SBA Communications management check
SBAC · Real Estate · Telecom Tower REITs · CEO Brendan T. Cavanagh
Filings as of
2 good · 3 to watch · 1 flagged, across the seven questions below.
- Watch
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $74, against $83 for the peer group the company picked itself.
- Good
Does pay follow performance?
Pay rose and fell with returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.61 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Watch
What does the CEO cost owners?
1.1% of net income$11.4m of reported pay in fiscal 2025, against $1.1bn of net income.
- n/a
Do they own the stock?
No recent CEO filingLight activity: no buys, $55k sold in six months.
- Flag
Are owners being diluted?
Share count shrinkingDiluted shares changed -0.6% a year over the last three fiscal years. Stock-based pay was 31.0% of revenue in the latest year.
- Watch
Is leadership stable?
2 CEOs in the pay tableCEOs in the pay table: Jeffrey A. Stoops, Brendan T. Cavanagh. 4 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Real Estate.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 36 | 45 | |
| Pay for performance | 80 | 86 | |
| CEO cost | 47 | 23 | |
| Skin in the game | — | — | 32 |
| Dilution | 20 | 23 | |
| Stable leadership | 60 | 85 | |
| Clean books | 100 | 100 |
Closest peers
Others in Telecom Tower REITs, by management score. SBA Communications is 21st of 29 in its sector.
- 341UDRUDR, Inc.59
- 342WELLWelltower59
- 347WYWeyerhaeuser58
- 358KIMKimco Realty57
- 360SBACSBA Communications57
- 487CCICrown Castle18
Pay versus performance
From the proxy statement filed April 9, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Brendan T. Cavanagh | $11.4m | $10.7m | $4.0m | $74 | $83 | $1.1bn |
| 2024 | Brendan T. Cavanagh | $8.8m | $4.8m | $3.3m | $89 | $87 | $749.5m |
| 2023 | Jeffrey A. Stoops | $11.3m | $7.9m | $3.5m | $109 | $100 | $501.8m |
| 2022 | Jeffrey A. Stoops | $13.3m | −$4.8m | $5.2m | $119 | $101 | $461.4m |
| 2021 | Jeffrey A. Stoops | $10.0m | $32.0m | $3.9m | $164 | $141 | $237.6m |
The board says pay is tied most to AFFO per Share.
Insiders and the CEO's stake
Light activity: no buys, $55k sold in six months.
- SoldGeorge R Jr KrouseDirector$55kAug 17, 2026
Leadership and governance on file
- Mar 27, 2026Leadership change8-K 5.02
- Jul 10, 2024Leadership change8-K 5.02
- Feb 2, 2024Leadership change8-K 5.02
- Dec 22, 2023Leadership change8-K 5.02
- Sep 13, 2023Leadership change8-K 5.02
- Mar 31, 2023Leadership change8-K 5.02
- Feb 21, 2023Leadership change8-K 5.02
- Jun 17, 2022Leadership change8-K 5.02
- Mar 29, 2022Leadership change8-K 5.02
Latest shareholder vote results: May 22, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $3.6bn returned to owners in buybacks and dividends, 121% of net income, and $422.3m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $204.7m | $296.9m | $194.6m | $152.9m | $244.5m |
| Net income | $237.6m | $461.4m | $501.8m | $749.5m | $1.1bn |
| Stock-based pay | $84.4m | $99.9m | $87.9m | $74.4m | $75.7m |
| Buybacks | $582.6m | $431.7m | $100.0m | $200.0m | $497.8m |
| Dividends | $253.6m | $306.8m | $370.0m | $424.2m | $479.0m |
| Diluted shares | 111m | 109m | 109m | 108m | 108m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.