QSR vs SBAC Comparison

Restaurant Brands generates about $44 billion in system sales across more than 32,000 restaurants in over 120 markets, making it one of the largest restaurant companies globally. Its banners include Burger King (7,082 stores), Tim Hortons (4,539), Popeyes (3,520), and Firehouse Subs (1,345), concentrated in the US and Canada, with these brands also comprising 15,639 franchised international locations as of year-end 2024. The firm primarily earns revenue from franchise and property fees, supply chain sales within the Tim Hortons segment, company-operated restaurants, and advertising royalties.

SBA Communications owns a portfolio of about 45,000 wireless towers throughout North America, South America, and Africa. It leases space on its towers to wireless service providers, who install equipment to support their wireless networks. The company has a very concentrated customer base, with most revenue in each market being generated by the top few mobile carriers. It owns more than 17,000 towers in the US, which account for about 75% of leasing revenue. Internationally, SBA's largest presence is in Brazil, where it owns roughly 10,000 towers. SBA operates as a real estate investment trust.