CBRE Group, Inc. (CBRE)
CBRE Group is a commercial real-estate services firm providing brokerage, leasing, and property management.
CBRE vs SBAC: how the two businesses compare
- Bigger business: CBRE, with $40.5B of yearly revenue, about 14× SBAC's $2.8B.
- More profitable: SBAC keeps 37 cents of each sales dollar as profit, against 3 cents at CBRE.
- More cash from each sale: SBAC turns 46 cents of each sales dollar into operating cash flow, against 4 cents at CBRE.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
CBRE is the larger business by reported revenue: $40.5B in its fiscal year ended Dec 2025, about 14× SBAC's $2.8B (fiscal year ended Dec 2025). CBRE's net margin was 2.9% and SBAC's 37.4%. The SEC classifies them differently (Real Estate; Real Estate Investment Trusts); what connects them is shared exposure to the Rates & central banks research theme, not a common industry.
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Real Estate
- Different
- Separate classifications
- December 31
- Same calendar
- Feb 27, 2026
CBRE vs SBAC: quick comparison
| Company fact | CBRE | SBAC |
|---|---|---|
| Company | CBRE Group, Inc. | SBA Communications Corporation |
| Exchange | NYSE | NASDAQ |
| SEC industry | Real Estate | Real Estate Investment Trusts |
| Fiscal year-end | December 31 | December 31 |
| Latest annual filing | 10-K · 2026-02-12 | 10-K · 2026-02-27 |
CBRE vs SBAC: audited financials
- Scale: CBRE's $40.5B of revenue is about 14× SBAC's $2.8B.
- Net margin: SBAC kept 37.4% of revenue as net income versus 2.9% at CBRE.
- Cash flow: operating cash flow is left out of this reading because lending, deposit, and trading balances run through it at banks, brokers, and insurers, so it does not measure earnings quality the way it does for an operating company.
- Periods: both fiscal years end on 2025-12-31, so these annual figures cover the same months.
| Metric | CBRE | SBAC |
|---|---|---|
| Revenue | $40.5B2025-01-01 to 2025-12-31 · SEC filing | $2.8B2025-01-01 to 2025-12-31 · SEC filing |
| Net income | $1.2B2025-01-01 to 2025-12-31 · SEC filing | $1.1B2025-01-01 to 2025-12-31 · SEC filing |
| Operating cash flow | $1.6B2025-01-01 to 2025-12-31 · SEC filing | $1.3B2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | $3.852025-01-01 to 2025-12-31 · SEC filing | $9.802025-01-01 to 2025-12-31 · SEC filing |
| Net margin | 2.9%2025-01-01 to 2025-12-31 · SEC filing | 37.4%2025-01-01 to 2025-12-31 · SEC filing |
CBRE: FY ending 2025-12-31 · SBAC: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where CBRE and SBAC overlap, and where they don't
Overlap
- Shared research theme: Rates & central banks.
- Same fiscal calendar: both fiscal years end December 31.
Differences
- Different SEC industries: CBRE files as Real Estate; SBAC as Real Estate Investment Trusts.
- Only CBRE maps to Economic trends.
- Scale: CBRE reported about 14× the annual revenue of SBAC.
- Profitability: net margin of 2.9% for CBRE versus 37.4% for SBAC.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
SBA Communications Corporation (SBAC)
SBA Communications owns and leases wireless communications towers to mobile carriers.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves CBRE
We have not yet published a company-specific driver list for CBRE. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-12.
What moves SBAC
We have not yet published a company-specific driver list for SBAC. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-27.
The investment question
You now know CBRE reports about 14× SBAC's revenue, and SBAC keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about their exposure to rates & central banks, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. Both fiscal years end December 31, so annual reports line up, but check segment definitions before comparing growth or margins.
The current verified House and Senate snapshot contains 0 matched transaction rows for CBRE and 9 matched transaction rows for SBAC. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
CBRE primary filings
SBAC primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
More comparisons involving CBRE or SBAC
CBRE vs SBAC FAQs
Are CBRE and SBAC direct competitors?
Not necessarily. CBRE files as Real Estate and SBA Communications as Real Estate Investment Trusts. The pair is compared because both map to the Rates & central banks research theme, not because the filings show head-to-head competition.
Is CBRE or SBAC the bigger company by revenue?
CBRE is the larger business by reported revenue: $40.5B in its fiscal year ended Dec 2025, about 14× SBAC's $2.8B (fiscal year ended Dec 2025). CBRE's net margin was 2.9% and SBAC's 37.4%. The SEC classifies them differently (Real Estate; Real Estate Investment Trusts); what connects them is shared exposure to the Rates & central banks research theme, not a common industry. Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, CBRE or SBAC?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this CBRE vs SBAC comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers CBRE Group, Inc. and SBA Communications Corporation tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-09. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-09. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
CBRE vs SBAC compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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