SBAC
SBA COMMUNICATIONS CORPEvidence as of 2026-10-08The desk's Snapshot
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Overview · SBA COMMUNICATIONS CORP
SBA Communications Corporation is a leading independent owner and operator of wireless communications infrastructure including towers, buildings, rooftops, distributed antenna systems (DAS) and small cells. With a portfolio of more than 39,000 communications sites in 16 markets throughout the Americas, Africa and the Philippines, SBA is listed on NASDAQ under the symbol SBAC. Our organization is part of the S&P 500 a…
Management team
- Mr. Neil H. Seidman · Senior Vice President of Mergers and AcquisitionsFind on LinkedIn
- Mr. Joshua M. Koenig · Executive Vice President, Chief Administrative Officer & General CounselFind on LinkedIn
- Mr. Elvis T. Clemetson · Senior VP & Chief Information OfficerFind on LinkedIn
- Mr. Richard M. Cane · Executive VP & President InternationalFind on LinkedIn
Start free to see the full management team.
Links open LinkedIn searches, not verified profiles. Team data from our market-data vendor's company profile.
Moneyta sentiment
Where the published evidence leans after the desk debated it, not a rating or a recommendation.
−0.5 on a −2 to +2 scale.
What builds the score
Solid bars are analyst rubric scores; faded bars are computed directly from data. Claims dropped in debate count for nothing; weakened claims count at half weight.
Editor's note
Written after the debate settled. The rest of the page is the evidence behind it.
The surviving evidence presents a cautious read (evidence balance: Cautious, -0.5; confidence: high). Reported revenues moved from $ 732,327,000 for the fiscal quarter ended 2025-09-30 to $ 703,438,000 in Q1 2026 (fiscal quarter ended 2026-04-22) and $ 715,274,000 in Q2 2026 (fiscal quarter ended 2026-07-28). Operating income and net income fell from $ 374,169,000 and $ 236,816,000, respectively, in the earlier quarter to $ 342,848,000 and $ 184,830,000 in Q1 2026, then recovered to $ 351,861,000 and $ 198,777,000 in Q2 2026; diluted EPS followed that pattern at 2.20, 1.74 and 1.87 with diluted shares near 106–107 million.
Balance-sheet detail shows large net leverage: long-term debt around $ 12.7B–$ 12.96B and cash of $ 327,051,000 as of 2026-06-30, producing a sizable net‑debt position. Filings add operational risk context: international site-leasing was roughly 25%–27% of revenue, material foreign-currency exposure (including Brazil), and a disclosed expectation that EchoStar churn could represent about $ 56.0 million of 2026 site-leasing cash revenue. Market signals show weak six-month momentum ( -21.6%, 9th percentile), below-median 12‑month momentum ( -2.8%, 30th percentile), elevated volatility, low beta to SPY ( 0.15), and a TTM dividend yield of 2.85%.
How this note was made
every stage ran before the note was writtenAnalyst desk
Mercer, Oakes, Nash, Ellis, Yates, Talbot and Archer. The desk: named AI agents, not people. Each reads one slice of the evidence and nothing else (no outside knowledge, no browsing), so every finding traces to a source you can open.
Reads the XBRL figures companies file with the SEC (revenue, margins, income, debt and share count, quarter by quarter) and reports which way the trend is running.
Reported revenues were $732,327,000 for the fiscal quarter ended 2025-09-30, $703,438,000 for fiscal Q1 2026 (2026-01-01 to 2026-03-31, 3mo) and $715,274,000 for fiscal Q2 2026 (2026-04-01 to 2026-06-30, 3mo).
XBRL companyfacts · 0001034054-26-000002Gross profit and cost of revenue moved from $542,538,000 gross profit and $189,789,000 cost of revenue for the fiscal quarter ended 2025-09-30 to $532,102,000 gross profit and $171,336,000 cost of revenue in fiscal Q1 2026, then to $539,272,000 gross profit and $176,002,000 cost of revenue in fiscal Q2 2026.
XBRL companyfacts · 0001034054-25-000010Reads the filings themselves, above all the year-over-year diff of Item 1A risk factors: which risks a company added, dropped or quietly reworded since its last annual report.
Which filings the desk reads
The desk reads the annual 10-K in full: its risk factors, and how they changed since last year. Quarterly 10-Qs and event filings (8-Ks, insider Form 4s) are listed for context but not read line by line: the 10-K is where the material risk disclosures live. A brand-new company, or one we have only just begun tracking, may have no annual report on file yet; its risk analysis fills in once that lands.
The Form 10-K filed 27 February 2026 added risk language noting that site leasing revenues generated by international operations were approximately 25.0% of total revenues during the year ended December 31, 2025.
10-K filed 2026-02-27The Form 10-K filed 27 February 2026 discloses that EchoStar (f/k/a DISH Wireless) notified the company in late 2025 it would discontinue its network business, defaulted on payments in December 2025, and the company currently expects that churn from EchoStar will represent approximately $56.0 million of cash site leasing revenue during 2026.
10-K filed 2026-02-27Reads the signal panel above (momentum, volatility, drawdown, relative strength and beta) and ranks each against the whole research universe rather than judging it in isolation.
Six-month momentum is -21.6% and ranks in the 9th percentile of the 866-stock research universe on 2026-10-07, indicating this stock's 6-month return is weak relative to peers.
Moneyta signal set · 2026-10-07Twelve-month (12_1) momentum is -2.8% and ranks in the 30th percentile of the 866-stock universe on 2026-10-07, showing below-median 12-month performance versus the research universe.
Moneyta signal set · 2026-10-07Reads which funds hold the name and at what weight, plus insider Form 4 filings, to show the exposure you may already carry through index funds.
Institutional 13F-reported holdings total $17.87B as of 2026-06-30 (13F filings carry a 45-day reporting lag).
13F holdings · 686 filers · as of 2026-06-30Top institutional holders reported for the period ending 2026-06-30 include Dodge & Cox ($2.17B), BlackRock, Inc. ($1.79B), VANGUARD PORTFOLIO MANAGEMENT LLC ($1.73B), VANGUARD CAPITAL MANAGEMENT LLC ($1.22B), and STATE STREET CORP ($903.3M).
13F holdings · 686 filers · as of 2026-06-30Reads recent headlines that are genuinely about this company, ignoring rating chatter and market-wide stories. Findings argue in the debate but never move the sentiment score.
A recent headline frames SBA Communications as potentially undervalued while highlighting refinancing and customer churn as focal points for market attention.
News · simplywall.st · 2026-10-07A headline from The Lincolnian Online reports that SBA Communications hit a new 52-week low during intraday trading.
News · thelincolnianonline.com · 2026-10-07Reads parsed Forms 3/4/5: who bought or sold, at what size, and whether a 10b5-1 plan was involved. Flags clustered open-market officer buying; treats plan sales as routine and never counts a fund or 10%-holder as an officer.
George R. Krouse Jr. (Director) sold 300 shares for a reported value of "$55k" on 17 August 2026 (Form 4 filing).
Form 4 · Krouse George R Jr (Director) · $55k sold · 2026-08-17Donald Day (EVP - SITE LEASING) reported a code F acquisition of 170.689 shares with a reported value of "$31k" on 1 August 2026 (Form 4 filing).
Form 4 · DAY DONALD (EVP - SITE LEASING) · $0 code M · 2026-08-01Reads the implied-expectations math built from the company's own filings (the growth rate today's price would justify, and the multiples beside it) and argues whether the market's bar looks high or low for this business. Never turns the math into a target.
The calculation implies an FCF growth rate of 7.58% that today's price would justify under the model's stated discount and terminal assumptions.
Valuation inputs · SEC XBRL + stored EOD closePrice to FCF (TTM) is 18.85.
Valuation inputs · SEC XBRL + stored EOD closeDebate and risk review
A bull and a bear contest the claims and the chair rules on each; the risk review stress-tests what survived.
A bull and a bear argue the analysts' claims across two rounds, then a chair rules on each one. Only what survives feeds the score. The argument is shown, not hidden, so you can judge the reasoning yourself.
Several pieces of the provided evidence jointly support a favorable read on SBA Communications' operating resilience and cash-generation profile. Quarter-to-quarter fundamentals show revenues holding near the mid-$700M range with gross profit and operating income recovering in Q2 2026 after a Q1 dip, and diluted EPS rising from $1.74 to $1.87 alongside a strong trailing twelve‑month free cash flow of ~$960M. Institutional ownership is sizable and concentrated among long-term investors, select insiders reported purchases in August 2026, and multiple sell‑side analysts have maintained Buy/Outperform stances and price targets, while the company’s dividend yield and multi-year dividend growth sit above many peers. These points counterbalance headline concerns and emphasize cash generation and investor support as constructive signals when assessing the company’s profile.
Chair's verdict, claim by claim
Fragility · computed, not argued
balanced0.33
39 surviving claims rest on 18 distinct sources; the heaviest analyst carries 20% of them, and 100% of what the desk raised survived the debate.
The surviving read relies on a moderate breadth of sources but a small number of analysts contribute a meaningful share of claims; that raises the chance that particular analyst views or source selections could sway interpretations. Because every desk challenge survived, the set is internally consistent but somewhat brittle to a single new, authoritative filing or a material revision from a primary source.
Peer context · computed, not argued
12-1 momentum ranks 6th of 9 in REIT—Specialty (as of 2026-10-07).
6-month relative strength ranks 7th of 9 in REIT—Specialty (as of 2026-10-07).
90-day volatility ranks 3rd of 9 in REIT—Specialty (as of 2026-10-07).
dividend yield ranks 6th of 9 in REIT—Specialty (as of 2026-10-07).
Disconfirming evidence · base rates · falsifiers
Context
Outside consensus, and where this name already sits in your own portfolio.
Third-party consensus shown for context. It never enters Moneyta sentiment. When the two diverge, the debate above is where the why lives.
What this was built from
Every figure on this page traces to one of these. The desk reads only what is listed here (no outside knowledge, no browsing), and each card shows who read it and what it contributed to the score.
8 filings· 2 cited
SEC XBRL filings
Quarterly figures as filed with the SEC, read straight from EDGAR's structured data, not retyped or estimated.
Read by Mercer+0.0 to the score
9 documents· 2 cited
SEC filing documents
The filings themselves, including the year-over-year comparison of Item 1A risk factors.
Read by Oakes−0.8 to the score
1 signal set
Moneyta signal set
Computed from our own end-of-day price history and ranked against the whole research universe. No AI involved.
Read by Nash−0.9 to the score
3 holdings records· 1 cited
Fund holdings
Which funds hold this name and at what weight, plus insider Form 4 filings.
Read by Ellis+0.8 to the score
5 headlines· 2 cited
News coverage
Recent headlines about this company, rating chatter excluded and nothing published after the report date.
Read by Yatesnothing survived
15 filings· 2 cited
Insider filings
Parsed Forms 3/4/5 from EDGAR: named insiders, share counts, prices, and 10b5-1 plan state, with stated and inferred flags kept apart.
Read by Talbot+0.0 to the score
1 computation
Valuation inputs
TTM cash-flow figures from the company's own XBRL filings, priced with the stored closing price. Implied growth and multiples only; no fair-value dollar figure reaches the desk, by design.
Read by Archercontext only
1 record· 0 cited
Company profile
Sector, industry and company details.
1 record· 0 cited
Analyst consensus
Third-party consensus, shown for context only; it never enters Moneyta sentiment.
Read means we pulled and handed it to an analyst; cited means a claim on this page points at it. Reading twelve quarters to state one trend is normal; the gap is shown rather than hidden.
Written by AI, checked against sources
The analysts, the bull–bear debate and the editor's note are AI agents reading only the evidence listed on this page. They can misread a filing or a headline, which is why every claim cites a source you can open and check yourself. The sentiment score is arithmetic over the claims that survived the debate, not a language model's opinion.
Educational analysis of published data. Moneyta does not give investment advice or make recommendations. Past patterns do not indicate future results.
The full terminal on SBAC Gold
Who holds it, who's buying, what the Street thinks: live behind the lock, updated as filings land.
Institutional holders
Net institutional flow, Q/Q
Largest holder position
Insider buys, 90 days
Clustered insider value
Street target range
The real figures are for members. Educational analysis, not advice.
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