A Business at a Glance
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SBA COMMUNICATIONS CORP
SBAC
$18.7B
Mkt Cap
$173.57
-0.73%
SBA COMMUNICATIONS CORP (SBAC) has a current P/E ratio of 17.7, compared to its historical median P/E of 40.9. The stock is currently considered Cheap based on its historical valuation range.
SBA COMMUNICATIONS CORP (SBAC) has a 5-year average return on invested capital (ROIC) of 13.6%. This indicates solid capital allocation.
SBA COMMUNICATIONS CORP (SBAC) has a market capitalization of $18.4B. It is classified as a large-cap stock.
Yes, SBA COMMUNICATIONS CORP (SBAC) pays a dividend with a trailing twelve-month yield of 2.67%. The company also returns capital through share buybacks, with a buyback yield of 2.70%.
Based on historical P/E analysis, SBA COMMUNICATIONS CORP (SBAC) appears cheap. The current P/E of 17.7 is 57% below its historical median of 40.9. The estimated fair value CAGR (P/E method) is 54.7%.
SBA COMMUNICATIONS CORP (SBAC) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
SBA COMMUNICATIONS CORP (SBAC) reported annual revenue of $2.8 billion in its most recent fiscal year, based on SEC EDGAR filings.
SBA Communications is a leading independent owner and operator of wireless communications infrastructure, including tower structures, rooftops, and other structures supporting antennas for wireless communications, with principal operations in the United States and territories, and additional operations in South America, Central America, and Africa. The company's primary business is site leasing, which contributed 97.9% of total segment operating profit in 2025, whereby SBA leases antenna space on multi-tenant towers to wireless service providers under long-term lease contracts and manages rooftop and tower sites for property owners; as of December 31, 2025, the company owned 46,328 towers with an average of 1.8 tenants per site. The site leasing business is highly scalable with recurring revenue characteristics, generating substantially all operating profit through long-term tenant leases that typically contain annual rent escalators and multiple renewal periods, supported by SBA's control of underlying land positions—approximately 71% of towers are on land owned or controlled for more than 20 years with an average remaining lease life of 35 years. SBA's secondary business line is site development, through which it assists wireless service providers in developing and maintaining their networks, and the company is exploring ancillary services including edge data centers, fiber aggregation huts, satellite ground stations, and private networks. The company's domestic segment generated 72.6% of site leasing revenue from 17,394 U.S. sites, primarily leased to T-Mobile, AT&T Wireless, and Verizon Wireless, while the international segment operates in 12 markets across South America, Central America, and Africa, including over 7,000 sites acquired from Millicom in Central America during 2025.
【Steady organic growth momentum】 Management expects 2026 to deliver steady leasing activity levels domestically, with the company increasing full-year guidance for site leasing revenue, Tower Cash Flow, Adjusted EBITDA, and AFFO per share based on first-quarter outperformance and favorable foreign currency rates. The company anticipates 2026 will represent the peak year for international churn with expected improvement in subsequent years, while long-term growth drivers include the Upper C-band auction expected in mid-2027, 6G network architecture evolution toward balanced uplink/downlink deployment, and new spectrum bands under study for future auction, all requiring new hardware installations at tower sites. SBA is ramping new tower builds in Central America with expectations to significantly increase construction activity over coming quarters and years, deploying capital at risk-adjusted returns expected to exceed the company's cost of capital, while maintaining leverage within the revised target range of 6x to 7x net debt to Adjusted EBITDA and pursuing investment-grade bond issuance in 2026 dependent on market conditions. The company expects to continue harvesting and growing cash flow organically in Brazil and select African markets while maintaining a balanced capital allocation strategy prioritizing debt reduction, dividend growth at approximately 41% of AFFO midpoint, and opportunistic share buybacks.
| Metric | Target | Period |
|---|---|---|
| Site leasing revenue (domestic new leases and amendments) | $35 million | FY2026 |
| International new leases and abandonments | $19 million-$21 million | FY2026 |
| International churn | $36 million-$40 million | FY2026 |
| Domestic Sprint churn | $55 million-$56 million | FY2026 |
| Services revenue | $190 million-$210 million | FY2026 |
| ABS debt maturity refinancing rate | 5.25% | November 2026 |
Site leasing revenue (domestic new leases and amendments) (FY2026): “our outlook for the full year, which assumes $35 million of incremental revenue added through new leases and amendments in the U.S.”
International new leases and abandonments (FY2026): “We're guiding to a range of $19 million-$21 million for new leases and abandonments, up slightly from 2025.”
International churn (FY2026): “Our outlook assumes a range of $36 million-$40 million related to churn.”
Domestic Sprint churn (FY2026): “The outlook also assumes a range of $55 million-$56 million related to Sprint churn, which is slightly higher than we estimated last quarter.”
Services revenue (FY2026): “we are guiding to a range of $190 million-$210 million in revenues”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.9B | 2.8B | 2.7B | 2.7B | 2.6B | 2.3B |
| Net Income | 1.0B | 1.1B | 750M | 502M | 461M | 238M |
| EPS | $9.57 | $9.80 | $6.94 | $4.61 | $4.22 | $2.14 |
| Free Cash Flow | 1.0B | 1.1B | 1.1B | 1.3B | 1.1B | 1.1B |
| ROIC | 14.5% | 14.4% | 18.6% | 11.6% | 11.5% | 11.7% |
| Gross Margin | 75.2% | 66.7% | 70.0% | 52.7% | 48.8% | 46.8% |
| Debt/Equity | 0.00 | -2.66 | -2.66 | -2.38 | -2.44 | -2.33 |
| Dividends/Share | $4.64 | $4.46 | $3.93 | $3.40 | $2.81 | $2.28 |
| Operating Income | 1.4B | 1.3B | 1.4B | 924M | 925M | 782M |
| Operating Margin | 47.3% | 47.7% | 53.6% | 34.1% | 35.1% | 33.9% |
| ROE | 0.0% | -21.1% | -14.6% | -9.6% | -8.7% | -4.7% |
| Shares Outstanding | 106M | 108M | 108M | 109M | 109M | 111M |
SBA COMMUNICATIONS CORP passes 6 of 9 quality checks, suggesting mixed fundamentals.
SBA COMMUNICATIONS CORP trades at 17.7x trailing earnings, compared to its 15-year median P/E of 40.9x, suggesting it is currently Cheap relative to its historical range. On a free-cash-flow basis, the stock trades at 17.2x vs a median of 25.9x. The company's 5-year average ROIC is 13.6% with a gross margin of 57.0%. Total shareholder yield (dividends + buybacks) is 5.4%. At current prices, the estimated annualized return to fair value is +8.0%.
SBA COMMUNICATIONS CORP (SBAC) has a net profit margin of 37.4%. This is a strong margin indicating high profitability.
SBA COMMUNICATIONS CORP (SBAC) generated $1.1 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
SBA COMMUNICATIONS CORP (SBAC) reported earnings per share (EPS) of $9.80 in its most recent fiscal year.
SBA COMMUNICATIONS CORP (SBAC) has a return on equity (ROE) of -21.1%. A negative ROE may indicate losses or negative equity.
SBA COMMUNICATIONS CORP (SBAC) has a 5-year average gross margin of 57.0%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 18 years of financial data for SBA COMMUNICATIONS CORP (SBAC), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
SBA COMMUNICATIONS CORP (SBAC) has a book value per share of $-45.14, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects 2026 to deliver steady leasing activity levels domestically, with the company increasing full-year guidance for site leasing revenue, Tower Cash Flow, Adjusted EBITDA, and AFFO per share based on first-quarter outperformance and favorable foreign currency rates. The company anticipates 2026 will represent the peak year for international churn with expected improvement in subsequent years, while long-term growth drivers include the Upper C-band auction expected in mid-2027, 6G network architecture evolution toward balanced uplink/downlink deployment, and new spectrum bands under study for future auction, all requiring new hardware installations at tower sites. SBA is ramping new tower builds in Central America with expectations to significantly increase construction activity over coming quarters and years, deploying capital at risk-adjusted returns expected to exceed the company's cost of capital, while maintaining leverage within the revised target range of 6x to 7x net debt to Adjusted EBITDA and pursuing investment-grade bond issuance in 2026 dependent on market conditions. The company expects to continue harvesting and growing cash flow organically in Brazil and select African markets while maintaining a balanced capital allocation strategy prioritizing debt reduction, dividend growth at approximately 41% of AFFO midpoint, and opportunistic share buybacks.
Based on recent SEC filings and earnings calls, SBA COMMUNICATIONS CORP (SBAC) has provided the following forward guidance: Site leasing revenue (domestic new leases and amendments): $35 million (FY2026); International new leases and abandonments: $19 million-$21 million (FY2026); International churn: $36 million-$40 million (FY2026); Domestic Sprint churn: $55 million-$56 million (FY2026); Services revenue: $190 million-$210 million (FY2026), plus 1 additional metric.
ABS debt maturity refinancing rate (November 2026): “we also assume that our $1.2 billion November ABS maturity will be refinanced in November of 2026 by 5.25%.”
No recent press releases.