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SBA Communications Corporation — Intrinsic Value & Fair Price

SBAC
NASDAQReal EstateREIT - SpecialtyCIK 0001034054sbasite.comAbout SBAC
Last close · Oct 16, 2026187.06+3.34 (+1.82%)
Market cap$19.8B
Model value · P/Cash FFO · own history
236.01
SBA Communications closed at $187.06 — undervalued by 21% vs model.
199.33the model's range299.15

P/Cash FFO · own history leads for a REIT. From its own five-year median price to Cash FFO.

Other models
61.53 – 418.01
Wall St. target
222.50 16% below
Below model, 1y
20 of 20 days

Price and model value

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What the marks mean
Daily close

Valuation models

price $187.06 · as of Oct 17, 2026
P/Cash FFO · own historyused199.33 – 299.15236.0121% undervaluedP/E · peers179.70 – 561.26295.2837% undervaluedP/E · own history262.04 – 615.10418.0155% undervaluedPEG—61.53204% overvaluedEV/EBITDA · peers121.02 – 233.77166.8712% overvaluedEV/Revenue · peers62.72 – 179.50121.1154% overvaluedDividend discount74.85 – 164.63106.5276% overvaluedWall St. consensus target—222.5016% belowCost of capital (WACC)—7.29%—

P/Cash FFO · own history leads for a REIT. How we value a stock walks through every input.

engine pkg:0.1.0

Dividends

Quarterly · as of Oct 16, 2026
Yield, trailing 12 months
2.60%
Past 2 years
low 1.52%high 3.08%
Dividends per share, a year at a time
$2.21Aug ’21$2.71Aug ’22$3.26Aug ’23$3.79Aug ’24$4.31Aug ’25$4.86TTM
Dividends / FFO, FY2025
35.6%
Raised
6+ years in a row
Growth, 5 yrs
17.1% a year
Last change
+12.6% · Mar 2026
Every payment, with ex-dates · latest $1.25, paid Sep 17, 2026

Research on SBAC

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How it is valued

Valued asREIT
Moderate growth (~12% recent)High profitability (431% net margin)Pays dividendsHighly cyclical earningsHigh leverage (D/E 5.0x)Strong FCF yield (5.4%)
What growth the price implies: the reverse DCF

Key figures

FY2025 · chosen for REITs
Price / Cash FFO
—
Dividend yield, TTM
2.60%
Dividends / Cash FFO
—
Debt / assets
132.3%
Price / book
—
Revenue growth
59.9%
Full financials

Superinvestors

13F · Q2 2026
All 3 holders

Analyst actions

third-party, quoted
10-05Raymond James · target271.00
09-30Barclays · target207.00
09-21Morgan Stanley · target205.00
07-17Wells Fargo · “Overweight” from “Equal Weight”upgrade
Ratings, targets and estimates

Recent

filings, insider trades and key news
50 filings · 40 insider transactions

Comparable companies

by business, not by industry label
AMTAmerican TowerCCICrown CastleEQIXEquinixDLRDigital Realty

The weekly

One email a week across every stock we cover: 13F filings, insider trades, earnings and new research. It covers the whole market, not just SBAC. No account.

About SBA Communications

SBA Communications Corporation stands as a premier owner, operator, and provider of crucial wireless communication infrastructure across North, Central, and South America, in addition to South Africa. Guided by its mission to 'Build Better Wireless,' the company primarily earns revenue from two core business areas: the leasing of antenna space and providing comprehensive site development services. Its central activity revolves around renting out capacity on its shared communication towers to various wireless service providers through long-term contractual agreements. For further details, please visit www.sbasite.com.

CEO
Brendan Thomas Cavanagh
Headquarters
Boca Raton, FL
Employees
1,844
IPO
1999-06-16
Full company profile

Model estimates for research reference only, not investment advice. Every model rests on assumptions that may not match what happens; the formulas are in how we value a stock.