Here are 1-3 brief analogies for SBA Communications (SBAC):

• Equinix for cell towers
• Prologis for wireless infrastructure

• Tower Leasing: Leasing antenna space on their communications towers and other infrastructure to wireless service providers under long-term contracts.
• Site Development Services: Providing a comprehensive suite of services, including site acquisition, zoning, permitting, construction, and equipment installation, to assist wireless carriers with their network build-outs and upgrades.

SBA Communications (symbol: SBAC) primarily sells its services to other companies, specifically wireless service providers that lease space on its towers and other infrastructure.

Its major customers include:

• AT&T (symbol: T)
• Verizon Communications (symbol: VZ)
• T-Mobile US (symbol: TMUS)

Brendan T. Cavanagh President and Chief Executive Officer

Mr. Cavanagh became President and Chief Executive Officer of SBA Communications on January 1, 2024, after serving as Chief Financial Officer since September 2008. He joined SBA in 1998 and held various positions, including Vice President and Chief Accounting Officer and Vice President, Site Administration. His responsibilities at SBA have encompassed finance, capital market activities, accounting, tax, information technology, and lease administration. Prior to joining SBA, Mr. Cavanagh worked in the audit and assurance practice of Arthur Andersen. He is a Certified Public Accountant and holds a Bachelor of Science in Accounting from Wake Forest University and an MBA from Florida Atlantic University.

Marc Montagner Executive Vice President and Chief Financial Officer

Mr. Montagner was appointed Executive Vice President and Chief Financial Officer of SBA Communications, effective January 1, 2024, joining the company in 2023 as Executive Vice President, Finance. He oversees all aspects of global corporate and operational financial and accounting functions. Before SBA, he served as Chief Financial Officer and Chief Risk Officer of Endurance International, a publicly traded software-as-a-service company, from 2015 to 2021. From 2012 to 2015, he was Chief Financial Officer of LightSquared, a satellite communications company. His career also includes managing director roles in the TMT groups of Bank of America and Morgan Stanley, and senior roles with wireless service providers such as Sprint Nextel Corporation, Nextel Communications, and Orange North America. Mr. Montagner holds a master’s degree in electrical engineering from Telecom Paris and an MBA from Columbia Business School.

Richard M. Cane Executive Vice President and President, International

Mr. Cane has served as Executive Vice President and President, International for 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 the U.S. Before his tenure at SBA, Mr. Cane was a Principal at Smart Aerial Solutions, providing advisory services to municipalities and start-up companies on matters related to 5G and mmW antenna communications, intelligent transport systems, wireline network transformations, fiber broadband, and smart cities. He also held various senior leadership positions at Ericsson, including Vice President of nationwide field services for North America and Chief Operating Officer of Managed Services.

Joshua Koenig Executive Vice President, Chief Administrative Officer and General Counsel

Mr. Koenig has served as Executive Vice President, Chief Administrative Officer and General Counsel of SBA Communications since 2023. He joined SBA in January 2010 and has held progressively responsible roles within the company, including Assistant Secretary & Corporate Counsel – Finance & Compliance, Vice President & Associate General Counsel – International, and Senior Vice President, Legal – International. In his various capacities, he has overseen all legal aspects of SBA's international business, including mergers & acquisitions, compliance, litigation, operations, employment, corporate governance, and government regulatory affairs. Prior to joining SBA, Mr. Koenig was an associate with the law firm Simpson Thacher & Bartlett, specializing in corporate and financing transactions. He is a member of the New York Bar and is authorized house counsel in Florida.

Elvis T. Clemetson Senior Vice President and Chief Information Officer

Mr. Clemetson assumed the role of Senior Vice President and Chief Information Officer at SBA Communications in March 2022. Before joining SBA, from April 2018 to March 2022, he served as the Chief Information and Technology Officer at Carolina Tractor & Equipment. In this role, he was responsible for leading all information technology, strategic program management, and digital functions across the enterprise.

Key Risks to SBA Communications (SBAC)

1. High Leverage and Sensitivity to Interest Rates: SBA Communications (SBAC) operates with a substantial debt load, a common characteristic for Real Estate Investment Trusts (REITs) that utilize leverage to enhance returns. As of fiscal year 2024, SBAC reported a total debt of approximately $12.7 billion and a debt-to-equity ratio of about 4.5, indicating a significant reliance on debt to finance assets. The company's financial strength is rated as poor due to high leverage, with an Altman Z-Score of 0.42 placing it in a distress zone, implying a possibility of bankruptcy within two years. The current environment of elevated interest rates increases borrowing costs, impacting the profitability of highly leveraged tower companies and making REITs less attractive compared to alternative fixed-income investments. Upcoming debt maturities, originally secured at lower rates, may pressure profits as they are refinanced at significantly higher interest rates, which could erode earnings and margins noticeably.
2. Customer Concentration, Carrier Consolidation, and Slowed Wireless Carrier Spending: SBA Communications' business model is heavily dependent on a concentrated customer base, with the majority of its revenue generated by a few major mobile network operators (MNOs). The wireless infrastructure sector is currently facing a slowdown in carrier leasing activity, as major telecommunication companies focus on monetizing their existing 5G investments rather than rapid new infrastructure deployment. This uninspiring pace of wireless carrier spending is expected to persist, dampening SBAC's revenue growth. Furthermore, industry consolidation among carriers, such as the merger between T-Mobile and Sprint, has led to elevated churn rates as redundant cell sites are decommissioned, directly impacting the demand for tower leases and SBAC's revenues.
3. Technological Advancements and Increasing Competition: The wireless infrastructure industry in which SBA Communications operates is highly competitive, with several well-established players vying for market share, including American Tower Corporation and Crown Castle International. Beyond traditional competitors, SBAC faces threats from rapid technological advancements and the emergence of alternative infrastructure solutions. New technologies such as small cells, distributed antenna systems (DAS), and non-traditional network deployments like satellite internet providers (e.g., Starlink and Project Kuiper) could provide carriers with more options for network deployment, potentially reducing their reliance on traditional macro towers. These advancements could render existing infrastructure obsolete or diminish the demand for conventional tower leasing.

The clear emerging threat to SBA Communications is the development and increasing viability of **direct-to-device satellite connectivity**. Companies such as Starlink (in partnership with T-Mobile), AST SpaceMobile, and Lynk Global are actively developing and testing technology that allows unmodified smartphones to connect directly to satellites in low Earth orbit, bypassing traditional terrestrial cellular infrastructure.

While currently focused on providing basic messaging or emergency services, the long-term vision of some of these initiatives includes offering broader broadband capabilities directly to mobile devices. Should this technology mature and scale to offer reliable, high-bandwidth services at competitive costs, it could potentially reduce the future demand for traditional cell tower deployments, especially in rural or hard-to-reach areas where building and maintaining terrestrial towers is costly. This introduces an alternative, non-terrestrial infrastructure model for wireless connectivity that could impact the growth trajectory and long-term asset value of cell tower companies like SBA Communications.

SBA Communications (SBAC) operates primarily in two segments: Site Leasing and Site Development. The company leases antenna space on its wireless communications infrastructure, including towers, rooftops, distributed antenna systems (DAS), and small cells, to wireless service providers. Additionally, it offers site development services such as network pre-design, site audits, and construction of wireless infrastructure.

The addressable markets for SBA Communications' main products and services are as follows:

• Wireless Communications Infrastructure Leasing (Towers, Rooftops, DAS, Small Cells):

  • For the U.S., the telecom towers market is valued at approximately USD 40-44 billion.
  • Globally, the wireless tower market was valued at approximately USD 1.006 billion in 2024 and is projected to reach approximately USD 2.057 billion by 2033, growing at a compound annual growth rate (CAGR) of 8.27% from 2025 to 2033.

• Site Development Services (Wireless Infrastructure Construction):

  • For the U.S., the wireless tower construction industry is estimated to reach USD 11.6 billion in 2025.

• Antenna Market (related to antenna space leasing):

  • Globally, the antenna market size was estimated at USD 26.55 billion in 2024 and is projected to reach USD 56.49 billion by 2032, expanding at a CAGR of 9.9% from 2025 to 2032.

Here are 5 expected drivers of future revenue growth for SBA Communications (SBAC) over the next 2-3 years:

1. 5G Network Deployment and Densification: The ongoing global rollout of 5G networks is a primary catalyst for demand for SBA's tower infrastructure. Carriers are making significant investments in new 5G deployments, network overlays, and densification strategies, including cell splitting and spectrum refarming, to support higher data speeds and lower latency. This sustained investment is expected to drive demand for tower space and associated services.

2. Growth in Fixed Wireless Access (FWA): The increasing adoption of Fixed Wireless Access (FWA) services is contributing to a robust network investment environment. With a growing subscriber base for FWA, wireless carriers require expanded and more robust network infrastructure, directly benefiting SBA Communications through increased leasing activity on its towers.

3. International Expansion and Growth in Emerging Markets: SBA Communications' substantial international presence, particularly in Latin America and Africa, presents significant opportunities for revenue growth. These emerging markets are characterized by rapid wireless adoption and comparatively less tower competition, making them attractive for further expansion and acquisitions, such as the recently completed Millicom site acquisitions.

4. Increased Site Development Services: The company's services business, which encompasses construction and other projects related to network expansion, has demonstrated strong performance and is anticipated to continue contributing meaningfully to revenue. This segment benefits directly from carriers' intensified activity in upgrading and expanding their networks.

5. New Leasing Activity, Escalations, and Long-Term Agreements: SBA's business model is underpinned by long-term lease agreements with major wireless carriers, which often include inflation-tied escalators. The company has reported healthy leasing demand, and new master lease agreements, such as the 10-year agreement with Verizon with minimum growth commitments, provide stability and predictable revenue streams through new co-locations and amendments.

Share Repurchases

• SBA Communications repurchased 1.6 million shares for $325.0 million year-to-date as of November 2025, with $1.3 billion remaining on the authorization plan.
• In April 2025, SBA Communications announced a new $1.5 billion share repurchase authorization.
• During the first quarter of 2024, the company opportunistically bought back approximately 935,000 shares for about $200 million.

Share Issuance

• SBA Communications issued 36,675 shares and 27,280 shares of Class A common stock under an employee purchase plan for approximately $6.6 million and $5.6 million in 2024 and 2023, respectively.

Inbound Investments

• No information is available regarding large inbound equity investments made in SBA Communications by third-parties such as strategic partners or private equity firms within the specified timeframe.

Outbound Investments

• SBA Communications acquired approximately 7,000 communication sites in Central America from Millicom for approximately $975 million, with an additional agreement to build up to 2,500 new sites, which was largely completed by Q3 2025.
• In the third quarter of 2025, SBA acquired 447 communication sites for $142.8 million, primarily from the Millicom transaction.
• The company sold its Canadian wireless tower business, comprising approximately 500 sites, to CVC DIF for CAD $446 million (equivalent to approximately $325 million USD based on exchange rates around that time) in an agreement expected to close in Q4 2025, aligning with a strategic goal to focus on core markets.

Capital Expenditures

• SBA Communications' capital expenditures for fiscal years ending December 2020 to 2024 averaged $564.1 million, with a peak of $1.307 billion in December 2022.
• The latest twelve months' capital expenditures ending June 30, 2025, were $1.062 billion.
• The discretionary capital expenditures for the full year 2025 are forecasted to be between $1.29 billion and $1.30 billion, with a primary focus on construction-related projects for network expansion.