SBACSBA COMMUNICATIONS CORP
Real Estate Investment Trusts
- Revenue
- $244M
- 60% YoY
- Operating margin
- 549.2%
- 42% YoY
- EBITDA
- $1.5B
- 5.0% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- 8.4×
- $12.4B net debt
- AI in 10-K
- —
Red flags 1 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear123% of net incomeCash flow under 80% of net income
- Dilutive SBCFired31% of revenueOver 10% of revenue
- Payouts exceed cash flowClear76% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear—Over 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $205M | $297M | $195M | $153M | $244M | 60% |
| Operating income | $782M | $925M | $924M | $1.4B | $1.3B | 6.5% |
| Net income | $238M | $461M | $502M | $750M | $1.1B | 41% |
| Operating cash flow | $1.2B | $1.3B | $1.5B | $1.3B | $1.3B | 3.3% |
| Capex | $134M | $214M | $237M | $228M | $225M | 1.5% |
| Stock-based comp | $84M | $100M | $88M | $74M | $76M | 1.8% |
| Buybacks | $583M | $432M | $100M | $200M | $498M | 149% |
| Dividends | $254M | $307M | $370M | $424M | $479M | 13% |
Deal filings
None.
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 74 | 83 |
| FY2024 | — | — | 89 | 87 |
| FY2023 | — | — | 109 | 100 |
| FY2022 | — | — | 119 | 101 |
| FY2021 | — | — | 164 | 141 |