VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Thursday, January 8, 2026

Stock Comparison

SBA Communications Corporation vs Sea Limited

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

SBA Communications Corporation

SBAC · NASDAQ

Market cap (USD)$20.4B
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

Sea Limited

SE · New York Stock Exchange

Market cap (USD)$82.8B
Gross margin (TTM)44.9%
Operating margin (TTM)8.2%
Net margin (TTM)6.8%
SectorConsumer
IndustrySpecialty Retail
CountrySG
Data as of2026-01-06
Moat score
69/ 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 Sea Limited's moat claims, evidence, and risks.

View SE analysis

Comparison highlights

  • Moat score gap: SBA Communications Corporation leads (71 / 100 vs 69 / 100 for Sea Limited).
  • Segment focus: SBA Communications Corporation has 3 segments (69.5% in Domestic Site Leasing); Sea Limited has 3 segments (73.8% in Shopee (E-commerce)).
  • Moat breadth: SBA Communications Corporation has 4 moat types across 2 domains; Sea Limited has 6 across 3.

Primary market context

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%

Sea Limited

Shopee (E-commerce)

Market

E-commerce marketplace and related value-added services

Geography

Southeast Asia, Taiwan, Brazil

Customer

Consumers and sellers

Role

Marketplace operator

Revenue share

73.8%

Side-by-side metrics

SBA Communications Corporation
Sea Limited
Ticker / Exchange
SBAC - NASDAQ
SE - New York Stock Exchange
Market cap (USD)
$20.4B
$82.8B
Gross margin (TTM)
75.4%
44.9%
Operating margin (TTM)
51.1%
8.2%
Net margin (TTM)
30.7%
6.8%
Sector
Real Estate
Consumer
Industry
REIT - Specialty
Specialty Retail
HQ country
US
SG
Primary segment
Domestic Site Leasing
Shopee (E-commerce)
Market structure
Oligopoly
Oligopoly
Market share
16%-19% (implied)
52% (reported)
HHI estimate
3,710
n/a
Pricing power
Moderate
Moderate
Moat score
71 / 100
69 / 100
Moat domains
Supply, Demand
Network, Supply, Legal
Last update
2026-01-02
2026-01-06

Moat coverage

Shared moat types

No overlap yet.

SBA Communications Corporation strengths

Physical Network DensityLong Term ContractsScale Economies Unit CostOperational Excellence

Sea Limited strengths

Two Sided NetworkDistribution ControlEcosystem ComplementsRegulated Standards PipeDirect Network EffectsContractual Exclusivity

Segment mix

SBA Communications Corporation segments

Full profile >

Domestic Site Leasing

Oligopoly

69.5%

International Site Leasing

Oligopoly

24.8%

Site Development

Competitive

5.7%

Sea Limited segments

Full profile >

Shopee (E-commerce)

Oligopoly

73.8%

SeaMoney (Digital Financial Services)

Competitive

14.1%

Garena (Digital Entertainment)

Competitive

11.4%

Want the full wide moat stocks list?

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

View the 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.