Recent News
On October 15, 2025 SBA closed the previously announced sale of its 365 Canadian towers for CAD$446.0 million. On November 3, 2025 the company reported third‑quarter results and disclosed that it closed a portion of the Millicom site purchases and repurchased 748 thousand Class A shares for $154.1 million during Q3, with an additional 210 thousand shares repurchased post‑quarter. Subsequent disclosures confirmed additional Millicom site closings and ongoing site purchase contracts.
Technical Analysis
ADX at 14.72 signals no trend strength; this lack of directional conviction amplifies the importance of fundamental catalysts when valuing the stock as under‑valued per WMDST.
DI+ shows a peak‑and‑reversal, signaling bearish pressure, while DI‑ also shows a peak‑and‑reversal, signaling waning selling pressure; both moves alongside a sub‑20 ADX indicate competing forces rather than a sustained directional breakout.
MACD displays a peak‑and‑reversal and sits below its signal line (MACD 0.14 versus signal 0.23), which denotes weakening bullish momentum and near‑term bearish bias for price action relative to short‑term momentum.
MRO reads 24.8 and remains positive, which indicates price currently sits above the internally derived target and carries downward pressure toward that target; the peak‑and‑reversal in MRO reinforces potential for near‑term mean reversion.
RSI at 46.45 with a peak‑and‑reversal places momentum below neutral and favors consolidation or modest downside until momentum indicators recover.
Price trades beneath the 20‑day average ($196.38) and the 50‑day average ($194.08) and below the 12‑day EMA ($195.53), all showing recent peak‑and‑reversal behavior; the 200‑day average at $213.60 remains well above price, indicating longer‑term support for any eventual trend reversal. Price sits near the lower Bollinger band (1×) at $193.57, which suggests limited immediate volatility room on the downside absent a momentum shift.
Fundamental Analysis
EBIT at $409,804,000 and EBITDA at $486,687,000 produce an EBIT margin of 55.96%, which sits above the industry peer mean of 31.96% and the industry peer median of 22.76%; quarter‑over‑quarter EBIT margin improved by 2.49% while year‑over‑year margin declined by 6.86%.
Total revenue reached $732,327,000 with revenue growth of 4.77% (QoQ change −8.76%) and an annual revenue growth figure reported at 342.58% year‑over‑year; the large YoY lift aligns with recent material site acquisitions and portfolio changes.
Net income totaled $236,816,000 with EPS of $2.20 versus an estimate of $2.16, producing an EPS surprise of 1.85% and an EPS difference of $0.04; forward EPS stands at $2.2925 while forward PE trades near 92.03x.
Balance‑sheet leverage shows total debt of $15,016,526,000 and net debt of $12,275,175,000; debt‑to‑EBITDA reads 30.85x and debt‑to‑assets equals 133.36%, both metrics reflecting elevated leverage after recent large acquisitions and disposals. Interest coverage sits at 3.39x, slightly above the industry peer mean of 3.01x, indicating current earnings capacity covers interest but with limited headroom.
Cash flow metrics present a stronger picture: operating cash flow reached $318,030,000 and free cash flow measured $257,977,000, producing a free cash flow yield of 1.20%, above the industry peer mean of 0.56%. Cash and short‑term investments totaled $431,067,000 and the company reported positive cash flow delta of $164,871,000.
Working capital and book value show structural strain: current ratio at 0.50 sits below the industry peer mean of 1.03, and book value per share registers negative at $‑46.21. Return metrics vary by base: return on assets at 2.15% exceeds the industry peer mean of 0.89%, while return on equity at −4.80% trails the industry peer mean of 0.36% due to negative equity.
WMDST values the stock as under‑valued based on the combination of strong free cash flow relative to market capitalization, above‑peer operating margins, and current net debt levels; valuation reflects trade‑offs between elevated leverage and robust tower cash flow generation.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-09-30 |
| REPORT DATE: | 2025-11-03 |
| NEXT REPORT DATE: | 2026-02-02 |
| CASH FLOW | Begin Period Cash Flow | $ 300.5 M |
| Operating Cash Flow | $ 318.0 M | |
| Capital Expenditures | $ -60.05 M | |
| Change In Working Capital | $ -46.60 M | |
| Dividends Paid | $ -119.14 M | |
| Cash Flow Delta | $ 164.9 M | |
| End Period Cash Flow | $ 465.4 M | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 732.3 M | |
| Forward Revenue | $ 189.2 M | |
| COSTS | ||
| Cost Of Revenue | $ 189.8 M | |
| Depreciation | $ 76.9 M | |
| Depreciation and Amortization | $ 76.9 M | |
| Research and Development | — | |
| Total Operating Expenses | $ 332.7 M | |
| PROFITABILITY | ||
| Gross Profit | $ 542.5 M | |
| EBITDA | $ 486.7 M | |
| EBIT | $ 409.8 M | |
| Operating Income | $ 399.6 M | |
| Interest Income | $ 5.5 M | |
| Interest Expense | $ 120.7 M | |
| Net Interest Income | $ -120.68 M | |
| Income Before Tax | $ 289.1 M | |
| Tax Provision | $ 48.7 M | |
| Tax Rate | 16.83 % | |
| Net Income | $ 236.8 M | |
| Net Income From Continuing Operations | $ 240.4 M | |
| EARNINGS | ||
| EPS Estimate | $ 2.16 | |
| EPS Actual | $ 2.20 | |
| EPS Difference | $ 0.04 | |
| EPS Surprise | 1.852 % | |
| Forward EPS | $ 2.29 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 11.3 B | |
| Intangible Assets | $ 2.7 B | |
| Net Tangible Assets | $ -7.66 B | |
| Total Current Assets | $ 812.5 M | |
| Cash and Short-Term Investments | $ 431.1 M | |
| Cash | $ 430.3 M | |
| Net Receivables | $ 158.1 M | |
| Inventory | — | |
| Long-Term Investments | $ 90.3 M | |
| LIABILITIES | ||
| Accounts Payable | $ 219.7 M | |
| Short-Term Debt | $ 772.6 M | |
| Total Current Liabilities | $ 1.6 B | |
| Net Debt | $ 12.3 B | |
| Total Debt | $ 15.0 B | |
| Total Liabilities | $ 16.1 B | |
| EQUITY | ||
| Total Equity | $ -4.93 B | |
| Retained Earnings | $ -7.28 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ -46.21 | |
| Shares Outstanding | 106.773 M | |
| Revenue Per-Share | $ 6.86 | |
| VALUATION | Market Capitalization | $ 21.5 B |
| Enterprise Value | $ 36.1 B | |
| Enterprise Multiple | 74.172 | |
| Enterprise Multiple QoQ | -12.899 % | |
| Enterprise Multiple YoY | 40.207 % | |
| Enterprise Multiple IPRWA | high: 166.393 median: 90.927 mean: 87.013 SBAC: 74.172 low: 6.022 |
|
| EV/R | 49.293 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | -2.282 | |
| Asset To Liability | 0.699 | |
| Debt To Capital | 1.489 | |
| Debt To Assets | 1.334 | |
| Debt To Assets QoQ | -3.024 % | |
| Debt To Assets YoY | 59170.667 % | |
| Debt To Assets IPRWA | SBAC: 1.334 high: 0.939 mean: 0.623 median: 0.587 low: 0.104 |
|
| Debt To Equity | -3.043 | |
| Debt To Equity QoQ | 1.525 % | |
| Debt To Equity YoY | 68447.072 % | |
| Debt To Equity IPRWA | high: 1.64 mean: 1.139 median: 1.071 low: 0.288 SBAC: -3.043 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | -4.36 | |
| Price To Book QoQ | -10.005 % | |
| Price To Book YoY | -8.868 % | |
| Price To Book IPRWA | high: 5.559 mean: 3.728 median: 2.629 low: 0.502 SBAC: -4.36 |
|
| Price To Earnings (P/E) | 91.584 | |
| Price To Earnings QoQ | -27.883 % | |
| Price To Earnings YoY | -4.56 % | |
| Price To Earnings IPRWA | high: 502.419 mean: 221.239 median: 186.142 SBAC: 91.584 low: -83.206 |
|
| PE/G Ratio | 17.402 | |
| Price To Sales (P/S) | 29.376 | |
| Price To Sales QoQ | -14.188 % | |
| Price To Sales YoY | -20.791 % | |
| Price To Sales IPRWA | high: 40.655 median: 33.979 mean: 31.537 SBAC: 29.376 low: 2.052 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 92.026 | |
| Forward PE/G | 17.485 | |
| Forward P/S | 113.684 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | 1.547 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.066 | |
| Asset Turnover Ratio QoQ | 0.88 % | |
| Asset Turnover Ratio YoY | -0.464 % | |
| Asset Turnover Ratio IPRWA | high: 0.188 SBAC: 0.066 mean: 0.053 median: 0.043 low: -0.0 |
|
| Receivables Turnover | 4.915 | |
| Receivables Turnover Ratio QoQ | -5.171 % | |
| Receivables Turnover Ratio YoY | -26.505 % | |
| Receivables Turnover Ratio IPRWA | high: 14.187 SBAC: 4.915 mean: 2.671 median: 2.031 low: -0.544 |
|
| Inventory Turnover | — | |
| Inventory Turnover Ratio QoQ | — | |
| Inventory Turnover Ratio YoY | — | |
| Inventory Turnover Ratio IPRWA | — | |
| Days Sales Outstanding (DSO) | 18.567 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | -55.809 | |
| Cash Conversion Cycle Days QoQ | — | |
| Cash Conversion Cycle Days YoY | 454.088 % | |
| Cash Conversion Cycle Days IPRWA | high: 96.791 median: -7.374 SBAC: -55.809 mean: -57.486 low: -257.611 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | -0.917 | |
| CapEx To Revenue | -0.082 | |
| CapEx To Depreciation | -0.781 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 7.0 B | |
| Net Invested Capital | $ 7.8 B | |
| Invested Capital | $ 7.8 B | |
| Net Tangible Assets | $ -7.66 B | |
| Net Working Capital | $ -798.44 M | |
| LIQUIDITY | ||
| Cash Ratio | 0.268 | |
| Current Ratio | 0.504 | |
| Current Ratio QoQ | 37.667 % | |
| Current Ratio YoY | -25.191 % | |
| Current Ratio IPRWA | high: 8.81 median: 1.161 mean: 1.031 SBAC: 0.504 low: 0.259 |
|
| Quick Ratio | — | |
| Quick Ratio QoQ | — | |
| Quick Ratio YoY | — | |
| Quick Ratio IPRWA | — | |
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 30.855 | |
| Cost Of Debt | 0.673 % | |
| Interest Coverage Ratio | 3.395 | |
| Interest Coverage Ratio QoQ | 7.53 % | |
| Interest Coverage Ratio YoY | -12.912 % | |
| Interest Coverage Ratio IPRWA | high: 9.909 median: 3.737 SBAC: 3.395 mean: 3.015 low: -1.735 |
|
| Operating Cash Flow Ratio | 0.282 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 74.376 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | 1.988 | |
| Dividend Payout Ratio | 0.503 | |
| Dividend Rate | $ 1.12 | |
| Dividend Yield | 0.006 | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | 4.587 % | |
| Revenue Growth | 4.771 % | |
| Revenue Growth QoQ | -8.759 % | |
| Revenue Growth YoY | 342.579 % | |
| Revenue Growth IPRWA | high: 66.636 % SBAC: 4.771 % mean: 3.482 % median: 2.66 % low: -8.864 % |
|
| Earnings Growth | 5.263 % | |
| Earnings Growth QoQ | -79.517 % | |
| Earnings Growth YoY | -91.071 % | |
| Earnings Growth IPRWA | high: 300.0 % mean: 36.696 % SBAC: 5.263 % median: 2.639 % low: -78.571 % |
|
| MARGINS | ||
| Gross Margin | 74.084 % | |
| Gross Margin QoQ | -1.718 % | |
| Gross Margin YoY | -4.384 % | |
| Gross Margin IPRWA | high: 96.533 % SBAC: 74.084 % mean: 60.087 % median: 54.969 % low: 11.881 % |
|
| EBIT Margin | 55.959 % | |
| EBIT Margin QoQ | 2.489 % | |
| EBIT Margin YoY | -6.864 % | |
| EBIT Margin IPRWA | high: 86.291 % SBAC: 55.959 % mean: 31.959 % median: 22.755 % low: 6.407 % |
|
| Return On Sales (ROS) | 54.572 % | |
| Return On Sales QoQ | -1.154 % | |
| Return On Sales YoY | -9.172 % | |
| Return On Sales IPRWA | high: 84.797 % SBAC: 54.572 % mean: 31.077 % median: 20.941 % low: 3.96 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 258.0 M | |
| Free Cash Flow Yield | 1.199 % | |
| Free Cash Flow Yield QoQ | -8.123 % | |
| Free Cash Flow Yield YoY | 23.736 % | |
| Free Cash Flow Yield IPRWA | high: 3.049 % SBAC: 1.199 % median: 1.082 % mean: 0.558 % low: -4.057 % |
|
| Free Cash Growth | -17.377 % | |
| Free Cash Growth QoQ | -177.427 % | |
| Free Cash Growth YoY | -51.91 % | |
| Free Cash Growth IPRWA | high: 171.111 % mean: 23.367 % median: 1.802 % SBAC: -17.377 % low: -700.297 % |
|
| Free Cash To Net Income | 1.089 | |
| Cash Flow Margin | 62.044 % | |
| Cash Flow To Earnings | 1.919 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.03 | |
| Return On Assets (ROA) | 2.15 % | |
| Return On Assets QoQ | 0.986 % | |
| Return On Assets YoY | -16.892 % | |
| Return On Assets IPRWA | SBAC: 2.15 % high: 1.908 % median: 0.973 % mean: 0.893 % low: 0.064 % |
|
| Return On Capital Employed (ROCE) | 4.247 % | |
| Return On Equity (ROE) | -0.048 | |
| Return On Equity QoQ | 4.987 % | |
| Return On Equity YoY | -3.923 % | |
| Return On Equity IPRWA | high: 0.114 median: 0.008 mean: 0.004 SBAC: -0.048 low: -0.096 |
|
| DuPont ROE | -4.797 % | |
| Return On Invested Capital (ROIC) | 4.386 % | |
| Return On Invested Capital QoQ | 0.55 % | |
| Return On Invested Capital YoY | -102.288 % | |
| Return On Invested Capital IPRWA | high: 6.565 % SBAC: 4.386 % mean: 1.875 % median: 1.757 % low: -0.509 % |
|