VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Friday, January 2, 2026

Stock Comparison

SAP SE vs SBA Communications Corporation

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

SAP SE

SAP · XETRA

Market cap (USD)$233.7B
Gross margin (TTM)73.6%
Operating margin (TTM)25.8%
Net margin (TTM)19.4%
SectorTechnology
IndustrySoftware - Application
CountryDE
Data as of2025-12-30
Moat score
65/ 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 SAP SE's moat claims, evidence, and risks.

View SAP 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: SBA Communications Corporation leads (71 / 100 vs 65 / 100 for SAP SE).
  • Segment focus: SAP SE has 2 segments (87.3% in Cloud and Software); SBA Communications Corporation has 3 segments (69.5% in Domestic Site Leasing).
  • Moat breadth: SAP SE has 6 moat types across 3 domains; SBA Communications Corporation has 4 across 2.

Primary market context

SAP SE

Cloud and Software

Market

Enterprise application software suites and cloud subscriptions (ERP-centric) plus platform services

Geography

Global

Customer

Large enterprises and upper mid-market

Role

Software vendor (SaaS + on-prem support + platform)

Revenue share

87.3%

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

SAP SE
SBA Communications Corporation
Ticker / Exchange
SAP - XETRA
SBAC - NASDAQ
Market cap (USD)
$233.7B
n/a
Gross margin (TTM)
73.6%
n/a
Operating margin (TTM)
25.8%
n/a
Net margin (TTM)
19.4%
n/a
Sector
Technology
Real Estate
Industry
Software - Application
REIT - Specialty
HQ country
DE
US
Primary segment
Cloud and Software
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
65 / 100
71 / 100
Moat domains
Demand, Network, Legal
Supply, Demand
Last update
2025-12-30
2026-01-02

Moat coverage

Shared moat types

Long Term Contracts

SAP SE strengths

Data Workflow LockinSuite BundlingEcosystem ComplementsCompliance AdvantageBrand Trust

SBA Communications Corporation strengths

Physical Network DensityScale Economies Unit CostOperational Excellence

Segment mix

SAP SE segments

Full profile >

Cloud and Software

Oligopoly

87.3%

Services

Competitive

12.7%

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.