SBA Communications (SBAC)
Market Price (4/8/2026): $209.0 | Market Cap: $22.2 BilSector: Real Estate | Industry: Telecom Tower REITs
SBA Communications (SBAC)
Market Price (4/8/2026): $209.0Market Cap: $22.2 BilSector: Real EstateIndustry: Telecom Tower REITs
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.0%, Dividend Yield is 2.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.0% Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 55% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 46%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 38% Low stock price volatilityVol 12M is 32% Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity. Themes include Telecom Infrastructure. | Weak multi-year price returns2Y Excs Rtn is -26%, 3Y Excs Rtn is -79% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 69% Key risksSBAC key risks include [1] a distress-zone financial strength rating driven by its substantial debt load and sensitivity to interest rates, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.0%, Dividend Yield is 2.2%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.0% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 55% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 46%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 38% |
| Low stock price volatilityVol 12M is 32% |
| Megatrend and thematic driversMegatrends include 5G & Advanced Connectivity. Themes include Telecom Infrastructure. |
| Weak multi-year price returns2Y Excs Rtn is -26%, 3Y Excs Rtn is -79% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 69% |
| Key risksSBAC key risks include [1] a distress-zone financial strength rating driven by its substantial debt load and sensitivity to interest rates, Show more. |
Qualitative Assessment
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SBA Communications (SBAC) stock has gained about 5% since 12/31/2025 because of the following key factors:
1. SBA Communications reported a substantial increase in net income for Q4 2025, reaching $370.4 million or $3.47 per share, a significant rise from $173.6 million or $1.61 per share in Q4 2024. This strong financial performance was coupled with a 13% increase in its quarterly cash dividend to $1.25 per share, signaling confidence in future cash flows and providing an attractive return to shareholders.
2. The company's strategic capital allocation included significant share repurchases, with 1.1 million shares bought back for $213.0 million in Q4 2025, and a total of 2.5 million shares repurchased for $500.0 million in 2025 and through February 26, 2026. Additionally, SBA Communications expanded its portfolio by acquiring 2,026 communication sites for $236.4 million in Q4 2025, including a majority from the Millicom transaction, and further secured land rights for approximately 3,900 sites in Guatemala for $109.0 million subsequent to the quarter.
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1. SBA Communications reported a substantial increase in net income for Q4 2025, reaching $370.4 million or $3.47 per share, a significant rise from $173.6 million or $1.61 per share in Q4 2024. This strong financial performance was coupled with a 13% increase in its quarterly cash dividend to $1.25 per share, signaling confidence in future cash flows and providing an attractive return to shareholders.
2. The company's strategic capital allocation included significant share repurchases, with 1.1 million shares bought back for $213.0 million in Q4 2025, and a total of 2.5 million shares repurchased for $500.0 million in 2025 and through February 26, 2026. Additionally, SBA Communications expanded its portfolio by acquiring 2,026 communication sites for $236.4 million in Q4 2025, including a majority from the Millicom transaction, and further secured land rights for approximately 3,900 sites in Guatemala for $109.0 million subsequent to the quarter.
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Stock Movement Drivers
Fundamental Drivers
The 7.2% change in SBAC stock from 12/31/2025 to 4/7/2026 was primarily driven by a 21.8% change in the company's Net Income Margin (%).| (LTM values as of) | 12312025 | 4072026 | Change |
|---|---|---|---|
| Stock Price ($) | 192.12 | 205.86 | 7.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,789 | 2,815 | 0.9% |
| Net Income Margin (%) | 30.7% | 37.4% | 21.8% |
| P/E Multiple | 24.0 | 20.8 | -13.6% |
| Shares Outstanding (Mil) | 107 | 106 | 0.9% |
| Cumulative Contribution | 7.2% |
Market Drivers
12/31/2025 to 4/7/2026| Return | Correlation | |
|---|---|---|
| SBAC | 7.2% | |
| Market (SPY) | -5.4% | 10.3% |
| Sector (XLRE) | 3.4% | 57.8% |
Fundamental Drivers
The 7.8% change in SBAC stock from 9/30/2025 to 4/7/2026 was primarily driven by a 16.0% change in the company's Net Income Margin (%).| (LTM values as of) | 9302025 | 4072026 | Change |
|---|---|---|---|
| Stock Price ($) | 190.98 | 205.86 | 7.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,725 | 2,815 | 3.3% |
| Net Income Margin (%) | 32.3% | 37.4% | 16.0% |
| P/E Multiple | 23.4 | 20.8 | -11.1% |
| Shares Outstanding (Mil) | 108 | 106 | 1.2% |
| Cumulative Contribution | 7.8% |
Market Drivers
9/30/2025 to 4/7/2026| Return | Correlation | |
|---|---|---|
| SBAC | 7.8% | |
| Market (SPY) | -2.9% | 8.8% |
| Sector (XLRE) | 0.1% | 55.7% |
Fundamental Drivers
The -4.3% change in SBAC stock from 3/31/2025 to 4/7/2026 was primarily driven by a -32.7% change in the company's P/E Multiple.| (LTM values as of) | 3312025 | 4072026 | Change |
|---|---|---|---|
| Stock Price ($) | 215.21 | 205.86 | -4.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,680 | 2,815 | 5.1% |
| Net Income Margin (%) | 28.0% | 37.4% | 33.8% |
| P/E Multiple | 30.9 | 20.8 | -32.7% |
| Shares Outstanding (Mil) | 108 | 106 | 1.2% |
| Cumulative Contribution | -4.3% |
Market Drivers
3/31/2025 to 4/7/2026| Return | Correlation | |
|---|---|---|
| SBAC | -4.3% | |
| Market (SPY) | 16.3% | 9.3% |
| Sector (XLRE) | 2.5% | 49.5% |
Fundamental Drivers
The -16.5% change in SBAC stock from 3/31/2023 to 4/7/2026 was primarily driven by a -64.0% change in the company's P/E Multiple.| (LTM values as of) | 3312023 | 4072026 | Change |
|---|---|---|---|
| Stock Price ($) | 246.62 | 205.86 | -16.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,633 | 2,815 | 6.9% |
| Net Income Margin (%) | 17.5% | 37.4% | 113.6% |
| P/E Multiple | 57.7 | 20.8 | -64.0% |
| Shares Outstanding (Mil) | 108 | 106 | 1.6% |
| Cumulative Contribution | -16.5% |
Market Drivers
3/31/2023 to 4/7/2026| Return | Correlation | |
|---|---|---|
| SBAC | -16.5% | |
| Market (SPY) | 63.3% | 15.8% |
| Sector (XLRE) | 22.9% | 63.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SBAC Return | 39% | -27% | -8% | -18% | -3% | 11% | -19% |
| Peers Return | 29% | -36% | 16% | 6% | -10% | 20% | 10% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -3% | 76% |
Monthly Win Rates [3] | |||||||
| SBAC Win Rate | 58% | 33% | 58% | 42% | 42% | 50% | |
| Peers Win Rate | 68% | 37% | 57% | 55% | 45% | 80% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| SBAC Max Drawdown | -16% | -37% | -32% | -26% | -7% | -14% | |
| Peers Max Drawdown | -11% | -44% | -23% | -21% | -20% | -4% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: AMT, CCI, UNIT, DLR, EQIX. See SBAC Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 4/7/2026 (YTD)
How Low Can It Go
| Event | SBAC | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -51.3% | -25.4% |
| % Gain to Breakeven | 105.4% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -28.9% | -33.9% |
| % Gain to Breakeven | 40.7% | 51.3% |
| Time to Breakeven | 17 days | 148 days |
| 2018 Correction | ||
| % Loss | -16.1% | -19.8% |
| % Gain to Breakeven | 19.1% | 24.7% |
| Time to Breakeven | 104 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -72.2% | -56.8% |
| % Gain to Breakeven | 260.0% | 131.3% |
| Time to Breakeven | 662 days | 1,480 days |
Compare to AMT, CCI, UNIT, DLR, EQIX
In The Past
SBA Communications's stock fell -51.3% during the 2022 Inflation Shock from a high on 12/31/2021. A -51.3% loss requires a 105.4% gain to breakeven.
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About SBA Communications (SBAC)
SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America and South Africa. By Building Better Wireless, SBA generates revenue from two primary businesses site leasing and site development services. The primary focus of the Company is the leasing of antenna space on its multi-tenant communication sites to a variety of wireless service providers under long-term lease contracts. For more information please visit: www.sbasite.com.
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Here are 1-3 brief analogies for SBA Communications (SBAC):
- Like Prologis (a major warehouse landlord) but for cell towers.
- A utility company for wireless carriers.
- The airports for wireless carriers like Verizon and AT&T.
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- Site Leasing: This involves leasing antenna space on its multi-tenant communication sites to wireless service providers under long-term contracts.
- Site Development Services: These services relate to the construction, maintenance, and upgrade of wireless communication infrastructure for its clients.
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SBA Communications (SBAC) primarily sells its services to other companies, specifically wireless service providers, by leasing antenna space on its communication sites under long-term contracts. Its major customers include:
- T-Mobile US, Inc. (Symbol: TMUS)
- AT&T Inc. (Symbol: T)
- Verizon Communications Inc. (Symbol: VZ)
- América Móvil S.A.B. de C.V. (Symbol: AMX)
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Brendan T. Cavanagh President and Chief Executive Officer Mr. Cavanagh joined SBA Communications in 1998 and has served as President and Chief Executive Officer since January 1, 2024. He previously held the position of Chief Financial Officer from September 2008, and prior to that, served in various roles including Vice President and Chief Accounting Officer and Vice President, Site Administration. During his tenure at SBA, he has been responsible for finance, capital market activities, accounting, tax, information technology, and lease administration. Before joining SBA, Mr. Cavanagh worked in the audit and assurance practice of Arthur Andersen. He is a Certified Public Accountant. Marc Montagner Executive Vice President and Chief Financial Officer Mr. Montagner joined SBA Communications in 2023 as Executive Vice President, Finance, and was appointed Chief Financial Officer on January 1, 2024. In this role, he oversees global corporate and operational financial and accounting functions, including financial planning and budgeting, capital markets, investor relations, tax, audit, and SEC reporting. Prior to SBA, Mr. Montagner served as Chief Financial Officer and Chief Risk Officer of Endurance International, a publicly traded software-as-a-service company, from 2015 to 2021, and as Chief Financial Officer of LightSquared, a satellite communications company, from 2012 to 2015. His background also includes managing director roles in the TMT groups of Bank of America and Morgan Stanley, as well as senior roles with wireless service providers such as Sprint Nextel Corporation, Nextel Communications, and Orange North America. He is also the lead independent director of Cogent Communications Holdings, Inc. Jeffrey A. Stoops Chairman of the Board Mr. Stoops joined SBA Communications in April 1997 and served as Chief Executive Officer from January 2002 until his retirement on December 31, 2023, at which point he became Chairman of the Board. He was also President from April 2000 and previously served as Chief Financial Officer, including during the company's initial public offering in June 1999. Mr. Stoops was instrumental in leading SBA's transition from a services provider to an independent owner and operator of wireless communications towers. Before joining SBA, he was a partner with Gunster, a Florida-based law firm, where he practiced for thirteen years in the corporate, securities, and mergers & acquisitions areas. Richard M. Cane Executive Vice President and President, International Mr. Cane has served as Executive Vice President and President, International, at SBA Communications since 2023. He joined the company in 2019 as Senior Vice President – International Operations, where he was responsible for overseeing all Western Hemisphere operations outside of the U.S. Prior to joining SBA, Mr. Cane was a Principal at Smart Aerial Solutions, where he provided advisory services to municipalities and various start-ups on topics related to 5G and millimeter wave antenna communications, intelligent transport systems, wireline network transformations, fiber broadband, and smart cities. He also held several senior roles at Ericsson, including Vice President of nationwide field services for North America and Chief Operating Officer of Managed Services. Joshua M. Koenig Executive Vice President, Chief Administrative Officer and General Counsel Mr. Koenig currently serves as Executive Vice President, Chief Administrative Officer and General Counsel. He succeeded Thomas P. Hunt in this role, effective January 1, 2023. Previously, he held the position of Senior Vice President, Legal – International, and began his career at SBA as Corporate Counsel – Finance and Compliance, where he oversaw legal aspects of finance, compliance, and corporate governance. Before joining SBA, Mr. Koenig was an associate with the law firm of Simpson Thacher & Bartlett, specializing in corporate and financing transactions.AI Analysis | Feedback
The key risks to SBA Communications (SBAC) business include:
- High Debt Load and Interest Rate Risk: SBA Communications operates with a significant amount of indebtedness, making it vulnerable to rising interest rates. An increase in interest rates directly raises the cost of servicing its floating-rate debt, impacting the company's financial flexibility and increasing interest expenses. As a real estate investment trust (REIT), SBAC relies heavily on debt financing, and higher interest rates can also make it less favorable for wireless service providers to invest in network expansion, potentially affecting SBAC's revenue growth.
- Customer Concentration and Carrier Consolidation: SBA Communications generates a substantial portion of its revenue from a limited number of major wireless carriers, particularly AT&T, T-Mobile, and Verizon in the U.S. This concentration exposes the company to significant risk. Changes in strategy, mergers, or network consolidations by these key customers can materially impact SBAC's revenue. A tangible example is the ongoing impact of the T-Mobile/Sprint merger, which has led to the decommissioning of redundant Sprint sites ("churn") and is expected to negatively affect the company's financials through 2025 and 2026.
- Technological Obsolescence or Disruption: The demand for SBA Communications' wireless infrastructure could be reduced by advancements in technology or changes in wireless network architecture. New technologies and alternative infrastructure solutions, such as more efficient network designs, small cells, femtocells, WiFi, distributed antenna systems (DAS), or even satellite-based systems, could serve as substitutes for, or alternatives to, the traditional macro cell tower architecture that forms the basis of SBAC's site leasing business. This could lead to a decrease in demand for space on its towers or impact the budgets wireless service providers allocate to leasing tower space.
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The clear emerging threat for SBA Communications is the development and increasing viability of direct-to-device satellite connectivity. Companies like Starlink (in partnership with T-Mobile), AST SpaceMobile, and Lynk Global are actively developing and testing technology that allows standard smartphones to connect directly to satellites for basic voice and data services, potentially bypassing the need for traditional ground-based cellular towers in certain areas or for specific use cases.
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SBA Communications Corporation (SBAC) operates in the wireless communications infrastructure market, primarily focusing on site leasing and site development services across North, Central, and South America, and South Africa.
The addressable markets for SBA Communications' main products and services are sizable across its regions of operation:
- North America: The wireless infrastructure market in North America was valued at approximately USD 101.56 billion in 2025 and is projected to increase to USD 112.33 billion in 2026. North America also held 31.95% of the global telecom tower market revenue of USD 42.3994 billion in 2025.
- Latin America (Central and South America): The telecom tower market in Latin America is estimated to reach approximately USD 28.48 billion in 2024 and is expected to grow to USD 32.76 billion by 2029. Another report estimated the Latin America Telecom Tower Market size at USD 3.55 billion in 2025, growing to USD 3.69 billion in 2026 and USD 4.48 billion by 2031. The broader Latin America telecommunication infrastructure market reached USD 37.2 billion in 2025 and is expected to reach USD 51.6 billion by 2034.
- South Africa: The telecom tower market in South Africa is projected to increase from USD 461.6 million in 2025 to USD 475.2 million in 2026, with an expected growth to USD 543.9 million by 2031.
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Expected Drivers of Future Revenue Growth for SBA Communications (SBAC) over the Next 2-3 Years
SBA Communications (SBAC) anticipates several key drivers for revenue growth in the coming 2-3 years, stemming from ongoing advancements in wireless technology, strategic market expansion, and sustained demand from wireless service providers.
- Continued 5G Network Expansion and Future 6G Deployments: The ongoing rollout of 5G networks and the anticipated development and deployment of 6G technology around the turn of the decade are significant growth drivers. This includes the need for network densification and technology upgrades by carrier partners to support increasing mobile data traffic. A 10-year master lease agreement with Verizon is expected to specifically boost organic growth over the next decade.
- International Expansion and Strategic Acquisitions: SBA Communications is strategically expanding its international footprint, particularly through acquisitions. The recent acquisition of over 7,000 towers from Millicom in Central America positions SBA as the largest tower operator in that region and is expected to drive future growth. The company is also focusing on core international regions like Brazil, which presents a "meaningful opportunity" for growth due to lower site density compared to the U.S.
- New Leasing Activity and Increased Carrier Investment: Despite some churn from major clients like Sprint and DISH, SBA Communications expects continued new leasing and amendment activity from its carrier partners. The company projects approximately $35 million of incremental revenue from new leases and amendments in the U.S. for 2026. Increased carrier activity, driven by 5G rollout and network densification, is likely to lead to sustained organic revenue growth.
- Impact from Spectrum Auctions: Upcoming spectrum auctions are expected to positively influence future leasing activity. Specifically, the auction of 100 MHz of upper C-band spectrum by mid-2027 is anticipated to be a growth catalyst for the company.
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Share Repurchases
- SBA Communications spent $500 million to repurchase 2.5 million shares in 2025.
- In the fourth quarter of 2025, $213 million was used to retire 1.1 million shares at an average price of $191.70.
- As of the Q4 2025 earnings call (March 2026), $1.1 billion remained under the company's share buyback authorization.
Share Issuance
- The number of Class A common shares outstanding decreased from 107,615,241 as of February 14, 2025, to 105,788,592 as of February 17, 2026, indicating no significant share issuances but rather a reduction consistent with repurchases.
Outbound Investments
- In 2025, SBA Communications entered into a purchase agreement with Millicom International Cellular S.A. to acquire over 7,000 sites across Central America for approximately $975 million, including a seven-year exclusivity right to build up to 2,500 additional sites.
- As of August 4, 2025, the company was under contract to purchase an additional 13 communication sites for $396.5 million in cash, expected to close by the end of the fourth quarter of 2025.
Capital Expenditures
- SBA Communications' capital expenditures averaged $564.1 million for the fiscal years ending December 2020 to 2024.
- Capital expenditures peaked in December 2022 at $1.307 billion, while in 2024, they were $471.8 million, a 45.9% increase from 2023.
- The primary focus of capital expenditures includes expanding the asset portfolio through strategic acquisitions and new tower constructions, particularly in Central America.
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Trade Ideas
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| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 03272026 | SBAC | SBA Communications | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.0% | 3.0% | 0.0% |
| 03132026 | HIW | Highwoods Properties | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -0.2% | -0.2% | -4.1% |
| 03062026 | ARE | Alexandria Real Estate Equities | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -7.1% | -7.1% | -7.8% |
| 03062026 | VNO | Vornado Realty Trust | Insider | Insider Buys | Low D/EStrong Insider BuyingCompanies with strong insider buying in the last 1 month, positive operating income and reasonable debt / market cap | -3.5% | -3.5% | -8.3% |
| 02272026 | KRC | Kilroy Realty | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -3.6% | -3.6% | -5.4% |
| 04302024 | SBAC | SBA Communications | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 25.7% | 33.3% | 0.0% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 178.25 |
| Mkt Cap | 49.8 |
| Rev LTM | 5,188 |
| Op Inc LTM | 1,760 |
| FCF LTM | 1,739 |
| FCF 3Y Avg | 1,632 |
| CFO LTM | 2,735 |
| CFO 3Y Avg | 2,572 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.2% |
| Rev Chg 3Y Avg | 5.9% |
| Rev Chg Q | 7.2% |
| QoQ Delta Rev Chg LTM | 1.8% |
| Op Mgn LTM | 33.8% |
| Op Mgn 3Y Avg | 41.8% |
| QoQ Delta Op Mgn LTM | -0.3% |
| CFO/Rev LTM | 44.2% |
| CFO/Rev 3Y Avg | 44.6% |
| FCF/Rev LTM | 36.7% |
| FCF/Rev 3Y Avg | 35.0% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 49.8 |
| P/S | 8.2 |
| P/EBIT | 18.2 |
| P/E | 40.0 |
| P/CFO | 15.9 |
| Total Yield | 6.9% |
| Dividend Yield | 2.0% |
| FCF Yield 3Y Avg | 4.0% |
| D/E | 0.6 |
| Net D/E | 0.6 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 4.8% |
| 3M Rtn | 13.7% |
| 6M Rtn | 8.1% |
| 12M Rtn | 17.8% |
| 3Y Rtn | 22.0% |
| 1M Excs Rtn | 6.7% |
| 3M Excs Rtn | 17.6% |
| 6M Excs Rtn | 8.2% |
| 12M Excs Rtn | -13.6% |
| 3Y Excs Rtn | -39.1% |
Price Behavior
Price Behavior
| Market Price | $205.86 | |
| Market Cap ($ Bil) | 21.9 | |
| First Trading Date | 06/16/1999 | |
| Distance from 52W High | -13.5% | |
| 50 Days | 200 Days | |
| DMA Price | $187.53 | $198.32 |
| DMA Trend | down | indeterminate |
| Distance from DMA | 9.8% | 3.8% |
| 3M | 1YR | |
| Volatility | 49.3% | 31.5% |
| Downside Capture | -0.34 | -0.01 |
| Upside Capture | -21.91 | -3.61 |
| Correlation (SPY) | 8.2% | 7.6% |
SBAC Betas & Captures as of 3/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.42 | 0.08 | 0.25 | 0.16 | 0.13 | 0.28 |
| Up Beta | 0.17 | -0.21 | -0.52 | -0.26 | 0.10 | 0.26 |
| Down Beta | 0.35 | 0.54 | 0.99 | 0.62 | 0.17 | 0.23 |
| Up Capture | -98% | -49% | -34% | -14% | -1% | 6% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 6 | 19 | 28 | 56 | 118 | 379 |
| Down Capture | 128% | 36% | 43% | 27% | 36% | 70% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 16 | 23 | 35 | 69 | 133 | 370 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SBAC | |
|---|---|---|---|---|
| SBAC | -8.9% | 31.9% | -0.27 | - |
| Sector ETF (XLRE) | 5.1% | 16.1% | 0.13 | 54.2% |
| Equity (SPY) | 21.3% | 18.3% | 0.94 | 15.8% |
| Gold (GLD) | 51.9% | 28.0% | 1.49 | 6.2% |
| Commodities (DBC) | 20.3% | 17.2% | 1.02 | 1.6% |
| Real Estate (VNQ) | 6.9% | 16.1% | 0.23 | 48.3% |
| Bitcoin (BTCUSD) | -17.5% | 44.0% | -0.31 | 4.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SBAC | |
|---|---|---|---|---|
| SBAC | -4.3% | 28.7% | -0.13 | - |
| Sector ETF (XLRE) | 4.3% | 19.0% | 0.13 | 71.1% |
| Equity (SPY) | 11.7% | 17.0% | 0.53 | 35.3% |
| Gold (GLD) | 22.5% | 17.8% | 1.04 | 15.0% |
| Commodities (DBC) | 12.0% | 18.8% | 0.52 | 4.1% |
| Real Estate (VNQ) | 3.4% | 18.8% | 0.09 | 67.5% |
| Bitcoin (BTCUSD) | 3.1% | 56.5% | 0.28 | 14.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SBAC | |
|---|---|---|---|---|
| SBAC | 8.4% | 27.9% | 0.33 | - |
| Sector ETF (XLRE) | 6.2% | 20.4% | 0.26 | 69.4% |
| Equity (SPY) | 13.9% | 17.9% | 0.67 | 44.7% |
| Gold (GLD) | 13.9% | 15.9% | 0.73 | 13.6% |
| Commodities (DBC) | 8.4% | 17.6% | 0.40 | 10.8% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 63.5% |
| Bitcoin (BTCUSD) | 66.6% | 66.8% | 1.06 | 9.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/26/2026 | 4.7% | 1.8% | -12.5% |
| 11/3/2025 | 1.4% | 3.0% | -1.3% |
| 8/4/2025 | -4.9% | -4.9% | -13.1% |
| 2/24/2025 | 3.0% | 4.1% | 1.2% |
| 10/28/2024 | -3.4% | -4.7% | -5.1% |
| 7/29/2024 | 0.1% | 1.5% | 5.4% |
| 2/26/2024 | -3.8% | 2.1% | 3.6% |
| 11/2/2023 | 4.5% | 0.5% | 14.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 13 | 11 |
| # Negative | 7 | 6 | 8 |
| Median Positive | 2.6% | 1.8% | 5.0% |
| Median Negative | -3.8% | -4.6% | -4.0% |
| Max Positive | 4.7% | 9.4% | 14.9% |
| Max Negative | -5.1% | -4.9% | -13.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/27/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 11/01/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/06/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 11/07/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/09/2023 | 10-Q |
| 12/31/2022 | 03/01/2023 | 10-K |
| 09/30/2022 | 11/03/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 04/29/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q4 2025 Earnings Reported 2/26/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Site leasing revenue | 2.62 Bil | 2.64 Bil | 2.65 Bil | 2.5% | Higher New | Actual: 2.57 Bil for 2025 | |
| 2026 Site development revenue | 190.00 Mil | 200.00 Mil | 210.00 Mil | -18.4% | Lower New | Actual: 245.00 Mil for 2025 | |
| 2026 Total revenues | 2.81 Bil | 2.84 Bil | 2.86 Bil | 0.7% | Higher New | Actual: 2.82 Bil for 2025 | |
| 2026 Tower Cash Flow | 2.08 Bil | 2.09 Bil | 2.10 Bil | 1.3% | Higher New | Actual: 2.07 Bil for 2025 | |
| 2026 Adjusted EBITDA | 1.91 Bil | 1.92 Bil | 1.93 Bil | 0.4% | Higher New | Actual: 1.91 Bil for 2025 | |
| 2026 AFFO | 1.26 Bil | 1.28 Bil | 1.31 Bil | -7.3% | Lower New | Actual: 1.39 Bil for 2025 | |
| 2026 AFFO per share | 11.8 | 12.1 | 12.3 | -6.3% | Lower New | Actual: 12.9 for 2025 | |
Prior: Q3 2025 Earnings Reported 11/3/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Site leasing revenue | 2.57 Bil | 2.57 Bil | 2.58 Bil | -0.2% | Lowered | Guidance: 2.58 Bil for 2025 | |
| 2025 Site development revenue | 240.00 Mil | 245.00 Mil | 250.00 Mil | 8.9% | Raised | Guidance: 225.00 Mil for 2025 | |
| 2025 Total revenues | 2.81 Bil | 2.82 Bil | 2.83 Bil | 0.6% | Raised | Guidance: 2.80 Bil for 2025 | |
| 2025 Tower Cash Flow | 2.06 Bil | 2.07 Bil | 2.07 Bil | -0.2% | Lowered | Guidance: 2.07 Bil for 2025 | |
| 2025 Adjusted EBITDA | 1.91 Bil | 1.91 Bil | 1.92 Bil | -0.2% | Lowered | Guidance: 1.92 Bil for 2025 | |
| 2025 AFFO | 1.37 Bil | 1.39 Bil | 1.40 Bil | 0 | Affirmed | Guidance: 1.39 Bil for 2025 | |
| 2025 AFFO per share | 12.8 | 12.9 | 13 | 0.3% | Raised | Guidance: 12.8 for 2025 | |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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