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SBA Communications Corporation
NASDAQ: SBAC Real Estate IT 🔎 Screen
S&P 500
$19.4B
Market Cap
19.7
P/E
0.61
PEG
12.3%
ROCE
-21.5%
ROE
-3.21
D/E
53.9%
OPM
-16.0%
% from 52W High
32
α RS
🔍 SBAC is showing a high-conviction setup because it matches 5 of 39 tracked screener presets, an ECS of 50.4 last quarter, and it's within 16% of its 52-week high. Net: Broad signal stack, not a recommendation. ? Conviction ECS 52W High
Sources
Conviction 5/39 · ECS 50.4 · 16% from 52W high
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🌏 Global Investor Returns
Currency-adjusted total returns for SBAC including FX impact
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📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
📊 Sector Averages
About

SBA Communications Corporation is a leading independent owner and operator of wireless communications infrastructure, including tower structures, rooftops and other structures that support antennas used for wireless communications. In our site leasing business, we lease space to wireless service providers and other customers on assets we own or operate, and manage rooftop and tower sites for property owners under various contractual arrangements. As of December 31, 2025, we owned 46,328 towers, a substantial portion of which were built by us or by other tower owners or operators who, like us, build towers to lease space to multiple wireless service providers. As of December 31, 2025, each of our towers had an average of 1.8 tenants. SBA Communications Corporation was established in 1989 and was incorporated in Florida.

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📈 Growth Pattern
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⭐ Superinvestors Holding SBAC
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Manager Shares Value % of Fund Period
Steve Cohen Point72 Asset Management 102.0K $17.6M 0.02% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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In-line quarter Investor Presentation One-Pager? Q2 2026
Total Revenue
$715.3M
+2.3% YoY
Site Leasing Segment Operating Profit
$529.8M
+3.2% YoY
Net Income
$196.5M
-12.9% YoY
AFFO per Share
$3.05
-3.8% YoY
Net Debt / Adjusted EBITDA
6.4x
Near historical low
What Went Right
  • Full-year 2026 site leasing revenue, FFO and FFO per share outlook raised modestly on higher straight-line revenue and lower net cash interest expense.
  • Inaugural $3.5B investment-grade bond issue at a 5.11% blended coupon refinanced Term Loan B and revolver; S&P upgraded SBA to BBB from BBB-.
  • International site leasing revenue grew 30.5% YoY to $211.4M, and new tower construction is ramping.
What to Watch
  • Domestic site leasing revenue fell 3.7% YoY to $452.5M; Sprint and EchoStar churn outlook for 2026 is unchanged.
  • International churn remains elevated due to carrier consolidation, bankruptcies, restructuring and network rationalization.
  • Net income and AFFO declined YoY (-12.9% and -5.2%), while U.S. carrier cost controls and headcount reductions are tempering spending.
Management Guidance
  • Next-quarter numeric revenue or operating income guidance: not provided on the call.
  • Full-year 2026 site leasing revenue, FFO and FFO per share guidance modestly increased vs prior guidance; exact updated ranges were not restated on the call.
  • Still assumes the $1.2B November ABS maturity is refinanced at 5.25%; expects ~600 new tower builds in 2026, weighted to Central America and Tanzania.
Investor Lens
The thesis is modestly stronger after the call. SBA now has an investment-grade balance sheet, $570M cash, a fully repaid revolver and a clear intention to resume buybacks in H2 2026 at current valuations. Long-term catalyst pipeline — Upper C-band auction, 2.7/4.4 GHz repurposing, edge compute and satellite terrestrial needs — supports multi-year growth, but near-term domestic leasing is soft and international churn is still elevated. At 6.4x leverage, the balance sheet has room to fund buybacks and build or acquire towers if opportunities emerge.
From investor presentation · AI-generated analysis · Not investment advice
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📊 MIXED In-line Q2 with $3.05 AFFO per share; FY26 outlook raised modestly
Revenue
Total revenue was $715.3M in Q2 2026, up 2.3% YoY, with site leasing revenue of $663.9M (+5.1%) and site development revenue of $51.4M (-23.5%). Domestic site leasing revenue declined 3.7% to $452.5M, while international site leasing revenue grew 30.5% to $211.4M.
Profitability
Net income was $196.5M, down 12.9% YoY, with diluted EPS of $1.87. Adjusted EBITDA rose 1.8% to $483.8M, and AFFO per share was $3.05, down 3.8% YoY.
Margins
Tower cash flow margin was 79.5%, down from 81.0%, and Adjusted EBITDA margin was 68.0%, versus 68.1% last year. Management cited continued direct-cost control, but domestic revenue decline and elevated churn weighed on margins.
Balance Sheet
Ended Q2 2026 with approximately $13.0B total debt and 6.4x net debt/Adjusted EBITDA. Post-quarter, SBA issued $3.5B of investment-grade notes at a 5.11% blended coupon, repaid the Term Loan B and revolver, and currently holds $570M cash; it also replaced the revolver with a $2.5B unsecured facility.
Key Risks
EchoStar litigation over the bankruptcy claim cap and escrow continues; management expects to prevail, but 2026 Sprint/EchoStar churn guidance is unchanged. International churn remains elevated from consolidations and bankruptcies, and U.S. carriers' cost controls are slowing near-term spending. The bigger new-spectrum and edge/satellite opportunities are longer-dated.
Outlook
Management modestly raised full-year 2026 site leasing revenue, FFO and FFO per share expectations versus prior guidance, citing higher straight-line revenue and improved net interest costs. It continues to assume the $1.2B November ABS maturity is refinanced at 5.25% and expects about 600 new tower builds in 2026.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-08-03
Q2 results met expectations, leading to a modestly higher full-year outlook for site leasing revenue and FFO. Strong U.S. and international leasing activity, new tower builds, and a $3.5B bond issuance strengthened the balance sheet. Share buybacks prioritized over M&A.
Q1 2026 Q1 2026 2026-04-29
Raised 2026 outlook after strong Q1, with robust U.S. and international leasing, 80% Tower Cash Flow margin, and a 13% dividend increase. Debt paydown prioritized, with investment grade status targeted for 2026. Edge computing and new builds drive future growth.
Q4 2025 Q4 2025 2026-02-26
Fourth quarter results met expectations with strong FFO and dividend growth, robust domestic and international leasing, and significant share buybacks. 2026 guidance reflects steady U.S. growth, ongoing churn from consolidation, and expansion in Central America and Africa.
Q3 2025 Q3 2025 2025-11-03
Reported strong Q3 results with increased leasing and services revenue, completed key acquisitions and divestitures, and secured a new long-term Verizon agreement. Raised outlook for leasing and site development, maintained low leverage, and achieved a second investment-grade rating.
Q2 2025 Q2 2025 2025-08-04
Second quarter results exceeded expectations, prompting increased full-year guidance across all key metrics. U.S. and international businesses both performed well, with portfolio expansion in Central America and a strategic exit from Canada. S&P upgraded the credit rating to investment grade.
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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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