Loading…
Owns and leases wireless communication towers, mainly in the United States and Latin America.
Owns and leases wireless communication towers, mainly in the United States and Latin America.
Rents space on towers to carriers under long-term leases with built-in annual rent increases, and adds rent whenever another carrier or extra equipment goes onto an existing tower, so extra tenants on the same tower add revenue at little extra cost. The three big US carriers provide most of the revenue. It is structured as a real estate investment trust.
Moat: wide (installed base, switching costs, regulatory licence). Owning permitted, zoned tower sites that carriers co-locate on is slow and costly to replicate.
Headquarters: Boca Raton, Florida, United States · Founded: 1989 · Employees: 1,844
Size SBA Communications (SBAC) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $19.8B, the 498th largest of 3,117 United States companies the cockpit tracks. Shares closed at $189.42 on 6 Nov 2026.
Performance Over six months the shares fell 12.7%, against -1.2% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd lowest of 21 in its peer set.
Growth Revenue grew 2.3% over the last twelve months (peer median +4.6%); the operating margin is 53.2% (peer median 33.3%).
Valuation It trades at 23.8× forward earnings against a peer median of 27.1× (8th cheapest of 21).
Credit SBA Communications has 5 bonds outstanding ($6.50B), rated BBB by the agencies and trading like BBB at a weighted spread of 98 bp.
Short interest Short interest is 3.2% of the free float (15 Oct 2026).
Next results Next results expected around 1 Mar 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $2.85B | $2.82B | $2.68B | $2.71B | $2.63B |
| Revenue growth | — | +5% | -1% | +3% | — |
| Gross profit | $1.81B | $1.83B | $1.81B | $1.37B | $1.26B |
| EBITDA | $1.87B | $1.85B | $1.84B | $1.83B | $1.71B |
| Net income | $985M | $1.05B | $750M | $502M | $461M |
| Free cash flow | n/a | $7.68M | $807M | $1.18B | -$105M |
| Capital expenditure | n/a | $1.28B | $528M | $367M | $1.39B |
| Total debt | $15.2B | $15.3B | $15.8B | $14.5B | $15.2B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| SBA Communications SBAC | $19.8B | -13% | +2% | 53% | 23.8× | n/a |
| American Tower AMT | $87.6B | +8% | +5% | 44% | 27.8× | n/a |
| Crown Castle CCI | $37.7B | -1% | -16% | 48% | 31.6× | n/a |
| IHS IHS | $2.85B | +2% | -10% | 33% | 7.9× | -8.3% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | SBAC | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +11.4% | +6.0% | 3rd highest of 21 |
| 6-month return | -12.7% | -1.2% | 2nd lowest of 21 |
| Distance from 52-week high | -15.1% | -11.1% | 8th lowest of 21 |
| Revenue growth (TTM) | +2.3% | +4.6% | 7th lowest of 21 |
| Operating margin | 53.2% | 33.3% | 8th highest of 21 |
| Forward P/E | 23.8× | 27.1× | 8th cheapest of 21 |
| Bond spread | 98 bp | 94 bp | 8th widest of 17 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| SBA Communications SBAC | United States | $19.8B | -13% | +2% | 53% | 23.8× | n/a | n/a |
| Essex Property Trust ESS | United States | $17.5B | +4% | +5% | 30% | 43.9× | n/a | n/a |
| Kimco Realty KIM | United States | $17.0B | +10% | +3% | 35% | 29.3× | n/a | n/a |
| Host Hotels & Resorts HST | United States | $16.9B | +15% | +5% | 14% | 23.2× | n/a | n/a |
| SEGRO SGRO.L | United Kingdom | $16.6B | +33% | +7% | 69% | 23.8× | n/a | n/a |
| Lamar Advertising LAMR | United States | $15.8B | -1% | +4% | 32% | 25.0× | n/a | n/a |
| Invitation Homes INVH | United States | $15.6B | -5% | +5% | 25% | 35.2× | n/a | n/a |
| Weyerhaeuser WY | United States | $15.1B | -10% | -1% | 6% | 86.1× | n/a | n/a |
| W. P. Carey WPC | United States | $15.0B | -12% | +9% | 52% | 21.6× | n/a | n/a |
| Annaly Capital Management NLY | United States | $14.8B | -17% | +23% | 77% | 6.0× | n/a | n/a |
| CapitaLand Integrated Commercial Trust C38U.SI | Singapore | $14.6B | +2% | +5% | 65% | 19.1× | n/a | n/a |
| Omega Healthcare Investors OHI | United States | $14.6B | +2% | +14% | 61% | 24.3× | n/a | n/a |
| Sun Communities SUI | United States | $14.4B | -4% | -19% | 2% | 40.8× | n/a | n/a |
| Vici Properties VICI | United States | $27.3B | -13% | +5% | 77% | 8.4× | n/a | n/a |
| Healthpeak Properties DOC | United States | $14.3B | +4% | +9% | 17% | 123.6× | n/a | n/a |
| Link REIT 0823.HK | Hong Kong | $13.8B | +3% | -3% | 68% | 16.5× | n/a | n/a |
| Mid-America Apartment Communities MAA | United States | $13.8B | -8% | +1% | 27% | 38.7× | n/a | n/a |
| Regency Centers REG | United States | $13.7B | -3% | +8% | 37% | 29.7× | n/a | n/a |
| Camden Property Trust CPT | United States | $13.4B | -3% | +1% | 18% | 119.0× | n/a | n/a |
| Scentre SCG.AX | Australia | $13.1B | -1% | -4% | 67% | 14.6× | n/a | n/a |
| American Healthcare REIT AHR | United States | $12.7B | +12% | +16% | 7% | 81.7× | n/a | n/a |
SBA Communications has 5 bonds outstanding with $6.50B face value. The agencies rate it BBB; its bonds trade like BBB. Weighted yield 5.57%, a spread of 98 bp over government bonds.