SBA Communications Corp (SBAC) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of SBA Communications Corp stock $180, price $189, that is 5.0% below the price, quality 65 out of 100. Rating: fairly valued. Calculated from audited financials with 13 of our 26 valuation models and 37 quality factors, updated daily.
The stock costs about what our calculation considers fair.
Quality 65/100
Healthy Growth(revenue 5y +6.2 %/yr in USD)
Highly profitable · 34.5% net margin (TTM)
Generates free cash flow
2.5% dividend yield · Well covered
Wide moat80/100
Positive coverage
Fair value $180.03 · Fairly valued (−5.0%)
Negative equity (buybacks among others)
Mixed vs. peers(5/12)
Insiders sold $54,801 (6M)
Some data
Risks from the AI analysis
🚩New competitor: SpaceX buys spectrum for its own mobile network🚩Rivals American Tower, Crown Castle or small cells/DAS🚩Dependence on T-Mobile, AT&T and Verizon
Watch SBA Communications Corp for free: we tell you when fair value or trend changes.Watch for free
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range $158.02 – $358.34 · fair‑value band $68.69 – $350.53 · the $189.42 price screens above the $180.03 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. As of Nov 6, 2026.
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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.
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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.
Stock analysis
SBA Communications Corp (SBAC) currently trades at $189.42, while our model-based Fair Value estimate is $180.03, so the stock looks roughly fairly valued today (gap 5.2%).
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Valuation
Bull case: the DCF Models group reads highest at a median of $186.34 per share, and 1 of the 13 models we run sit above the $189.42 price.
Bear case: the Dividend Discount group reads lowest at $77.54, and 12 of the 13 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $68.69 (bear) to $350.53 (bull), the price of $189.42 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 65/100 (solid quality), in the Real Estate sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
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.
Key figures
Market cap $20.1B Large · P/E ratio 20.5 · P/S ratio 7.01 · EPS (TTM) $9.26 · Dividend yield 2.5% · Net margin 34.5% · Return on assets (EBIT) 10.0% (5-year average) · Operating margin 52.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 80 out of 100 (medium confidence).
What moves the price
The share trades about 14% below its 52-week high and 20% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −27% fair-value upside, at −5%, SBAC screens cheaper than that median.
Fair Value models
Bear$68.69Fair Value $180.03Bull$350.53
Price $189.42 · Downside -5.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($3.88 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, one officer or director sold shares worth $54,801 and none bought.
SaleGeorge R Krouse JrDirector300 shares at $182.67$54,801Aug 17, 2026
Plus 7 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.77/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+5.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.2%
Start year 2020 (pandemic). Over 10 years: +5.6% a year
Revenue growth 27 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.4%
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What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
+50.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+48.0%
Dividend (yield on the price)2.5%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.50.2% vs 32.0%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.30% → 49%
2025 sits 113% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+15.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+2.3%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +13.2% a year for the price and −0.1% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (100 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: Scale-driven asset moat and pricing power underpin the tower REIT while high leverage with negative equity and weak human capital signals remain the core limitations.
Main risk: American Tower and Crown Castle as well as small cells or distributed antenna systems could take leasing customers or force lower prices on SBA's tower sites.
SBA Communications relies on long-term leases from wireless carriers for its tower sites, but the SpaceX acquisition of nationwide low-band spectrum raises the prospect of an entirely new tenant if a terrestrial network follows. That same step could also heighten competition for the carriers that currently generate most of the rent. Will any incremental demand from SpaceX more than offset pressure on the existing customer base?
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Peer Groupⓘ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.REIT - Specialty · 29 stocks
Beats the industry median on 5/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score65 · Above median
Fair Value upside−5.0% · Top 25%
Profitability
Return on equity (12 months)Negative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Return on assets9.1% · Top 25%
Net margin (12 months)34.5% · Below median
Operating margin (12 months)52.2% · Above median
Growth and dividend
Revenue growth (quarter YoY)2.3% · Below median
Dividend yield (12 months)2.5% · Bottom 25%
Balance sheet
Debt / equityNegative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
Valuation Multiplesvs REIT - Specialty median · lower = cheaper
P/E (12 months)20.5× · Pricier than median
P/BNegative equity ⓘThe company's equity is below zero, for example after large share buybacks. A ratio to negative equity has no meaning, so we show no number here and do not rank it against the peer group.
P/S (12 months)7.01× · Pricier than median
Price / free cash flow (fiscal year)18.9× · Pricier than median
EV/EBITDA16.7× · Cheaper than median
PEG11.30× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)27· sector 9
FUTURE (revenue growth)12· sector 16
PAST (return on equity)0· sector 32
HEALTH (low debt)0· sector 74
DIVIDEND (yield)50· sector 100
PAST 0: with negative equity (buybacks among others) return on equity is not meaningfully computable.
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Is SBA Communications Corp (SBAC) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of $180.03 versus a price of $189.42, about 5% lower (fairly valued).
What is the fair value of SBAC?
Our model-based fair value for SBA Communications Corp is $180.03 (as of Nov 6, 2026), built from audited fundamentals. The current price: $189.42.
What is the quality score of SBAC?
SBA Communications Corp has a Quality Score of 65/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for SBA Communications Corp (SBAC)?
Our model-based price target is the fair value of $180.03 (as of Nov 6, 2026) from 13 valuation models. Cautious scenario $68.69, optimistic scenario $350.53. It is a calculation from audited fundamentals, not an analyst target.
What is the SBA Communications Corp stock forecast for 2026?
Our models put fair value at $180.03, about 5% lower versus a price of $189.42 (fairly valued). Cautious scenario $68.69, optimistic scenario $350.53. The calculation is refreshed regularly with new filings.
What is the revenue of SBA Communications Corp (SBAC)?
SBA Communications Corp reported trailing-twelve-month revenue of about $2.9B (latest available figure, as of Nov 6, 2026).
Does SBA Communications Corp pay a dividend?
SBA Communications Corp currently shows a dividend yield of 2.49% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of SBA Communications Corp (SBAC) and when is the ex-dividend date?
SBA Communications Corp pays a dividend of $4.72 per share a year, a dividend yield of 2.5%. The last ex-dividend date was Aug 20, 2026. A dividend has been paid every year since at least 2019. The payout ratio is 51.0% of earnings. Free cash flow covers the dividend 2.13 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into SBA Communications Corp (SBAC)?
For today's price to be fair in a discounted-cash-flow model, SBA Communications Corp would have to grow free cash flow by +15.9 % per year for five years (discount rate 9.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +6.2 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of SBAC use?
Our models discount SBA Communications Corp at 9.2 %: a base by market capitalisation (large), damped by beta 0.97, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For SBA Communications Corp that is +15.9 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.2 %) and the same formula as our fair value.
How much growth has SBA Communications Corp (SBAC) delivered so far?
Over the past 5 years revenue at SBA Communications Corp grew +6.2 % a year. The price currently implies free-cash-flow growth of +15.9 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of SBA Communications Corp (SBAC) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into SBA Communications Corp (+15.9 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of SBA Communications Corp (SBAC)?
The free-cash-flow yield on the price is 5.30 %: that much free cash flow SBA Communications Corp produces per unit of market value. When it exceeds the discount rate of our models (9.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of SBA Communications Corp (SBAC)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For SBA Communications Corp it is $180.03 per share (as of Nov 6, 2026), against a price of $189.42. It is the blended result of 13 valuation models in 4 families (DCF Models, Dividend Discount, Multiples, Growth DCF).
Is SBA Communications Corp stock overvalued or undervalued in 2026?
As of Nov 6, 2026, SBAC trades above its calculated fair value: price $189.42, fair value $180.03, a gap of about −5% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of SBAC?
No. The price is what the market pays today ($189.42); the fair value is what the company's own numbers justify ($180.03). For SBA Communications Corp the two are $9.39 per share apart. That gap is exactly why we show both numbers side by side.
How much is SBA Communications Corp worth?
The market values SBA Communications Corp at about $20.1B (market capitalisation, as of Nov 6, 2026). Per share that is $189.42; our models calculate a fair value of $180.03 per share.
What do the bullish and bearish scenarios say about SBAC?
Our models span a range for SBA Communications Corp: cautious scenario $68.69, base $180.03, optimistic $350.53 per share (as of Nov 6, 2026, price $189.42). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SBAC?
SBA Communications Corp trades at a price-to-earnings ratio of 20.5 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $180.03 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, FY2025 ex one-offs: 175.8. Other multiples: PEG 11.3, P/S 7.0, EV/EBITDA 16.7.
What is the PEG ratio of SBAC?
The PEG ratio of SBA Communications Corp is 11.30 (P/E divided by earnings growth, as of Nov 6, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of SBA Communications Corp (SBAC)?
Balance-sheet figures for SBA Communications Corp (as of Nov 6, 2026): negative equity, so no return on equity and no debt-to-equity ratio. They feed the Quality Score of 65/100, which measures business quality independently of the share price.
How far is SBAC from its 52-week high?
SBA Communications Corp trades at $189.42, about 14% below its 52-week high of $220.88 and 20% above the low of $158.02 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $180.03 is for.
Which stocks are comparable to SBA Communications Corp?
From the same area (Real Estate) we also value Equinix, Inc, American Tower Corporation, Digital Realty Trust, Inc, Crown Castle Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is SBA Communications Corp stock attractive at the current price?
The data as of Nov 6, 2026: price $189.42, calculated fair value $180.03 (−5%), Quality Score 65/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of SBAC calculated?
We run SBA Communications Corp through 13 models from 4 families: DCF Models, Dividend Discount, Multiples, Growth DCF. Every model gets the same audited fundamentals; the fair value of $180.03 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. SBA Communications Corp itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of SBA Communications Corp (SBAC)?
The closing price on Nov 6, 2026 was $189.42. Our model-based fair value is $180.03, about 5% lower (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with SBA Communications Corp right now?
The model range is unusually wide ($68.69 to $350.53). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits close to our fair value, market and models broadly agree here, little valuation tension. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of SBA Communications Corp
How large is the market capitalisation of SBA Communications Corp (SBAC)?
The market capitalisation of SBA Communications Corp is $20.1B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of SBA Communications Corp (SBAC)?
The price-to-sales ratio of SBA Communications Corp is 7.01 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of SBA Communications Corp (SBAC)?
Earnings per share at SBA Communications Corp are $9.26 (price ÷ EPS = P/E 20.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of SBA Communications Corp (SBAC)?
The dividend yield of SBA Communications Corp is 2.5% (payout 51.0%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of SBA Communications Corp (SBAC)?
The net margin of SBA Communications Corp is 34.5% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the EBIT return on assets of SBA Communications Corp (SBAC)?
On an EBIT basis the return on assets of SBA Communications Corp is 10.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of SBA Communications Corp (SBAC)?
The operating margin of SBA Communications Corp is 52.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at SBA Communications Corp (SBAC)?
Revenue at SBA Communications Corp is growing +2.3% versus a year earlier (3y avg +2.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at SBA Communications Corp (SBAC)?
Earnings per share at SBA Communications Corp are growing −10.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does SBA Communications Corp (SBAC) carry?
The net debt of SBA Communications Corp is $14.9B (fiscal year 2025, ≈ 14.0 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Nov 6, 2026