VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Saturday, January 10, 2026

Stock Comparison

Brown & Brown, Inc. vs SBA Communications Corporation

Compare moat strength, market structure, and segment coverage to understand how each company defends its edge.

Brown & Brown, Inc.

BRO · New York Stock Exchange

Market cap (USD)$27.5B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorFinancials
IndustryInsurance - Brokers
CountryUS
Data as of2026-01-09
Moat score
61/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Brown & Brown, Inc.'s moat claims, evidence, and risks.

View BRO analysis

SBA Communications Corporation

SBAC · NASDAQ

Market cap (USD)$19.5B
Gross margin (TTM)75.4%
Operating margin (TTM)51.1%
Net margin (TTM)30.7%
SectorReal Estate
IndustryREIT - Specialty
CountryUS
Data as of2026-01-02
Moat score
71/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into SBA Communications Corporation's moat claims, evidence, and risks.

View SBAC analysis

Comparison highlights

  • Moat score gap: SBA Communications Corporation leads (71 / 100 vs 61 / 100 for Brown & Brown, Inc.).
  • Segment focus: Brown & Brown, Inc. has 2 segments (59% in Retail); SBA Communications Corporation has 3 segments (69.5% in Domestic Site Leasing).
  • Primary market structure: Competitive vs Oligopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: Brown & Brown, Inc. has 5 moat types across 3 domains; SBA Communications Corporation has 4 across 2.

Primary market context

Brown & Brown, Inc.

Retail

Market

Retail insurance brokerage and agency services (commercial P&C, employee benefits, personal lines) plus dealer F&I risk-mitigating products

Geography

Primarily United States; also selected international operations

Customer

Commercial (SMB to mid-market), public/quasi-public entities, professional and individual insured customers; auto/RV dealers for F&I

Role

Insurance intermediary (agent/broker) and risk solutions advisor

Revenue share

59%

SBA Communications Corporation

Domestic Site Leasing

Market

U.S. wireless macro tower leasing (multi-tenant co-location on communications towers)

Geography

United States and territories

Customer

Wireless service providers and other wireless network operators/tenants

Role

Independent tower owner/operator (REIT)

Revenue share

69.5%

Side-by-side metrics

Brown & Brown, Inc.
SBA Communications Corporation
Ticker / Exchange
BRO - New York Stock Exchange
SBAC - NASDAQ
Market cap (USD)
$27.5B
$19.5B
Gross margin (TTM)
n/a
75.4%
Operating margin (TTM)
n/a
51.1%
Net margin (TTM)
n/a
30.7%
Sector
Financials
Real Estate
Industry
Insurance - Brokers
REIT - Specialty
HQ country
US
US
Primary segment
Retail
Domestic Site Leasing
Market structure
Competitive
Oligopoly
Market share
n/a
16%-19% (implied)
HHI estimate
n/a
3,710
Pricing power
Moderate
Moderate
Moat score
61 / 100
71 / 100
Moat domains
Demand, Supply, Legal
Supply, Demand
Last update
2026-01-09
2026-01-02

Moat coverage

Shared moat types

Scale Economies Unit Cost

Brown & Brown, Inc. strengths

Procurement InertiaBrand TrustContractual ExclusivityPreferential Input Access

SBA Communications Corporation strengths

Physical Network DensityLong Term ContractsOperational Excellence

Segment mix

Brown & Brown, Inc. segments

Full profile >

Retail

Competitive

59%

Specialty Distribution

Oligopoly

41%

SBA Communications Corporation segments

Full profile >

Domestic Site Leasing

Oligopoly

69.5%

International Site Leasing

Oligopoly

24.8%

Site Development

Competitive

5.7%

Want the full wide moat stocks list?

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Curation & Accuracy

This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).

Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.