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SBA CommunicationsSBAC

Telecom Tower REITs · Boca Raton, Florida · In the S&P 500
Solid businessCheaper than peers
$187.15+1.23%After hours: $188.26 (+0.59%)At the close, 30 Oct · Prices from CNBC, may be delayed
▼ 1.7% over 1 year
SBA Communications over 1 yearDaily close, $, to 30 Oct 2026
$160$180$200$220Nov2026MarMayJulSep$187.15$175$200$225NovMarJul$187.15
Source: Nasdaq daily closes
Market value$19.85B
Price to earnings20.1x
Forward P/E23.6x
Dividend yield2.60%
Year to date−3.2%
One year−1.7%
Next earningsMon 2 Nov, after the close
SectorReal Estate
52-week range (closes)
$158.02$223.75

Quality and valuation

How SBA Communications compares with other real estate stocks. A description, not a recommendation.

SBA Communications and 7 telecom tower reits peers. Across: valuation (P/E) against the sector. Up: business quality against the sector. Hover or tap a logo for its numbers.

Business quality: about averageValuation: cheaper than most

An average business among real estate companies, priced below most of them.

SBA Communications trades at 23.6 times the next 12 months of expected earnings, against a median of 35.1x for the 30 real estate stocks we cover. The quality score blends where it ranks on revenue growth, gross margin, operating margin and free-cash-flow margin (net margin for banks and insurers) over the last 12 months, from SEC filings.

  • Revenue grew slower than the sector median: +5.4% vs +5.5%
  • Keeps more of each sale (gross margin): 75.2% vs 70.1%
  • More profitable (operating margin): 47.6% vs 37.2%
  • Turns more of its sales into cash: 36.1% vs 36.0%
SBAC trades at 23.6x forward earnings, below the sector medianForward p/e, Telecom Tower REITs peers
SBAC23.6xAMT27.8xSPG31.4xPSA33.0xPLD40.2xEQIX57.0xDLR76.9xWELL82.7xSector median 35.1xSBAC23.6xAMT27.8xSPG31.4xPSA33.0xPLD40.2xEQIX57.0xDLR76.9xWELL82.7xSector median 35.1x
Source: CNBC quotes; Mostly Markets
At 20.2x earnings, SBAC is cheaper than its average since Aug 2024Price over the last 12 months of reported (GAAP) diluted EPS
P/EUsual range (±1 s.d.)
30x40x50xAverage 28.4x2025202620.2x40xAverage 28.4x2025202620.2x
Source: Nasdaq prices; SEC filings

Financials

From SBA Communications's SEC filings, through the quarter ending 30 Jun 2026. Hover or tap a bar for its value.

Revenue grew 2.3% from a year earlierQuarterly revenue, $m, latest Q2 ’26
$0m$200m$400m$600mQ3 ’24Q1 ’25Q3 ’25$715mQ2 ’26$0m$250m$500mQ3 ’24Q1 ’25Q3 ’25$715mQ2 ’26
Source: SEC filings
Growth slowed to +2.3% last quarterRevenue growth, year on year, %
0%5%Q3 ’24Q1 ’25Q3 ’252.3%Q2 ’260%5%Q3 ’24Q1 ’25Q3 ’252.3%Q2 ’26
Source: SEC filings
Operating margin was 49.2% last quarterOperating income as a share of revenue, %
0%20%40%Q3 ’24Q1 ’25Q3 ’2549.2%Q2 ’260%20%40%Q3 ’24Q1 ’25Q3 ’2549.2%Q2 ’26
Source: SEC filings
Free cash flow was $1.0 billion over 12 monthsQuarterly free cash flow (operating cash flow minus capex), $m
−$200m$0m$200mQ3 ’24Q1 ’25Q3 ’25$345mQ2 ’26−$250m$0m$250mQ3 ’24Q1 ’25Q3 ’25$345mQ2 ’26
Source: SEC filings
Last 12 monthsSBACSector median
Revenue growth+5.4%+5.5%
Gross margin75.2%70.1%
Operating margin47.6%37.2%
Free cash flow margin36.1%36.0%
Price to earnings20.1x30.3x

Stories on SBA Communications

Friday, 23 October
Why it moved

AT&T (T) Shares Slide After Report SpaceX Is Seeking 80,000 Cell Sites

AT&T slid 8.0% and T-Mobile 7.7% on Friday after Bloomberg reported SpaceX is in talks for at least 80,000 US cell sites for a phone network. Crown Castle soared 9.1%.

T▼ 8.0%
A cell tower at dusk

Similar companies

Telecom Tower REITs, by market value.

CompanyPriceTodayYTDValue
WELLWelltower$234.60+0.61%+26.4%$172B
PLDPrologis$127.98−0.03%+0.3%$122B
EQIXEquinix$1,013.70−2.22%+32.3%$100B
AMTAmerican Tower$187.78+1.02%+7.0%$87.09B
SPGSimon Property Group$217.75+0.94%+17.6%$70.45B
DLRDigital Realty$180.70−1.21%+16.8%$67.04B
PSAPublic Storage$324.77+2.43%+25.2%$60.68B
ORealty Income$56.930.00%+1.0%$53.87B