Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Written in the voice and by the principles of Warren Buffett and Charlie Munger. Primary sources: Form 10-Q for the quarter ended June 30, 2026; Q2 2026 earnings release and call (August 3, 2026); current market quotations. SBA Communications owns 46,390 cell towers — 17,362 in the United States, 29,028 abroad — and rents vertical space on them to wireless carriers under long-term contracts. Each tower, considered by itself, is close to the perfect asset: a local monopoly protected by zoning law, with tenants who almost never leave, contractual rent escalators, and incremental margins above 80% when a second or third tenant bolts on antennas. So why only two stars? Because we do not buy towers; we buy the equity of a corporation, and the corporation sitting on top of these lovely assets has three problems the assets themselves cannot cure.
Recent filings analysed: 10-Q (2026-08-06), 8-K (2026-08-03), 8-K (2026-07-24), 8-K (2026-07-23).
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