Stock

SBA Communications Corporation

SBAC

REIT - Specialty · Real Estate

Also trades as: 0KYZ.L GBP 1.78 (+0.34%)

Price

$178.39

+4.98 (+2.87%)

after-hours:$192.97+8.17%

Market Cap

$18.93B

Exchange

NASDAQ

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Oct 23, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality

Strong

21/30

Growth

Good

10/20

Cash Flow

Exceptional

10/10

Stability

Weak

2/10

Valuation

Mixed

4/10

Ownership

Weak

2/15

Dividends

Strong

4/5

53 of 100 counted points = Winston Score 53.

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Share count falling — buybacks

−3.3% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 111.2M (2021) → 107.5M (2025)

§Winston Score History

The full picture

SBA Communications owns and operates cell towers and other wireless infrastructure across the Americas and parts of Africa. Its main customers are large mobile carriers like AT&T, T-Mobile, and Verizon, who pay to attach their antennas and equipment to SBA's towers. The company is one of the three largest independent tower operators in the United States.

SBA makes money by leasing space on its towers under long-term contracts, typically 5–10 years with built-in rent escalators, which creates very predictable recurring revenue. It operates primarily in the U.S., Brazil, and several other Latin American markets, with over 39,000 tower sites globally. Its moat comes from the difficulty and cost of building new towers, which keeps existing sites in high demand. The key growth risk is carrier consolidation and slower-than-expected 5G network buildout, which could reduce demand for new antenna leases on its towers.

Politician Trades

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6 Congressional buys and 9 sells on SBAC in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+2.3% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-10.5% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

0.7%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$3.8B cash & investments

Quarterly Free Cash Flow

→ Burn rate stable

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

SBA Communications Corporation is growing revenue at 2% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

75.4%

Premium pricing power — 75.4% gross margin

Profit after running costs

Operating Margin

60.6%

Excellent — 60.6% operating margin

Return on the money invested

ROCE

4.1%

Weak — 4.1% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth

Sales YoY

+5.4%

Slow sales growth (+5.4% YoY)

Profit growth

EPS YoY

+14.2%

Earnings growing (+14.2% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is

EPS Consistency

5/8 quarters

Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash

Cash Conversion

130%

Turns 130% of profit into real cash

Spare cash per sale

FCF Margin

36.6%

Converts sales into free cash efficiently (36.6%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns

Debt / Equity

N/A

—

Data not available

Covers its interest

Interest Cover

2.88x

Tight — interest eats into profit (2.9x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

19.2x

Fair value — P/E 19.2

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

-0.8

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

2.75%

Moderate income — 2.75% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+12.8%

Dividend growing fast (12.8% YoY)

Payout Ratio

51%

no trend

Pays out a modest share of profit and keeps the rest to reinvest. Room to keep paying through a weak year.

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