SBA Communications Corp (SBAC) Fair Value & Analysis
Real Estate · US · Market cap $19.9B · ISIN US78410G1040
What is SBA Communications Corp really worth?
SBA Communications Corp
SBAC · US
A solid business, but trading 33% above our fair value of $143.83.
Strengths
Risks
For context
Fair value as of: Sep 1, 2026
From 11 valuation models · updated 4 days ago
Share price +1.9% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The model range is unusually wide ($72.79 to $211.10). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- Solid but not exceptional quality (63/100) and above fair value, neither a clear bargain nor a standout compounder.
- As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 1, 2026.
How to read this chart
60‑month range $164.16 – $360.81 · fair‑value band $72.79 – $211.10 · the $191.52 price screens above the $143.83 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 1, 2026.
Analysis
SBA Communications Corp (SBAC) currently trades at $191.52, while our model-based Fair Value estimate is $143.83, implying the stock looks roughly 33.2% overvalued today. The Quality Score stands at 63/100 (solid quality), in the Real Estate sector. Bull case: the Multiples group reads highest at a median of $167.15 per share, and 0 of the 11 models we run sit above the $191.52 price. Bear case: the Growth DCF group reads lowest at $99.71, and 11 of the 11 models stay below the price. Evidence for this calculation is medium.
Over the trailing twelve months, SBA Communications Corp generated revenue of $2.9B at a net margin of 35.7%. Revenue grew 5.9% year over year. Net debt stands at $14.9B. The stock trades on a trailing P/E of 20.2. Fundamentals as of Sep 1, 2026
Our scenario range runs from $72.79 (bear case) to $211.10 (bull case); at $191.52, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 19% below its 52-week high and 19% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at −53% fair-value upside, at −25%, SBAC screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly $3.34 per share, which is 2.3 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 11 models by family
Widest divergence: Multiples ($167.15) versus Growth DCF ($99.71). Highest evidence: FCF DCF (71).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 1, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 57 · Market factors (momentum, volatility) 42
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
SBA Communications Corporation is a leading independent owner and operator of wireless communications infrastructure. It includes towers, buildings, rooftops, distributed antenna systems (DAS) and small cells. With a portfolio of more than 46,000 communications sites throughout the Americas and in Africa, SBA is listed on NASDAQ under the symbol SBAC.
Full company description
SBA Communications Corporation is a leading independent owner and operator of wireless communications infrastructure. It includes towers, buildings, rooftops, distributed antenna systems (DAS) and small cells. With a portfolio of more than 46,000 communications sites throughout the Americas and in Africa, SBA is listed on NASDAQ under the symbol SBAC. Our organization is part of the S&P 500 and one of the top Real Estate Investment Trusts (REITs) by market capitalization. SBA Communications Corporation was incorporated in 1989 and is based in Boca Raton, Florida.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
SBA Communications Corp reported revenue of $2.8B in FY2025 versus $2.3B in FY2021, a compound +5.1%/yr. Reported net income was $1.1B in FY2025, compounding +45.1%/yr from FY2021.
SBAC screens 33% overvalued. Compare with Equinix, Inc →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- SBA Communications (SBAC) Up 0.5% Since Last Earnings Report: Can It Continue?
- SBA Communications Corporation to Speak at Citi’s 2026 Global TMT Conference and the BofA Securities 2026 Media, Communications and Entertai
- SBA Communications Corporation to Speak at the Goldman Sachs 2026 Communacopia + Technology Conference
Peer Group
REIT - Specialty · 31 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs REIT - Specialty median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
PAST 0: with negative equity (buybacks among others) return on equity is not meaningfully computable.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more REIT - Specialty stocks, each showing price versus our Fair Value estimate (as of Sep 1, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Equinix, Inc EQIX | $1,044 | $199.31 | −81% |
| American Tower Corporation AMT | $176.23 | $130.57 | −26% |
| Digital Realty Trust, Inc DLR | $185.47 | $60.12 | −68% |
| Iron Mountain Incorporated IRM | $117.40 | $40.40 | −66% |
| Crown Castle Inc CCI | $74.03 | $37.67 | −49% |
| Weyerhaeuser Company WY | $23.38 | $8.42 | −64% |
| Lamar Advertising Company LAMR | $151.72 | $114.66 | −24% |
| Gaming and Leisure Properties, Inc GLPI | $42.08 | $36.60 | −13% |
| Rayonier Inc RYN | $21.25 | $9.96 | −53% |
| OUTFRONT Media Inc OUT | $30.03 | $13.07 | −56% |
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