Equinix Inc (EQIX) is overvalued and SBA Communications Corp (SBAC) is fairly valued.
Both trade above our estimate of their intrinsic value. SBAC is the closer of the two: -4%, against -129% for EQIX.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 9.9% (average of 2 methods) values the shares at $463.18; the price of $1059.26 is 129% above that value.
Leak Score 45/100 on 9 of 12 signals
Discounting its cash flows at 9.1% (average of 3 methods) values the shares at $169.34; the price of $175.84 is 4% above that value, and 75% of that value comes from beyond year five.
Leak Score 60/100 on 8 of 12 signals
| Metric | EQIX | SBAC |
|---|---|---|
| Verdict | Overvalued | Fairly valued |
| Price | $1059.26 | $175.84 |
| Intrinsic value | $463.18 | $169.34 |
| Margin of safety | -129% | -4% |
| Leak Score | 45/100 (9/12) | 60/100 (8/12) |
| Market cap | $104.5B | $18.7B |
| Revenue growth, 5 years | 9.0% | 6.2% |
| Operating margin | 9.2% | 53.7% |
| Net margin | 15.6% | 34.5% |
| Return on equity | 10.8% | — |
| Debt to equity | 1.62 | — |
| P/E | 68.2x | 18.9x |
| Forward P/E | 56.2x | 21.0x |
| P/B | 7.3x | — |
| Dividend yield | 1.9% | 2.8% |