SBA COMMUNICATIONS CORP (SBAC) closed fiscal year 2025 with a gross margin of 75.5 % and a net margin of 37.4 %.
SBA COMMUNICATIONS CORP (SBAC) closed fiscal year 2025 with a gross margin of 75.5 % and a net margin of 37.4 %. The same year shows an EBITDA margin of 58.1 % and an EBIT margin of 47.7 %. The free cash flow margin was 37.9 %. Against the previous year the gross margin moved −2.8 pp and the net margin +9.5 pp. Across the period the gross margin ranges between 67.5 % in 2009 and 84.8 % in 2008. The series covers 18 fiscal years, from 2008 to 2025. Margins are expressed as a percentage of net revenue and are derived from the same figures as the income statement, taken from as-reported SEC EDGAR filings, with no restatements or adjustments of our own.
Fiscal year end: December
| 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross margin (%) | 84.84 % | 67.50 % | 68.17 % | 70.94 % | 70.70 % | 68.71 % | 71.94 % | 72.88 % | 74.23 % | 74.17 % | 74.87 % | 75.53 % | 77.12 % | 76.37 % | 74.61 % | 77.41 % | 78.29 % | 75.46 % |
| EBITDA margin (%) | 54.12 % | 56.43 % | 56.33 % | 60.13 % | 58.24 % | 58.47 % | 63.10 % | 59.35 % | 62.79 % | 63.76 % | 65.19 % | 63.56 % | 65.08 % | 64.22 % | 62.01 % | 60.48 % | 63.64 % | 58.08 % |
| EBIT margin (%) | 9.60 % | 9.89 % | 11.85 % | 15.85 % | 15.42 % | 17.60 % | 22.04 % | 19.07 % | 23.72 % | 26.54 % | 29.17 % | 28.96 % | 30.42 % | 33.89 % | 35.14 % | 34.06 % | 53.58 % | 47.70 % |
| Net margin (%) | -14.14 % | -25.36 % | -31.07 % | -18.11 % | -18.97 % | -4.28 % | -1.59 % | -10.72 % | 4.67 % | 6.00 % | 2.54 % | 7.30 % | 1.16 % | 10.29 % | 17.52 % | 18.51 % | 27.97 % | 37.43 % |
| FCF margin (%) | 28.96 % | 31.65 % | 21.47 % | 17.49 % | 24.10 % | 25.19 % | 30.33 % | 31.39 % | 36.90 % | 38.86 % | 37.56 % | 40.49 % | 47.88 % | 45.75 % | 40.68 % | 48.23 % | 41.30 % | 37.88 % |
