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SBA Communications Corporation

SBAC Real Estate Reit Specialty

SBA Communications Corporation’s revenue for fiscal 2025 (year ended December 2025) was $2.8 billion, up 5.06% from fiscal 2024.

Revenue
−2.51%
EPS
−0.27%
Free cash flow
+28.6%
Total debt
+1.50%

Quarter to September 2026, against a year earlier

190.33 2.75 −1.42%
Market cap
$20.2B
P/E
20.8×
Fwd P/E
24.3×
Dividend yield
2.51%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

SBA Communications Corporation (SBAC) valuation and DCF model

What the price implies · reverse DCF

At $190.33 the price implies FFO a share growing 1.0% a year for ten years.

FFO a share grew 9.6% a year over the last ten years, 15.0% over the last five. The price asks for less than its ten-year rate. The industry’s median company is priced for 4.1%.

In December 2017 the price assumed 9.4% a year; SBA Communications Corporation went on to grow FFO a share 10.1% a year to FY2025.

FFO a share is worked out from SBA Communications Corporation’s 10-Ks and 10-Qs: net income, plus the depreciation of its property and impairments, less gains on property sales.

Price implies
1.0%
Last 5 years, reported
15.0%
Last 10 years, reported
9.6%
Industry median implies
4.1%

The headline discounts the last twelve months’ FFO a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
1.0% a year for ten years
$190.33
today’s price
Its base case
9.6% a year for five years, then 5.8%
$320.61
68.5% above today’s price

Both are growth in FFO a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record SBA Communications Corporation’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · FFO a share
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in FFO a share. It usually slows as the company matures.

Today’s price implies FFO a share growing 1.0% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against SBA Communications Corporation’s own cost of capital: risk-free 4.3% + beta 0.97 × equity premium 4.5% = 8.7% cost of equity; weighted, 8.7%.

Use 8.7%
Base case value per share $320.61 ten years discounted, and what follows
Current price $190.33 market price per share
Above today’s price 68.5% upside at the base case’s assumptions

How we got there$132.23 10 years of FFO+$188.38 terminal value=$320.61 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Reit Specialty).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 20.79× 38.09× 241.62× 91% below 27.75× 25% below
P/FCF 15.00× 19.82× 25.94× 42% below 19.50× 23% below
EV/EBITDA 19.22× 21.80× 24.66× 22% below 17.39× 11% above
EV/Sales 11.52× 13.41× 16.11× 28% below 8.49× 36% above
P/FFO 14.08× 18.76× 26.14× 46% below — —
P/E P/FCF EV/EBITDA EV/Sales P/FFO
17.23×24.39×31.55×38.70×10Y avg 25.94×2017201820192020202120222023202420252026

SBAC trades at 15.00× P/FCF, against a 10-year average of 25.94× (range 14.84×–40.27×). That is cheaper than 89% of the last 9 year-end readings; re-rating to the average implies $329.18 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.