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A Look at SBA Communications Corp (SBAC) After 4.2% Decline -- GF Value $225.85 vs Price $173.41

On October 21, 2026, SBA Communications Corp SBAC shares fell 4.2%, closing at $173.41. The stock has been volatile, with a 52-week range of $156.60 to $224.46.

GF Value™ verdict: Current price is $173.41, indicating it is 23.2% undervalued compared to the GF Value™ of $225.85. GF Score™ is 84/100, signifying a strong overall rating. Notable signal: Insiders sold $0.1M worth of shares over the past 12 months, with no buying activity. Is SBAC Overvalued or Undervalued? According to the GF Value™, which estimates intrinsic value based on historical trading multiples, past business growth, and projected future performance, SBA Communications Corp appears undervalued at its current price of $173.41. The GF Value™ is calculated at $225.85, representing a significant margin of safety with a 23.2% upside potential. This modest undervaluation suggests an opportunity, but investors should proceed with caution given the company's financial strength rating of only 2/10, indicating potential risks in its business operations.

The GF Valuation label of "Modestly Undervalued" supports the notion that the stock offers some level of value relative to its intrinsic worth. However, the low financial strength score raises concerns about the sustainability of its operations and the potential for future earnings volatility.

How Does SBAC's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 18.7x 44.9x Forward P/E 20.9x - Currently, SBA Communications Corp's price-to-earnings (P/E) ratio of 18.7x is significantly below its 5-year median P/E of 44.9x, indicating that the stock is trading at a considerable discount relative to its historical valuation. This analysis aligns with the GF Value™ verdict, reinforcing the suggestion that SBAC is undervalued at present.

What Does SBAC's GF Score™ Tell Us? The GF Score™ aggregates various metrics to measure a company's overall quality and growth prospects, providing insights into its investment potential. SBA Communications Corp's GF Score™ of 84/100 reflects strong fundamentals, particularly in profitability and valuation, with notable strengths and weaknesses across different categories.

Metric Rating GF Score™ 84 Financial Strength 2/10 Profitability 10/10 Growth 8/10 Valuation 10/10 Momentum 5/10 The metrics indicate that while SBA Communications Corp excels in profitability (10/10) and valuation (10/10), it struggles significantly in financial strength (2/10). This dichotomy suggests a company that is highly profitable and potentially undervalued but may face challenges in maintaining its operations or managing debt effectively.

What Are Gurus and Insiders Doing with SBAC? Currently, 9 gurus hold shares of SBA Communications Corp, with 3 adding to their positions and 5 trimming their holdings in recent quarters. This flow indicates a mixed sentiment among institutional investors, which can be an important signal for retail investors.

On the insider front, the recent sale of $0.1M by insiders, with no buying activity, may raise some red flags regarding confidence in the company's future performance. This lack of insider buying could indicate a cautious outlook, contrasting with the high GF Score™ and profitability metrics.

What This Means for Investors Overall, SBA Communications Corp appears undervalued based on the GF Value™ analysis, suggesting a potential opportunity. However, the low financial strength score and recent insider selling indicate that investors should be cautious and consider the sustainability of the company's dividends and overall business health. For further insights, you can explore the SBA Communications Corp SBAC stock page for a deeper analysis.

Frequently Asked Questions What is SBAC's GF Score™?

SBAC's GF Score™ is 84/100, indicating a strong overall rating based on various metrics that assess the company's quality and growth potential.

Is SBAC overvalued or undervalued?

According to the GF Value™, SBAC is undervalued, with a current price of $173.41 compared to an estimated GF Value™ of $225.85.

What is SBAC's P/E ratio?

SBAC's P/E (TTM) is 18.7x, which is significantly below its 5-year median P/E of 44.9x, indicating that it is trading at a considerable discount compared to its historical valuation.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Disclosures I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.

SBA Communications (SBAC) saw its shares surge in the last session with trading volume being higher than average. The latest trend in FFO estimate revisions may not translate into further price increase in the near term.

Initial planned deployment comprises approximately 11 MW of energized capacity Compute capacity from initial deployment being fully allocated to long-term off-take partners Forum Markets introduces 2027 revenue guidance of $125 Million to $175 Million No equity issued to stand up initial deployment nor required to achieve 2027 revenue guidance Real estate and site equipment have already been purchased; compute capital expenditures are being funded through a combination of customer deposits and equipment financing , /PRNewswire/ -- Forum Markets, Incorporated (Nasdaq: FRMM) ("Forum" or "the Company"), an innovator in sourcing and operating cash-generating assets in aerospace, AI, and AI-powered consumer finance, today announced its first major investment in artificial intelligence ("AI") infrastructure with the formation of Forum Edge AI LLC, a Delaware limited liability company (the "Joint Venture") on October 2, 2026, a joint venture with Edge Node Inc., a Texas corporation ("Edge Node AI"), to own and operate high-performance inference compute capacity at sites that already have power and permits in place. Edge Node AI is an AI infrastructure company and approved Nvidia partner building a distributed AI inference network designed for companies and assets that depend on constant, real-time graphics processing unit (GPU) access. Forum holds majority ownership of and controls the Joint Venture, which has an initial portfolio consisting of 2MW of a 4 MW data center in Dallas, a 9 MW data center campus in High Point, N.C., and one initial mobile communications tower site of 1-2 MW with the ability to scale under separate agreements with SBA Communications Corporation (Nasdaq: SBAC) ("SBAC") and Tillman Infrastructure ("Tillman"). The Company expects to contract additional sites with other communications tower owners moving forward.

Transaction Highlights

Joint Venture: Forum Edge AI LLC is owned 51% by Forum and 49% by Edge Node AI. Forum is the sole manager and expects to consolidate the Joint Venture's financial results Initial portfolio: A Dallas data center with approximately 2 MW running today, stepping up to about 4 MW in the fourth quarter of 2026 and first quarter of 2027 with 2 MW already being operated by Edge Node AI, and 2 MW allocated to the Joint Venture; a six-building, 5-acre campus in High Point, N.C., with 9 MW of live utility power that will be 100% owned by the Forum Edge AI Joint Venture; and one mobile tower deployment in Texas near the existing Dallas data center Compute offtake: Forum Edge AI is allocating compute offtake to large, high-credit-quality counterparties over a multi-year period, which covers the entire contemplated initial power capacity and matches debt financing terms of the compute equipment portfolio Project-level structure: Each data site will be held in a special purpose vehicle (SPV) held by the Joint Venture, with each SPV financed and closed independently, with no cross-collateralization between projects. This modular deployment allows for capital efficiency and structuring agility. Equipment financing: A material portion of the compute equipment will be debt financed, with the Joint Venture funding equipment down payments at the project level primarily through proceeds of down payments from compute off-take partners and matched contract duration equipment financing. Aligned ownership: Forum and Edge Node AI will exchange 9.95% equity stakes in each respective company, subject to the achievement of certain power and financing milestones by the Joint Venture. Forum's contingent issuance of approximately 1.46 million shares represents approximately 9.95% of its shares outstanding after giving effect to the issuance, based on 13.2 million shares outstanding as of October 2, 2026.  Revenue timing: The first compute racks in Dallas are already energized, with the site's full initial phase capacity and contracted revenue expected in late 2026 or early 2027, and the first compute racks in High Point, N.C., expected to energize in the first quarter of 2027. The initial mobile tower deployment is expected to occur by mid-2027. Given this cadence, Forum is introducing full-year 2027 consolidated revenue guidance of $125 million to $175 million, reflecting 100% of Joint Venture revenue for the initial portfolio.  "We have looked at myriad AI financing and infrastructure opportunities over the past several months, and we were deliberate about where we were willing to commit capital," said McAndrew Rudisill, chairman and chief executive officer of Forum. "Deal flow was never the constraint in this market. Discipline was. We were patient because we were looking for a specific set of characteristics: sites where the power and the permits already exist; equipment we can finance on terms we can model and collateralize; a structure that keeps risk contained at the project level; and a credible partner whose economics are aligned with our own over the long term. This transaction has all four, and we believe it represents the most attractive risk-adjusted return we have underwritten to date. I am genuinely excited about the growth potential it unlocks for Forum, and we are intensely focused on the execution that will generate that growth, one site at a time."

The transaction supports Forum's strategy of acquiring, structuring, financing and operating cash-generating assets with attractive risk-adjusted returns in large, complex markets with durable demand drivers. Forum has previously identified AI infrastructure as one of its four key vertical markets, alongside commercial aerospace, manufactured housing finance and auto credit. Forum's pipeline of AI infrastructure deals has been a key 2026 priority, and the Joint Venture represents a major step forward in both expanding access to financing and tokenization opportunities and integrating strategic asset ownership with a highly differentiated, risk-controlled and modular approach. The Joint Venture is focused on inference, the workload that runs trained AI models in production, which in many use cases is required to sit close to the users it serves. Forum Edge AI's platform architecture addresses this demand for low-latency, edge compute by placing its sites inside metropolitan areas rather than in remote campuses. Simultaneously, this approach unlocks existing spare power, connectivity and physical sites rather than undertaking lengthy new greenfield builds.

"The next phase of AI infrastructure will require more than simply adding GPU capacity—it will require a distributed compute architecture that brings high-performance inference closer to where workloads and customers operate. Edge Node AI has been built around that vision," said Mallik Panda, founder and chief executive officer of Edge Node AI. "Forum brings significant capabilities in capital markets, financing, structuring, power and GPU supply that are highly complementary to our technical and operating capabilities. Together, we believe Forum Edge AI provides a strong platform to deploy infrastructure rapidly across powered data centers and distributed edge locations while maintaining disciplined, project-level economics. We are excited to work alongside Forum to build and scale this platform."

Deal Structure

The Joint Venture will initiate and own the various projects which, discretely, deliver compute. These projects are organized in a hub-and-spoke manner, with the "spokes" as tower sites and the "hubs" as owned data centers from which equipment at the tower sites can also be serviced and maintained by Forum Edge AI personnel. To mitigate risk, each AI compute site will be held in a distinct project-level SPV, and each project will be capitalized, financed and closed independently of the others, with no cross-collateralization between projects. Where a project includes real property, the land and the compute equipment will be held in separate entities, ensuring that equipment financing does not encumber real estate and real estate financing does not encumber the equipment.

Forum is the sole manager and 51% owner of the Joint Venture and will consolidate its financial performance. All project revenue will flow to the Joint Venture, and operating expenses will be charged to the Joint Venture at actual cost with no markup. Forum will hold a right of first refusal on any data center or tower site originated by Edge Node AI, as well as on compute capacity across all projects. Edge Node AI will license its variable-load inference technology to the Joint Venture and will provide senior technical and operating capabilities and personnel to run the data centers and edge nodes on a day-to-day basis.

Forum and Edge Node AI will exchange 9.95% equity stakes in each respective company, subject to the achievement of certain power and financing milestones by the Joint Venture. Edge Node AI will receive approximately 1.46 million shares of Forum's common stock, representing approximately 9.95% of its shares outstanding after giving effect to the issuance, based on 13.2 million shares outstanding as of October 2, 2026. Both parties are subject to lock-up restrictions on the shares that may be issued. The cross-ownership is intended to align Forum's and Edge Node AI's interests in the long-term performance of the platform.

Initial Site Portfolio

Power, permits and structures are already in place across the initial site portfolio. Forum believes this footprint delivers significantly reduced execution risk and a faster path from capital deployment to revenue.

Dallas The Joint Venture will own the computing equipment and transformer capacity at Edge Node AI's existing Dallas facility Certificate of occupancy for colocation and data center use received July 1, 2026 Approximately 2.0 MW of power running today, increasing to approximately 4.0 MW at the meter by early 2027, with contracted revenue expected to begin in late 2026 or early 2027 Edge Node AI retains ownership of the real estate while Forum's interest covers the equipment High Point, N.C. Signed purchase and sale agreement to acquire a six-building, 5-acre campus 9 MW of live utility power available on site today Initial installation of approximately 6 MW of GPUs expected to energize in the first quarter of 2027 Additional capacity to be added in phases as required cooling upgrades are completed Tower Sites Separate agreements with SBAC and Tillman covering one initial mobile tower deployment in Texas proximal to the existing Dallas data center. Agreements contemplate scaling in multiple metropolitan statistical areas and provide a measured, highly modular growth trajectory to the tower deployment as deemed appropriate by the Joint Venture The Joint Venture owns the equipment at each site and pays the tower owners a monthly fee Each installation has been sized to fit the existing lease, with zoning and power already in place Opening step in a program under which the Joint Venture expects to access multiple tower sites over time, with new tower sites added only after the previous sites achieve certain key performance metrics The Joint Venture is the result of the strategic review undertaken by the special committee of Forum's board of directors, which evaluated a range of alternatives. Given the scale and tenor of the venture, the committee determined to suspend further exploration at this time. Forum will provide additional updates if and when appropriate.

Forum Markets Revenue Guidance

Forum Markets, Incorporated, the public company, is providing the revenue guidance set forth below on a consolidated basis. Based on current site rollout assumptions for the Joint Venture, including the timing of the Dallas transformer upgrade, the North Carolina site closing and the pace of the first tower installation, Forum is establishing full-year 2027 revenue guidance of $125 million to $175 million (consolidated, reflecting 100% of Joint Venture revenue). The Company continues to anticipate becoming cash flow positive in early 2027.

The initial phase of deployment described in this release extends through mid-2027, and full-year 2027 revenue guidance reflects only the anticipated contribution of this initial phase. Forum anticipates additional deployment beyond the initial phase and expects it would update its full-year 2027 guidance to reflect any such expansion. There can be no assurance that any additional deployment will occur, or as to the timing, size or terms of any additional deployment.

Forum will consolidate the Joint Venture in its financial statements. The guidance above therefore reflects 100% of the Joint Venture's anticipated revenue. Edge Node AI's economic share of the Joint Venture will be reported below net income as noncontrolling interest and will not affect revenue.

About Forum Markets, Incorporated

Forum Markets, Incorporated (Nasdaq: FRMM) is an innovative company that sources and structures cash-generating assets with attractive risk-adjusted returns in AI infrastructure, commercial aerospace, manufactured housing finance and auto credit. The Company draws on proprietary origination pipelines and strategic co-investment partnerships to scale its portfolio and generate durable operating income. Forum integrates traditional asset management principles with hands-on operational execution as it builds a new framework for how real-world assets are owned, managed and monetized. For more information, please visit forum-markets.com.

About Edge Node AI

Edge Node AI is an AI infrastructure company and approved Nvidia partner developing and operating distributed high-performance compute infrastructure across the United States. The company's strategy combines powered data center capacity with distributed edge deployments, including telecommunications tower locations, to support low-latency AI inference and other GPU-intensive workloads. Edge Node AI focuses on utilizing sites with existing power, connectivity and infrastructure to accelerate deployment and bring compute capacity closer to customers and end users. Headquartered in Dallas, Edge Node AI provides technical, infrastructure development and operating capabilities supporting the deployment and day-to-day operation of its AI compute network.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the future performance and growth of the Company; the ability of the Company to execute its plans, the assets to be held by the Company, the Company's current and anticipated yield strategies, and future performance. Forward-looking statements are subject to numerous risks and uncertainties, many of which are beyond the Company's control, and actual results may differ materially. Applicable risks and uncertainties include, among others, the risk that the proposed transactions described herein may not be completed in a timely manner or at all, including the risk that the parties do not execute definitive documentation for the Joint Venture or any individual project; the risk that anticipated site capacity, power availability, permitting, equipment delivery or customer contracts are delayed or not obtained; the risk that equipment financing is not available on the terms or in the amounts assumed, or at all; risks associated with the Company's guarantee obligations in support of project-level financing; failure to realize the anticipated benefits of the stock repurchase program, previously announced private placements, sale of convertible notes, and related transactions, including the Company's ability to achieve profitable operations; the Company's ability to repurchase shares of common stock, the timing thereof, purchase price thereof, and the fact that repurchases may not be undertaken under the stock repurchase program; fluctuations in the market price of ETH that will impact the Company's accounting and financial reporting; government regulation of tokenized securities; risks relating to the treatment of assets for U.S. and foreign tax purposes; changes in securities laws or regulations; changes in business, market, financial, political and regulatory conditions; risks relating to the Company's OTC transaction, including the Company's ability to repay such facility, covenants associated therewith and security interests associated therewith; risks relating to the Company's previously announced ATM offering, including potential downward pressure on the Company's stock price associated therewith; risks relating to the Company's operations and businesses; risks related to increased competition in the industries in which the Company does and will operate; risks relating to significant legal, commercial, regulatory and technical uncertainty regarding digital assets generally; expectations with respect to future performance, growth and anticipated acquisitions; potential litigation involving the Company; global economic conditions; geopolitical events and regulatory changes; access to additional financing, and the potential lack of such financing; and the Company's ability to raise funding in the future and the terms of such funding, including dilution caused thereby, as well as those risks and uncertainties identified and those identified under the heading "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 and Quarterly Reports on Form 10-Q, as well as other information the Company has or may file with the SEC, including those disclosed under Item 8.01 of the Current Reports on Form 8-K filed by the Company with the SEC. Readers are cautioned not to place undue reliance on these statements. Investors should also be aware that under U.S. Generally Accepted Accounting Principles, certain crypto assets must be measured at fair value, with changes recognized in net income for each reporting period. These fair value adjustments may cause significant fluctuations in the Company's balance sheet and income statement from period-to-period. In addition, for certain crypto assets, including ETH, which the Company holds as collateral against a loan, impairment charges may be required to be reported in net income if the market price of such assets falls below the cost basis at which those assets are carried on the balance sheet. Readers are encouraged to read the Company's filings with the SEC, available at www.sec.gov, for a discussion of these and other risks and uncertainties. The forward-looking statements in this press release speak only as of the date of this document, and the Company undertakes no obligation to update any forward-looking statements except as required by law. The Company's business is subject to substantial risks and uncertainties, including those referenced above. Investors, potential investors, and others should give careful consideration to these risks and uncertainties.

SOURCE Forum Markets, Incorporated

SBA Communications NASDAQ: SBAC sees a cyclical recovery in U.S. tower leasing tied to future spectrum deployment, while also identifying edge computing, Latin American growth and share repurchases as areas of focus, Executive Vice President and Chief Financial Officer Marc Montagner said during an RBC communications infrastructure session.

Montagner said U.S. wireless carrier capital spending typically rises after operators acquire spectrum and deploy a new generation of technology, before declining during a subsequent “harvest” period. He said capital expenditures for the three major U.S. carriers historically have reached about 25% of revenue at cycle peaks and fallen to roughly 15% during slower periods.

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“In 2022, 2023, we were right at a 25% mark. Last year and this year, we were at about the 15% mark,” Montagner said. Despite the current trough, he said SBA continues to grow, estimating growth of about $35 million this year compared with approximately $78 million in 2022.

Spectrum Auction and Edge Computing Montagner pointed to a planned 6G spectrum auction in the first half of next year as a potential future leasing catalyst. He said the spectrum would require roughly 18 months to clear, putting potential deployment activity in late 2028 or early 2029. The Federal Communications Commission is expected to auction 160 megahertz of spectrum, he added, suggesting there could be more than three bidders and potentially participation from satellite operators.

He also discussed opportunities for edge data centers at tower sites. SBA believes about half of its sites could accommodate a small data center, according to Montagner. He said companies have raised capital and are negotiating leases to place mini data centers at the base of towers, where they could benefit from existing power, fiber and low-latency connectivity.

However, Montagner said customer demand for the computing capacity remains uncertain. “When I ask them, ‘Have you signed any, basically a retail customer or people are going to use that compute?’ I get very fuzzy answers,” he said, adding that he expects demand could emerge over the next year or so.

SBA intends to remain principally a passive infrastructure provider, leasing vertical tower space and horizontal ground space. For edge data center tenants, it could also provide power where requested, Montagner said, because those facilities’ power needs are relatively limited.

Brazil and Central America Outlook Montagner said Brazil represents about 15% of SBA’s revenue and 15% of tower cash flow. He described the company as bullish on the country’s long-term outlook but acknowledged near-term headwinds from carrier consolidation churn in 2026 and 2027.

He said 5G deployment in Brazil remains below 50% and that carriers face coverage and deployment requirements from regulators. SBA has about 12,000 towers in Brazil and does not anticipate expanding through mergers and acquisitions in that market, Montagner said.

In Central America, SBA built 7,000 sites for Millicom last year under a 15-year U.S.-dollar-denominated contract that escalates with U.S. CPI, he said. The company has commitments from Millicom for another 2,500 build-to-suit sites and has locked in a net-to-high-single-digit growth rate in U.S. dollars, according to Montagner.

Montagner also agreed that it could make sense to consolidate the company’s portfolio and potentially seek buyers for certain non-core smaller markets.

DISH Exposure and Carrier Activity Regarding DISH Network, Montagner said SBA expects about $56 million of revenue from the company this year, which he characterized as churn. SBA also had about $100 million in short-term leases with DISH and roughly $100 million in unpaid payments, for which it has filed a claim in bankruptcy court.

“I have no idea what the recovery is going to be,” Montagner said, calling the potential recovery immaterial to SBA. He said equipment left by DISH on SBA towers has been deemed abandoned. If SBA receives demand for the space, it removes the equipment and re-leases the location; otherwise, it leaves the equipment in place until it can re-lease the space.

Montagner said SBA’s 10-year agreement signed with Verizon last year is performing well, while its master lease agreement with AT&T runs through April 2028 and has been steady. T-Mobile has slowed somewhat this year amid a focus on free cash flow, he said.

Capital Allocation Montagner said SBA generates approximately $600 million of excess capital annually after accounting for figures including roughly $1 billion in EBITDA, $250 million of maintenance capital expenditures, $530 million of dividends and $500 million of cash interest expense.

The company paid down about $70 million of debt in 2023 and repurchased about $500 million of shares last year, he said. SBA plans to remain flexible based on its share price, master lease opportunities and interest rates, but is currently leaning toward buybacks. Montagner said the company’s AFFO per share was about $12 and its share repurchase yield was above 6.5%, compared with debt recently raised at 5.25%.

“Right now we’re indexing towards share buyback,” he said.

About SBA Communications (NASDAQ:SBAC)SBA Communications Corporation is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its portfolio primarily includes communications towers, rooftops, small-cell networks and distributed antenna systems used by wireless service providers, government agencies and other communications customers.

The company generates revenue mainly by leasing antenna space and related infrastructure to tenants, who install equipment used to provide wireless voice and data services.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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SBA Communications Corporation (SBAC) Presents at Bank of America 2026 Media,Communications & Entertainment Conference Transcript

SBA Communications Corporation (SBAC) Presents at Citi's 2026 Global TMT Conference Transcript

SBA Communications (NASDAQ:SBAC – Get Free Report) and Power REIT (NYSE:PW – Get Free Report) are both real estate companies, but which is the better stock? We will compare the two businesses based on the strength of their risk, valuation, profitability, earnings, dividends, analyst recommendations and institutional ownership.

Analyst Recommendations This is a breakdown of recent ratings and target prices for SBA Communications and Power REIT, as reported by MarketBeat.com.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score SBA Communications 0 9 7 0 2.44 Power REIT 0 0 0 0 0.00 SBA Communications presently has a consensus target price of $225.53, indicating a potential upside of 20.98%. Given SBA Communications’ stronger consensus rating and higher possible upside, analysts plainly believe SBA Communications is more favorable than Power REIT.

Risk and Volatility SBA Communications has a beta of 0.99, meaning that its share price is 1% less volatile than the S&P 500. Comparatively, Power REIT has a beta of 1.34, meaning that its share price is 34% more volatile than the S&P 500. Insider & Institutional Ownership 97.3% of SBA Communications shares are owned by institutional investors. Comparatively, 14.6% of Power REIT shares are owned by institutional investors. 9.5% of SBA Communications shares are owned by company insiders. Comparatively, 22.4% of Power REIT shares are owned by company insiders. Strong institutional ownership is an indication that hedge funds, endowments and large money managers believe a stock will outperform the market over the long term.

Profitability This table compares SBA Communications and Power REIT’s net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets SBA Communications 34.51% -20.67% 8.56% Power REIT -752.26% -215.55% -39.65% Earnings & Valuation This table compares SBA Communications and Power REIT”s top-line revenue, earnings per share (EPS) and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio SBA Communications $2.87 billion 6.89 $1.05 billion $9.28 20.09 Power REIT $2.79 million 0.95 -$14.37 million ($6.26) -1.15 SBA Communications has higher revenue and earnings than Power REIT. Power REIT is trading at a lower price-to-earnings ratio than SBA Communications, indicating that it is currently the more affordable of the two stocks.

Summary SBA Communications beats Power REIT on 12 of the 14 factors compared between the two stocks.

(Get Free Report)

SBA Communications Corporation is a leading independent owner and operator of wireless communications infrastructure including towers, buildings, rooftops, distributed antenna systems (DAS) and small cells. With a portfolio of more than 39,000 communications sites throughout the Americas, Africa and in Asia, SBA is listed on NASDAQ under the symbol SBAC. Our organization is part of the S&P 500 and is one of the top Real Estate Investment Trusts (REITs) by market capitalization.

About Power REIT (Get Free Report)

Power REIT, with a focus on the Triple Bottom Line and a commitment to Profit, Planet and People is a specialized real estate investment trust (REIT) that owns sustainable real estate related to infrastructure assets including properties for Controlled Environment Agriculture, Renewable Energy and Transportation. Power REIT is actively seeking to expand its real estate portfolio related to Controlled Environment Agriculture in the form of greenhouses for the cultivation of food and cannabis.

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BOCA RATON, Fla.--(BUSINESS WIRE)--SBA Communications Corporation (NASDAQ: SBAC) (“SBA”) announces that Brendan Cavanagh, President and Chief Executive Officer, is scheduled to speak at the Goldman Sachs 2026 Communacopia + Technology Conference on Wednesday, September 9, 2026 at 4:25 PM PT. The conference will be held at the Palace Hotel in San Francisco, California. The audio presentation for SBA can be accessed by visiting www.sbasite.com. About SBA Communications Corporation SBA Communicati.

BOCA RATON, Fla.--(BUSINESS WIRE)--SBA Communications Corporation (NASDAQ: SBAC) (“SBA”) announces that Marc Montagner, Chief Financial Officer, is scheduled to speak at Citi's 2026 Global TMT Conference, Wednesday, September 9, 2026, at 10:10 AM ET. The conference will be held at The New York Hilton Midtown in New York. Marc Montagner is also scheduled to speak at the BofA Securities 2026 Media, Communications and Entertainment Conference, Thursday, September 10, 2026, at 8:50 AM ET. This conf.

Adelante Capital Management LLC bought a new position in shares of SBA Communications Corporation (NASDAQ:SBAC – Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor bought 15,505 shares of the technology company’s stock, valued at approximately $2,736,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in SBA Communications by 5.7% in the 1st quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 267,659 shares of the technology company’s stock valued at $46,067,000 after purchasing an additional 14,317 shares during the last quarter. Morningstar Investment Management LLC acquired a new position in SBA Communications during the 4th quarter worth $1,807,000. Plato Investment Management Ltd bought a new position in shares of SBA Communications in the second quarter worth $1,011,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its stake in SBA Communications by 6.3% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 226,271 shares of the technology company’s stock valued at $43,553,000 after buying an additional 13,383 shares during the period. Finally, UBS Group AG lifted its stake in shares of SBA Communications by 12.3% in the 4th quarter. UBS Group AG now owns 673,127 shares of the technology company’s stock worth $130,203,000 after acquiring an additional 73,980 shares during the period. Institutional investors and hedge funds own 97.35% of the company’s stock.

Insider Transactions at SBA Communications In other SBA Communications news, Director George R. Krouse, Jr. sold 300 shares of the firm’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $182.67, for a total value of $54,801.00. Following the sale, the director directly owned 8,512 shares in the company, valued at $1,554,887.04. This trade represents a 3.40% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 9.50% of the stock is owned by company insiders.

SBA Communications Trading Down 0.9% Shares of NASDAQ:SBAC opened at $185.98 on Thursday. The stock has a market capitalization of $19.73 billion, a PE ratio of 20.04, a P/E/G ratio of 1.87 and a beta of 0.99. SBA Communications Corporation has a 1 year low of $162.41 and a 1 year high of $224.46. The firm has a fifty day moving average price of $182.74 and a 200 day moving average price of $194.29. SBA Communications (NASDAQ:SBAC – Get Free Report) last issued its quarterly earnings data on Monday, August 3rd. The technology company reported $1.87 earnings per share for the quarter, beating analysts’ consensus estimates of $1.85 by $0.02. SBA Communications had a negative return on equity of 20.67% and a net margin of 34.51%.The business had revenue of $715.27 million for the quarter, compared to the consensus estimate of $706.01 million. During the same period last year, the business earned $3.17 EPS. The firm’s revenue was up 2.3% compared to the same quarter last year. On average, sell-side analysts forecast that SBA Communications Corporation will post 11.41 earnings per share for the current fiscal year.

SBA Communications Dividend Announcement The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 17th. Investors of record on Thursday, August 20th will be paid a dividend of $1.25 per share. The ex-dividend date is Thursday, August 20th. This represents a $5.00 annualized dividend and a yield of 2.7%. SBA Communications’s dividend payout ratio is presently 53.88%.

Analyst Upgrades and Downgrades Several brokerages recently weighed in on SBAC. KeyCorp lifted their target price on SBA Communications from $235.00 to $250.00 and gave the stock an “overweight” rating in a report on Thursday, April 30th. The Goldman Sachs Group assumed coverage on shares of SBA Communications in a report on Friday, June 26th. They issued a “neutral” rating and a $205.00 target price for the company. Morgan Stanley reduced their target price on SBA Communications from $225.00 to $215.00 and set an “equal weight” rating for the company in a report on Tuesday, August 4th. Barclays decreased their price target on shares of SBA Communications from $245.00 to $208.00 and set an “overweight” rating for the company in a report on Thursday, August 20th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of SBA Communications in a research report on Monday, July 20th. Seven analysts have rated the stock with a Buy rating and nine have given a Hold rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $225.53.

View Our Latest Analysis on SBA Communications

SBA Communications Company Profile (Free Report)

SBA Communications Corporation (NASDAQ: SBAC) is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its core business is the leasing of space on communications towers, rooftop sites and other wireless structures to mobile network operators, broadband providers and other wireless service customers. The company also provides site development, construction and ongoing site management services to support the deployment and operation of wireless networks.

In addition to traditional macro towers, SBA offers a range of infrastructure solutions designed for dense urban and suburban markets, including small cells, distributed antenna systems (DAS) and fiber backhaul and transport services.

See Also Five stocks we like better than SBA Communications Williams-Sonoma’s Quarter Gave Bulls More Than Just a Beat-and-Raise Alcoa’s Gallium Project Opens a New Door Beyond Aluminum Oura’s $16 Billion IPO Could Put a New Price on Wearable Tech Can Tesla’s Flying Roadster Distract From Its Real Risks? Want to see what other hedge funds are holding SBAC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for SBA Communications Corporation (NASDAQ:SBAC – Free Report).

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SBA Communications (NASDAQ:SBAC) reported second-quarter results in line with its expectations and modestly increased its full-year 2026 outlook for site leasing revenue, funds from operations (FFO) and FFO per share, citing higher straight-line revenue and improved net cash interest expense.

Chief Financial Officer Marc Montagner said second-quarter FFO per share was $3.05. The company paid a quarterly cash dividend of $1.25 per share and declared another $1.25-per-share dividend payable Sept. 17 to shareholders of record as of Aug. 20. The declared dividend is about 13% higher than the dividend paid in the prior-year period, according to Montagner.

“We had another good quarter, and our results were in line with our expectation,” Montagner said. SBA said its companywide Tower Cash Flow margin was just under 80% during the quarter.

Leasing Activity Remains Steady In the U.S., SBA added about $9 million of new lease and amendment billings during the second quarter, with most activity coming from new co-locations as carriers densified networks and expanded coverage. Internationally, the company added about $4 million of new lease and amendment billings.

President and Chief Executive Officer Brendan Cavanagh said U.S. application volumes entering the second half remained relatively consistent with the first half of the year. One customer was more active than the others, though he said changing levels of activity among carriers were not unusual.

The company expects U.S. new-leasing contributions to be lower in the second half than in the first half, consistent with its prior outlook. Cavanagh said the company had not changed that expectation.

International demand remained healthy, though churn continued to be elevated because of carrier consolidations, bankruptcies, restructurings and network rationalizations. Cavanagh said SBA is working with customers on longer-term arrangements intended to provide more stable and predictable cash flow, sometimes involving rental relief in exchange for greater contractual certainty.

SBA expects it is nearing the end of its period of heightened international churn, though Cavanagh declined to provide a specific outlook for next year while discussions with customers continue.

Investment-Grade Debt Offering Reshapes Capital Structure In July, SBA issued $3.5 billion of unsecured investment-grade bonds, its first such offering. The company used net proceeds to fully repay its Term Loan B and outstanding balances under its revolving credit facility. As of the call, SBA’s revolver was fully paid down and it had about $570 million in cash.

The offering included:

$1.35 billion of notes due in 2030 with a 4.78% cash coupon; $1.35 billion of notes due in 2031 with a 5.15% cash coupon; and $800 million of notes due in 2033 with a 5.45% cash coupon. The bonds had a blended cash coupon of 5.11% and a weighted average maturity of five years. SBA also established a new unsecured revolving credit facility with $2.5 billion of capacity.

Montagner said secured debt now represents less than 50% of the company’s debt following the transaction. SBA ended the quarter with approximately $13 billion in total debt and net debt-to-adjusted EBITDA leverage of 6.4 times, within its target range of 6 to 7 times. In June, S&P upgraded SBA’s credit rating to BBB from BBB-.

The company continues to assume that its $1.2 billion asset-backed securities maturity in November will be refinanced at a 5.25% rate. While SBA expects to benefit from its investment-grade status, Cavanagh noted that some debt being refinanced had lower rates than current market borrowing costs.

Buybacks Take Priority Over Higher-Valued Acquisitions Cavanagh said SBA intends to resume share repurchases in the second half of 2026 after completing its July refinancing. He said management views buybacks as the best use of capital at current valuation levels and characterized the company’s shares as trading below what management believes is their intrinsic value.

The company will continue building towers and considering acquisitions, but Cavanagh said the limited supply of U.S. assets available for purchase generally carries valuations substantially higher than SBA’s own valuation. As a result, he said repurchasing shares is currently more attractive than pursuing acquisitions that could be dilutive.

SBA expects to build roughly 600 new towers during 2026, primarily in Central America, with a meaningful number also planned in Tanzania. The company built 99 towers in the second quarter, up from 75 in the first quarter. Cavanagh said construction activity should rise in each successive quarter through the rest of the year.

New tower construction has offered stronger returns internationally than in the U.S., where competition has at times compressed potential returns, according to Cavanagh. He said SBA sees opportunities in Africa and Central America and expects risk-adjusted returns on international builds to exceed its cost of capital, often beginning on the first day of operation.

Spectrum, Edge Computing and Satellite Seen as Longer-Term Drivers Cavanagh pointed to future spectrum auctions as potential long-term sources of equipment deployments and leasing growth. The Federal Communications Commission adopted a plan to auction 160 megahertz of Upper C-band spectrum beginning in April 2027. Combined with previously auctioned Lower C-band spectrum, the auction would create 440 megahertz of contiguous mid-band spectrum for wireless use.

He said the FCC’s build-out conditions, including population-coverage requirements and automatic license termination for failure to meet a later benchmark, should encourage spectrum holders to deploy their licenses. However, Cavanagh said the new spectrum opportunities are more likely to affect results over the next five or more years rather than materially influence next year’s leasing growth.

SBA also sees potential opportunities in edge computing. Cavanagh said the company is speaking with multiple parties interested in more distributed computing architectures that use power- and fiber-connected locations to reduce latency, improve redundancy and support artificial intelligence-oriented applications. He said developments could emerge over the next 12 months, though he did not identify customers or provide financial estimates.

Management said roughly half of SBA’s U.S. portfolio could be well suited to the edge-computing uses currently under discussion. The facilities being considered would generally be smaller than one-megawatt deployments, Cavanagh said.

On satellite direct-to-device services, Cavanagh said SBA views satellite connectivity as complementary to terrestrial wireless networks rather than a replacement. He said satellite providers seeking to offer ubiquitous, high-quality service competitive with traditional mobile networks would likely need terrestrial network components. SBA has spoken with multiple satellite providers, he said, but characterized the discussions as early stage.

While some rural or fringe tower locations could face competitive pressure from satellite service, Cavanagh said SBA’s internal analysis suggests those sites represent no more than roughly 2% to 3% of its portfolio, while satellite data could also help identify locations where additional terrestrial infrastructure is needed.

About SBA Communications (NASDAQ:SBAC) SBA Communications Corporation (NASDAQ: SBAC) is a real estate investment trust that owns, operates and develops wireless communications infrastructure. Its core business is the leasing of space on communications towers, rooftop sites and other wireless structures to mobile network operators, broadband providers and other wireless service customers. The company also provides site development, construction and ongoing site management services to support the deployment and operation of wireless networks.

In addition to traditional macro towers, SBA offers a range of infrastructure solutions designed for dense urban and suburban markets, including small cells, distributed antenna systems (DAS) and fiber backhaul and transport services.

SBA Communications (SBAC - Free Report) reported $715.29 million in revenue for the quarter ended June 2026, representing a year-over-year increase of 2.3%. EPS of $3.03 for the same period compares to $2.09 a year ago.

The reported revenue represents a surprise of +1.7% over the Zacks Consensus Estimate of $703.37 million. With the consensus EPS estimate being $2.96, the EPS surprise was +2.37%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how SBA Communications performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Sites owned - Domestic: 17,362 versus the three-analyst average estimate of 17,378.Sites owned - International: 29,028 versus the three-analyst average estimate of 29,139.Sites owned - Total: 46,390 versus the three-analyst average estimate of 46,517.Sites decommissioned - Domestic: -32 compared to the -18 average estimate based on two analysts.Sites owned previous - International: 28,980 versus the two-analyst average estimate of 28,980.Sites owned previous - Total: 46,358 compared to the 46,358 average estimate based on two analysts.Sites acquired - Total: 6 compared to the 118 average estimate based on two analysts.Sites built - Total: 109 versus 118 estimated by two analysts on average.Revenues- Site Development: $51.39 million compared to the $49.85 million average estimate based on three analysts. The reported number represents a change of -23.5% year over year.Revenues- International Site Leasing: $211.44 million versus $208.89 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +30.5% change.Revenues- Domestic Site Leasing: $452.45 million compared to the $449.07 million average estimate based on three analysts. The reported number represents a change of -3.7% year over year.Revenues- Site Leasing: $663.89 million versus the three-analyst average estimate of $657.96 million. The reported number represents a year-over-year change of +5.1%.View all Key Company Metrics for SBA Communications here>>>

Shares of SBA Communications have returned -1.9% over the past month versus the Zacks S&P 500 composite's +0.2% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

SBA Communications (SBAC - Free Report) came out with quarterly funds from operations (FFO) of $3.03 per share, beating the Zacks Consensus Estimate of $2.96 per share. This compares to FFO of $3.17 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an FFO surprise of +2.37%. A quarter ago, it was expected that this communications tower operator would post FFO of $2.86 per share when it actually produced FFO of $3.01, delivering a surprise of +5.24%.

Over the last four quarters, the company has surpassed consensus FFO estimates three times.

SBA Communications, which belongs to the Zacks REIT and Equity Trust - Other industry, posted revenues of $715.29 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 1.70%. This compares to year-ago revenues of $698.98 million. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.

SBA Communications shares have lost about 6.4% since the beginning of the year versus the S&P 500's gain of 9.4%.

What's Next for SBA Communications?While SBA Communications has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.

Ahead of this earnings release, the estimate revisions trend for SBA Communications was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $3.14 on $728.28 million in revenues for the coming quarter and $12.20 on $2.86 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Other is currently in the top 27% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Another stock from the same industry, Apple Hospitality REIT (APLE - Free Report) , has yet to report results for the quarter ended June 2026. The results are expected to be released on August 5.

This hotel-owning real estate investment trust is expected to post quarterly earnings of $0.50 per share in its upcoming report, which represents a year-over-year change of +6.4%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Apple Hospitality REIT's revenues are expected to be $398.5 million, up 3.7% from the year-ago quarter.

BOCA RATON, Fla.--(BUSINESS WIRE)--SBA Communications Corporation (Nasdaq: SBAC) ("SBA" or the "Company") today reported results for the quarter ended June 30, 2026. Highlights of the second quarter include: Net income attributable to SBA of $198.8 million or $1.87 per share Industry-leading AFFO per share of $3.05 Issued inaugural $3.5 billion investment grade senior notes and entered into a new expanded $2.5 billion senior unsecured revolving credit facility subsequent to quarter end Ratings.

Key Takeaways SBAC may benefit from carrier spending on network expansion and 5G deployments.Site-leasing revenues are expected to rise, while site-development revenue may decline year over year.Higher interest expenses, customer concentration and tenant churn could pressure SBAC's results. SBA Communications Corporation (SBAC - Free Report) is scheduled to report second-quarter 2026 results on Aug. 3, after market close. While the company’s quarterly results might display a rise in revenues year over year, adjusted funds from operations (AFFO) per share is expected to decline.

In the last reported quarter, this Boca Raton, FL-based communications tower REIT reported an AFFO per share of $3.01, beating the Zacks Consensus Estimate of $2.86. Results reflected a growth in revenues during the quarter. However, higher costs and interest expenses undermined the performance to some extent.

Over the preceding four quarters, SBAC’s AFFO per share surpassed the Zacks Consensus Estimate on three occasions and missed in the remaining period, the average beat being 2.11%. The graph below depicts this surprising history:

SBAC: Factors at PlayIn the second quarter, SBA Communications is likely to have benefited from steady carrier spending on network expansion and 5G deployments, supporting leasing activity through new colocations and site upgrades. Its long-term contracts with built-in escalators are likely to have ensured stable site-leasing revenues, while services tied to network construction may have added to growth.

However, SBAC’s performance may have been affected by customer concentration and tenant churn, potentially pressuring leasing activity and growth. Higher interest expenses and a leveraged balance sheet are likely to have been additional headwinds.

Q2 Projections for SBA CommunicationsThe Zacks Consensus Estimate for second-quarter site-leasing revenues, which account for the lion’s share of total revenues, is pegged at $658 million, indicating an increase from the year-ago quarter’s $631.8 million.

Site-development revenues are expected to decrease in the second quarter. The consensus mark stands at $49.9 million, implying a fall from $67.2 million reported in the year-ago period.

The Zacks Consensus Estimate for total quarterly revenues is pegged at $703.4 million, calling for year-over-year growth of 0.6%.

The company’s activities in the to-be-reported quarter were adequate to garner analysts’ confidence. The Zacks Consensus Estimate for quarterly AFFO per share has increased two cents to $2.96 over the past three months. However, the figure implies a year-over-year decline of 6.6%.

What Our Quantitative Model Predicts for SBACOur proven model does not conclusively predict a surprise in terms of AFFO per share for SBA Communications this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an AFFO beat, which is not the case here.

SBA Communications currently has an Earnings ESP of 0.00% and a Zacks Rank #3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Stocks That Warrant a LookHere are two stocks from the broader REIT industry — Host Hotels & Resorts (HST - Free Report) and Lamar Advertising (LAMR - Free Report) — that you may want to consider, as our model shows that these have the right combination of elements to report a surprise this quarter.

Host Hotels is slated to report quarterly numbers on Aug. 5. HST has an Earnings ESP of +1.73% and carries a Zacks Rank of 2 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

LAMR, which is scheduled to report quarterly numbers on Aug. 6, has an Earnings ESP of +0.22% and a Zacks Rank of 3.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO) — a widely used metric to gauge the performance of REITs.

BOCA RATON, Fla.--(BUSINESS WIRE)--SBA Communications Corporation (NASDAQ: SBAC) (“SBA” and “Company”) announced it will release its second quarter results on Monday, August 3, 2026 after market close. SBA will host a conference call on Monday, August 3, 2026 to discuss these results. The call may be accessed as follows: When: Monday, August 3, 2026 at 5:00 PM (EDT)     Dial-in Number: 1-202-735-3323     Access Code: 5982682     Conference Name: SBA Second Quarter 2026 Results     Replay Availa.

6.7.2026 15:50

Index Dow Jones -0,1 % na 52848,66 b. S&P 500 +0,44 % na 7516,13 b. Nasdaq Composite +0,91 % na 26067,65 b.

Obchodní den po prodlouženém víkendu začíná smíšeně. Index Dow Jones kosmeticky ztrácí, povedlo se mu ale po otevření poprvé překonat 53000 b. Tahounem indexu s růstem nad 2 % je Caterpillar (2,55 %) a Goldmman Sachs Group (2,41 %).

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Index S&P 500 +0,44 % na 7516,13 b. Nejsilnější sektory S&P Změna Nejslabší sektory S&P Změna Informační technologie +1,6 % Zdravotní péče -1,8 % Průmysl +1,2 % Nezbytná spotřeba -0,8 % Finanční sektor +0,2 % Reality -0,6 % Nejsilnější akcie S&P Změna Nejslabší akcie S&P Změna Western Digital Corp (WDC) +9,0 % O'Reilly Automotive (ORLY) -5,2 % Advanced Micro Devices (AMD) +7,5 % AutoZone (AZO) -4,7 % Vertiv Holdings (VRT) +7,4 % Constellation Brands (STZ) -3,8 % Teradyne (TER) +7,1 % SBA Communications Corp (SBAC) -3,7 % GE Vernova (GEV) +6,5 % Genuine Parts (GPC) -3,6 %
Marek Kameništiak
Fio banka, a.s.
Prohlášení

SBA Communications remains a buy, with the current valuation reflecting industry headwinds and offering upside on potential recovery. Q1 results beat expectations, guidance was raised, and AFFO per share is projected at $11.93–$12.38 for 2026, despite ongoing churn and refinancing pressures. Leverage remains elevated at 6.6x net debt/adj. EBITDA, but management targets investment-grade bond issuance in 2026 and maintains a sustainable dividend payout.

Private equity is circling REITs as discounts to asset value remain unusually wide. Some beaten-down infrastructure names may still have meaningful upside despite recent rebounds. We think two REIT targets stand out as especially likely takeover candidates.

REIT ETFs look low yielding, but they can hide better income opportunities underneath. Some underfollowed REITs still offer 6 to 7% yields with room for growth. A few discounted picks could deliver both strong income and upside.

Key Takeaways SBAC is set to report Q1 results with revenues expected to rise, but AFFO per share projected to decline.SBA Communications may see growth from 5G spending, leasing activity and long-term contracts.Higher churn, interest expenses and a leveraged balance sheet could pressure performance. SBA Communications Corporation (SBAC - Free Report) is scheduled to report first-quarter 2026 results on April 29, after market close. While the company’s quarterly results might display a rise in revenues year over year, adjusted funds from operations (AFFO) per share is expected to decline.

In the last reported quarter, this Boca Raton, FL-based communications tower REIT reported an AFFO per share of $3.19, missing the Zacks Consensus Estimate of $3.25. Results reflected growth in revenues during the quarter. However, higher costs and interest expenses undermined the performance to some extent.

Over the preceding four quarters, SBAC’s AFFO per share surpassed the Zacks Consensus Estimate on three occasions and missed on the remaining, the average beat being 1.12%. The graph below depicts this surprise history:

SBAC: Factors at PlayIn the first quarter, SBA Communications is likely to have benefited from steady carrier spending on network expansion and 5G deployments, supporting leasing activity through new colocations and site upgrades. Its long-term contracts with built-in escalators are likely to have ensured stable site-leasing revenues, while services tied to network construction may have added to growth.

However, elevated churn — particularly Sprint-related in the United States and from carrier consolidation and restructuring internationally — may have weighed on performance. Higher interest expenses and a leveraged balance sheet could have been additional headwinds.

Projections for SBA CommunicationsThe Zacks Consensus Estimate for first-quarter site-leasing revenues, which account for the lion’s share of total revenues, is pegged at $650.8 million, indicating an increase from the year-ago quarter’s $616.2 million.

Site-development revenues are expected to remain flat in the first quarter. The consensus mark stands at $48 million, unchanged from the year-ago period.

The Zacks Consensus Estimate for total quarterly revenues is pegged at $698.8 million, calling for year-over-year growth of 5.2%.

The company’s activities in the to-be-reported quarter were inadequate to garner analysts’ confidence. The Zacks Consensus Estimate for quarterly AFFO per share has remained unchanged at $2.86 over the past two months. The figure also implies a year-over-year decline of 9.5%.

What Our Quantitative Model Predicts for SBA CommunicationsOur proven model does not conclusively predict a surprise in terms of AFFO per share for SBA Communications this season. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an AFFO beat, which is not the case here.

SBA Communications currently has an Earnings ESP of 0.00% and a Zacks Rank of 3. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Stocks That Warrant a LookHere are two stocks from the broader REIT sector — Ventas (VTR - Free Report) and Cousins Properties (CUZ - Free Report) — you may want to consider, as our model shows that these have the right combination of elements to report a surprise this quarter.

Ventas, scheduled to report quarterly numbers on April 27, has an Earnings ESP of +0.62% and carries a Zacks Rank of 2. You can see the complete list of today’s Zacks #1 Rank stocks here.

Cousins Properties, slated to release quarterly numbers on April 29, has an Earnings ESP of +0.94% and carries a Zacks Rank of 3 at present.

Note: Anything related to earnings presented in this write-up represents FFO, a widely used metric to gauge the performance of REITs.

SBA Communications (SBAC - Free Report) came out with quarterly funds from operations (FFO) of $3.01 per share, beating the Zacks Consensus Estimate of $2.86 per share. This compares to FFO of $3.16 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an FFO surprise of +5.39%. A quarter ago, it was expected that this communications tower operator would post FFO of $3.25 per share when it actually produced FFO of $3.19, delivering a surprise of -1.85%.

Over the last four quarters, the company has surpassed consensus FFO estimates three times.

SBA Communications, which belongs to the Zacks REIT and Equity Trust - Other industry, posted revenues of $703.44 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 0.66%. This compares to year-ago revenues of $664.25 million. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future FFO expectations will mostly depend on management's commentary on the earnings call.

SBA Communications shares have added about 12.5% since the beginning of the year versus the S&P 500's gain of 4.3%.

What's Next for SBA Communications?While SBA Communications has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's FFO outlook. Not only does this include current consensus FFO expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of estimate revisions.

Ahead of this earnings release, the estimate revisions trend for SBA Communications was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus FFO estimate is $2.95 on $698.23 million in revenues for the coming quarter and $12.13 on $2.84 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, REIT and Equity Trust - Other is currently in the top 23% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Clipper Realty Inc. (CLPR - Free Report) , another stock in the same industry, has yet to report results for the quarter ended March 2026. The results are expected to be released on May 14.

This company is expected to post quarterly earnings of $0.09 per share in its upcoming report, which represents a year-over-year change of -52.6%. The consensus EPS estimate for the quarter has been revised 33.3% lower over the last 30 days to the current level.

Clipper Realty Inc.'s revenues are expected to be $39.6 million, up 0.5% from the year-ago quarter.

SBA Communications Corporation (SBAC) Q1 2026 Earnings Call Transcript