Reading the tape
NASDAQ: SBAC
SBA Communications Corporation
Real Estate · REIT - Specialty
Market Cap
$23.14B
52w High
$243.16
52w Low
$162.41
P/E
22.68
Volume
429.02K
Outstanding Shares
106.06M
Price vs Fundamentals
Why The Stock Is Moving
Mixed / unclearLow confidence
1Y Price: -7.8%Revenue (TTM): 6.27%FCF (TTM): -9.5%P/FCF: 30th pct
What changed
The stock fell 7.8% over the last year. Revenue grew 6.27% over the trailing twelve months. Operating margin moved from 53.88% to 47.63%. Free cash flow declined 9.5% over the trailing twelve months.
What the market seems to be pricing
The stock has moved lower against modestly weakening underlying metrics. The operating data does not yet tell a clear story — the move may reflect sentiment, sector rotation, or macro factors rather than company-specific earnings power.
What would invalidate this read
Operating margin currently stands at 47.63%. A decisive move in revenue — currently up 6.27% — would be the clearest signal to resolve the ambiguity.
Company profile
SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America and South Africa.
CEOBrendan Thomas Cavanagh
SectorReal Estate
IndustryREIT - Specialty
Employees1,720
IPO dateJun 16, 1999
Valuation
Forward P/E—
EV/EBITDA16.29
Enterprise value$35.62B
Stock splits
No stock splits recorded for this ticker.
Profitability & growth
Standard profitability metrics can be misleading for financial/insurance companies. GAAP requires unrealized investment gains/losses in net income (affecting ROE), and margins are blended across diverse business segments.
Revenue growth5.9%
Gross margin63.62%▼46.19%vs FY2024
Operating margin47.63%▼9.17%vs FY2024
ROE-21.71%▼48.00%vs FY2024
Analyst consensus
RatingBuy
Target price$233.00▲6.80%
28
Buy
14
Hold
0
Sell
Analyst ratings tend to be lagging indicators. Use as one signal among many.
Earnings
Full quarter-by-quarter history of actuals vs estimates. Switch into compare mode to inspect one metric year-over-year.
Next report
Aug 3, 2026
Q3 FY26 · EPS est $1.84 · Revenue est $706.06M
View
Dividends
$4.72/shareQuarterly6yr growth streakEx-div May 22, 2026 · in 12dSafeSBAC pays a dividend with a 2.16% declared yield, 6 consecutive years of growth, growing at 17.7% annually, covered 2.2× by free cash flow.
Declared Yield
2.16%
Annual Div / Share
$4.72
TTM $4.58
5yr CAGR
+17.7%
Doubles every ~4.3yr
FCF Coverage
2.2×
Safe
Dividend Growth Rate
3yr CAGR
+14.8%
5yr CAGR
+17.7%
Dividend Safety
10/10Safe
Dividend History
Annualized dividend cycles per share
YearAnnual DivYoY
2026$4.72+12.9%
2025$4.18+14.2%
2024$3.66+17.3%
2023$3.12+20.9%
2022$2.58+23.4%
2021$2.09+25.1%
2020$1.67—
Income Projection
Invest
$
Growth rate:
Reinvest dividends
Today
$22/yr
$2/mo
In 5 yrs
$38/yr+76%
$3/mo
In 10 yrs
$67/yr+211%
$6/mo
| Today | In 5 yrs | In 10 yrs |
|---|---|---|
$22/yr $2/mo | $38/yr+76% $3/mo | $67/yr+211% $6/mo |
Long-range projections use a capped 12% annual growth assumption.
Yield-on-cost grows from 2.16% → 6.72% over 10yr
Analysis
Dividend Strengths
Well-covered by free cash flow
The dividend is covered 2.2× by free cash flow, indicating the company generates sufficient cash to sustain and potentially grow the payout without straining its finances.
Strong dividend growth rate
The 5-year CAGR of 17.7% meaningfully outpaces inflation, compounding real income growth for long-term holders.
Risks to Watch
No strong risk signal stands out from the latest period pair.