Stock fact sheet · data as of
SBA Communications Corporation (SBAC): fair value, margin of safety and Wheel Score
Real Estate · REIT - Specialty · United States · Blend
Is SBAC undervalued?
SBA Communications Corporation (SBAC) closed at 180.71 on 16 Oct 2026, close to the GLS average fair value of 190.61 (5.2% below fair value). 4 of the 8 models that produced a number sit above the price, 4 below - the market and our models roughly agree. With little margin of safety either way, the case for or against the stock rests on the quality numbers and the option premium rather than on price.
There is a wide gap between DDM (71.51) and DCF (465.74). When the models are this far apart the "fair value" is really a range, and the margin of safety above should be read with that range in mind.
The nightly engine files SBAC under Blend.
Nine valuation models for SBAC
Each model turns the latest filed numbers into a value per share; the GLS fair value is the simple average of the ones that produce a positive number. The last two rows are shown for reference and never enter the average. The Quote page lets you switch any model off and add your own margin of safety.
| Model | Value | vs price | What it measures |
|---|---|---|---|
| DCF | 465.74 | +158% | Present value of the projected free cash flows, discounted at the cost of capital |
| Graham Number | - | - | The most a defensive investor pays for the earnings and book value per share; no value tonight |
| Graham Growth | 217.95 | +21% | Graham's growth formula: EPS × (8.5 + 2 × growth), adjusted for bond yields |
| Lynch | 71.71 | -60% | EPS × the earnings growth rate (PEG of 1), growth capped at 25% |
| GLS Growth | 113.88 | -37% | EPS compounded ten years at the blended growth rate, discounted back at 15% a year |
| 10 Cap | 233.66 | +29% | Owner's earnings (operating cash flow less maintenance capex) capitalised at 10% |
| Payback Time | 246.49 | +36% | Eight years of compounded free cash flow: the price at which the business pays for itself |
| DDM | 71.51 | -60% | Dividend discount model: next year's dividend ÷ (10% − 3% growth); needs a dividend |
| EPV | 103.90 | -43% | Earnings power value: current EPS capitalised at 9% with no growth |
| Zombie (liquidation) | -143.72 | -180% | Current assets less all liabilities, per share: the balance-sheet floor. Not in the average |
| Wall St target | 223.71 | +24% | Analysts' average 12-month price target. Not in the average |
Quality and financial health
SBA Communications Corporation scores 7 of 9 on the Piotroski F-score, the nine yes/no tests of profitability, leverage and efficiency on the latest annual accounts - a strong reading that passes the Sunday Scan's "6 or more" rule with room to spare. On durability SBAC scores 5.9/10 on the GLS Moat - a middle reading; the Scorecard on the Quote page's Financials tab shows which ten-year lines are steady and which are not.
Returns on capital are moderate - ROIC 10.1%, ROE -21.7%, ROA 9.1% - with debt at -3.16 times equity and a free-cash-flow yield of 5.5%.
The dividend yield is 2.69% at a payout ratio of 51%; for a wheel trader holding assigned shares the dividend adds to the covered-call premium, and the ex-dividend date is worth knowing before a call is sold. Revenue comes mainly from Domestic Site Leasing Revenue 63%, International Site Leasing Revenue 30%, Site Development Construction 7% (quarter Q2 FY2026).
Institutional ownership scores 10/10, insider activity 10/10 and Congressional trading 1/10 on the GLS smart-money scales.
| Piotroski F-score | 7 / 9 | ROIC | 10.1% |
|---|---|---|---|
| GLS Moat | 5.9 / 10 | ROE | -21.7% |
| Debt / equity | -3.16 | ROA | 9.1% |
| Free-cash-flow yield | 5.5% | Payout ratio | 51% |
| Institutions | 10 / 10 | Insiders · Congress | 10 · 1 / 10 |
Wheel Score 77: Good
With a Wheel Score of 77 - the Good band - SBA Communications Corporation clears the Sunday Scan's "70 or higher" rule. The parts: Value 15/25, Health 16/20, Moat 9/15, Premium 20/20, Stability 18/20; Value (15/25) scores lowest.
Implied volatility is 40% on the near-the-money contracts 20-60 days out - inside the 35-60% range the Wheel Score pays full marks for: enough premium to be worth selling, not so much that the risk is unpaid. Chain open interest is 10,043 contracts across all expiries - enough for the wheel at normal size.
Volume runs at 1.0M shares a day on a market cap of $19.2B, with a beta of 0.99; the Stability part of the Wheel Score gives that 18 of 20.
| Part | Points | From | |
|---|---|---|---|
| Value | 15 / 25 | 5% margin of safety | |
| Health | 16 / 20 | Piotroski 7/9 | |
| Moat | 9 / 15 | moat 5.9/10 | |
| Premium | 20 / 20 | implied volatility 40% | |
| Stability | 18 / 20 | 1.0M shares/day, $19.2B cap, beta 0.99 |
The Wheel Score ranks ~7,400 US stocks for selling cash-secured puts and covered calls; it is updated nightly and is not a recommendation. The walkthrough lesson shows how the score fits into a trade, start to finish.
Upcoming events
The next earnings report is due on 2 Nov 2026 (after the close), 17 days away; a 30-45-day put sold today would expire after it, which is worth weighing against the premium.
Earnings, dividend, IPO, split and economic calendars for the whole market, filterable to your watchlists.
Similar stocks in REIT - Specialty
The 12 companies below are the closest to SBA Communications Corporation by market cap within the REIT - Specialty industry, each with its own fact sheet; the Compare page puts up to eight of them side by side.
| Stock | Close | Fair value | MoS | Wheel | Mkt cap |
|---|---|---|---|---|---|
| LAMR Lamar Advertising Company | 148.07 | 94.42 | -57% | 51Fair | $15.0B |
| WY Weyerhaeuser Company | 18.90 | 14.36 | -32% | 55Fair | $13.6B |
| GLPI Gaming and Leisure Properties, Inc. | 39.08 | 48.20 | +19% | 69Good | $11.4B |
| IRM Iron Mountain Incorporated | 112.68 | 22.28 | -406% | 58Fair | $33.5B |
| CCI Crown Castle Inc. | 80.00 | 64.77 | -24% | 63Fair | $35.0B |
| DLR Digital Realty Trust, Inc. | 174.47 | 69.61 | -151% | 61Fair | $64.7B |
| RYN Rayonier Inc. REIT | 18.65 | 22.63 | +18% | 76Good | $5.5B |
| OUT Outfront Media Inc. | 29.95 | 21.40 | -40% | 55Fair | $5.3B |
| AMT American Tower Corporation | 181.36 | 115.96 | -56% | 60Fair | $84.5B |
| EPR EPR Properties | 55.15 | 59.80 | +8% | 64Fair | $4.2B |
| EQIX Equinix, Inc. | 996.26 | 287.49 | -247% | 58Fair | $98.3B |
| FRMI Fermi Inc. Common Stock | 3.40 | 0.2626 | -1193% | 25Weak | $2.2B |
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Start free See the Sunday ScanQuestions about SBAC
Is SBAC undervalued right now?
Not meaningfully: at 180.71 the stock trades within a few percent of the GLS average fair value of 190.61 (5.2% below fair value, data as of 16 Oct 2026).
What is the Wheel Score of SBAC and what does it mean?
SBAC scores 77 out of 100 (Good). The Wheel Score blends the margin of safety (25 points), Piotroski health (20), the GLS moat (15), the option premium on offer (20) and trading stability (20) into one number that ranks stocks for the wheel strategy - selling cash-secured puts, then covered calls if assigned. 80 and above is Prime, 65-79 Good, 50-64 Fair, under 50 Weak.
What is the GLS fair value for SBAC?
190.61 per share as of 16 Oct 2026 - the simple average of the 8 valuation models (out of nine: DCF, Graham Number, Graham Growth, Lynch, GLS Growth, 10 Cap, Payback Time, DDM and EPV) that produced a positive value. The models run every night on the latest filings; the Quote page lets you switch any of them off and add a margin of safety of your own.
When does SBA Communications Corporation report earnings next?
The next earnings report is due on 2 Nov 2026 (after the close), 17 days from the data date of 16 Oct 2026. The Calendars page lists every upcoming report with its time of day.
Does SBAC have listed options, and how liquid are they?
Yes. The nightly snapshot found 272 listed contracts with 10,043 open interest across all expiries and implied volatility of 40% on the near-the-money contracts. The Options scanner lists the cash-secured put and covered call set-ups with premium and annualised yield worked out.