SBA Communications Corporation

SBAC

NASDAQ · Specialty REITs

$175.84

At close - Sep 22, 4:00 PM EDT - USD

Market Cap$18.65B

P/E17.9x

52W High$224.46

Volume704.22K

VCP Research Verdict2026Q2

Resilient NOI Margins Offset Elevated Leverage Risks

SBA Communications exhibits resilient property-level performance with NOI margins holding at 75.4% in Q2 2026 despite revenue growth decelerating to 2.3% YoY, reflecting the impact of carrier consolidation churn. The company's cash generation remains robust, w...

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MARKET ACTION

SBAC price & volume

Price trend, volume and key moving averages

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Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis

Fundamental Trajectory

Revenue growth slowed to 2.3% YoY in Q2 2026, yet NOI margin remained resilient at 75.4%, down from 77.6% a year earlier, reflecting stable property-level profitability despite cost pressures.

Analyst Consensus+23.8% target

Buy(42 analysts)

29 Buy13 Hold0 Sell

The Bull Case

Upside Catalysts

Strong Asset Base and Revenue

SBA Communications owns and operates approximately 45,000 wireless towers, with over 17,000 located in the U.S. This extensive portfolio generates billions in recurring leasing revenue and is supported by long-term carrier contracts.

Potential Takeover Interest

Reports of potential acquisition interest from infrastructure funds have significantly boosted SBA's stock price. This M&A speculation indicates strong market interest and could lead to a recalibration of the company's valuation.

Underlying Cash Flow and Hard Asset Value

The demand for wireless data is inelastic, underpinning the intrinsic value of SBA's tower assets. These assets are essential infrastructure that modern society relies on, enhancing the company's long-term growth prospects.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 9/23/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return

SBAC-6.70%

S&P 500 (^GSPC)+13.20%

1-Year Return

SBAC-8.74%

S&P 500 (^GSPC)+15.98%

3-Year Return

SBAC-6.12%

S&P 500 (^GSPC)+81.89%

5-Year Return

SBAC-45.67%

S&P 500 (^GSPC)+74.70%

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis

Trailing P/E5Y Low

17.9x

Forward P/E

22.8x

EV/EBITDA0th %ile

18.2x

FCF YieldCash Flow

5.7%

Valuation vs 5-Year History

Multiple Range

Metric

Current

5Y Median

Historical Range

Percentile

P/E

17.9x

55.0x

0th· Low

EV/EBITDA

18.2x

25.5x

0th· Low

Price/FCF

17.5x

21.1x

0th· Low

Current Multiple

5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection

Bear$152.28-13.4%

Base (Fair)$205.31+15.0%

Bull$258.73+47.1%

$152.28 Bear$205.31 Base$258.73 Bull

Current Market Price: $175.84

Trades at a 14.4% discount to Base DCF ($205.31)

Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend

Revenue

$2.82B+5.1% YoY

Net income

$1.05B+40.6% YoY

Free cash flow

$1.07B-3.6% YoY

Operating margin

48.7%-4.9 pts YoY

ROIC (TTM)10%

Avg ROIC 5Y-

ROE (TTM)-

Piotroski Score7 / 9

Financial Statements →

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History

EPS Beat Rate4/12 (33%)

Revenue Beat Rate6/12 (50%)

Quarter	EPS (Act vs Est)	Revenue (Act vs Est)
Q3 2026Latest Aug 3, 2026	$1.87+1.1% vs $1.85	$715M+1.3% vs $706M
Q2 2026 Apr 29, 2026	$1.74-2.2% vs $1.78	$703M+1.0% vs $696M
Q1 2026 Feb 26, 2026	$3.47-10.8% vs $3.89	$720M-0.9% vs $726M
Q4 2025 Nov 3, 2025	$3.32+9.2% vs $3.04	$732M+2.6% vs $714M

Historical baseline: 12 quarters analyzedGAAP / Adjusted

MARKET COVERAGE

Latest News

5 Stories

Business Wire·Sep 14, 2026

SBA Communications Corporation to Speak at RBC Capital Markets 2026 Global Communications and Infrastructure Conference

BOCA RATON, Fla.--(BUSINESS WIRE)--SBA Communications Corporation (NASDAQ: SBAC) (“SBA”) announces that Marc Montagner, Chief Financial Officer, is scheduled to speak at RBC Capital Markets 2026 Global Communications and Infrastructure Conference, Tuesday, September 29, 2026, at 3:20 PM ET. The conference will be held at The Fairmont in Chicago, IL. The audio presentation for SBA can be accessed by visiting www.sbasite.com. About SBA Communications Corporation SBA Communications Corporation is.

Seeking Alpha·Sep 13, 2026

Everyone Is Avoiding These REITs: That's The Opportunity

Some of the most hated REIT sectors may offer the biggest upside. European REITs trade at unusually steep NAV discounts. Life science and tower REITs could recover as sentiment turns.

Seeking Alpha·Sep 10, 2026

SBA Communications Corporation (SBAC) Presents at Bank of America 2026 Media,Communications & Entertainment Conference Transcript

Seeking Alpha·Sep 9, 2026

SBA Communications Corporation (SBAC) Presents at Goldman Sachs Communacopia + Technology Conference 2026 Transcript

Filtered for SBA Communications CorporationMore Headlines

Compare before deciding

Benchmark SBAC against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for SBA Communications Corporation (SBAC)

Full Screener →

Company	Price	Market Cap	P/E Ratio	Rev Growth (1Y)	Net Margin	ROE	Div Yield
SBACSBA Communications CorporationCurrent	$175.84	$18.65B	17.94	5.06%	37.43%	—	2.53%
AMTAmerican Tower Corporation	$175.25	$81.66B	32.51	5.11%	30.88%	32.39%	—
CCICrown Castle Inc.	$72.37	$31.63B	70.95	-35.06%	25.83%	—	—
UNITUniti Group Inc.	$9.57	$2.32B	1.97	91.49%	29.45%	270.12%	—
LUMNLumen Technologies, Inc.	$6.38	$6.57B	-3.65	-5.39%	-8.65%	-52.11%	—
CCOICogent Communications Holdings, Inc.	$9.31	$466.22M	-2.45	-5.82%	-7.2%	—	—

Compare SBAC vs Peers

SBA Communications Corporation (SBAC) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs AMT

Most directly comparable listed peer for SBAC.

Scale Benchmark

vs VZ

Larger-name benchmark to compare SBAC against a more recognizable public peer.

Peer Set

Compare Top 5

vs AMT, CCI, UNIT, LUMN

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

SBAC SEC Filings & Documents

SBA Communications Corporation (SBAC) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

Material company update

Aug 3, 2026·SEC

Material company update

Jul 24, 2026·SEC

Material company update

Jul 23, 2026·SEC

10-K Annual Reports

FY 2026

Feb 27, 2026·SEC

FY 2025

Feb 26, 2025·SEC

FY 2024

Feb 28, 2024·SEC

10-Q Quarterly Reports

FY 2026

Aug 6, 2026·SEC

FY 2026

May 5, 2026·SEC

FY 2025

Nov 6, 2025·SEC

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SBAC Frequently Asked Questions

SBA Communications Corporation (SBAC) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

What is SBA Communications Corporation's revenue?

SBA Communications Corporation (SBAC) reported $2.87B in revenue for fiscal year 2025. This represents a 4757% increase from $59.1M in 1998.

How fast is SBA Communications Corporation growing?

SBA Communications Corporation (SBAC) grew revenue by 5.1% over the past year. This is steady growth.

Is SBAC profitable?

Yes, SBA Communications Corporation (SBAC) is profitable, generating $990.7M in net income for fiscal year 2025 (37.4% net margin).

Dividend & Returns

Does SBAC pay dividends?

Yes, SBA Communications Corporation (SBAC) pays a dividend with a yield of 2.53%. This makes it attractive for income-focused investors.

Industry Metrics

What is SBA Communications Corporation's FFO?

SBA Communications Corporation (SBAC) generated Funds From Operations (FFO) of $1.39B in the trailing twelve months. FFO is the primary profitability metric for REITs.

What if you invested $1,000 in SBAC back in 1998?

Total return calculator · dividends reinvested · 28+ years of data

See returns →

Quarter

EPS (Act vs Est)

Revenue (Act vs Est)

Q3 2026Latest

Aug 3, 2026

$1.87+1.1%

vs $1.85

$715M+1.3%

vs $706M

Q2 2026

Apr 29, 2026

$1.74-2.2%

vs $1.78

$703M+1.0%

vs $696M

Q1 2026

Feb 26, 2026

$3.47-10.8%

vs $3.89

$720M-0.9%

vs $726M

Q4 2025

Nov 3, 2025

$3.32+9.2%

vs $3.04

$732M+2.6%

vs $714M

Company

Price

Market Cap

P/E Ratio

Rev Growth (1Y)

Net Margin

ROE

Div Yield

SBACSBA Communications CorporationCurrent

$175.84

$18.65B

17.94

5.06%

37.43%

—

2.53%

AMTAmerican Tower Corporation

$175.25

$81.66B

32.51

5.11%

30.88%

32.39%

—

CCICrown Castle Inc.

$72.37

$31.63B

70.95

-35.06%

25.83%

—

UNITUniti Group Inc.

$9.57

$2.32B

1.97

91.49%

29.45%

270.12%

—

LUMNLumen Technologies, Inc.

$6.38

$6.57B

-3.65

-5.39%

-8.65%

-52.11%

—

CCOICogent Communications Holdings, Inc.

$9.31

$466.22M

-2.45

-5.82%

-7.2%

—