On 12 Nov 2026 our base value for SBA Communications is $277.95 a share, 49.0% above its $186.57 close; 1 of 1 valuation methods put it above the price.
| Method | Value | vs price | Basis |
|---|---|---|---|
| Discounted cash flow | — | — | not used for REITs: depreciation of property makes earnings and free cash flow understate what a REIT earns; see price to FFO |
| Exit multiple (P/E) | — | — | not used for REITs: depreciation of property makes earnings and free cash flow understate what a REIT earns; see price to FFO |
| Sum of the parts | — | — | not used for REITs: REITs are valued on funds from operations; see price to FFO |
| Price to sales | — | — | not used for REITs: REITs are valued on funds from operations; see price to FFO |
| Tangible book | — | — | not used for REITs: REITs are valued on funds from operations; see price to FFO |
| Price to FFO (REITs) | $277.95 | +49.0% | funds from operations $12.25 a share (FY2025) at its own 5-year median of 22.7× (today 15.2×) |
Each working is rebuilt by code from the valuation's own figures and checked against the published value.
| Fiscal year | Net income | Depreciation | FFO | Shares | FFO per share | Year-end close | P/FFO |
|---|---|---|---|---|---|---|---|
| 2021 | $237.62m | $700.16m | $937.78m | 111.18m | $8.44 | $389.02 | 46.1× |
| 2022 | $459.80m | $707.58m | $1.17bn | 109.39m | $10.67 | $280.31 | 26.3× |
| 2023 | $501.81m | $716.31m | $1.22bn | 108.91m | $11.18 | $253.69 | 22.7× |
| 2024 | $748.68m | $269.52m | $1.02bn | 108.08m | $9.42 | $203.80 | 21.6× |
| 2025 | $1.03bn | $292.29m | $1.32bn | 107.53m | $12.25 | $193.43 | 15.8× |
| Median P/FFO | 22.7× |
| Latest FFO per share (FY2025) | $12.25 |
| Value per share = median × latest FFO per share | $277.95 |
For a REIT the base value is the price-to-FFO value: $277.95 a share.
Bear $265.11 · Base $277.95 · Bull $321.88 (the REIT's own lower and upper quartile price-to-FFO)
One-year price simulation: a 56% chance the price is higher than today's $186.57 in a year, from 31.41% volatility. The simulation assumes the price drifts up at our discount rate of 9.4% a year.
| Week | Price | Base value |
|---|---|---|
| 2 Oct 2026 | $158.49 | $273.42 |
| 9 Oct 2026 | $182.49 | $277.95 |
| 16 Oct 2026 | $187.06 | $277.95 |
| 23 Oct 2026 | $184.75 | $277.95 |
| 30 Oct 2026 | $187.15 | $277.95 |
| 6 Nov 2026 | $189.42 | $277.95 |
| 12 Nov 2026 | $186.57 | $277.95 |
Data as of 12 Nov 2026; financials to 30 Sep 2026. Sources: company filings via EODHD, SEC EDGAR, US Treasury. How these values are computed. Not investment advice.
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