SBA COMMUNICATIONS CORPORATION
At today's price, SBA COMMUNICATIONS CORPORATION (SBAC) is priced for -2.0% FFO growth. boothcheck doesn't publish a fair value or a price target; it shows what the price assumes, so you can judge whether that bar is too high. Built from SEC EDGAR filings.
- The counterintuitive read: at about 16x adjusted funds from operations the price implies AFFO per share declines roughly 1.8% a year. The market is pricing modest erosion, not growth, in a tower business that just raised its AFFO guidance. - The caveat is leverage and concentration: net debt is about 11.4x FFO, normal for a tower REIT but real, and a small number of carrier tenants drive most of the revenue.
Is SBAC overvalued? See what's priced in →
646 institutional managers reported holding SBAC in 13F filings for the quarter ended 2026-03-31. Together they hold about 93% of the company; the top 10 hold 55%. 81 opened new positions that quarter. Held by Vanguard Group, Dodge & Cox, BlackRock, among others. On the short side, 2.3M shares were sold short as of the 2026-06-15 count, about 2% of shares outstanding (2.3 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
SBAC has cut its share count 3.3% over the past five years, spending $1.64B on repurchases. It pays a dividend, and has for 7 years running, raised 6 years straight. Cash returned over the past three years: $1.22B in dividends and $797.83M in repurchases.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
No open-market insider buys on file at SBAC over the trailing three years. Absence is a fact about the company, not a signal. 16 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
SBAC's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-04 | +4.2% | -13.9% |
| 2023-11-08 | +9.4% | +10.4% |
| 2024-02-29 | -6.1% | -7.3% |
| 2024-05-07 | -5.2% | -0.2% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
SBAC's latest 8-K filings: 2026-07-15 (items 1.01, 9.01); 2026-05-22 (items 5.07); 2026-04-29 (items 2.02, 9.01); 2026-03-27 (items 5.02); 2026-02-26 (items 2.02, 9.01).
Item codes are the SEC's own classification of what each report discloses. Nothing here is investment advice.
Last analyzed: June 28, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.