Latest revenue
$47.3M
as of 2026-03-31
Latest net income
$184.8M
as of 2026-03-31
Net margin
390.9%
as of 2026-03-31
Price · 5Y
Live market
delayed ≤15 min- Market cap
- $21.80B
- Enterprise value
- $34.08B
- P/E (trailing)
- 20.7×
- Forward P/E
- —
- P/B
- —
- Dividend yield
- 2.3%
- 52-wk high
- $243.16
- 52-wk low
- $162.41
- Beta
- —
- Shares out
- 106.1M
5-year trend
What this company does
SBA Communications owns and operates wireless communications towers, leasing antenna space to mobile carriers like Verizon, AT&T, and T-Mobile across the Americas and Africa. Recurring site-leasing rents drive the business, generating $1.9 billion of the company's $2.1 billion in nine-month revenue, with the smaller site-development arm building and upgrading towers for carriers. The tower portfolio is expanding through acquisitions while SBA carries roughly $12.7 billion of debt and a $4.9 billion shareholders' deficit, reflecting its REIT-style leveraged, capital-return model.
Generated from SBAC's filing dated 2026-02-27
Key risks
- Highly leveraged: $12.7B total debt against $4.93B shareholders' deficit; $773M current maturities versus $430M cash test refinancing capacity.
- Interest expense climbing: 9-month interest expense rose to $344M from $290M, pressuring cash flow as rates reset on swap-hedged debt.
- Asset impairment and decommission costs jumped to $103M for nine months (vs. $88M), signaling accelerating tower churn from carrier consolidation.
Generated from SBAC's filing dated 2026-02-27
Profitability
Operating margin
47.7%
11.0%Net margin
37.4%
33.8%Return on equity
-21.7%
48.0%Return on assets
9.1%
38.7%Leverage
Debt / equity
-3.38×
4.7%Long-term debt / equity
-2.26×
6.9%Debt / assets
141.9%
2.0%Earnings tracker
| Quarter | Revenue | YoY | Net income | YoY | Net margin |
|---|---|---|---|---|---|
Q1 2026 2026-03-31 | $47.3M | -1.6% | $184.8M | -16.3% | 390.9% |
Q4 2025 2025-12-31 | $2.62B | +1.9% | $370.3M | +113.3% | 14.1% |
Q3 2025 2025-09-30 | $75.9M | +81.2% | $236.8M | -8.4% | 312.0% |
Q2 2025 2025-06-30 | $67.2M | +97.5% | $225.8M | +38.7% | 336.0% |
Q1 2025 2025-03-31 | $48.0M | +62.4% | $220.7M | +42.8% | 459.5% |
Q4 2024 2024-12-31 | $2.57B | — | $173.6M | — | 6.7% |
Q3 2024 2024-09-30 | $41.9M | -7.1% | $258.5M | +195.7% | 617.1% |
Q2 2024 2024-06-30 | $34.0M | -35.0% | $162.8M | -20.0% | 478.6% |
Year-over-year change vs the same fiscal quarter one year prior. Revenue + net income sourced from SEC 10-Q / 10-K filings — no analyst-consensus dependency.
Industry trend
Real Estate Investment Trusts · SIC 6798
Your notes
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Insider activity
Insider buying
$0
Insider selling
$0
Net activity
+$0
Distinct insiders
0
Open-market trades over the last 365 days.
Recent transactions
| Date | Insider | Type | Shares | Price | Value |
|---|
Source: SEC Form 4 filings. Officers, directors, and 10%+ owners must disclose share transactions within two business days. RSU grants and tax-withholding rows are excluded by default — compensation activity is not a trading signal.
Who owns SBAC
Institutional value
$9.28B
Total shares held
55.4M
Distinct holders
435
As of
2026-03-31
Filers with $100M+ AUM disclose holdings 45 days after quarter end.
Top institutional holders
| # | Manager | Shares | Value | QoQ change | Action |
|---|---|---|---|---|---|
| 1 | BlackRock, Inc. | 10.1M | $1.74B | — | New |
| 2 | VANGUARD PORTFOLIO MANAGEMENT LLC | 9.7M | $1.67B | — | New |
| 3 | VANGUARD CAPITAL MANAGEMENT LLC | 6.9M | $1.19B | — | New |
| 4 | JPMORGAN CHASE & CO | 3.9M | $664.6M | — | New |
| 5 | Invesco Ltd. | 2.0M | $338.0M | — | New |
| 6 | DIAMOND HILL CAPITAL MANAGEMENT INC | 1.9M | $332.9M | — | New |
| 7 | DIMENSIONAL FUND ADVISORS LP | 1.6M | $277.6M | — | New |
| 8 | Legal & General Group Plc | 1.5M | $259.5M | — | New |
| 9 | NORDEA INVESTMENT MANAGEMENT AB | 1.3M | $214.0M | — | New |
| 10 | Mitsubishi UFJ Trust & Banking Corp | 1.1M | $185.0M | — | New |
| 11 | UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | 926.3K | $159.4M | — | New |
| 12 | UBS Group AG | 887.2K | $152.7M | — | New |
| 13 | SEI INVESTMENTS CO | 672.1K | $115.7M | — | New |
| 14 | VANGUARD FIDUCIARY TRUST CO | 599.4K | $103.2M | — | New |
| 15 | PERMIT CAPITAL, LLC | 575.3K | $99.0M | — | New |
| 16 | Bank of New York Mellon Corp | 544.8K | $93.8M | — | New |
| 17 | DEUTSCHE BANK AG\ | 479.2K | $82.5M | — | New |
| 18 | CI INVESTMENTS INC. | 343.8K | $59.2M | — | New |
| 19 | REAVES W H & CO INC | 322.5K | $55.5M | — | New |
| 20 | Swiss National Bank | 312.6K | $53.8M | — | New |
Source: SEC Form 13F-HR. Positions aggregated across sub-managers within each firm. Options (puts/calls) excluded — common stock only.
Top questions investors are asking
- 1
Site leasing revenue grew only 4.9% YoY to $656M while interest expense jumped 26% to $120M—when does organic leasing growth re-accelerate above debt costs?
- 2
With $772M of current debt maturities and only $430M of cash, walk us through refinancing plans and expected rate impact on 2026 AFFO.
- 3
Asset impairment and decommission costs hit $103M YTD versus $88M last year—which markets or carrier consolidations are driving accelerating churn?
Refreshed when SBAC files a new report · last from 2026-02-27