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: $19.9B
Employees: 1,844; $133K revenue each
Net debt / EBITDA: 8.4×; $12.4B net debt
AI in 10-K: 0.7; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersNo
1 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
123% of net income
Cash flow under 80% of net income
Dilutive SBCYes
31% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
76% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
—
Over 40% of assets
Shareholder dissentNo
94% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeYes
$133K · 21st pct
Bottom quartile of its SIC industry
Quiet on AINo
0.7 per 10K words · 27th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
8.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$19.9B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$55K net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
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

Filed	Form	Acquirer	Price	Premium
Dec 8, 2016	DEFM14A	—	—	—

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $55K · 1
Net: −$55K

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