SBA Communications Corp
SBAC—
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SBA Communications Corp AI Insights
Informational only. Not investment advice.Snapshot
- Negative equity of -4.9B with 15B total debt creates 5.4x debt/EBITDA leverage - aggressive capital structure typical of tower REITs but limits flexibility.[Total Debt / Common Stockholders' Equity]
- Operating margin TTM of 56.4% vs industry median 17.8% - 3x advantage from tower model's near-zero incremental costs per tenant.[Operating Margin TTM]
- EPS growth 5Y of 51.8% vs industry median 6.1% - 8x outperformance driven by lease escalators and co-location economics.[EPS Growth 5 Year]
Watch Triggers
- Interest Expense TTM: Exceeds 550M (17% increase) — At 469M, interest consumes 27% of EBITDA; higher rates threaten dividend coverage
- Free Cash Flow TTM: Falls below 900M — Current 1.1B covers dividend 2.4x; below 900M signals payout stress
- Operating Margin TTM: Drops below 50% — 56% margin is structural advantage; compression signals tenant churn or pricing pressure
Bull Case
Tower assets generate 39% FCF margin (1.1B on 2.8B revenue TTM) with minimal capex (217M) - recurring cash machine from long-term carrier contracts.
Free Cash Flow TTMCapital Expenditure TTMOperating Margin TTM
5Y EPS CAGR of 51.8% demonstrates pricing power and operating leverage as carriers add 5G equipment to existing towers.
EPS Growth 5 YearGross Margin TTM
Bear Case
Negative equity (-4.9B) and 15B debt at 8.7x net debt/EBITDA leaves zero margin for error if rates rise or carriers consolidate.
Total DebtNet DebtCommon Stockholders' Equity
P/S of 7.4x vs industry median 4.5x prices in growth perfection; any carrier capex slowdown compresses multiples.
PS RatioEnterprise Value
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
45%
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Forward Thesis
FCF will sustain 4.3 dividend despite 15B debt as interest coverage (EBITDA/interest) holds at 3.6x
1-3ymed
- 1.1B FCF TTM covers 464M annual dividend 2.4x
- Long-term lease contracts with 3% annual escalators
- Interest expense locked via fixed-rate debt
FCF TTM 1.1B vs dividend 464M impliedInterest expense TTM 469M stableEBITDA TTM 1.7B
Valuation Context
Caveats
SBAC Fundamentals
Real Estate and Rental and Leasing → Real Estate
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$22.07B | — | ||
$37.22B | — | ||
22 | — | ||
$2.85B | +6.3% | — | |
$9.50 | +27.8% | — | |
54.5% | -4.1% | — | |
35.7% | +5.3% | — | |
$1.02B | -9.5% | — | |
0% | — | ||
Beta 5Y (Monthly) | unknown | — |
SBAC Dividend History
28 dividends
2026
$2.500005/22/26$1.2500
03/13/26$1.2500
2025
$4.440011/13/25$1.1100
08/21/25$1.1100
05/22/25$1.1100
03/13/25$1.1100
2024
$3.920011/14/24$0.9800
08/22/24$0.9800
05/22/24$0.9800
03/13/24$0.9800
2023
$3.400011/15/23$0.8500
08/23/23$0.8500
05/25/23$0.8500
03/09/23$0.8500
2022
$2.840011/16/22$0.7100
08/24/22$0.7100
05/18/22$0.7100
03/09/22$0.7100
2021
$2.320011/17/21$0.5800
08/25/21$0.5800
05/19/21$0.5800
03/09/21$0.5800
2020
$1.860011/18/20$0.4650
08/24/20$0.4650
05/27/20$0.4650
03/09/20$0.4650
2019
$0.740011/20/19$0.3700
08/27/19$0.3700
SBAC Stock Splits
No stock splits
SBAC SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
05/05/26 | 03/31/26 | 10-Q | |
02/27/26 | 12/31/25 | 10-K | |
11/06/25 | 09/30/25 | 10-Q | |
08/07/25 | 06/30/25 | 10-Q | |
05/01/25 | 03/31/25 | 10-Q | |
02/26/25 | 12/31/24 | Unknown | |
11/01/24 | 09/30/24 | 10-Q | |
08/02/24 | 06/30/24 | 10-Q | |
05/06/24 | 03/31/24 | 10-Q | |
02/28/24 | 12/31/23 | 10-K | |
11/07/23 | 09/30/23 | 10-Q | |
08/03/23 | 06/30/23 | 10-Q | |
05/09/23 | 03/31/23 | 10-Q | |
03/01/23 | 12/31/22 | 10-K | |
11/03/22 | 09/30/22 | 10-Q | |
08/04/22 | 06/30/22 | 10-Q | |
04/29/22 | 03/31/22 | 10-Q | |
03/01/22 | 12/31/21 | 10-K | |
11/05/21 | 09/30/21 | 10-Q | |
08/05/21 | 06/30/21 | 10-Q | |
05/06/21 | 03/31/21 | 10-Q | |
02/25/21 | 12/31/20 | 10-K | |
11/05/20 | 09/30/20 | 10-Q | |
08/06/20 | 06/30/20 | 10-Q | |
05/06/20 | 03/31/20 | 10-Q | |
02/24/20 | 12/31/19 | 10-K | |
11/07/19 | 09/30/19 | 10-Q | |
08/06/19 | 06/30/19 | 10-Q | |
05/09/19 | 03/31/19 | 10-Q | |
02/28/19 | 12/31/18 | 10-K | |
11/08/18 | 09/30/18 | 10-Q | |
08/06/18 | 06/30/18 | 10-Q | |
05/07/18 | 03/31/18 | 10-Q | |
03/01/18 | 12/31/17 | 10-K | |
11/07/17 | 09/30/17 | 10-Q | |
08/04/17 | 06/30/17 | 10-Q | |
05/08/17 | 03/31/17 | 10-Q | |
03/01/17 | 12/31/16 | 10-K | |
11/09/16 | 09/30/16 | 10-Q | |
08/09/16 | 06/30/16 | 10-Q | |
05/10/16 | 03/31/16 | 10-Q | |
02/26/16 | 12/31/15 | 10-K | |
11/09/15 | 09/30/15 | 10-Q | |
08/06/15 | 06/30/15 | 10-Q | |
05/08/15 | 03/31/15 | 10-Q | |
03/02/15 | 12/31/14 | 10-K | |
11/07/14 | 09/30/14 | 10-Q | |
08/05/14 | 06/30/14 | 10-Q | |
05/09/14 | 03/31/14 | 10-Q | |
02/27/14 | 12/31/13 | 10-K | |
11/07/13 | 09/30/13 | 10-Q | |
08/06/13 | 06/30/13 | 10-Q | |
05/10/13 | 03/31/13 | 10-Q | |
02/27/13 | 12/31/12 | 10-K | |
11/08/12 | 09/30/12 | 10-Q | |
08/07/12 | 06/30/12 | 10-Q | |
05/07/12 | 03/31/12 | 10-Q | |
02/27/12 | 12/31/11 | 10-K | |
11/04/11 | 09/30/11 | 10-Q | |
08/05/11 | 06/30/11 | 10-Q | |
05/06/11 | 03/31/11 | 10-Q | |
02/25/11 | 12/31/10 | 10-K | |
11/04/10 | 09/30/10 | 10-Q | |
08/04/10 | 06/30/10 | 10-Q | |
05/07/10 | 03/31/10 | 10-Q | |
03/01/10 | 12/31/09 | 10-K | |
11/04/09 | 09/30/09 | 10-Q | |
08/06/09 | 06/30/09 | 10-Q | |
05/08/09 | 03/31/09 | 10-Q | |
02/27/09 | 12/31/08 | 10-K | |
11/05/08 | 09/30/08 | 10-Q | |
08/07/08 | 06/30/08 | 10-Q | |
05/07/08 | 03/30/08 | Unknown | -- |
02/28/08 | 12/31/07 | 10-K | |
11/07/07 | 09/30/07 | 10-Q | |
08/06/07 | 06/30/07 | 10-Q | |
05/09/07 | 03/30/07 | Unknown | -- |
03/01/07 | 12/31/06 | 4 | |
11/09/06 | 09/30/06 | 10-Q | |
08/09/06 | 06/30/06 | 4 | |
05/10/06 | 03/30/06 | Unknown | -- |
03/10/06 | 12/31/05 | 4 | |
11/09/05 | 09/30/05 | 10-Q | |
08/09/05 | 06/30/05 | 10-Q | |
05/10/05 | 03/30/05 | Unknown | -- |
03/16/05 | 12/31/04 | 8-K | |
11/08/04 | 09/30/04 | 10-Q | |
08/09/04 | 06/30/04 | 10-Q | |
05/07/04 | 03/30/04 | Unknown | -- |
03/12/04 | 12/31/03 | 10-K | |
11/14/03 | 09/30/03 | 10-Q | |
08/14/03 | 06/30/03 | 10-Q | |
05/15/03 | 03/30/03 | Unknown | -- |
03/31/03 | 12/31/02 | 10-K | |
11/14/02 | 09/30/02 | 10-Q | |
08/14/02 | 06/30/02 | 10-Q | |
05/15/02 | 03/30/02 | Unknown | -- |
03/21/02 | 12/31/01 | 10-K | |
11/13/01 | 09/30/01 | 10-Q | |
08/14/01 | 06/30/01 | 10-Q | |
05/15/01 | 03/30/01 | Unknown | -- |
04/02/01 | 12/31/00 | 10-K | |
11/14/00 | 09/30/00 | 10-Q | |
08/14/00 | 06/30/00 | 10-Q | |
05/15/00 | 03/30/00 | Unknown | -- |