SBA Communications Corporation Financial Ratios — SBAC Stock

Profitability (USD)

	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Return on Assets (%)	-3.61	-3.54	-0.83	-0.33	-2.32	1.04	1.41	0.65	1.73	0.25	2.51	4.53	4.83	6.94	9.17
Return on Capital (%)	- -	- -	- -	- -	- -	7.01	7.82	8.13	7.53	- -	8.66	10.79	12.21	14.99	17.53
Return on Invested Capital (%)	- -	- -	- -	- -	- -	5.56	6.66	8.06	6.33	- -	8.88	9.07	10.5	15.2	12.43
Gross Margin (%)	70.94	70.7	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 (%)	61.94	63.14	62.16	65.17	65.86	65.45	66.6	67.23	65.96	67.8	66.84	64.67	67.53	68.63	65.59
Operating Margin (%)	17.66	20.33	21.29	24.11	25.58	26.37	29.38	31.21	31.36	33.14	36.52	37.8	41.11	58.58	55.21
Incremental Operating Margin (%)	46.17	27.62	23.9	40.66	45.73	-216.62	81.31	54.12	33.27	85.49	67.7	46.89	152.75	-1,423.84	-11.34
Pretax Margin (%)	-17.87	-18.56	-4.38	-1.03	-10.17	5.35	6.77	2.77	9.28	-0.85	10.94	19.97	20.23	28.83	44.12
Profit Margin (%)	-18.11	-18.97	-4.28	-1.59	-10.72	4.67	6	2.54	7.3	1.16	10.29	17.52	18.51	27.97	37.43
Net Income to Common Margin (%)	-18.11	-18.97	-4.28	-1.59	-10.72	4.67	6	2.54	7.3	1.16	10.29	17.52	18.51	27.97	37.43
Effective Tax Rate (%)	- -	- -	- -	- -	- -	12.67	11.32	8.19	21.19	- -	5.92	12.56	9.31	3.1	15.1
Dvd Payout Ratio (%)	- -	- -	- -	- -	- -	- -	- -	- -	56.5	865.73	106.71	66.95	75.04	56.72	45.39
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Credit (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Total Debt	3,354	5,356	5,877	7,861	8,452	8,776	9,311	9,939	12,861	13,426	14,523	15,171	14,463	15,756	15,319
ST Debt	5	475	482	32	20	627	20	942	769	260	262	286	917	1,449	2,235
LT Debt	3,349	4,881	5,395	7,828	8,432	8,148	9,291	8,997	12,092	13,166	14,260	14,885	13,547	14,307	13,084
Total Debt/EBITDA	7.76	8.89	7.24	7.9	7.83	8.21	8.09	7.92	9.68	9.51	9.41	8.91	7.9	8.57	8.3
Net Debt/EBITDA	7.65	8.5	7.09	7.86	7.72	8.07	8.03	7.81	7.7	7.64	7.73	7.47	6.62	7.29	6.84
Total Debt/EBIT	27.21	27.61	21.15	21.35	20.17	20.38	18.34	17.07	20.36	19.45	17.22	15.24	12.98	10.04	9.86
Net Debt/EBIT	26.83	26.41	20.71	21.25	19.89	20.04	18.21	16.82	16.19	15.63	14.16	12.78	10.87	8.54	8.13
EBITDA to Interest Expense	1.93	2.26	2.72	3.11	3.33	3.23	3.52	3.31	3.38	3.6	3.86	4.26	4.2	4.3	3.87
EBITDA-CapEx/Interest Expense	1.93	2.26	2.72	3.11	3.33	3.23	3.52	3.31	3.38	3.6	3.86	4.26	4.2	4.3	3.87
EBIT to Interest Expense	0.55	0.73	0.93	1.15	1.29	1.3	1.55	1.54	1.61	1.76	2.11	2.49	2.56	3.67	3.26
Interest Expense	225	266	298	320	324	331	327	379	393	393	400	400	436	427	477
Common Equity/Total Assets	-63.22	-37.2	-37.1	-32.41	-43.3	-49.4	-59.93	-71.19	-56.96	-72.1	-73.48	-70.68	-73.19	-64.16	-62.62
Long-Term Debt/Equity (%)	446,003.33	734.28	1,511.27	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Capital (%)	308.28	167.9	160.57	147.16	159.54	158.55	188.7	187.3	165.25	192.53	194.35	192.76	192.19	168.61	160.57
Long-Term Debt/Total Assets (%)	92.88	73.77	79.53	99.84	115.3	110.7	126.92	124.72	123.89	143.77	145.49	140.62	133.09	125.31	113.03
Total Debt/Equity (%)	446,669.11	805.79	1,646.27	-1,189.59	-495.39	-439.68	-358.23	-294.32	-352.26	-279.18	-275.77	-289.27	-281.62	-311.65	-320.8
Total Debt/Capital (%)	308.74	184.25	174.91	147.77	159.92	170.75	189.1	206.91	175.76	196.33	197.93	196.47	205.19	185.69	188
Total Debt/Total Assets (%)	93.01	80.96	86.63	100.25	115.58	119.22	127.19	137.77	131.77	146.61	148.16	143.33	142.1	138	132.35
Net Debt to Equity	440,368.71	770.72	1,612.06	-1,183.62	-488.47	-432.36	-355.58	-290.07	-280.09	-224.3	-226.64	-242.62	-235.91	-265.08	-264.61
Net Debt/Capital (%)	318.24	191.6	177.73	148.12	161.29	172.82	190.37	210.2	141.85	165.2	171.24	167.91	177.13	161.56	160.27
EBITDA	432	602	811	995	1,079	1,069	1,151	1,254	1,329	1,412	1,543	1,703	1,831	1,839	1,847
EBITDA-CapEx	432	602	811	995	1,079	1,069	1,151	1,254	1,329	1,412	1,543	1,703	1,831	1,839	1,847
Operating Income (Loss)	123	194	278	368	419	431	508	582	632	690	843	995	1,115	1,570	1,554

Liquidity (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Cash Ratio	0.42	0.28	0.17	0.14	0.43	0.17	0.25	0.12	0.1	0.5	0.6	0.21	0.15	0.25	0.1
Current Ratio	1.02	0.45	0.46	0.99	1.08	0.37	0.93	0.31	0.32	0.77	1	0.69	0.36	1.1	0.29
Quick Ratio	0.73	0.35	0.3	0.54	0.8	0.27	0.64	0.24	0.25	0.68	0.84	0.59	0.3	0.41	0.2
CFO/Avg Current Liab	1.93	0.69	0.62	1.25	2.39	1.29	1.42	1.15	0.86	1.35	1.93	1.96	1.5	0.84	0.58
Common Equity/Total Assets	-63.22	-37.2	-37.1	-32.41	-43.3	-49.4	-59.93	-71.19	-56.96	-72.1	-73.48	-70.68	-73.19	-64.16	-62.62
Long-Term Debt/Equity (%)	446,003.33	734.28	1,511.27	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Long-Term Debt/Capital (%)	308.28	167.9	160.57	147.16	159.54	158.55	188.7	187.3	165.25	192.53	194.35	192.76	192.19	168.61	160.57
Long-Term Debt/Total Assets (%)	92.88	73.77	79.53	99.84	115.3	110.7	126.92	124.72	123.89	143.77	145.49	140.62	133.09	125.31	113.03
Total Debt/Equity (%)	446,669.11	805.79	1,646.27	-1,189.59	-495.39	-439.68	-358.23	-294.32	-352.26	-279.18	-275.77	-289.27	-281.62	-311.65	-320.8
Total Debt/Capital (%)	308.74	184.25	174.91	147.77	159.92	170.75	189.1	206.91	175.76	196.33	197.93	196.47	205.19	185.69	188
Total Debt/Total Assets (%)	93.01	80.96	86.63	100.25	115.58	119.22	127.19	137.77	131.77	146.61	148.16	143.33	142.1	138	132.35
CFO/Total Liabilities	6.91	5.77	7.74	7.93	8.02	7.94	8.25	8.03	7.23	8.06	7.9	8.12	10.08	8.1	7.9
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	-0.26	0.16	0.55	0.78	0.5	0.1	0.44	-0.08	0.48	0.51	0.98	0.53	0.42	0.56	0.24

Working Capital (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Accounts Receivable Turnover	34.15	31.18	23.63	17.39	17.47	20.2	20.44	18.5	16.57	20.2	26.23	18.4	14.77	16.32	17.76
Days Sales Outstanding	10.69	11.71	15.45	20.99	20.89	18.07	17.85	19.73	22.03	18.07	13.91	19.84	24.71	22.37	20.55
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	16.5	13.82	15.7	12.76	12.71	15.19	14.48	13.86	14.91	6.72	7.57	15.64	13.09	11.43	10.42
Accounts Payable Turnover Days	22.13	26.41	23.24	28.6	28.73	24.03	25.21	26.33	24.49	54.31	48.19	23.33	27.89	31.92	35.02
Cash Conversion Cycle	-11.44	-14.7	-7.8	-7.61	-7.83	-5.97	-7.36	-6.6	-2.46	-36.25	-34.27	-3.49	-3.18	-9.55	-14.47
Inventory to Cash Days	10.69	11.71	15.45	20.99	20.89	18.07	17.85	19.73	22.03	18.07	13.91	19.84	24.71	22.37	20.55
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Market Capitalization	4,794	8,537	11,479	14,279	13,427	12,851	19,580	18,603	27,186	31,467	42,531	30,261	27,450	21,938	20,737
- Cash & Cash Equivalents	47	233	122	39	118	146	69	143	108	309	367	144	209	190	265
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	12	12	- -	- -	- -	- -	- -	- -	16	15	17	32	35	54	78
+ Total Debt	3,354	5,356	5,877	7,861	8,452	8,776	9,311	9,939	12,861	13,426	14,523	15,171	14,463	15,756	15,319
Enterprise Value	8,108	13,667	17,228	22,095	21,761	21,480	28,822	28,398	39,954	44,599	56,703	45,319	41,739	37,304	35,863
Total Capital	1,087	2,907	3,360	5,320	5,285	5,139	4,924	4,803	7,317	6,838	7,337	7,722	7,049	8,485	8,149
Total Debt/Capital (%)	308.74	184.25	174.91	147.77	159.92	170.75	189.1	206.91	175.76	196.33	197.93	196.47	205.19	185.69	188
Total Debt / EV	0.41	0.39	0.34	0.36	0.39	0.41	0.32	0.35	0.32	0.3	0.26	0.33	0.35	0.42	0.43
EV/Sales	11.61	14.32	13.2	14.47	13.28	13.15	16.68	15.22	19.83	21.41	24.56	17.21	15.39	13.92	12.74
EV/EBITDA	18.75	22.69	21.24	22.2	20.17	20.1	25.05	22.64	30.07	31.58	36.74	26.61	22.8	20.28	19.42
EV/EBIT	65.77	70.46	62.01	60.02	51.92	49.87	56.79	48.77	63.24	64.6	67.25	45.53	37.44	23.77	23.07
EV/Cash Flow to Firm	16.98	22.06	21.84	18.88	20.44	20.82	26.01	23.7	31.22	75.09	36.2	27.71	21.52	21.33	21.14
EV/Free Cash Flow to Firm	16.98	22.06	21.84	18.88	20.44	20.82	26.01	23.7	31.22	75.09	36.2	27.71	21.52	21.33	21.14
Diluted Market Cap	4,794	8,537	11,479	14,279	13,427	12,922	19,770	18,863	27,640	32,012	43,250	30,662	27,629	22,027	20,800
Diluted Enterprise Value	8,113	13,672	17,233	22,100	21,761	21,552	29,012	28,658	40,408	45,145	57,423	45,721	41,919	37,647	35,933
EV per Share	72.65	113.62	134.84	171.39	170.28	172.6	240.47	247.13	354.18	399.88	518.65	419.79	385.75	346.55	334.52
TTM Sales	698	954	1,305	1,527	1,638	1,633	1,728	1,866	2,015	2,083	2,309	2,633	2,712	2,680	2,815
TTM EBITDA	432	602	811	995	1,079	1,069	1,151	1,254	1,329	1,412	1,543	1,703	1,831	1,839	1,847
TTM Operating Income	123	194	278	368	419	431	508	582	632	690	843	995	1,115	1,570	1,554
TTM Cash Flow to Firm	477	619	789	1,170	1,065	1,032	1,108	1,198	1,280	594	1,566	1,635	1,940	1,749	1,696
TTM Free Cash Flow to Firm	477	619	789	1,170	1,065	1,032	1,108	1,198	1,280	594	1,566	1,635	1,940	1,749	1,696

Multiples (USD)

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	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
As of date	12/31/2011	12/31/2012	12/31/2013	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025

Price/Free Cash Flow	19.25	24.88	23.07	21.17	18.57	17.4	24.16	22.18	28.49	28.43	36.35	23.85	17.89	16.5	16.11
EV/EBIT	65.77	70.46	62.01	60.02	51.92	49.87	56.79	48.77	63.24	64.6	67.25	45.53	37.44	23.77	23.07
Enterprise Value	8,108	13,667	17,228	22,095	21,761	21,480	28,822	28,398	39,954	44,599	56,703	45,319	41,739	37,304	35,863
Low Price	32.36	42.53	66.68	87.03	100.12	82.8	102.06	146.13	158.07	205.2	232.88	236.2	185.23	183.64	185.13
EV/Sales	11.61	14.32	13.2	14.47	13.28	13.15	16.68	15.22	19.83	21.41	24.56	17.21	15.39	13.92	12.74
EV/EBITDA	18.75	22.69	21.24	22.2	20.17	20.1	25.05	22.64	30.07	31.58	36.74	26.61	22.8	20.28	19.42
Price/Earnings	- -	- -	- -	- -	- -	168.56	188.9	392.04	184.95	1,305.45	178.98	65.58	54.7	29.27	19.68
Price/Earnings Average	-34.3	-37.55	-176.58	-543.64	-83.66	169.65	156.69	393	168.61	1,340.6	145.45	73.93	51.8	31.13	21.56
Price/Earnings High	-39.22	-47.28	-210.73	-651.57	-93.47	193.55	201.17	430.25	207.54	1,519.41	179.96	91.02	67.35	36.75	24.95
Price/Earnings Low	-28.56	-28.26	-152.38	-461.82	-72.84	135.16	118.02	353.87	121.31	949.48	107.15	55.26	39.94	26.37	18.84
Price/Book Value	-2.1	-3.47	-4.56	-5.62	-4.24	-3.53	-4.46	-3.62	-4.89	-4.77	-5.91	-4.05	-3.68	-2.99	-2.86
Price/Book Value Average	-1.9	-2.76	-3.92	-5.2	-4.64	-3.56	-3.7	-3.63	-4.46	-4.89	-4.8	-4.56	-3.49	-3.19	-3.13
Price/Book Value High	-2.18	-3.48	-4.68	-6.23	-5.18	-4.06	-4.75	-3.98	-5.49	-5.55	-5.94	-5.61	-4.54	-3.76	-3.63
Price/Book Value Low	-1.58	-2.08	-3.39	-4.42	-4.04	-2.83	-2.79	-3.27	-3.21	-3.47	-3.53	-3.41	-2.69	-2.7	-2.74
Price/Tangible Book Value	-2.92	-3.46	-3.79	-2.94	-2.47	-2.27	-3.16	-2.77	-3.74	-3.95	-5.27	-3.77	-3.62	-2.95	-2.71
Price/Tangible Book Value Average	-2.65	-2.75	-3.26	-2.72	-2.7	-2.29	-2.62	-2.78	-3.41	-4.06	-4.28	-4.25	-3.42	-3.13	-2.97
Price/Tangible Book Value High	-3.03	-3.47	-3.89	-3.26	-3.02	-2.61	-3.36	-3.04	-4.19	-4.6	-5.3	-5.24	-4.45	-3.7	-3.43
Price/Tangible Book Value Low	-2.2	-2.07	-2.81	-2.31	-2.35	-1.82	-1.97	-2.5	-2.45	-2.87	-3.16	-3.18	-2.64	-2.66	-2.59
Price/Sales	6.87	8.95	8.8	9.35	8.2	7.87	11.33	9.97	13.49	15.11	18.42	11.49	10.12	8.19	7.37
Price/Sales Average	6.21	7.13	7.57	8.65	8.97	7.92	9.4	10	12.3	15.51	14.97	12.95	9.59	8.71	8.07
Price/Sales High	7.1	8.97	9.03	10.37	10.02	9.04	12.07	10.94	15.14	17.58	18.52	15.95	12.46	10.28	9.34
Price/Sales Low	5.17	5.36	6.53	7.35	7.81	6.31	7.08	9	8.85	10.99	11.03	9.68	7.39	7.38	7.05
Price/Cash Flow	19.25	24.88	23.07	21.17	18.57	17.31	23.92	21.87	28.03	27.94	35.74	23.54	17.77	16.43	16.06
Price/Cash Flow Average	17.41	19.81	19.84	19.59	20.32	17.42	19.84	21.92	25.55	28.7	29.05	26.53	16.83	17.48	17.59
Price/Cash Flow High	19.91	24.94	23.68	23.47	22.71	19.87	25.48	24	31.45	32.52	35.94	32.67	21.88	20.64	20.35
Price/Cash Flow Low	14.5	14.9	17.12	16.64	17.7	13.88	14.95	19.74	18.38	20.32	21.4	19.83	12.98	14.81	15.37
Price/Free Cash Flow Average	17.41	19.81	19.84	19.59	20.32	17.52	20.04	22.23	25.98	29.19	29.54	26.88	16.94	17.55	17.65
Price/Free Cash Flow High	19.91	24.94	23.68	23.47	22.71	19.98	25.72	24.34	31.97	33.09	36.55	33.1	22.03	20.72	20.42
Price/Free Cash Flow Low	14.5	14.9	17.12	16.64	17.7	13.95	15.09	20.02	18.69	20.68	21.76	20.1	13.06	14.87	15.42
EV/Sales Average	10.97	12.51	11.98	13.77	14.05	13.2	14.75	15.25	18.64	21.82	21.11	18.67	14.86	14.54	13.45
EV/Sales High	11.86	14.35	13.44	15.49	15.11	14.32	17.42	16.19	21.48	23.89	24.66	21.67	17.73	16.11	14.71
EV/Sales Low	9.93	10.74	10.94	12.47	12.9	11.59	12.43	14.25	15.19	17.29	17.17	15.4	12.66	13.21	12.43
EV/EBITDA Average	17.71	19.81	19.27	21.13	21.34	20.17	22.15	22.68	28.26	32.18	31.58	28.87	22	21.18	20.5
EV/EBITDA High	19.14	22.73	21.62	23.77	22.94	21.88	26.15	24.08	32.56	35.23	36.89	33.5	26.26	23.47	22.43
EV/EBITDA Low	16.03	17.01	17.6	19.13	19.58	17.71	18.66	21.2	23.03	25.5	25.68	23.82	18.75	19.24	18.94
EV/EBIT Average	62.11	61.52	56.25	57.13	54.95	50.07	50.21	48.85	59.44	65.83	57.8	49.4	36.14	24.82	24.35
EV/EBIT High	67.15	70.61	63.12	64.25	59.06	54.3	59.29	51.89	68.49	72.07	67.53	57.32	43.14	27.5	26.65
EV/EBIT Low	56.22	52.85	51.38	51.73	50.41	43.96	42.31	45.66	48.43	52.17	47.01	40.75	30.8	22.55	22.51
Last Price	42.96	70.98	89.84	110.76	105.07	103.26	163.36	161.89	240.99	282.13	389.02	280.31	253.69	203.8	193.43
High Price	44.44	71.17	92.21	122.79	128.47	118.57	173.97	177.67	270.42	328.37	391.15	389.02	312.34	255.9	245.16
Enterprise Value Average	7,656	11,933	15,627	21,029	23,029	21,563	25,483	28,443	37,552	45,447	48,734	49,171	40,283	38,956	37,850
Enterprise Value High	8,279	13,695	17,536	23,651	24,752	23,385	30,094	30,211	43,274	49,757	56,936	57,057	48,086	43,167	41,416
Enterprise Value Low	6,930	10,250	14,274	19,041	21,129	18,934	21,475	26,587	30,600	36,019	39,633	40,559	34,333	35,388	34,980

Shares Outstanding	110	127	128	129	126	121	116	112	112	110	109	108	108	108	106
Diluted Weighted Avg Shares	112	120	128	129	128	125	121	117	115	113	111	109	109	108	108
Basic Weighted Avg Shares	112	120	128	129	128	124	120	115	113	112	109	108	108	108	107
Revenue per Share	6.26	7.93	10.21	11.84	12.82	13.12	14.41	16.24	17.86	18.68	21.12	24.39	25.06	24.89	26.26
EBITDA per Share	3.87	5.01	6.35	7.72	8.44	8.59	9.6	10.92	11.78	12.66	14.12	15.77	16.92	17.09	17.22
Operating Income per Share	1.1	1.61	2.17	2.86	3.28	3.46	4.23	5.07	5.6	6.19	7.71	9.22	10.3	14.58	14.5
Basic EPS, GAAP	-1.13	-1.51	-0.44	-0.19	-1.37	0.61	0.86	0.41	1.3	0.22	2.17	4.27	4.64	6.96	9.83
Basic EPS from Cont Ops	-1.14	-1.53	-0.44	-0.19	-1.37	0.61	0.86	0.41	1.31	0.22	2.17	4.26	4.6	6.96	9.84
Diluted EPS, GAAP	-1.13	-1.51	-0.44	-0.19	-1.37	0.61	0.86	0.41	1.28	0.21	2.14	4.22	4.61	6.94	9.8
Diluted EPS from Cont Ops	-1.14	-1.53	-0.44	-0.19	-1.37	0.61	0.86	0.41	1.28	0.21	2.14	4.2	4.57	6.93	9.81
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	0.74	1.86	2.32	2.84	3.42	3.94	4.47
Cash Flow per Share	2.23	2.85	3.89	5.23	5.66	5.97	6.83	7.4	8.6	10.1	10.88	11.91	14.27	12.4	12.05
Free Cash Flow per Basic Share	2.23	2.85	3.89	5.23	5.66	5.97	6.83	7.4	8.6	10.1	10.88	11.91	14.27	12.4	12.05
Cash & Equivalents per Share	0.48	1.98	1	0.35	0.93	1.18	0.57	1.25	0.96	2.77	3.37	1.34	1.94	4.13	2.53
Book Value per Share	-20.43	-20.46	-19.7	-19.71	-24.78	-29.22	-36.6	-44.69	-49.28	-59.2	-65.88	-69.3	-68.85	-68.05	-67.62
Tangible Book Value per Share	-14.69	-20.53	-23.72	-37.62	-42.58	-45.42	-51.7	-58.38	-64.51	-71.42	-73.81	-74.3	-70.16	-69.16	-71.43

SBA Communications Corporation

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)