VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Wednesday, January 7, 2026

Stock Comparison

SBA Communications Corporation vs Transurban Group

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

Transurban Group

TCL · Australian Securities Exchange

Market cap (USD)$42.6B
Gross margin (TTM)43.4%
Operating margin (TTM)39.4%
Net margin (TTM)5.8%
SectorIndustrials
IndustryIndustrial - Infrastructure Operations
CountryAU
Data as of2026-01-04
Moat score
91/ 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 Transurban Group's moat claims, evidence, and risks.

View TCL analysis

Comparison highlights

  • Moat score gap: Transurban Group leads (91 / 100 vs 71 / 100 for SBA Communications Corporation).
  • Segment focus: SBA Communications Corporation has 3 segments (69.5% in Domestic Site Leasing); Transurban Group has 4 segments (49.5% in Sydney toll roads).
  • Primary market structure: Oligopoly vs Quasi-Monopoly. Pricing power: Moderate vs Moderate.
  • Moat breadth: SBA Communications Corporation has 4 moat types across 2 domains; Transurban Group has 3 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%

Transurban Group

Sydney toll roads

Market

Urban toll-road concessions (Sydney)

Geography

Sydney, New South Wales, Australia

Customer

Motorists and commercial fleet operators

Role

Concessionaire / operator and developer

Revenue share

49.5%

Side-by-side metrics

SBA Communications Corporation
Transurban Group
Ticker / Exchange
SBAC - NASDAQ
TCL - Australian Securities Exchange
Market cap (USD)
$20.4B
$42.6B
Gross margin (TTM)
75.4%
43.4%
Operating margin (TTM)
51.1%
39.4%
Net margin (TTM)
30.7%
5.8%
Sector
Real Estate
Industrials
Industry
REIT - Specialty
Industrial - Infrastructure Operations
HQ country
US
AU
Primary segment
Domestic Site Leasing
Sydney toll roads
Market structure
Oligopoly
Quasi-Monopoly
Market share
16%-19% (implied)
n/a
HHI estimate
3,710
n/a
Pricing power
Moderate
Moderate
Moat score
71 / 100
91 / 100
Moat domains
Supply, Demand
Legal, Financial, Demand
Last update
2026-01-02
2026-01-04

Moat coverage

Shared moat types

No overlap yet.

SBA Communications Corporation strengths

Physical Network DensityLong Term ContractsScale Economies Unit CostOperational Excellence

Transurban Group strengths

Concession LicenseBenchmark Pricing PowerDynamic congestion pricing

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%

Transurban Group segments

Full profile >

Sydney toll roads

Quasi-Monopoly

49.5%

Melbourne toll roads

Quasi-Monopoly

26.5%

Brisbane toll roads

Quasi-Monopoly

16%

North America managed lanes and concessions

Quasi-Monopoly

8.1%

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

Looking for expansion-stage stocks?

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

View expansion-stage stocks

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.