QualityDipStocks / Real Estate · REITs
SBA Communications SBAC
Outside our quality screen, so we don’t track its dips. It’s 16% below its 52-week high.
Outside our quality screen, trading above our fair value estimate, 4% over its Market Value.
- Fair value est.
- $156.68−16%
- Market Value
- $180.14price +4%
- Off 52-wk high
- −16%
- Risk vs market
- Lowbeta 0.13
5 bullish · 5 bearish See why
Key levels
Every level vs today’s $187.15
- Fair value est.base case$156.68−16.3%
- 52-wk lowlowest close, 1 year$158.02−15.6%
- Market Valueavg paid since Aug 3$180.14−3.7%
- PriceFri Oct 30 close$187.15you are here
- 52-wk highhighest close, 1 year$223.75+19.6%
Fair value estimate
How the range is computed
Ten-year free-cash-flow DCF. Same 10-year free-cash-flow model as the base: discount rate 9.5% ±1 point and growth 3.0% ±2 points. Bear = 10.5% and 1.0%; bull = 8.5% and 5.0% (both fade to 3%). A model estimate from public filings, not a forecast of where the price will go.
Price sits inside the range.
What the price implies To be worth today’s price, SBAC’s free cash flow would need to grow about 6% a year for five years; our estimate uses 3%.
Risk vs market
How risk vs market is measured
One year of daily returns (Oct 30 to Oct 30, 252 sessions). Beta = how much SBAC moved for each 1% move in the S&P 500 (SPY); 1.0 moves with the market. Volatility is the yearly standard deviation of daily returns. Past behavior, not a forecast.
Has moved mostly independently of the market, but its own price swings are 2.8× the S&P 500’s (it moves on its own news).
- Beta vs S&P 500
- 0.13
- Volatility
- 36% vs 13% SPY
- Correlation SPY
- 0.05
- Correlation QQQ
- −0.07
Bull vs bear
Rule-based from the data on this page, strongest first. Not advice.
Top bullish points 5 of 5
ProfitabilityOperating margin widened to 47.7% in FY2025 from 34.1% in FY2023 (SEC filings).
GrowthDiluted EPS grew 41% to $9.80 in FY2025.
ValuationP/E of 20.1× vs a 28.7× median for the 46 Real Estate companies we cover.
ValuationFree-cash-flow yield of 5.3% (price / FCF 18.9×): $1.1B of free cash in the last 12 months.
Cash returnsDividend yield of 2.5% ($505M paid over 12 months, 51% of earnings).
Top bearish points 5 of 5
ValuationOur DCF fair value estimate is $156.68, 16% below the price.
Balance sheetNet debt of $12.4B, 62% of the market cap (Jun 30, 2026).
GrowthSales grew only 2.2% a year from FY2022 to FY2025.
QualityDoesn’t pass our quality screen: net debt 8.1× EBITDA (limit 3×).
RiskReports earnings Nov 2 (consensus EPS $2.89): results can move the price sharply and reset Market Value.
Who’s talking about it
Notable investors, executives, analysts and public figures on SBA Communications in the last 48 hours. Headlines as published, each linked. Their words, not ours.
No notable mentions in the last 48 hours. Checked Nov 1, 9:09 PM ET.
Compare with peers
Closest in size in REITs
All fundamentals
P/E 20.1 · FCF yield 5.3% · Sales +5%
Valuation
- P/E
- 20.1×Real Estate median 28.7×
- Price / FCF
- 18.9×
- FCF yield
- 5.3%
- EV / EBITDA
- 19.1×
- Price / sales
- 6.93×
- Price / book
- n/anot reported in its SEC filings
- Market cap
- $19.9Bprice × diluted shares
- Enterprise value
- $32.3B
Growth
- Revenue, 12 months
- $2.9B
- Sales growth, 12 months
- +5.4%vs the 12 months before
- Sales growth, 3 yrs
- +2.2%/yrfrom FY2022
- Diluted EPS, 12 months
- $9.27
- EPS growth, last FY
- +41.2%
- Net income, 12 months
- $991M
- Net income growth
- +13%12 months vs before
Profitability
- Gross margin
- 75.2%
- Operating margin
- 47.6%
- Net margin
- 34.5%
- FCF margin
- 36.6%
- Return on equity
- n/anegative shareholder equity
- Return on invested capital
- 15%
Balance sheet
- Cash & short-term inv.
- $356M
- Total debt
- $12.7B
- Net cash
- −$12.4B
- Debt / equity
- n/adebt or equity not tagged in SEC data
- Interest coverage
- n/ainterest expense not tagged in SEC data
Cash flow & returns
- Free cash flow, 12 months
- $1.1B
- FCF growth, 12 months
- −1%
- Dividend yield
- 2.54%$505M paid
- Payout ratio
- 51%
- Buybacks, 12 months
- $369M1.9% of market cap
- Share count, 1 year
- −1.4%diluted shares vs a year ago
- Stock-based comp
- $84M
Trailing 12 months to Jun 30, 2026; balance sheet at Jun 30, 2026. From SBA Communications’s SEC filings. Sparklines show up to six fiscal years. n/a means we don’t hold that number, with the reason. How each is computed.
Valuation details
DCF $156.68 · MV $180.14 · FCF value $179.03
Assumes 3.0% growth for 5 years (revenue grew 2.2% a year FY22–FY25; floored at 3%), fading to 3%; 9.5% discount rate, 3% terminal growth. FCF base $9.89 a share (trailing 12 months to Jun 30, 2026), from the 10-Q filed Aug 6, 2026. Net debt $12.4B, not deducted.
Setup & signals
No setup armed
No setup armed, so there’s no trigger or stop to track yet. Reversal signal rules only run on companies that pass our quality screen.
Momentum & 52-week range
RSI 60 · 5 days +1.3%
The business
FCF $0.8B · Sales +2%
- Free cash flow, 12 months$0.8B
- Free-cash-flow yield3.8%
- Free-cash-flow margin26%
- Gross margin74%
- Operating margin52%
- Return on invested capital12%
- Sales growth (latest quarter vs year-ago quarter)+2%
- Net debt / EBITDA8.1×
Next report
Nov 2
- DateMon Nov 2, after the close
- Consensus EPS$2.89
- Year-ago EPS$3.30
- QuarterSep/2026
From Nasdaq’s earnings calendar. A report resets Market Value.
Information only, not investment advice. Fair value estimates and talking points are rule-based model output from public data and can be wrong; stop levels are reference points, not orders. How every number is computed.
SBAC is outside our quality screen
One text when a published rule fires on one of the 333 quality companies we track: the ticker, the price, the stop and a link to the numbers. Nothing else.