Revenue vs Net income
Reported dollars from 10-Q / 10-K filings. Q4 bars are derived (annual less nine months) where the 10-K does not tag Q4 separately.
Margin trend
Gross, operating and net margin. Margins are derived from reported dollars.
Revenue YoY growth
Year-over-year change vs the same quarter (or fiscal year) a year earlier. Shown where the prior-year period is in the 8-quarter snapshot (latest four quarters).
Income statement
From 10-Q / 10-K XBRL. Values in reported dollars; EPS in $/share; share counts in shares.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $2.3B | $2.6B | $2.7B | $2.7B | $2.8B |
| YoY | — | +14.1% | +3.0% | -1.2% | +5.1% |
| Cost of goods sold | $545.5M | $668.6M | $612.6M | $581.7M | $691.0M |
| YoY | — | +22.6% | -8.4% | -5.0% | +18.8% |
| Gross profit | $1.8B | $2.0B | $2.1B | $2.1B | $2.1B |
| YoY | — | +11.4% | +6.8% | -0.1% | +1.3% |
| Research & development | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Selling, general & administrative | $220.0M | $261.9M | $267.9M | $258.8M | $277.6M |
| YoY | — | +19.0% | +2.3% | -3.4% | +7.3% |
| Operating income | $782.5M | $925.4M | $923.7M | $1.4B | $1.3B |
| YoY | — | +18.3% | -0.2% | +55.4% | -6.5% |
| Pretax income | $252.6M | $525.8M | $548.5M | $772.7M | $1.2B |
| YoY | — | +108.2% | +4.3% | +40.9% | +60.7% |
| Income tax | $14.9M | $66.0M | $51.1M | $24.0M | $187.6M |
| YoY | — | +343.0% | -22.6% | -53.0% | +681.7% |
| Net income | $237.6M | $461.4M | $501.8M | $749.5M | $1.1B |
| YoY | — | +94.2% | +8.8% | +49.4% | +40.6% |
| EPS — basic | $2.17 | $4.27 | $4.64 | $6.96 | $9.83 |
| YoY | — | +96.8% | +8.7% | +50.0% | +41.2% |
| EPS — diluted | $2.14 | $4.22 | $4.61 | $6.94 | $9.80 |
| YoY | — | +97.2% | +9.2% | +50.5% | +41.2% |
| Weighted shares — basic | 109.3M | 108.0M | 108.2M | 107.6M | 107.2M |
| Weighted shares — diluted | 111.2M | 109.4M | 108.9M | 108.1M | 107.5M |
Balance sheet
Point-in-time values at each quarter (or fiscal year) end.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Cash & equivalents | $367.3M | $143.7M | $208.5M | $189.8M | $264.6M |
| YoY | — | -60.9% | +45.1% | -9.0% | +39.4% |
| Marketable securities (current) | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Accounts receivable | $102.0M | $184.4M | $182.7M | $145.7M | $171.3M |
| YoY | — | +80.8% | -0.9% | -20.3% | +17.6% |
| Inventory | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Total current assets | $614.4M | $482.7M | $484.3M | $2.0B | $773.4M |
| YoY | — | -21.4% | +0.3% | +308.6% | -60.9% |
| Total assets | $9.8B | $10.6B | $10.2B | $11.4B | $11.6B |
| YoY | — | +8.0% | -3.8% | +12.2% | +1.4% |
| Total current liabilities | $616.3M | $696.8M | $1.4B | $1.8B | $2.7B |
| YoY | — | +13.1% | +95.7% | +31.9% | +49.0% |
| Total liabilities | — | — | — | — | — |
| YoY | — | — | — | — | — |
| Total equity | $-5.3B | $-5.3B | $-5.2B | $-5.1B | $-4.9B |
| YoY | — | +0.1% | +2.0% | +1.2% | +5.0% |
| Shares outstanding | 109.0M | 108.0M | 108.0M | 107.6M | 105.7M |
| YoY | — | -0.9% | +0.0% | -0.4% | -1.8% |
Cash flow
Quarterly values derived from year-to-date filings (Q4 from the 10-K). Free cash flow = operating cash flow − capital expenditures.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Operating cash flow | $1.2B | $1.3B | $1.5B | $1.3B | $1.3B |
| YoY | — | +8.1% | +20.1% | -13.6% | -3.3% |
| Capital expenditures | $133.7M | $214.4M | $236.7M | $228.1M | $224.8M |
| YoY | — | +60.4% | +10.4% | -3.6% | -1.4% |
| Free cash flow | $1.1B | $1.1B | $1.3B | $1.1B | $1.1B |
| YoY | — | +1.4% | +22.1% | -15.4% | -3.6% |
| Dividends paid | $253.6M | $306.8M | $370.0M | $424.2M | $479.0M |
| YoY | — | +21.0% | +20.6% | +14.6% | +12.9% |
| Share repurchases | $582.6M | $431.7M | $100.0M | $200.0M | $497.8M |
| YoY | — | -25.9% | -76.8% | +100.0% | +148.9% |
Margins & ratios
Derived from the reported dollars above — no separate source.
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Gross margin | 76.4% | 74.6% | 77.4% | 78.3% | 75.5% |
| Operating margin | 33.9% | 35.1% | 34.1% | 53.6% | 47.7% |
| Net margin | 10.3% | 17.5% | 18.5% | 28.0% | 37.4% |
| Free cash flow margin | 45.7% | 40.7% | 48.2% | 41.3% | 37.9% |
| Effective tax rate | 5.9% | 12.6% | 9.3% | 3.1% | 15.1% |
| Current ratio | 1.00x | 0.69x | 0.36x | 1.10x | 0.29x |
| Total liabilities / equity | — | — | — | — | — |
Peer comparison — latest full year
Same sector (Real Estate), sorted by revenue. All figures from the same EDGAR XBRL snapshot.
| Ticker | Revenue | Revenue YoY | Gross margin | Operating margin | Net margin | FCF margin |
|---|---|---|---|---|---|---|
| SBAC FY25 · this stock | $2.8B | +5.1% | 75.5% | 47.7% | 37.4% | 37.9% |
| CBRE FY25 | $40.5B | +13.4% | — | 4.3% | 2.9% | — |
| EQIX FY25 | $9.2B | +5.4% | — | 20.0% | 14.6% | — |
| AMT FY20 | $8.0B | +6.1% | — | 35.9% | — | 35.4% |
| SPG FY25 | $6.4B | +6.7% | — | 49.9% | — | — |
| DLR FY25 | $6.1B | +10.0% | — | 10.8% | 21.4% | — |
| O FY25 | $5.7B | +9.1% | — | — | 18.4% | — |
| PSA FY25 | $4.8B | +2.7% | — | — | 37.0% | — |
| CCI FY25 | $4.3B | -4.4% | — | 48.7% | 10.4% | — |
| VICI FY25 | $4.0B | +4.1% | — | — | 69.3% | — |
| EXR FY25 | $3.4B | +3.7% | — | 41.8% | 28.8% | — |
Source: SEC EDGAR XBRL company facts (10-Q / 10-K), snapshot generated 2026-11-03 for 218 tickers. Q4 values are derived as the 10-K annual less the first nine months, since Q4 is not separately tagged in company facts; cash-flow quarterly values are derived from year-to-date filings the same way. Free cash flow = operating cash flow − capital expenditures. Blank cells mean the filing does not report that line item under a standard US-GAAP tag — nothing is estimated or filled in. Descriptive research, not investment advice. How EarnIQ builds fundamentals.