The wireless communication tower company, which has a market cap of about $15 billion, makes money leasing antenna space to carriers such as AT&T and Verizon. Since 2002, it's up a whopping 53,000 percent, making it the top performing stock in the index over that period by a long shot.
In fact, regardless of the time—10 years, five, three or the past 12 months—SBA's stock easily beats the Nasdaq and the S&P 500.
What explains the excitement around a company that owns and operates wireless towers?
Simply put, it's a play on the explosion of mobile devices. In 2002, the iPhone didn't even exist. Today, of course, there are countless consumers using smartphones and tablets. That means carriers need to lease more antenna space from SBA to meet growing demand for mobile data.
"Whether you're using an iPad, iPhone or Android device, the tower companies are needed by every single carrier at this point in the U.S., and abroad for that matter," said Michael Bowen, a senior research analyst at Pacific Crest Securities.