VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Friday, January 2, 2026

Stock Comparison

Philip Morris International Inc. vs SBA Communications Corporation

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

Philip Morris International Inc.

PM · New York Stock Exchange

Market cap (USD)$251.2B
Gross margin (TTM)66.3%
Operating margin (TTM)37.7%
Net margin (TTM)21.6%
SectorConsumer
IndustryTobacco
CountryUS
Data as of2025-12-31
Moat score
84/ 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 Philip Morris International Inc.'s moat claims, evidence, and risks.

View PM analysis

SBA Communications Corporation

SBAC · NASDAQ

Market cap (USD)
Gross margin (TTM)
Operating margin (TTM)
Net margin (TTM)
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: Philip Morris International Inc. leads (84 / 100 vs 71 / 100 for SBA Communications Corporation).
  • Segment focus: Philip Morris International Inc. has 3 segments (61.3% in Combustible Tobacco); SBA Communications Corporation has 3 segments (69.5% in Domestic Site Leasing).
  • Primary market structure: Oligopoly vs Oligopoly. Pricing power: Strong vs Moderate.
  • Moat breadth: Philip Morris International Inc. has 6 moat types across 3 domains; SBA Communications Corporation has 4 across 2.

Primary market context

Philip Morris International Inc.

Combustible Tobacco

Market

International combustible tobacco (primarily cigarettes)

Geography

Global (primarily ex-U.S.)

Customer

Adult smokers; distributors/wholesalers and retail channels

Role

Branded manufacturer and distributor

Revenue share

61.3%

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

Philip Morris International Inc.
SBA Communications Corporation
Ticker / Exchange
PM - New York Stock Exchange
SBAC - NASDAQ
Market cap (USD)
$251.2B
n/a
Gross margin (TTM)
66.3%
n/a
Operating margin (TTM)
37.7%
n/a
Net margin (TTM)
21.6%
n/a
Sector
Consumer
Real Estate
Industry
Tobacco
REIT - Specialty
HQ country
US
US
Primary segment
Combustible Tobacco
Domestic Site Leasing
Market structure
Oligopoly
Oligopoly
Market share
25.3% (reported)
16%-19% (implied)
HHI estimate
n/a
3,710
Pricing power
Strong
Moderate
Moat score
84 / 100
71 / 100
Moat domains
Demand, Supply, Legal
Supply, Demand
Last update
2025-12-31
2026-01-02

Moat coverage

Shared moat types

No overlap yet.

Philip Morris International Inc. strengths

Brand TrustDistribution ControlCompliance AdvantageInstalled Base ConsumablesIP Choke PointRegulated Standards Pipe

SBA Communications Corporation strengths

Physical Network DensityLong Term ContractsScale Economies Unit CostOperational Excellence

Segment mix

Philip Morris International Inc. segments

Full profile >

Combustible Tobacco

Oligopoly

61.3%

Smoke-Free Products

Oligopoly

37.8%

Wellness & Healthcare

Competitive

0.9%

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?

Browse the full ranking of wide moat stocks, updated with moat scores and segment context.

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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.