---
title: SBA Communications (SBAC) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/sbac
ticker: SBAC
as_of: 2026-10-17
sector: Real Estate
industry: REIT - Specialty
---
# SBA Communications (SBAC)

SBA Communications (SBAC) closed at $187.06 on Oct 16, 2026, undervalued by 21% vs its model value of $236.01 (from its own five-year median price to Cash FFO).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $187.06 (Oct 16, 2026) |
| Model value (from its own five-year median price to Cash FFO) | $236.01 |
| Price vs model | undervalued by 21% vs model |
| Range of that model | $199.33 – $299.15 |
| Market value | $19.8B |
| P/E (fiscal 2025) | 19.1 |
| Net margin (fiscal 2025) | 37.4% |
| Free cash flow (fiscal 2025) | $1.1B |
| Dividend yield (trailing twelve months) | 2.60% |
| Beta | 0.99 |
| Cost of capital (WACC) | 7.29% |
| Business classification | Dividend Payer (Moderate growth (~12% recent), High profitability (431% net margin), Pays dividends, Highly cyclical earnings, High leverage (D/E 5.0x), Strong FCF yield (5.4%)) |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 2.60% |
| Dividends per share, last 12 months | $4.86 |
| Dividends / FFO (fiscal 2025) | 35.6% |
| Raised | 6+ years in a row |
| Growth over 5 years | 17.1% a year |
| Latest payment | $1.25, ex-date Aug 20, 2026, paid Sep 17, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Aug 25, 2021 | $2.21 |
| To Aug 24, 2022 | $2.71 |
| To Aug 23, 2023 | $3.26 |
| To Aug 22, 2024 | $3.79 |
| To Aug 21, 2025 | $4.31 |
| Trailing twelve months (to Aug 20, 2026) | $4.86 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| P/Cash FFO · own history | primary | $236.01 | $199.33 | $299.15 |
| P/E · peers | cross check | $295.28 | $179.70 | $561.26 |
| P/E · own history | cross check | $418.01 | $262.04 | $615.10 |
| PEG | sanity check | $61.53 | $61.53 | $61.53 |
| EV/EBITDA · peers | cross check | $166.87 | $121.02 | $233.77 |
| EV/Revenue · peers | cross check | $121.11 | $62.72 | $179.50 |
| Dividend discount | cross check | $106.52 | $74.85 | $164.63 |

## Insider activity (SEC Form 4)

Past 90 days: 0 open-market buys ($0) and 1 open-market sale ($54,802.4); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Aug 17, 2026 | Krouse George R Jr | Director | Open-market sell | 300 | $54,802.4 |
| Aug 1, 2026 | DAY DONALD | EVP - SITE LEASING | Option/RSU exercise | 457 | $0 |
| Aug 1, 2026 | DAY DONALD | EVP - SITE LEASING | Tax withholding | 170.689 | $30,891.3 |
| Aug 1, 2026 | DAY DONALD | EVP - SITE LEASING | Option/RSU exercise | 457 | $0 |
| May 22, 2026 | BERNSTEIN STEVEN E | Director | Grant / award | 1,108 | $0 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Sep 25, 2026 | 8-K | 2.03 Creation of a Direct Financial Obligation | https://www.sec.gov/Archives/edgar/data/1034054/000119312526402918/d152825d8k.htm |
| Aug 6, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/1034054/000103405426000011/sbac-20260630x10q.htm |
| Aug 3, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1034054/000119312526330639/d154311d8k.htm |
| Jul 24, 2026 | 8-K | 1.01 Entry into a Material Agreement; 1.02 Termination of a Material Agreement; 2.03 Creation of a Direct Financial Obligation; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1034054/000119312526315142/d130705d8k.htm |
| Jul 23, 2026 | 8-K | 8.01 Other Events; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1034054/000119312526314131/d146754d8k.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| Dodge & Cox | 2026-06-30 | 12,323,254 | $2.2B |
| Christopher Davis | 2026-06-30 | 40,700 | $7.2M |
| Bridgewater | 2026-06-30 | 6,385 | $1.1M |

3 tracked managers in all.

## About

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.

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Source: https://sweetvaluelab.com/stocks/sbac (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.