Question 1

What is SBA Communications's P/FCF ratio?

Accepted Answer

SBA Communications (SBAC) P/FCF ratio is 18.6× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for SBA Communications?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For SBA Communications specifically, the relevant sector benchmark is the current sector median of 15.9×.

Question 5

Is SBA Communications's P/FCF ratio high or low?

Accepted Answer

SBA Communications's P/FCF ratio of 18.6× is below its own 5-year average of 25.2× and above the sector median of 15.9×. That places the current reading at the 13th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is SBA Communications's historical P/FCF ratio range?

Accepted Answer

In the available daily series, SBA Communications (SBAC) P/FCF ratio has ranged from a low of 0.2× in 2002 to a high of 160.3× in 2005. The 5-year average is 25.2× and the 5-year median is 21.8×.

Question 7

What was SBA Communications's P/FCF ratio in 2025?

Accepted Answer

SBA Communications (SBAC) P/FCF ratio at the end of 2025 was 19.3×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does SBA Communications's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$20.6B	$1.07B	19.3×	-0.6×	Dec 31, 2025
2024	$22B	$1.11B	19.9×	-1.8×	Dec 31, 2024
2023	$27.5B	$1.27B	21.7×	-6.8×	Dec 31, 2023
2022	$30.5B	$1.07B	28.5×	-12.5×	Dec 31, 2022
2021	$43.3B	$1.06B	41.0×	+9.1×	Dec 31, 2021
2020	$31.9B	$997M	31.9×	-1.1×	Dec 31, 2020
2019	$27.5B	$831M	33.1×	+6.5×	Dec 31, 2019
2018	$18.7B	$702M	26.6×	-1.9×	Dec 31, 2018
2017	$19.2B	$671M	28.5×	+7.0×	Dec 31, 2017
2016	$12.7B	$589M	21.5×	-3.5×	Dec 31, 2016
2015	$13.2B	$528M	25.1×	-5.2×	Dec 31, 2015
2014	$14.3B	$473M	30.2×	-4.9×	Dec 31, 2014
2013	$11.5B	$329M	35.1×	-4.4×	Dec 31, 2013
2012	$8.99B	$228M	39.5×	+1.0×	Dec 31, 2012
2011	$4.7B	$122M	38.5×	+3.7×	Dec 31, 2011
2010	$4.68B	$135M	34.8×	+12.1×	Dec 31, 2010
2009	$3.99B	$176M	22.7×	+8.9×	Dec 31, 2009
2008	$1.9B	$138M	13.8×	-23.9×	Dec 31, 2008
2007	$3.59B	$95.2M	37.7×	-23.8×	Dec 31, 2007
2006	$2.89B	$47M	61.5×	+10.9×	Dec 31, 2006
2005	$1.52B	$30.1M	50.6×	-33.8×	Dec 31, 2005
2004	$591M	$7M	84.4×	—	Dec 31, 2004
2003	$204M	-$44.9M	—	—	Dec 31, 2003
2002	$21M	-$102M	—	—	Dec 31, 2002


Digital Realty Trust (DLR)	53.9×
CBRE Group (CBRE)	44.5×
Regency Centers (REG)	24.4×
Mid-America Apartment Communities (MAA)	23.3×
American Tower (AMT)	21.3×
Simon Property Group (SPG)	18.5×
Kimco Realty (KIM)	17.9×
BXP (BXP)	17.7×
Tanger (SKT)	17.2×
STAG Industrial (STAG)	16.0×
Extra Space Storage (EXR)	15.8×
Public Storage (PSA)	15.5×
AvalonBay Communities (AVB)	15.2×
Host Hotels & Resorts (HST)	14.4×
Camden Property Trust (CPT)	14.3×
Realty Income (O)	13.6×
Invitation Homes (INVH)	13.3×
Medical Properties Trust (MPT)	12.8×
UDR (UDR)	12.4×
NNN REIT (NNN)	12.2×
VICI Properties (VICI)	11.4×
Healthpeak Properties (DOC)	9.7×
Arbor Realty Trust (ABR)	7.6×
Alexandria Real Estate Equities (ARE)	6.2×
Opendoor Technologies (OPEN)	4.2×

P/FCF Ratio for SBA Communications (SBAC) 2004-2026

P/FCF Ratio daily chart for SBA Communications (SBAC)

Historical P/FCF Ratio for SBA Communications (SBAC) from 2002 to 2025

About P/FCF Ratio at SBA Communications (SBAC)

SBA Communications P/FCF Ratio by Year

SBA Communications P/FCF Ratio 2025: 19.3×

SBA Communications P/FCF Ratio 2024: 19.9×

SBA Communications P/FCF Ratio 2023: 21.7×

SBA Communications P/FCF Ratio 2022: 28.5×

SBA Communications P/FCF Ratio 2021: 41.0×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

SBA Communications (SBAC) Key Financials