SBA COMMUNICATIONS CORP · REIT (real estate trust)

SBAC

Low riskNext report: In 5 days (est.)

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The short version

A high-quality, profitable business with steady sales. Institutions are adding.

Going well

Profitable every year for 10 years
Brings in more cash than it spends

Money moves

No insider buying or selling in the last 30 days
Institutions added 2.4% to their holdings in the quarter ending June 2026 (340 bought, 307 sold)
Held by Ray Dalio (Bridgewater)

Facts from SEC filings, not a recommendation.

What the price means

Price as of Oct 26

$185.87+0.5% that day

Company value: $19.7B; Share price times all shares
Price vs profit (P/E): 20.0x; You pay about $20 for each $1 of yearly profit
Price vs sales: 6.9x; Company value is 6.9 times a year of sales
Cash vs value: 2%; Cash as a share of company value
Debt vs value: 65%; Debt as a share of company value

From SBAC's last IEX trade and its SEC filings (profits and sales over the last four quarters). A starting point for research, not a verdict.

The business over time

Last 12 quarters, from SEC filings

Sales, Jun '26

$715.3M+2.3% vs a year earlier

Sep '23Tap a barJun '26

Last 12 months: $2.9B, up 5.4% from the 12 months before. Over 5 years, sales grew about 6.2% a year.

What the price assumes

Your guesses, our math

Move the sliders to your own view of SBAC. Starting points are the company's recent numbers.

Sales growth+5% a yearRecently: +5.4% a yearProfit margin35%Last 12 months: 34.5%P/E at the end20xToday: 20.0x. Many steady companies trade at 12x to 25xShare count change-1% a yearBelow zero means buybacks; above zero means new shares (dilution)

Sales in 5 years$3.7B

Profit in 5 years$1.3B

Price these guesses point to$254.20+37% vs $185.87 todayAbout +6.5% a year, before dividends

What today's price needs: with a 35% margin and a 20x P/E, sales could shrink about 1.4% a year for 5 years and still match today's price.

Simple math on your guesses, not a forecast or a price target. Real results depend on many things these sliders leave out.

Price

Price chart by TradingView.

Business quality

The checklist Warren Buffett-style investors use. Annual numbers for 2025.

5/6Strong

MissDebt under half of equityNot relying on borrowed money.Owes more than it owns
PassNet margin 10%+Keeps at least 10 cents of profit from each dollar of sales.37.4%
PassProfitable every yearSteady profits, not one good year.10 of 10 years
PassFree cash flow positiveBrings in more cash than it spends to run and grow.$1.1B
PassShare count not growingNot diluting owners. Falling means buybacks.-1.7% in 3 years
PassGross margin 40%+Pricing power: sells for well above what it costs to make.75.5%

Revenue: $2.8B; +5.1% vs prior year
5-year growth: +6.2%/yr; revenue, per year
Total debt: $12.9B
Current ratio: 0.29x; short-term assets / bills due

From annual reports filed with the SEC. Not in this company's SEC data, so not scored: return on equity 15%+. A checklist is a starting point for research, not a verdict.

Latest quarter

Quarter ended Jun 30, 2026

Reported Aug 3

Revenue: $715.3M; +2.3% YoY
EPS: $1.87; vs $2.09
Op. margin: 49.2%; +1.3 pts
Gross margin: 75.4%; 0.0 pts
Free cash flow: $344.8M
Share count: -1.4%; vs a year ago

Insider rating

Last 90 days

No open-market insider buys or sells in the last 90 days.

Weekly insider trend

No trades to chart yet.

Filing buzz

Last 7 days vs normal

0/ 100

This week: 0
Normal week: 0.6
vs normal: 0.0x

SEC filings of any kind. 50 means a normal week.

Institutional ownership

Accumulating+2.4%

Institutions added 2.4% to their holdings. 340 bought, 307 sold.

Shares held by institutions105.0M

Sep '24Jun '26

Safety check

From SEC filings

Share count growthYearly rate, last 3 years

-0.7%

Cash runwayAt last year's cash burn

Cash flow positive

Debt to equityLatest balance sheet: debt compared with what owners have

Owes more than it owns

Shares outstandingLatest reported

106M

Earnings reports

Last 12

Next reportIn 5 days (est.)Estimated from the same quarter last year

Results filedAug 3
Results filedApr 29
Results filedFeb 26
Results filedNov 3, 2025
Results filedAug 4, 2025

Flags and big holders

Offerings 6 months, flags 12 months, holders 90 days

Offering prospectusJul 13 · View filing ↗Offering

Insider trades

Open-market buys and sells, last 90 days

No open-market buys or sells in 90 days. Grants and option exercises are left out.

"Owns after" is the insider's holding right after the trade. Pre-planned (10b5-1) sales are set up months ahead, a weaker signal.

Latest filings

Straight from SEC EDGAR

Option exerciseMarc MontagnerEVP - CHIEF FINANCIAL OFFICER

1,588 shares

+26% of holdings
Now owns 7,784 shares
Filed 3 days after trade
Also: Shares withheld for taxes

Oct 17Form 4 ↗

New debtSep 25 · Form 8-K ↗

SoldGeorge R Jr KrouseDirector

300 shares at $182.67 · $55K

-3% of holdings
Now owns 8,512 shares
Not a pre-planned sale
Filed 2 days after trade

Aug 17Form 4 ↗

Planned insider saleAug 17 · Form 144 ↗Quarterly reportAug 6 · Form 10-Q ↗

Option exerciseDonald DayEVP - SITE LEASING

457 shares

+5% of holdings
Now owns 10,163 shares
Filed 3 days after trade
Also: Shares withheld for taxes

Aug 1Form 4 ↗

Earnings resultsAug 3 · Form 8-K ↗Major agreementJul 24 · Form 8-K ↗Other company newsJul 23 · Form 8-K ↗Offering prospectusJul 16 · Form 424B2 ↗FWPJul 15 · Form FWP ↗Major agreementJul 15 · Form 8-K ↗Offering prospectusJul 13 · Form 424B5 ↗305B2Jul 13 · Form 305B2 ↗

Stock awardJack LangerDirector

1,108 shares

Now owns 1,108 shares
Restricted Stock Units
Filed 5 days after trade

May 22Form 4 ↗

Source: SEC EDGAR filings. For informational purposes. Not investment advice.

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