SBA Communications owns a portfolio of about 46,000 wireless towers throughout North America, South America, and Africa. It leases space on its towers to wireless service providers, who install equipment to support their wireless networks.
It is a $19.4B real estate company. Revenue grew 5.4% over the last year, it keeps 35¢ of every dollar of sales as profit, and its net debt equals ~10.2 years of free cash flow. It trades at 19.5× earnings — near the lowest of its own history.
- Website
- sbasite.com
- Location
- Boca Raton, FL
- Employees
- 1 844
- Sector
- Real Estate
Skills
Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.
Strong quality; Health lags behind.
Valuation69
- P/E vs own history4th pct · 25/25
- FCF yield5.4% · 20/25
- P/S6.7x · 12/25
- EV/EBITDA18.8x · 12/25
Growth62
- Revenue CAGR5.1% · 12/25
- Net income CAGR45.1% · 25/25
- EPS CAGR ~5Y115.2% · 25/25
- Fwd implied growth-8.8% · 0/25
Profitability70
- ROIC18.0% · 20/25
- ROE-1.7% · 0/25
- Net margin34.5% · 25/25
- Operating margin47.6% · 25/25
Health10
- Altman Zn/a · 0/25
- Current ratio0.17 · 0/25
- Interest coverage3.7x · 10/25
- Net cash / debtD/A 92% · 0/25
Quality84
- Piotroski F7/9 · 22/25
- Beneish M-3.03 · 25/25
- FCF conversion106% · 25/25
- Margin stabilityσ 9.4% · 12/25
Moat62
- ROIC >12% years2/10 yrs · 0/25
- Median gross margin93.0% · 25/25
- FCF-positive years10/10 yrs · 25/25
- Worst-year net marginworst 1.2% · 12/25
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- FY2025FinancialBest year on record$1.05B net income
- FY2016FinancialProfitable every year on record10 consecutive profitable years in our data
- FY2016FinancialRevenue already above $1B$1.63B in first reported year
- FY2016FinancialPositive free cash flow every year since10-year streak
Achievements
Verifiable track record, straight from the reported numbers.
Strengths & watch-outs
What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.
Strengths
- High gross margin (75.2%)
- Strongly profitable — 34.5% net margin
- Strong cash conversion — FCF is 36.6% of revenue
- High returns on invested capital (ROIC 18.0%)
- Piotroski F-Score 7/9 — fundamentally strong checklist
Watch-outs
- Net debt equals ~10.2 years of free cash flow
Qualifications
The basics a company should meet before you research it further. Each check uses the reported numbers.
- Revenue growing — the company sells more than a year ago+5.4% YoY
- Profitable — makes more than it spends$991M TTM
- Profit growing — earnings are higher than last year+32.4% YoY
- Generates cash — cash left after running and investing$1.05B TTM
- Debt under control — could handle its obligations~10.2y of cash flow to repay
- Established company — not a micro-cap — lower blow-up risk$19.4B market cap
- Not printing shares — share count not ballooning — you keep your slice-5.2% shares over ~5y
- Proven track record — years of profitability behind it10/10 profitable years
- Financially stable — balance sheet not near distresshealth score 10/100
- Pays a dividend — returns cash to shareholdersyield 2.61%
- Valuation not extreme — price not wildly above earningsP/E 19.5
Peer comparisonSBA Communications Corp vs 6 largest real estate peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| SBAC this company | $19.4B | 19.5 | +5.4% | 34.5% | Strained |
| WELL Welltower Inc. | $162.5B | 108.1 | +37.6% | 12.1% | Strained |
| PLD Prologis, Inc. | $123.1B | 29.8 | +7.3% | 45.8% | Strained |
| EQIX Equinix, Inc. | $101.2B | 66.0 | +9.6% | 15.6% | Strained |
| AMT American Tower Corporation | $84.5B | 25.0 | +14.2% | 31.1% | Strained |
| DLR Digital Realty Trust, Inc. | $66.6B | 83.0 | +17.4% | 11.8% | Strained |
| SPG Simon Property Group, Inc. | $64.7B | 14.0 | +15.0% | 66.5% | Strained |
Head-to-head: SBAC vs WELL · SBAC vs PLD · SBAC vs EQIX
References
What covering analysts publish about the company — information only, not a recommendation.
Appendix · Financial records
The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/SBAC
Want the live picture — intraday moves, valuation history and full analysis?
Deeper analysis of SBAC on PreMarketPriceFigures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $182.49 · market cap $19.4B.