SBA Communications Corporation (SBAC)

NASDAQ: SBAC · USD

$185

+0.77 (+0.4%)· Recorded snapshot

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StockMarketAgent Research · Analyzed 2026-10-13

Our latest published analysis: SBAC rated Reduce

SBA Communications Corporation's published Reduce conclusion compares the analysis-date price with fair value and potential value. Read the full report for assumptions, evidence, and material risks.

Fair value

$148 / share

Potential value

$206 / share

Upside to FV

-19.2%

from $185

Moat

8/10

Narrow

Read full analysis →View archive · 24mo

9-phase methodology · same model in each published edition

Market cap	$19.5B
Revenue (ttm)	2.9B
Net income (ttm)	990.7M
EPS (ttm)	$9.28
Shares out	106.1M
P/E (trailing)	19.9x
P/E (forward)	19.4x
Dividend	$5.00 (2.72%)
Volume	827,977
Beta	0.99

Market data

Price

Recent price action with selectable time range.

Financial snapshot

Revenue (ttm): 2.9B
Net income (ttm): 990.7M
EPS (ttm): $9.28
P/E (trailing): 19.9x
P/E (forward): 19.4x
Market cap: $19.5B

Item	P1	P2	P3	P4	P5	Trend
Period	2021-12-31	2022-12-31	2023-12-31	2024-12-31	2025-12-31	Trend
Revenue	$204.7M	$296.9M	$194.6M	$152.9M	$244.5M	+4.5%
Gross profit	$1.76B	$1.96B	$2.10B	$2.10B	$2.12B	+4.8%
Operating income	$782.5M	$925.4M	$923.7M	$1.44B	$1.34B	+14.5%
Net income	$237.6M	$461.4M	$501.8M	$749.5M	$1.05B	+45.1%
EPS (diluted)	$2.14	$4.22	$4.61	$6.94	$9.80	+46.3%
EBITDA	$1.51B	$1.68B	$1.79B	$1.79B	$2.00B	+7.2%
R&D	$0	$0	$0	—	—	+34.8%
SG&A	$220.0M	$261.9M	$267.9M	$258.8M	$277.6M	+6.0%

Ticker	Name	Market cap	P/E	P/S	ROIC	5Y rev CAGR	1Y total return	Rating
AMT	American Tower Corporation	85.1B	25.8x	7.5x	7.8%	+4.0%	+0.7%	Сокращать
ARE	Alexandria Real Estate Equities Inc.	6.9B	—	2.4x	0.9%	+6.6%	-45.8%	Держать
CCI	Crown Castle Inc.	37.4B	46.3x	9.1x	5.1%	-7.9%	-6.2%	Продавать
CPT	Camden Property Trust	10.3B	32.3x	6.6x	3.2%	+7.7%	-0.6%	Покупать
DLR	Digital Realty Trust, Inc.	68B	86.6x	10.0x	2.4%	+9.3%	+3.7%	Продавать
DOC	Healthpeak Properties, Inc.	13B	53.8x	4.4x	2.5%	+10.5%	+3.0%	Активно покупать

Base and Bull scenarios

Base55%

Price target

$148.18

-19.2% from spot

The modal base case path reflects steady operational execution anchored by contractual domestic escalators and international CPI adjustments, delivering steady revenue growth. Sprint consolidation churn and EchoStar churn create near-term domestic revenue headwinds, but normalized operating margins hold steady. The primary forward earnings and discounted cash flow models yield a composite Fair value of $148.18.

Domestic site leasing revenue expands at a steady pace consistent with contractual baseline escalations across FY2026 and FY2027
Normalized operating EBIT margin of 46.5% and post-earnings FY2027 consensus EPS of $8.18
Exit multiple of 18.0x P/E and computed WACC of 7.684%

Bull20%

Price target

$206.36

+12.5% from spot

In the upside scenario, US carriers rapidly accelerate fifth-generation mid-band cell site densification to alleviate wireless data congestion, driving domestic colocation amendment growth well above historical baselines. Simultaneously, international tower builds exceed targets, delivering robust CPI-linked escalations. Accretive execution under the authorized share repurchase program compounds per-share cash flow, elevating Fair value toward $206.36.

Accelerated carrier fifth-generation mid-band deployments and edge computing additions on existing towers
International tower construction exceeds annual build targets with day-one returns above cost of capital
Diluted EPS growth accelerates and valuation multiples expand toward historical peak ranges

Sensitivity: Ke × terminal growth

The highlighted cell is Fair value when every assumption sits at its base level ($148.18). Each row and column shows what Fair value becomes when one assumption moves.

Ke ↓ / g →	2.0%	2.3%	2.5%	2.8%	3.0%
7.9%	$156	$159	$161	$164	$167
8.4%	$150	$152	$154	$157	$159
8.9%	$145	$146	$148	$150	$152
9.4%	$140	$141	$143	$145	$146
9.9%	$136	$137	$138	$140	$141

Scorecard

Published factor rows and weighted composite

Calendar

Next earnings

Upcoming earnings date and setup when available.

Upcoming

DateLoading

Window—

EPS estimate—

Revenue estimate—

Sector percentile context

Refreshed 2026-10-28 19:55 UTC

Forward P/E19.4

P25 n/aP50 n/aP75 n/a

Trailing P/E20.1

P25 n/aP50 n/aP75 n/a

ROEn/a

P25 n/aP50 n/aP75 n/a

ROIC9.2

P25 n/aP50 n/aP75 n/a

Benchmarks · 1M

All SBAC indicators

Market & fundamental data

Available fields

255

Groups with data

Currency

USD

Showing 255 of 255 available metrics for this ticker.

Profile and market data

Ticker identity, listing, currency, market cap, and source dates.

Metric	Value
Amount currency	USD
CIK code	0001034054
Company name	SBA Communications Corporation
Country	United States
Country code	US
CUSIP number	78410G104
Earnings date	2026-11-02
Earnings time	amc
Employees	1,844
Employees change	124
Employees growth	7.21%
Enterprise value	$34.5B
Exchange	NASDAQ
Financial currency	USD
Financial report date	2026-06-30
First seen	2026-05-09
Fiscal year end	December
Founded	1989
In index	SP500
Industry	REIT - Specialty
IPO date	1999-06-16
Is primary listing	Yes
Is SPAC	No
ISIN number	US78410G1040
Last 10-K release date	2026-02-27
Last earnings date	2026-08-03
Last refreshed	2026-10-28
Last stock split type	Never
Market cap	$19.6B
Market cap category	Large-Cap
Next earnings date	2026-11-02
Options	Yes
Price	$185.02
Price currency	USD
Sector	Real Estate
SIC code	6798
Stock price date	2026-10-28
Symbol	SBAC
U.S. state	Florida
Website	https://www.sbasite.com

Valuation

Multiples, yields, enterprise-value ratios, and valuation checks.

Metric	Value
Adjusted P/E ratio	19.94x
Average P/E ratio (10Y)	179.22x
Average P/E ratio (3Y)	32.23x
Average P/E ratio (5Y)	56.79x
Earnings yield	5.02%
EV/Earnings	34.35x
EV/EBIT	22.48x
EV/EBITDA	18.56x
EV/FCF	32.39x
EV/Sales	11.86x
FCF / EV yield	3.09%
FCF yield	5.49%
Forward EV/Sales	11.78x
Forward P/E	23.25x
Forward P/S	6.63x
Industry forward P/E	37.13x
Industry P/E	37.98x
Lynch fair value	$232.12
Lynch upside	28.59%
P/(FCF - SBC) ratio	19.82x
P/(OCF - SBC) ratio	15.96x
P/E ratio	19.93x
P/FCF ratio	18.23x
P/OCF ratio	14.91x
P/S ratio	6.67x
Price/EBITDA ratio	10.44x
Sector forward P/E	29.99x
Sector P/E	40.99x

Profitability

Margins, returns on capital, cash conversion, and quality metrics.

Metric	Value
EBIT margin	52.73%
EBITDA margin	63.87%
Effective tax rate	16.61%
FCF margin	36.6%
Gross margin	74.2%
Operating margin	52.73%
Pretax margin	41.45%
Profit margin	34.51%
Profit per employee	$537,266
Profitable quarters	21
Profitable years	10
Revenue per employee	$1.6M
ROA	8.41%
ROA (5Y)	6.97%
ROCE	20.44%
ROIC	9.18%
SBC / revenue	2.93%
Tax / revenue	6.88%

Growth

Revenue, earnings, cash-flow, and forward growth indicators.

Metric	Value
EPS growth	13.92%
EPS growth (Q)	-10.53%
EPS growth (QoQ)	7.47%
EPS growth 3Y	25.94%
EPS growth 5Y	31.32%
EPS growth years	5
Net income growth	12.75%
Net income growth (Q)	-11.97%
Net income growth (QoQ)	7.55%
Net income growth 3Y	24.93%
Net income growth 5Y	29.76%
Net income growth years	5
OCF growth	0.02%
OCF growth (Q)	10.62%
OCF growth (QoQ)	59.62%
OCF growth 10Y	6.22%
OCF growth 3Y	-3.27%
OCF growth 5Y	1.85%
Revenue growth	5.36%
Revenue growth (Q)	2.33%
Revenue growth (QoQ)	1.68%
Revenue growth 10Y	5.87%
Revenue growth 3Y	1.87%
Revenue growth 5Y	5.63%
Revenue growth quarters	7
Revenue growth years	1

Financial statements

Income-statement and cash-flow amounts, totals and per share.

Metric	Value
Capital expenditures	$-233.6M
Depreciation and amortization	$320M
EBIT	$1.5B
EBITDA	$1.8B
EPS	$9.28
FCF per share	$9.90
Financing cash flow	$-659.5M
Free cash flow	$1.1B
Free cash flow minus SBC	$966.5M
Gross profit	$2.1B
Income taxes	$197.6M
Investing cash flow	$-569.6M
Net cash flow	$60.2M
Net income	$990.7M
Operating cash flow minus SBC	$1.2B
Operating income	$1.5B
Revenue	$2.9B
Stock-based compensation	$84.2M

Financial strength

Debt, cash, solvency, accounting-quality, and balance-sheet signals.

Metric	Value
Book value per share	$-43.64
Debt / EBITDA	6.9
Debt / FCF	14.47
Interest coverage	2.89
Net cash (debt)	$-14.9B
Net cash / market cap	-77.71%
Net debt / EBITDA	8.12
Net debt / FCF	14.16
Piotroski F-Score	4
Property, plant and equipment	$7.5B
Shareholders' equity	$-4.5B
Tangible book value	$-7.5B
Tangible book value per share	$-70.67
Total assets	$11.7B
Total cash	$327.1M
Total debt	$15.2B
Total liabilities	$16.3B
WACC	6.69%

Liquidity

Current-asset coverage and working-capital efficiency metrics.

Metric	Value
Asset turnover	0.26
Current ratio	0.17
Net working capital	$-62.5M
Quick ratio	0.12
Working capital	$-3.6B

Dividends and buybacks

Dividend yield, payout, buybacks, and shareholder-yield indicators.

Metric	Value
Buyback yield / dilution	1.25%
Dividend growth	12.76%
Dividend growth (3Y)	14.24%
Dividend growth (5Y)	17.12%
Dividend growth years	6
Dividend payment date	2026-09-17
Dividend payment years	8
Dividend payout frequency	Quarterly
Dividend per share	$5.00
Dividend yield	2.72%
Ex-dividend date	2026-08-20
FCF payout ratio	50.48%
Last dividend	$1.25
Payout ratio	53.85%
Shareholder yield	3.96%

Performance and technicals

Returns, volatility, beta, momentum, RSI, and moving-average context.

Metric	Value
10Y price change	60.52%
10Y return CAGR	5.89%
10Y total return	77.25%
150-day SMA	$190.74
15Y price change	372.3%
15Y return CAGR	11.64%
15Y total return	421.5%
1D price change	0.42%
1M price change	10.78%
1M total return	10.78%
1W price change	1.71%
1W total return	1.71%
1Y price change	-6.71%
1Y return CAGR	-4.33%
1Y total return	-4.33%
20-day SMA	$177.17
200-day SMA	$190.34
20Y price change	580.93%
20Y return CAGR	10.61%
20Y total return	651.86%
3M price change	6.63%
3M total return	7.37%
3Y price change	-9.78%
3Y return CAGR	-1.35%
3Y total return	-4%
50-day SMA	$179.22
50-day SMA vs 200-day SMA	50under200
52-week high	$224.46
52-week high date	2026-04-20
52-week low	$156.60
52-week low date	2026-10-05
5Y price change	-47.32%
5Y return CAGR	-10.54%
5Y total return	-42.71%
6M price change	-14.39%
6M total return	-13.28%
All-time high	$391.15
All-time high date	2021-12-31
All-time low	$0.19
All-time low date	2002-10-14
Average true range (ATR)	$6.72
Average volume	1.2M
Beta (1Y)	0.93
Beta (2Y)	0.36
Beta (5Y)	0.99
Change from 52-week high	-17.57%
Change from 52-week low	18.15%
Change from all-time high	-52.95%
Change from all-time low	96,771.05%
Change from open	2.49%
Day's gap	-2.02%
Dollar volume	$153.2M
High price	$185.20
Low price	$179.42
Monthly RSI	45.79
Open price	$180.52
Position in 52-week range	96.89%
Premarket change	-0.4%
Premarket close	$184.24
Premarket price	$183.51
Previous close	$184.24
Price vs 150-day SMA	-3.5%
Price vs 20-day SMA	3.89%
Price vs 200-day SMA	-3.3%
Price vs 50-day SMA	2.7%
Relative volume	0.71
RSI	56.36
Sharpe ratio	-0.06
Sharpe ratio (3Y)	0.03
Sharpe ratio (5Y)	-0.32
Sortino ratio	0.09
Sortino ratio (3Y)	0.26
Sortino ratio (5Y)	-0.28
Volume	828K
Weekly RSI	48.46
YTD price change	-4.85%
YTD total return	-2.95%

Ownership and float

Institutional, insider, float, short-interest, and share-count fields.

Metric	Value
Float	105.3M
Float percentage	99.25%
Shares change (QoQ)	0.14%
Shares change (YoY)	-1.25%
Shares held by insiders	0.64%
Shares held by institutions	99.89%
Shares outstanding	106.1M
Short % of float	3.23%
Short % of shares	3.21%
Short ratio	3.4 days

Deeper analysis on SBAC

14 sections in the full report · jump straight to what you need

Forecast

Base and Bull forecast paths with report-date return framing.

→

Valuation

Fair-value bridge, DCF, owner earnings, and peer multiples.

→

Sensitivity

Cost-of-equity and terminal-growth stress table.

→

Risks

Kill scenarios, soft-pass flags, and downside catalysts.

→

Earnings

Next earnings setup and beat / inline / miss thresholds.

→

Position sizing

Entry, exit, conviction, and quarterly monitoring rules.

→

Financials

Revenue, margins, cash flow, and balance-sheet context.

→

Peers

Relative valuation and profitability against the cohort.

→

Moat

Economic-profit evidence and competitive advantage risk.

→

Industry cycle

Sector phase, capital cycle, and secular tailwinds.

→

Quote this valuation with its source: Fair value, Potential value and the price at analysis.

Frequently asked questions

About this SBAC report

What is the latest published SBAC stock rating?

SBA Communications Corporation is shown with Reduce in the latest published report, analyzed 2026-10-13. The hub links directly to the full analysis surface where the dated rating, fair-value bridge, risks, and scorecard are documented together.

Where can I read the full SBAC analysis?

The full latest published report, analyzed 2026-10-13, lives at /stocks/SBAC/analysis. The bare ticker page summarizes that read and links to each analysis tab; earlier editions remain under /analysis/archive.

What fair value is used for SBAC?

The latest published report analyzed 2026-10-13 gives SBAC a fair value of USD 148 and a potential value of USD 206. These are dated research outputs, not live market prices; review the valuation assumptions, sensitivity analysis, and material risks before making a decision.

How often is the SBAC page updated?

The hub selects the latest published stock report regardless of age and displays its analysis date (2026-10-13). Separately sourced market data is labeled with its own recorded timestamp and is never inferred from the report.

ReduceSBAC · Fair value $148-19.2%

Read full analysis →

SBA Communications Corporation (SBAC)

Our latest published analysis: SBAC rated Reduce

Price

Financial snapshot

Fair-value bridge

Latest news · SBAC

Valuation

Profitability

Balance sheet

Trading

Base and Bull scenarios

Sensitivity: Ke × terminal growth

Scorecard

Next earnings

Sector percentile context

All SBAC indicators

Profile and market data

Valuation

Profitability

Growth

Financial statements

Financial strength

Liquidity

Dividends and buybacks

Performance and technicals

Ownership and float

Deeper analysis on SBAC

Frequently asked questions

История рейтингов

Category	Score	Reading
Valuation	3.0
Management	6.5
Balance Sheet	3.0
Profitability	6.5
Revenue Growth	4.5
Risk Assessment	4.5
Competitive Moat	8.0
Earnings Quality	6.0
Capital Efficiency	7.5