SBA Communications Corporation

SBAC

$187.50

-2.10%

2026-09-04 12:08:00 EDT-$4.02

Real Estate

REIT - Specialty

NASDAQ

Active Trading

SBA Communications Corporation stands as a premier owner, operator, and provider of crucial wireless communication infrastructure across North, Central, and South America, ...

Price Action of SBAC

$187.50

-2.10%-$4.02

High—

Low—

52W High-15.4%

Rel. vol—

Interval

Range2.6h

Volume—SMA5SMA10

—

SBA Communications Corporation (NASDAQ: SBAC) is a premier real estate investment trust (REIT) specializing in wireless communication infrastructure. Founded in 1989 by Steven Bernstein, the company is headquartered in Boca Raton, Florida. SBA's primary business is leasing antenna space on its extensive portfolio of communication towers to wireless service providers ...SBA Communications Corporation (NASDAQ: SBAC) is a premier real estate investment trust (REIT) specializing in wireless communication infrastructure. Founded in 1989 by Steven Bernstein, the company is headquartered in Boca Raton, Florida. SBA's primary business is leasing antenna space on its extensive portfolio of communication towers to wireless service providers under long-term contracts, complemented by site development services. As of the latest data, SBA operates over 30,000 towers across North, Central, and South America and South Africa, serving major carriers. The company's mission, 'Build Better Wireless,' underscores its commitment to supporting the expansion of wireless networks. Financially, SBA generates revenue primarily from two segments: site leasing (about 95% of total revenue) and site development. In its most recent TTM data, SBA reported a market capitalization of approximately $19.5 billion, with an enterprise value of $34.4 billion. The company has a gross profit margin of 63.9%, EBITDA margin of 73.1%, and a net profit margin of 34.5%, reflecting strong operational efficiency. Despite a negative book value per share (-$43.70) due to significant debt ($17.3 billion net debt), SBA maintains high cash flow generation, with operating cash flow per share of $14.53 and free cash flow per share of $11.87. The company pays a dividend yield of 2.6%, with a payout ratio of 64.6%. Leadership is under President and CEO Brendan T. Cavanagh, who joined in 1998 and assumed the role in January 2024, succeeding Jeffrey A. Stoops, who remains Chairman. SBA employs approximately 1,844 full-time workers, with a workforce size categorized between 1,001-2,000. The company's shares trade on NASDAQ under the symbol SBAC, and it has been publicly listed since June 1999. SBA continues to focus on strategic acquisitions and organic growth, particularly in underserved markets, while managing its leverage and returning capital to shareholders through dividends and share repurchases. With the increasing demand for data and 5G deployment, SBA is well-positioned to benefit from long-term industry tailwinds.ExpandCollapse

Founded

1989

Employees

1844

CEO

Brendan Thomas Cavanagh

Full Name

SBA Communications Corporation

Sector

Real Estate

Industry

REIT - Specialty

ROE

-20.67%

Market Cap

$19.89B

Current Ratio

0.17

WACC

7.00%

ROIC

22.47%

Contact Information

https://www.sbasite.com

561-995-7670

8051 Congress Avenue, Boca Raton, FL 33487-1307

Key Metrics of SBAC

Snapshot

Latest / TTM · 6 periods

Market Cap

$19.89B

ROCE

19.7%

EV / EBITDA

16.78x

+5.0% YoY

FCF Yield

5.2%

+0.0% YoY

Cash Conversion Cycle

-2.3d

Current Ratio

0.17

Quick take

TTM —

Current ratio below 1.0

Negative working capital

Financial Highlights of SBAC

Profitability trend

Latest / TTM · 6 periods

Gross Margin

63.9%

Net Margin

34.5%

P/E Ratio

20.57x

n/a

Debt / Equity

-3.28

n/a

Current Ratio

0.17

Dividend Yield

2.5%

Understanding

TTM —

Current ratio below 1.0

Calendar of SBAC

Upcoming

Sep 17, 2026In 13 days
Dividend payment
$4.72 per share
Sep 30, 2026In 26 days
Q3 FY2026 · Estimated results
Est. EPS $2.07 · Revenue $724.36M · 6 analysts
Dec 30, 2026
Q4 FY2026 · Estimated results
Est. EPS $2.01 · Revenue $721.15M · 6 analysts
Dec 31, 2026
FY2026 · Estimated annual results
Est. EPS $7.69 · Revenue $2.86B · 9 analysts

Recent history

Aug 20, 2026
Ex-dividend date
$4.72 per share
Aug 6, 2026
Q2 FY2026 · Results reported
EPS $1.87 · Revenue $715.27M
View filing
May 5, 2026
Q1 FY2026 · Results reported
EPS $1.74 · Revenue $703.44M
View filing
Feb 27, 2026
FY2025 · Annual results
EPS $9.80 · Revenue $2.82B
View filing
Nov 6, 2025
Q3 FY2025 · Results reported
EPS $2.21 · Revenue $732.33M
View filing
Aug 7, 2025
Q2 FY2025 · Results reported
EPS $2.09 · Revenue $698.98M
View filing

Financial Statements of SBAC

5Y Trend (Revenue, Earnings, FCF)

Metric	Latest	YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.	QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).	$2.8B	+5.1%	+1.7%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.	$1.1B	+40.6%	+7.5%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.	+41.6%	-46.2%	-0.3%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).	+48.7%	-9.2%	+24.3%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.	+37.4%	+33.8%	+5.8%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.	$1.1B	-3.6%	+66.8%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.	+37.9%	-8.3%	+64.0%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.	-315.6%	-2.4%	-1.3%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.	0.49x	-55.2%	+17.4%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.	$11.6B	+1.4%	+0.2%

Actual vs Estimate

A Dec 31Q Sep 30

Metric	Annual (A vs E)	Annual Surprise	Quarter (A vs E)	Quarter Surprise
EPS Surprise	9.80 vs 9.85	-0.5%	1.87 vs 2.07	-9.8%
Revenue Surprise	$2.8B vs $2.8B	-0.2%	$715.3M vs $724.4M	-1.3%

Insider Transactions of SBAC

Acquisitions (A)

Since May 22, 2026

Disposals (D)

Since May 22, 2026

Monthly shares of acquisitions/disposals with close price trend (shared daily price source)

Insider Trading Snapshot

Date	Executive	Title	Security	Side	Shares	Price
Aug 17, 2026	Krouse George R Jr	director	Class A Common Stock	D	300	$182.67
Aug 1, 2026	DAY DONALD	officer: EVP - SITE LEASING	Class A Common Stock	A	457	—
Aug 1, 2026	DAY DONALD	officer: EVP - SITE LEASING	Class A Common Stock	D	171	$180.98
Aug 1, 2026	DAY DONALD	officer: EVP - SITE LEASING	Restricted Stock Units	D	457	—
May 22, 2026	BERNSTEIN STEVEN E	director	Restricted Stock Units	A	1,108	—

Earnings Call Transcript of SBAC

1 transcript segments

Q2 2026

Unknown Speaker

Operator: Welcome, and thank you all for joining today's SBA Second Quarter 2026 Results. Please note that today's call is being recorded. [Operator Instructions] With that, I'd now like to formally begin today's call and turn it over to Louis Friend, Vice President of Finance and Capital Markets. Please go ahead. Louis Friend: Good evening, and thank you for joining us for SBA's Second Quarter 2026 Earnings Conference Call. Here with me today are Brendan Cavanagh, our President and Chief Executive Officer; and Marc Montagner, our Chief Financial Officer. Some of the information we will discuss on this call is forward-looking, including, but not limited to, any guidance for 2026 and beyond. In today's press release and in our SEC filings, we detail material risks that may cause our future results to differ from our expectations. Our statements are as of today, August 3, and we have no obligation to update any forward-looking statements we may make. In addition, our comments will include non-GAAP financial measures and other key operating metrics. The reconciliation of and other information regarding these items can be found in our supplemental financial data package, which is located on the landing page of our Investor Relations website. With that, I will now turn it over to Marc to comment on the second quarter results and 2026 outlook. Marc Montagner: Thank you, Louis. We had another good quarter, and our results were in line with our expectation. Given the solid performance in the second quarter, we are modestly increasing our full year outlook for site leasing revenue, AFFO and AFFO per share as compared to our prior 2026 guidance. The primary drivers of these increases include higher straight-line revenues and improved net cash interest expenses. In the second quarter, AFFO per share was $3.05, and with a cash dividend of $1.25 per share. We continue to operate efficiently, controlling direct costs and achieving company-wide tower cash flow margins of just under 80%. In the U.S., we added approximately $9 million of domestic new lease and amendment billings in the second quarter. The bulk of the activity continues to come from new colocations as carrier both densify and expand their network footprints. With respect to churn, our prior outlook for both Sprint and EchoStar related churn for the year remains unchanged. With regard to EchoStar, we continue to litigate the matter in federal court and believe strongly in our contractual rights. Internationally, we continue to see healthy demand for our infrastructure, and we added approximately $4 million of new lease and amendment billings in the second quarter. International churn continues to be elevated due to carrier consolidations, carrier bankruptcy, restructuring and wireless operators network rationalizations. Moving to our balance sheet. I'm very pleased to discuss our recent debt offering where in July, we issued our first unsecured investment-grade bonds. The total amount raised was …

Leadership Team of SBAC

10 executives

Name	Title	Compensation	Gender	Year Born	Status
Brendan Thomas Cavanagh	Chief Executive Officer, President & Director	USD 2,718,402	Male	1972	Active
Marc R. Montagner	Executive Vice President & Chief Financial Officer	USD 1,368,129	Male	1962	Active
Joshua Koenig	Executive Vice President, Chief Administrative Officer & General Counsel	USD 1,182,787	Male	1980	Active
Richard Cane	Executive Vice President & President International	USD 1,160,380	Male	1965	Active
Mark R. Ciarfella	Executive Vice President of Operations	USD 1,154,480	Male	1966	Active
Steven E. Bernstein	Founder & Independent Director	USD 100,000	Male	1961	Active
Saul Kredi	Vice President & Chief Accounting Officer	—	Male	1969	Active
Elvis T. Clemetson	Senior Vice President & Chief Information Officer	—	Male	1974	Active
Neil H. Seidman	Senior Vice President of Mergers and Acquisitions	—	Male	1967	Active
Michelle Eisner	Senior Vice President & Chief Human Resources Officer	—	Female	1961	Active

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Historical Employee Count of SBAC

Current

1,844

Change

+7.21%

Minimum

1,596

Maximum

1,844

Recent Filings

Report Date	Employees	Form Type	Filing Date	SEC Filing
Dec 31, 2025	1,844	10-K	Feb 27, 2026	View
Dec 31, 2024	1,720	10-K	Feb 26, 2025	View
Dec 31, 2023	1,787	10-K	Feb 28, 2024	View
Dec 31, 2022	1,834	10-K	Mar 1, 2023	View
Dec 31, 2021	1,596	10-K	Mar 1, 2022	View

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SBA Communications Corporation