SBA Communications Corporation

SBA's tower cash flow keeps holding steady while every big churn event lands in the same stretch, leaving leasing growth at what management calls the bottom. The next leg up depends on spectrum auctions and edge computing that are still years away. How does SBA's growth trough compare with its last two cycles?

• Growth is at the bottom because every churn event landed at once.

  Sprint, EchoStar and carrier mergers abroad all hit in the same stretch. Management calls this 'probably the bottom' and still guides to 4% to 5% domestic growth, but nothing in the results yet shows it turning up. How much of the 2026 churn rolls off by the end of 2028?

• The Verizon agreement turns a top customer into contracted growth.

  A new long-term deal sets minimum colocation commitments instead of site-by-site negotiation, and domestic backlog grew after it was signed. That gives SBA a predictable slice of new rent while other carriers stay careful with spending. How much of the Verizon commitment is already in the backlog?

• New towers and edge computing eat cash before they earn anything.

  SBA is building roughly 600 new towers this year, mostly in Central America, plus early edge-computing trials at tower sites. The edge spending has no revenue date attached, so cash goes out years before the income arrives.