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SBA Communications (SBAC) stock

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NASDAQ: SBAC Nasdaq Telecom Tower REITs Next results ~February 25, 2027

C Fundamentals grade

SBA Communications is a US-listed company in the telecom tower REITs industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$190

Valuation models combined (2)

Base case. Range ~$95–$230. Weighted average of 2 models (funds-from-operations model, dividend discount (growing dividend)), the funds-from-operations model counting double.

Price vs value

No Buy/Hold/Sell rating is issued: only 2 valuation models apply; a rating needs 3.

SBA Communications valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter SBA Communications files

Where SBA Communications stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.87bn, up 5.4% on a year earlier, slower than 6.3% a quarter earlier. Our valuation models combined value is $177 a share, against a share price of $184.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 25, 2027 (estimated)

SBA Communications's trailing-twelve-month revenue grew 5.4% year on year, with a free-cash-flow margin of 36.1%. Where it stands out: net margin of 34.5% ranks 24 of 167 real estate companies we cover. Where it lags: long-term debt as % of assets of 77.9% ranks 121 of 129 real estate companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 293.7% while net income grew 12.7%: a 281pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 47.6% of revenue is left as operating profit, against a median of 14.8% for real estate companies we cover.
  • Strong cash generation. 36.1% of revenue turned into free cash flow.
  • Shrinking share count. Diluted shares fell 1.2% in a year, so each share owns more of the business.

Things to watch

  • Margins narrowing. Operating margin is down 4.8 points on a year ago.
  • High debt. Long-term debt exceeds cash by $8.8bn, more than 1.5 times annual revenue.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 77.9% ranks 121 of 129 real estate companies we cover (median 42.4%).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 3 of the last four quarters.

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$2.19 against an average estimate of $2.10: beat by 4.4%
Revenue
$715m, up 2.3% on a year earlier
Share reaction
+3.8% in the first session after the results on August 3, 2026, against +3.3% for the S&P 500
Guidance given
site leasing revenue $2,651m to $2,676m (Full Year 2026); site development revenue $190m to $210m (Full Year 2026)
Next report
November 2, 2026; average EPS estimate $2.00

SBA Communications' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-1.2%
  • 1 week-0.6%
  • 1 month+16.6%
  • This year-2.5%
  • 1 year-1.0%
  • 5 years-42.9%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2.9B
Operating margin
47.6%
Net margin
34.5%
EPS (TTM, diluted)
$9.29

Growth

Revenue growth
+5.4%
Change in growth rate
−0.9 pts
Share count change
−1.2%

Earnings

Last results
November 2, 2026
Next results (est.)
February 25, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Announcement
  3. Financing
  4. Announcement
  5. Announcement
  6. Announcement
  7. Results
  8. Guidance
  9. Agreement
  10. Announcement
  11. Announcement
  12. Agreement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

SBA Communications valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: only 2 valuation models apply; a rating needs 3.

Valuation models

We value SBA Communications as an equity reit, with every model that fits that kind of business. Cost of equity 7.6%: the 10-year Treasury yield (4.9%) plus a beta of 0.6 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Funds-from-operations model Funds from operations growing 2.5% a year, discounted at 8%. ~$230 ~$190–$280 Primary model, counts double
Price-to-FFO vs peers Funds from operations per share times peers' typical (harmonic-mean) price-to-FFO. ~$4.4 ~$100–$220 Left out: out of range vs price (0.02x)
Dividend discount (growing dividend) Today's dividend growing 2.5% a year, discounted at the cost of equity. ~$95 ~$79–$120 Included
Combined value Weighted average of the models that apply: the primary model (funds-from-operations model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$190 ~$95–$230 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare SBA Communications with equity REITs in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

97 /100

Strong moat

How hard SBA Communications's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 15.7% of total assets over 10 years.

  • Pricing power 20 / 20

    Gross margin has been a median 75.5%, moving by 1.3 percentage points (standard deviation) across 10 years.

  • Durability 20 / 20

    Operating margin has been a median 33.4%; its worst year was 26.1%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 35.3% of revenue.

  • Discipline 17 / 20

    The diluted share count fell 5.0% over five years; stock-based pay has been a median 3.1% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $7.73 −21% $2.9bn +2%
Next $8.07 +4% $2.9bn +3%

Next year's EPS estimate has moved −0.3% in 90 days, across 10 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +2.5% on 90 days ago. In the last 30 days, 0 analysts raised SBA Communications's forecast and 1 cut it.

Consensus EPS forecast SBA Communications, last 90 days
$7.40 $7.60 $7.80 $8.00 $8.20 $8.40 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $7.54 Current fiscal year, 60 days ago: $7.72 Current fiscal year, 30 days ago: $7.71 Current fiscal year, 7 days ago: $7.73 Current fiscal year, Now: $7.73 $7.73 Next fiscal year, 90 days ago: $8.09 Next fiscal year, 60 days ago: $8.21 Next fiscal year, 30 days ago: $8.18 Next fiscal year, 7 days ago: $8.07 Next fiscal year, Now: $8.07 $8.07

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $7.54$8.09
60 days ago $7.72$8.21
30 days ago $7.71$8.18
7 days ago $7.73$8.07
Now $7.73$8.07

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $2.10 $2.19 +4.4%
Jun 2026 $1.89 $1.87 −1.2%
Mar 2026 $1.74 $1.74 −0.3%
Dec 2025 $4.05 $3.47 −14.3%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 3, 2026
  • Total revenues Full Year 2026 $2,841m to $2,886m
    “Total revenues $ 2,841.0 to $ 2,886.0 $ 2.0 $ 3.0” source
  • Net income per share Full Year 2026 $7.41 to $7.91 GAAP
    “Net income $ 788.0 to $ 841.0 $ 7.41 to $ 7.91” source
  • Site leasing revenue Full Year 2026 $2,651m to $2,676m
    “Site leasing revenue $ 2,651.0 to $ 2,676.0 $ 2.0 $ 3.0” source
  • Site development revenue Full Year 2026 $190m to $210m
    “Site development revenue $ 190.0 to $ 210.0 $ - $ -” source
  • Tower Cash Flow Full Year 2026 $2,091m to $2,111m Non-GAAP
    “Tower Cash Flow (1) $ 2,091.0 to $ 2,111.0 $ (1.0 ) $ -” source
  • Adjusted EBITDA Full Year 2026 $1,920m to $1,940m Non-GAAP
    “Adjusted EBITDA (1) $ 1,920.0 to $ 1,940.0 $ (1.0 ) $ -” source
Show 10 more items
  • Net cash interest expense Full Year 2026 $490m to $498m
    “Net cash interest expense (2)(3) $ 490.0 to $ 498.0 $ (2.0 ) $ (2.0 )” source
  • Non-discretionary cash capital expenditures Full Year 2026 $65m to $75m
    “Non-discretionary cash capital expenditures (4) $ 65.0 to $ 75.0 $ (2.0 ) $ (2.0 )” source
  • AFFO Full Year 2026 $1,270m to $1,318m Non-GAAP
    “AFFO (1) $ 1,270.0 to $ 1,318.0 $ 1.0 $ 2.0” source
  • AFFO per share Full Year 2026 $11.95 to $12.40 Non-GAAP
    “AFFO per share (1) (5) $ 11.95 to $ 12.40 $ 0.02 $ 0.03” source
  • Discretionary cash capital expenditures Full Year 2026 $455m to $475m
    “Discretionary cash capital expenditures (6) $ 455.0 to $ 475.0 $ 25.0 $ 25.0” source
  • Domestic Total Site Leasing Revenue · Domestic site leasing 2026 $1,813m to $1,827m
    “2026 Total Site Leasing Revenue $ 2,651 to $ 2,676 $ 1,813 to $ 1,827 $ 838 to $ 849” source
  • International Total Site Leasing Revenue · International site leasing 2026 $838m to $849m
    “2026 Total Site Leasing Revenue $ 2,651 to $ 2,676 $ 1,813 to $ 1,827 $ 838 to $ 849” source
  • Net income Full Year 2026 $788m to $841m GAAP
    “Net income $ 788.0 to $ 841.0” source
  • FFO Full Year 2026 $1,212m to $1,255m Non-GAAP
    “FFO $ 1,211.5 to $ 1,254.5 $ 11.40 to $ 11.80” source
  • FFO per share Full Year 2026 $11.40 to $11.80 Non-GAAP
    “FFO $ 1,211.5 to $ 1,254.5 $ 11.40 to $ 11.80” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

21 analysts, Nov 2026
Buy1152%
Hold1048%
Sell00%

Monthly trend

  1. Nov 2026471021
  2. Oct 2026381021
  3. Sep 2026471021

Counts of recommendations published by analysts covering SBA Communications, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
4.4%
of tradable shares
Days to cover
3.34
at average volume
Short interest, 1 month
−10%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.8%
of shares
Employees
1,844
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months −1.0%

$186.71 on October 31, 2025 to $184.86

ThenNowEffect
Revenue (last 12 months) $2.7bn $2.9bn +5.4%
Net margin 32.3% 34.5% +7.0%
P/E multiple 22.9x 19.9x −13.3%
Share count 108m 107m +1.3%

Biggest factor: p/e multiple.

Last 3 years −13.4%

$213.41 on November 3, 2023 to $184.86

ThenNowEffect
Revenue (last 12 months) $2.7bn $2.9bn +5.7%
Net margin 18.7% 34.5% +84.4%
P/E multiple 45.9x 19.9x −56.6%
Share count 109m 107m +2.4%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
SBAC+39%−27%−8%−18%−3%−3%
Industry peers (median)——————
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
SBAC58%33%58%42%42%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
SBAC−16%−37%−38%−27%−22%−29%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 3, 2015: 56% from December 31, 2021 to October 1, 2026. Getting back needed a 127% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$158.02 – $220.88
From 52-week high
−16.3%
vs 50-day average
+3.0%
vs 200-day average
−1.9%
Volatility (1 year)
36%
Beta vs S&P 500
0.12

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 4 down
typical move ±3.8%
After a week
5 up, 6 down
typical move ±3.0%
After a month
5 up, 6 down
typical move ±5.7%
Results releasedNext dayS&P 500 next day5 days21 days
August 3, 2026 +3.8% +3.3% 0.0% +5.0%
April 29, 2026 +1.7% +1.0% +0.4% −6.1%
February 26, 2026 +2.0% −1.0% −0.8% −14.7%
November 3, 2025 +2.5% −1.0% +4.1% −1.6%
August 4, 2025 −4.1% +1.0% −4.1% −12.4%
April 28, 2025 +7.4% +0.7% +8.9% +3.6%
February 24, 2025 +2.9% −1.0% +4.0% +1.1%
October 28, 2024 −4.2% +0.5% −5.4% −5.9%
July 29, 2024 +1.5% −0.4% +3.0% +6.9%
April 29, 2024 −5.2% −1.2% −1.9% −4.5%
February 26, 2024 −6.1% −0.2% −0.4% +1.0%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

SBA Communications in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) SBA Communications
$2.6B $2.7B $2.8B $2.9B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $2.7B Revenue (TTM), FY23 Q4: $2.7B Revenue (TTM), FY24 Q1: $2.7B Revenue (TTM), FY24 Q2: $2.7B Revenue (TTM), FY24 Q3: $2.7B Revenue (TTM), FY24 Q4: $2.7B Revenue (TTM), FY25 Q1: $2.7B Revenue (TTM), FY25 Q2: $2.7B Revenue (TTM), FY25 Q3: $2.8B Revenue (TTM), FY25 Q4: $2.8B Revenue (TTM), FY26 Q1: $2.9B Revenue (TTM), FY26 Q2: $2.9B $2.9B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $2.7B
FY23 Q4 $2.7B
FY24 Q1 $2.7B
FY24 Q2 $2.7B
FY24 Q3 $2.7B
FY24 Q4 $2.7B
FY25 Q1 $2.7B
FY25 Q2 $2.7B
FY25 Q3 $2.8B
FY25 Q4 $2.8B
FY26 Q1 $2.9B
FY26 Q2 $2.9B
Revenue growth, TTM YoY SBA Communications
-5% 0% 5% 10% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 7.1% Revenue growth, TTM YoY, FY23 Q4: 3.0% Revenue growth, TTM YoY, FY24 Q1: 0.2% Revenue growth, TTM YoY, FY24 Q2: -1.5% Revenue growth, TTM YoY, FY24 Q3: -2.3% Revenue growth, TTM YoY, FY24 Q4: -1.2% Revenue growth, TTM YoY, FY25 Q1: -0.3% Revenue growth, TTM YoY, FY25 Q2: 1.8% Revenue growth, TTM YoY, FY25 Q3: 4.8% Revenue growth, TTM YoY, FY25 Q4: 5.1% Revenue growth, TTM YoY, FY26 Q1: 6.3% Revenue growth, TTM YoY, FY26 Q2: 5.4% 5.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 7.1%
FY23 Q4 3.0%
FY24 Q1 0.2%
FY24 Q2 -1.5%
FY24 Q3 -2.3%
FY24 Q4 -1.2%
FY25 Q1 -0.3%
FY25 Q2 1.8%
FY25 Q3 4.8%
FY25 Q4 5.1%
FY26 Q1 6.3%
FY26 Q2 5.4%
Operating margin (TTM) SBA Communications
30% 35% 40% 45% 50% 55% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 34.8% Operating margin (TTM), FY23 Q4: 34.1% Operating margin (TTM), FY24 Q1: 38.0% Operating margin (TTM), FY24 Q2: 42.5% Operating margin (TTM), FY24 Q3: 47.5% Operating margin (TTM), FY24 Q4: 53.6% Operating margin (TTM), FY25 Q1: 53.9% Operating margin (TTM), FY25 Q2: 52.4% Operating margin (TTM), FY25 Q3: 51.1% Operating margin (TTM), FY25 Q4: 47.7% Operating margin (TTM), FY26 Q1: 47.3% Operating margin (TTM), FY26 Q2: 47.6% 47.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 34.8%
FY23 Q4 34.1%
FY24 Q1 38.0%
FY24 Q2 42.5%
FY24 Q3 47.5%
FY24 Q4 53.6%
FY25 Q1 53.9%
FY25 Q2 52.4%
FY25 Q3 51.1%
FY25 Q4 47.7%
FY26 Q1 47.3%
FY26 Q2 47.6%
FCF margin (TTM) SBA Communications
0% 20% 40% 60% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 39.9% FCF margin (TTM), FY23 Q4: 45.5% FCF margin (TTM), FY24 Q1: 44.8% FCF margin (TTM), FY24 Q2: 42.6% FCF margin (TTM), FY24 Q3: 36.6% FCF margin (TTM), FY24 Q4: 32.0% FCF margin (TTM), FY25 Q1: 32.6% FCF margin (TTM), FY25 Q2: 9.7% FCF margin (TTM), FY25 Q3: 17.0% FCF margin (TTM), FY25 Q4: 16.4% FCF margin (TTM), FY26 Q1: 14.5% FCF margin (TTM), FY26 Q2: 36.1% 36.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 39.9%
FY23 Q4 45.5%
FY24 Q1 44.8%
FY24 Q2 42.6%
FY24 Q3 36.6%
FY24 Q4 32.0%
FY25 Q1 32.6%
FY25 Q2 9.7%
FY25 Q3 17.0%
FY25 Q4 16.4%
FY26 Q1 14.5%
FY26 Q2 36.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 0.6 0.6 0.7 1.0 1.3 1.5 1.6 1.6 1.7 1.9 2.0 2.1 2.3 2.6 2.7 2.7 2.8 2.9
Gross profit 0.6 0.6 0.7 0.7 0.9 1.1 1.2 1.2 1.3 1.4 1.5 1.6 1.8 2.0 2.1 2.1 2.1 2.2
EBITDA 0.3 0.4 0.4 0.6 0.8 1.0 1.0 1.0 1.1 1.2 1.3 1.4 1.5 1.6 1.6 1.7 1.6 1.7
Operating income 0.1 0.1 0.1 0.1 0.2 0.3 0.3 0.4 0.5 0.5 0.6 0.6 0.8 0.9 0.9 1.4 1.3 1.4
Net income −0.1 −0.2 −0.1 −0.2 −0.1 −0.0 −0.2 0.1 0.1 0.0 0.1 0.0 0.2 0.5 0.5 0.7 1.1 1.0
Diluted EPS −$1.20 −$1.68 −$1.14 −$1.51 −$0.44 −$0.19 −$1.37 $0.61 $0.86 $0.41 $1.28 $0.21 $2.14 $4.22 $4.61 $6.94 $9.80 $9.29
Growth (year on year)
Revenue +17.0% +12.8% +11.4% +36.7% +36.8% +17.0% +7.3% −0.3% +5.8% +8.0% +8.0% +3.4% +10.8% +14.1% +3.0% −1.2% +5.1% +5.4%
EBITDA +22.0% +12.6% +18.9% +32.4% +37.3% +26.3% +0.9% +5.5% +7.4% +10.4% +5.3% +5.9% +9.4% +10.1% +0.4% +4.0% −4.1% −0.2%
Operating income +20.6% +35.2% +49.0% +33.0% +56.1% +46.5% −7.2% +24.0% +18.4% +18.7% +7.2% +8.6% +23.5% +18.3% −0.2% +55.4% −6.5% −4.2%
Net income — — — — — — — — +36.0% −54.2% +209.8% −83.6% — +94.2% +8.8% +49.4% +40.6% +12.7%
Diluted EPS — — — — — — — — +41.0% −52.3% +212.2% −83.6% — +97.2% +9.2% +50.5% +41.2% +14.2%
Margins
Gross margin 100.0% 100.0% 100.0% 70.7% 68.7% 71.9% 72.9% 74.2% 74.2% 74.9% 75.5% 77.1% 76.4% 74.6% 77.4% 78.3% 75.5% 75.2%
EBITDA margin 56.4% 56.3% 60.1% 58.2% 58.5% 63.1% 59.4% 62.8% 63.8% 65.2% 63.6% 65.1% 64.2% 62.0% 60.5% 63.6% 58.1% 58.8%
Operating margin 9.9% 11.9% 15.8% 15.4% 17.6% 22.0% 19.1% 23.7% 26.5% 29.2% 29.0% 30.4% 33.9% 35.1% 34.1% 53.6% 47.7% 47.6%
Net margin −25.4% −31.1% −18.1% −19.0% −4.3% −1.6% −10.7% 4.7% 6.0% 2.5% 7.3% 1.2% 10.3% 17.5% 18.5% 28.0% 37.4% 34.5%
Free-cash-flow margin 31.7% 21.5% 17.5% 23.9% 25.2% 30.3% 31.4% 36.9% 38.9% 37.6% 40.5% 47.9% 45.7% 40.7% 48.2% 41.3% 37.9% 36.1%
Cash flow
Cash from operations 0.2 0.2 0.2 0.3 0.5 0.7 0.7 0.7 0.8 0.9 1.0 1.1 1.2 1.3 1.5 1.3 1.3 1.3
Capital spending 0.0 0.1 0.1 0.1 0.2 0.2 0.2 0.1 0.1 0.1 0.2 0.1 0.1 0.2 0.2 0.2 0.2 0.2
Free cash flow 0.2 0.1 0.1 0.2 0.3 0.5 0.5 0.6 0.7 0.7 0.8 1.0 1.1 1.1 1.3 1.1 1.1 1.0
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.1
Free cash flow after stock pay 0.2 0.1 0.1 0.2 0.3 0.4 0.5 0.6 0.6 0.7 0.7 0.9 1.0 1.0 1.2 1.0 1.0 1.0
Balance sheet
Cash 0.2 0.1 0.0 0.2 0.1 0.0 0.1 0.1 0.1 0.1 0.1 0.3 0.4 0.1 0.2 0.2 0.3 0.3
Total debt 2.5 2.8 3.4 5.4 5.9 7.9 8.6 8.9 9.4 10.0 10.4 11.1 12.3 12.9 12.3 13.6 12.9 12.7
Net debt (negative = net cash) 2.3 2.8 3.3 5.1 5.8 7.8 8.4 8.7 9.3 9.9 10.3 10.8 11.9 12.7 12.1 13.4 12.6 12.4
Diluted shares — — 112m 120m 128m 129m 128m 125m 121m 117m 115m 113m 111m 109m 109m 108m 108m 107m
Returned to shareholders
Dividends — — — — — — — — — — 0.1 0.2 0.3 0.3 0.4 0.4 0.5 0.5
Buybacks 0.1 0.1 0.2 — — — 0.5 0.5 0.9 0.8 0.5 0.9 0.6 0.4 0.1 0.2 0.5 —
Total returned 0.1 0.1 0.2 — — — 0.5 0.5 0.9 0.8 0.6 1.1 0.8 0.7 0.5 0.6 1.0 0.5

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Dividends, buybacks and capital spending

Dividends (TTM)
$505M
Buybacks, last 3 fiscal years
$798M
Diluted share count
−1.2%
year over year
Total shareholder yield
2.6%
dividends 2.6% + buybacks 0.0% of market value
Dividend payout ratio
51%
of net income paid out
Sales & admin spending
10.0%
of revenue
Days sales outstanding
22 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in telecom tower reits
Last 12 months unless stated SBAC CCI AMT Median
Revenue, last 12 months $2.9bn $4.2bn $11.0bn $4.2bn
Revenue growth, last 12 months 5.4% −4.6% 5.3% 5.3%
Revenue growth, 3-year average 1.9% −16.5% 6.2% 1.9%
Revenue growth, latest quarter 2.3% −4.9% 2.5% 2.3%
Gross margin 75.2% 97.5% 99.5% 97.5%
Operating margin 47.6% 47.7% 44.8% 47.6%
Operating margin, 3-year average 47.5% 50.4% 43.6% 47.5%
Net margin 34.5% 20.7% 30.1% 30.1%
Cash from operations / revenue 44.7% 63.1% 51.8% 51.8%
Free-cash-flow margin 36.1% 57.8% 36.0% 36.1%
Free-cash-flow margin, 3-year average 29.4% 73.0% 35.6% 35.6%
Stock pay / revenue 3.0% 2.0% 1.4% 2.0%
Change in share count −1.2% 0.4% −0.4% −0.4%

Median of all 3 companies we cover in telecom tower reits. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

168 real estate companies
Measure Company Peer median Rank
Revenue growth Growth 5.4% 5.3% 82 of 168
Change in growth rate Growth -0.9pp +0.1pp 117 of 168
Operating margin Profitability 47.6% 14.8% 22 of 103
Net margin Profitability 34.5% 7.8% 24 of 167
Stock pay as % of revenue Cash generation 3.0% 1.8% 105 of 143
Long-term debt as % of assets Balance sheet 77.9% 42.4% 121 of 129
Change in share count Balance sheet -1.2% 0.6% 26 of 152

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Domestic Site Leasing Revenue $1.9B 66.3% ▲ 0.2%
International Site Leasing Revenue $705M 25.0% ▲ 6.0%
Site Development Construction $244M 8.7% ▲ 59.9%

From SBA Communications's 10-K filed February 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$18.5B
Institutions reporting
678
Shares held vs prior quarter
▲ 2.4%
Positions opened / closed
84 / 67

Top buyers and sellers, Q2 2026: 339 institutions bought and 305 sold ; the biggest buyer was Deutsche Bank Ag\ (+1.3M shares) and the biggest seller Jpmorgan Chase & Co (−1.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Dodge & Cox $2.2B 12.3M 11.7% ▲ 2.0%
Blackrock, Inc. $1.8B 10.1M 9.7% ▲ 0.2%
Vanguard Portfolio Management LLC $1.7B 9.8M 9.4% ▲ 1.1%
Vanguard Capital Management LLC $1.2B 6.9M 6.6% ▲ 0.2%
State Street Corp $903M 5.1M 4.9% ▲ 3.2%
Cohen & Steers, Inc. $573M 3.2M 3.1% ▲ 3.7%
Geode Capital Management, LLC $558M 3.2M 3.0% ▲ 0.8%
Jpmorgan Chase & Co $486M 2.7M 2.6% ▼ 30.8%
Invesco Ltd. $341M 1.9M 1.8% ▼ 1.5%
Deutsche Bank Ag\ $320M 1.8M 1.7% ▲ 278.2%
Charles Schwab Investment Management Inc $302M 1.7M 1.6% ▲ 8.4%
Dimensional Fund Advisors LP $284M 1.6M 1.5% ▼ 0.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not SBA Communications's complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $54,802 1 trade by 1 insider · 0% under pre-set plans
Net ▼ $54,802 net selling
Insider Date Trade Shares Price Value
Krouse George R Jr Director August 17, 2026 Sell 300 $182.67 $54,802

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 20 trades and filings

In the last 12 months, 1 member of Congress disclosed 1 purchase and 2 sales of SBA Communications shares.

  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded January 9, 2026, filed February 13, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded December 19, 2025, filed January 12, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded November 12, 2025, filed December 15, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 25, 2027 estimated from the company's past filing pattern, not announced

  • November 2, 2026
  • August 3, 2026
  • April 29, 2026
  • February 26, 2026
  • November 3, 2025
  • August 4, 2025

Recent SEC filings

Data status

When each part of this page on SBA Communications was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

SBA Communications in brief

What does SBA Communications do?
SBA Communications is a US-listed company in the telecom tower REITs industry. Its financial year ends in December.
What is SBA Communications's stock ticker?
SBA Communications trades under the ticker SBAC on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is SBA Communications's revenue, and how fast is it growing?
Over its most recent trailing twelve months, SBA Communications reported revenue of $2.9B, 5.4% higher than a year earlier, according to its SEC filings.
What is SBA Communications's free cash flow?
SBA Communications's free-cash-flow margin is 36.1% of revenue over the trailing twelve months.
Who are SBA Communications's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Dodge & Cox, Blackrock, Inc. and Vanguard Portfolio Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is SBA Communications's market cap?
On November 2, 2026, SBA Communications's market capitalisation was about $19.7B, with a price-to-earnings ratio of 19.9 and net debt of $12.4B. Market figures come from third-party market data and may be delayed.
Does SBA Communications pay a dividend?
Yes: SBA Communications paid $505M in dividends over the trailing twelve months, a dividend yield of 2.58% and a payout ratio of 51.0%.
Who are SBA Communications's competitors?
In our Telecom Tower REITs peer group, the companies closest to SBA Communications are Crown Castle and American Tower. The side-by-side comparison below sets their revenue, margins and growth against SBA Communications's.
Are insiders buying or selling SBA Communications stock?
Over the last 12 months, SBA Communications's directors and officers reported 0 open-market purchases and 1 sales on Form 4. The insider trading page charts every trade.
When is SBA Communications's next earnings date?
Around February 25, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — SBA Communications announces its own schedule.