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Arphra AIPlain-English read on SBA Communications Corporation’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $2.31B | $2.63B | $2.71B | $2.68B | $2.82B | $2.86B | $2.94B | $3.05B | $3.18B |
| Cost of revenue | $573.11M | $695.46M | $634.29M | $607.67M | $1.64B | $973.4M | $1.01B | $1.06B | $1.12B |
| Gross profit | $1.74B | $1.94B | $2.08B | $2.07B | $1.17B | $1.89B | $1.97B | $1.94B | $2.06B |
| Gross margin | +75.18% | +73.59% | +76.61% | +77.32% | +41.61% | +66.11% | +67.13% | +63.75% | +64.89% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $220.03M | $261.85M | $267.14M | $259.46M | $277.61M | $272.3M | $283.04M | $298.37M | $302.78M |
| Total operating expenses | $953.23M | $1.01B | $1.15B | $636.2M | -$198.84M | $561.46M | $590.36M | $587.75M | $614.84M |
| Operating income | $782.5M | $925.41M | $923.66M | $1.44B | $1.37B | $1.33B | $1.32B | $1.36B | $1.47B |
| Operating margin | +33.89% | +35.14% | +34.06% | +53.58% | +48.67% | +46.48% | +44.96% | +44.48% | +46.38% |
| EBITDA | $1.51B | $1.68B | $1.79B | $1.79B | $2.19B | $1.96B | $2.03B | $2.18B | $2.24B |
| EBIT | $813.66M | $968.24M | $1.08B | $1.53B | $1.71B | $1.48B | $1.56B | $1.61B | $1.69B |
| Below the line | |||||||||
| Interest expense | $0 | $0 | $0 | $0 | $467.91M | $159.55M | $165.64M | $167.92M | $172.39M |
| Interest income | $3.45M | $10.13M | $18.31M | $41.96M | $31.68M | $32.98M | $33.14M | $33.73M | $35.9M |
| Other income / expense | -$529.93M | -$399.57M | -$375.16M | -$663.1M | -$128.07M | — | — | — | — |
| Pre-tax income | $252.56M | $525.84M | $548.5M | $772.67M | $1.24B | $900.5M | $908.17M | $929.62M | $979.47M |
| Income tax expense | $14.94M | $66.04M | $51.09M | $23.99M | $187.58M | $81.15M | $85.51M | $88.16M | $88.75M |
| Earnings | |||||||||
| Net income | $237.62M | $461.43M | $501.81M | $749.54M | $1.05B | $789.13M | $797.86M | $832.52M | $908.99M |
| Net income · continuing ops | $237.62M | $459.8M | $497.42M | $748.68M | $1.05B | $789.91M | $840.31M | $829.81M | $880.48M |
| Net margin | +10.29% | +17.52% | +18.51% | +27.97% | +37.43% | +27.59% | +27.17% | +27.32% | +28.62% |
| EPS · basic | $2.17 | $4.27 | $4.64 | $6.96 | $9.83 | $7.44 | $8.41 | $9.15 | $9.48 |
| EPS · diluted | $2.14 | $4.22 | $4.61 | $6.94 | $9.80 | $7.42 | $8.40 | $9.16 | $9.40 |
| EPS · low estimate | — | — | — | — | — | $7.28 | $7.45 | $7.26 | $9.28 |
| EPS · high estimate | — | — | — | — | — | $7.54 | $8.97 | $9.97 | $9.54 |
| Shares · basic | 111.04M | 109.34M | 108.85M | 108M | 107.21M | 107.75M | 107.79M | 108.08M | 106.76M |
| Shares · diluted | 111.18M | 109.39M | 108.91M | 108.08M | 107.53M | 106.88M | 107.4M | 106.98M | 108.28M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 14 | 12 | 11 | 5 |
| Analysts (EPS) | — | — | — | — | — | 10 | 9 | 9 | 3 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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