# SBA COMMUNICATIONS CORPORATION (SBAC) · Edgar & Edgarette company card

> Sba Communications (SBAC) grew revenue 5.1% in FY2025 to $2.8 billion, operating margin 47.7% against a 24.7% median for real estate investment trusts, equity -41.9% of assets. Every figure is from the company’s own annual report filed with the SEC.

SEC CIK 1034054 · fiscal year ended 2025-12-31 · 5 audited years read · [page](https://www.pops4.com/boards/company/SBAC) · [JSON](https://www.pops4.com/boards/company/SBAC.json)

## Figures, as filed in the 10-K

| Measure | Value |
|---|---|
| Revenue | $2.8B |
| Revenue growth, 1 year | 5.1% |
| Revenue growth per year | 5.1% |
| Operating margin | 47.7% (prior year 53.6%) |
| Net margin | 37.5% |
| Operating cash flow | $1.3B |
| Capital spending | $1.3B |
| Free cash flow | $1M |
| Cash | $265M |
| Long-term debt | $12.9B |
| Total assets | $11.6B |
| Total equity | −$4.9B |
| Equity ÷ assets | -41.9% |
| Return on equity | — |
| Dividend per share | — |
| Dividend years rising | — |

## Readings, computed from those figures

- Piotroski F: 7 of 9 (solid)
- Health Harbor boat: Sound ship · one warning sign · liabilities exceed assets (often from years of share buybacks, not always distress)
- Cash Compass: Steady earner · steady and paying a dividend, with average cash

## Edgarette's reading

Exposure: revenue $2.8B (FY2025), total debt $12.9B. Experience: revenue up 5.1% on the year, up 5.1% a year over 4 years; operating margin 47.7%, down from 53.6%. Soundness: equity -41.9% of assets (liabilities exceed assets), payout 45.4% of profit. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $2.6B and $3.2B next year (method v4.1: its own 4-year record of growth weighed at 50% against $1B–10B filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $2.4B to $3.4B. A statistical range, not company guidance. Against peers (79 filers, $50M+ revenue, real estate investment trusts): operating margin 47.7% against a 24.7% median; growth 5.1% against 3.7%.

Range logged 2026-09-26, receipt 9d172a1d3b7d0676, status open. A statistical range, not company guidance.

## Health Watch, last 12 months

- Item 5.02 Director or officer change: 1, latest 2026-03-27 ([filing](https://www.sec.gov/Archives/edgar/data/1034054/000119312526129070/0001193125-26-129070-index.htm))

## Recent filings

- 8-K · filed 2026-11-09 · 1.01 Entry into a Material Definitive Agreement; 2.03 Creation of a Direct Financial Obligation; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1034054/000119312526452559/0001193125-26-452559-index.htm)
- 10-Q · filed 2026-11-05 · [filing](https://www.sec.gov/Archives/edgar/data/1034054/000103405426000013/0001034054-26-000013-index.htm)
- 8-K · filed 2026-11-02 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1034054/000119312526443666/0001193125-26-443666-index.htm)
- 8-K · filed 2026-09-25 · 2.03 Creation of a Direct Financial Obligation · [filing](https://www.sec.gov/Archives/edgar/data/1034054/000119312526402918/0001193125-26-402918-index.htm)
- 10-Q · filed 2026-08-06 · [filing](https://www.sec.gov/Archives/edgar/data/1034054/000103405426000011/0001034054-26-000011-index.htm)
- 8-K · filed 2026-08-03 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits · [filing](https://www.sec.gov/Archives/edgar/data/1034054/000119312526330639/0001193125-26-330639-index.htm)

## Sources

- facts: https://data.sec.gov/api/xbrl/companyfacts/CIK0001034054.json
- filings: https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1034054

## Cite

POPS4, Edgar & Edgarette: SBA COMMUNICATIONS CORPORATION (SBAC) company card, from the company's own SEC filings, accessed 2026-11-10, https://www.pops4.com/boards/company/SBAC. CC BY 4.0. For a figure, add the filing URL under filings or sources.

DOI https://doi.org/10.5281/zenodo.23672509 · catalog https://www.pops4.com/boards/catalog.json · Figures as filed with the SEC. Card text CC BY 4.0, POPS4.

Reporting, not investment advice. No price targets and no trading recommendations.

Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.