SBA COMMUNICATIONS CORP(SBAC)Stock Analysis
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Rank #265 of 2,879 stocksTOP 10%
Rankings refresh quarterly once 80% of peers have filed (~45 days after quarter-end). Next update: ~Aug 14, 2026.
Revenue Growth
Profitability
Balance Sheet
Earnings Quality
Free Cash Flow
Institutional Flow
Revenue Scale
Dilution Risk
SBAC Stock Analysis & AI Quality Score
AI stock analysis and institutional research for SBA COMMUNICATIONS CORP (SBAC), a Real Estate sector company. 13F Pro's AI-powered ranking engine scores SBAC at 71.3/100 on a 32-signal composite quality model, placing it at rank #265 of 2,879 stocks — the top 10% of the AI-ranked universe. SBAC scores in the top quartile across profitability (98.2), free cash flow (96.8), balance sheet strength (80.3). Areas of concern include institutional flow (25.1) and revenue scale (26.2), which score below median versus the broader universe. Shareholder dilution risk is elevated at 35.9/100, reflecting ongoing share issuance or stock-based compensation. Based on the latest XBRL financial filings (Q1 2026), SBA COMMUNICATIONS CORP reports quarterly revenue of $703.4M, net income of $184.8M, an operating margin of 48.7%. Top institutional holders of SBAC by reported 13-F value include DODGE & COX, BlackRock,, VANGUARD PORTFOLIO MANAGEMENT, based on the most recent SEC filings. SBAC trades on the Nasdaq exchange and files with the SEC under CIK 1034054. 13F Pro's AI research platform runs 10 specialized AI analysts — value, growth, momentum, macro, and activist specialists — that debate SBAC daily and publish AI-generated analysis with cited SEC sources. The platform aggregates historical XBRL financial facts, 10-Q and 10-K filings, insider Form 4 transactions, and institutional 13-F holdings for SBA COMMUNICATIONS CORP directly from SEC EDGAR. SBA COMMUNICATIONS CORP's 13F Pro composite quality score has ranged between 8 and 87 since 2021, currently 71.3 — an improving long-term trajectory across 56 quarterly and live scoring snapshots.
What's Driving SBAC's Business? Latest 10-Q Breakdown
AI-extracted from SBA COMMUNICATIONS CORP's 10-Q filed 2026-05-05 — Q1 2026 (quarter ended March 31, 2026). Every figure is machine-verified against the filing text on SEC EDGAR.
Biggest Revenue Drivers
Total revenue: $703.4M+5.9% YoY
Decreased primarily due to Sprint, EchoStar, and other lease non-renewals, partially offset by organic growth from new leases, amendments, and contractual rent escalators.
Decreased as a result of increased construction costs and decreased carrier activity.
Largest Expense Items
Higher average principal amount of cash-interest bearing debt accruing at higher weighted-average interest rate; higher blended rate of interest rate swaps and impact from repayment of 2020-1C Tower Securities using higher-rate Revolving Credit Facility.
Increased primarily due to higher number of towers acquired and built since Jan 1, 2025, including 7,110 towers from Millicom transaction.
Increased primarily due to higher ground lease costs and incremental costs associated with towers acquired and built since Jan 1, 2025.
Driven primarily by increases in non-cash compensation and personnel costs from increased presence in certain markets and entry into Honduras, partially offset by lower costs from market divestitures.
Watch Items from the Filing
- Elevated domestic churn expected through 2026: Sprint and EchoStar churn projected at $132M–$136M of annual cash site leasing revenue; international churn $36M–$40M (primarily Oi wireline). Current-year impairments rose 77.9% YoY domestically due to churn.
- Brazil site leasing revenue concentration: Brazil represented 13.5% of total site leasing revenue (roughly $88.9M in Q1); no other individual international market exceeds 5%. Exposure to Brazil currency and economic volatility.
- Material Brazilian tax dispute: taxing authorities issued income tax deficiencies for 2017–2020 related to purchase accounting and foreign exchange losses on intercompany loans. Estimated exposure $114.1M (excluding $184.4M penalties/interest); company appeals and accrued no liability, assuming more likely than not success on appeal.
- Substantial leverage: total debt $13.0B as of March 31, 2026; debt service $3.2B projected for next 12 months. Interest expense rose 23.4% YoY due to higher rates and debt mix; refinancing risk noted for 2020 Senior Notes maturing Feb 2027 ($1.5B).
- Millicom acquisition integration: acquired 7,110 towers in 2025; integration ongoing with full-year impact expected in 2026. Success critical to offsetting domestic churn headwinds and validating 2.3% Adjusted EBITDA growth.
AI-extracted and verified against SEC EDGAR filing text. Not investment advice.
Revenue
Q1 2026
$703.4M
Net Income
Q1 2026
$184.8M
Free Cash Flow
Q1 2026
$206.7M
Operating Margin
Q1 2026
48.7%
ROIC
Q1 2026
4.2%
Revenue & Net Income
Earnings Per Share
Key Financials Over Time
Export Financial Table · Pro+Revenue
-1.2% YoYNet Income
+49.4% YoYOperating Income
+55.4% YoYEPS (Diluted)
+50.5% YoYTotal Assets
+12.2% YoYTotal Debt
+14.0% YoYOp. Cash Flow
-13.6% YoY| Metric | FY 2024 | FY 2023 | FY 2022 | FY 2020 | FY 2019 | FY 2018 |
|---|---|---|---|---|---|---|
| Revenue | $2.68B -1.2% | $2.71B +3.0% | $2.63B +26.4% | $2.08B +3.4% | $2.01B +8.0% | $1.87B |
| Net Income | $749.5M +49.4% | $501.8M +8.8% | $461.4M +1814.3% | $24.1M -83.6% | $147.0M +209.8% | $47.5M |
| Operating Income | $1.44B +55.4% | $923.7M -0.2% | $925.4M +46.0% | $633.7M +8.6% | $583.5M +7.2% | $544.2M |
| EPS (Diluted) | $6.94 +50.5% | $4.61 +9.2% | $4.22 +1909.5% | $0.21 -83.6% | $1.28 +212.2% | $0.41 |
| Total Assets | $11.42B +12.2% | $10.18B -3.8% | $10.59B +15.6% | $9.16B -6.2% | $9.76B +35.3% | $7.21B |
| Total Debt | $14.78B +14.0% | $12.97B +0.6% | $12.89B +15.9% | $11.12B +2.4% | $10.86B -0.2% | $10.88B |
| Operating Cash Flow | $1.33B -13.6% | $1.54B +20.1% | $1.29B +14.2% | $1.13B +16.1% | $970.0M +14.0% | $850.6M |
AI Insight: SBAC Ratio Trends
Operating margin collapsed 6.4pp in Q4 2025, then stabilized at 48.7% in Q1 2026, signaling potential structural headwinds after years of 50%+ levels.
• ROIC declined from 21.0% in Q3 2024 to 12.4% in TTM — a 8.6pp contraction, lowest since Q2 2024.
• Q4 2025 saw NPM spike to 51.5% while OpMargin fell to 41.5%, suggesting unusual one-time items masked operational softness.
• ROA has trended lower from 10.1% (Q3 2024) to 6.3% (Q1 2026), down 3.8pp year-over-year.
⚠ OpMargin rebounded to 48.7% in Q1 2026 from Q4 2025's trough (41.5%), but remains 5–8pp below 2024 levels.
⚠ ROIC has not exceeded 17.5% since Q3 2025; multi-quarter declining trend warrants monitoring for capital efficiency deterioration.
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Top Institutional Holders of SBAC
DODGE & COX
$2.1B12,080,284 shBlackRock, Inc.
$1.7B10,117,027 shVANGUARD PORTFOLIO MANAGEMENT LLC
$1.7B9,706,096 shVANGUARD CAPITAL MANAGEMENT LLC
$1.2B6,924,961 shSTATE STREET CORP
$853.9M4,961,564 shGEODE CAPITAL MANAGEMENT, LLC
$540.2M3,149,533 shInvesco Ltd.
$338.0M1,963,968 shDIAMOND HILL CAPITAL MANAGEMENT INC
$332.9M1,934,471 shARROWSTREET CAPITAL, LIMITED PARTNERSHIP
$278.0M1,615,054 shDIMENSIONAL FUND ADVISORS LP
$277.6M1,612,785 sh
| Fund | Value | Shares |
|---|---|---|
| DODGE & COX | $2.1B | 12,080,284 |
| BlackRock, Inc. | $1.7B | 10,117,027 |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $1.7B | 9,706,096 |
| VANGUARD CAPITAL MANAGEMENT LLC | $1.2B | 6,924,961 |
| STATE STREET CORP | $853.9M | 4,961,564 |
| GEODE CAPITAL MANAGEMENT, LLC | $540.2M | 3,149,533 |
| Invesco Ltd. | $338.0M | 1,963,968 |
| DIAMOND HILL CAPITAL MANAGEMENT INC | $332.9M | 1,934,471 |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $278.0M | 1,615,054 |
| DIMENSIONAL FUND ADVISORS LP | $277.6M | 1,612,785 |
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Popular Research
Is SBAC a good stock to buy?
13F Pro's AI-powered analysis of SBA COMMUNICATIONS CORP (SBAC) draws on SEC EDGAR-sourced fundamentals, institutional 13F holdings, and insider Form 4 transactions in the Real Estate sector (listed on Nasdaq). The 32-signal AI Quality Score, current rank, and full bull/bear verdict for SBAC are available on the SBAC stock profile dashboard — with the same data, AI insights, ratios, and institutional activity refreshed after every 10-K, 10-Q, 13F, and Form 4 filing.
Which hedge funds own SBAC?
Institutional investors are required to disclose their holdings quarterly via SEC Form 13F. 13F Pro aggregates these filings to show which hedge funds, mutual funds, and asset managers are buying or selling SBAC. Combined with insider transaction data from Form 4 filings and AI-powered analysis from 10 specialized research agents, 13F Pro provides a comprehensive view of SBA COMMUNICATIONS CORP's investment landscape.