10x Insights
Loading account…
Companies / Real Estate / SBA Communications
SBAC

SBA Communications

Real EstateREITsS&P 500
Ticker SBACBOCA RATON, FLFiscal year ends DecemberBook value per share $-43.60Diluted shares 106.2M

SBA Communications Corporation (NASDAQ: SBAC) operates as a leading independent owner and operator of wireless communications infrastructure throughout the United States, its territories, and international markets spanning South America, Central America, and Africa. The company maintains its corporate headquarters and… From the company’s description.

Fiscal year 2025 · ends 12-31Changes are against fiscal 2024The amber dot is the latest twelve months, to 2026-06-30
Sales & profitability
$2.82BFY2025
+5.1% year over year
Last 12 mo $2.87B
47.70%FY2025
−5.9 percentage points
Last 12 mo 47.65%
$1.05BFY2025
+40.8% year over year
Last 12 mo $992.23M
-25.50%FY2025
−8.7 percentage points
Last 12 mo -21.40%
Cash & financing
$1.29BFY2025
−3.3% year over year
Last 12 mo $1.28B
$1.07BFY2025
−3.6% year over year
Last 12 mo $1.05B
-2.66FY2025
Was -2.66× a year earlier
Last 12 mo -2.75
107.5MFY2025
−0.5% year over year
Last 12 mo 106.2M

Margins and return on equity change in ; everything else in percent. Fewer shares and less debt are shown plainly, not as bad news — it depends what you make of buybacks. Dotted labels explain each measure. is shown separately from the annual figures.

What SBA Communications does

In the company’s own words

SBA Communications Corporation (NASDAQ: SBAC) operates as a leading independent owner and operator of wireless communications infrastructure throughout the United States, its territories, and international markets spanning South America, Central America, and Africa. The company maintains its corporate headquarters and website at www.sbasite.com.

The company's primary business is site leasing services, which contributed 97.9 percent of total segment operating profit during the fiscal year ended December 31, 2025. SBA leases antenna space on multi-tenant towers to wireless service providers under long-term contracts and manages rooftop and tower sites for property owners. As of December 31, 2025, the company owned 46,328 towers, with 17,394 sites located in the United States and its territories and 28,934 sites in international markets. Approximately 30 percent of international towers are located in Brazil and 10 percent in Guatemala. The company's complementary site development business, conducted exclusively in the United States, provides end-to-end services including network pre-design, site identification, zoning and permitting assistance, tower construction, and antenna installation.

SBA's customer base is concentrated among major wireless carriers. T-Mobile, AT&T Wireless, and Verizon Wireless collectively represented 66.5 percent of total revenues during 2025. Internationally, the company serves carriers including Telefonica, Claro, TIM, and Tigo. The company derives domestic site leasing revenue primarily from the three major U.S. wireless carriers, while international revenue comes from major carriers in each operating country.

The company employs 1,844 people as of December 31, 2025, with 663 employees based outside the United States and its territories. SBA maintains regional and local offices across its operating markets to support customer relationships and local market expertise. Approximately 71 percent of tower structures are located on land the company owns or controls for more than 20 years, providing long-term operational stability and margin protection.

SBA's business model emphasizes organic growth through maximizing existing tower capacity, systematic portfolio expansion via acquisitions and new builds, and disciplined capital allocation. The company focuses on markets with quality wireless service providers and favorable regulatory environments, continuously evaluating market performance against long-term strategic objectives.

Company details
Sector
Real Estate
Industry (SIC)
REITs
Headquarters
BOCA RATON, FL
Fiscal year end
December
CIK
1034054
SIC
6798

Financial performance, year by year

Fiscal 2013–2025 · USD
$-480.28M$433.60M$1.35B$2.26B$3.18B2013201420152016201720182019202020212022202320242025Last 12 moLast 12 monthsLast 12 months

The full income statement, balance sheet and cash flow for each of these years — every figure traceable to its filing — is on the Financials tab with a free account.

Ownership

Who owns SBA Communications — and what changed

Funds as of 2026Q2 · superinvestors as of 2026-06-30

625
funds hold it
0 of 35
superinvestors hold it
$9.63B
held by funds, at market
47.9%
of shares held by funds
3
bond issues held by funds

Largest fund holders · SBA Communications’s weight in each

Dodge & Cox Stock Fund
DODGX · Dodge & Cox Funds
1.16%of fund net assets
VANGUARD REAL ESTATE INDEX FUND
VNQ · VANGUARD SPECIALIZED FUNDS
—of fund net assets
VANGUARD TOTAL STOCK MARKET INDEX FUND
VTI · VANGUARD INDEX FUNDS
0.03%of fund net assets
VANGUARD 500 INDEX FUND
VOO · VANGUARD INDEX FUNDS
0.03%of fund net assets
VANGUARD MID-CAP INDEX FUND
VO · VANGUARD INDEX FUNDS
0.18%of fund net assets

Fund ownership is a floor, not a census — pensions, insurers and people holding shares directly are not visible here.

SBA Communications’s bonds, as funds hold them

Funds report holding 3 issues of SBA Communications’s debt, $1.10B at market value — what funds hold, not the company’s total debt. Weighted-average coupon 3.49%, maturing 2027 to 2029.

Fund ownership counts N-PORT filers only, so it is a floor rather than a census — pensions, insurers and direct holders are not visible here, and the remainder is not “held by individuals”.

Every fund and institutional holder, quarter by quarter, is on the Ownership tab with a free account.

Connected research

Put this business in context.

Compare this company with peers, find it in your funds and follow its financial history with your connected AI:

  • “How do SBA Communications and its peers compare on margins and cash generation over ten years?”
  • “Where did five years of SBA Communications's earnings go — cash, debt, buybacks, reinvestment?”
  • “What changed in SBA Communications's last four quarterly filings that the numbers alone won't show?”
See how it works →All research tools with a subscription. Use your own AI account.