SBA Communications Corporation (SBAC)
NASDAQ:SBAC
Top Page
SBA Communications
(NASDAQ:SBAC)
Select Model
Select Model
Rating:63Neutral
Price Target:
$238.00
▲(6.37% Upside)
Action:ReiteratedDate:04/12/26
SBAC scores as moderately attractive: strong technical uptrend is the biggest positive, but it is tempered by meaningful balance-sheet risk (high leverage/negative equity) and earnings-call headwinds tied to churn and customer/payment issues (EchoStar/DISH). Valuation and dividend are supportive but not a major catalyst.
Positive Factors
Recurring lease & colocation model
SBA's core business is multi-year, non-cancelable tower leases with annual escalators and strong colocation economics. That model yields durable, predictable cash flows and high incremental margins on additional tenants, supporting AFFO, dividend coverage and long-term cash generation.
Negative Factors
High leverage & negative equity
Persistently high debt and negative shareholder equity materially constrain financial flexibility. For a capital‑intensive REIT, this raises refinancing risk and sensitivity to market rates, limits ability to raise equity, and increases the probability that capital returns or growth investments are constrained during adverse credit conditions.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring lease & colocation model
SBA's core business is multi-year, non-cancelable tower leases with annual escalators and strong colocation economics. That model yields durable, predictable cash flows and high incremental margins on additional tenants, supporting AFFO, dividend coverage and long-term cash generation.
Read all positive factors
SBA Communications (SBAC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$23.67B
Dividend Yield2.31%
Average Volume (3M)1.40M
Price to Earnings (P/E)19.7
Beta (1Y)0.31
Revenue Growth4.82%
EPS Growth25.24%
CountryUS
Employees1,720
SectorReal Estate
Sector Strength53
IndustryREIT - Specialty
Share Statistics
EPS (TTM)3.47
Shares Outstanding105,788,590
10 Day Avg. Volume2,115,995
30 Day Avg. Volume1,396,448
Financial Highlights & Ratios
PEG Ratio0.48
Price to Book (P/B)-4.27
Price to Sales (P/S)7.37
P/FCF Ratio19.44
Enterprise Value/Market Cap1.63
Enterprise Value/Revenue13.70
Enterprise Value/Gross Profit21.58
Enterprise Value/Ebitda18.48
Forecast
1Y Price Target
$218.25Price Target Upside-2.46% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering13
EPS Forecast (FY)7.57
Revenue Forecast (FY)$2.84B
SBA Communications Business Overview & Revenue Model
Company Description
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 p...
How the Company Makes Money
SBAC makes money primarily by leasing space on its communications sites—especially cell towers—to wireless carriers and other wireless service providers. Under these lease agreements, tenants pay recurring rent (typically under multi-year, non-can...
SBA Communications Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 04, 2026
Earnings Call Sentiment Neutral
The call presented a balanced view: operational and financial positives including solid AFFO, dividend growth, meaningful share repurchases, services momentum, Millicom integration and investment-grade ratings, but these were counterbalanced by material near-term headwinds — EchoStar bad debt, DISH default and litigation, elevated Sprint and international churn and some moderation in services guidance. Management provided constructive multi-year growth assumptions and actions to address capital structure and asset integration, while acknowledging short-term revenue and legal risks.Positive Updates
AFFO and Quarterly Dividend Growth
AFFO per share of $3.19 in Q4 2025; cash dividend of $1.11 per share in Q4, a 13% increase versus Q4 2024; Board declared Q1 2026 dividend of $1.25 (≈13% year-over-year increase vs Q1 2025) and ~41% of the midpoint of full-year AFFO outlook.
Negative Updates
EchoStar Bad Debt and Revenue Removal
Higher-than-forecasted bad debt expense related to EchoStar in Q4; company removed all future recurring revenue from EchoStar in its outlook and is pursuing legal rights to recover amounts.
Read all updates
Q4-2025 Updates
Positive
Negative
AFFO and Quarterly Dividend Growth
AFFO per share of $3.19 in Q4 2025; cash dividend of $1.11 per share in Q4, a 13% increase versus Q4 2024; Board declared Q1 2026 dividend of $1.25 (≈13% year-over-year increase vs Q1 2025) and ~41% of the midpoint of full-year AFFO outlook.
Read all positive updates
Company Guidance
Management's initial 2026 guidance assumes U.S. new lease/amendment revenue roughly in line with 2025 (about $35 million of incremental U.S. revenue), Sprint churn of $55–$56 million in 2026 (expected to fall to <$20M in 2027+), and excludes all recurring EchoStar revenue; international guidance assumes a full-year Millicom contribution, $19–$21 million of new leases/amendments and $36–$40 million of churn (including $14M of Oi wireline that won’t recur in 2027); services revenue is guided to $190–$210 million with supportive backlog; balance-sheet assumptions include paying down the revolver after a January $750M ABS payoff and refinancing a $1.2B November ABS at 5.25%; capital returns noted $213M repurchased in Q4 (1.1M shares at $191.07), $500M repurchased in 2025 (2.5M shares) with $1.1B remaining authorization, Q4 AFFO/sh $3.19, Q4 dividend $1.11/sh and a Q1 2026 dividend of $1.25/sh (≈13% YoY, ≈41% of AFFO midpoint); outlook does not assume additional repurchases/acquisitions beyond contracted deals but management may pursue them.SBA Communications Financial Statement Overview
Summary
Income Statement
71
Positive
Balance Sheet
28
Negative
Cash Flow
62
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.82B | 2.68B | 2.71B | 2.63B | 2.31B |
| Gross Profit | 1.17B | 2.07B | 2.08B | 1.94B | 1.74B |
| EBITDA | 2.19B | 1.79B | 1.79B | 1.68B | 1.51B |
| Net Income | 1.05B | 749.54M | 501.81M | 461.43M | 237.62M |
Balance Sheet | |||||
| Total Assets | 11.58B | 11.42B | 10.18B | 10.59B | 9.80B |
| Cash, Cash Equivalents and Short-Term Investments | 439.02M | 444.38M | 209.59M | 145.04M | 368.06M |
| Total Debt | 15.32B | 15.76B | 14.46B | 15.17B | 14.52B |
| Total Liabilities | 16.35B | 16.47B | 15.31B | 15.83B | 15.07B |
| Stockholders Equity | -4.85B | -5.11B | -5.17B | -5.28B | -5.28B |
Cash Flow | |||||
| Free Cash Flow | 1.07B | 1.11B | 1.31B | 1.07B | 1.06B |
| Operating Cash Flow | 1.29B | 1.33B | 1.54B | 1.29B | 1.19B |
| Investing Cash Flow | -601.83M | -809.31M | -468.25M | -1.39B | -1.42B |
| Financing Cash Flow | -1.66B | 645.74M | -1.02B | -135.47M | 339.26M |
SBA Communications Technical Analysis
Positive
223.75
Price Trends
189.57
Positive
189.36
Positive
198.16
Positive
Market Momentum
7.60
Negative
73.15
Negative
93.85
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SBAC, the sentiment is Positive. The current price of 223.75 is above the 20-day moving average (MA) of 186.81, above the 50-day MA of 189.57, and above the 200-day MA of 198.16, indicating a bullish trend. The MACD of 7.60 indicates Negative momentum. The RSI at 73.15 is Negative, neither overbought nor oversold. The STOCH value of 93.85 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SBAC.
SBA Communications Risk Analysis
SBA Communications disclosed 35 risk factors in its most recent earnings report. SBA Communications reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
SBA Communications Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
64 Neutral | $83.56B | 32.56 | 68.13% | 3.76% | -5.33% | 163.89% | |
63 Neutral | $23.67B | 19.68 | -21.40% | 2.31% | 4.82% | 25.24% | |
59 Neutral | $2.59B | 1.02 | -132.88% | ― | 38.93% | 952.55% | |
55 Neutral | $37.63B | 87.07 | -30.82% | 5.44% | -26.56% | -369.24% |
* Real Estate Sector Average
SBAC
SBA Communications
223.75
3.93
1.79%
AMT
American Tower
179.29
-32.85
-15.48%
CCI
Crown Castle
86.29
-9.06
-9.50%
UNIT
Uniti Group
10.84
3.38
45.31%
SBA Communications Corporate Events
Business Operations and StrategyExecutive/Board Changes
SBA Communications Announces Planned Retirement of U.S. Operations EVP
Neutral
Mar 27, 2026
On March 24, 2026, SBA Communications announced that Mark Ciarfella, Executive Vice President of U.S. Operations, plans to retire from his current title and roles effective December 31, 2026. Ciarfella will remain with the company as a non-executi...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.