SBA Communications Corporation — Earnings Quality Grade F
SBAC · Real Estate
Major red flags
Screening Summary
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 22 days, change +2 days YoY
AR growth 17.5% exceeds revenue growth 5.1%
Revenue 5.1%, CFFO -3.3%. Cash follows revenue
Expense Quality
No material inventory
CapEx growth -1.5% vs revenue 5.1%. Normal
SG&A/Gross Profit = 13.1%, excellent (<30%)
Gross margin 75.5%, change -2.8pp. Stable
Cash Flow Quality
CFFO/NI = 1.23. Profits backed by cash
FCF $1.1B, FCF/NI = 1.01
Accruals ratio = -2.1%. Low accruals
Cash $0.3B covers only 2% of debt $15.3B
Balance Sheet Health
Goodwill+Intangibles $2.9B = -59% of equity. Manageable
Debt/EBITDA = 7.6x (>4x). Financial stress
Other assets grew 227.1% vs revenue 5.1%
Write-offs normal
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change 21% YoY. Normal
Manipulation Score
M-Score = -2.32 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score — Not Applicable
SBA Communications Corporation is a financial company. Z-Score is designed for non-financial companies.
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-10