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SBA Communications Corporation(SBAC)

C

Financial data as of Dec 31, 2025Stable · Real Estate

FCF Margin37.9%Free Cash Flow / Revenue
Cash Conversion122.6%Operating CF / Net Income
Free Cash Flow$1.1B
Revenue$2.8B
Net Cash-$15.1BNet debt position
Debt / FCF14.4xElevated debt burden
Current Ratio0.29Tight short-term liquidity
YoY FCF Growth-5.2%5 of 5 quarters positive

How This Grade Was Calculated

Base grade from FCF margin, adjusted by financial health factors

BaseA
→
-2Very high debt-to-FCF ratio (14.4x)
→
-1Current ratio below 1.0 (0.29)
→
+0.5Highly consistent quarterly FCF
→
FinalC

Analysis Summary

Strengths

  • Exceptional FCF margin (37.9%)
  • Excellent cash conversion (123%)
  • Highly consistent quarterly FCF

Concerns

  • Heavy debt position ($15.1B net debt, 14.4x FCF)
  • High debt-to-FCF ratio (14.4x)
  • Current ratio below 1.0 — tight short-term liquidity

Financial Breakdown

Key financials compared side by side

Margin Composition

FCF Margin37.9%
Net Margin37.4%
Operating CF Margin45.9%
CapEx Ratio8.0%

Balance Sheet Health

Debt, liquidity, and leverage snapshot

Net Cash-$15.1BNet debt position
Debt / FCF14.4xElevated debt burden
Current Ratio0.29Tight liquidity
Debt / Equity0.00Low leverage

Quarterly FCF Trend

-5.2% YoYStable (-5.2%)

Free cash flow per quarter

Sector Comparison — Real Estate

FCF Margin ranked against sector peers

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Detailed Metrics

Company NameSBA Communications Corporation
SectorReal Estate
Free Cash Flow$1.1B
Revenue$2.8B
Net Income$1.1B
Operating Cash Flow$1.3B
Capital Expenditure$224.8M
FCF Margin37.9%
Cash Conversion Rate122.6%
Net Margin37.4%
Total Debt$15.3B
Total Cash$264.6M
Net Cash-$15.1B
Current Ratio0.29
Debt / Equity0.00
Debt / FCF14.4x
YoY FCF Growth-5.2%
Positive Quarters5 of 5
Trend DirectionStable
Report DateDec 31, 2025
GradeC
Data SourceYahoo Finance