olivLaw · US equity research
SBA Communications Corporation SBAC
Real Estate Investment Trusts · SIC 6798 · Vertical: Real Estate Investment Trusts (SIC 6798)
SBA Communications is an independent owner and operator of wireless infrastructure, with 46,390 towers as of June 30, 2026. Site leasing accounted for 98.4% of total segment operating profit in the six months to June 30, 2026. Site leasing revenue grew 5.1% in the second quarter of 2026 year over year, and full-year 2026 total revenue is outlined at between 2,841 and 2,886 million USD.
At the close of 30 Oct 2026, SBA Communications Corporation (SBAC) stock was 187.15 USD (+1.23% on the day), with market capitalisation 19.9 bn USD, P/E 20.2 on diluted EPS of 9.28 USD over the last 12 months, dividend yield 2.54%, beta 0.08, 52-week range 158.02–223.75 USD. Latest reported quarter (Q2 2026): revenue of 715.3 m USD (+2.3% YoY), net income of 198.8 m USD (−12.0% YoY), diluted EPS 1.87 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 59.7
- strong (55–70)
- Bollinger (20, 2)
- 166.19 – 193.77
- in the upper half of the band · %B 0.76 · band width 15.3%
- SMA 50 / 200
- 179.41 / 190.30
- mixed trend
- MACD (12, 26, 9)
- 2.67 / 1.79
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +16.9% | −0.9% | +17.8 pp | — |
| 3 months | +3.4% | +1.2% | +2.2 pp | — |
| 6 months | −14.4% | +4.8% | −19.2 pp | — |
| Year to date | −3.2% | +10.7% | −14.0 pp | — |
| 1 year | −2.1% | +11.1% | −13.2 pp | +6.0% |
| 3 years | −10.3% | +80.7% | −91.0 pp | +36.1% |
| 5 years | −45.8% | +64.6% | −110.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 667.6 m | 693.7 m | 664.2 m | 699.0 m | 732.3 m | 719.6 m | 703.4 m | 715.3 m |
| Cost of revenue | 150.3 m | 152.1 m | 153.7 m | 172.1 m | 189.8 m | 175.4 m | 171.3 m | 176.0 m |
| Gross profit | 517.3 m | 541.6 m | 510.6 m | 526.9 m | 542.5 m | 544.2 m | 532.1 m | 539.3 m |
| SG&A | 60.1 m | 67.6 m | 66.2 m | 71.0 m | 66.0 m | 74.4 m | 70.5 m | 77.5 m |
| Operating income | 375.6 m | 382.3 m | 334.9 m | 334.8 m | 374.2 m | 298.9 m | 342.8 m | 351.9 m |
| Depreciation & amortisation | 63.5 m | 65.1 m | 65.0 m | 70.0 m | 76.9 m | 80.4 m | 81.3 m | 81.4 m |
| Pre-tax income | 298.2 m | 155.9 m | 259.9 m | 260.8 m | 289.1 m | 432.3 m | 236.0 m | 232.5 m |
| Income tax | 42.3 m | -22.9 m | 42.0 m | 35.1 m | 48.7 m | 61.9 m | 51.1 m | 36.0 m |
| Net income | 258.5 m | 173.6 m | 220.7 m | 225.8 m | 236.8 m | 370.3 m | 184.8 m | 198.8 m |
| Diluted EPS | 2.40 | 1.61 | 2.04 | 2.09 | 2.20 | 3.47 | 1.74 | 1.87 |
| Operating cash flow | 304.7 m ≈ | 310.2 m | 301.2 m | 368.1 m ≈ | 318.0 m ≈ | 304.0 m | 255.1 m | 407.2 m ≈ |
| Capex | 272.3 m | 55.5 m | 46.2 m | 646.9 m | 74.7 m | 62.7 m | 48.4 m | 62.4 m ≈ |
| Dividends paid | 105.3 m ≈ | 105.4 m | 122.3 m | 119.4 m ≈ | 119.1 m ≈ | 118.2 m | 135.2 m | 132.7 m ≈ |
| Share repurchases | 0 ≈ | 0 | — | — | 150.8 m ≈ | 216.3 m | — | — |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 8 percentile of its own 36-quarter history (min 18.1, median 112.4, max 1,410.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.9 bn | 2.0 bn | 2.1 bn | 2.3 bn | 2.6 bn | 2.7 bn | 2.7 bn | 2.8 bn |
| Revenue YoY | +8.0% | +8.0% | +3.4% | +10.8% | +14.1% | +3.0% | −1.2% | +5.1% |
| Net income | 47.5 m | 147.0 m | 24.1 m | 237.6 m | 461.4 m | 501.8 m | 749.5 m | 1.1 bn |
| Net income YoY | −54.2% | +209.8% | −83.6% | +885.8% | +94.2% | +8.8% | +49.4% | +40.6% |
| Diluted EPS | 0.41 | 1.28 | 0.21 | 2.14 | 4.22 | 4.61 | 6.94 | 9.80 |
| Diluted EPS YoY | −52.3% | +212.2% | −83.6% | +919.0% | +97.2% | +9.2% | +50.5% | +41.2% |
| net % | 2.5% | 7.3% | 1.2% | 10.3% | 17.5% | 18.5% | 28.0% | 37.4% |
| Free cash flow | 700.8 m | 815.8 m | 997.5 m | 1.1 bn | 1.1 bn | 1.3 bn | 1.1 bn | 1.1 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 264.6 m USD
- Financial debt
- 12.9 bn USD
- Net debt
- 12.6 bn USD
- Equity
- -4.9 bn USD
- Total assets
- 11.6 bn USD
- Debt / equity
- unavailable
- Current ratio
- 0.29x
- ROE
- unavailable
- ROA
- 9.2%
- FCF margin
- 37.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.1 bn | 2.3 bn | 2.6 bn | 2.7 bn | 2.7 bn | 2.8 bn | SEC (XBRL)· 27 Feb 2026verified |
| Cost of revenue | 476.5 m | 545.5 m | 668.7 m | 612.6 m | 581.7 m | 691.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Gross profit | 1.6 bn | 1.8 bn | 2.0 bn | 2.1 bn | 2.1 bn | 2.1 bn | SEC (XBRL)· 27 Feb 2026verified |
| SG&A | 194.3 m | 220.0 m | 261.9 m | 267.9 m | 258.8 m | 277.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Operating income | 633.7 m | 782.5 m | 925.4 m | 923.7 m | 1.4 bn | 1.3 bn | SEC (XBRL)· 27 Feb 2026verified |
| Depreciation & amortisation | 722.0 m | 700.2 m | 707.6 m | 716.3 m | 269.5 m | 292.3 m | SEC (XBRL)· 27 Feb 2026verified |
| EBITDA | 1.4 bn ≈ | 1.5 bn ≈ | 1.6 bn ≈ | 1.6 bn ≈ | 1.7 bn ≈ | 1.6 bn ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Pre-tax income | -17.7 m | 252.6 m | 525.8 m | 548.5 m | 772.7 m | 1.2 bn | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | -41.8 m | 14.9 m | 66.0 m | 51.1 m | 24.0 m | 187.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Net income | 24.1 m | 237.6 m | 461.4 m | 501.8 m | 749.5 m | 1.1 bn | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | 0.21 | 2.14 | 4.22 | 4.61 | 6.94 | 9.80 | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 113.5 m | 111.2 m | 109.4 m | 108.9 m | 108.1 m | 107.5 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 308.6 m | 367.3 m | 143.7 m | 208.5 m | 189.8 m | 264.6 m | SEC (XBRL)· 27 Feb 2026verified |
| Receivables | 74.1 m | 102.0 m | 184.4 m | 182.7 m | 145.7 m | 171.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Current assets | 473.0 m | 614.4 m | 482.7 m | 484.3 m | 2.0 bn | 773.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | 2.7 bn | 2.6 bn | 2.7 bn | 2.7 bn | 2.8 bn | 3.4 bn | SEC (XBRL)· 27 Feb 2026verified |
| Intangibles (excl. goodwill) | 3.2 bn | 2.8 bn | 2.8 bn | 2.5 bn | 2.4 bn | 2.9 bn | SEC (XBRL)· 27 Feb 2026verified |
| Total assets | 9.2 bn | 9.8 bn | 10.6 bn | 10.2 bn | 11.4 bn | 11.6 bn | SEC (XBRL)· 27 Feb 2026verified |
| Accounts payable | 110.0 m | 34.1 m | 51.4 m | 42.2 m | 59.5 m | 73.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Short-term debt | 24.0 m | 24.0 m | 24.0 m | 643.1 m | 1.2 bn | 1.9 bn | SEC (XBRL)· 27 Feb 2026verified |
| Long-term debt | 11.1 bn | 12.3 bn | 12.8 bn | 11.7 bn | 12.4 bn | 11.0 bn | SEC (XBRL)· 27 Feb 2026verified |
| Current liabilities | 614.8 m | 616.3 m | 696.8 m | 1.4 bn | 1.8 bn | 2.7 bn | SEC (XBRL)· 27 Feb 2026verified |
| Equity | -4.8 bn † | -5.3 bn † | -5.3 bn † | -5.2 bn † | -5.1 bn † | -4.9 bn † | SEC (XBRL)· 27 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.1 bn | 1.2 bn | 1.3 bn | 1.5 bn | 1.3 bn | 1.3 bn | SEC (XBRL)· 27 Feb 2026verified |
| Capex | 128.6 m | 133.7 m | 214.4 m | 236.7 m | 228.1 m | 224.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Free cash flow | 997.5 m ≈ | 1.1 bn ≈ | 1.1 bn ≈ | 1.3 bn ≈ | 1.1 bn ≈ | 1.1 bn ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Investing cash flow | -446.4 m | -1.4 bn | -1.4 bn | -468.2 m | -809.3 m | -601.8 m | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | -469.0 m | 339.3 m | -135.5 m | -1.0 bn | 645.7 m | -1.7 bn | SEC (XBRL)· 27 Feb 2026verified |
| Dividends paid | 207.7 m | 253.6 m | 306.8 m | 370.0 m | 424.2 m | 479.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Share repurchases | 859.3 m | 582.6 m | 431.7 m | 100.0 m | 200.0 m | 497.8 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Market and valuation
9 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 56.5% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
30 Oct 2026Source: olivLaw, closing series
Market cap: 19.9 bn USD
Key indicators
Coverage and freshness
Score by group
57% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- Net asset value (NAV)unavailable · input data missing
- Dividend discount (DDM)unavailable · input data missing
- Peers: P/Bunavailable · the base of the ratio is not positive
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 56.5% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROE · Quality | unavailable | unavailable | — |
| EBITDA margin · Quality | 58.8% | 72 (on a fixed band) | 15% |
| Revenue CAGR 3Y · Growth | 2.2% | 22 (on a fixed band) | 15% |
| Net debt / EBITDA · Balance sheet | 7.3x | 0 (vs peers) | 27% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| P/B · Valuation | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 20.2x | 87 (vs peers) | 15% |
| Dividend yield · Returns | 2.5% | 20 (vs peers) | 27% |
| Payout ratio (EPS) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/2 factors with a value
- Growth22/100 · 1/1 factors with a value
- Quality· partial72/100 · 1/2 factors with a value
- Returns· partial20/100 · 1/2 factors with a value
- Valuation· partial87/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SBA COMMUNICATIONS CORPORATION (SBAC). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 2.8 bn USD in 2025; YoY growth 5.1%; net margin 34.5%; net debt/EBITDA 7.3x.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 56.5% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EBITDA margin: 58.8%
- P/E (TTM): 20.2x
What contradicts it
- Revenue CAGR 3Y: 2.2%
- Net debt / EBITDA: 7.3x
- Dividend yield: 2.5%
Not assessed (insufficient data or a ratio without meaning): ROE, Interest coverage, P/B, Payout ratio (EPS).
Versus the vertical median
Real Estate Investment Trusts (SIC 6798) · same industry (4-digit SIC) · compared with 15 companies
Only companies with a capitalisation between 2.4 bn and 151.4 bn (within 8× of the company's); 140 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| PLDPrologis, Inc. | 119.3 bn | 32.2 | 7.1% | 42.5% | +7.2% | +3% / +27% |
| EQIXEquinix Inc | 100.3 bn | 60.9 | 11.5% | 16.4% | +5.4% | +20% / +39% |
| AMTAmerican Tower Corporation | 87.1 bn | 26.4 | 90.6% | 30.7% | +5.1% | +5% / +5% |
| DLRDigital Realty Trust, Inc. | 63.5 bn | 47.2 | 6.2% | 21.7% | +10.0% | +6% / +45% |
| PSAPublic Storage | 60.7 bn | 33.0 | 16.0% | 37.8% | +2.7% | +17% / +36% |
| ORealty Income Corporation | 53.9 bn | 41.5 | 3.3% | 21.5% | +9.1% | −2% / +20% |
| VTRVentas, Inc. | 44.8 bn | 159.5 | 1.9% | 4.0% | +18.5% | +15% / +100% |
| CCICrown Castle Inc. | 37.7 bn | 45.1 | — | 20.7% | −4.4% | −2% / −5% |
| IRMIron Mountain Inc | 34.7 bn | 82.5 | — | 5.7% | +12.2% | +13% / +97% |
| EXRExtra Space Storage Inc. | 31.6 bn | 30.8 | 7.9% | 29.9% | +3.7% | +13% / +46% |
| VICIVICI Properties Inc. | 26.9 bn | 11.2 | 8.3% | 56.5% | +4.1% | −18% / −12% |
| VMRKVivmark Residential | 23.2 bn | 27.1 | 8.1% | — | +4.8% | +4% / +12% |
| SBACSba Communications Corporation | 19.9 bn | 20.2 | — | 34.5% | +5.1% | −2% / −10% |
| HSTHost Hotels & Resorts, Inc. | 17.3 bn | 16.9 | 15.8% | 16.5% | +7.6% | +58% / +63% |
| ESSEssex Property Trust, Inc. | 17.0 bn | 40.6 | 8.0% | 22.7% | +6.4% | +5% / +23% |
| KIMKimco Realty Corporation | 16.4 bn | 27.1 | 5.8% | 27.8% | +5.1% | +19% / +37% |
1- and 3-year price returns: for SBAC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 108.80 Total return -42% · Per year -42% | 192.57 Total return 3% · Per year 3% | 290.35 Total return 55% · Per year 55% |
| 3 years | 100.87 Total return -46% · Per year -19% | 201.32 Total return 8% · Per year 2% | 333.97 Total return 78% · Per year 21% |
| 5 years | 93.52 Total return -50% · Per year -13% | 210.48 Total return 12% · Per year 2% | 384.14 Total return 105% · Per year 15% |
- Exit P/E± 50.33
- Net margin± 35.23
- Annual revenue growth± 29.56
- Annual dilution± 2.96
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
SBA Communications is an independent owner and operator of wireless infrastructure, with 46,390 towers as of June 30, 2026 2. Site leasing accounted for 98.4% of total segment operating profit in the six months to June 30, 2026 2. Site leasing revenue grew 5.1% in the second quarter of 2026 year over year, and full-year 2026 total revenue is outlined at between 2,841 and 2,886 million USD 3.
SWOT
Strengths
- Recurring revenue from long-term contracts with annual escalators and high margins in leasing, which account for nearly all segment profit 12.
- Control of the land under many towers through ownership, perpetual easements or long-term leases, limiting exposure to rent increases 1.
- Access to investment grade debt markets after the inaugural unsecured notes and the new unsecured revolving credit facility in 2026 3.
Weaknesses
- High dependence on a small number of customers, mainly three US carriers, which generate most of the revenue 1.
- Significant indebtedness and a shareholders' deficit, which limit financial flexibility and increase sensitivity to interest rates 1.
- Exposure to exchange rate movements in Latin America and Africa, where part of revenue is in local currency 13.
Opportunities
- Adding tenants to existing towers and building new towers, including in Africa and Central America, where new contracts could be signed 12.
- Developing ancillary services such as regional data centres, edge infrastructure and open-access networks that could use existing assets 1.
- Refinancing debt at lower cost if capital markets remain favourable following the investment grade bond issue 3.
Threats
- Carrier consolidation can lead to non-renewal of overlapping tower leases, affecting long-term revenue 1.
- Competitive pressures in international markets could lead to lower prices and lost contracts 1.
- Financial difficulties at customers, as shown by EchoStar's payment default in December 2025, could affect collections and growth plans 1.
Risks
- Customer concentrationhigh
A small number of operators generates most revenue, so the loss or insolvency of any one could materially reduce income 1.
- Debt and interest rateshigh
Total debt is substantial, and the variable-rate portion could raise financing costs if interest rates climb 12.
- Churn in domestic and international marketsmedium
The company expects elevated churn in 2026, which could weigh on lease revenue growth in both segments 2.
- Currency riskmedium
Revenue in some countries is in local currency, and a fall against the dollar could reduce reported revenue 13.
- Customer non-paymentmedium
EchoStar's default shows that a customer can become unable to pay, and others could follow 1.
Investment thesis
What would need to be true (bull case)
- Long-term contracts with annual escalators and high lease margins could support predictable cash flow growth if demand for mobile data keeps rising 12.
- Land control and the ability to add tenants at limited extra cost could support profitability over the long term 1.
- Access to investment grade funding and lower secured debt could reduce refinancing risk and leave room for buybacks or dividend growth 3.
What would break the thesis
- If carriers continue to consolidate, lease non-renewals could exceed current expectations and reduce long-term revenue 12.
- High indebtedness and a shareholders' deficit could limit flexibility if interest rates stay high or operating performance weakens 1.
- Dependence on a small group of customers and currency exposure in emerging markets could produce volatility in results 13.
What to watch
- Development of domestic and international churn against the estimated ranges2026
- Quarterly results and any update to full-year revenue and AFFO per share guidanceQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company has also explored ancillary services such as edge data centres, fiber huts and open-access networks to use its existing assets 1. It has exited some international markets: in 2025 it ended operations in the Philippines and Colombia and sold substantially all of its Canadian operations 1.
Market context
The 2026 outlook assumes growth in core leasing revenue from contractual escalators and carrier capacity deployments, offset by elevated churn tied to consolidation 23. The T-Mobile and Sprint consolidation has already produced lease non-renewals, and EchoStar defaulted on payments in December 2025 1.
Trends
- Carrier consolidationheadwind
Mergers between operators can overlap networks and lead to non-renewal of tower leases, which could reduce long-term revenue 1. The company expects the effect of the T-Mobile and Sprint combination to persist for several years 1.
- Rising mobile data demandtailwind
Growth in bandwidth-heavy applications, including streaming and generative artificial intelligence, supports demand for additional tower capacity 1. The company expects this demand to translate into steady leasing growth over several years 1.
- Cost of capitalmixed
Higher interest rates raise providers' financing costs and could slow their investment, while also raising SBA's interest expense on refinancing 1. The company issued fixed-rate unsecured senior notes in July 2026, which partly reduces this exposure 23.
Competitive position
The tower market is competitive, and in international regions new entrants include both wireless operators and other tower owners 1. These pressures can lead to pricing pressure and lease non-renewals, and in some countries have already driven consolidation among operators 1.
Competitors named or implied in the company's materials include tower owners active in the same Latin American and African markets, as well as carriers that may build their own infrastructure 1. The company presents itself as a leader in its markets based on scale, carrier relationships and local presence 1.
- American TowerAMT
Another large tower operator in the wireless infrastructure industry; the analysed sources do not describe it in detail but confirm that competitive pressures in the industry are rising 1.
- Crown CastleCCI
US wireless infrastructure owner competing for the same carrier customers; this comes from general industry context rather than the analysed sources.
- Carriers that build their own towers
Some service providers may develop or own their own infrastructure, which reduces demand for third-party leasing 1.
- Local tower owners in Latin America and Africa
Local operators compete for the same leasing contracts in the company's international markets 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- SBA Communications Stock: Is SBAC Underperforming the Real Estate Sector?Yahoo Finance — News · 17 Sept 2026 · EN
- SBA Communications (SBAC) Wins Investment Grade While Profits SlideYahoo Finance — News · 07 Sept 2026 · EN
The latest news item in our archive is from 17 Sept 2026; the newest SEC filing is from 25 Sept 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report25 Sept 2026Creation of a direct financial obligation
- Quarterly report06 Aug 2026
- Current report03 Aug 2026Results of operations · Financial statements and exhibits
- Current report24 Jul 2026Material agreement · Termination of a material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report23 Jul 2026Other events · Financial statements and exhibits
- Current report15 Jul 2026Material agreement · Financial statements and exhibits
- Current report22 May 2026Shareholder vote
- Quarterly report05 May 2026
- Current report29 Apr 2026Results of operations · Financial statements and exhibits
- Proxy statement09 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / SBA Communications Corporation · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / SBA Communications Corporation · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / SBA Communications Corporation · 03 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.