At a glance
SBA Communications Corp is worth $19.61B, about 19 times its fiscal 2025 earnings. Revenue grew 5.1% to $2.82B in fiscal 2025, with 37.4% kept as profit; over 5 years it has grown 6.2% a year. It pays a 2.63% dividend yield, raised every year for at least 6 years, and returned $3.65B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned −1.0% over the past year with dividends reinvested and −10.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 28.8% in the 2020 crash (S&P 500: 33.7%) and 35.2% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
SBA Communications owns cell towers and rents out space on them. Wireless carriers pay to put antennas and equipment on its towers, rooftops and other structures. As of December 31, 2025, SBA owned 46,328 towers, with an average of 1.8 tenants (paying renters) per site. Adding another tenant to an existing tower brings in more rent at little extra cost, and that is the heart of the business. Leases generally start at five to fifteen years, and tenants can choose to renew them. SBA is a real estate investment trust (REIT), a tax structure that requires it to pay out at least 90% of its taxable income as dividends.
Leasing dominates. SBA had about $2.82 billion in revenue in fiscal 2025. Domestic site leasing supplied 66.3% of it, international site leasing 25% and site development 8.7%. Site development means helping carriers build and maintain their own networks. Leasing produced 97.9% of segment operating profit.
Three US carriers supply most of the revenue: T-Mobile (31.1% of 2025 revenue), AT&T (20.3%) and Verizon (15.1%). Outside the US, SBA owns towers in South America, Central America and Africa. During 2025 it added over 7,000 Central American sites from Millicom and left the Philippines and Colombia. It also divested substantially all of its Canadian operations.
Price history
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SBAC -1.0% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Domestic Site Leasing Revenue | $1.87B | 66.3% |
| International Site Leasing Revenue | $705.0M | 25% |
| Site Development Construction | $244.5M | 8.7% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $715.3M, up 2.3% from a year earlier, and net income was $198.8M (-12.0%).
- For fiscal 2025, revenue was $2.82B (+5.1% year over year; +6.2% a year from FY2020 to FY2025) with a 37.4% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +6.2% good |
|---|---|
| Operating margin | 47.7% good |
| Free cash flow margin | 37.9% good |
| Return on assets (FY2025) | 9.1% good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.08B | $24.1M | $997.5M |
| FY2021 | $2.31B | $237.6M | $1.06B |
| FY2022 | $2.63B | $461.4M | $1.07B |
| FY2023 | $2.71B | $501.8M | $1.31B |
| FY2024 | $2.68B | $749.5M | $1.11B |
| FY2025 | $2.82B | $1.05B | $1.07B |
Valuation snapshot
| Market value | $19.61B |
|---|---|
| P/E ratio | 18.9 |
| Dividend yield | 2.63% |
Rank among 1514 US companies
Market value at each year end
SBA Communications’s market value went from $12.81B at the end of 2016 to $19.61B on Nov 2, 2026, up 53%; since the end of 2025 it is down 5%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $19.61B | -4.8% |
| 2025 | $20.61B | -5.9% |
| 2024 | $21.91B | -19.9% |
| 2023 | $27.37B | -9.6% |
| 2022 | $30.26B | -28.5% |
| 2021 | $42.32B | +35.0% |
| 2020 | $31.35B | +15.5% |
| 2019 | $27.14B | +47.9% |
| 2018 | $18.35B | -4.5% |
| 2017 | $19.20B | +49.9% |
| 2016 | $12.81B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| SBAC price data to Nov 2, 2026 | -2.5% | -1.0% | -3.3% | -10.9% | +6.6% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -2.5% |
| 2025 | -3.1% |
| 2024 | -18.2% |
| 2023 | -8.2% |
| 2022 | -27.3% |
| 2021 | +39.0% |
| 2020 | +17.8% |
| 2019 | +49.3% |
| 2018 | -0.9% |
| 2017 | +58.2% |
| 2016 | -1.7% |
| 2015 | -5.1% |
| 2014 | +23.3% |
| 2013 | +26.6% |
| 2012 | +65.2% |
| 2011 | +4.9% |
| 2010 | +19.9% |
| 2009 | +109.3% |
| 2008 | -51.8% |
| 2007 | +23.1% |
| 2006 | +53.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 44.4% over that stretch · deepest drop along the way 72.2%, back to its old high 21.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 25.5% over that stretch · deepest drop along the way 28.8%, back to its old high 0.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 35.2% over that stretch · deepest drop along the way 35.2%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 1 sales ($55K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 17, 2026 | George R Jr Krouse Director | sell | $55K |
Who owns it
Large shareholders (13G filings)
| Dodge & Cox | 10.7% | Oct 31, 2025 |
| BlackRock, Inc. | 9.4% | Dec 31, 2024 |
| Vanguard Portfolio Management | 9.18% | Mar 31, 2026 |
| Vanguard Capital Management | 7.59% | Mar 31, 2026 |
| JPMORGAN CHASE & CO. | 5.5% | Mar 31, 2025 |
ETFs with the most weight in SBAC
| DTRE First Trust Alerian Disruptive Technology Real Estate ETF | 7.29% |
| WTRE WisdomTree New Economy Real Estate Fund | 6.32% |
| DTCR Global X Data Center And Digital Infrastructure ETF | 5.23% |
| SRVR Pacer Data & Infrastructure Real Estate ETF | 4.94% |
| JPRE JPMorgan Realty Income ETF | 4.8% |
| NRSH Aztlan North America Nearshoring Stock Selection ETF | 4.54% |
| TMFM Motley Fool Mid-Cap Growth ETF | 4.47% |
| IDGT iShares U.S. Digital Infrastructure and Real Estate ETF | 4.21% |
What could go wrong
- Heavy reliance on three US carriers. T-Mobile, AT&T and Verizon provided 31.1%, 20.3% and 15.1% of 2025 revenue. If any of them cut spending, merged, weakened financially or chose not to renew leases, SBA's revenue and growth could fall.
- Rising competition in international markets. Abroad, more carriers and tower owners have brought mergers, weaker customers and price pressure. SBA's 10-K projected $36 million to $40 million of churn (lost lease revenue) for fiscal 2026.
- Heavy debt and interest-rate exposure. Total debt was about $12.7 billion as of June 30, 2026, more than the $11.7 billion of assets on its balance sheet. Higher rates on variable-rate debt or at refinancing could raise interest costs.
- Carriers may slow network spending. Growth depends on carriers adding equipment for new spectrum (airwaves) and 5G. Higher interest rates have weighed on carrier spending, and delayed rollouts or new network designs could reduce demand for tower space.
- Leases on the land under towers. As of December 31, 2025, about 14.5% of its towers stood on rented land or other rights expiring within 10 years. Losing those rights, or paying more to keep them, could hurt results.
- Foreign markets and currency swings. Operations in South America, Central America and Africa face political, economic and currency risks. Weaker local currencies shrink the dollar value of international leasing, which was 25% of 2025 revenue.
Recent events
- Quarterly results released
- New debt or financial obligation
- Quarterly results released
- Major agreement signed; Major agreement ended; New debt or financial obligation
- Other company announcement
- Major agreement signed
- Shareholder vote results
- Quarterly results released
- Executive or board change
- Quarterly results released
For income and retirement investors
SBA's dividend has risen for at least six straight years through fiscal 2025. Dividends per share grew from $1.83 in fiscal 2020 to $4.45 in fiscal 2025, about 19.5% a year. In fiscal 2025 they took 45.5% of earnings and 44.9% of free cash flow (cash left after capital spending). The yield was 2.63% as of October 28, 2026. From fiscal 2021 to 2025, SBA spent $1.81 billion on buybacks (repurchasing its own shares), close to what it paid in dividends. As a REIT it must pay out most of its taxable income, but its dividends are not guaranteed.
The shares have dropped sharply in past downturns. They fell 72.2% from November 2007 to November 2008 and recovered by September 2010. In the 2020 COVID crash they fell 28.8% but recovered within a month. They fell 35.2% in the 2022 bear market and had not regained their January 2022 peak by October 28, 2026. A single stock carries more risk than a diversified fund.
Questions investors ask
How does SBA Communications make money?
Mainly by renting space on its cell towers to wireless carriers. In fiscal 2025, domestic site leasing produced 66.3% of SBA's $2.82 billion revenue, international leasing 25% and site development services 8.7%. T-Mobile supplied 31.1% of total revenue, AT&T 20.3% and Verizon 15.1%. Leases generally start at five to fifteen years, and tenants can choose to renew them. The company says this gives it a stable, recurring cash flow.
Does SBA Communications raise its dividend every year?
Yes, for at least six straight years. SBA's dividend per share rose in each fiscal year from 2020 through 2025, from $1.83 to $4.45, about 19.5% a year. The streak may be longer. Fiscal 2025 dividends equaled 45.5% of earnings per share. The yield was 2.63% as of October 28, 2026. SBA's 10-K warns that future dividends are not guaranteed and may go up or down.
Is SBA Communications a REIT?
Yes. SBA is a real estate investment trust (REIT) that owns wireless towers rather than offices or apartments. A REIT can deduct the dividends it pays when it calculates its taxable income, but it must pay out at least 90% of that income. SBA's 10-K warns that this rule can limit its flexibility and that some of its activities still face corporate and foreign taxes. Losing REIT status would raise its taxes and leave less cash.
How much debt does SBA Communications have?
About $12.7 billion as of June 30, 2026, compared with roughly $379 million in cash and investments. Shareholders' equity was negative $4.6 billion, which means its recorded liabilities were larger than its recorded assets. SBA's 10-K warns that variable-rate debt and refinancing needs could raise its interest costs. It adds that loan covenants (rules set by lenders) could limit its flexibility, including its ability to make required REIT payouts.
How has SBA Communications stock performed?
It is down over five years but up over ten. As of October 28, 2026, the share price was about 43% lower than five years earlier and about 79% higher than ten years earlier. The stock fell in every calendar year from 2022 through 2025, including drops of 27.3% in 2022 and 18.2% in 2024. It was down 2.6% year to date. In the year to October 28, its largest drop from peak to low was 28.5%.