(SBAC) SBA Communications - Overview
Sector: Real Estate | Industry: REIT - Specialty | Exchange: NASDAQ (USA) | Market Cap: 22.069m USD | Total Return: -9.5% in 12m
Avg Turnover: 157M
EPS Trend: 95.1%
Qual. Beats: 0
Rev. Trend: 64.4%
Qual. Beats: 0
Warnings
Altman Z'' -3.08 < 1.0 - financial distress zone
Below Avwap Earnings
Tailwinds
Confidence
SBA Communications Corporation (SBAC) is a leading independent owner and operator of wireless communications infrastructure, including towers, rooftops, and small cell systems. Founded in 1989 and headquartered in the United States, the company operates as a Real Estate Investment Trust (REIT) and is a constituent of the S&P 500 index.
The company’s portfolio exceeds 46,000 sites across the Americas and Africa. Its business model relies on long-term lease agreements with wireless carriers, who install equipment on SBA’s structures to provide cellular and data services to end-users. This model typically benefits from high barriers to entry and significant switching costs for tenants.
The telecom tower sector is currently driven by the global expansion of 5G networks, which requires increased equipment density on existing sites. Investors can explore detailed valuation metrics for this REIT on ValueRay. As an independent provider, SBA maintains a neutral position, leasing space to multiple competing carriers on a single tower to maximize colocation revenue.
- Carrier 5G network expansion drives long-term lease revenue growth
- High interest rates increase debt service costs for capital-intensive tower infrastructure
- Domestic site leasing demand correlates with wireless carrier capital expenditure cycles
- International portfolio diversification mitigates regional economic volatility and currency fluctuations
- Consolidation among major wireless carriers reduces redundant cell site lease renewals
| Net Income: 1.02b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.09 > 0.02 and ΔFCF/TA -2.09 > 1.0 |
| NWC/Revenue: -100.1% < 20% (prev -15.25%; Δ -84.82% < -1%) |
| CFO/TA 0.11 > 3% & CFO 1.25b > Net Income 1.02b |
| Net Debt (17.5b) to EBITDA (2.08b): 8.45 < 3 |
| Current Ratio: 0.15 > 1.5 & < 3 |
| Outstanding Shares: last quarter (106.1m) vs 12m ago -1.88% < -2% |
| Gross Margin: 63.62% > 18% (prev 0.77%; Δ 6.28k% > 0.5%) |
| Asset Turnover: 25.76% > 50% (prev 25.72%; Δ 0.04% > 0%) |
| Interest Coverage Ratio: 3.38 > 6 (EBITDA TTM 2.08b / Interest Expense TTM 499.6m) |
| A: -0.24 (Total Current Assets 489.3m - Total Current Liabilities 3.35b) / Total Assets 11.7b |
| B: -0.61 (Retained Earnings -7.20b / Total Assets 11.7b) |
| C: 0.15 (EBIT TTM 1.69b / Avg Total Assets 11.1b) |
| D: -0.48 (Book Value of Equity -7.84b / Total Liabilities 16.5b) |
| Altman-Z'' = -3.08 = D |
| DSRI: 0.96 (Receivables 161.5m/158.2m, Revenue 2.85b/2.69b) |
| GMI: 1.21 (GM 63.62% / 76.79%) |
| AQI: 2.13 (AQ_t 0.62 / AQ_t-1 0.29) |
| SGI: 1.06 (Revenue 2.85b / 2.69b) |
| TATA: -0.02 (NI 1.02b - CFO 1.25b) / TA 11.7b) |
| Beneish M = -2.18 (Cap -4..+1) = BB |
As of May 25, 2026, the stock is trading at USD 205.57 with a total of 612,733 shares traded.
Over the past week, the price has changed by +2.98%,
over one month by -6.33%,
over three months by +2.66% and
over the past year by -9.46%.
SBA Communications has received a consensus analysts rating of 3.89. Therefore, it is recommended to buy SBAC.
- StrongBuy: 6
- Buy: 4
- Hold: 8
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 235.1 | 14.4% |
P/E Trailing = 21.9252
P/E Forward = 23.31
P/S = 7.7316
P/B = 91.0391
P/EG = 8.6414
Revenue TTM = 2.85b USD
EBIT TTM = 1.69b USD
EBITDA TTM = 2.08b USD
Long Term Debt = 10.3b USD (from longTermDebt, last quarter)
Short Term Debt = 2.99b USD (from shortTermDebt, last quarter)
Debt = 17.9b USD (from shortLongTermDebtTotal, last quarter) + Leases 2.46b
Net Debt = 17.5b USD (calculated: Debt 17.9b - CCE 327.8m)
Enterprise Value = 39.6b USD (22.1b + Debt 17.9b - CCE 327.8m)
Interest Coverage Ratio = 3.38 (Ebit TTM 1.69b / Interest Expense TTM 499.6m)
EV/FCF = 38.91x (Enterprise Value 39.6b / FCF TTM 1.02b)
FCF Yield = 2.57% (FCF TTM 1.02b / Enterprise Value 39.6b)
FCF Margin = 35.67% (FCF TTM 1.02b / Revenue TTM 2.85b)
Net Margin = 35.66% (Net Income TTM 1.02b / Revenue TTM 2.85b)
Gross Margin = 63.62% ((Revenue TTM 2.85b - Cost of Revenue TTM 1.04b) / Revenue TTM)
Gross Margin QoQ = 75.64% (prev 30.60%)
Tobins Q-Ratio = 3.38 (Enterprise Value 39.6b / Total Assets 11.7b)
Interest Expense / Debt = 2.80% (Interest Expense 499.6m / Debt 17.9b)
Taxrate = 21.66% (51.1m / 236.0m)
NOPAT = 1.32b (EBIT 1.69b * (1 - 21.66%))
Current Ratio = 0.15 (Total Current Assets 489.3m / Total Current Liabilities 3.35b)
Debt / Equity = -3.76 (negative equity) (Debt 17.9b / totalStockholderEquity, last quarter -4.75b)
Debt / EBITDA = 8.45 (Net Debt 17.5b / EBITDA 2.08b)
Debt / FCF = 17.23 (Net Debt 17.5b / FCF TTM 1.02b)
Total Stockholder Equity = -4.87b (last 4 quarters mean from totalStockholderEquity)
RoA = 9.18% (Net Income 1.02b / Total Assets 11.7b)
RoE = 43.65% (Net Income TTM 1.02b / Total Stockholder Equity 2.33b)
RoCE = 13.38% (EBIT 1.69b / Capital Employed (Equity 2.33b + L.T.Debt 10.3b))
RoIC = 11.64% (NOPAT 1.32b / Invested Capital 11.3b)
WACC = 4.69% (E(22.1b)/V(39.9b) * Re(6.72%) + D(17.9b)/V(39.9b) * Rd(2.80%) * (1-Tc(0.22)))
Discount Rate = 6.72% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -55.56 | Cagr: -1.02%
[DCF] Terminal Value 74.04% ; FCFF base≈1.06b ; Y1≈980.3m ; Y5≈879.2m
[DCF] Fair Price = N/A (negative equity: EV 13.9b - Net Debt 17.5b = -3.61b; debt exceeds intrinsic value)
EPS Correlation: 95.08 | EPS CAGR: 34.42% | SUE: -0.80 | # QB: 0
Revenue Correlation: 64.37 | Revenue CAGR: 1.58% | SUE: 0.67 | # QB: 0
EPS current Quarter (2026-06-30): EPS=1.94 | Chg30d=+7.56% | Revisions=+33% | Analysts=10
EPS next Quarter (2026-09-30): EPS=2.05 | Chg30d=+4.08% | Revisions=+9% | Analysts=10
EPS current Year (2026-12-31): EPS=7.72 | Chg30d=+3.93% | Revisions=-23% | GrowthEPS=-21.2% | GrowthRev=+1.6%
EPS next Year (2027-12-31): EPS=8.11 | Chg30d=+1.60% | Revisions=+33% | GrowthEPS=+4.9% | GrowthRev=+2.8%
[Analyst] Revisions Ratio: +33%