# SBA Communications Corporation (SBAC)

> Source: Nexqual · https://nexqual.com/SBAC · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, SBA Communications Corporation (SBAC), nexqual.com/SBAC" · informational, not investment advice.

**Price:** USD 178.39 (+2.87% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 173.41 · day 172.1–178.99 · 52w 156.6–224.46 · market cap $18.9B · NMS

## Key facts
- 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)
| 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)
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)
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)
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
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)
|  | 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) |

## Peers (REIT - Specialty)
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%

## More
Full page: https://nexqual.com/SBAC · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in SBAC's own 10-K filed 2026-02-27 (https://www.sec.gov/Archives/edgar/data/1034054/000103405426000002/sbac-20251231x10k.htm):

| 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:" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY | Operating income | Op. margin |
|---|---|---|---|---|---|
| Domestic Site Leasing Revenue | $452.4M | 63.3% | -3.7% | $292.1M | 64.6% |
| International Site Leasing Revenue | $211.4M | 29.6% | +30.5% | $77.6M | 36.7% |
| Site Development Construction | $51.4M | 7.2% | -23.5% | $4.9M | 9.5% |
| Total revenue | $715.3M | 100% | — | $351.9M | 49.2% |

## Customer concentration

Period ended 2025-12-31: 31.1%, 20.3%, 15.1% of revenue from unnamed direct customers (10-K, filed 2026-02-27).

## Company outlook (8-K filed 2026-08-03)

- "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."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.10 | $2.01 | +4.1% | $724.8M | 9 |
| Next quarter (ends 2026-12-31) | $2.00 | $1.86 | +7.4% | $720.9M | 9 |
| Current fiscal year (ends 2026-12-31) | $7.73 | $7.54 | +2.5% | $2.86B | 10 |
| Next fiscal year (ends 2027-12-31) | $8.07 | $8.09 | -0.3% | $2.94B | 10 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-02): ±9.1%; last 8 reports averaged ±3.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 33.3% | ±9.1% |
| 2026-12-18 | 56 | 31.8% | ±10.9% |
| 2027-03-19 | 147 | 30.5% | ±15.6% |
| 2027-06-17 | 237 | 30.3% | ±19.0% |