WallStSmart

SBA Communications Corp (SBAC)vsTerreno Realty Corporation (TRNO)

VS

Smart Verdict

WallStSmart Research — data-driven comparison

SBA Communications Corp generates 482% more annual revenue ($2.85B vs $490.40M). TRNO leads profitability with a 86.5% profit margin vs 35.7%. TRNO appears more attractively valued with a PEG of 7.15. TRNO earns a higher WallStSmart Score of 68/100 (B-).

SBAC

Hold

49

out of 100

Grade: D+

Growth: 4.0Profit: 8.0Value: 4.7Quality: 5.0
Piotroski: 5/9Altman Z: -0.26

TRNO

Strong Buy

68

out of 100

Grade: B-

Growth: 8.0Profit: 7.5Value: 6.7Quality: 7.5
Piotroski: 4/9Altman Z: 2.37
IV

Intrinsic Value Comparison

Multi-model valuation · Graham Formula

SBACUndervalued (+0.7%)

Margin of Safety

+0.7%

Fair Value

$192.34

Current Price

$187.59

$4.75 discount

UndervaluedFair: $192.34Overvalued
TRNOUndervalued (+69.3%)

Margin of Safety

+69.3%

Fair Value

$213.41

Current Price

$65.66

$147.75 discount

UndervaluedFair: $213.41Overvalued

Key Strengths & Concerns

Side-by-side fundamental analysis

Key Strengths

SBAC3 strengths · Avg: 10.0/10
Profit MarginProfitability
35.7%10/10

Keeps 36 of every $100 in revenue as profit

Operating MarginProfitability
52.4%10/10

Strong operational efficiency at 52.4%

Debt/EquityHealth
-3.2410/10

Conservative balance sheet, low leverage

TRNO6 strengths · Avg: 8.8/10
Profit MarginProfitability
86.5%10/10

Keeps 87 of every $100 in revenue as profit

Operating MarginProfitability
40.7%10/10

Strong operational efficiency at 40.7%

Debt/EquityHealth
0.259/10

Conservative balance sheet, low leverage

P/E RatioValuation
16.4x8/10

Attractively priced relative to earnings

Price/BookValuation
1.6x8/10

Reasonable price relative to book value

EPS GrowthGrowth
40.2%8/10

Earnings expanding 40.2% YoY

Areas to Watch

SBAC4 concerns · Avg: 2.3/10
Return on EquityProfitability
0.0%3/10

ROE of 0.0% — below average capital efficiency

PEG RatioValuation
8.502/10

Expensive relative to growth rate

EPS GrowthGrowth
-14.7%2/10

Earnings declined 14.7%

Altman Z-ScoreHealth
-0.262/10

Distress zone — elevated risk

TRNO1 concerns · Avg: 2.0/10
PEG RatioValuation
7.152/10

Expensive relative to growth rate

Comparative Analysis Report

WallStSmart Research

Bull Case : SBAC

The strongest argument for SBAC centers on Profit Margin, Operating Margin, Debt/Equity. Profitability is solid with margins at 35.7% and operating margin at 52.4%.

Bull Case : TRNO

The strongest argument for TRNO centers on Profit Margin, Operating Margin, Debt/Equity. Profitability is solid with margins at 86.5% and operating margin at 40.7%. Revenue growth of 12.7% demonstrates continued momentum.

Bear Case : SBAC

The primary concerns for SBAC are Return on Equity, PEG Ratio, EPS Growth.

Bear Case : TRNO

The primary concerns for TRNO are PEG Ratio.

Key Dynamics to Monitor

TRNO carries more volatility with a beta of 1.06 — expect wider price swings.

TRNO is growing revenue faster at 12.7% — sustainability is the question.

SBAC generates stronger free cash flow (207M), providing more financial flexibility.

Monitor REIT - SPECIALTY industry trends, competitive dynamics, and regulatory changes.

Bottom Line

TRNO scores higher overall (68/100 vs 49/100), backed by strong 86.5% margins and 12.7% revenue growth. Both earn "Strong Buy" and "Hold" ratings respectively — the choice depends on your investment horizon and risk tolerance.

This analysis is generated from publicly available financial data. Not financial advice.

SBA Communications Corp

REAL ESTATE · REIT - SPECIALTY · USA

SBA Communications Corporation is a real estate investment trust which owns and operates wireless infrastructure in the United States, Canada, Central America, South America, and South Africa.

Terreno Realty Corporation

REAL ESTATE · REIT - INDUSTRIAL · USA

Terreno Realty Corporation and together with its subsidiaries, the?

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