Fact based stock research
SBA Communications (NasdaqGS:SBAC)

US78410G1040

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For every stock, we judge its performance against its peers and rank it on a scale of 1 to 100. The higher the rank, the better the stock performs than its peers. And, we do this for six investment strategies:
Value - shows how good of a value the stock is. Green is "inexpensive"; red is "expensive".

Growth - shows a company's growth potential. Green is "high growth" expected; red is "tough times ahead".

Safety - relates to the amount of debt a company has. Green is low debt level; red is high debt level.

Combined Financial - this isn't an average of the first three ranks but rather a consolidated view across several financial indicators. Green = good; red = tread carefully.

(NEW) Sentiment - quantifies professional analyst ratings and holdings as well as market pulse. Green = positive sentiment; red = skepticism (Only available to Premium Subscribers).

(NEW) 360° View - the ultimate rating with all financial and non-financial indicators.

SBA Communications stock research in summary

ir.sbasite.comoverviewdefault.aspx

ANALYSIS: With an Obermatt Combined Rank of 19 (worse than 81% compared with investment alternatives), SBA Communications (REITs: Specialized, USA) shares have lower financial characteristics compared with similar stocks. Shares of SBA Communications are low in value (priced high) with a consolidated Value Rank of 45 (worse than 55% of alternatives), show below-average growth (Growth Rank of 47), and are riskily financed (Safety Rank of 23), which means above-average debt burdens. ...read more

RECOMMENDATION: A Combined Rank of 19, is a sell recommendation based on SBA Communications's financial characteristics. As the company SBA Communications's key financial metrics all exhibit below-average performance, such as low value (Obermatt Value Rank of 45), low growth (Obermatt Growth Rank of 47), and risky financing practices (Obermatt Safety Rank of 23), it is a somewhat questionable stock investment, where the risk of paying too much for the shares is significant, unless the company has an exceptionally bright future. Such poor financial performance sometimes indicates that the company's business is all concentrated in some distant future. This is sometimes the case for high-tech or biotechnology companies. If they own properties that only provide cash flows in the future, the stock may look excessively expensive and risky today. In such cases, the Obermatt Method has limited value as it is based on facts we can observe today. If the facts are all in the future, stock investing becomes guesswork, and this should only be a driver in a limited number of investments that should only amount to a small fraction of a safe portfolio. Obermatt Premium subscribers can further check the stock’s Sentiment Ranks, which also flow into the Obermatt 360° View for investors. ...read more

Latest Obermatt Ranks


360° View^new
Sentiment Rank^new
Value Rank	45
Growth Rank	47
Safety Rank	23
Combined Rank	19

Country	USA
Industry	REITs: Specialized
Index	R/E USA, NASDAQ, D.J. US Telecom, S&P 500
Size class	Medium

This stock has achievements: Top 10 Stock.

31-Jul-2025. Stock data may be delayed. Log in or sign up to get the most recent research.

Further information

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Review the performance ranks of the individual metrics that form each investment strategy.

Research History: SBA Communications

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	26	36	51	45
GROWTH
GROWTH	61	35	31	47
SAFETY
SAFETY	5	9	10	23
SENTIMENT
SENTIMENT	83	58	72	^new
360° VIEW
360° VIEW	39	23	23	^new

Most recent update of the stock research: 31-Jul-2025. Financial reporting date used for calculating ranks: 31-Mar-2025. Stock research history is based on the Obermatt Method. The higher the rank, the better SBA Communications is in the corresponding investment strategy.
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Combined financial peformance in Detail

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	26	36	51	45
GROWTH
GROWTH	61	35	31	47
SAFETY
SAFETY	5	9	10	23
COMBINED
COMBINED	9	10	19	19

Last update of combined financial performance: 31-Jul-2025. Stock analysis on combined financial performance: The higher the rank of SBA Communications the better the performance.

Value Metrics in Detail

ANALYSIS: With an Obermatt Value Rank of 45 (worse than 55% compared with alternatives), SBA Communications shares are more expensive than the average comparable stock. The Value Rank is based on consolidating four value indicators where three out of four are below average for SBA Communications. Only the Price-to-Book Capital ratio (also referred to as market-to-book ratio) indicates good stock value with a Price-to-Book Rank of 94, which means that the stock price is lower compared with invested capital than for 94% of comparable investments. All other value indicators are below the market median. Price-to-Sales is 22 which means the stock price compared with what market professionals expect for future profits is higher than 78% of comparable companies, indicating a low value concerning SBA Communications's revenue levels. The same is valid for the Price-to-Book Capital ratio (also referred to as market-to-book ratio) with a Price-to-Book Rank of 94 and for the dividend yields rank which is lower than for 78% of comparable companies, making the stock more expensive as regards to with the company's expected dividend payouts. ...read more

RECOMMENDATION: The overall picture with a consolidated Value Rank of 45, is a hold recommendation based on SBA Communications's stock price compared with the company's operational size and dividend yields. Why are market participants paying such a high price for SBA Communications, where three out of four value indicators are below par? One reason could be that the company is well financed, indicated by the high book capital level, and has a promising future that is not yet visible in reported revenues and profits. That would also explain the low dividend yield because the company needs the cash to invest in its future. If investors can verify a picture in this sense, the stock may still be a good investment, even though current company-reported financials don't fully explain current stock prices. We recommend further analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks, including the 360° View, before making an investment decision, which is essential in this case, as the financial indicators are inconclusive. ...read more

VALUE METRICS	2022	2023	2024	2025
PRICE VS. REVENUES (P/S)
PRICE VS. REVENUES (P/S)	15	16	37	22
PRICE VS. PROFITS (P/E)
PRICE VS. PROFITS (P/E)	16	22	48	43
PRICE VS. CAPITAL (Market-to-Book)
PRICE VS. CAPITAL (Market-to-Book)	100	100	97	94
DIVIDEND YIELD
DIVIDEND YIELD	15	17	22	22
CONSOLIDATED RANK: VALUE
CONSOLIDATED RANK: VALUE	26	36	51	45

Last update of Value Rank: 31-Jul-2025. Stock analysis on value ratios: The higher the rank, the lower the value ratio of SBA Communications; except for dividend yield where the rank is higher, the higher the yield.

Growth Metrics in Detail

ANALYSIS: With an Obermatt Growth Rank of 47 (better than 47% compared with alternatives), SBA Communications shows a below-average growth dynamic in its industry. There is limited momentum in this company. The Growth Rank is based on consolidating four value indicators, with half of the indicators below and half above average for SBA Communications. Profit Growth has a rank of 70, which means that currently professionals expect the company to grow its profits more than 70% of its competitors. This is a good sign for shareholders, which is confirmed by an above-average Stock Returns rank of 71 (above 71% of alternative investments). But Sales Growth has a below the median rank of 34, which means that, currently, professionals expect the company to grow less than 66% of its competitors, and Capital Growth also has a lower rank of 12. ...read more

RECOMMENDATION: The overall picture with a consolidated Growth Rank of 47, is a hold recommendation for growth and momentum investors. Because revenues and invested capital are the more solid growth indicators, the positive development on the profit side is less relevant. It may have been caused by cost-cutting, which may be a negative growth indicator. Finally, the above-average stock returns recently are a thing of the past and not a good indicator of future returns. Investors should be confident that the cost-cutting initiative leading to higher profits is to benefit the company's future. If not, there is little growth momentum, and investment is only advisable if the Value Ranks suggest a good investment timing for SBA Communications. While momentum is a popular investment factor, the value aspect might be the more important one, in the longer term. We recommend analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks to arrive at a 360° View of the stock purchase case, especially since the growth performance is mixed here. ...read more

GROWTH METRICS	2022	2023	2024	2025
REVENUE GROWTH
REVENUE GROWTH	33	23	22	34
PROFIT GROWTH
PROFIT GROWTH	98	63	88	70
CAPITAL GROWTH
CAPITAL GROWTH	53	72	17	12
STOCK RETURNS
STOCK RETURNS	39	9	31	71
CONSOLIDATED RANK: GROWTH
CONSOLIDATED RANK: GROWTH	61	35	31	47

Last update of Growth Rank: 31-Jul-2025. Stock analysis on growth metrics: The higher the rank, the higher the growth and returns of SBA Communications.

Safety Metrics in Detail

ANALYSIS: With an Obermatt Safety Rank of 23 (better than 23% compared with alternatives), the company SBA Communications has much riskier financing practices than comparable other companies, which means that their overall debt burden is significantly above the industry average. This doesn't mean that the business of SBA Communications is also risky, it only means that the company is on the riskier side in respect to bankruptcy in case things turn sour, assuming that public reporting is correct. The Safety Rank is based on consolidating three financing indicators, with just one indicator above average for SBA Communications. Liquidity is at 66, meaning the company generates more profit to service its debt than 66% of its competitors. This indicates that the company is safer when it comes to debt service. But Refinancing is riskier at a rank of 34, which means that the portion of the debt that is about to be refinanced is above average. It has more debt in the refinancing stage than 66% of its competitors. Leverage is also high at a rank of 2, which means that the company has an above-average debt-to-equity ratio. It has more debt than 98% of its competitors. ...read more

RECOMMENDATION: With a consolidated Safety Rank of 23 (worse than 77% compared with alternatives), SBA Communications has a financing structure that is significantly riskier than that of its competitors. High Leverage (a low Obermatt Leverage Rank) is good in good times, because it usually indicates that shareholders get higher returns. The good Liquidity performance of the company is an indicator that this is the case. However, if you expect an economic downturn, you may stay clear of this stock because they have an above-average debt level that needs refinancing soon. If the company is sailing with good winds, as may be visible from the Growth and Sentiment performance, the refinancing risk may be lower than the low Refinancing rank suggests. ...read more

SAFETY METRICS	2022	2023	2024	2025
LEVERAGE
LEVERAGE	1	2	3	2
REFINANCING
REFINANCING	20	39	34	34
LIQUIDITY
LIQUIDITY	28	31	29	66
CONSOLIDATED RANK: SAFETY
CONSOLIDATED RANK: SAFETY	5	9	10	23

Last update of Safety Rank: 31-Jul-2025. Stock analysis on safety metrics: The higher the rank, the lower the leverage of SBA Communications and the more cash is available to service its debt.

Sentiment Metrics in Detail

SENTIMENT	2022	2023	2024	2025
ANALYST OPINIONS
ANALYST OPINIONS	n/a	43	52	^new
OPINIONS CHANGE
OPINIONS CHANGE	55	21	40	^new
PRO HOLDINGS
PRO HOLDINGS	83	93	94	^new
MARKET PULSE
MARKET PULSE	52	64	49	^new
CONSOLIDATED RANK: SENTIMENT
CONSOLIDATED RANK: SENTIMENT	83	58	72	^new

Last update of Sentiment Rank: 31-Jul-2025. Stock analysis on sentiment metrics: The higher the rank, the more positive the sentiment for SBA Communications.
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