SBAC
NASDAQ · USDSBA Communications Corporation
Real Estate · REIT - Specialty
CEO Brendan Thomas Cavanagh
Employees 1,844
R&D / revenue 0.0%
Last price
$187.06+1.82%last session
Market cap
$19.8B
P/E (TTM)
20.1x
From 52w high
−16.7%
From 52w low
+19.5%
1-year return
−4.7%
RSI 14 · vs SMA200
64.2 · −1.7%
IS score
54.4/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)
One year, rebased to 100
SBAC SPY XLRE (sector ETF) · weekly closesScore DNA
Each bar is a 0-100 score within the scored universe69Profitability
63Growth
50Value
81Momentum
15Risk (safety)
76Quality
16Balance sheet
89Earnings quality
Flags
Strengths
✓ Piotroski 8+✓ FCF yield 5%+
Warnings
▲ Altman distress zone
Observations
Moat model: Weak, Switching CostsPiotroski 8 / 9Altman Z 0.2Beta 0.982 of 4 smart-money sources active
Smart-money strip
Each disclosure source on its own window. Filings coinciding is not coordination.INSForm 4 · 180 days
Insider open-market buys
0
1 open-market sales, $54,802
Form 144 notices (12m): 1, $54,802 proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
0
No disclosed purchases
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+18
91 new holders, 67 closed
684 filers hold 100.7% · 257 added, 241 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+206
963 funds adding shares
757 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
54.4%
20-day avg 53.2%, 50-day avg 56.1%
Latest 1.2 pp over its 20-day average · a flow, not short interest
Key financials · FY2025
USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.Income statement
Revenue$2.8B
Revenue growth YoY+5.1%
Gross margin41.6%
Operating income$1.4B
Operating margin48.7%
Net income$1.1B
Net margin37.4%
EPS (diluted)$9.80
Cash flow
Operating cash flow$1.3B
Capital expenditure$224.8M
Free cash flow$1.1B
FCF conversion (FCF / OCF)82.6%
Stock-based compensation$75.7M
FCF less SBC$990.8M
Buybacks$497.8M
Dividends$479.0M
Balance sheet & returns
Cash & short-term investments$439.0M
Total debt$13.2B
Net debt$12.8B
Shareholders' equity−$4.8B
Goodwill & intangibles$2.9B
Debt / equity-3.28
ROE (TTM)-20.7%
ROIC (TTM)11.6%
Operating margin by fiscal year
Revenue $2.3B (FY2021) to $2.8B (FY2025), a 5.1% CAGR.
Valuation
P/E (TTM)20.1x
EV / EBITDA17.2x
Price / sales6.91x
Price / FCF18.9x
FCF yield5.29%
Buyback yield2.51%
SBC / revenue2.9%
Price / bookn/m
Forward P/E FY202624.3x
Forward P/E FY202722.6x
Forward P/E FY202820.7x
Forward multiples divide today's price by Street EPS estimates. Street mean target $224.00 across 6 analysts last quarter is theirs, not ours.
SBAC vs industry median
28 companies in REIT - Specialty
SBAC (TTM)Industry median
Asset turnover 0.24 vs industry 0.13 · financial leverage -2.54
Earnings delivery
Next report 2026-11-02 · consensus EPS $2.0833%
beat rate, 4 of 12 quarters
−16.7%
median EPS surprise
1
longest beat streak
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-11-02 to 2026-08-03. Bars cap at ±60%.
Peers
Market-cap band, not the industry cohort above| Company | Mkt cap | P/E | ROE | Net margin | Rev growth | 12m return |
|---|---|---|---|---|---|---|
| SBAC SBA Communications Corporati | $19.8B | 20.1x | -20.7% | 34.5% | +5.1% | −4.7% |
| LAMR Lamar Advertising Company | $15.2B | 27.3x | 58.5% | 26.1% | +4.4% | +33.3% |
| WY Weyerhaeuser Company | $14.1B | 29.7x | 5.0% | 8.7% | −1.9% | −16.3% |
| IRM Iron Mountain Incorporated | $33.5B | 80.4x | -40.9% | 5.0% | +17.4% | +9.9% |
| GLPI Gaming and Leisure Propertie | $11.4B | 11.4x | 20.3% | 53.1% | +5.8% | −10.3% |
| CCI Crown Castle Inc. | $35.9B | 33.3x | -46.2% | 30.5% | −23.2% | — |
| DLR Digital Realty Trust, Inc. | $65.3B | 81.1x | 3.2% | 23.6% | +18.7% | — |
| RYN Rayonier Inc. REIT | $5.7B | 38.7x | 2.0% | 4.8% | −12.8% | — |
12-month window: SPY +15.9%, sector ETF XLRE +0.9%. Past returns describe history only.
Recent 8-K filings
2026-09-25Financial Obligation
2026-08-03Earnings Release; Exhibits
2026-07-24Material Agreement; Termination of Agreement; Financial Obligation; Exhibits
2026-07-23Other Events; Exhibits
2026-07-15Material Agreement; Exhibits
2026-05-22Shareholder Vote
Context
Shares outstanding106,088,000
Free float99.3%
Institutional ownership100.7%
Beta0.98
Dividend yield2.60%
Last dividend$1.25 on 2026-08-20
50 / 200-day average$179.33 / $190.57
Large-cap Real Estate median P/E26.2x
Full factsheet
The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).
Read it in the browser Download (PDF)All fundamentals · 140 measures in 13 categories
Percentile = where SBAC sits among 17 scored companies in REIT - Specialty (0 = lowest value, 100 = highest). It is a position, not a grade.ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)
Valuation
| Measure | SBAC | Industry percentile |
|---|---|---|
| P/E (TTM) | 20.0x | 31st |
| PEG (P/E ÷ 3-yr EPS CAGR) | 0.77 | 25th |
| Price / sales | 6.9x | 56th |
| Price / book | — | |
| Price / tangible book | — | |
| Price / free cash flow | 18.9x | 36th |
| Price / operating cash flow | 15.5x | 38th |
| Enterprise value | $34.7B | 69th |
| EV / sales | 12.1x | 75th |
| EV / EBITDA | 16.6x | 25th |
| EV / EBIT | 20.5x | 19th |
| EV / free cash flow | 33.1x | 43rd |
| Earnings yield | 5.0% | 75th |
| FCF yield | 5.3% | 69th |
| Operating cash flow yield | 6.5% | 62nd |
| Graham number (per share) | — |
Profitability (TTM)
| Measure | SBAC | Industry percentile |
|---|---|---|
| Gross margin | 63.9% | 81st |
| EBITDA margin | 73.1% | 87th |
| Operating margin | 50.8% | 88th |
| EBIT margin | 59.1% | 88th |
| Net margin | 34.5% | 81st |
| NOPAT margin | 45.4% | 75th |
| FCF margin | 36.6% | 88th |
| Operating cash flow margin | 44.7% | 81st |
| R&D / revenue | 0.0% | 0th |
| SG&A / revenue | 10.1% | 69th |
| Stock comp / revenue | 2.9% | 81st |
| Effective tax rate | 10.6% | 69th |
Returns on capital
| Measure | SBAC | Industry percentile |
|---|---|---|
| ROE (on average equity) | — | |
| ROA | 8.8% | 94th |
| ROIC | 12.7% | 100th |
| ROCE | 22.9% | 100th |
| Return on tangible assets | 15.1% | 100th |
| Cash ROIC (OCF / invested capital) | 12.5% | 88th |
| Gross profitability (GP / assets) | 15.6% | 94th |
| ROIC, 3-yr average | 8.8% | 88th |
| ROIC, 5-yr average | — | |
| ROE, 5-yr average | — | |
| Incremental ROIC | 72.7% | 81st |
Growth
| Measure | SBAC | Industry percentile |
|---|---|---|
| Revenue growth (TTM YoY) | 5.4% | 31st |
| Revenue growth (QoQ) | 1.7% | 44th |
| Revenue CAGR, 3 yr | 1.9% | 38th |
| Revenue CAGR, 5 yr | 5.6% | 33rd |
| Gross profit CAGR, 3 yr | -3.2% | 54th |
| Operating income CAGR, 3 yr | 15.6% | 73rd |
| Net income growth (TTM YoY) | 12.7% | 25th |
| Net income CAGR, 3 yr | 24.9% | 91st |
| EPS growth (TTM YoY) | 14.5% | 25th |
| EPS CAGR, 3 yr | 26.0% | 82nd |
| EPS CAGR, 5 yr | 31.0% | 82nd |
| FCF growth (TTM YoY) | -1.0% | 31st |
| FCF CAGR, 3 yr | -3.9% | 42nd |
| Operating cash flow CAGR, 3 yr | -3.3% | 31st |
| Book value CAGR, 3 yr | — | |
| Dividend CAGR, 3 yr | 4.6% | 88th |
| Sustainable growth rate | — |
Margin history & stability
| Measure | SBAC | Industry percentile |
|---|---|---|
| Gross margin, 3-yr average | 72.5% | 69th |
| Operating margin, 3-yr average | 48.5% | 88th |
| Net margin, 3-yr average | 28.7% | 75th |
| FCF margin, 3-yr average | 40.1% | 81st |
| Revenue stability (0-1) | 0.82 | 56th |
| Earnings stability (0-1) | 0.93 | 100th |
| Margin stability (0-1) | 0.93 | 69th |
Liquidity (latest quarter)
| Measure | SBAC | Industry percentile |
|---|---|---|
| Cash & short-term investments | $327.1M | 56th |
| Net cash (− = net debt) | −$14.9B | 31st |
| Working capital | −$3.6B | 6th |
| Current ratio | 0.17 | 0th |
| Quick ratio | 0.17 | 0th |
| Cash ratio (cash + ST investments / current liabilities) | 0.08 | 14th |
| Defensive interval (days) | 488 days | 27th |
Leverage & solvency (latest quarter)
| Measure | SBAC | Industry percentile |
|---|---|---|
| Total debt | $15.2B | 69th |
| Debt / equity | — | |
| Net debt / equity | — | |
| Debt / assets | 129.5% | 100th |
| Debt / capital | — | |
| Debt / EBITDA | 7.25 | 56th |
| Net debt / EBITDA | 7.09 | 56th |
| Interest coverage (EBIT / interest) | 3.3x | 69th |
| Cash interest coverage | 2.5x | 56th |
| Debt payback (years of OCF) | 11.8 yrs | 56th |
| Liabilities / assets | 139.4% | 100th |
| IS credit model rating | B- | |
| Implied credit spread (bps) | 900 | 69th |
Efficiency
| Measure | SBAC | Industry percentile |
|---|---|---|
| Asset turnover | 0.26 | 69th |
| Fixed asset turnover | 0.38 | 46th |
| Inventory turnover | — | |
| Receivables turnover | 18.2 | 75th |
| Days sales outstanding | 20 days | 40th |
| Days inventory outstanding | — | |
| Days payables outstanding | 23 days | 50th |
| Cash conversion cycle (days) | −3 days | 50th |
| Capex / revenue | 8.1% | 62nd |
| Capex / depreciation | 0.58 | 56th |
| Operating expense ratio | 14.8% | 27th |
Cash flow & earnings quality
| Measure | SBAC | Industry percentile |
|---|---|---|
| Operating cash flow / net income | 1.30 | 38th |
| FCF / net income | 1.06 | 46th |
| FCF / operating cash flow | 81.8% | 50th |
| Capex / operating cash flow | 18.2% | 50th |
| Accruals ratio | -2.6% | 69th |
| Sloan accruals ratio | -27.4% | 0th |
| Earnings quality score (0-1) | 1.00 | 54th |
Scores & forensic checks
| Measure | SBAC | Industry percentile |
|---|---|---|
| IS score | 54 | 75th |
| IS profitability | 69 | 75th |
| IS growth | 63 | 56th |
| IS value | 50 | 56th |
| IS momentum | 81 | 56th |
| IS risk (safety) | 15 | 6th |
| IS quality | 76 | 100th |
| IS balance sheet | 16 | 12th |
| IS earnings quality | 89 | 88th |
| IS cash flow | 70 | 69th |
| Piotroski F-score (0-9) | 8 | 94th |
| Altman Z-score | 0.2 | 12th |
| Beneish M-score | −2.65 | 44th |
| Ohlson O-score | −3.57 | 100th |
| IS credit score | 20 | 25th |
Size (TTM)
| Measure | SBAC | Industry percentile |
|---|---|---|
| Market cap | $19.8B | 69th |
| Revenue | $2.9B | 56th |
| EBITDA | $2.1B | 69th |
| Net income | $990.7M | 75th |
| Free cash flow | $1.1B | 75th |
| Total assets | $11.7B | 50th |
| Shareholders' equity | −$4.6B | 0th |
| Employees | 1,844 | 50th |
Insider transactions, last 6 months
Form 4 · most recent 12| Date | Insider | Type | Shares | Price | Value | Owned after |
|---|---|---|---|---|---|---|
| 2026-08-17 | Krouse George R Jr Director |
Open-market sale | 300 | $182.67 | $54,802 | 8,512 |
| 2026-08-01 | Day Donald EVP - SITE LEASING |
Option exercise | 457 | — | — | 10,163 |
| 2026-08-01 | Day Donald EVP - SITE LEASING |
Tax withholding | 171 | $180.98 | $30,891 | 9,992 |
| 2026-08-01 | Day Donald EVP - SITE LEASING |
Option exercise | 457 | — | — | 457 |
| 2026-05-22 | Bernstein Steven E Director |
Award / grant | 1,108 | — | — | 1,108 |
| 2026-05-22 | Stoops Jeffrey Director, other: CHAIRMAN |
Award / grant | 1,108 | — | — | 1,108 |
| 2026-05-22 | Wilson Amy E Director |
Award / grant | 1,108 | — | — | 1,108 |
| 2026-05-22 | Bowen Laurie Director |
Award / grant | 1,108 | — | — | 1,108 |
| 2026-05-22 | Johnson Jay Lecoryelle Director |
Award / grant | 1,108 | — | — | 1,108 |
| 2026-05-22 | Chan Mary S Director |
Award / grant | 1,108 | — | — | 1,108 |
| 2026-05-22 | Beebe Kevin L Director |
Award / grant | 1,108 | — | — | 1,108 |
| 2026-05-22 | Krouse George R Jr Director |
Award / grant | 1,108 | — | — | 1,108 |
Shares acquired vs disposed, by month
acquired disposed · all Form 4 typesBy transaction type, 6 months
| Type | Direction | Filings | Shares | Value |
|---|---|---|---|---|
| Award / grant | Acquired | 9 | 9,972 | — |
| Open-market sale | Disposed | 1 | 300 | $54,802 |
| Option exercise | Acquired | 31 | 13,142 | $1.1M |
| Option exercise | Disposed | 31 | 13,142 | $1.1M |
| Tax withholding | Disposed | 10 | 6,785 | $1.5M |
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.
Form 144 notices
12 months: 1 notices · 300 shares · $54,802| Filed | Filer | Shares proposed | Est. proceeds |
|---|---|---|---|
| 2026-08-17 | George R. Krouse Jr | 300 | $54,802 |
| 2025-05-01 | Langer Jack | 5,000 | $1.2M |
| 2025-02-28 | Mary Chan | 1,411 | $307,701 |
| 2024-08-21 | George R. Krouse Jr. | 325 | $71,364 |
A Form 144 is notice of a proposed sale, not a confirmed one.
Congress trades
12 months: House 10 trades (3 purchases) · Senate 0 (0 purchases)| Traded | Member | Chamber | Type | Amount | Disclosed |
|---|---|---|---|---|---|
| 2026-09-25 | Ro Khanna | House | Sale | $1,001 - $15,000 | 2026-10-09 |
| 2026-01-29 | Ro Khanna | House | Sale | $1,001 - $15,000 | 2026-02-10 |
| 2026-01-13 | Ro Khanna | House | Sale | $1,001 - $15,000 | 2026-02-10 |
| 2026-01-09 | Gilbert Cisneros | House | Sale (Partial) | $1,001 - $15,000 | 2026-02-13 |
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.
Largest 13F holders
Quarter to 2026-06-30, the latest most managers have filed| Manager | Shares | Value | % of shares out |
|---|---|---|---|
| DODGE & COX | 12,323,254 | $2.2B | 11.62% |
| BlackRock, Inc. | 10,138,749 | $1.8B | 9.56% |
| VANGUARD PORTFOLIO MANAGEMENT LLC | 9,817,059 | $1.7B | 9.25% |
| VANGUARD CAPITAL MANAGEMENT LLC | 6,936,972 | $1.2B | 6.54% |
| STATE STREET CORP | 5,119,264 | $903.3M | 4.83% |
| COHEN & STEERS, INC. | 3,247,729 | $573.1M | 3.06% |
| GEODE CAPITAL MANAGEMENT, LLC | 3,175,913 | $558.4M | 2.99% |
| JPMORGAN CHASE & CO | 2,663,089 | $478.0M | 2.51% |
| Invesco Ltd. | 1,934,968 | $341.4M | 1.82% |
| DEUTSCHE BANK AG\ | 1,812,200 | $319.8M | 1.71% |
| DIMENSIONAL FUND ADVISORS LP | 1,611,278 | $284.3M | 1.52% |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | 1,568,367 | $276.8M | 1.48% |
| NORGES BANK | 1,483,684 | $261.8M | 1.40% |
| Legal & General Group Plc | 1,428,343 | $252.0M | 1.35% |
| NORDEA INVESTMENT MANAGEMENT AB | 1,299,681 | $228.3M | 1.23% |
Institutional ownership by quarter
% of shares held by 13F filers
Number of 13F filers holding
Holder changes by quarter
| Quarter | Holders | Ownership | New | Increased | Reduced | Closed |
|---|---|---|---|---|---|---|
| 2026-06-30 | 684 | 100.7% | 91 | 257 | 241 | 67 |
| 2026-03-31 | 666 | 96.7% | 95 | 218 | 264 | 100 |
| 2025-12-31 | 683 | 97.4% | 104 | 237 | 254 | 80 |
| 2025-09-30 | 678 | 96.5% | 97 | 214 | 293 | 118 |
| 2025-06-30 | 710 | 100.7% | 99 | 296 | 226 | 73 |
| 2025-03-31 | 694 | 100.4% | 107 | 261 | 247 | 63 |
| 2024-12-31 | 664 | 100.0% | 91 | 261 | 240 | 97 |
| 2024-09-30 | 683 | 97.8% | 95 | 251 | 252 | 49 |
| 2024-06-30 | 643 | 95.4% | 64 | 250 | 261 | 80 |
| 2024-03-31 | 671 | 96.9% | 70 | 258 | 258 | 95 |
| 2023-12-31 | 705 | 99.5% | 132 | 250 | 240 | 50 |
| 2023-09-30 | 633 | 97.0% | 61 | 255 | 243 | 85 |
Schedule 13D / 13G filers
| Filed | Form | Filer | % of class | Shares |
|---|---|---|---|---|
| 2026-04-30 | SCHEDULE 13G | Vanguard Capital Management | 7.6% | 8,036,247 |
| 2026-04-29 | SCHEDULE 13G | Vanguard Portfolio Management | 9.2% | 9,718,908 |
| 2025-11-06 | SCHEDULE 13G/A | Dodge & Cox | 9.0% | 9,667,297 |
| 2025-11-06 | SCHEDULE 13G/A | Dodge & Cox | 10.7% | 11,517,226 |
Required above 5% of a class; 13G is the passive form.
ETFs with the largest holding
| ETF | Weight in fund | Holding value |
|---|---|---|
| VGSNX | 0.96% | $643.1M |
| VGSLX | 0.96% | $643.1M |
| VNQ | 0.96% | $643.1M |
| VITSX | 0.02% | $541.1M |
| VTSAX | 0.02% | $541.1M |
| VTI | 0.02% | $541.1M |
Share structure
Shares outstanding106,088,000
Float105,298,814
Free float99.3%
Income statement
Fiscal years, USD| FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Revenue | $2.3B | $2.6B | $2.7B | $2.7B | $2.8B |
| Cost of revenue | $573.1M | $695.5M | $634.3M | $607.7M | $1.6B |
| Gross profit | $1.7B | $1.9B | $2.1B | $2.1B | $1.2B |
| R&D | $0 | $0 | $0 | $0 | $0 |
| SG&A | $220.0M | $261.9M | $267.1M | $259.5M | $277.6M |
| Operating income | $782.5M | $925.4M | $923.7M | $1.4B | $1.4B |
| EBITDA | $1.5B | $1.7B | $1.8B | $1.8B | $2.2B |
| Pretax income | $252.6M | $525.8M | $548.5M | $772.7M | $1.2B |
| Income tax | $14.9M | $66.0M | $51.1M | $24.0M | $187.6M |
| Net income | $237.6M | $461.4M | $501.8M | $749.5M | $1.1B |
| EPS, diluted | $2.14 | $4.22 | $4.61 | $6.94 | $9.80 |
| Diluted shares | 111.2M | 109.4M | 108.9M | 108.1M | 107.5M |
Balance sheet
| FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Cash & short-term investments | $368.1M | $145.0M | $209.6M | $444.4M | $439.0M |
| Receivables | $150.8M | $264.4M | $202.1M | $284.5M | $663.9M |
| Inventory | $0 | $0 | $0 | $0 | $0 |
| Total current assets | $614.4M | $482.7M | $484.3M | $2.0B | $1.1B |
| PP&E, net | $5.8B | $6.6B | $6.4B | $6.4B | $3.9B |
| Goodwill & intangibles | $2.8B | $2.8B | $2.5B | $2.4B | $2.9B |
| Total assets | $9.8B | $10.6B | $10.2B | $11.4B | $11.6B |
| Accounts payable | $34.1M | $51.4M | $42.2M | $59.5M | $73.0M |
| Total current liabilities | $616.3M | $696.8M | $1.4B | $1.8B | $2.2B |
| Long-term debt | $12.3B | $12.8B | $11.7B | $12.4B | $11.0B |
| Total liabilities | $15.1B | $15.8B | $15.3B | $16.5B | $16.4B |
| Shareholders' equity | −$5.3B | −$5.2B | −$5.1B | −$5.1B | −$4.8B |
Cash flow statement
Outflows are negative| FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Net income | $237.6M | $459.8M | $501.8M | $748.7M | $1.0B |
| Depreciation & amortization | $700.2M | $707.6M | $736.5M | $269.5M | $292.3M |
| Stock-based compensation | $84.4M | $99.9M | $87.9M | $74.4M | $75.7M |
| Change in working capital | −$35.0M | −$113.1M | $64.5M | −$143.1M | −$179.6M |
| Operating cash flow | $1.2B | $1.3B | $1.5B | $1.3B | $1.3B |
| Capital expenditure | −$133.6M | −$214.4M | −$236.7M | −$228.1M | −$224.8M |
| Free cash flow | $1.1B | $1.1B | $1.3B | $1.1B | $1.1B |
| Investing cash flow | −$1.4B | −$1.4B | −$468.2M | −$809.3M | −$601.8M |
| Net debt issued / repaid | $1.2B | $545.9M | −$540.0M | $1.2B | −$713.0M |
| Buybacks | −$582.6M | −$431.7M | −$100.0M | −$200.0M | −$497.8M |
| Dividends paid | −$253.6M | −$306.8M | −$370.0M | −$424.2M | −$479.0M |
Ratio history
Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end| FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Gross margin | 75.2% | 73.6% | 76.6% | 77.3% | 63.5% |
| Operating margin | 33.9% | 35.1% | 34.1% | 53.6% | 48.0% |
| Net margin | 10.3% | 17.5% | 18.5% | 28.0% | 37.4% |
| FCF margin | 45.7% | 40.7% | 46.9% | 41.3% | 37.9% |
| ROE | -4.7% | -8.7% | -9.6% | -14.6% | -21.1% |
| ROIC | 8.3% | 8.3% | 9.2% | 13.6% | 11.4% |
| ROA | 2.5% | 4.5% | 4.8% | 6.9% | 9.2% |
| Debt / equity | -2.75 | -2.88 | -2.80 | -3.08 | -3.16 |
| Interest coverage | — | — | — | — | 7.0x |
| Current ratio | 1.00 | 0.69 | 0.36 | 1.10 | 0.49 |
| Revenue growth | +10.8% | +14.1% | +3.0% | −1.2% | +5.1% |
| EPS growth | +901.9% | +96.7% | +9.5% | +50.0% | +42.5% |
| P/E at year end | 170.3x | 62.9x | 52.8x | 28.8x | 19.6x |
| EV / EBITDA at year end | 36.1x | 26.3x | 22.7x | 20.6x | 17.0x |
| FCF yield at year end | 2.61% | 3.69% | 4.80% | 5.13% | 5.17% |
| Dividend payout | 106.7% | 66.5% | 73.7% | 56.6% | 45.5% |
Revenue by segment
| FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Domestic Site Leasing Revenue | $1.7B | $1.8B | $1.8B | $1.9B | $1.9B |
| International Site Leasing Revenue | $422.7M | $559.0M | $670.4M | $665.3M | $705.0M |
| Site Development Construction | $204.7M | $296.9M | $194.6M | $152.9M | $244.5M |
Revenue by region · FY2025
Domestic Site Leasing Revenue$1.9B · 73%
International Site Leasing Revenue$705.0M · 27%
Street estimates by fiscal year
Next report 2026-11-02 · consensus EPS $2.08 · these are analysts' numbers, not ours| Fiscal year | Revenue (mean) | Revenue range | EPS (mean) | EPS range | Analysts | P/E on mean EPS |
|---|---|---|---|---|---|---|
| 2026 | $2.9B | $2.8B – $2.9B | $7.69 | $7.66 – $7.73 | 9 | 24.3x |
| 2027 | $2.9B | $2.9B – $3.0B | $8.29 | $8.04 – $8.63 | 9 | 22.6x |
| 2028 | $3.0B | $3.0B – $3.1B | $9.06 | $7.75 – $9.57 | 10 | 20.7x |
Reported vs expected, every quarter on file
| Reported | EPS expected | EPS actual | EPS surprise | Revenue expected | Revenue actual | Revenue surprise |
|---|---|---|---|---|---|---|
| 2026-08-03 | $1.85 | $1.87 | +1.1% | $706.0M | $715.3M | +1.3% |
| 2026-04-29 | $1.78 | $1.74 | −2.2% | $696.2M | $703.4M | +1.0% |
| 2026-02-26 | $3.89 | $3.47 | −10.8% | $725.8M | $719.6M | −0.9% |
| 2025-11-03 | $3.04 | $3.32 | +9.2% | $725.8M | $732.3M | +0.9% |
| 2025-08-04 | $3.12 | $2.09 | −33.0% | $701.0M | $699.0M | −0.3% |
| 2025-04-28 | $3.12 | $1.77 | −43.3% | $662.3M | $664.2M | +0.3% |
| 2025-02-24 | $2.08 | $1.61 | −22.6% | $682.3M | $693.7M | +1.7% |
| 2024-10-28 | $2.27 | $2.40 | +5.7% | $684.7M | $667.6M | −2.5% |
| 2024-07-29 | $2.07 | $1.51 | −27.1% | $670.4M | $660.5M | −1.5% |
| 2024-04-29 | $1.21 | $1.42 | +17.4% | $670.0M | $657.9M | −1.8% |
| 2024-02-26 | $1.37 | $1.01 | −26.3% | $682.2M | $675.0M | −1.0% |
| 2023-11-02 | $1.19 | $0.80 | −32.8% | $679.7M | $682.5M | +0.4% |
| 2023-07-31 | $1.22 | $1.87 | +53.3% | $677.3M | $678.5M | +0.2% |
| 2023-05-01 | $1.21 | $0.93 | −23.1% | $675.1M | $675.5M | +0.1% |
| 2023-02-21 | $1.09 | $0.94 | −13.8% | $679.8M | $686.1M | +0.9% |
| 2022-10-31 | $0.94 | $0.91 | −3.2% | $650.2M | $675.6M | +3.9% |
| 2022-08-01 | $0.90 | $0.64 | −28.9% | $626.2M | $652.0M | +4.1% |
| 2022-04-25 | $1.00 | $1.72 | +72.0% | $603.5M | $619.8M | +2.7% |
| 2022-02-28 | $0.69 | $0.44 | −36.2% | $591.2M | $595.3M | +0.7% |
| 2021-11-01 | $0.83 | $0.43 | −48.2% | $576.9M | $589.3M | +2.1% |
| 2021-08-02 | $0.68 | $1.37 | +101.5% | $523.2M | $575.5M | +10.0% |
| 2021-04-26 | $2.45 | $-0.11 | −104.5% | $539.4M | $548.7M | +1.7% |
| 2021-02-22 | $0.52 | $0.94 | +80.8% | $382.6M | $535.9M | +40.1% |
| 2020-11-02 | $0.46 | $0.20 | −56.5% | $1.2B | $522.9M | −56.5% |
Off-exchange (dark pool) volume, weekly
FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)| Week of | Notional | Shares | Trades |
|---|---|---|---|
| 2026-08-31 | $236.0M | 1,247,582 | 34,921 |
| 2026-08-24 | $227.0M | 1,215,528 | 35,572 |
| 2026-08-17 | $136.0M | 744,657 | 29,241 |
| 2026-08-10 | $175.1M | 955,783 | 27,908 |
| 2026-08-03 | $452.5M | 2,510,024 | 48,853 |
| 2026-07-27 | $401.1M | 2,236,242 | 45,288 |
Short-sale share of off-exchange volume
daily 20-day average| Date | Short share | Short volume | Total volume |
|---|---|---|---|
| 2026-10-15 | 54.4% | 151,063 | 277,760 |
| 2026-10-14 | 46.5% | 190,726 | 410,491 |
| 2026-10-13 | 54.2% | 185,172 | 341,408 |
| 2026-10-12 | 58.9% | 167,097 | 283,731 |
| 2026-10-09 | 49.8% | 537,497 | 1,078,783 |
| 2026-10-08 | 55.0% | 168,252 | 306,016 |
| 2026-10-07 | 69.5% | 225,115 | 323,798 |
| 2026-10-06 | 63.4% | 303,618 | 478,894 |
| 2026-10-05 | 48.8% | 160,616 | 329,365 |
| 2026-10-02 | 55.3% | 219,337 | 396,737 |
A daily flow measure from FINRA, not short interest.
Seasonality
Average return by calendar month| Month | Avg return | Up years | Years |
|---|---|---|---|
| Jan | +0.3% | 45% | 20 |
| Feb | +0.0% | 60% | 20 |
| Mar | +3.7% | 67% | 21 |
| Apr | +2.1% | 60% | 20 |
| May | +0.7% | 55% | 20 |
| Jun | +1.9% | 55% | 20 |
| Jul | +2.7% | 65% | 20 |
| Aug | −0.1% | 50% | 20 |
| Sep | −2.3% | 45% | 20 |
| Oct | +2.5% | 65% | 20 |
| Nov | +1.9% | 60% | 20 |
| Dec | +1.3% | 55% | 20 |
History, not a forecast.
Indicators
as of 2026-10-16RSI 1464.2
MFI61.9
ADX28.9
Stochastic %K / %D90.1 / 88.2
Williams %R-3.2
CCI119
TSI / signal6.9 / -11.7
Chaikin money flow0.02
ATR$5.68
Bollinger width21.4%
Volume vs 20-day avg0.91x
SupertrendUp
Moving averages and bands
level (price vs level)SMA 20$171.49 (+9.1%)
SMA 50$179.20 (+4.4%)
SMA 200$190.35 (−1.7%)
EMA 21$176.27 (+6.1%)
EMA 50$178.42 (+4.8%)
EMA 200$189.07 (−1.1%)
Bollinger upper$189.87 (−1.5%)
Bollinger lower$153.11 (+22.2%)
Parabolic SAR$166.73 (+12.2%)
Open the live chart, 110+ indicatorsAbout SBA Communications Corporation
SBA Communications Corporation stands as a premier owner, operator, and provider of crucial wireless communication infrastructure across North, Central, and South America, in addition to South Africa. Guided by its mission to 'Build Better Wireless,' the company primarily earns revenue from two core business areas: the leasing of antenna space and providing comprehensive site development services. Its central activity revolves around renting out capacity on its shared communication towers to various wireless service providers through long-term contractual agreements. For further details, please visit www.sbasite.com.
https://www.sbasite.com
Key executives
| Name | Title | Pay | Born |
|---|---|---|---|
| Brendan Thomas Cavanagh | Chief Executive Officer, President & Director | $2.7M | 1972 |
| Marc R. Montagner | Executive Vice President & Chief Financial Officer | $1.4M | 1962 |
| Joshua Koenig | Executive Vice President, Chief Administrative Officer & General Counsel | $1.2M | 1980 |
| Richard Cane | Executive Vice President & President International | $1.2M | 1965 |
| Mark R. Ciarfella | Executive Vice President of Operations | $1.2M | 1966 |
| Steven E. Bernstein | Founder & Independent Director | $100,000 | 1961 |
| Michelle Eisner | Senior Vice President & Chief Human Resources Officer | — | 1961 |
| Neil H. Seidman | Senior Vice President of Mergers and Acquisitions | — | 1967 |
Executive pay, latest proxy
| Executive | Year | Salary | Stock awards | Incentive | Total |
|---|---|---|---|---|---|
| Brendan T. Cavanagh President and Chief Executive Officer | 2025 | $955,000 | $8.6M | $1.7M | $11.4M |
| Marc Montagner Executive Vice President and Chief Financial Officer | 2025 | $665,000 | $3.4M | $679,298 | $4.7M |
| Joshua M. Koenig Executive Vice President, Chief Administrative Officer & General Counsel | 2025 | $560,000 | $2.6M | $593,040 | $3.8M |
| Richard M. Cane Executive Vice President and President - International | 2025 | $560,000 | $2.6M | $579,040 | $3.8M |
| Mark R. Ciarfella Executive Vice President - U.S. Operations | 2025 | $560,000 | $2.6M | $565,040 | $3.8M |
Employees
Dividends
| Ex-date | Amount | Paid |
|---|---|---|
| 2026-08-20 | $1.25 | 2026-09-17 |
| 2026-05-22 | $1.25 | 2026-06-17 |
| 2026-03-13 | $1.25 | 2026-03-27 |
| 2025-11-13 | $1.11 | 2025-12-11 |
| 2025-08-21 | $1.11 | 2025-09-18 |
| 2025-05-22 | $1.11 | 2025-06-17 |
| 2025-03-13 | $1.11 | 2025-03-27 |
| 2024-11-14 | $0.98 | 2024-12-12 |
Moat model
Weak · Switching Costs · 2026-06-30Cost advantage61
Intangibles47
Switching costs70
Network effect28
Efficient scale55
Our component scores (0-100) and overall 53.9; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17