SBA Communications (SBAC)
Real Estate · Wireless tower infrastructure and communications site operator
Leading independent owner and operator of 46,000+ wireless communications towers across the US, Central America, South America, and Africa, generating recurring lease revenue from multiple wireless service providers per site.
What SBA Communications does
SBA Communications owns and operates approximately 46,300 wireless communications towers and related infrastructure (tower structures, rooftops, and other antenna-supporting assets) primarily across the United States and its territories, with additional operations in South America, Central America, and Africa. The company's core business is site leasing, which generates 98.5% of segment operating profit through long-term contracts with wireless service providers and other customers. SBA also operates a site development business offering tower development and maintenance services to wireless providers. With an average of 1.8 tenants per tower, the company benefits from incremental lease revenue from unutilized structural capacity at low marginal cost.
Themes: ["Wireless infrastructure","Recurring revenue / long-term leases","5G deployment infrastructure","Multi-tenant tower economics","Geographic diversification","Capital-light expansion","Telecom infrastructure"]
Fundamentals
- Price$182.48 as of 2026-07-09 close
- Market cap$19.4B as of 2026-07-10
- 1-year return-22.1% as of 2026-07-09 close
- P/E19.08 as of 2026-07-10
- Net margin+35.7% as of 2026-07-10
- Gross margin+75.2% as of 2026-07-10
- ROE-1.7% as of 2026-07-10
- Debt / equity43.14 as of 2026-07-10
- Revenue growth (YoY)+6.3% as of 2026-07-10
- Revenue CAGR (3y)+2.2% SEC XBRL
- Beta0.99 as of 2026-07-10
Dividend: yield +2.7%; pays a dividend.
Key risks (from latest filing)
["Foreign currency exposure in key markets: Brazil, Chile, and South Africa operations are denominated in local currency, subjecting the company to exchange rate fluctuations that could impact revenue and expenses.","Tenant concentration and wireless provider consolidation: Lease revenues depend on wireless service providers' capital spending and network deployment decisions; consolidation or reduced capex could pressure growth.","Ground lease inflation and property cost escalation: Approximately 30% of the tower portfolio is in Brazil with ground leases that escalate with inflation, and international operations face varying property tax and utility cost pressures that could compress margins."]
Competitors & peers
Fundamentals: Finnhub, as of 2026-07-10. Filings: SEC EDGAR. Prices are delayed daily-close data.
Last updated 2026-07-09.
Informational only — NOT financial advice. All figures are delayed daily-close data from SEC EDGAR & Finnhub, shown with their as-of date.