SBA Communications Corporation

Read together, the filings show strong reported earnings and cash generation, while the balance sheet and revenue concentration are the main points to check. The Beneish M-Score is -2.041, below the -1.78 threshold, so it is not in the elevated manipulation-risk zone. This is a screening result, meaning the accounting-pattern test did not flag the filing for a closer read, not proof that the numbers are clean. The Altman Z″-Score is -2.65, in the distress zone. This model is built from balance-sheet ratios, so it signals financial stress on paper, and readers should treat it as a warning from that model rather than a forecast of default. The Piotroski F-Score is 7 of 9 computable signals, meaning seven of the nine applicable pass/fail checks were met. Operating cash flow of $1.29 billion against net income of $1.05 billion gives a ratio of 1.23, suggesting reported earnings are backed by cash. Two items deserve attention. First, the annual Revenues figure of $244.5 million for 2025 cannot be reconciled with the $703.4 million quarterly total in the 10-Q, so readers may want to confirm which line item the XBRL tag captures before comparing periods. Second, customer concentration is high: T-Mobile (31.1%), AT&T Wireless (20.3%) and Verizon Wireless (15.1%) together made up 66.5% of 2025 revenue. Expected churn of $36.0 million to $40.0 million in 2026 shows how quickly that base can shift. The Millicom acquisitions and Honduras entry expand the footprint, but domestic site leasing operating profit fell 3.3% in Q1 2026.

Catalyst.Management's Q1 2026 10-Q points to international growth as the main engine. Total revenues for the quarter were $703.4 million, up 4.1% in constant currency from $664.2 million. International site leasing revenue rose 24.8% as reported, driven by 7,133 towers acquired (including 7,110 from the Millicom transaction) and 525 towers built since January 1, 2025. Domestic site leasing revenue fell 2.3% in constant currency, mainly due to Sprint, EchoStar and other lease non-renewals. Brazil accounted for 13.5% of site leasing revenue. The filing also credits the ground lease purchase program for part of the international operating profit gain.

Hidden risk.The most easily missed tension is between net income and operating results. For 2025, net income reached $1.05 billion, up from $749.54 million in 2024, while operating income fell to $1.34 billion from $1.44 billion, about 6.9% lower. The filings in this data do not explain that gap, so readers may want to examine the non-operating lines of the income statement. Shareholders' deficit stood at -$4.85 billion at December 31, 2025, and variable-rate debt was about $2.7 billion, or 21.1% of total indebtedness. Interest expense rose 23.4% in Q1 2026 year over year, and the Altman Z″-Score is in the distress zone.