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SBA CommunicationsSBAC +0.78%86 Piotroski F-Score is 6 as of Aug. 09, 2026, which is 14% below its 10-year median of 7.00. GuruFocus rates SBAC with a GF Score™ of 86/100 and a GF Value™ of $227.15 (Modestly Undervalued). The stock has 4 warning signs investors should review. Among 883 REITs companies, SBA Communications ranks better than 74.29% on this metric.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
SBA Communications has an F-score of 6 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for SBA Communications's Piotroski F-Score or its related term are showing as below:
SBAC'
s Piotroski F-Score Range Over the Past 10 Years
Min: 5 Med: 7 Max: 8
Current: 6
During the past 13 years, the highest Piotroski F-Score of SBA Communications was 8. The lowest was 5. And the median was 7.
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
SBA Communications Piotroski F-Score Related Terms
SBA Communications Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for SBA Communications's Piotroski F-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
SBAC vs WY, LAMR, GLPI: Piotroski F-Score Comparison
For the REIT - Specialty subindustry, SBA Communications's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
SBA Communications Piotroski F-Score vs REITs Industry
For the REITs industry and Real Estate sector, SBA Communications's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where SBA Communications's Piotroski F-Score falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
This Year (Jun26) TTM:
Last Year (Jun25) TTM:
Net Income was 236.816 + 370.29 + 184.83 + 198.777 = $991 Mil. Cash Flow from Operations was 318.03 + 304.025 + 255.085 + 407.178 = $1,284 Mil. Revenue was 732.327 + 719.583 + 703.438 + 715.274 = $2,871 Mil. Gross Profit was 542.538 + 544.163 + 532.102 + 539.272 = $2,158 Mil.
Average Total Assets from the begining of this year (Jun25)
to the end of this year (Jun26) was
(10766.387 + 11260.239 + 11575.012 + 11720.844 + 11742.32) / 5 = $11412.9604 Mil. Total Assets at the begining of this year (Jun25) was $10,766 Mil. Long-Term Debt & Capital Lease Obligation was $11,324 Mil. Total Current Assets was $745 Mil. Total Current Liabilities was $4,337 Mil.
Net Income was 258.534 + 173.63 + 220.732 + 225.794 = $879 Mil.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
SBA Communications's current Net Income (TTM) was 991.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
SBA Communications's return on assets of this year was 0.09201908. SBA Communications's return on assets of last year was 0.08978888.
==> This year is higher. ==> Score 1.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
SBA Communications's gearing of this year was 0.99218061. SBA Communications's gearing of last year was 1.30611181.
==> This year is lower or equal to last year. ==> Score 1.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
SBA Communications's current ratio of this year was 0.17173921. SBA Communications's current ratio of last year was 0.36637488.
==> Last year's current ratio is higher ==> Score 0.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
SBA Communications's number of shares in issue this year was 106.264. SBA Communications's number of shares in issue last year was 107.797.
==> There is smaller number of shares in issue this year, or the same. ==> Score 1.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
SBA Communications's gross margin of this year was 0.75177958. SBA Communications's gross margin of last year was 0.7694166.
==> Last year's gross margin is higher ==> Score 0.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
SBA Communications's asset turnover of this year was 0.26662816. SBA Communications's asset turnover of last year was 0.27840532.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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6
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
SBA Communications has an F-score of 6 indicating the company's financial situation is typical for a stable company.
SBA Communications (SBAC) has a Piotroski F-Score of 6 as of Aug. 09, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on SBA Communications and its competitors. This is 14% below median its historical median of 7.00. Over the past decade, SBA Communications' Piotroski F-Score has ranged from 5.00 to 8.00. According to the industry distribution chart, SBA Communications ranks #227 out of 883 companies in the REITs industry, placing it in the top 25.7%.
Is SBA Communications' Piotroski F-Score too high?
SBA Communications' current Piotroski F-Score of 6 is 14% below median its 10-year median of 7.00. Over the past 10 years, this metric has ranged from a low of 5.00 to a high of 8.00. The REITs industry median Piotroski F-Score is 6.00. SBA Communications' value of 6 is 0% at this industry median. Based on the distribution chart, SBA Communications ranks #227 out of 883 companies in the REITs industry, which is above the industry midpoint. Overall, SBA Communications has a GF Score™ of 86/100 and is considered Modestly Undervalued, reflecting its overall financial health beyond just this single metric.
How does SBA Communications' Piotroski F-Score compare to WY and LAMR?
According to the REITs industry distribution chart, SBA Communications ranks #227 out of 883 companies for Piotroski F-Score. This puts SBA Communications in the upper half of its industry. The industry median Piotroski F-Score is 6.00. SBA Communications' value of 6 is 0% at this benchmark. Historically, SBA Communications' own Piotroski F-Score has ranged from 5.00 to 8.00 over the past decade. While the company's 10-year median is 7.00 vs. the industry median of 6.00, SBA Communications has consistently been at the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Piotroski F-Score for a REITs company?
The median Piotroski F-Score among REITs companies is 6.00, based on 883 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. SBA Communications's current Piotroski F-Score of 6 is 0% at the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on SBA Communications and its competitors. For the REITs industry, the median Piotroski F-Score is 6.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. SBA Communications's current Piotroski F-Score is 6, which is 14% below median its own 10-year median of 7.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is SBA Communications stock overvalued right now?
Based on GuruFocus' analysis, SBA Communications (SBAC) is currently considered Modestly Undervalued. The stock's GF Value™ is $227.15, compared to a current price of $184.04 — trading 19% below its estimated fair value. The current Piotroski F-Score is 6, which is 14% below median its 10-year median of 7.00 and 0% at the REITs industry median of 6.00. SBA Communications' overall GF Score™ is 86/100 with 4 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For SBA Communications (SBAC), the current Piotroski F-Score is 6 as of Aug. 09, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is SBA Communications (SBAC) Overvalued in 2026?
Based on GuruFocus' analysis, SBA Communications stock appears to be undervalued.
The current stock price of $184.04 is trading 19% below its estimated GF Value™ of $227.15.
GuruFocus considers SBA Communications to be Modestly Undervalued.
Key valuation signals for SBAC:
Piotroski F-Score: 6 (14% below median its 10-year median of 7.00)
GF Value™: $227.15 vs. price of $184.04 (19% below fair value)
Industry Position: 0% at the REITs median (#227 of 883)
No single metric tells the full story. See the SBAC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
SBA Communications owns a portfolio of about 46,000 wireless towers throughout North America, South America, and Africa. It leases space on its towers to wireless service providers, who install equipment to support their wireless networks. The company has a very concentrated customer base, with most revenue in each market generated by the top three or four mobile carriers. It owns more than 17,000 towers in the US, which account for about 70% of leasing revenue. Internationally, SBA's largest markets are Brazil and Guatemala, where it owns roughly 12,000 and 5,000 towers, respectively. SBA operates as a real estate investment trust.
86GF Score
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