CluenexSBA Communications SBAC
SBA Communications scores average on business quality (5.7 of 10). Here is why, in plain words, and what our sealed record shows.
Why it matters
- What SBA Communications does
SBA Communications leases cell tower space to wireless carriers who pay recurring rent to broadcast cellular signals across North America and South America. Management is currently targeting a 6G leasing rebound alongside edge data center investments and continued share buybacks.
- What it does best
SBA operates with a 75.2% gross margin, outperforming peer CCI at 73.7%. This edge comes from long-term tower site leases and high switching costs for carriers who cannot easily move equipment without dropping network coverage.
- The main risk
A low interest coverage ratio of 2.9x leaves the heavy debt load vulnerable if borrowing costs remain elevated or if carrier leasing demand slows down.
Quality, check by check
Scored against its own industry, from company filings.
Operating margin hits 54.0% with a 63rd percentile free cash flow margin, demonstrating strong conversion as revenue scales across existing towers.
The asset base supports an operating margin in the top decile of its sector at 54.0%, locking in major telecom tenants through hard-to-replicate physical infrastructure.
Revenue grew 5.0% to $2.8 billion, ticking up slightly from prior years but lagging the broader sector's middle-of-the-pack pace.
Total debt sits at $12.9 billion with interest coverage at 2.9x, while free cash flow dropped to $472 million, showing a softer financial footing.
Insiders
Executives and directors, from SEC Form 4 filings we read ourselves. Open market trades only; grants, option exercises and pre-planned sales left out.
1 sold $55K outside pre-planned sales.
Our sealed record on SBAC
Verdicts appear here 30 days after we publish them; members see today's. Each one is in the nightly ledger, fingerprinted the night it was made.
The first sealed verdicts appear here on Oct 11, 2026.
Questions
SBA Communications scores average on the Cluenex quality check (5.7 of 10), measured against its own industry. Profitability is fair, moat fair, growth slow and financial health fair.
In the last 90 days of SEC Form 4 filings: 1 sold $55K outside pre-planned sales.
Nov 2, 2026.
See SBAC today
- Today's verdict on SBAC, and why
- Fair value with cautious, base and optimistic cases
- The exact price that would change the verdict
- Which stocks each signal names, the night it fires
Cite this page: Cluenex, “SBA Communications (SBAC)”, https://cluenex.com/stocks/sbac/, data as of Oct 10, 2026.