SBAC
SBA Communications Corporation
SBAC's fundamentals are mixed, but it looks cheap: trading at 20x earnings, less than half its usual 51x. Analysts expect earnings to decline.
SBAC Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Strong | |
| N/A | |
| N/A |
SBAC's profitability is currently strong, and its revenue is stable. Free cash flow and net leverage aren't meaningful measures for real estate companies like SBAC.
SBAC PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 20x | $187 | — |
| Forward | 23x | $187 | — |
| Cheap | 24x | $226 | +21% |
| Fair | 51x | $471 | +152% |
| Expensive | 151x | $1,398 | +649% |
Historical ranges are pointers, not guarantees.
SBAC's PE is in its cheap range at 20x. Analysts expect earnings to fall, which would put today's price at 23x next year's earnings.
SBAC Forward outlook
| Metric | Outlook |
|---|---|
| Deteriorating | |
| Decline | |
| Stable | |
| Strongly weakening | |
| Limited | |
| High |
Analysts expect SBAC's earnings and profitability to decline, with its revenue holding steady.
SBAC Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $7.97 | -14% |
| Q3 2026 | $9.27 | +17% |
| Q2 2026 | $9.28 | +14% |
| Q1 2026 | $9.50 | +26% |
| Q4 2025 | $9.80 | +41% |
| Q3 2025 | $7.94 | +25% |
| Q2 2025 | $8.14 | +72% |
| Q1 2025 | $7.56 | +48% |
| Q4 2024 | $6.94 | +51% |
SBAC's earnings per share have climbed steadily: $9.27 over the past year, up 17% from the year before, and higher year over year for 14 quarters in a row.
SBAC Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $713.9M | -2.5% |
| Q2 2026 | $715.3M | +2.3% |
| Q1 2026 | $703.4M | +5.9% |
| Q4 2025 | $719.6M | +3.7% |
| Q3 2025 | $732.3M | +9.7% |
| Q2 2025 | $699M | +5.8% |
| Q1 2025 | $664.2M | +1% |
| Q4 2024 | $693.7M | +2.8% |
SBAC's revenue grew through 2022 and has held roughly level since: $714M last quarter, down 2.5% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 52% | +0.4 points |
| Q2 2026 | 49% | +1.3 points |
| Q1 2026 | 49% | -1.7 points |
| Q4 2025 | 42% | -14 points |
| Q3 2025 | 51% | -5.2 points |
| Q2 2025 | 48% | -5.8 points |
| Q1 2025 | 50% | +1.3 points |
| Q4 2024 | 55% | +24 points |
SBAC's operating margin was 52% last quarter, about level with the same quarter a year ago.
SBAC Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $259.1M | +6.5% |
| Q2 2026 | $344.8M | +$623.6M |
| Q1 2026 | $206.7M | -19% |
| Q4 2025 | $241.3M | -5.2% |
| Q3 2025 | $243.3M | +652% |
| Q2 2025 | -$278.8M | -183% |
| Q1 2025 | $255M | +7.8% |
| Q4 2024 | $254.6M | -31% |
SBAC's free cash flow was $1.1B over the past year, up 122% from the year before. Free cash flow isn't a meaningful measure for real estate companies like SBAC.
SBAC Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.6% | -602K shares |
| 1 year | -1.8% | -1.9M shares |
| 3 years | -3% | -3.2M shares |
| 5 years | -5.3% | -5.9M shares |
| Available history | -7.9% | -9M shares |
SBAC has 106M diluted shares, down 1.8% from a year ago.
| Quarter | Spent |
|---|---|
| Q3 2026 | $300M |
| Q4 2025 | $216.3M |
| Q3 2025 | $150.8M |
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | $93.9M |
| Q1 2024 | $106.2M |
| Q4 2023 | $46.4M |
SBAC Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 7.4x | High |
| Q2 2026 | 7.4x | High |
| Q1 2026 | 7.7x | High |
| Q4 2025 | 7.7x | High |
| Q3 2025 | 7.2x | High |
| Q2 2025 | 7.2x | High |
| Q1 2025 | 6.9x | High |
| Q4 2024 | 7.9x | High |
SBAC's net debt is about 7.4 years of its operating earnings (EBITDA), up from 7.2 years a year ago. Net leverage isn't a meaningful measure for real estate companies like SBAC.
SBAC Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 49.9 | Neutral |
| Stochastic | 72.7 | Neutral |
SBAC's weekly RSI is 50 (neutral) and its Stochastic is 73 (neutral).
SBAC PE vs Real Estate Sector
| Metric | SBAC | Sector median | Relative |
|---|---|---|---|
| PE | 20x | 24x | 16% below |
| PE % | 6 | 23 | 17 pts below |
SBAC is trading at 20x earnings, a 16% discount to the Real Estate sector's median of 24x.
SBAC Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $180.3 | 3.5% above |
| 20 week MA | $182.7 | 2.1% above |
| 50 week MA | $191.3 | 2.5% below |
| 100 week MA | $202.4 | 7.8% below |
| 200 week MA | $215.1 | 13% below |
SBAC has bounced recently, but its long-term trend is still down: it's above its 8- and 20-week averages, but 13% below its 200-week average.
SBAC Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $241.4 | $275.0 | +14% |
| 2021 | $275.0 | $374.3 | +36% |
| 2022 | $374.3 | $282.5 | -25% |
| 2023 | $282.5 | $253.7 | -10% |
| 2024 | $253.7 | $203.2 | -20% |
| 2025 | $203.2 | $192.6 | -5.2% |
| 2026 YTD | $192.6 | $186.6 | -3.1% |
SBAC has finished four years in a row lower, and it's down 3.1% so far in 2026.