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SBA Communications Corporation SBAC

Real Estate — Reit Specialty
S&P 500 Member Dividend Champion (5y)
Indexes indicate stock being part of an index ,
Growth Flags show if company had growth for consecutive years

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Insider Decisions

Total sells
0.05
in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — 1 —
Insider Ownership
0.73%

Capital & Financial Ratios

Market Cap
19,220.00
Revenue
2,870.62
Net Income
992.23
Free Cash Flow
1,345.95
Net Debt
12,373.16
Current Ratio
0.17
Debt/Equity
(2.75)
P/E ratio
19.18
P/S ratio
6.60
P/B ratio
0.00
Past 5Y EPS Growth
40.17%
This Y EPS Growth
(21.42%)
Next Y EPS Growth
8.94%
Next 5Y EPS Growth
(1.57%)
in millions of $

Dividends

Payout Ratio
0.67
Annual Dividend Rate
3.40
Annual Dividend Yield
1.59%
total individual payouts
2028 ‡‡‡‡‡
2027 ‡‡‡‡‡
2026 5.00
—
—
—
2025 4.44
—
—
—
—
2024 3.92
—
—
—
—
2023 3.40
—
—
—
—
2022 2.84
—
—
—
—
2021 2.32
—
—
—
—
2020 1.86
—
—
—
—
2019 0.74
—
—
2017 ‡‡‡
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

2023 2024 2025 Q'26
Cash 246.68 1,396.49 432.37 356.06
Receivables 182.75 145.70 171.26 175.98
Inventory — — — —
Other 16.25 19.20 28.15 24.58
484.27 1,978.72 773.43 744.77
2023 2024 2025 Q'26
Payables 42.20 59.55 73.03 70.06
ST’ Debt 643.15 1,187.91 1,935.80 3,578.56
Other 18.66 17.93 94.01 69.08
1,363.26 1,797.94 2,678.30 4,336.65
in millions of $

Compound Annual Growth

10y 5y 3y
Sales ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Cash Flow ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings ‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Book Value ‡‡‡ ‡‡‡ ‡‡‡

Revenue

Mar Jun Sep Dec Year
’26 703.44 715.27 — —
—
’25 664.25 698.98 732.33 719.58
2,815.14
’24 657.86 660.48 667.60 693.70
2,679.63
’23 675.52 678.50 682.54 675.02
2,711.58
’22 619.77 652.01 675.58 686.09
2,633.45
’21 548.74 575.53 589.31 595.26
2,308.83
’20 517.07 507.23 522.94 535.90
2,083.14
in millions of $

Operating Cash Flow

Mar Jun Sep Dec Year
’26 255.09 407.18 — —
—
’25 301.18 368.10 318.03 304.03
1,291.33
’24 294.45 425.59 304.65 310.17
1,334.87
’23 311.17 486.93 313.68 432.61
1,544.39
’22 292.48 372.12 332.47 288.63
1,285.70
’21 285.50 352.78 253.05 298.57
1,189.90
’20 277.74 314.68 290.49 243.13
1,126.03
in millions of $

Free Cash Flow

Mar Jun Sep Dec Year
’26 208.86 347.63 — —
—
’25 295.43 312.27 258.07 531.38
1,397.16
’24 236.58 375.62 239.90 254.95
1,107.05
’23 262.03 423.49 252.29 373.61
1,311.41
’22 254.47 319.15 275.09 222.54
1,071.26
’21 260.96 321.95 218.02 255.28
1,056.20
’20 238.45 286.99 262.10 209.93
997.47
in millions of $

EPS

Mar Jun Sep Dec Year
’26 1.74 1.87 — —
—
’25 1.77 2.09 2.20 3.47
9.80
’24 1.42 1.51 2.40 1.61
6.94
’23 0.93 1.87 0.80 1.01
4.61
’22 1.72 0.64 0.91 0.94
4.22
’21 (0.11) 1.37 0.43 0.44
2.14
’20 (1.14) 0.20 0.20 0.94
0.21

Target Price Range

High
‡‡‡‡‡
‡‡‡‡‡
Average
‡‡‡‡‡
‡‡‡‡‡
Low
‡‡‡‡‡
‡‡‡‡‡

Recommendation Rating

2
1
Buy
2
3
Hold
4
5
Sell
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 236.20 185.23 183.64 185.13 — — —
Low Price
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 389.02 312.34 255.90 245.16 — — —
High Price
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1,834 1,787 1,720 1,844 — — —
Employees
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1.44 1.52 1.56 1.53 — — —
Revenue/Emp
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2,633.45 2,711.58 2,679.63 2,815.14 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 74.61% 77.41% 78.29% 75.46% — — —
Gross Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 525.84 548.50 772.67 1,242.04 — — —
EBT
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 19.97% 20.23% 28.83% 44.12% ‡‡‡ ‡‡‡ ‡‡‡
EBT Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 459.80 497.42 748.68 1,054.46 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Net Income
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 727.41 736.58 290.78 314.15 — — —
Depreciation
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 24.39 25.06 24.89 26.26 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue/Sh
‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡ ‡‡‡‡ ‡‡‡‡ 4.27 4.64 6.96 9.83 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 11.91 14.27 12.40 12.05 ‡‡‡‡ — —
Cash Flow/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (1.99) (2.15) (2.12) 0.99 ‡‡‡ ‡‡‡ ‡‡‡
Capex/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 9.92 12.12 10.28 13.03 — — —
Free CF/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (48.87) (47.79) (47.47) (45.27) ‡‡‡‡‡ — —
Book Value/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 107.96 108.20 107.64 107.21 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Shares
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 65.83 54.95 29.24 20.21 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
PE Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 11.55 10.17 8.19 7.37 ‡‡‡ ‡‡‡ ‡‡‡
PS Ratio
‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ ‡‡‡ 0.00 0.00 0.00 0.00 ‡‡‡ ‡‡‡ ‡‡‡
PB Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 16.37 14.63 12.74 11.80 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
EV/Sales
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 40.23 30.25 30.83 23.77 — — —
EV/FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1,285.70 1,544.39 1,334.87 1,291.33 ‡‡‡ ‡‡‡ ‡‡‡
Op' Cash Flow
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (214.44) (232.98) (227.82) 105.83 ‡‡‡‡‡ ‡‡‡‡‡ —
Capex
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1,071.26 1,311.41 1,107.05 1,397.16 ‡‡‡‡‡ — —
FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (214.03) (878.99) 180.78 (1,904.87) — — —
Working Cap'
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 12,868.16 12,324.32 13,591.74 12,900.27 — — —
Total Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 12,682.49 12,077.64 12,195.25 12,467.90 — — —
Net Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (5,276.31) (5,170.88) (5,109.94) (4,853.52) — — —
Sh' Equity
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 4.53% 4.83% 6.94% 9.17% — — —
ROA
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 7.81% 8.36% 12.66% 11.02% — — —
ROIC
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (8.74%) (9.61%) (14.58%) (21.15%) — — —
ROE
predictions in italic, sparklines do not include predictions

Analyst Commentary (Summary)

SBA Communications (SBAC), a tower REIT powerhouse, has delivered impressive growth amid the 5G boom, scaling revenue from $1.63 billion in 2016 to $2.68 billion in 2024 (6% CAGR) through carrier leases, mergers like Sprint-T-Mobile, and accretive buys. Fundamentals shine with revenue per share doubling to $24.89, gross margins at 78%, EBT margins exploding to 28.8%, and ROIC doubling to 12.7%, fueled by efficient operations and predictable escalators—yet the stock cratered from 390 highs in 2021 to 183 lows in 2024 as rates spiked, hammering leveraged REITs.

Cash flow remains a fortress, with FCF at $1.11 billion (41% of revenue) supporting dividends and buybacks despite $13.6 billion debt and negative equity—a REIT norm. Insider sells signal caution amid no buys, but valuations tempt: trading at 14% below analyst targets, 21x forward PE, and EV/Sales of 12x, with 5% revenue growth eyed for 2025 and potential 20%+ rerating if rates fall.

Tailwinds like AI edge computing and domestic 5G sourcing clash with risks from carrier capex cuts and high interest ($800M annually), making SBAC a high-conviction macro bet on digital infrastructure—worth monitoring through Fed cycles.

Read full commentary →

SBA Communications Corporation (SBAC) Latest News

News by impact score

Fine-tune

10 Sep

4 247wallst.com, 9:45 AM
Wells Fargo analyst forecasts SpaceX Wireless will crush carriers while tower REITs like SBAC quietly profit from infrastructure demand. SpaceX wireless entry signals major shift boosting tower REIT infrastructure needs and SBAC positioning.

7 Sep

3 , 1:51 AM
SBA Communications earns investment grade rating despite sliding profits. Investment grade status aids financing options while declining profits indicate ongoing margin pressure.

3 Sep

3 , 8:14 AM
SBAC shares may trade 19 percent below fair value amid expected spectrum growth benefits. Spectrum growth prospects point to noticeable but limited effects on SBAC valuation and performance.

10 Aug

3 transcript www.fool.com, 9:31 PM
SBA Communications (SBAC) released its Q2 2026 earnings call transcript covering financial results, operational metrics, and forward guidance. Quarterly earnings call delivers standard updates on results and outlook with moderate but not transformative effect on trajectory.

5 Aug

3 , 6:13 PM
SBA Communications reported mixed Q2 results paired with capital returns, which may shift the prior bullish outlook on the company's performance and trajectory. Mixed quarterly results and capital returns create moderate uncertainty around SBAC financial performance and investor sentiment without indicating a fundamental shift.

4 Aug

4 transcript , 9:04 PM
SBAC posted solid FFO growth in Q2 2026 earnings call alongside strategic initiatives. Solid FFO growth and strategic moves signal stronger financial trajectory and investor appeal.

3 , 2:16 PM
SBAC beat Q2 FFO estimates driven by strength in international leasing. Q2 FFO beat from international leasing signals moderate positive effect on near-term results without altering core trajectory.

3 app.moby.co, 8:30 AM
SBA Communications Corporation held its Q2 2026 earnings call covering financial results, operational updates and forward guidance. Quarterly earnings data and guidance influence near-term sentiment and valuation without indicating major strategic overhaul.

3 Aug

3 www.marketbeat.com, 7:03 PM
SBA Communications Q2 earnings call highlights financial performance and operational developments. Q2 earnings updates can moderately shift investor views on financial trajectory.

3 , 7:00 PM
SBA Communications Q2 earnings key metrics are examined revealing details on financial and operational performance. Q2 earnings metrics analysis provides moderate insight into SBAC financial results likely influencing short-term investor sentiment.

3 , 5:20 PM
SBA Communications (SBAC) surpassed Q2 FFO and revenue estimates. Quarterly earnings beats commonly drive short-term stock gains without reshaping long-term strategy.

3 , 4:04 PM
SBA Communications Corporation reported second quarter 2026 results, updated its full year 2026 outlook, and declared a quarterly cash dividend. Quarterly results and outlook revision directly shape near-term financial performance expectations.

16 May

4 Simply Wall St., 8:18 PM
SBA Communications is exploring a potential sale amid a valuation standoff that challenges its tower infrastructure strategy and long-term outlook. Weighing a sale constitutes a major strategic move that could significantly reshape SBA Communications trajectory and investor sentiment.

12 May

4 Insider Monkey, 7:47 PM
SBA Communications (SBAC) has entered the M&A conversation amid speculation of potential mergers or acquisitions. Entering M&A discussions represents a major strategic move that could significantly alter SBAC's trajectory and investor sentiment.

30 Apr

4 Simply Wall St., 10:08 PM
SBA Communications Corporation (SBAC) hiked its dividend and upgraded its 2026 outlook, likely drawing positive investor reactions amid expectations of stronger growth and financial stability. Dividend hike and upgraded 2026 outlook signal robust financial confidence and growth potential, significantly impacting investor sentiment and stock trajectory.

4 , 1:38 PM
SBA Communications Corporation (SBAC) Q1 FFO and revenues beat estimates due to higher leasing revenue. Q1 FFO and revenue beats on core leasing revenue indicate strong financial health and demand for infrastructure, likely boosting investor sentiment and stock trajectory.

4 transcript www.fool.com, 10:24 AM
SBA Communications (SBAC) Q1 2026 earnings call transcript covers quarterly financial results, operational updates, portfolio activity, and forward-looking guidance. Q1 2026 earnings transcript discloses key financial metrics, leasing activity, and guidance that significantly shape SBAC's valuation and investor expectations.

4 GuruFocus.com, 3:18 AM
SBA Communications Corp (SBAC) Q1 2026 earnings call highlights strong performance, boosting future outlook and investor confidence. Strong Q1 2026 earnings results signal significant positive impact on SBAC's financial trajectory and market sentiment.

3 app.moby.co, 8:30 AM
SBA Communications Corporation released Q1 2026 earnings call summary, detailing financial results, AFFO growth, tower additions, leasing activity, and outlook amid macroeconomic challenges. Quarterly earnings summary affects financial performance and market sentiment moderately but remains balanced by ongoing operations.

29 Apr

4 www.marketbeat.com, 9:36 PM
SBA Communications reported Q1 revenue of $655.3 million, flat year-over-year, with AFFO per share at $3.13 beating estimates. Domestic cash site leasing revenue rose 5.1% to $380.4 million, international up 2.8%. Executed 96 new leases and amendments, cash leasing backlog hit record $10.8 billion. Raised 2024 AFFO guidance to $12.35-$12.65 per share. Earnings exceeded expectations with raised full-year AFFO guidance, signaling strong operational momentum and positive market outlook.

4 Zacks, 6:00 PM
SBA Communications (SBAC) Q1 earnings key metrics compared to estimates. Q1 earnings metrics versus estimates can significantly sway investor sentiment and SBAC's stock trajectory.

4 Business Wire, 4:01 PM
SBA Communications Corporation reported first quarter 2026 results, updated its full year 2026 outlook, and declared a quarterly cash dividend. Quarterly results, full-year outlook update, and dividend declaration significantly affect financial performance, investor sentiment, and stock trajectory.

3 Zacks, 5:10 PM
SBA Communications (SBAC) Q1 FFO and revenues beat analyst estimates. Q1 FFO and revenue beats positively affect financial performance and market sentiment but do not fundamentally alter long-term trajectory.

20 Apr

4 247wallst.com, 9:02 AM
Retirees chase high-yield 'dividend dog' REITs like SBA Communications (SBAC) as sector consolidation accelerates, boosting demand for stable dividend payers amid mergers and market shifts. REIT consolidation acceleration and retiree pursuit of high-dividend stocks like SBAC drive significant positive shifts in investor sentiment and competitive dynamics.

16 Apr

4 Insider Monkey, 3:27 AM
SBA Communications (SBAC) is attracting renewed buyout interest amid speculation of potential acquisition by larger players in the tower industry. Renewed buyout speculation represents a major strategic shift capable of transforming SBAC's ownership, valuation, and market position.

15 Apr

4 , 10:06 AM
SBA Communications (SBAC) Q1 2026 results reveal profit pressure, potentially recasting the company's earnings narrative and raising concerns about future profitability. Profit pressure in Q1 2026 earnings signals major shifts in SBAC's financial trajectory and investor sentiment.

9 Apr

5 Barrons.com, 11:10 AM
SBA Communications (SBAC) stock surges on reports of buyout interest from potential acquirers, sparking analysis of implications for tower stocks amid sector consolidation trends. Buyout interest threatens to fundamentally redefine SBAC's ownership, strategy, and long-term prospects through potential acquisition.

6 Apr

3 Zacks, 9:22 AM
SBA Communications (SBAC) stock surged 18.9%, sparking debate on whether the rally will persist amid questions of sustained momentum. SBAC's 18.9% stock jump signals moderately noticeable short-term market enthusiasm with potential to influence investor sentiment but limited long-term certainty.

3 Apr

5 GuruFocus.com, 1:08 PM
SBA Communications explores potential sale after receiving takeover interest from bidders, causing shares to jump 18.93%. Takeover interest and sale exploration represent a potential transformative ownership change that could redefine SBAC's competitive position and long-term prospects.

3 Barrons.com, 1:44 PM
SBA Communications (SBAC) stock surged significantly, suddenly gaining intense investor interest from positive catalysts. Major stock rally signals moderately noticeable short-term boost to market sentiment and performance.
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