Capital Intensity
Score how much of a company is physical plant, inventory, and equipment, whether that base is being maintained, and whether the shares have tangible backing.
SBA Communications Corp
Physical assets are 33.4% of total assets, a mixed footprint. Capex is 0.77x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. EBITDA after capex covers debt service by 0.74x, which is below 1.
Real estate revenue is mostly rent, so fixed-asset turnover often sits around 0.05x to 0.15x. This name is at 0.73x.
Physical asset ratio
33.4%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
0.73x
Revenue per dollar of the physical asset base.
Capex / D&A
0.77x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
-$71.21
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—
Price $183.72.
Fixed-charge coverage
0.74x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
5.6%
Latest free cash flow divided by current market cap ($19.17B).
ROIC
11.6%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 0.35x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 39.7% | 0.67x | 0.22x | -$57.57 | 0.83x | $702.33M | 7.8% | 0.20x |
| 2019 | 55.3% | 0.38x | 0.22x | -$63.45 | 1.26x | $830.66M | 5.1% | 0.11x |
| 2020 | 55.6% | 0.41x | 0.18x | -$70.20 | 3.04x | $997.47M | — | 0.13x |
| 2021 | 60.1% | 0.40x | 0.19x | -$72.58 | 3.26x | $1.06B | 8.3% | 0.13x |
| 2022 | 62.8% | 0.40x | 0.30x | -$73.33 | 3.45x | $1.10B | 8.3% | 0.14x |
| 2023 | 63.1% | 0.42x | 0.33x | -$69.71 | 1.44x | $1.31B | 9.2% | 0.14x |
| 2024 | 56.0% | 0.42x | 0.85x | -$68.88 | 0.97x | $1.11B | 13.6% | 0.22x |
| 2025 | 33.4% | 0.73x | 0.77x | -$71.21 | 0.74x | $1.07B | 11.6% | 0.35x |
- Inventory was missing and treated as zero in the physical asset ratio.
- The short-term debt line matched total current liabilities, so principal due uses the current portion of debt.
Latest year inputs (2025)
Net PP&E: $3.87B
Inventory: $0.00
Total assets: $11.58B
Goodwill: $0.00
Intangibles: $2.88B
Liabilities: $16.35B
Tangible book: -$7.66B
Shares: 107,533,000
Revenue: $2.82B
Capex: $224.82M
D&A: $292.29M
EBITDA: $2.00B
Interest: $467.91M
Short-term debt: $1.94B
Free cash flow: $1.07B
Operating income: $1.37B
Invested capital: $10.03B
Tax rate: 15.1%