SBA Communications Corporation (SBAC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+187.2%

$529.17

vs $184.23 price

Levered DCF

$209.21

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.37

Distress zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	19.68×	29.28×	54.67×	65.65×	179.27×	1,343.48×	188.27×	394.85×
P/B	-4.27×	-4.31×	-5.34×	-5.81×	-8.18×	-6.64×	-7.54×	-5.55×
P/S	7.37×	8.21×	10.18×	11.64×	18.71×	15.37×	13.72×	10.04×
EV / EBITDA	17.79×	20.94×	23.37×	27.26×	37.89×	32.36×	30.82×	22.98×
Gross margin	41.6%	77.3%	76.6%	73.6%	75.2%	76.3%	74.8%	74.3%
Operating margin	48.7%	53.6%	34.1%	35.1%	33.9%	30.4%	29.0%	29.2%
Net margin	37.4%	28.0%	18.5%	17.5%	10.3%	1.2%	7.3%	2.5%
Current ratio	0.49×	1.1×	0.36×	0.69×	1×	0.77×	0.32×	0.31×
Debt / equity	-3.16×	-3.08×	-2.8×	-2.88×	-2.75×	-2.78×	-3.51×	-2.94×
Interest coverage	2.93×	0×	0×	0×	0×	0×	0×	0×
Dividend yield	2.3%	1.9%	1.3%	1.0%	0.6%	0.6%	0.3%	0.0%
Payout ratio	45.5%	56.6%	73.7%	66.5%	106.7%	861.6%	56.7%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-21.7%	-14.7%	-9.7%	-8.7%	-4.5%	-0.5%	-4.0%	-1.4%
Return on invested capital	10.0%	12.6%	8.6%	8.0%	7.8%	-9.8%	4.9%	7.2%
Return on assets	9.1%	6.6%	4.9%	4.4%	2.4%	0.3%	1.5%	0.7%
Free cash flow yield	5.1%	5.0%	4.7%	3.5%	2.4%	3.1%	3.0%	3.7%
Earnings yield	5.1%	3.4%	1.8%	1.5%	0.6%	0.1%	0.5%	0.3%
Enterprise value	$35.6B	$37.6B	$41.9B	$45.7B	$57.4B	$45.1B	$40.4B	$28.5B
Net debt / EBITDA	7.44×	8.67×	7.96×	8.97×	9.35×	9.41×	9.73×	7.89×
Cash conversion cycle (days)	70	3	3	10	2	-62	6	2