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Held by 636 of 5,944 reporting institutions (98th percentile) — extremely crowded.
Data as of Q1 2026
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Total shares institutions bought (green) vs sold (red) each quarter across all holders.
Inferred from quarter-over-quarter change in each fund's 13F position (new stakes count as buys, exits as sells). Not tick-level trades.
Top 40 institutional holders — bubble size is position value, color is the move since last quarter. Hover any holder for detail.
Drag any bubble to rearrange · size = dollar value of the position
How management deployed cash over 10 years — and what it earned on reinvestment.
A balanced mix of reinvestment and shareholder returns.
Modest payoff on reinvested capital. Current ROIC on all capital: 13%. Rough measure (includes maintenance capex).
Cash uses aggregated from the SEC cash-flow statement over 10 fiscal years. "Return on reinvestment" is a rough proxy — operating-income change ÷ cumulative CapEx + M&A — and includes maintenance capex. Educational — not a recommendation.
How much the company owes, how it's trended, and how comfortably it's serviced.
Cash of $265M is below the $513M due within a year — relies on refinancing or operating cash flow. Scheduled principal only (excludes interest & revolver draws). As of 2013-12-31 (10-K).
Green ≤ 1.5× · amber ≤ 3× · red > 3× (leverage relative to cash earnings).
Interest expense isn't separately reported — often netted into “other income (expense), net.”
Cash of $265M is below short-term debt of $1.9B — relies on refinancing/operations.
Mostly long-term debt (balance-sheet current vs non-current split). See the maturity ladder above for the year-by-year repayment schedule.
Debt, cash, interest and equity from the SEC balance sheet & income statement. Effective rate = interest ÷ average debt. Maturity ladder from the SEC long-term-debt repayment schedule. Educational — not a recommendation.
EOD close · as of 2026-09-17
How a revenue dollar becomes profit — FY2025
Each value shows its share of revenue below it (common-size).
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.82B 100.0% | $2.68B 100.0% | $2.71B 100.0% | $2.63B 100.0% | $2.31B 100.0% | $2.08B 100.0% | $2.01B 100.0% | $1.87B 100.0% | $1.73B 100.0% | $1.63B 100.0% |
| Cost of Revenue | $691.0M 24.5% | $581.7M 21.7% | $612.6M 22.6% | $668.6M 25.4% | $545.5M 23.6% | $476.5M 22.9% | $493.0M 24.5% | $468.8M 25.1% | $446.3M 25.8% | $420.9M 25.8% |
| Gross Profit | $2.12B 75.5% | $2.10B 78.3% | $2.10B 77.4% | $1.96B 74.6% | $1.76B 76.4% | $1.61B 77.1% | $1.52B 75.5% | $1.40B 74.9% | $1.28B 74.2% | $1.21B 74.2% |
| Selling, General & Admin | $277.6M 9.9% | $258.8M 9.7% | $267.9M 9.9% | $261.9M 9.9% | $220.0M 9.5% | $194.3M 9.3% | $192.7M 9.6% | $142.5M 7.6% | $130.7M 7.6% | $143.3M 8.8% |
| Total Operating Expenses | $1.47B 52.3% | $1.24B 46.4% | $1.79B 65.9% | $1.71B 64.9% | $1.53B 66.1% | $1.45B 69.6% | $1.43B 71.0% | $1.32B 70.8% | $1.27B 73.5% | $1.25B 76.3% |
| Operating Income | $1.34B 47.7% | $1.44B 53.6% | $923.7M 34.1% | $925.4M 35.1% | $782.5M 33.9% | $633.7M 30.4% | $583.5M 29.0% | $544.2M 29.2% | $458.5M 26.5% | $387.3M 23.7% |
| Interest & Investment Income | $31.7M 1.1% | $42.0M 1.6% | $18.3M 0.7% | $10.1M 0.4% | $3.4M 0.1% | $3.0M 0.1% | $5.5M 0.3% | $6.7M 0.4% | $11.3M 0.7% | $10.9M 0.7% |
| Other Income (Expense), net | -$100.7M -3.6% | -$663.1M -24.7% | -$375.2M -13.8% | -$399.6M -15.2% | -$529.9M -23.0% | -$651.4M -31.3% | -$396.6M -19.7% | -$492.5M -26.4% | -$341.6M -19.8% | -$300.0M -18.4% |
| Pretax Income | $1.24B 44.1% | $772.7M 28.8% | $548.5M 20.2% | $525.8M 20.0% | $252.6M 10.9% | -$17.7M -0.9% | $186.9M 9.3% | $51.7M 2.8% | $116.9M 6.8% | $87.3M 5.3% |
| Income Tax Expense | $187.6M 6.7% | $24.0M 0.9% | $51.1M 1.9% | $66.0M 2.5% | $14.9M 0.6% | -$41.8M -2.0% | $39.6M 2.0% | $4.2M 0.2% | $13.2M 0.8% | $11.1M 0.7% |
| Net Income | $1.05B 37.4% | $749.5M 28.0% | $501.8M 18.5% | $461.4M 17.5% | $237.6M 10.3% | $24.1M 1.2% | $147.0M 7.3% | $47.5M 2.5% | $103.7M 6.0% | $76.2M 4.7% |
| Per Share | ||||||||||
| EPS (Basic) | $9.83 | $6.96 | $4.64 | $4.27 | $2.17 | $0.22 | $1.30 | $0.41 | $0.86 | $0.61 |
| EPS (Diluted) | $9.80 | $6.94 | $4.61 | $4.22 | $2.14 | $0.21 | $1.28 | $0.41 | $0.86 | $0.61 |
| Weighted Avg Shares (Basic) | 107.2M | 107.6M | 108.2M | 108.0M | 109.3M | 111.5M | 112.8M | 114.9M | 119.9M | 124.4M |
| Weighted Avg Shares (Diluted) | 107.5M | 108.1M | 108.9M | 109.4M | 111.2M | 113.5M | 114.7M | 116.5M | 121.0M | 125.1M |
Source: SEC EDGAR XBRL filings (annual, fiscal year). Quarterly flow items are derived from cumulative filings; balance-sheet figures are as-of each period end. Ratios and margins are computed, not reported.
Solve the discounted cash flow backwards, then stress-test the assumptions.
To be worth $181.13 today, the market must believe free cash flow compounds 12.0%/yr for a decade (off $1.2B normalized FCF).
The market's 12.0% is more optimistic than its 9-yr track record.
2-stage DCF · 0.11B shares · net debt $12.6B
mean 7.2% · volatility σ 12% · implied rate exceeded in 3/9 yrs
Central path = implied 12.0%/yr growth; shaded band = ±1σ (12%) of this company's historical FCF volatility, widening with time. The wider the band, the less certain the growth.
Reverse DCF: rather than guessing a fair value, we solve for the growth the current price implies, then you stress-test the assumptions. Enterprise value of the FCF stream, less net debt, ÷ shares. Educational — not a recommendation.
Is the value real, and is the business safe? Academic scores + earnings quality + solvency, from SEC filings.
Insufficient balance-sheet detail (needs retained earnings, working capital, equity).
Eight indices comparing this year to last (receivables, margins, asset quality, growth, accruals, leverage). Above −1.78 suggests possible manipulation; below −2.22 is clean.
A screen, not proof — high growth alone can raise it.
Earnings are backed by cash (FCF ≥ net income) — high quality. Lower/negative accruals = higher quality (Sloan).
Coverage data unavailable; leverage falling year-over-year.
F-Score (0–9 fundamental momentum), Altman Z (distress risk), and Beneish M (earnings-manipulation screen) are academic models computed from the SEC filings. Screens and context — educational, not recommendations.
What the company returns to shareholders — and whether it's covered by cash.
The dividend is comfortably covered — only 45% of free cash flow, leaving room to grow it and fund buybacks. Last year: $479M dividends + $498M buybacks = $977M returned on $1.1B FCF.
7 consecutive years of dividend increases · 35%/yr.
Yields use the latest fiscal-year dividends/buybacks over current market cap. Dividends and buybacks from the SEC cash-flow statement; payout coverage vs net income and free cash flow. Educational — not a recommendation.
EOD close · as of 2026-09-17
Nothing notable to watch.
Where each multiple sits in its own 14-yr range · 0th pct blended
Dot = today · shaded = middle 50% · line = median. Lower percentile = cheaper vs its own 14-yr history.
Is the profit real, and how strong is the balance sheet?
FY2025 · every deduction from revenue to net income
DuPont — the three levers
Returns are margin-driven, not leverage-driven — higher quality.
What the company owes vs. what it holds
Year-by-year maturities aren't in SEC companyfacts (footnote-only), so this shows the debt/cash structure and net leverage instead.
Latest year: profit growth vs revenue growth
Profit and sales moved in opposite directions this year.
Each line as % of revenue — the trend in color
| % of revenue | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Cost of Revenue | 25.1 | 24.5 | 22.9 | 23.6 | 25.4 | 22.6 | 21.7 | 24.5 |
| Gross Profit | 74.9 | 75.5 | 77.1 | 76.4 | 74.6 | 77.4 | 78.3 | 75.5 |
| SG&A | 7.6 | 9.6 | 9.3 | 9.5 | 9.9 | 9.9 | 9.7 | 9.9 |
| Operating Income | 29.2 | 29.0 | 30.4 | 33.9 | 35.1 | 34.1 | 53.6 | 47.7 |
| Income Tax | 0.2 | 2.0 | -2.0 | 0.6 | 2.5 | 1.9 | 0.9 | 6.7 |
| Net Income | 2.5 | 7.3 | 1.2 | 10.3 | 17.5 | 18.5 | 28.0 | 37.4 |
Green = margin-favorable vs the row's own range · red = unfavorable.
The metrics that matter, over time
A 30-second read on SBAC: price, valuation, headline fundamentals, and an auto-generated scorecard from SEC filings. Flags are rule-based signals, not recommendations.
Total return (dividends reinvested) vs the market, from quarter-end prices.
Above 0 = ahead of the S&P 500 since the window start; below 0 = behind. Rising means it's pulling ahead.
How far the stock fell below its prior peak. Deeper, longer drawdowns = a rougher ride to the same return.
Quarter-end, dividend-adjusted (total return). Beta & volatility from quarterly returns (annualized). Benchmark is the S&P 500 (SPY total return). Annual returns compound the quarters ending in each calendar year; the first and last years in a window may be partial. Past performance doesn't predict future results.
Ranked against 240 sector peers with collected financials. Valuation from latest close × latest fiscal-year fundamentals; 13F conviction as of 2026-03-31.
Percentile is “goodness” within the peer set (100 = best). For valuation and leverage that means cheaper / less-levered ranks higher.
| Company | Mkt cap ▼ | P/E | EV/EBITDA | P/S | Rev gr | Gross | Net | ROE | ROIC | Net D/EBITDA | 13F |
|---|---|---|---|---|---|---|---|---|---|---|---|
| WELL | $163.3B | 168.7× | — | 15.1× | 35.6% | 40.1% | 8.9% | 2.3% | 1.6% | — | 1,425 |
| XHG | $130.7B | — | — | 2546.6× | 24.9% | 2.2% | -205% | 85.0% | 88.3% | — | 1 |
| PLD | $124.3B | 37.6× | — | 14.1× | 7.2% | — | 37.9% | 6.3% | 3.8% | — | 1,592 |
| EQIX | $99.8B | 73.8× | 25.5× | 10.8× | 5.4% | 51.1% | 14.6% | 9.5% | 8.7% | 0.3× | 1,229 |
| AMT | $82.3B | 32.7× | 14.2× | 7.7× | 5.1% | — | 24.7% | 72.0% | 37.3% | 0.6× | 1,662 |
| SPG | $66.2B | 14.3× | — | 10.4× | 6.7% | — | 84.3% | 103% | 15.9% | — | 1,242 |
| O | $53.4B | 48.9× | — | 9.3× | 9.1% | — | 18.4% | 2.7% | 2.7% | — | 1,389 |
| PSA | $51.7B | 32.7× | — | 10.7× | 2.7% | — | 37.0% | 19.3% | 9.1% | — | 1,045 |
| VTR | $41.9B | 163.3× | — | 7.2× | 18.5% | — | 4.5% | 2.1% | 1.0% | — | 891 |
| CBRE | $41.0B | 36.0× | — | 1.0× | 13.4% | 18.7% | 2.9% | 13.0% | 7.1% | — | 1,020 |
| IRM | $33.2B | 228.9× | 22.6× | 4.8× | 12.2% | — | 2.2% | -15.5% | 1.0% | 7.5× | 1,043 |
| EXR | $28.8B | 29.7× | 13.5× | 8.5× | 3.7% | 72.8% | 28.8% | 7.3% | 7.3% | — | 722 |
| AVB | $26.6B | 25.6× | 12.2× | 8.7× | 4.4% | — | 34.7% | 9.1% | 5.0% | 3.2× | 715 |
| VICI | $26.2B | 9.4× | — | 6.5× | 4.1% | 99.3% | 69.3% | 10.0% | 6.2% | — | 898 |
| EQR | $25.6B | 23.0× | — | — | — | — | — | 10.1% | 5.8% | — | 681 |
| SBAC | $19.0B | 18.4× | 21.5× | 6.8× | 5.1% | 75.5% | 37.4% | -21.7% | 13.1% | 8.7× | 636 |
| BEKE | $17.6B | 133.1× | 37.9× | 1.3× | 5.6% | 21.4% | 3.2% | 4.5% | 4.5% | — | 197 |
| ESS | $17.5B | 26.1× | 11.6× | 9.3× | 6.4% | 69.9% | 37.2% | 12.7% | 12.7% | — | 582 |
| INVH | $16.6B | 28.3× | — | 6.1× | 4.2% | — | 21.5% | 6.2% | 3.3% | — | 560 |
| JLL | $16.0B | 20.7× | 11.9× | 0.6× | 11.4% | — | 3.0% | 10.6% | 10.4% | 0.1× | 615 |
| WY | $15.7B | 48.5× | 16.8× | 2.3× | -3.1% | 14.8% | 4.7% | 3.4% | 2.2% | 4.5× | 868 |
| KIM | $15.2B | — | 16.3× | 7.1× | 5.1% | — | 27.3% | 5.6% | 3.2% | 5.5× | 633 |
| NLY | $15.0B | 7.3× | — | — | — | — | — | 12.6% | 12.6% | — | 743 |
| LAMR | $15.0B | 25.6× | — | 6.6× | 2.7% | 67.0% | 25.9% | 57.3% | 13.2% | — | 655 |
| HST | $15.0B | 19.8× | — | 2.5× | 7.6% | — | 12.5% | 11.7% | 9.8% | — | 656 |
Peers = companies sharing SBAC's sector (Real Estate) with collected SEC financials. Multiples use the most recent end-of-day close and latest fiscal-year fundamentals (trailing, not forward). Missing cells mean the peer never reported that line item, has no collected price, or has a non-positive denominator. Not investment advice.