SBA Communications Corporation (SBAC) Stock

SBA Communications Corporation (SBAC) is a Real Estate stock trading at $187.13 (as of 2026-07-15), with a market capitalization of $19.85B and a trailing P/E of 19.5. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

SBA Communications Corporation is an owner and operator of wireless communications infrastructure in North, Central, and South America and South Africa. It generates revenue primarily from leasing antenna space on its multi-tenant communication sites and providing site development services to wireless service providers under long-term lease arrangements.

Understand SBA Communications Corporation: how it makes money

SBA Communications owns and operates wireless communications infrastructure and leases antenna space on multi-tenant communication sites to wireless service providers under long-term contracts, while also providing site development services.

Profit is driven primarily by recurring cash site leasing from long-term contracts to wireless service providers for antenna space on SBA’s multi-tenant communication sites, with site development providing a smaller, additional revenue stream.

Revenue by segment (latest quarter)
Domestic Leasing$0.5B
International Leasing$0.2B
Site Development$0.1B

Business quality (Solid): Strong visibility into what drives revenue (site leasing versus site development) and a clear structural profit engine (leasing antenna space under long-term contracts), though the provided inputs do not include detailed operating KPIs beyond leasing and development revenue.

Valuation: At 19× earnings, SBAC trades 42% below the Trading average (34×). Note: one-time items can distort reported P/E.

Bull case

  • Dominant leasing revenue stream: Most revenue comes from site leasing revenues (0.62B of 0.7B total), aligning earnings power with antenna-space leasing.
  • Long-term, multi-tenant infrastructure model: SBA focuses on leasing antenna space on multi-tenant communication sites under long-term lease contracts to wireless service providers.

Bear case

  • Leasing exposure: Because the business is primarily long-term site leasing, performance can be sensitive to conditions affecting wireless service providers’ demand for antenna space and lease arrangements.
  • Smaller diversification from development services: Site development revenue is relatively small (0.05B), so changes in development activity may have limited ability to offset leasing-related swings.
Valuation — source: SEC EDGAR (first-party)
Price$187.13
Market Cap$19.85B
P/E Ratio19.5
EV / EBITDA19.6
Price / Sales6.95
Dividend Yield2.5%
FCF Yield5.1%
DCF Value (model)$253.41
DCF Upside vs Price35.4%
Profitability & Growth — source: SEC EDGAR
Revenue (TTM)$2.82B
Net Margin37.4%
Return on Equity-21.4%
Debt / Equity-2.73
Current Ratio0.23
Revenue Growth (YoY)5.9%
EPS Growth (YoY)-14.6%
FCF Growth (YoY)-18.9%
Financial Health — source: SEC EDGAR
Altman Z-Score0.27 (distress)
Piotroski F-Score7/9 (strong)
Valuation vs Sector & Industry
Stock P/E19.5
Sector P/E (Real Estate)30.3
Industry P/E (Trading)33.8
vs Sector-35.5%
vs Industry-42.3%
Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional HolderVANGUARD GROUP INC ($3.46B)
Institutional Holders Tracked10
Congressional Trades (recent)10
Company
SectorReal Estate
IndustryTrading
CEOBrendan Thomas Cavanagh
Employees1,720
CountryUS
IPO Date1999-06-16

Related Companies (Business model: Equity REIT (Real Estate Investment Trust); 8 closest by market cap; US-domiciled)

  • Equity Residential (EQR)
  • Essex Property Trust, Inc. (ESS)
  • Weyerhaeuser Company (WY)
  • Annaly Capital Management, Inc. (NLY)
  • Kimco Realty Corporation (KIM)
  • Host Hotels & Resorts, Inc. (HST)
  • Lamar Advertising Company (LAMR)
  • W. P. Carey Inc. (WPC)
SBAC earnings history · SBAC institutional & insider holders · SBAC KPIs & operating metrics · Congress trades · Insider trades · Short interest · Stock screener

Data as of 2026-07-15.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.