SBA Communications Corporation

SBAC

REIT - Specialty · Real Estate

Price

$185.69

+0.65 (+0.35%)

Market Cap

$19.69B

Exchange

NASDAQ

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Share count falling — buybacks

−3.3% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 111.2M (2021) → 107.5M (2025)

SBA Communications Corporation is a first choice provider and leading owner and operator of wireless communications infrastructure in North, Central, and South America and South Africa. By Building Better Wireless, SBA generates revenue from two primary businesses site leasing and site development services. The primary focus of the Company is the leasing of antenna space on its multi-tenant communication sites to a variety of wireless service providers under long-term lease contracts. For more i

Winston Score History

Politician Trades

17 trades / 12mo

8 Congressional buys and 9 sells on SBAC in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+5.9% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-14.6% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

0.7%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$328M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

SBA Communications Corporation is growing revenue at 6% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

75.6%

Premium pricing power — 75.6% gross margin

Operating Margin

48.7%

Excellent — 48.7% operating margin

ROCE

4.2%

Weak — 4.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+6.3%

Slow sales growth (6.3% YoY)

EPS YoY

+25.7%

Earnings growing fast (25.7% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

122%

Turns 122% of profit into real cash

FCF Margin

35.7%

Converts sales into free cash efficiently (35.7%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

N/A

—

Data not available

Interest Cover

3.59x

Tight — interest eats into profit (3.6x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

19.5x

Fair value — P/E 19.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

-0.9

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

2.52%

Moderate income — 2.52% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+12.9%

Dividend growing fast (12.9% YoY)

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