Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
SBA CommunicationsSBAC +0.58%83 Forward Rate of Return (Yacktman) % is 12.24% as of Jun. 2026, which is 7% below its 10-year median of 13.10. GuruFocus rates SBAC with a GF Score™ of 83/100 and a GF Value™ of $225.77 (Modestly Undervalued). The stock has 5 warning signs investors should review. Among 633 REITs companies, SBA Communications ranks better than 62.56% on this metric.
Yacktman defines forward rate of return as the normalized free cash flow yield plus real growth plus inflation. SBA Communications's forward rate of return for was 12.24%.
The historical rank and industry rank for SBA Communications's Forward Rate of Return (Yacktman) % or its related term are showing as below:
SBAC'
s Forward Rate of Return (Yacktman) % Range Over the Past 10 Years
Min: 7.76 Med: 13.1 Max: 21.71
Current: 11.94
During the past 13 years, SBA Communications's highest Forward Rate of Return was 21.71. The lowest was 7.76. And the median was 13.10.
SBAC's Forward Rate of Return (Yacktman) % is ranked better than 62.56% of 633
companies
in the REITs industry
Industry Median: 7.96
vs SBAC: 11.94
Unlike the Earnings Yield %, the Forward Rate of Return uses the normalized Free Cash Flow of the past five years, and considers growth. The forward rate of return can be thought of as the return that investors buying the stock today can expect from it in the future.
SBA Communications (NAS:SBAC) Forward Rate of Return (Yacktman) % Explanation
Unlike the Earnings Yield, the Forward Rate of Return uses the normalized Free Cash Flow of the past five years, and considers growth. The forward rate of return can be thought of as the return that investors buying the stock today can expect from it in the future.
For the growth part of the Forward Rate of Return calculation, GuruFocus uses the 5-year average growth rate of EBITDA per share as the growth rate, and the growth rate is always capped at 20%. For the Free Cash Flow we use per share data averaged over five years. The reason we use five years is to make it comparable to the growth rate.
Be Aware
In the Forward Rate of Return calculation, the growth rate is added directly to today's free cash flow yield. Therefore the calculation is reliable only if the company can grow at the same rate in the future as it did in the past. Investors should pay close attention to this when researching growth stocks. A more accurate measurement for return is Return on Capital.
SBA Communications Forward Rate of Return (Yacktman) % Related Terms
SBA Communications Forward Rate of Return (Yacktman) % Historical Data
* Premium members only.
The historical data trend for SBA Communications's Forward Rate of Return (Yacktman) % can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
SBA Communications Forward Rate of Return (Yacktman) % Chart
SBAC vs WY, LAMR, GLPI: Forward Rate of Return (Yacktman) % Comparison
For the REIT - Specialty subindustry, SBA Communications's Forward Rate of Return (Yacktman) %, along with its competitors' market caps and Forward Rate of Return (Yacktman) % data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
SBA Communications Forward Rate of Return (Yacktman) % vs REITs Industry
For the REITs industry and Real Estate sector, SBA Communications's Forward Rate of Return (Yacktman) % distribution charts can be found below:
* The bar in red indicates where SBA Communications's Forward Rate of Return (Yacktman) % falls into.
SBA Communications Forward Rate of Return (Yacktman) % Calculation
Forward Rate of Return is a concept that Don Yacktman uses in his investment approach. Yacktman explained the forward rate of return concept in detail in his interview with GuruFocus. Yacktman defines forward rate of return as the normalized free cash flow yield plus real growth plus inflation. He said in the interview (March 2012, when the S&P 500 was at about 1400):
If the business is stable, this calculation is fairly straightforward. For instance, on the S&P 500 we would normalize earnings. We would then calculate what percentage of those earnings are not reinvested in the underlying businesses and are therefore free. Historically, for the S&P 500, this has been just under 50% of earnings. Currently, we expect the S&P to earn about 70 on a normalized basis, a number which is far below reported earnings due to our adjusting for record high profit margins. $70 X ½ / 1400 gives you a normalized free cash flow yield of approximately 2.5%.
The historical real growth rate of the S&P 500 (companies) is about 1.5%. Assuming an inflation rate of 2.5%, the forward rate of return on an investment in the S&P 500 is about 6.5% today (2.5% free cash flow yield plus 1.5% real growth plus 2.5% inflation).
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
What does a Forward Rate of Return (Yacktman) % of 12.24% mean?
SBA Communications (SBAC) has a Forward Rate of Return (Yacktman) % of 12.24% as of Jun. 2026. Yacktman's forward rate of return equals the sum of normalized free-cash-flow yield plus earnings growth. View historical data on SBA Communications and its competitors. This is near median its historical median of 13.10. Over the past decade, SBA Communications' Forward Rate of Return (Yacktman) % has ranged from 7.76 to 21.71. According to the industry distribution chart, SBA Communications ranks #237 out of 633 companies in the REITs industry, placing it in the top 37.4%.
Is SBA Communications' Forward Rate of Return (Yacktman) % too high?
SBA Communications' current Forward Rate of Return (Yacktman) % of 12.24% is near median its 10-year median of 13.10. Over the past 10 years, this metric has ranged from a low of 7.76 to a high of 21.71. The REITs industry median Forward Rate of Return (Yacktman) % is 7.96. SBA Communications' value of 12.24% is 53.8% above this industry median. Based on the distribution chart, SBA Communications ranks #237 out of 633 companies in the REITs industry, which is above the industry midpoint. Overall, SBA Communications has a GF Score™ of 83/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does SBA Communications' Forward Rate of Return (Yacktman) % compare to WY and LAMR?
According to the REITs industry distribution chart, SBA Communications ranks #237 out of 633 companies for Forward Rate of Return (Yacktman) %. This puts SBA Communications in the upper half of its industry. The industry median Forward Rate of Return (Yacktman) % is 7.96. SBA Communications' value of 12.24% is 53.8% above this benchmark. Historically, SBA Communications' own Forward Rate of Return (Yacktman) % has ranged from 7.76 to 21.71 over the past decade. While the company's 10-year median is 13.10 vs. the industry median of 7.96, SBA Communications has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Forward Rate of Return (Yacktman) % for a REITs company?
The median Forward Rate of Return (Yacktman) % among REITs companies is 7.96, based on 633 companies in the industry. Companies in the top quartile (top 25%) have a Forward Rate of Return (Yacktman) % significantly above this median, while those in the bottom quartile fall well below. However, Forward Rate of Return (Yacktman) % should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. SBA Communications's current Forward Rate of Return (Yacktman) % of 12.24% is 53.8% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Forward Rate of Return (Yacktman) % mean?
A high Forward Rate of Return (Yacktman) % can signal that a stock is expensive relative to its fundamentals. Yacktman's forward rate of return equals the sum of normalized free-cash-flow yield plus earnings growth. View historical data on SBA Communications and its competitors. For the REITs industry, the median Forward Rate of Return (Yacktman) % is 7.96 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. SBA Communications's current Forward Rate of Return (Yacktman) % is 12.24%, which is near median its own 10-year median of 13.10. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is SBA Communications stock overvalued right now?
Based on GuruFocus' analysis, SBA Communications (SBAC) is currently considered Modestly Undervalued. The stock's GF Value™ is $225.77, compared to a current price of $186.95 — trading 17.2% below its estimated fair value. The current Forward Rate of Return (Yacktman) % is 12.24%, which is near median its 10-year median of 13.10 and 53.8% above the REITs industry median of 7.96. SBA Communications' overall GF Score™ is 83/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Forward Rate of Return (Yacktman) % calculated?
Forward Rate of Return (Yacktman) % is calculated from a company's financial statements. For SBA Communications (SBAC), the current Forward Rate of Return (Yacktman) % is 12.24% as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is SBA Communications (SBAC) Overvalued in 2026?
Based on GuruFocus' analysis, SBA Communications stock appears to be undervalued.
The current stock price of $186.95 is trading 17.2% below its estimated GF Value™ of $225.77.
GuruFocus considers SBA Communications to be Modestly Undervalued.
Key valuation signals for SBAC:
Forward Rate of Return (Yacktman) %: 12.24% (near median its 10-year median of 13.10)
GF Value™: $225.77 vs. price of $186.95 (17.2% below fair value)
Industry Position: 53.8% above the REITs median (#237 of 633)
No single metric tells the full story. See the SBAC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
SBA Communications owns a portfolio of about 46,000 wireless towers throughout North America, South America, and Africa. It leases space on its towers to wireless service providers, who install equipment to support their wireless networks. The company has a very concentrated customer base, with most revenue in each market generated by the top three or four mobile carriers. It owns more than 17,000 towers in the US, which account for about 70% of leasing revenue. Internationally, SBA's largest markets are Brazil and Guatemala, where it owns roughly 12,000 and 5,000 towers, respectively. SBA operates as a real estate investment trust.
83GF Score
Get the complete analysis for SBAC
Forward Rate of Return (Yacktman) % is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
Quick Browse
Personalize
Premium Gurus 
Create New Portfolio
SBAC has been successfully added to your 
