SBA Communications (SBAC)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $18.0B, SBA Communications's free cash flow of $1.1B (fiscal 2025) would need to grow about 3% a year for the stock to be worth today's price. That is slower than the company has grown its free cash flow over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from SBA Communications's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from SBAC's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from SBA Communications's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $205M | $297M | $195M | $153M | $244M |
| Net income | $238M | $461M | $502M | $750M | $1.1B |
| Free cash flow | $1.1B | $1.1B | $1.3B | $1.1B | $1.1B |
| EPS (diluted) | $2.14 | $4.22 | $4.61 | $6.94 | $9.80 |
| Operating margin | 382.2% | 311.7% | 474.5% | 939.2% | 549.2% |
Where the revenue comes from
Revenue by segments, fiscal 2025.
Superinvestors who own SBAC
From each investor's latest 13F filing (what a 13F shows). 6 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Dodge & Cox Dodge & Cox |
Added | $2.2B | 1.1% | Q2 2026 |
| Ric Dillon Diamond Hill Capital Management |
Trimmed | $228M | 1.8% | Q2 2026 |
| Cliff Asness AQR Capital Management |
Added | $72M | 0.02% | Q2 2026 |
| Hersh Cohen ClearBridge Investments |
Trimmed | $33M | 0.03% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Added | $8M | 0.02% | Q2 2026 |
| Ron Baron Baron Capital (BAMCO) |
Held | $105,876 | 0.0% | Q2 2026 |
Insider buying
Open-market purchases by SBA Communications's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Mar 23, 2026 | Ro Khanna |
0 | $171.98 | — |
| Mar 23, 2026 | Ro Khanna |
0 | $171.98 | — |
| Nov 12, 2025 | Gilbert Ray Cisneros, Jr. |
0 | $201.63 | — |
| Nov 12, 2025 | Gilbert Ray Cisneros, Jr. |
0 | $201.63 | — |
| Nov 3, 2025 | Ro Khanna |
0 | $193.52 | — |
| Nov 3, 2025 | Ro Khanna |
0 | $193.52 | — |
| Oct 27, 2025 | Ro Khanna |
0 | $197.30 | — |
| Oct 27, 2025 | Ro Khanna |
0 | $197.30 | — |
| Oct 7, 2025 | Ro Khanna |
0 | $188.53 | — |
| Oct 7, 2025 | Ro Khanna |
0 | $188.53 | — |
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In the full deep dive
Questions
What growth does SBA Communications's stock price imply?
At a market value of $18.0B, SBA Communications would need its free cash flow to grow about 3% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew 7% a year.
Are SBA Communications insiders buying the stock?
10 open-market insider purchases of SBAC in the last 12 months, from SEC Form 4 filings.
Which superinvestors own SBA Communications?
6 of the superinvestors Investingly tracks hold SBAC in their latest 13F, including Dodge & Cox, Ric Dillon, Cliff Asness.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.