SBAC vs TPL Comparison

SBA Communications owns and operates almost 40,000 cell towers throughout North America, South America, and Africa. It leases space on its towers to wireless service providers, which install equipment on the towers to support their wireless networks. The company has a very concentrated customer base, with most revenue in each market being generated by just the top few mobile carriers. It owns more than 17,000 towers in the US, which accounted for about 70% of the company's total revenue in 2023. Internationally, SBA's greatest presence is in Brazil, where it operates roughly 10,000 towers. SBA operates as a real estate investment trust.

Texas Pacific Land Corp is mainly engaged in the sales and leases of land owned, retaining oil and gas royalties, and the overall management of the land owned. It operates its business in two reportable segments; Land and Resource Management and Water Service and Operations. The Land and Resource Management segment focuses on managing surface acres of land and its oil and gas royalty interests, principally concentrated in the Permian Basin. The Water Services and Operations segment encompasses the business of providing full-service water offerings to operators, produced-water treatment, infrastructure development, and disposal solutions. The company generates the majority of its revenue from the Land and Resource Management segment.