SBA Communications Corporation (SBAC) Fair Value & Analysis
Real Estate · US · Market cap $19.9B
SBA Communications Corporation
SBAC · US
Fair value as of: Jul 27, 2026
From 11 valuation models · updated 14 days ago
Share price +1.1% over the past month.
A solid business, but screening 22% overvalued on our models.
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 Jul 27, 2026.
How to read this chart
60‑month range $164.16 – $360.81 · fair‑value band $72.79 – $211.10 · the $184.03 price screens above the $143.83 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 27, 2026.
Analysis
SBA Communications Corporation (SBAC) currently trades at $184.03, while our model-based Fair Value estimate is $143.83, implying the stock looks roughly 21.8% overvalued today. The Quality Score stands at 63/100 (solid quality), in the Real Estate sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, SBA Communications Corporation 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 19.8. Fundamentals as of Jul 27, 2026
Our scenario range runs from $72.79 (bear case) to $211.10 (bull case); at $184.03, 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 23% below its 52-week high and 14% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -54% fair-value upside, at -22%, SBAC screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted 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.
All 11 models by family
Widest divergence: Multiples ($167.15) versus Growth DCF ($99.71). Highest evidence: Growth DCF (80).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 27, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 57 · Market factors (momentum, volatility) 37
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.
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 Corporation 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 22% overvalued. Compare with Equinix, Inc →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- SBA Communications Corp (SBAC) (Q2 2026) Earnings Call Highlights: Solid FFO Growth, Strategic ...
- SBAC Q2 FFO Beat Estimates on International Leasing Strength
- SBA Communications outlines ~600 new tower builds in 2026 while planning to resume buybacks in H2 2026
- Here's What Key Metrics Tell Us About SBA Communications (SBAC) Q2 Earnings
Peer Group
REIT - Specialty · 34 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
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.
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.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more REIT - Specialty stocks, each showing price versus our Fair Value estimate (as of Jul 27, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Equinix, Inc EQIX | $1,009 | $232.70 | -77% |
| American Tower Corporation AMT | $164.65 | $92.31 | -44% |
| Digital Realty Trust, Inc DLR | $199.08 | $63.31 | -68% |
| Iron Mountain Incorporated IRM | $128.31 | $40.43 | -68% |
| Crown Castle Inc CCI | $74.90 | $37.67 | -50% |
| Weyerhaeuser Company WY | $23.94 | $8.62 | -64% |
| Lamar Advertising Company LAMR | $159.46 | $102.70 | -36% |
| Gaming and Leisure Properties, Inc GLPI | $45.17 | $36.60 | -19% |
| Rayonier Inc RYN | $21.58 | $9.96 | -54% |
| OUTFRONT Media Inc OUT | $32.03 | $12.00 | -63% |
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Frequently asked questions
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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