VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Sunday, January 11, 2026

Stock Comparison

Elevance Health, Inc. vs SBA Communications Corporation

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

Elevance Health, Inc.

ELV · New York Stock Exchange

Market cap (USD)$82.8B
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
SectorHealthcare
IndustryMedical - Healthcare Plans
CountryUS
Data as of2026-01-09
Moat score
74/ 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 Elevance Health, Inc.'s moat claims, evidence, and risks.

View ELV 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: Elevance Health, Inc. leads (74 / 100 vs 71 / 100 for SBA Communications Corporation).
  • Segment focus: Elevance Health, Inc. has 3 segments (85.2% in Health Benefits); SBA Communications Corporation has 3 segments (69.5% in Domestic Site Leasing).
  • Moat breadth: Elevance Health, Inc. has 8 moat types across 3 domains; SBA Communications Corporation has 4 across 2.

Primary market context

Elevance Health, Inc.

Health Benefits

Market

U.S. health insurance and managed care

Geography

United States

Customer

Employers, individuals, and government programs

Role

Payer / managed care organization

Revenue share

85.2%

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

Elevance Health, Inc.
SBA Communications Corporation
Ticker / Exchange
ELV - New York Stock Exchange
SBAC - NASDAQ
Market cap (USD)
$82.8B
$19.5B
Gross margin (TTM)
n/a
75.4%
Operating margin (TTM)
n/a
51.1%
Net margin (TTM)
n/a
30.7%
Sector
Healthcare
Real Estate
Industry
Medical - Healthcare Plans
REIT - Specialty
HQ country
US
US
Primary segment
Health Benefits
Domestic Site Leasing
Market structure
Oligopoly
Oligopoly
Market share
n/a
16%-19% (implied)
HHI estimate
n/a
3,710
Pricing power
Moderate
Moderate
Moat score
74 / 100
71 / 100
Moat domains
Legal, Demand, Supply
Supply, Demand
Last update
2026-01-09
2026-01-02

Moat coverage

Shared moat types

Scale Economies Unit Cost

Elevance Health, Inc. strengths

Concession LicenseBrand TrustGovernment Contracting RelationshipsData Workflow LockinSuite BundlingScope EconomiesSwitching Costs General

SBA Communications Corporation strengths

Physical Network DensityLong Term ContractsOperational Excellence

Segment mix

Elevance Health, Inc. segments

Full profile >

Health Benefits

Oligopoly

85.2%

CarelonRx

Oligopoly

12.8%

Carelon Services

Competitive

1.9%

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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Proven models entering the expansion stage with unit economics that work.

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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.