SBA Communications Corporation

NasdaqGS:SBAC Stock Report

Market Cap: US$23.1b

SBA Communications Future Growth

Future criteria checks 0/6

SBA Communications's earnings are forecast to decline at 0.07% per annum while its annual revenue is expected to grow at 2.9% per year. EPS is expected to grow by 1.4% per annum.

Key information

-0.07%

Earnings growth rate

1.40%

EPS growth rate

Specialized REITs earnings growth7.8%
Revenue growth rate2.9%
Future return on equityn/a
Analyst coverage

Good

Last updated05 May 2026

Recent future growth updates

Recent updates

Narrative Update • Apr 19

SBAC: Takeover Interest And Churn Reset Will Shape Post 2026 Cash Flows

The analyst price target for SBA Communications has been revised from $222.80 to $228.70, as analysts factor in slightly lower discount rates and modestly higher projected profit margins reflected in recent target adjustments across several research firms. Analyst Commentary Recent research updates on SBA Communications reflect a mix of enthusiasm about the company’s assets and growth options, alongside concerns about customer churn, financing costs, and execution against guidance.
Seeking Alpha • Apr 07

SBA Communications: Shares Jump On Potential Takeover, But Uncertainty Remains High (Rating Downgrade)

Summary SBA Communications Corp (SBAC) is downgraded from buy to hold due to persistent headwinds and takeover uncertainty. SBAC's recent performance lags peers, with AFFO and revenue missing estimates amid elevated churn and international challenges. Financial health remains solid: leverage at 6.4x, strong dividend coverage, and active share repurchases support liquidity. Near-term volatility is expected; takeover news is priced in, and significant upside appears unlikely until headwinds subside. Read the full article on Seeking Alpha
Narrative Update • Apr 02

SBAC: Churn Reset And Steady Carrier Activity Will Support Post 2026 Cash Flows

Narrative Update The analyst price target for SBA Communications has edged down by about $1 to roughly $223, as analysts factor in slightly higher discount rates, modestly different revenue growth and margin expectations, and broadly mixed target revisions across recent research updates. Analyst Commentary Recent research on SBA Communications shows a mix of optimism about the tower portfolio and caution around customer churn, international exposure, and financing costs.
Narrative Update • Mar 18

SBAC: Churn Reset And Steady Carrier Activity Will Support Post 2026 Cash Flows

Analysts have trimmed the SBA Communications fair value estimate by about $1 to $224, with slightly higher discount rates and more cautious revenue growth and margin assumptions. This reflects recent price target cuts tied to DISH and EchoStar churn, higher financing costs, expense pressure, and mixed but steady carrier activity commentary.
Narrative Update • Mar 04

SBAC: Churn Pull Forward And EchoStar Reset Will Support Post 2026 Cash Flows

The updated analyst price target for SBA Communications edges down by about $2 to roughly $226, as analysts factor in slightly softer revenue growth, modestly lower profit margins, and a marginally reduced future P/E outlook that reflect recent revisions tied to carrier churn, the removal of DISH and EchoStar from forecasts, and higher expected financing costs. Analyst Commentary Recent research updates paint a mixed picture for SBA Communications, with most price targets edging lower and only one moving higher.
Narrative Update • Feb 18

SBAC: EchoStar Overhang Reset Will Support Future Cash Flow Visibility

Narrative Update: SBA Communications Analyst Price Target Change The Street has lowered its aggregated price target on SBA Communications by $15 to $240, as analysts factor in more cautious new leasing assumptions and the potential impact from EchoStar on tower company fundamentals. Analyst Commentary Recent research notes point to a more cautious stance on SBA Communications, with several firms trimming their price targets and aligning expectations with a slower new leasing backdrop and the uncertainty around EchoStar and Dish.
Narrative Update • Feb 04

SBAC: EchoStar Resolution Will Support Future Cash Flow Visibility

Narrative Update on SBA Communications Analysts have trimmed their price targets on SBA Communications by a mid teens dollar amount, reflecting slightly more conservative revenue growth and discount rate assumptions, and citing sector wide caution around leasing trends and the EchoStar related overhang. Analyst Commentary Recent research on SBA Communications clusters around a few key themes, with price targets adjusted lower and a tighter focus on leasing trends and the EchoStar and Dish situation.
Narrative Update • Jan 21

SBAC: Verizon Lease Agreement Will Support Future Cash Flow Visibility

Analysts have trimmed their price target on SBA Communications by about US$4 to reflect slightly higher discount rates and more conservative leasing and industry assumptions linked to the EchoStar and Dish overhang, even though profit margin expectations and a lower future P/E input support the updated valuation. Analyst Commentary Recent research updates give you a mixed but useful read on how the Street is thinking about SBA Communications, especially around leasing trends, legal risks tied to EchoStar and Dish, and how much to pay for the stock after a series of price target cuts.
Narrative Update • Jan 06

SBAC: Verizon Agreement And Leasing Strength Will Support Future Cash Flows

Analysts have trimmed their price targets and our fair value estimate for SBA Communications to about $232.50, reflecting slightly higher discount rates and updated sector views after recent legal and carrier spending reviews across the tower group. Analyst Commentary Recent Street research on SBA Communications points to a more cautious stance on valuation, even as some operational data and contract wins support the underlying tower business.
Narrative Update • Dec 14

SBAC: New Verizon Lease Agreement Will Support Future Revenue Amid Legal Uncertainty

Analysts have trimmed their price target for SBA Communications slightly lower, with a modest fair value reduction of about $0.40 to roughly $234.90. This reflects sector wide target cuts as they factor in legal and leasing uncertainties across the tower group, while still recognizing SBA's resilient fundamentals and improved visibility from recent agreements.
Narrative Update • Nov 30

SBAC: New Verizon Agreement Will Support Recurring Revenue Amid Carrier Uncertainty

The analyst price target for SBA Communications was lowered modestly in recent updates. Analysts cited factors such as ongoing legal uncertainties, changes in carrier leasing expectations, and mixed trends in domestic and international growth as reasons for the decrease of several dollars per share across a range of firms.
Narrative Update • Nov 16

SBAC: Future Leasing Visibility Will Likely Drive Share Recovery Amid Industry Churn

The analyst price target for SBA Communications has been lowered, with the fair value decreasing by approximately $5 to $235.71. Analysts cite pressure from reduced leasing expectations, ongoing churn, and industry spectrum transactions as key reasons for the adjustment.
Narrative Update • Nov 02

SBAC: Raised Guidance And Buyback Will Offset Near-Term Leasing Churn

SBA Communications' analyst price target has been revised downward, reflecting a reduction of several dollars per share as analysts cite factors such as increased churn, lower leasing expectations, and sector-wide headwinds from recent spectrum transactions. Analyst Commentary Recent Street research reveals a mix of optimism and caution among analysts evaluating SBA Communications, as price targets and ratings are adjusted in response to changing sector dynamics and company-specific factors.
Narrative Update • Oct 18

5G And AI Demand Will Drive Global Tower Expansion

SBA Communications' analyst price target was revised downward by $9 to $239, as analysts cite factors including lower leasing expectations, ongoing churn from spectrum sales, and updated carrier forecasts that are impacting future growth assumptions. Analyst Commentary Recent research updates have led to a series of adjustments in price targets and outlooks for SBA Communications.
Narrative Update • Oct 04

5G And AI Demand Will Drive Global Tower Expansion

Analysts have lowered their price target for SBA Communications to approximately $248.88 from $254.47. They cite ongoing leasing headwinds and industry-specific challenges, which have prompted a reassessment of growth expectations.
Narrative Update • Sep 16

5G And AI Demand Will Drive Global Tower Expansion

Analysts modestly lowered SBA Communications’ price target reflecting sector headwinds from EchoStar’s spectrum sale and anticipated slower global expansion, but remain positive on the stock’s limited near-term risk exposure and improved 2025 guidance, resulting in a revised fair value of $254.47. Analyst Commentary Bullish analysts view the recent contraction in tower stocks as an overreaction, seeing current SBA share levels as an opportunity to buy at a discount to historical valuations.
Seeking Alpha • Mar 20

SBA Communications: Headwinds Persist, But Growth Potential Remains (Rating Downgrade)

Summary SBA Communications faces headwinds, particularly in Brazil, but remains a compelling buy due to strong fundamentals, dividend coverage, and upside potential. The recent acquisition of 7,000 towers from Millicom is expected to drive growth and establish a leading position in Central America. Despite foreign exchange challenges, SBAC's AFFO and revenue have shown solid growth, and the REIT continues to deleverage its balance sheet effectively. Long-term dividend growth investors benefit from SBAC's low payout ratio, strong dividend growth, and potential significant upside if economic conditions stabilize. Read the full article on Seeking Alpha
Seeking Alpha • Jan 13

SBA Communications: Mission-Critical Assets At A Hefty Discount

Summary SBA Communications' stock has dropped to far below historical valuation, creating an attractive entry point for long-term investors in mission-critical wireless infrastructure. SBAC benefits from durable revenue streams, low tenant turnover, and strong profitability, supported by a high EBITDA margin and growing international presence. Recent Central American acquisition enhances growth prospects, while disciplined capital allocation supports dividend growth and financial flexibility. SBAC's strong cash flow margins, improving AFFO per share, and undervaluation relative to historical averages position it for potential market-beating returns. Read the full article on Seeking Alpha
Seeking Alpha • Oct 22

SBA Communications Corporation: A Capital Structure Supporting Dividend Growth (Earnings Preview)

Summary The Fed easing monetary conditions impacts cell tower REITs considerably given the capital intensity of investments and the dividends they pay. Utilizing a higher level of debt, lower rates should have a better impact on SBAC Communications, namely on profitability and FFO, meaning it deserves better. Also, a comparison with peers indicates its capital structure may be more suitable for the current environment without forgetting the growth drivers likely to offset weakness. However, this remains a highly rate-sensitive stock implying volatility. Still, in periods of uncertainty, being invested in a REIT that has been growing dividends at a rapid pace and can continue doing so, provides a feeling of comfort. Read the full article on Seeking Alpha
Seeking Alpha • Aug 06

SBA Communications: Headwinds Persist, Macro Improves

Summary SBAC reported 2Q24 revenues slightly below consensus, with net sales of $660.5 mm, primarily impacted by international sales and site development. Management expects challenges to continue due to the devaluation of the Brazilian Real, with FFO remaining under pressure. The recent weakening of the BRL is expected to negatively impact 3Q24 results, with lower construction volume forecasted for the full year. Despite positive short-term macro tailwinds, I find SBA Communications' valuation to remain expensive. Read the full article on Seeking Alpha
Seeking Alpha • Jul 08

SBA Communications: Too Expensive For What It Delivers

Summary SBA Communications is a leading owner and operator of wireless communications infrastructure, with operations in the U.S. and internationally. Headwinds from exposure to weakening currencies, high interest rates and leverage have been impacting the company. Despite that, SBA Communications still trades at a premium relative to peers. I question whether that valuation makes sense. Read the full article on Seeking Alpha
Seeking Alpha • Apr 28

SBA Communications: A Solid Prospect In The Telecommunications Space

Summary SBA Communications is a major player in the telecommunications tower industry, focusing on owning and leasing towers globally. The company has achieved solid growth, with revenue increasing at an annualized rate of 7.7% and the number of telecommunication sites growing by 38.3% in international markets. SBA Communications has seen significant growth in Brazil, which has accounted for 48.3% of its international location growth and is a promising market for telecommunications towers. The picture could change with earnings, but so long as profits grow, the overall situation remains positive. Read the full article on Seeking Alpha
Seeking Alpha • Apr 15

SBA Communications Q4: A Dividend Growth Machine For Your Income Portfolio

Summary SBA Communications is a REIT focused on owning and operating cell towers, offering income stability and strong dividend growth over the past 5 years. The company's financial performance during fiscal year '23 showed a beat on FFO but a decline in revenue in Q4. Despite the challenges faced by REITs, SBAC managed to post growth in revenue and double-digit growth in FFO and net income. If interest rates remain higher for longer, SBAC's share price will continue to see volatility. SBA Communications has grown their dividend nearly 165% in the past 5 years, and with a current low payout ratio of less than 30%, this will likely continue for the foreseeable future. Read the full article on Seeking Alpha

Earnings and Revenue Growth Forecasts

NasdaqGS:SBAC - Analysts future estimates and past financials data (USD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/20283,0579158161,37011
12/31/20272,9408651,0221,34617
12/31/20262,8607991,1371,32619
3/31/20262,8541,01881,245N/A
12/31/20252,8151,054571,291N/A
9/30/20252,7898574361,297N/A
6/30/20252,7258792221,284N/A
3/31/20252,6868168921,342N/A
12/31/20242,6807508631,335N/A
9/30/20242,6616859641,457N/A
6/30/20242,6765141,1321,466N/A
3/31/20242,6945551,1981,528N/A
12/31/20232,7125021,2211,544N/A
9/30/20232,7234969511,400N/A
6/30/20232,7165089571,419N/A
3/31/20232,6893747841,304N/A
12/31/20222,633461-211,286N/A
9/30/20222,5424077021,296N/A
6/30/20222,4563556551,216N/A
3/31/20222,3804386691,197N/A
12/31/20212,3092387811,190N/A
9/30/20212,2502957341,134N/A
6/30/20212,1832698041,172N/A
3/31/20212,1151398191,134N/A
12/31/20202,083248161,126N/A
9/30/20202,061-144121,148N/A
6/30/20202,045-152721,096N/A
3/31/20202,038-61261,025N/A
12/31/20192,015147N/A970N/A
9/30/20191,985137N/A931N/A
6/30/20191,945131N/A892N/A
3/31/20191,90142N/A895N/A
12/31/20181,86647N/A851N/A
9/30/20181,825-2N/A851N/A
6/30/20181,79231N/A839N/A
3/31/20181,76398N/A825N/A
12/31/20171,728104N/A818N/A
9/30/20171,701101N/A807N/A
6/30/20171,67837N/A792N/A
3/31/20171,65760N/A770N/A
12/31/20161,63376N/A743N/A
9/30/20161,624102N/A716N/A
6/30/20161,623-39N/A702N/A
3/31/20161,628-43N/A689N/A
12/31/20151,638-176N/A723N/A
9/30/20151,636-206N/A721N/A
6/30/20151,619-67N/A712N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: SBAC's earnings are forecast to decline over the next 3 years (-0.07% per year).

Earnings vs Market: SBAC's earnings are forecast to decline over the next 3 years (-0.07% per year).

High Growth Earnings: SBAC's earnings are forecast to decline over the next 3 years.

Revenue vs Market: SBAC's revenue (2.9% per year) is forecast to grow slower than the US market (11.5% per year).

High Growth Revenue: SBAC's revenue (2.9% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: Insufficient data to determine if SBAC's Return on Equity is forecast to be high in 3 years time

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/10 19:20
End of Day Share Price 2026/05/08 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

SBA Communications Corporation is covered by 39 analysts. 19 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Amir RozwadowskiBarclays
Brendan LynchBarclays
Clayton MoranBenchmark Company