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SBA Communications Corp. (SBAC)

SBA Communications owns and operates wireless communications infrastructure: tower structures, rooftops and other structures that hold the antennas mobile networks run on. It rents space on them to the carriers. It owned 46,328 towers at the end of 2025, mainly in the United States and its territories, with the rest in South America, Central America and Africa.

SBA Communications Corp.

SBA Communications owns and operates wireless communications infrastructure: tower structures, rooftops and other structures that hold the antennas mobile networks run on. It rents space on them to the carriers. It owned 46,328 towers at the end of 2025, mainly in the United States and its territories, with the rest in South America, Central America and Africa.

Two businesses, and one of them is almost everything

Site leasing contributed 97.9 percent of total segment operating profit in 2025, and the filing says it has been 97.4 percent or more for each of the past three years. The other line, site development, helps carriers build and maintain their own networks and is run in the United States only.

Site leasing is split into two reportable segments, domestic and international. Carriers sign either an individual lease for one site or a master lease agreement setting the terms that apply across many sites, with each site still usually carrying its own agreement for pricing and site-specific terms. SBA also manages rooftop and tower sites owned by other property owners under contract.

Domestic

17,394 sites in the United States and its territories at the end of 2025. Those sites produced 72.6 percent of total site leasing revenue, mainly from T-Mobile, AT&T Wireless and Verizon Wireless. Tenant leases generally run five to ten years initially with multiple renewals at the tenant's option and specific annual rent increases written in, including through the renewal periods. The ground leases and other property interests underneath generally run five years or more initially with multiple renewals at SBA's own option and their own annual increases. No US state or territory accounted for more than 10 percent of the tower portfolio by count or more than 10 percent of total revenues.

International

28,934 sites across 12 international markets at the end of 2025. Brazil holds about 30 percent of total towers and Guatemala about 10 percent, with no other country above 5 percent. The tenants are all the major carriers in each of those countries. Initial lease terms run five to fifteen years, and the increases are either fixed, linked to an inflation index, or a combination of the two. International leases may also pass through charges such as ground rent, utilities, property taxes and fuel.

Currency exposure differs by country, and the filing is specific about it. In Ecuador, El Salvador, Guatemala, Honduras, Nicaragua and Panama substantially all revenue, expenses and capital expenditure are in US dollars, with local currency obligations limited mainly to permits and local fees, utilities and taxes. In Brazil, Chile and South Africa substantially all of it is in local currency. In Costa Rica, Peru and Tanzania it is a mix.

What changed in the year

SBA bought over 7,000 sites from Millicom across Central America, and as part of that deal holds a seven-year exclusive right to build up to 2,500 build-to-suit sites in the region, each with an initial lease term of 15 years. In the other direction, during 2025 it sold all of its towers and ended operations in both the Philippines and Colombia, and sold substantially all of its operations in Canada.

How new towers get built

Under build-to-suit arrangements SBA constructs a tower at a location the carrier has identified, but keeps ownership of the structure and the exclusive right to add further tenants to it. It also builds at locations it chooses itself, using what it knows about carrier network requirements, and generally has at least one signed tenant lease in place on the day a new tower is finished.

The number that drives the model

At the end of 2025 SBA had an average of 1.8 tenants per site. Most towers were built to hold several tenants, and the company assesses remaining capacity by tower height and type, wind loading, environmental conditions, the equipment already mounted and local zoning and permitting rules. It states that filling that spare structural capacity generates additional lease revenue at low incremental cost.

Site development

Conducted only in the United States, and offered both at SBA's own towers and at towers owned by others, through regional, market and project offices. The services run from network pre-design, site audits and identifying possible locations, through leasing the location and obtaining zoning approvals and permits, to construction, antenna installation, and radio equipment installation, commissioning and maintenance.

From SBA Communications' annual report on Form 10-K for the year ended 31 December 2025. The filing

Compare with another name What $10,000 in SBA Communications became

Latest results

Latest quarterQ3 FY2026ended 30 September 2026 · 10-Q filed 5 November 2026
Revenue
$714 million
-2.5% on the year · -0.2% on the quarter
Q4 FY2024Q3 FY2026
Net income
$231 million
-2.3% on the year · +16.4% on the quarter
Q4 FY2024Q3 FY2026
Diluted EPS
$2.19
-0.5% on the year · +17.1% on the quarter
Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

Read the Q3 FY2026 results →the 10-Q on EDGAR ↗
Last full yearFY2025ended 31 December 2025 · 10-K filed 27 February 2026
Revenue
$2.8 billion
+5.1% on the year
FY2018FY2025
Net income
$1.1 billion
+40.6% on the year
FY2018FY2025
Diluted EPS
$9.80
+41.2% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The years before, in wordsSBA Communications (SBAC) reported revenue of $2.8 billion for fiscal 2025, the year ended 31 December 2025, up 5.1% on the year before. Net income was $1.1 billion and diluted earnings per share $9.80. Revenue was $2.7 billion in fiscal 2024, $2.7 billion in fiscal 2023, $2.6 billion in fiscal 2022 and $2.3 billion in fiscal 2021. Net income in the same years was $750 million, $502 million, $461 million and $238 million. Over the twelve months to 30 September 2026, SBA Communications reported revenue of $2.9 billion and net income of $985 million. Revenue grew 6.2% a year, compounded, over the five years to fiscal 2025. SBA Communications declared $4.86 a share in dividends over the last four quarters and had 104 million shares outstanding at the latest filed count. At the close of 6 November 2026 the market cap of SBA Communications was $19.8 billion, 20.4 times its earnings over the last twelve months.
Read the FY2025 results →the 10-K on EDGAR ↗

Ratios

From the filings

ROEn/a
ROCEn/a
Operating margin47.7%
Net margin34.5%
FCF margin36.9%
Interest covern/a
Debt to equityn/a
Cash conversion1.32x
Share count, last 12 months-2.2%
Sales CAGR, 3 years2.2%
Profit CAGR, 3 years31.7%
EPS, TTM$9.27

At the close of 6 November 2026

Price$189.55
Market cap$19.8 billion
Stock P/E20.4x
Price to bookn/a
EV / EBITDA19.1x
Dividend yield2.6%
Market cap / sales6.9x
52-week high$223.75
52-week low$158.10
Price, 1 year-2.7%
Price CAGR, 3 years-4.8%
Price CAGR, 5 years-11.2%

29 ready-made ratios, from FCF yield to net debt to EBITDA, wait on the Formulas page, each with what it tells you. Browse and add them →

Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on long-term debt as SBA Communications Corp. files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.
SBACgreeksoup.ai
Daily prices to 6 November 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

Quarterly results

Q4 FY2021Q1 FY2022Q2 FY2022Q3 FY2022Q4 FY2022Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025Q1 FY2026Q2 FY2026Q3 FY2026
Revenue595620652676686676678683675658660668694664699732720703715714
Cost of revenue140153166178172164154150144138141150152154172190175171176172
Gross profit455467486498514511524533531520519517542511527543544532539542
Gross margin76%75%75%74%75%76%77%78%79%79%79%77%78%77%75%74%76%76%75%76%
SG&A63.562.163.365.870.672.263.464.867.568.762.460.167.666.271.066.074.470.577.568.0
Operating income197217231243235224241249210323354376382335335374299343352368
Operating margin33%35%35%36%34%33%36%36%31%49%54%56%55%50%48%51%42%49%49%52%
Pre-tax income48.322965.610312914417393.2138171147298156260261289432236232255
Tax rate-1%18%-5%3%20%30%-17%8%21%10%-8%14%-15%16%13%17%14%22%15%9%
Net income48.918969.510010310120487.4110155163259174221226237370185199231
Net margin8%30%11%15%15%15%30%13%16%23%25%39%25%33%32%32%51%26%28%32%
Diluted EPS$0.44$1.72$0.64$0.91$0.94$0.93$1.87$0.80$1.01$1.42$1.51$2.40$1.61$2.04$2.09$2.20$3.47$1.74$1.87$2.19
Operating cash flow299292372332289311487314433294426305310301368318304255407332
Capital expenditure43.338.019312466.149.184.011562.757.991.627255.546.264774.762.748.462.472.8
Free cash flow25525417920922326240319837023733432.4255255-279243241207345259
Buybacks298432-0.00.00.0n/an/an/an/a10693.90.00.0n/an/a151n/an/an/a300
Dividends paid63.176.976.676.776.793.992.192.191.8108105105105122119119118135133131
Shares outstanding109m108m108m108m108m108m108m108m108m108m107m108m108m108m107m107m106m106m106m104m
Filing10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q
Each quarter as filed, linked to its filing.
Read moreMoney is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss)

FY2008FY2009FY2010FY2011FY2012 †FY2013FY2014FY2015 †FY2016FY2017FY2018FY2019 †FY2020FY2021 †FY2022FY2023FY2024FY2025TTM
Revenue4755566276989541,3051,5271,6381,6331,7281,8662,0152,0832,3092,6332,7122,6802,8152,852
Cost of revenue1680.20.20.20.2408428444421446469493477545669613582691694
Gross profit3075556266986758971,0991,1941,2121,2811,3971,5221,6071,7631,9652,0992,0982,1242,158
Gross margin64.6%100.0%100.0%100.0%70.7%68.7%71.9%72.9%74.2%74.2%74.9%75.5%77.1%76.4%74.6%77.4%78.3%75.5%75.7%
Selling, general and administrative48.752.858.262.872.185.5103115143131143193194220262268259278290
Operating income45.655.074.31111472303373123874595445836347829259241,4361,3431,361
Operating margin9.6%9.9%11.9%15.8%15.4%17.6%22.0%19.1%23.7%26.5%29.2%29.0%30.4%33.9%35.1%34.1%53.6%47.7%47.7%
Interest expense105131150161196n/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Pre-tax income-66.1-141-193-125-177-57.2-15.7-16787.311751.7187-17.72535265497731,2421,155
Income tax1.00.51.02.16.6-1.38.69.111.113.24.239.6-41.814.966.051.124.0188171
Effective tax raten/an/an/an/an/an/an/an/a12.7%11.3%8.2%21.2%n/a5.9%12.6%9.3%3.1%15.1%14.8%
Net income-67.2-141-195-126-181-55.9-24.3-17676.210447.514724.12384615027501,054985
Net margin-14.1%-25.4%-31.1%-18.1%-19.0%-4.3%-1.6%-10.7%4.7%6.0%2.5%7.3%1.2%10.3%17.5%18.5%28.0%37.4%34.5%
Diluted EPSn/a-$1.20-$1.68-$1.13-$1.51-$0.44-$0.19-$1.37$0.61$0.86$0.41$1.28$0.21$2.14$4.22$4.61$6.94$9.80$9.27
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by segment FY2009 to FY2025

FY2009FY2010FY2011FY2012FY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025Share
of the parts, latest year
Domestic Site Leasingn/an/an/a7981,0491,1571,2371,2741,3081,4001,4871,5581,6811,7781,8471,8611,86666.3%
International Site Leasingn/an/an/a48.384.320324426431534037439642355967066570525.0%
Site Development61.191.281.910817216715895.11051251541292052971951532448.7%
Site Development Consulting17.4n/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Site Leasing Revenue477535616n/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Domestic Site Leasing FY2012 to FY2025International Site Leasing FY2012 to FY2025Site DevelopmentSite Leasing Revenue FY2009 to FY2011Site Development Consulting FY2009
627FY20101,305FY20131,633FY20162,015FY20192,633FY20222,815FY2025

$ million; hover a block for its figure and share; a part named with years is one the company split its revenue into only then

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Profit by segment FY2009 to FY2025

The operating profit each segment reports. Costs SBA Communications does not charge to a segment are left out, so the segments can add up to more than the company's own operating profit.

FY2009FY2010FY2011FY2012FY2013FY2014FY2015FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025Margin
FY2025
Domestic Site Leasingn/an/an/a1522303022783994445255696207588758501,2501,16662.5%
International Site Leasingn/an/an/a-2.2-13.920.933.918.845.441.948.452.654.282.211222521931.1%
Site Development-0.92.52.17.124.328.122.2-0.1-0.59.610.85.922.748.529.316.628.711.7%
Site Development Consulting2.4n/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Site Leasing Revenue60.578.4117n/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Domestic Site Leasing FY2012 to FY2025Site Leasing Revenue FY2009 to FY2011International Site Leasing FY2012 to FY2025Site Development Consulting FY2009Site Development
80.9FY2010240FY2013418FY2016628FY20191,005FY20221,414FY2025

$ million; the figure over a bar is all the segments together; a year a segment lost money, it hangs below the line. Hover a block for its profit, sales and margin.

FY2025Share of salesShare of profit
Domestic Site Leasing66%82%
International Site Leasing25%16%
Site Development9%2%

Each column adds to 100%. A segment with a bigger share of the profit than of the sales makes more on each dollar it sells.

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where every segment with sales that year has an operating profit figure. A margin is a segment's operating profit over its own sales.

Cash flow

FY2008FY2009FY2010FY2011FY2012 †FY2013FY2014FY2015 †FY2016FY2017FY2018FY2019 †FY2020FY2021 †FY2022FY2023FY2024FY2025TTM
Operating cash flow1742232012493414986747237438188519701,1261,1901,2861,5441,3351,2911,298
Capital expenditure36.246.766.6127113169211209140147150154129134214237228225246
Free cash flow1381761351222283294635146036717018169971,0561,0711,3081,1071,0671,052
Free cash flow margin29.0%31.6%21.5%17.5%23.9%25.2%30.3%31.4%36.9%38.9%37.6%40.5%47.9%45.7%40.7%48.2%41.3%37.9%36.9%
Cash from investing-581-229-425-508-2,275-827n/a-737-428-605-618-947-446-1,423-1,394-468-809-602-451
Cash from financing41589.01272422,116220n/a75.8-289-295-149-62.3-469339-135-1,017646-1,664-871
Depreciation and amortisation211259279309408533627660638643672697722700708716270292328
Share-based compensation7.28.210.511.514.017.222.728.732.938.242.373.268.984.499.987.974.475.782.9
Buybacks12051.7107225n/an/an/a450546855796467859583432100200498n/a
Dividends paidn/an/an/an/an/an/an/an/an/an/an/a83.4208254307370424479517
Diluted shares, weightedn/an/an/an/an/an/a129m128m125m121m117m115m113m111m109m109m108m108m106m
Shares outstanding at period endn/a117m115m110m110mn/an/an/an/a116m112m112m110m109m108m108m108m106m104m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet

FY2008FY2009FY2010FY2011FY2012 †FY2013FY2014FY2015 †FY2016FY2017FY2018FY2019 †FY2020FY2021 †FY2022FY2023FY2024FY2025TTM
Funded by
Shareholders' equity651599317-11.3653357-661-1,706-1,996-2,599-3,377-3,667-4,824-5,283-5,276-5,171-5,110-4,854-4,835
Non-controlling interestn/a0.9n/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/an/a
Redeemable equityn/an/an/a12.111.7n/an/an/an/an/an/a16.115.217.231.735.054.178.392.9
Debtn/a2,4892,8273,3545,3565,8777,8618,4528,7769,3119,93910,33411,09612,30312,86812,32413,59212,90012,896
Operating lease liabilitiesn/an/an/an/an/an/an/an/an/an/an/a2,2772,0921,9792,0371,8631,9022,115n/a
Finance lease liabilitiesn/an/an/an/an/an/an/an/an/an/an/a2.52.02.13.13.21.94.5n/a
Other liabilitiesn/a2252562515955506415675816096527977777849211,1249781,3313,462
Total liabilities and equityn/a3,3143,4003,6066,6166,7837,8417,3137,3617,3207,2149,7609,1589,80210,58510,17811,41711,57511,616
Owned
Fixed assetsn/a1,4971,5341,5832,6712,5782,7622,7822,7922,8122,7862,7952,6772,5752,7142,7122,7923,4023,402
Intangible assetsn/a1,4361,5001,6403,1343,3874,1903,7353,6573,5983,3313,6273,1562,8032,7762,4562,3892,8822,795
Investmentsn/a5.453.755.358.458.249.68.88.1n/a0.213.858.348.742.025.627527.758.4
Securities held for sale or to maturityn/an/an/an/an/an/an/an/an/a0.5n/an/an/an/an/an/an/an/an/a
Cash and equivalents78.916164.347.323312239.411814668.8143108309367144209190265418
Receivablesn/a19.618.822.139.171.310483.378.390.711113274.1102184183146171151
Other assetsn/a1952292594805666965856797508413,0842,8843,9054,7254,5945,6264,8284,792
Total assetsn/a3,3143,4003,6066,6166,7837,8417,3137,3617,3207,2149,7609,1589,80210,58510,17811,41711,57511,616
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded5.6%6.2%2.2%2.3%
Profit growth, compoundedn/a112.9%31.7%15.0%
Return on equity, averagen/an/an/an/a
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Questions

What was SBA Communications' revenue in fiscal 2025?

SBA Communications (SBAC) reported revenue of $2.8 billion for fiscal 2025, the year ended 31 December 2025, up 5.1% on the year before.

How much did SBA Communications earn in fiscal 2025?

Net income was $1.1 billion for fiscal 2025, and diluted earnings per share $9.80.

What is SBA Communications' P/E ratio?

At the close of 6 November 2026, SBA Communications traded at 20.4 times its earnings over the twelve months to 30 September 2026.

What is SBA Communications' market cap?

The market cap of SBA Communications was $19.8 billion at the close of 6 November 2026.

Does SBA Communications pay a dividend?

Yes. SBA Communications declared $4.86 a share in dividends over the four quarters to 30 September 2026.

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Morgan Stanley MS$284.0 billion14.4017.5%n/a16.2%3.322.3%
Goldman Sachs Group Inc. GS$249.8 billion12.4417.7%n/a18.7%3.562.1%
BlackRock, Inc. BLK$182.3 billion26.8111.9%32.5%24.7%0.221.9%
Welltower Inc. WELL$179.3 billion106.063.4%-1.9%39.2%0.401.3%
Charles Schwab Corp. SCHW$157.9 billion15.6120.7%n/a18.1%0.461.3%
Prologis, Inc. PLD$120.7 billion28.037.6%54.8%7.2%0.663.3%
CME Group Inc. CME$109.7 billion25.1016.8%65.7%9.0%0.133.7%
Equinix Inc. EQIX$100.2 billion60.7911.3%22.5%11.1%1.572.0%
Intercontinental Exchange, Inc. ICE$96.1 billion23.5013.9%40.6%12.1%0.781.2%
Blackstone Inc. BX$90.8 billion26.5640.2%47.9%22.1%1.533.9%
American Tower Corp. AMT$87.7 billion26.6394.2%44.8%5.3%10.693.7%
KKR & Co. Inc. KKR$86.6 billion30.7210.2%n/a31.1%1.720.8%
Brookfield Asset Management Ltd. BAM$84.6 billionn/an/a58.6%31.9%0.38n/a
Simon Property Group Inc. SPG$73.9 billion16.48110.4%45.9%16.2%6.963.9%
Robinhood Markets, Inc. HOOD$72.9 billion37.2919.7%45.7%20.9%0.26n/a
Apollo Global Management, Inc. APO$69.0 billionn/a-5.8%9.8%12.2%0.921.8%
Digital Realty Trust, Inc. DLR$65.3 billion72.893.3%16.2%20.0%0.69n/a
Public Storage PSA$63.1 billion35.3413.1%34.5%5.2%0.843.6%
Nasdaq, Inc. NDAQ$59.8 billion29.2717.4%29.7%11.9%0.731.1%
Realty Income Corp. O$56.2 billion40.723.4%20.5%10.8%0.795.5%
Ventas, Inc. VTR$46.9 billion167.461.7%3.2%22.1%0.792.3%
Ameriprise Financial Inc. AMP$43.6 billion11.2981.4%26.8%10.0%1.17n/a
Ares Management Corp. ARES$42.0 billionn/a11.3%17.7%7.6%2.033.9%
Crown Castle Inc. CCI$37.7 billion46.63n/a47.1%-15.7%n/a4.8%
Cboe Global Markets, Inc. CBOE$36.8 billion25.1125.0%36.4%14.3%0.240.9%
Interactive Brokers Group, Inc. IBKR$34.4 billion29.1618.9%n/a19.7%n/a0.4%
Extra Space Storage Inc. EXR$33.2 billion32.358.1%43.8%4.1%1.044.1%
Iron Mountain Inc. IRM$31.7 billion69.58n/a19.5%17.5%n/a3.2%
Raymond James Financial Inc. RJF$31.3 billion14.1918.2%n/a10.5%0.071.3%
Tradeweb Markets Inc. TW$29.7 billion29.9913.7%44.1%14.4%0.000.4%
Nomura Holdings Inc. NMR *$27.3 billion12.459.8%n/a14.0%n/a4.4%
Vici Properties Inc. VICI$27.3 billion11.378.1%n/a4.7%0.587.3%
Vivmark Residential VMRK$24.6 billion28.488.3%28.2%2.8%0.794.3%
T. Rowe Price Group, Inc. TROW$23.1 billion10.9619.2%32.0%6.9%0.004.8%
LPL Financial Holdings Inc. LPLA$23.0 billion16.9524.0%9.2%31.0%1.340.4%
Royal Gold Inc. RGLD$22.5 billion26.7910.8%62.0%105.2%0.020.7%
Pershing Square Inc. PS$20.6 billionn/a-9.0%0.2%n/a0.21n/a
SBA Communications Corp. SBAC$19.8 billion20.45n/a47.7%2.3%n/a2.6%
Texas Pacific Land Corp. TPL$18.8 billion32.0032.6%75.5%25.3%0.000.9%
TPG Inc. TPG$17.9 billion59.186.8%n/a18.8%0.574.8%
Essex Property Trust, Inc. ESS$17.5 billion50.556.6%29.5%4.5%1.253.8%
Franklin Templeton Inc. BEN$17.1 billion22.976.9%9.7%7.9%0.203.9%
Kimco Realty Corp. KIM$17.0 billion23.847.4%40.1%3.5%0.834.2%
Host Hotels & Resorts, Inc. HST$16.9 billion17.9814.8%14.8%5.0%0.806.1%
Lamar Advertising Co. LAMR$15.8 billion27.5155.8%32.1%5.1%3.394.3%
Blue OWL Capital Inc. OWL$15.4 billion70.144.9%-105.8%119.9%1.898.7%
Weyerhaeuser Co. WY$15.1 billion33.294.8%11.7%-1.1%0.574.0%
W. P. Carey Inc. WPC$15.0 billion22.437.4%43.8%9.0%1.005.7%
Annaly Capital Management Inc. NLY$14.7 billion13.117.1%n/a28.4%2.4314.9%
Omega Healthcare Investors Inc. OHI$14.6 billion19.3613.8%73.4%14.0%0.735.6%
Sun Communities Inc. SUI$14.4 billionn/a-14.7%4.2%2.9%0.723.7%
Carlyle Group Inc. CG$14.0 billion42.225.4%16.6%-7.6%0.463.5%
Healthpeak Properties, Inc. DOC$14.0 billion37.564.8%4.0%9.4%1.196.0%
Mid-America Apartment Communities, Inc. MAA$13.8 billion36.057.3%n/a1.0%1.105.1%
Regency Centers Corp. REG$13.7 billion26.747.7%72.0%8.4%0.724.0%
American Healthcare REIT, Inc. AHR$13.4 billion118.201.7%20.2%21.5%0.251.7%
SEI Investments Co. SEIC$12.5 billion18.3128.3%29.4%12.8%0.011.0%
Equity Lifestyle Properties Inc. ELS$12.2 billion31.0123.1%26.1%3.2%1.893.4%
Invesco Ltd. IVZ$11.9 billionn/a-2.5%-4.5%13.7%0.103.1%
Udr, Inc. UDR$11.7 billion17.2522.3%52.2%0.6%1.844.7%
American Homes 4 Rent AMH$11.7 billion26.916.7%15.2%3.5%0.773.9%
Stifel Financial Corp. SF$11.4 billion12.2816.1%n/a10.9%0.101.8%
Gaming & Leisure Properties, Inc. GLPI$11.3 billion11.8918.9%79.1%7.3%1.638.2%
Freedom Holding Corp. FRHC$11.0 billionn/an/an/an/an/an/a
Jefferies Financial Group Inc. JEF$10.9 billionn/a8.3%n/a17.7%1.723.4%
Evercore Inc. EVR$10.8 billion15.6339.2%21.3%36.6%0.281.2%
Eastgroup Properties Inc. EGP$10.4 billion32.848.9%40.8%10.4%0.513.3%
Bxp, Inc. BXP$10.4 billion19.4710.3%29.2%2.7%3.204.3%
Houlihan Lokey, Inc. HLI$10.1 billion24.4617.5%20.3%-0.4%0.001.8%
CubeSmart CUBE$10.1 billion29.8114.0%40.8%3.3%1.434.7%
Camden Property Trust CPT$10.0 billion9.2824.6%n/a-1.0%0.934.2%
Janus Living, Inc. JAN$9.9 billionn/a0.2%n/an/a0.00n/a
CareTrust REIT, Inc. CTRE$9.8 billion24.046.8%54.6%43.6%0.393.9%
Federal Realty Investment Trust FRT$9.7 billion22.5313.6%47.7%7.8%1.504.0%
Affiliated Managers Group, Inc. AMG$9.4 billion12.5628.2%15.1%11.8%0.990.0%
Brixmor Property Group Inc. BRX$9.2 billion21.9114.1%n/a5.7%1.764.1%
Ryman Hospitality Properties, Inc. RHP$9.1 billion31.8920.2%19.6%12.9%3.403.6%
Agree Realty Corp. ADC$9.1 billion36.033.5%48.9%17.7%0.543.8%
Morningstar, Inc. MORN$9.1 billion21.3343.4%24.5%9.4%1.640.8%
Lineage, Inc. LINE$8.9 billionn/a-2.1%3.6%1.0%0.795.4%
Virtu Financial, Inc. VIRT$8.4 billion7.9231.1%32.4%26.1%2.381.8%
Rexford Industrial Realty, Inc. REXR$8.1 billionn/a-6.4%39.8%-2.0%0.394.6%
NNN REIT, Inc. NNN$8.0 billion19.598.7%62.9%7.3%1.105.9%
Alexandria Real Estate Equities, Inc. ARE$7.8 billionn/a-9.7%-85.8%-9.9%0.876.4%
Victory Capital Holdings, Inc. VCTR$7.4 billion21.9218.8%40.4%36.9%0.401.6%
InterDigital, Inc. IDCC$7.4 billion31.4625.2%45.1%-12.0%0.251.0%
First Industrial Realty Trust Inc. FR$7.1 billion19.9912.9%41.6%8.5%0.963.6%
Stag Industrial, Inc. STAG$7.1 billion25.967.4%37.7%9.3%0.944.2%
Macerich Co. MAC$7.1 billionn/a-3.6%-12.0%-1.3%1.902.7%
Vornado Realty Trust VNO$6.7 billionn/a0.2%n/a1.6%1.272.1%
Healthcare Realty Trust Inc. HR$6.5 billionn/a-1.1%n/a-5.8%1.045.0%
StoneX Group Inc. SNEX$6.5 billion9.3918.5%n/a48.7%6.97n/a
Rayonier Inc. RYN$6.4 billion37.143.0%12.0%24.1%0.354.9%
Essential Properties Realty Trust, Inc. EPRT$6.2 billion22.745.8%60.6%20.4%0.664.5%
Dolby Laboratories, Inc. DLB$6.1 billion27.598.8%17.7%0.6%0.002.2%
Marketaxess Holdings Inc. MKTX$5.8 billion20.2722.9%39.1%3.9%0.071.9%
StepStone Group Inc. STEP$5.7 billionn/an/a-58.2%48.5%n/a3.1%
SSR Mining Inc. SSRM$5.7 billion24.067.7%40.9%39.4%0.00n/a
Sabra Health Care REIT, Inc. SBRA$5.5 billion75.042.5%n/a23.4%0.865.7%
Outfront Media Inc. OUT$5.4 billion21.0936.6%20.7%9.1%3.594.0%
Galaxy Digital Inc. GLXY$5.3 billionn/a-18.5%-2.3%66.0%1.55n/a
Phillips Edison & Company, Inc. PECO$5.2 billion28.157.5%n/a7.0%1.055.6%
Rithm Capital Corp. RITM$5.2 billionn/an/an/an/a3.5010.8%
Kite Realty Group Trust KRG$5.0 billion15.7112.4%17.4%-7.3%1.024.6%
Hamilton Lane Inc. HLNE$5.0 billion13.2628.2%43.7%18.9%0.27n/a
BGC Group, Inc. BGC$5.0 billion25.5718.0%4.7%27.6%1.600.8%
HA Sustainable Infrastructure Capital, Inc. HASI$5.0 billion40.525.5%n/a22.6%2.364.4%
Cousins Properties Inc. CUZ$4.9 billion328.830.3%68.3%8.5%0.804.3%
Federated Hermes, Inc. FHI$4.7 billion11.5732.5%27.8%13.2%0.272.2%
Howard Hughes Holdings Inc. HHH$4.6 billion30.714.3%18.1%42.8%1.44n/a
Americold Realty Trust COLD$4.6 billion19.307.9%15.1%1.3%1.035.7%
EPR Properties EPR$4.6 billion16.8112.7%59.0%7.3%1.436.1%
Apple Hospitality REIT, Inc. APLE$4.5 billion23.905.9%18.3%3.2%0.475.1%
Tanger Inc. SKT$4.4 billionn/an/an/an/a2.44n/a
Piper Sandler Companies PIPR$4.4 billion15.5321.9%n/a21.1%n/a3.0%
Starwood Property Trust, Inc. STWD$4.4 billionn/a-4.0%-12.7%14.4%3.4015.9%
Lazard, Inc. LAZ$4.2 billion23.2219.5%8.1%9.2%1.785.2%
Kilroy Realty Corp. KRC$4.2 billion149.250.6%n/a-3.6%0.846.0%
Cohen & Steers, Inc. CNS$3.8 billion22.4627.8%32.4%8.6%0.003.6%
Copt Defense Properties CDP$3.7 billion22.2111.0%30.2%7.2%1.673.8%
PJT Partners Inc. PJT$3.7 billion21.2552.5%20.5%10.2%0.000.7%
LXP Industrial Trust LXP$3.6 billion31.545.9%n/a-3.5%0.664.5%
SL Green Realty Corp. SLG$3.6 billionn/a-3.7%61.7%9.7%1.255.2%
Independence Realty Trust, Inc. IRT$3.5 billion57.651.8%16.6%3.1%0.724.7%
Highwoods Properties, Inc. HIW$3.5 billion18.747.8%67.2%5.4%1.486.4%
Miami International Holdings, Inc. MIAX$3.4 billion12.7724.3%10.9%n/a0.00n/a
National Health Investors Inc. NHI$3.4 billion20.5910.6%n/a23.9%0.815.2%
Broadstone Net Lease, Inc. BNL$3.4 billion23.045.1%46.0%8.0%1.016.7%
Acadian Asset Management Inc. AAMI$3.2 billion26.66n/a25.5%27.9%n/a0.3%
Artisan Partners Asset Management Inc. APAM$3.2 billion9.1669.7%33.4%8.7%0.438.1%
WisdomTree, Inc. WT$2.9 billion27.4424.8%39.9%45.2%2.380.6%
DiamondRock Hospitality Co. DRH$2.9 billion17.7710.7%16.6%2.1%0.712.9%
Acadia Realty Trust AKR$2.7 billion70.732.0%53.3%-0.3%0.784.0%
Four Corners Property Trust, Inc. FCPT$2.6 billion21.497.3%n/a10.2%0.966.3%
CoreCivic, Inc. CXW$2.5 billion1.8563.5%9.9%26.9%0.28n/a
InvenTrust Properties Corp. IVT$2.5 billion85.221.6%-7.7%12.6%0.583.1%
LTC Properties Inc. LTC$2.5 billion4.7030.8%58.5%70.4%0.605.1%
Netstreit Corp. NTST$2.4 billion85.411.1%32.5%27.1%0.604.7%
Pebblebrook Hotel Trust PEB$2.4 billionn/a-2.9%3.1%2.8%0.890.2%
SmartStop Self Storage REIT, Inc. SMA$2.2 billion67.122.9%22.9%20.7%1.00n/a
RLJ Lodging Trust RLJ$1.9 billion121.901.7%10.0%4.1%1.034.8%
Douglas Emmett Inc. DEI$1.7 billionn/a-1.1%18.8%1.8%3.147.5%
Diversified Healthcare Trust DHC$1.7 billionn/a-9.9%-2.3%-3.8%1.600.6%
Global Net Lease, Inc. GNL$1.5 billionn/a-3.4%37.9%-21.8%1.7811.0%
CBL & Associates Properties Inc. CBL$1.5 billion6.8150.8%27.2%9.0%4.76n/a
American Assets Trust, Inc. AAT$1.3 billion61.541.9%23.6%1.1%1.526.3%
Alexanders Inc. ALX$1.3 billion6.7883.9%n/a8.2%3.677.1%
UMH Properties, Inc. UMH$1.3 billion298.400.5%n/a8.5%0.976.0%
Digital Turbine, Inc. APPS$1.3 billionn/a-18.3%10.3%19.2%1.85n/a
Medical Properties Trust Inc. MPT$1.1 billion4.405.4%3.7%10.5%2.0019.9%
Easterly Government Properties, Inc. DEA$1.1 billion77.521.1%23.9%11.4%1.288.0%
Ridgepost Capital, Inc. RPC$1.1 billion31.326.8%27.2%8.2%0.921.5%
Oppenheimer Holdings Inc. OPY$974 million12.238.7%7.2%13.9%n/a0.8%
Centerspace CSR$964 million10.7311.5%56.1%-6.0%1.025.4%
Orchid Island Capital, Inc. ORC$960 million98.60-0.5%95.7%74.8%9.2126.8%
Empire State Realty Trust, Inc. ESRT$918 million265.250.3%-4.4%2.0%2.142.6%
Abacus Global Management, Inc. ABX$852 million32.526.5%31.8%65.3%0.76n/a
Virtus Investment Partners, Inc. VRTS$846 million7.2812.7%15.7%-7.2%0.447.5%
CTO Realty Growth, Inc. CTO$783 million17.726.5%37.5%15.9%1.05n/a
Summit Hotel Properties, Inc. INN$755 millionn/a-2.5%9.9%2.4%1.654.6%
Safehold Inc. SAFE$749 million6.584.7%24.9%16.5%1.956.7%
Postal Realty Trust, Inc. PSTL$742 million38.904.7%38.2%22.3%0.944.4%
JBG Smith Properties JBGS$739 millionn/a-20.4%0.8%3.0%2.545.6%
Chatham Lodging Trust CLDT$722 million96.882.2%13.4%3.8%0.562.5%
Saul Centers, Inc. BFS$709 million31.0411.6%66.7%9.2%5.588.3%
PennyMac Mortgage Investment Trust PMT$685 million17.094.6%22.3%-11.5%1.7920.4%
Service Properties Trust SVC$674 million14.03-65.1%-6.1%-15.6%6.352.9%
Chimera Investment Corp. CIM$613 millionn/a-7.9%n/a12.4%4.0923.5%
Brandywine Realty Trust BDN$553 millionn/a-21.5%19.0%3.5%3.739.8%
Universal Health Realty Income Trust UHT$544 million26.9914.5%35.9%-0.0%2.847.6%
TPG RE Finance Trust, Inc. TRTX$512 million17.314.4%n/a-2.4%4.1014.2%
Franklin BSP Realty Trust, Inc. FBRT$470 millionn/a1.4%n/a16.4%2.9215.4%
One Liberty Properties Inc. OLP$446 million18.668.6%48.3%10.7%1.838.5%
BrightSpire Capital, Inc. BRSP$416 million23.862.2%27.0%2.5%2.9819.2%
NexPoint Residential Trust, Inc. NXRT$415 millionn/a-16.6%10.6%0.7%7.2413.0%
Industrial Logistics Properties Trust ILPT$397 millionn/a-14.9%33.7%3.5%9.854.2%
Farmland Partners Inc. FPI$369 million55.002.3%12.4%-5.6%0.5615.8%
Arbor Realty Trust Inc. ABR$299 millionn/a-4.2%n/a-12.9%4.4158.6%
Apollo Commercial Real Estate Finance, Inc. ARI$297 million2.9010.5%35.1%-14.7%n/a43.1%
Mesabi Trust MSB$226 million34.8836.9%n/a-87.6%0.00n/a
North European Oil Royalty Trust NRT$65 millionn/an/an/an/an/an/a
115 companies share its SEC industry code (Real Estate Investment Trusts); the rest are the names nearest in size in its wider industry, Trading, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

The public record on SBAC

Dividends$4.86 a share over the four quarters to 30 September 2026, a 2.56% yield
Filings17 in twelve months: 10 current reports (8-K), about 4 results of operations; 2 new financial obligation; 2 material agreement; 1 termination of a material agreement; 1 other events
Planned insider sales1 Form 144 notice in twelve months, $54,802; latest 17 August 2026
Options tapeput/call 0.91 by open interest at the 6 November 2026 close; the straddle prices a 6.2% move to 20 November 2026
13F holders685 funds reported a position for the quarter to 30 June 2026; largest Dodge & Cox
Insider trading1 sale and 0 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest3.4 million shares short, 3.30 days to cover at 15 October 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Filings

FilingPeriodFiledWhere
10-Q30 September 20265 November 2026EDGAR
10-Q30 June 20266 August 2026EDGAR
10-Q31 March 20265 May 2026EDGAR
10-K31 December 202527 February 2026EDGAR
10-Q30 September 20256 November 2025EDGAR
10-Q30 June 20257 August 2025EDGAR
10-Q31 March 20251 May 2025EDGAR
10-K31 December 202426 February 2025EDGAR
10-Q30 September 20241 November 2024EDGAR
10-Q30 June 20242 August 2024EDGAR

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