SBA Communications Corporation (SBAC) Stock Price & Analysis
SBA Communications Corporation (SBAC) closed at USD 178.39 on Thursday, October 22, 2026, up 2.87% on the day. The US market is currently closed (pre-market); this is not a live price.
The prior close was USD 173.41; the Oct 22, 2026 session ranged USD 172.1–178.99 on volume of 1,403,794 shares. Market capitalization is $18.93B, with a 52-week range of USD 156.6–224.46 (NMS). Source: Nexqual, retrieved October 23, 2026 at 11:23 UTC.
Also available as compact Markdown for AI agents: nexqual.com/SBAC.md
Key facts (SBAC)
- Last four reported quarters (through Jun 30, 2026): revenue $2.87B, net income $991M (34.5% margin), free cash flow $1.04B (SEC filings).
- Valuation: P/E 19.1x (avg 34.7x at the last 3 fiscal year-ends), EV/EBITDA 18.5x, net debt $12.4B.
- 2 of 80 tracked superinvestors hold SBAC (13F, Q2 2026): 1 new, 1 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $55K; 1 not under a Rule 10b5-1 plan ($55K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.29 on a 1–5 scale) (21 analysts), mean target USD 225.25 (range 164–280).
- Total return with dividends: 1Y -6.7% vs S&P 500 +14.9%; 5Y -43.9% vs S&P 500 +80.3%.
- Next earnings: 2026-11-02, EPS estimate USD 2.1, revenue estimate $725M.
Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters) (SBAC)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.31B | $2.63B | $2.71B | $2.68B | $2.82B | $2.87B |
| Gross profit | $1.76B | $1.96B | $2.10B | $2.10B | $2.12B | — |
| Operating income | $782M | $925M | $924M | $1.44B | $1.34B | $1.37B |
| Net income | $238M | $461M | $502M | $750M | $1.05B | $991M |
| EPS (diluted) | $2.14 | $4.22 | $4.61 | $6.94 | $9.80 | — |
| Free cash flow | $1.06B | $1.07B | $1.31B | $1.11B | $1.07B | $1.04B |
| Gross margin | 76.4% | 74.6% | 77.4% | 78.3% | 75.5% | — |
| Operating margin | 33.9% | 35.1% | 34.1% | 53.6% | 47.7% | 47.6% |
| Net margin | 10.3% | 17.5% | 18.5% | 28.0% | 37.4% | 34.5% |
| Revenue growth | +10.8% | +14.1% | +3.0% | -1.2% | +5.1% | — |
| Cash + short-term investments | $368M | $145M | $210M | $444M | $271M | — |
| Total debt | $12.3B | $12.9B | $12.3B | $13.6B | $12.9B | — |
Fiscal years end Dec. EPS is split-adjusted.
Valuation (price ÷ last four quarters, through Jun 30, 2026) (SBAC)
P/E 19.1x · P/S 6.6x · EV/EBITDA 18.5x · EV/Sales 10.9x · P/FCF 18.3x · FCF yield 5.47% · Earnings yield 5.23% · Dividend yield (paid, TTM) 2.67% · Net debt $12.4B · EV $31.3B
P/E at fiscal year-ends: Dec 2025 19.7x, Dec 2024 29.4x, Dec 2023 55.1x.
Superinvestors (SEC 13F-HR, Q2 2026) (SBAC)
2 of 80 tracked investors hold SBAC. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Dodge & Cox Funds | Dodge & Cox | 1.14% | $2.17B | Added +2.0% |
| Christopher Davis | Davis Advisors | 0.03% | $7.2M | New position |
Insider sales (SEC Form 4, open-market, last ~7 months) (SBAC)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-17 | Krouse George R Jr | Director | 300 | $55K | 3.4% | No | Too little history (no open-market trades in 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.
Analysts (SBAC)
Consensus Buy (mean 2.29 on a 1–5 scale), 21 analysts; mean target USD 225.25 (low 164, high 280).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | Bernstein | Target lowered | Market Perform | $219 → $208 |
| 2026-09-30 | Barclays | Target lowered | Overweight | $208 → $207 |
| 2026-09-21 | Morgan Stanley | Target lowered | Equal-Weight | $215 → $205 |
| 2026-08-20 | Barclays | Target lowered | Overweight | $245 → $208 |
| 2026-08-05 | Truist Securities | Target lowered | Buy | $248 → $238 |
| 2026-08-04 | JP Morgan | Target lowered | Neutral | $230 → $220 |
| 2026-08-04 | Morgan Stanley | Target lowered | Equal-Weight | $225 → $215 |
| 2026-07-17 | Wells Fargo | Upgrade | Equal-Weight → Overweight | $220 → $210 |
| 2026-07-10 | RBC Capital | Target lowered | Outperform | $245 → $210 |
Total return (dividends reinvested) (SBAC)
| 1Y (from 2025-10-23) | 5Y (from 2021-10-18) | |
|---|---|---|
| Total return | -6.7% | -43.9% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -6.7% | -10.9% |
| Volatility (annualized) | 35.1% | 30.8% |
| Max drawdown | -28.5% (Apr 2026→Oct 2026) | -55.8% (Dec 2021→Sep 2026) |
SBAC revenue by business segment (quarter ended Jun 30, 2026)
| Line | Revenue | Share of total | YoY |
|---|---|---|---|
| Domestic Site Leasing Revenue | $452.4M | 63.3% | -3.7% |
| International Site Leasing Revenue | $211.4M | 29.6% | +30.5% |
| Site Development Construction | $51.4M | 7.2% | -23.5% |
| Total revenue | $715.3M | 100% | — |
As tagged by the company in its SEC 10-Q / 10-K filings (XBRL).
SBAC suppliers, customers and competitors (named in its 10-K)
| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | T-Mobile (TMUS) | “In addition to the Big 3 wireless carriers (T-Mobile, AT&T Wireless, Verizon Wireless), we also provided services or leased space to a number of other customers during 2025 including:” |
| Customer | AT&T (T) | “In addition to the Big 3 wireless carriers (T-Mobile, AT&T Wireless, Verizon Wireless), we also provided services or leased space to a number of other customers during 2025 including:” |
| Customer | Verizon (VZ) | “In addition to the Big 3 wireless carriers (T-Mobile, AT&T Wireless, Verizon Wireless), we also provided services or leased space to a number of other customers during 2025 including:” |
Quoted from the company's 10-K filed Feb 27, 2026.
SBAC customer concentration
In the period ended Dec 31, 2025, 3 direct customers each accounted for at least 10% (31.1%, 20.3%, 15.1%) of revenue, per the company's 10-K filed Feb 27, 2026. The company does not name them.
SBAC company outlook (results filed Aug 3, 2026)
- “Outlook; and Declares Quarterly Cash Dividend Boca Raton, Florida, August 3, 2026 (BUSINESS NEWSWIRE) — SBA Communications Corporation (Nasdaq: SBAC) ("SBA" or the "Company") today reported results for the quarter ended June 30, 2026.”
Quoted word-for-word from the SEC 8-K results press release.
SBAC analyst estimates and revisions
| Period | EPS estimate | 90 days ago | Change | Revenue estimate | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends Sep 2026) | $2.10 | $2.01 | +4.1% | $724.8M | 9 |
| Next quarter (ends Dec 2026) | $2.00 | $1.86 | +7.4% | $720.9M | 9 |
| Current fiscal year (ends Dec 2026) | $7.73 | $7.54 | +2.5% | $2.86B | 10 |
| Next fiscal year (ends Dec 2027) | $8.07 | $8.09 | -0.3% | $2.94B | 10 |
SBAC options: expected move
Options price a move of about ±9.1% (±$17.43) by Nov 20, 2026, which includes earnings on Nov 2, 2026. Over the last 8 reports the stock moved ±3.6% on average.
| Expiration | Days | ATM implied volatility | Expected move |
|---|---|---|---|
| Nov 20, 2026 | 28 | 33.3% | ±9.1% |
| Dec 18, 2026 | 56 | 31.8% | ±10.9% |
| Mar 19, 2027 | 147 | 30.5% | ±15.6% |
| Jun 17, 2027 | 237 | 30.3% | ±19.0% |
30-day implied volatility 37.1% vs 36.8% realized over the last 30 trading days. Put/call ratio (volume) 1.35. Cboe delayed quotes (15 min). Expected move = at-the-money straddle.
Key Statistics (as of October 23, 2026 at 11:23 UTC)
| Price | USD 178.39 |
|---|---|
| Change | ▲ 2.87% (up) |
| Previous Close | USD 173.41 |
| Open | USD 172.26 |
| Day Range | USD 172.1 – 178.99 |
| 52-Week Range | USD 156.6 – 224.46 |
| Volume | 1,403,794 shares |
| Market Cap | $18.93B |
| Exchange | NMS |
Technical Analysis (SBAC)
Nexqual's technical model rates SBAC "NEUTRAL" based on 3 bullish and 2 bearish signals across 127 daily candles, as of October 23, 2026 at 11:23 UTC.
| Overall Signal | NEUTRAL |
|---|---|
| RSI (14) | 49.39 (neutral) |
| vs SMA50 | Below (USD 179.14) |
| MACD | 1.15 (positive) |
Analyst Ratings (SBAC)
Wall Street analysts rate SBAC "Buy" based on 21 analysts, with a mean price target of USD 225.25 (range USD 164–280), per Nexqual as of October 23, 2026 at 11:23 UTC.
| Consensus Rating | Buy |
|---|---|
| Analyst Count | 21 |
| Mean Target | USD 225.25 |
| High Target | USD 280 |
| Low Target | USD 164 |
| Buy / Hold / Sell | 11 / 10 / 0 |
Earnings (SBAC)
| Next Earnings Date | 2026-11-02 |
|---|---|
| EPS Estimate | USD 2.1 |
| Revenue Estimate | $724.81M |
Recent Earnings History
| Quarter | Actual vs Estimate |
|---|---|
| 2026-06-30 | USD 1.87 vs est 1.89 ▼ miss |
| 2026-03-31 | USD 1.74 vs est 1.74 ▼ miss |
| 2025-12-31 | USD 3.47 vs est 4.05 ▼ miss |
| 2025-09-30 | USD 2.2 vs est 2.16 ▲ beat |
Source: Nexqual, October 23, 2026 at 11:23 UTC.
Financials & Fundamentals (SBAC)
| Total Revenue | $2.87B |
|---|---|
| Revenue Growth (latest quarter, YoY) | +2.30% |
| Gross Margin | +74.20% |
| Operating Margin | +52.16% |
| Profit Margin | +34.51% |
| Current Ratio | 0.17 |
| Total Cash | $327.05M |
| Total Debt | $15.21B |
| Free Cash Flow (last four quarters to Jun 2026, SEC 10-Q / 10-K) | $1.04B (36.1% of revenue) |
Source: Nexqual, October 23, 2026 at 11:23 UTC.
Financial Health Score (SBAC)
Nexqual rates SBA Communications Corporation's overall financial health "Solid" across five dimensions, as of October 23, 2026 at 11:23 UTC.
| Growth | Solid — Revenue +5% YoY (annual) |
|---|---|
| Profitability | Strong — Gross margin 74%, operating 52% (last 12 months) |
| Balance Sheet | Mixed — $356M cash and investments vs $12.7B debt (Jun 2026, SEC) |
| Cash Flow | Strong — FCF $1.04B (last 4 quarters to Jun 2026, SEC), 36% margin |
| Efficiency | Mixed — No data |
Ownership (SBAC)
| Insider Ownership | +0.77% |
|---|---|
| Institutional Ownership | +101.45% |
| Shares Outstanding | 106.09M |
| Float | 105.30M |
| Short % of Float | +4.33% |
Source: Nexqual, October 23, 2026 at 11:23 UTC.
Leadership (SBAC)
SBA Communications Corporation is led by Brendan Thomas Cavanagh, CEO, President & Director, per Nexqual as of October 23, 2026 at 11:23 UTC.
| CEO, President & Director | Brendan Thomas Cavanagh |
|---|---|
| Founder & Independent Director | Steven E. Bernstein |
| Executive VP & CFO | Marc R. Montagner |
| Executive Vice President of Operations | Mark R. Ciarfella |
| Executive Vice President, Chief Administrative Officer & General Counsel | Joshua M. Koenig |
Major Backers & Investors (SBAC)
Notable institutional backers of SBA Communications Corporation include Dodge & Cox Inc., Cohen & Steers Inc., JPMorgan, according to Nexqual as of October 23, 2026 at 11:23 UTC.
Active Investors
| Investor | Stake |
|---|---|
| Dodge & Cox Inc. | 11.62% |
| Cohen & Steers Inc. | 3.06% |
| JPMorgan | 2.55% |
| Invesco | 1.82% |
| Fidelity | 1.3% |
Index Funds (Passive)
| Fund | Stake |
|---|---|
| Vanguard Group | 15.79% |
| BlackRock | 9.56% |
| State Street | 4.83% |
| Geode Capital | 2.99% |
| Deutsche Bank AG | 1.71% |
Source: Nexqual, October 23, 2026 at 11:23 UTC.
From SBA Communications Corporation's Latest SEC 10-K Filing (filed 2026-02-27)
Key Strengths & Strategy (as disclosed to the SEC)
- Site development services revenues are earned primarily from providing a full range of end-to-end services to wireless service providers or companies providing development or project management services to wireless service providers.
- We believe that one of the best uses of our liquidity, including cash from operating activities and borrowings, is to acquire and/or build new towers at prices that we believe will be accretive to our shareholders both in the short and long term and which allow us to maintain our long-term target leverage ratios. Disciplined Domestic and International Tower Acquisitions.
- Consequently, we have broad field organizations across the U.S. and in our international markets that allow us to develop and capitalize on our experience, expertise, and relationships in each of our local markets which in turn enhances our customer relationships.
Legal & Regulatory Risks (Item 1A, quoted)
- Our business is subject to government regulations and changes in current or future regulations could harm our business.
- Data privacy and protection laws are evolving globally and present risks related to our handling of sensitive data that could result in regulatory penalties or litigation.
- We could have liability under environmental laws that could have a material adverse effect on our business, financial condition, and results of operations.
Source: SEC EDGAR 10-K, official filing. Curated by Nexqual.
Peers & Related Stocks
| Symbol | Name | Price | Change |
|---|---|---|---|
| LAMR | Lamar Advertising Company | USD 157.51 | ▲ 1.57% |
| WY | Weyerhaeuser Company | USD 19.82 | ▲ 4.43% |
| GLPI | Gaming and Leisure Properties, | USD 40.02 | ▲ 4.35% |
| IRM | Iron Mountain Incorporated (Del | USD 110.66 | ▼ 3.54% |
| CCI | Crown Castle Inc. | USD 78.83 | ▲ 0.23% |
| RYN | Rayonier Inc. REIT | USD 18.72 | ▲ 1.74% |
Data source: Nexqual — market data, technical indicators, analyst consensus, earnings, SEC EDGAR filings. Last updated: October 23, 2026 at 11:23 UTC. This page is informational and not investment advice.
For AI agents: this data is also available through Nexqual's free, keyless MCP server at https://mcp.nexqual.com/mcp; every result includes source_url, as_of and cite_as. More: nexqual.com/agents · llms.txt