What is SBA Communications Corporation (SBAC) DCF Fair Value and Intrinsic Value in 2026?

SBA Communications Corporation (SBAC) intrinsic value is calculated using conservative multi-stage Discounted Cash Flow (DCF) models, 5-year free cash flow trajectories, Graham Numbers, and owner earnings multiples. LocalAlpha tracks real-time margin of safety against live market prices.

What is SBA Communications Corporation's historical Return on Invested Capital (ROIC) and Moat Rating?

SBA Communications Corporation operates in the Real Estate sector (REIT - Specialty) with an economic moat rating of NARROW. LocalAlpha tracks 5-year audited quarterly ROIC, operating margin stability, and balance sheet solvency ratios.

What is SBA Communications Corporation's financial health rating and Piotroski F-Score?

SBA Communications Corporation's balance sheet quality is evaluated using the 9-point Piotroski F-Score, Altman Z-Score solvency model, debt-to-equity ratio, and quick/current liquidity coverage to guard against financial distress.

How does LocalAlpha monitor SBA Communications Corporation (SBAC) for quarterly SEC filing thesis breaks?

LocalAlpha audits SBA Communications Corporation's 10-K, 10-Q, and 8-K regulatory filings on SEC EDGAR within 15 minutes of release. If reported metrics breach an investor's custom ROIC floor, operating margin boundary, or qualitative risk criteria, an autonomous breach audit is dispatched immediately.

StocksSBAC

SBAC

SBA Communications CorporationReal Estate / REIT - SpecialtyINTACT

SBA Communications Corporation is a leading independent owner and operator of wireless communications infrastructure, including tower structures, rooftops and other structures that support antennas used for wireless communications. In our site leasing business, we lease space to wireless service providers and other customers on assets we own or operate, and manage rooftop and tower sites for property owners under various contractual arrangements. As of December 31, 2025, we owned 46,328 towers, a substantial portion of which were built by us or by other tower owners or operators who, like us, build towers to lease space to multiple wireless service providers. As of December 31, 2025, each of our towers had an average of 1.8 tenants. SBA Communications Corporation was established in 1989 and was incorporated in Florida.

Share Price

$184.92

52W: $162.41 - $224.46

DCF Fair Value

$86.10

-114.8% Premium

Thesis Hub

P/E (TTM)

19.9x

ROIC

39.2%

Operating Margin

52.2%

FCF Yield

3.8%

Debt / Equity

0.65x

Piotroski Score

7/9

Altman Z-Score

1.95

Market Cap

$19.6B

Price vs. Intrinsic Value Corridor

Overvalued vs DCF ($86.10)

Historical market price overlaid against conservative DCF Fair Value & Benjamin Graham Margin of Safety bands.

Period Return (1Y)

—()

Period Range

$— - $—

DCF Fair Value

$86.10

MOS Buy Target (-25%)

$64.58

Valuation Overlays: DCF Fair Value ($86.10) 25% MOS Buy Target ($64.58) Revised Graham ($327.15)

2-Stage Discounted Cash Flow (DCF) Workbench

Conservative intrinsic value model based on owner cash generation over a 10-year investment horizon. Opens with LocalAlpha's baseline assumptions (matching the fair value shown above) — adjust any input to stress-test.

Current Market Price

$184.92

DCF Fair Value

$86.01

-115% Premium

Starting Free Cash Flow ($M)$752M

$100M$752M (Reported)$50,000M

Stage 1 Growth (Years 1-5)18.0%

-5%10% (Target)35%

Stage 2 Growth (Years 6-10)4.5%

0%5%20%

Discount Rate (WACC / Hurdle)9.0%

6%9% (Standard)15% (High Risk)

Terminal Perpetual Growth2.5%

1% (GDP Floor)2.5% (Inflation)4.0%

Net Debt ($M)$14,900M

-$100B CashBalance Sheet+$150B Debt

10-Yr PV of Cash Flows

$9.7B

PV of Terminal Value

$14.3B

Implied Enterprise Value

$24.0B

Implied Equity Value

$9.1B

Year	Yr 1	Yr 2	Yr 3	Yr 4	Yr 5	Yr 6	Yr 7	Yr 8	Yr 9	Yr 10
Projected FCF ($M)	$887	$1,047	$1,236	$1,458	$1,720	$1,798	$1,879	$1,963	$2,052	$2,144
Present Value (PV)	$814	$881	$954	$1,033	$1,118	$1,072	$1,028	$985	$945	$906

Benjamin Graham & Buffett Value Models

Classical deep value metrics based on asset backing, normalized earnings power, and owner cash yield.

Graham Number

N/A

Calculated as √(22.5 × EPS × BVPS). The maximum theoretical price a defensive investor should pay based purely on asset book value and current earnings.

Not calculable here: the formula takes a square root of EPS × book value, so it breaks down when trailing earnings (or book value) are negative. A company losing money has no defensive-investor price under Graham's classic test — lean on the DCF and solvency scores instead.

EPS: $9.27BVPS: $-43.64

Revised Graham Formula+43.5% MoS

$327.15

Formula: V = (EPS × (8.5 + 2g) × 4.4) / Y where g is the conservative 7-10 yr growth rate and Y is AAA Bond Yield.

Growth Rate (g%)

Bond Yield (Y%)

Buffett Owner Earnings3.6% Yield

$6.74 / share

True distributable cash flow: Net Income + D&A - Maintenance CapEx. Reflects the cash Buffett would extract without hurting unit volume.

Total: $0.7BYield: 3.6%

Reverse DCF: Market Growth Expectation

FAIR BARRIER

9.2% CAGR (Next 10 Yrs)

At the current price of $184.92, the market is assuming the business will compound Free Cash Flow at 9.2% per year for the next decade with a 9% hurdle rate.

Value Investor Verdict

ℹ Fair expectations: Requires steady execution.

Autonomous Thesis Underwriting

Surveil SBAC with Mathematical Margin of Safety Rules

Set non-negotiable floor rules for SBA Communications Corporation. If a newly filed quarterly 10-Q breaks your ROIC floor, operating margin boundary, or balance sheet leverage rules, receive an autonomous breach audit within 15 minutes.

Buffett Quality

ROIC > 15% • Margin > 15% • D/E < 0.5x

Margin Floor Guard

Current Margin 52.2% • Floor > 10%

Solvency Guard

Altman-Z > 2.6 • Current Ratio > 1.5x

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Frequently Asked Questions: SBA Communications Corporation (SBAC) Intrinsic Valuation

Audited fundamentals, DCF intrinsic value sensitivity, and thesis break detection parameters for SBA Communications Corporation.

Based on institutional multi-stage Discounted Cash Flow (DCF) modeling on audited SEC cash flows, SBA Communications Corporation has an estimated DCF intrinsic fair value of $86.10 per share compared to its current market price of $184.92. This represents an estimated 114.8% premium over fair value. Additionally, its classic Benjamin Graham Number stands at $N/A.