SBA Communications

None of the serious warning signs we check for were found. 1 thing worth knowing.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 27 Feb 2026, plus the 10-Q filed 6 Aug 2026 and 8 later 8-Ks.

• One big customer

  Worth knowing

  One customer brings in a big share of sales: 31.1% last year. Losing that customer would hurt.

  “T-Mobile | 31.1% | 30.5% | 32.5%”

  From the 10-K filed 27 February 2026, Item 1. Business (table). Read it in the filing

• It owes more than it owns on paper (negative equity). Often that's from borrowing to buy back shares.

Whether the price already reflects the risks is what the deep dive is for.

• Percentage of International Site Leasing Revenue

  Could happen

  11.3% 5.8% 5.6% (1) The increase in site leasing revenue derived from Tigo was due to the sites purchased from Millicom during the year ended December 31, 2025.

• Our business depends, in part, on the ability of customers to perform under their contractual and financial obligations.

  Adverse changes in a customer’s financial condition or business operations could result in delayed payments, reduced revenues, contract modifications, or nonperformance. For example, in late 2025, EchoStar (f/k/a DISH Wireless) notified us that it would be discontinuing its network business. In December 2025, EchoStar defaulted on its payment obligations to us and such default has continued into 2026. As a result, we currently expect that this churn will represent approximately $56.0 million of cash site leasing revenue during 2026. While EchoStar’s default, has not had, and is not expected to have, a material adverse effect, any failure of other customers to perform under their contractual and financial obligations to us could, individually or in the aggregate, have a material adverse effect on our business, results of operations and financial condition. In addition, we may take certain actions to enforce our rights (including with respect to payment) under our customer contracts, including our contracts with EchoStar, which may be costly, time-consuming and divert management’s attention, and the outcome of any such enforcement is inherently uncertain.

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• Our payment of cash distributions in the future is not guaranteed and the amount of any future cash distributions may fluctuate, which could adversely affect the value of our Class A common stock.

  Could happen

  The amount of future distributions will be determined, from time to time, by our Board of Directors to balance our goal of increasing long-term shareholder value and retaining sufficient cash to implement our current capital allocation policy, which prioritizes investment in quality assets through acquisitions to the extent there are opportunities that meet our return criteria and through the construction of new towers, then stock repurchases, and then cash dividend growth over time. In addition, in a high interest rate environment and when we believe interest rates may stay higher for longer, we believe that debt repayments, especially of our variable rate debt, may be an accretive use of our excess capital. The actual timing and amount of distributions will be as determined and declared by our Board of Directors and will depend on, among other factors, our NOLs, our financial condition, earnings, debt covenants, and other possible uses of such funds. Consequently, our future distribution levels may fluctuate.

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