EQIX vs SBAC: Equinix and SBA Communications compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Equinix is the larger company, worth $98.5B, about 5.1 times SBA Communications.
- Equinix grew revenue faster over the last year (+16.4% vs -23.5%).
- SBA Communications keeps more of each dollar of revenue as operating profit (600.1% vs 21.8%).
- On earnings, SBA Communications is the cheaper stock (19.7x vs 69.0x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | EQIX | SBAC |
|---|---|---|
| Market cap | $98.5B | $19.3B |
| Share price | $1,026.06 | $182.49 |
| Revenue (last fiscal year) | $9.2B | $244M |
| Free cash flow (last fiscal year) | -$400M | $1.1B |
| Revenue growth, last year | +16.4% | -23.5% |
| Revenue growth per year, last 5 fiscal years | +8.6% | +4.5% |
| Operating margin | 21.8% | 600.1% |
| Net margin | 15.6% | 434.6% |
| Return on equity | 10.7% | — |
| P/E (trailing) | 69.0x | 19.7x |
| Price / free cash flow | — | 18.1x |
| EV / EBITDA | 27.2x | 23.5x |
| FCF growth the price implies | — | 3.7% |
| Dividend yield | 1.9% | 2.6% |
| Debt / equity | 1.85x | — |
| Fundamental grade | D | C |
| Superinvestors holding it | 7 | 6 |
| Insider purchases, last 12 months | 8 | 8 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Equinix
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $6.6B | -$204M | 16.7% |
| 2022 | $7.3B | $685M | 16.5% |
| 2023 | $8.2B | $436M | 17.6% |
| 2024 | $8.7B | $183M | 15.2% |
| 2025 | $9.2B | -$400M | 20.0% |
SBA Communications
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $205M | $1.1B | 382.2% |
| 2022 | $297M | $1.1B | 311.7% |
| 2023 | $195M | $1.3B | 474.5% |
| 2024 | $153M | $1.1B | 939.2% |
| 2025 | $244M | $1.1B | 549.2% |
Where the revenue comes from
Equinix · by products, 2025
Colocation$6.5B70%
Interconnection$1.7B18%
Non-recurring revenues$478M5%
Managed infrastructure$466M5%
Other$143M2%
SBA Communications · by segments, 2025
Domestic Site Leasing$1.9B66%
International Site Leasing$705M25%
Site Development$244M9%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open EQIX in InvestinglyQuestions
Which is bigger, Equinix or SBA Communications?
Equinix (EQIX), at $98.5B against $19.3B.
Is EQIX or SBAC cheaper?
By trailing P/E, SBA Communications (19.7x) is cheaper than Equinix (69.0x). A lower multiple can also mean the market expects less growth.
Which grows faster, EQIX or SBAC?
Equinix: revenue grew +16.4% over the last year, against -23.5%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.