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SBA Communications — REIT card

SBAC
TowersMarket cap $19.9B4-quarter TTM
Close · Oct 16, 2026187.06P/E 20.1 · EV yield 5.4%
P/Cash FFO13.8×Cash FFO/sh 13.51
Yield · spread to 10y2.6%−2.49 pt vs. the bond
−21% below 5y medianP/Cash FFO vs. its own five years
10-year Treasury · Oct 16, 20265.09%2-year 4.74%
Board median yield4.4%trailing dividends ÷ last close
Yield spread to the 10-year−0.71 ptREITs yield less than the bond: paying for growth
Board median P/Cash FFO15.6×five-year median 16.7× · −7%
Lights on1 of 3prices Oct 16, 2026 · TTM through Jun 30, 2026

Where it has traded

quarter-end P/Cash FFO · 20 quarters · Sep 30, 2021 → Jun 30, 2026
10×18×25×33×40×2021202220232024202520262021-09-30 · 31.0× (close 330.57 · Cash FFO/sh 10.66)2021-12-31 · 35.2× (close 389.02 · Cash FFO/sh 11.06)2022-03-31 · 29.5× (close 344.10 · Cash FFO/sh 11.66)2022-06-30 · 26.5× (close 320.05 · Cash FFO/sh 12.09)2022-09-30 · 22.9× (close 284.65 · Cash FFO/sh 12.44)2022-12-31 · 21.9× (close 280.31 · Cash FFO/sh 12.80)2023-03-31 · 20.2× (close 261.07 · Cash FFO/sh 12.95)2023-06-30 · 17.6× (close 231.76 · Cash FFO/sh 13.17)2023-09-30 · 15.0× (close 200.17 · Cash FFO/sh 13.38)2023-12-31 · 18.6× (close 253.69 · Cash FFO/sh 13.63)2024-03-31 · 15.8× (close 216.70 · Cash FFO/sh 13.72)2024-06-30 · 14.2× (close 196.30 · Cash FFO/sh 13.80)2024-09-30 · 17.6× (close 240.70 · Cash FFO/sh 13.66)2024-12-31 · 14.9× (close 203.80 · Cash FFO/sh 13.67)2025-03-31 · 16.2× (close 220.01 · Cash FFO/sh 13.58)2025-06-30 · 17.3× (close 234.84 · Cash FFO/sh 13.54)2025-09-30 · 14.3× (close 193.35 · Cash FFO/sh 13.52)2025-12-31 · 14.0× (close 193.43 · Cash FFO/sh 13.79)2026-03-31 · 12.6× (close 172.11 · Cash FFO/sh 13.68)2026-06-30 · 13.1× (close 176.46 · Cash FFO/sh 13.51)p75 22×med 17×p25 15×now 13.8×
Five-year median 17.5×, middle half 14.8–22.1×, range 12.6–35.2×. Now 13.8×: −21% below its own median, higher than 10% of those quarters.Each quarter priced at its own trailing Cash FFO per share · the band is the 25th–75th percentile

Where the cash goes

TTM through Jun 30, 2026 · $B
0123Revenue: 2.9 $B2.9RevenueProperty & operating: −1.0 $B−1.0Property &operatingEBITDA: 1.9 $B1.9EBITDAInterest: −0.5 $B−0.5InterestD&A: −0.4 $B−0.4D&ANet income: 1.0 $B1.0NetincomeAdd back D&A: 0.4 $B0.4Add backD&ACash FFO: 1.4 $B1.4CashFFODividends: −0.5 $B−0.5DividendsRetained: 0.9 $B0.9Retained
Cash FFO 1.43B = net income 0.99B + depreciation 0.40B + 0.04B other non-cash items · dividends 0.52B · retained 0.92B

Against its type

SBAC (blue) vs. the other Towers REITs on the board (2), grey
P/Cash FFO13.8× vs. 14.2×
Dividend yield2.6% vs. 4.5%
Cash FFO payout36% vs. 64%
Net debt / EBITDA8.0× vs. 7.3×
Interest cover3.7× vs. 4.7×
EBITDA margin65% vs. 64%

Type averages are the plain mean of the other REITs of the same property type with a usable window.

Quarter by quarter

8 quarters · Sep 30, 2024 → Jun 30, 2026 · a gap is a dropped quarter
Revenue, $B0.72
Cash FFO / share, quarter3.18
EBITDA margin72%
Interest cover4.0×