SBA Communications (SBAC) stock
Real Estate · Telecom Tower REITs
SBA Communications (SBAC) is a Telecom Tower REITs company in the Real Estate sector, headquartered in Boca Raton, Florida. As of October 23, 2026, SBAC closed at $184.75, a market capitalization of $19.60 billion, the 408th largest company in the S&P 500. Over the last twelve months it generated $2.87 billion in revenue (+2% year over year) and $1.05 billion in free cash flow. The stock trades at 19.9x trailing earnings and 22.9x forward earnings.
- 1-year total return: -3.4% (dividends reinvested)
- 5-year return: -10.3% a year
- 52-week range: $156.60 – $224.46
- Gross margin 74.2%, operating margin 52.2%
- Dividend yield: 2.71%, 6 straight years of increases
- FI Handbook report card: C+ across 9 metrics
- 16th largest of 30 Real Estate stocks in the S&P 500
SBAC price chart
1Y price change: -5.8% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| SBAC | +8.3% | -2.6% | -3.4% | +0.6% | -10.3% | +6.0% | +12.1% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1999.
SBAC key statistics
- Market cap
- $19.6B
- #408 in S&P 500
- P/E (TTM)
- 19.9x
- Forward P/E
- 22.9x
- EPS (TTM)
- $9.27
- Revenue (TTM)
- $2.9B
- +2%
- Free cash flow
- $1.1B
- Gross margin
- 74.2%
- Operating margin
- 52.2%
- Return on equity
- —
- Dividend yield
- 2.71%
- 52-week range
- $156.60 – $224.46
- Beta
- 0.99
- Price / sales
- 6.8x
- EV / EBITDA
- 18.9x
- Debt / equity
- —
- Employees
- 1,844
SBAC report card
C+Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth2.3%D
- Gross margin74.2%A
- Operating margin52.2%A
- FCF margin36.6%A
- Return on equity——
- Net debt / EBITDA8.1xF
- Forward P/E22.9xC
- PEG ratio10.8xF
- Shareholder yield5.2%A
- Share count change / yr-1.1%B
SBA Communications financials
Revenue went from $1.6B in fiscal 2016 to $244.5M in fiscal 2025, shrinking 19.0% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.6B | $104.5M | $125.3M | $153.8M | $128.7M | $204.7M | $296.9M | $194.6M | $152.9M | $244.5M |
| Gross profit | $1.2B | $1.3B | $1.4B | $1.5B | $1.6B | $1.8B | $2.0B | $2.1B | $2.1B | $2.1B |
| Operating income | $387.3M | $458.5M | $544.2M | $583.5M | $633.7M | $782.5M | $925.4M | $923.7M | $1.4B | $1.3B |
| Net income | $76.2M | $103.7M | $47.5M | $147.0M | $24.1M | $237.6M | $461.4M | $501.8M | $749.5M | $1.1B |
| EPS (diluted) | $0.61 | $0.86 | $0.41 | $1.28 | $0.21 | $2.14 | $4.22 | $4.61 | $6.94 | $9.80 |
| Free cash flow | $602.5M | $671.4M | $700.8M | $815.8M | $997.5M | $1.1B | $1.1B | $1.3B | $1.1B | $1.1B |
| Buybacks | $545.7M | $854.5M | $795.6M | $467.0M | $859.3M | $582.6M | $431.7M | $100.0M | $200.0M | $497.8M |
| Dividends paid | — | — | — | $83.4M | $207.7M | $253.6M | $306.8M | $370.0M | $424.2M | $479.0M |
| Diluted shares | 125.1M | 121.0M | 116.5M | 114.7M | 113.5M | 111.2M | 109.4M | 108.9M | 108.1M | 107.5M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into SBAC?
A reverse DCF asks what growth the current price requires. With an enterprise value of $34.5B and $1.1B of trailing free cash flow, SBA Communications needs to grow free cash flow about 23.2% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew 1.3% a year over the last five years.
P/E ratio history
Current 18.9x vs. median 183.9x (10th–90th percentile 27.9x–984.1x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
SBAC dividend
- Dividend yield
- 2.71%
- Annual dividend
- $5.00
- Years of increases
- 6
- 5-yr dividend growth
- 19.0%
- per year
- Payout ratio
- 51%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
SBAC earnings
Next report: November 2, 2026. Last quarter's revenue was $715.3M (+2% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Aug 3, 2026 | $1.89 | $1.87 | -1.2% |
| Apr 29, 2026 | $1.74 | $1.74 | -0.3% |
| Feb 26, 2026 | $4.05 | $3.47 | -14.3% |
| Nov 3, 2025 | $2.16 | $2.20 | +1.8% |
| Aug 4, 2025 | $2.26 | $2.09 | -7.5% |
| Apr 28, 2025 | $2.32 | $1.77 | -23.6% |
| Feb 24, 2025 | $2.31 | $2.33 | +0.9% |
| Oct 28, 2024 | $2.35 | $2.25 | -4.3% |
Stocks like SBAC
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 AMT American Tower Corporation (REI | +4.08% | +3% | $88.1B | 26.0x | Compare |
 CCI Crown Castle | +9.06% | -8% | $37.6B | 34.5x | Compare |
 WELL Welltower | -0.03% | +37% | $171.0B | 106.4x | Compare |
 PLD Prologis | -0.17% | +4% | $122.9B | 28.1x | Compare |
 EQIX Equinix | +0.25% | +17% | $94.2B | 61.5x | Compare |
 SPG Simon Property | -0.19% | +24% | $80.3B | 14.9x | Compare |
 DLR Digital Realty Trust | +0.84% | +1% | $65.1B | 83.7x | Compare |
 PSA Public Storage | +0.25% | +5% | $57.9B | 29.6x | Compare |
SBAC news
- SBA Communications (SBAC) Rallies With Tower Peers, Is It Still 18% Undervalued? · Oct 25, 2026
- SBA Communications' Q3 2026 Earnings: What to Expect · Oct 15, 2026
- SBA Communications Corporation Sets Date for Third Quarter 2026 Earnings Release · Oct 14, 2026
- Bernstein says SpaceX’s Grain spectrum deal is a catalyst for tower stocks · Oct 12, 2026
- Strength Seen in SBA Communications (SBAC): Can Its 7.3% Jump Turn into More Strength? · Oct 12, 2026
SBAC stock FAQ
What is SBAC's market cap?
SBA Communications's market capitalization is $19.60 billion as of October 23, 2026, ranking 408th in the S&P 500.
What is SBAC's P/E ratio?
SBAC trades at a trailing price-to-earnings ratio of 19.9x and a forward P/E of 22.9x. Its median P/E over the period we track is 183.9x.
Does SBAC pay a dividend?
Yes. SBA Communications pays $5.00 per share a year, a 2.71% yield. It has raised its dividend 6 years in a row. Dividends grew 19.0% a year over the last five years.
How much has SBAC stock returned?
Including reinvested dividends, SBAC returned -3.4% over one year, -10.3% a year over five years, +6.0% a year over ten years through October 23, 2026.
Is SBAC stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies SBA Communications must grow free cash flow about 23% a year for the next decade. Its free cash flow grew 1% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
When does SBAC report earnings?
SBA Communications is expected to report earnings on November 2, 2026.
How many employees does SBA Communications have?
SBA Communications has about 1,844 full-time employees, or $1.6 million of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology