 2031 (the “2031 notes”), and $800,000,000 aggregate principal amount of 5.450% Senior Notes due 2033 (the “2033 notes” and, together with the 2030 notes and the 2031 notes, the “notes”), which closed on July 23, 2026.
On July 14, 2026, SBA Communications Corporation (the “Company”) entered into an underwriting agreement with Morgan Stanley & Co. LLC, Barclays Capital Inc., Wells Fargo Securities, LLC and Goldman Sachs & Co. LLC, as Representatives for the several Underwriters (the “Underwriters”), pursuant to which the Company agreed to issue and sell to the Underwriters $1,350,000,000 aggregate principal amount of its 4.875% Senior Notes due 2030, $1,350,000,000 aggregate principal amount of its 5.150% Senior Notes due 2031 and $800,000,000 aggregate principal amount of its 5.450% Senior Notes due 2033 in a registered public offering (the “Offering”) pursuant to the Company’s shelf registration statement on Form S-3 (Registration File No. 333-277527). The Company intends to use the net proceeds of the Offering to repay in full its senior secured term loan that matures on January 25, 2031 and repay in full outstanding borrowings under its senior secured revolving credit facility that matures on January 25, 2029 (the “Revolving Credit Facility”).
Issuer evidence: On July 14, 2026, SBA Communications Corporation (the “Company”) entered into an underwriting agreement with Morgan Stanley & Co. LLC, Barclays Capital Inc., Wells Fargo Securities, LLC and Goldman Sachs & Co. LLC, as Representatives for the several Underwriters (the “Underwriters”), pursuant to which the Company agreed to issue and sell to the Underwriters $1,350,000,000 aggregate principal amount of its 4.875% Senior Notes due 2030, $1,350,000,000 aggregate principal amount of its 5.150% Senior Notes due 2031 and $800,000,000 aggregate principal amount of its 5.450% Senior Notes due 2033 in a registered public offering (the “Offering”) pursuant to the Company’s shelf registration statement on Form S-3 (Registration File No. 333-277527). The Company intends to use the net proceeds of the Offering to repay in full its senior secured term loan that matures on January 25, 2031 and repay in full outstanding borrowings under its senior secured revolving credit facility that matures on January 25, 2029 (the “Revolving Credit Facility”).
Supporting evidence: On July 14, 2026, SBA Communications Corporation (the “Company”) entered into an underwriting agreement with Morgan Stanley & Co. LLC, Barclays Capital Inc., Wells Fargo Securities, LLC and Goldman Sachs & Co. LLC, as Representatives for the several Underwriters (the “Underwriters”), pursuant to which the Company agreed to issue and sell to the Underwriters $1,350,000,000 aggregate principal amount of its 4.875% Senior Notes due 2030, $1,350,000,000 aggregate principal amount of its 5.150% Senior Notes due 2031 and $800,000,000 aggregate principal amount of its 5.450% Senior Notes due 2033 in a registered public offering (the “Offering”) pursuant to the Company’s shelf registration statement on Form S-3 (Registration File No. 333-277527). The Company intends to use the net proceeds of the Offering to repay in full its senior secured term loan that matures on January 25, 2031 and repay in full outstanding borrowings under its senior secured revolving credit facility that matures on January 25, 2029 (the “Revolving Credit Facility”).
Price & Valuation
Multiples computed on the strict TTM/EV methodology — today's snapshot against peers, and each ratio recomputed as of past filing dates.
Valuation
EV/Revenue
11.16×
Peer median 9.88×
EV/EBIT
23.41×
Peer median 24.49×
P/E (TTM)
19.96×
Peer median 28.30×
EV/Adj. EBITDA (FY2025)
16.75×
Peer median 18.10×
Peer medians compare against the 11 similar-size REIT - Specialty companies (of 20 listed).
EV/Adj. EBITDA uses
the company-stated
“Adjusted EBITDA”,
extracted from the reconciliation in its SEC filings — the company's own non-GAAP definition, not an XBRL-tagged figure.
Valuation over time computed as of each quarter's filing date
P/AFFO and EV/Adj. EBITDA use
the company-stated
“AFFO” and “Adjusted EBITDA”,
extracted from the reconciliation in its SEC filings as it existed at each sample date — the company's own non-GAAP definition, not an XBRL-tagged figure. Each point's tooltip names its TTM or fiscal-year basis.
Revenue Breakdown
Annual revenue as the company disaggregates it in its own XBRL filings. Years a component wasn't reported show a dash.
Share mode is each component's slice of the reported components that year — issuers rarely tag every revenue dollar, so slices need not sum to total revenue.
By Segment (USD)
Component
FY2025
FY2024
FY2023
FY2022
FY2021
FY2020
FY2019
FY2018
Domestic Site Leasing Revenue
$1,865,602,000
$1,861,424,000
$1,846,554,000
$1,777,593,000
$1,681,372,000
$1,558,311,000
$1,487,108,000
$1,400,095,000
International Site Leasing Revenue
$705,039,000
$665,341,000
$670,381,000
$558,982,000
$422,715,000
$396,161,000
$373,750,000
$340,339,000
Site Development Construction
$244,498,000
$152,869,000
$194,649,000
$296,879,000
$204,747,000
$128,666,000
$153,787,000
$125,261,000
By Geography (USD)
Component
FY2025
FY2024
FY2023
FY2022
FY2021
Brazil
$350,800,000
$379,800,000
$392,000,000
$299,500,000
$233,500,000
Segment Operating Income
Annual operating income by business segment, as tagged in the company's own XBRL filings. Segments need not sum to the consolidated figure — corporate costs and eliminations are typically unallocated.
