SBAC
SBA COMMUNICATIONS CORPEvidence as of 2026-09-02Overview · 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
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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.
+0.2 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 evidence balance is Mixed ( +0.2 of a possible +2; was +0.2 before debate) · confidence high. Revenues across recent quarters were roughly stable: 732,327,000 for the quarter ended 30 September 2025, 719,583,000 for the fiscal Q4 2025 quarter, 703,438,000 for Q1 2026 (2026-01-01 to 2026-03-31, 3mo) and 715,274,000 for Q2 2026 (2026-04-01 to 2026-06-30, 3mo). Gross profit levels imply gross margins near the mid-70s: about 74.1% in the quarter ending 30 September 2025, 75.6% in Q1 2026 and 75.4% in Q2 2026. Net income was 236,816,000 for the quarter ended 30 September 2025, 184,830,000 in Q1 2026 and 198,777,000 in Q2 2026, with diluted EPS moving from 1.74 in Q1 2026 to 1.87 in Q2 2026.
Balance-sheet and market context in the packet show long-term debt of 12,705,481,000 as of 2025-09-30, 12,900,268,000 as of 2025-12-31 and 12,729,222,000 as of 2026-06-30 (a modest reduction from 2025-12-31 to 2026-06-30), cash of 327,051,000 and implied net debt near 12.40 billion as of 2026-06-30. Share count sits near 106.1 million, the company reported ownership of 46,390 towers as of June 30, 2026, and management flagged elevated churn for 2026 with expected aggregate domestic churn of $132.0 million to $136.0 million and international churn of $36.0 million to $40.0 million in cash site leasing revenue. Market signals include a low beta ( 0.05 ), elevated short- and medium-term realized volatility ( vol 30d annualized = 33.4% ), a trailing TTM operating income of 1,367,804,000, a TTM OCF of 1,161,881,000 and a share price of 188.81 (market cap 20,030,496,049; EV 32,432,667,049).
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.
Total quarterly revenues were 732,327,000 for the quarter ended 30 September 2025, 719,583,000 for the quarter ended 31 December 2025 (the fiscal Q4 2025 quarter), 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 · 0001034054-25-000010Gross profit was 542,538,000 for the quarter ended 30 September 2025, 510,582,000 for fiscal Q1 2026 (2026-01-01 to 2026-03-31, 3mo) and 539,272,000 for fiscal Q2 2026 (2026-04-01 to 2026-06-30, 3mo); these imply gross margins of about 74.1% (732,327 / 542,538), 75.6% (703,438 / 510,582) and 75.4% (715,274 / 539,272) respectively when comparing gross profit to the matching quarter revenues above.
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.
As of June 30, 2026, the company reported ownership of 46,390 towers.
10-Q filed 2026-08-06For the six months ended June 30, 2026, the site leasing business contributed 98.4% of total segment operating profit.
10-Q filed 2026-08-06Reads 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.
Beta vs SPY is 0.05 and correlation vs SPY is 0.02, indicating very low historical market sensitivity to the S&P 500 on the measured period.
Moneyta signal set · 2026-09-01Momentum measures are negative across horizons: momentum 3m = -3.8%, momentum 6m = -3.1%, and momentum 12_1 = -18.2%, with the 12_1 momentum at the 17th percentile of the 547-stock universe.
Moneyta signal set · 2026-09-01Reads 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 "$16.87B" as of the reported quarter ended 2026-03-31.
13F holdings · 666 filers · as of 2026-03-31Top 13F holders in the reported quarter ended 2026-03-31 include Dodge & Cox with "$2.08B", BlackRock, Inc. with "$1.74B", VANGUARD PORTFOLIO MANAGEMENT LLC with "$1.67B", VANGUARD CAPITAL MANAGEMENT LLC with "$1.19B", and STATE STREET CORP with "$853.9M".
13F holdings · 666 filers · as of 2026-03-31Reads 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.
Two articles from simplywall.st frame SBA Communications as potentially undervalued, using discounted cash flow and valuation-multiple language and citing recent share-price levels around $182–$191.
News · simplywall.st · 2026-08-30A separate simplywall.st article describes the stock as 'looking like a bargain' versus an intrinsic value estimate, reiterating an undervaluation theme for the company.
News · simplywall.st · 2026-08-20Reads 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.
Krouse George R Jr (Director) reported selling 300 shares for "$55k" on 2026-08-17.
Form 4 · Krouse George R Jr (Director) · $55k sold · 2026-08-17DAY DONALD (EVP - SITE LEASING) filed two reports dated 2026-08-01: one 'code M' entry of 457 shares with value "$0", and one 'code F' entry of 170.689 shares with value "$31k".
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 share price used is $188.81 as of the price date 2026-09-01.
Valuation inputs · SEC XBRL + stored EOD closeMarket capitalization is $20,030,496,049 and enterprise value is $32,432,667,049.
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 company-specific data points support a favorable read: quarterly revenue has been stable near the ~$700–732M range while gross margins are consistently high (~74–76%), net income and diluted EPS recovered from Q1 to Q2 2026, and reported stockholders' equity deficit has narrowed — these are internally consistent operational and balance-sheet signs (evidence strength: fundamentals claims generally moderate-to-strong from recent SEC filings). Site-leasing drives nearly all segment operating profit and the firm reports ownership or long-term rights on ~71% of tower sites, with 46,390 towers on the books and meaningful scale in Brazil and Guatemala — these structural franchise attributes underpin recurring cash flows (evidence strength: filings claims strong). Additional supportive market signals include a low beta/correlation versus the S&P 500 and a meaningful trailing dividend yield with multi-year dividend growth; institutional ownership is sizable with major managers holding large stakes (evidence strength: market/ownership claims moderate). Against bear points, the company-provided expectation of elevated churn is a discrete operational headwind but management also states core leasing revenue is expected to rise on a currency-neutral basis due to contractual escalators, deployments and full-year impacts of acquisitions/builds (evidence strength: filings mixed; churn expectation strong as a disclosed risk, offset guidance moderate).
Chair's verdict, claim by claim
Fragility · computed, not argued
balanced0.32
40 surviving claims rest on 18 distinct sources; the heaviest analyst carries 15% of them, and 100% of what the desk raised survived the debate.
The evidence set rests on a moderate breadth of primary sources (18) for 40 surviving factual claims, which reduces single-source risk but still leaves room for correlated filing-level bias. The largest analyst contribution is modest (15%), so no single analyst overly drives the narrative; however, the desk’s 100% survival rate through debate suggests limited adversarial overturning and implies these reads should be weighted cautiously rather than treated as stress-tested consensus.
Peer context · computed, not argued
12-1 momentum ranks 4th of 5 in REIT—Specialty (as of 2026-09-01).
90-day volatility ranks 3rd of 5 in REIT—Specialty (as of 2026-09-01).
dividend yield ranks 4th of 5 in REIT—Specialty (as of 2026-09-01).
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.
13 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+0.6 to the score
5 documents· 2 cited
SEC filing documents
The filings themselves, including the year-over-year comparison of Item 1A risk factors.
Read by Oakes+0.5 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−0.3 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+0.6 to the score
4 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 — stated and inferred flags kept apart.
Read by Talbot−0.2 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.
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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.
Educational analysis of published data. Moneyta does not give investment advice or make recommendations.