SBA Communications Corp
- 산업
- REITs
- 거래소
- 미국
- 국가 / 지역
- USA
- 상장일
- 1999년 6월 16일
- 직원 수
- 1,844
- 웹사이트
- www.sbasite.com
종합 밸류에이션 구간 · 보수적 $144–$170 / 적정 $188–$252 / 낙관적 $252–$275. $172.61 기준, 보수적 구간과 적정 구간 사이.
보고서 발행 시 $204.62（2026년 5월 29일）
데이터 제공: EODHD, 보고 통화 기준 표시. 참고용일 뿐 투자 자문이 아닙니다.
SBA Communications Corporation is a leading independent owner and operator of wireless communications infrastructure. It includes towers, buildings, rooftops, distributed antenna systems (DAS) and small cells. With a portfolio of more than 46,000 communications sites throughout the Americas and in Africa, SBA is listed on NASDAQ under the symbol SBAC. Our organization is part of the S&P 500 and one of the top Real Estate Investment Trusts (REITs) by market capitalization. SBA Communications Corporation was incorporated in 1989 and is based in Boca Raton, Florida.
연혁
SBA Communications Corporation was incorporated in 1989 and is based in Boca Raton, Florida. It went public on June 16, 1999 and trades on NASDAQ under the symbol SBAC; the company is a member of the S&P 500 and one of the largest U.S. REITs by market capitalization. SBA has grown into a leading independent owner and operator of wireless communications infrastructure spanning towers, buildings, rooftops, distributed antenna systems (DAS) and small cells across the Americas and Africa. Its footprint expanded to 46,328 towers at the end of 2025 and 46,358 owned or operated communications sites by the end of the first quarter of 2026, of which 17,378 are in the U.S. and its territories and 28,980 are in international markets. Expansion has been driven heavily by acquisitions and new builds: the company added 7,146 acquired sites in 2025, obtained land rights to roughly 3,900 sites in Guatemala in the first quarter of 2026, and continued a build-to-suit program with Millicom in Central America. In 2024 SBA changed the useful life of its towers from 15 years to 30 years, materially altering its reported depreciation and GAAP earnings from that year onward.
업계 내 위치
SBA Communications is a leading independent owner and operator of wireless communications infrastructure, classified as a Specialty REIT in real estate. Its core business is site leasing—renting tower, rooftop and other site space repeatedly to wireless carriers and other communications clients—with site development (helping carriers build and maintain networks) as a secondary line; site leasing generated 97.9% of total segment operating profit in 2025. In the U.S. its customers are concentrated in the three national carriers T-Mobile, AT&T and Verizon, which together accounted for about 66.5% of 2025 total revenue (T-Mobile 31.1%, AT&T 20.3%, Verizon 15.1%). Its principal public-market peers are American Tower, which is far larger with close to 150,000 communications sites plus U.S. data-center assets, and Crown Castle, which owns about 40,000 U.S. towers and is undergoing structural change from fiber and small-cell divestitures and DISH churn; by comparison SBA is more focused on macro towers and related leasing, giving it a purer business model. The industry's profit pool stays concentrated among a few national tower platforms because large carriers prefer national, reliable, fast-delivery suppliers. SBA's moat rests on scale economies from multi-tenant shared towers (averaging 1.8 tenants per site in 2025), control of scarce land rights (about 71% of tower structures on owned land, perpetual easements or land controlled for more than 20 years at the end of 2025, with average remaining ground-lease term of roughly 35 years), high switching costs from the downtime and re-engineering of relocating equipment, and regulatory and permitting barriers under the FCC framework and local approvals; its brand, network-effect, patent/data and channel advantages are comparatively weaker.
이 종목에 대한 리포트가 아직 해당 언어로 없습니다.