Also trades as: 0KYZ.L (LSE) · $vol 0M

$205.57

-2.50 (-1.20%)

Weekly Expected Move ±3.8%

$184 $192 $200 $207 $215

NASDAQ · Real Estate · REIT - Specialty · Alpha Radar Sell · Power 43 · $21.8B mcap · 105M float · 1.13% daily turnover · Short 46% of daily vol

Edge Score

Quantitative competitive moat analysis scoring five pillars of durable advantage — cost leadership, brand intangibles, switching costs, network effects, and efficient scale — using industry percentile rankings on a 0–100 scale.

WEAK EDGE

52.2 / 100

NoneWeakNarrowWide

Primary source: Switching Costs · ROIC: 11.4%

Cost Advantage

Intangibles

Switching Cost

Network Effect

Scale

The Edge Score quantifies a company's competitive moat using five pillars: Cost Advantage (20%, operating margin and SG&A efficiency vs industry peers), Intangible Assets (25%, gross margin premium, R&D intensity, brand pricing power), Switching Costs (25%, revenue stability, earnings consistency, customer retention proxied by operating leverage), Network Effects (15%, revenue growth with expanding margins, market share dominance), and Efficient Scale (15%, market concentration, ROIC sustainability). Each pillar is scored 0–100 using industry percentile rankings, then weighted into a composite. Wide ≥ 70, Narrow ≥ 55, Weak ≥ 40, None < 40. SBAC shows a Weak competitive edge (52.2/100) — limited structural advantages that may face competitive pressure. The primary source of advantage is Switching Costs. ROIC of 11.4% suggests modest returns relative to capital deployed.

Analyst Insights

Wall Street analyst consensus based on price targets and buy/sell/hold recommendations from institutional research coverage over the trailing 12 months.

Analyst Price Targets

$230

Low

$238

Avg Target

$245

High

Based on 2 analysts since Apr 29, 2026 earnings

Analyst Recommendations

Strong Buy: 1Buy: 27Hold: 14Sell: 0Strong Sell: 0

Rating Summary

ConsensusBuy

Avg Target$236.00

Analysts4

Price Target Change History

Date	Firm	Analyst	Old	New	Change	Upside @ Call	Stock@Call
2026-05-05	Barclays	—	$244	$245	+1	+12.4%	$217.91
2026-05-01	Scotiabank	Maher Yaghi	Initiated	$230	—	+4.8%	$219.37
2026-04-15	Barclays	—	$212	$244	+32	+13.9%	$214.20
2026-04-09	Morgan Stanley	—	$366	$225	-141	+3.0%	$218.46
2026-01-20	UBS	—	$233	$260	+27	+37.4%	$189.25
2026-01-14	UBS	—	$275	$233	-42	+20.4%	$193.53
2025-12-16	Wells Fargo	—	$215	$205	-10	+6.2%	$193.11
2025-12-01	Barclays	—	$255	$212	-43	+9.1%	$194.27
2025-11-04	Williams Trading	Gregory Williams	$261	$237	-24	+19.9%	$197.66
2025-11-04	BMO Capital	Ari Klein	$230	$210	-20	+8.5%	$193.52
2025-10-20	Wells Fargo	—	$220	$215	-5	+9.5%	$196.26
2025-10-14	UBS	—	$410	$275	-135	+43.7%	$191.37
2025-08-05	Raymond James	Ric Prentiss	$334	$265	-69	+20.9%	$219.16
2025-08-05	JMP Securities	—	$250	$280	+30	+27.8%	$219.16
2025-01-27	JMP Securities	Greg Miller	Initiated	$250	—	+27.0%	$196.83
2024-12-18	BMO Capital	Ari Klein	$245	$230	-15	+14.4%	$201.06
2024-10-29	Williams Trading	Gregory Williams	Initiated	$261	—	+8.8%	$239.94
2024-10-29	Jefferies	Jonathan Petersen	$347	$225	-122	-6.2%	$239.94
2024-10-13	KeyBanc	Brandon Nispel	$227	$280	+53	+18.5%	$236.38
2024-08-14	Deutsche Bank	Matt Niknam	$230	$240	+10	+10.6%	$217.07
2024-07-30	BMO Capital	Ari Klein	Initiated	$245	—	+12.4%	$217.94
2024-07-15	Wells Fargo	Eric Luebchow	$230	$220	-10	+3.4%	$212.83
2024-05-09	RBC Capital	Jonathan Atkin	$390	$235	-155	+19.2%	$197.22
2024-05-02	Deutsche Bank	Matthew Niknam	$365	$230	-135	+21.6%	$189.12
2024-04-30	KeyBanc	Brandon Nispel	Initiated	$227	—	+12.4%	$201.89
2024-04-30	Wells Fargo	Eric Luebchow	$355	$230	-125	+13.9%	$201.89
2024-04-17	Barclays	Brendan Lynch	$336	$255	-81	+30.7%	$195.06
2024-04-08	MoffettNathanson	Nick Del Deo	Initiated	$262	—	+22.8%	$213.40
2023-07-13	Loop Capital Markets	Ari Klein	Initiated	$260	—	+7.5%	$241.83
2023-01-13	Truist Financial	—	$400	$350	-50	+14.5%	$305.78
2023-01-12	Barclays	—	$341	$336	-5	+10.2%	$304.82
2022-11-23	Raymond James	—	$410	$334	-76	+12.7%	$296.49
2022-11-14	Barclays	—	$380	$341	-39	+14.4%	$297.98
2022-09-16	Morgan Stanley	—	$361	$366	+5	+17.6%	$311.23
2022-08-26	Barclays	—	$385	$380	-5	+12.1%	$338.95
2022-08-08	RBC Capital	—	Initiated	$390	—	+12.2%	$347.64
2022-08-02	UBS	—	$400	$410	+10	+20.3%	$340.70
2022-08-02	Credit Suisse	—	$405	$408	+3	+22.6%	$332.85
2022-07-20	Morgan Stanley	—	$389	$361	-28	+13.0%	$319.53
2022-07-19	Wells Fargo	—	Initiated	$355	—	+13.2%	$313.51
2022-07-12	Goldman Sachs	—	Initiated	$381	—	+17.8%	$323.47
2022-07-05	Jefferies	Jonathan Petersen	Initiated	$347	—	+5.0%	$330.46
2022-06-19	Morgan Stanley	Simon Flannery	Initiated	$389	—	+33.2%	$292.04
2022-04-26	Barclays	—	$378	$385	+7	+5.3%	$365.50
2022-04-26	Credit Suisse	—	Initiated	$405	—	+9.5%	$369.96
2022-04-26	Raymond James	—	Initiated	$410	—	+10.2%	$371.89
2022-04-19	Barclays	—	Initiated	$378	—	+4.7%	$360.91
2022-03-02	Deutsche Bank	Matthew Niknam	Initiated	$365	—	+12.0%	$326.03
2022-01-02	Bank of America Securities	David Barden	Initiated	$425	—	+12.1%	$379.04
2021-11-01	UBS	Batya Levi	Initiated	$400	—	+12.1%	$356.96

Financial Rating

Composite financial health rating (A+ to F) based on discounted cash flow valuation, return on equity, return on assets, debt-to-equity leverage, and relative P/E and P/B multiples.

B-

May 22, 2026

DCF

ROE

ROA

D/E

P/E

P/B

The Financial Rating evaluates six fundamental factors — discounted cash flow (DCF) valuation, return on equity (ROE), return on assets (ROA), debt-to-equity leverage (D/E), and relative price-to-earnings (P/E) and price-to-book (P/B) multiples — each scored 1–5. SBAC receives an overall rating of B-. Strongest factors: DCF (4/5), ROA (5/5). Areas of concern: ROE (1/5), D/E (1/5), P/E (2/5), P/B (1/5).

InsiderStreet Scorecard

Proprietary multi-factor scorecard rating companies across seven fundamental dimensions — profitability, balance sheet strength, earnings quality, growth, value, momentum, and safety — each scored 0–100.

★ ★ ★ ★ ★ 56 Grade A

Profitability

Balance Sheet

Earnings Quality

Growth

Value

Momentum

Safety

Cash Flow

The InsiderStreet Scorecard rates companies across eight dimensions: Profitability (margins, ROA, ROE), Balance Sheet (leverage, liquidity, coverage), Earnings Quality (accruals, cash conversion), Growth (revenue and earnings trajectory), Value (P/E, P/B, earnings yield, Graham criteria), Momentum (revenue and earnings acceleration), Safety (Altman Z-Score risk adjustment), and Cash Flow (operating cash flow quality, FCF conversion, cash coverage). The overall score blends 35% quality, 35% value, and 30% momentum, with a penalty for distress-zone Altman scores. SBAC scores highest in Momentum (88/100) and lowest in Safety (15/100). An overall grade of A places SBAC among the highest-quality companies in its peer group.

Risk & Quality Signals

Academic financial models used by institutional investors to assess bankruptcy risk, earnings manipulation, financial strength, and credit quality.

Altman Z-Score

0.40

Distress Zone

Piotroski F-Score

7/9

✓ ✓ ✓ ✓ ✓ ✗ ✓ ✗ ✓

Beneish M-Score

-0.95

Possible Manipulator

Ohlson O-Score

-4.07

Bankruptcy prob: 1.7%

Low Risk

Credit Rating

B-

Score: 20.0/100

Trend: Stable

Earnings Quality

100/100

OCF/NI: 1.22x

Accruals: -2.0%

The Altman Z-Score (1968) combines five ratios — working capital, retained earnings, EBIT, market value of equity, and sales, all relative to total assets or liabilities — into a single bankruptcy predictor. SBAC scores 0.40, placing it in the Distress Zone (safe > 2.99, distress < 1.81). Historically, companies in this range face elevated bankruptcy risk. The Piotroski F-Score (2000) is a 9-point binary checklist — four profitability tests (positive ROA, positive cash flow, improving ROA, cash flow exceeding net income), three leverage tests (declining debt ratio, improving current ratio, no share dilution), and two efficiency tests (improving gross margin, improving asset turnover). Each pass scores 1 point. SBAC scores 7/9, signaling strong financial health across all three dimensions. The Beneish M-Score (1999) is an 8-variable model that detects earnings manipulation by comparing year-over-year changes in receivables, gross margins, asset quality, sales growth, depreciation, SG&A, leverage, and accruals. Scores above −1.78 statistically resemble past manipulators. SBAC's score of -0.95 exceeds the −1.78 red flag threshold — this does not confirm manipulation but indicates the earnings profile resembles past manipulators statistically. The Ohlson O-Score (1980) is a 9-variable logistic regression that estimates bankruptcy probability using firm size, leverage, working capital, current ratio, profitability (ROA), cash flow coverage, negative equity flag, consecutive losses flag, and earnings trajectory. The raw score is converted to a probability via logistic transformation. SBAC's implied 1.7% bankruptcy probability is well within safe territory. Our Credit Rating model scores companies on five weighted components — solvency (30%), earning power (25%), leverage (20%), liquidity (15%), and cash flow quality (10%) — then blends the absolute score with sector and industry peer rankings. For companies with large buyback programs, equity is adjusted by adding back cumulative 5-year repurchases (capped at 80% of FCF generated) to avoid penalizing shareholder-friendly capital allocation. SBAC receives an estimated rating of B- (score: 20.0/100), with a stable trend. The Earnings Quality score measures how well reported earnings are backed by real cash. It evaluates the operating cash flow to net income ratio (OCF/NI ≥ 1.0 means every dollar of earnings is cash-backed) and the accruals ratio (the gap between earnings and cash flow relative to assets — lower is better). SBAC's score of 100/100 is high — cash flows strongly support reported earnings.

Valuation

Key valuation multiples comparing the stock's market price to its earnings, revenue, book value, and cash flows. Lower multiples may indicate relative undervaluation versus peers.

P/E

21.35x

PEG

0.83x

P/S

7.63x

P/B

-4.57x

P/FCF

17.94x

P/OCF

14.67x

EV/EBITDA

15.96x

EV/Revenue

11.61x

EV/EBIT

19.65x

EV/FCF

32.55x

Earnings Yield

5.57%

FCF Yield

5.58%

Shareholder Yield

5.42%

Graham Number

—

Equity-based multiples (P/E, P/B, P/FCF) compare the stock price to per-share fundamentals and are affected by capital structure. Enterprise value multiples (EV/EBITDA, EV/Revenue, EV/FCF) strip out debt and cash, making them more useful for cross-company comparisons regardless of how companies are financed. The Graham Number — √(22.5 × EPS × Book Value) — is Benjamin Graham's formula for the maximum price a defensive investor should pay. At 21.3x earnings, SBAC commands a growth premium. An earnings yield of 5.6% exceeds typical risk-free rates, suggesting equities are being compensated for risk.

DuPont Decomposition (5-Factor)

The 5-factor DuPont framework breaks Return on Equity into its component drivers — tax efficiency, interest burden, operating profitability, asset utilization, and financial leverage — to reveal what truly drives shareholder returns.

Tax Burden

0.835

NI / EBT

Interest Burden

0.722

EBT / EBIT

EBIT Margin

0.591

EBIT / Rev

Asset Turnover

0.248

Rev / Assets

Equity Multiplier

-2.308

Assets / Equity

ROE

-20.4%

The 5-factor DuPont identity decomposes ROE as: Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Equity Multiplier = ROE. This reveals whether returns are driven by operating performance, financial leverage, or tax efficiency — three very different sources of profitability. SBAC's ROE of -20.4% is driven by EBIT Margin (0.591) as the dominant factor.

Graham-Dodd Adjusted Valuation

Our adaptation of Graham's growth formula (Fair P/E = 8.5 + 2g) from The Intelligent Investor. The classic version relies on analyst growth projections, which can be unreliable. This adjusted model substitutes the company's realized 3-year EPS CAGR — a backward-looking, verifiable measure of actual earnings power — grounding the valuation in demonstrated performance rather than forecasts.

Adj. Growth Rate

40.98%

Fair P/E

90.46x

Intrinsic Value

$867.64

Price/Value

0.20x

Margin of Safety

80.16%

Premium

-80.16%

Assessment

Undervalued

Graham's classic formula uses analyst-projected growth to estimate a fair P/E (8.5 + 2g). Our adjusted version replaces that projection with SBAC's realized 41.0% 3-year EPS CAGR — what the company actually delivered, not what analysts hope for. At an intrinsic value of $867.64, SBAC appears undervalued with a 80% margin of safety. The adjusted fair P/E of 90.5x compares to the current market P/E of 21.3x.

Profitability Trends

Historical profitability ratios tracking how efficiently the company converts revenue into returns for shareholders over time.

Leverage & Solvency Trends

Debt and liquidity metrics showing the company's financial leverage and ability to meet short-term and long-term obligations.

Efficiency & Working Capital Trends

Operating efficiency metrics measuring how quickly the company converts inventory to sales, collects receivables, and manages its cash conversion cycle.

Growth Trends (YoY %)

Year-over-year growth rates for key financial metrics, showing the trajectory of revenue, earnings, and cash flow generation.

Earnings Stability

R-squared of linear regression measuring how predictably revenue, earnings, and margins follow a trend over the trailing 5 years. 1.0 = perfectly predictable; lower values indicate erratic or cyclical behavior.

Monte Carlo Price Simulation

Geometric Brownian Motion with 1,000 antithetic paths over 1 year, seeded from 1800 days of historical volatility. Percentile bands show the range of statistically plausible outcomes — this is a statistical model, not a forecast.

Current Price

$205.57

Median 1Y

$200.21

5th Pctile

$122.83

95th Pctile

$326.58

Ann. Volatility

30.4%

Analyst Target

$236.00

25th–75th percentile 5th–95th percentile Median path Historical Analyst target

Executive Compensation

C-suite compensation breakdown including salary, stock awards, options, and incentive pay. The CEO-to-employee pay ratio and Gini coefficient measure pay distribution fairness.

C-Suite Compensation

Executive	Salary	Stock	Total
Brendan T. Cavanagh President and Chief Executive Officer	$955,000	$8,640,313	$11,358,715
Marc Montagner Financial Vice President and Chief Financial Officer	$665,000	$3,358,239	$4,726,368
Joshua M. Koenig Executive Vice President, Chief Administrative Officer & General Counsel	$560,000	$2,630,314	$3,813,101
Richard M. Cane Executive Vice President and President - International	$560,000	$2,630,314	$3,790,694
Mark R. Ciarfella Executive Vice President - U.S. Operations	$560,000	$2,630,314	$3,784,794

CEO Pay Ratio

75:1

CEO-to-Employee Pay Ratio

CEO Total Comp: $11,358,715

Avg Employee Cost (SGA/emp): $150,548

Employees: 1,844

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

Workforce efficiency metrics measuring revenue, profit, and R&D spend per employee — key indicators of operational leverage and human capital productivity.

Employees

1,844

+7.2% YoY

Revenue / Employee

$1,526,648

Rev: $2,815,139,000

Profit / Employee

$571,384

NI: $1,053,632,000

SGA / Employee

$150,548

Avg labor cost proxy

Scaling Efficiency

All Ratios & Metrics

Complete fundamental data with up to 20 periods of history, sparkline trends, and current values across 13 categories and 130+ financial metrics.

Profitability

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
ROE	-6.3%	-6.9%	-4.7%	-8.7%	-7.0%	-8.1%	-8.7%	-7.1%	-9.6%	-9.4%	-9.6%	-10.6%	-9.8%	-13.1%	-14.6%	-15.9%	-17.1%	-16.7%	-21.1%	-20.4%	-20.43%
ROA	2.8%	3.1%	2.5%	4.6%	3.7%	4.3%	4.5%	3.7%	5.0%	4.9%	4.8%	5.3%	5.0%	6.6%	6.9%	7.6%	8.1%	7.9%	9.2%	8.9%	8.85%
ROIC	7.1%	7.7%	8.3%	7.9%	9.0%	9.1%	8.3%	8.1%	8.9%	8.9%	9.2%	10.8%	11.6%	12.5%	13.6%	13.4%	12.6%	12.5%	11.4%	11.4%	11.37%
ROCE	8.5%	9.1%	8.9%	9.4%	9.8%	10.1%	9.8%	10.0%	10.3%	10.6%	12.2%	13.5%	14.8%	16.0%	15.9%	15.9%	15.9%	16.1%	18.3%	18.1%	18.06%
Gross Margin	75.2%	75.3%	74.8%	74.5%	73.5%	72.7%	73.7%	74.8%	76.5%	77.2%	77.9%	77.9%	77.6%	76.7%	77.1%	75.8%	74.5%	74.1%	30.6%	75.6%	75.64%
Operating Margin	34.7%	35.9%	33.2%	35.0%	35.4%	36.0%	34.2%	33.2%	35.6%	36.4%	31.1%	49.2%	53.7%	56.3%	55.1%	50.4%	47.9%	51.1%	42.8%	48.7%	48.74%
Net Margin	26.5%	8.1%	8.2%	30.4%	10.7%	14.8%	15.1%	15.0%	30.0%	12.8%	16.2%	23.5%	24.7%	38.7%	25.0%	33.2%	32.3%	32.3%	51.5%	26.3%	26.28%
EBITDA Margin	65.8%	66.5%	64.0%	64.5%	63.8%	62.9%	63.4%	63.8%	66.1%	67.2%	67.2%	66.7%	67.3%	67.2%	66.7%	65.2%	64.2%	66.4%	99.8%	60.3%	60.30%
FCF Margin	48.3%	44.9%	45.7%	44.1%	42.6%	43.4%	40.7%	40.1%	43.6%	42.6%	46.9%	46.2%	44.7%	44.5%	41.3%	41.9%	39.0%	38.7%	37.9%	35.7%	35.67%
OCF Margin	53.7%	50.4%	51.5%	50.3%	49.5%	51.0%	48.8%	48.5%	52.3%	51.4%	57.0%	56.7%	54.8%	54.8%	49.8%	49.9%	47.1%	46.5%	45.9%	43.6%	43.63%
ROA 3Y Avg	snapshot only																				7.13%
ROIC 3Y Avg	snapshot only																				8.01%
ROIC Economic	snapshot only																				10.95%
Cash ROA	snapshot only																				10.76%
Cash ROIC	snapshot only																				12.42%
CROIC	snapshot only																				10.15%
NOPAT Margin	snapshot only																				39.94%
Pretax Margin	snapshot only																				42.68%
R&D / Revenue	snapshot only																				0.00%
SGA / Revenue	snapshot only																				9.88%
SBC / Revenue	snapshot only																				2.77%

Valuation

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
P/E Ratio	123.34	117.45	170.29	81.02	93.06	72.31	62.93	72.54	47.41	42.16	52.80	40.97	39.91	36.96	28.80	28.72	28.51	24.19	19.58	17.94	21.347
P/S Ratio	15.21	15.38	17.53	14.91	13.44	11.58	11.03	10.09	8.87	7.67	9.77	8.44	7.67	9.52	8.06	8.72	9.19	7.43	7.33	6.40	7.629
P/B Ratio	-6.88	-7.17	-7.66	-6.72	-6.25	-5.57	-5.50	-5.14	-4.57	-3.96	-5.12	-4.40	-3.97	-4.90	-4.22	-4.59	-4.90	-4.06	-4.25	-3.76	-4.572
P/FCF	31.48	34.22	38.31	33.81	31.54	26.66	27.11	25.15	20.36	18.00	20.85	18.26	17.14	21.38	19.50	20.82	23.59	19.20	19.34	17.94	17.936
P/OCF	28.34	30.49	34.01	29.65	27.15	22.72	22.59	20.80	16.98	14.92	17.16	14.89	14.00	17.39	16.17	17.46	19.51	15.98	15.98	14.67	14.666
EV/EBITDA	32.04	32.04	36.08	32.00	29.70	26.88	26.30	24.69	22.49	20.26	22.75	20.56	19.37	22.17	20.56	21.66	22.51	19.69	17.02	15.96	15.956
EV/Revenue	21.22	21.21	23.66	20.86	19.21	17.14	16.73	15.68	14.40	13.19	15.03	13.73	13.00	14.88	13.77	14.42	14.81	12.92	12.61	11.61	11.611
EV/EBIT	63.83	61.28	67.13	57.67	52.59	47.02	45.51	42.52	38.41	34.37	37.90	31.12	26.70	28.08	24.19	25.31	26.39	23.21	20.74	19.65	19.646
EV/FCF	43.92	47.19	51.71	47.29	45.06	39.48	41.13	39.08	33.06	30.95	32.07	29.71	29.05	33.41	33.34	34.43	38.01	33.38	33.30	32.55	32.551
Earnings Yield	0.8%	0.9%	0.6%	1.2%	1.1%	1.4%	1.6%	1.4%	2.1%	2.4%	1.9%	2.4%	2.5%	2.7%	3.5%	3.5%	3.5%	4.1%	5.1%	5.6%	5.57%
FCF Yield	3.2%	2.9%	2.6%	3.0%	3.2%	3.8%	3.7%	4.0%	4.9%	5.6%	4.8%	5.5%	5.8%	4.7%	5.1%	4.8%	4.2%	5.2%	5.2%	5.6%	5.58%
PEG Ratio	snapshot only																				0.831
EV/OCF	snapshot only																				26.616
EV/Gross Profit	snapshot only																				18.252
Acquirers Multiple	snapshot only																				24.377
Shareholder Yield	snapshot only																				5.42%

Leverage & Solvency

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Current Ratio	0.77	0.77	1.00	1.00	1.00	1.00	0.69	0.69	0.69	0.69	0.36	0.36	0.36	0.36	1.10	1.10	1.10	1.10	0.49	0.49	0.493
Quick Ratio	0.77	0.77	1.00	1.00	1.00	1.00	0.69	0.69	0.69	0.69	0.36	0.36	0.36	0.36	1.10	1.10	1.10	1.10	0.49	0.49	0.493
Debt/Equity	-2.78	-2.78	-2.75	-2.75	-2.75	-2.75	-2.88	-2.88	-2.88	-2.88	-2.80	-2.80	-2.80	-2.80	-3.08	-3.08	-3.08	-3.08	-3.16	-3.16	-3.156
Net Debt/Equity	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Debt/Assets	1.47	1.47	1.48	1.48	1.48	1.48	1.43	1.43	1.43	1.43	1.42	1.42	1.42	1.42	1.38	1.38	1.38	1.38	1.32	1.32	1.323
Debt/EBITDA	9.29	9.02	9.59	9.36	9.14	8.96	9.05	8.89	8.72	8.56	8.07	8.04	8.05	8.10	8.78	8.81	8.79	8.61	7.34	7.38	7.375
Net Debt/EBITDA	9.07	8.81	9.35	9.12	8.91	8.73	8.97	8.80	8.64	8.48	7.96	7.92	7.94	7.98	8.53	8.56	8.54	8.37	7.13	7.16	7.164
Interest Coverage	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	12.93	7.01	4.46	4.455
Equity Multiplier	-1.90	-1.90	-1.86	-1.86	-1.86	-1.86	-2.01	-2.01	-2.01	-2.01	-1.97	-1.97	-1.97	-1.97	-2.23	-2.23	-2.23	-2.23	-2.38	-2.38	-2.385
Cash Ratio	snapshot only																				0.196
Debt Service Coverage	snapshot only																				5.485
Cash to Debt	snapshot only																				0.029
FCF to Debt	snapshot only																				0.066
Defensive Interval	snapshot only																				882.4 days

Efficiency & Turnover

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Asset Turnover	0.23	0.24	0.24	0.25	0.26	0.27	0.26	0.26	0.27	0.27	0.26	0.26	0.26	0.26	0.25	0.25	0.25	0.26	0.24	0.25	0.248
Inventory Turnover	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Receivables Turnover	21.17	21.82	26.23	27.04	27.91	28.89	18.40	18.78	18.97	19.02	14.77	14.68	14.58	14.50	16.32	16.36	16.59	16.98	6.95	7.05	7.051
Payables Turnover	7.54	7.83	7.96	8.28	8.70	9.24	16.27	16.56	16.24	15.56	13.55	13.02	12.77	12.78	11.94	12.25	12.84	13.51	15.51	15.67	15.665
DSO	17	17	14	14	13	13	20	19	19	19	25	25	25	25	22	22	22	21	52	52	51.8 days
DIO	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0.0 days
DPO	48	47	46	44	42	40	22	22	22	23	27	28	29	29	31	30	28	27	24	23	23.3 days
Cash Conversion Cycle	-31	-30	-32	-31	-29	-27	-3	-3	-3	-4	-2	-3	-4	-3	-8	-7	-6	-6	29	28	28.5 days
Fixed Asset Turnover	snapshot only																				0.738
Cash Velocity	snapshot only																				6.502
Capital Intensity	snapshot only																				4.055

Growth (YoY)

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Revenue	6.7%	9.2%	10.8%	12.5%	12.5%	13.0%	14.1%	13.0%	10.6%	7.1%	3.0%	0.2%	-1.5%	-2.3%	-1.2%	-0.3%	1.8%	4.8%	5.1%	6.3%	6.27%
Net Income	18.7%	21.6%	8.9%	2.1%	31.8%	38.2%	94.2%	-14.6%	43.2%	21.7%	8.8%	48.4%	1.2%	38.3%	49.4%	46.9%	70.8%	25.0%	40.6%	24.8%	24.76%
EPS	19.1%	22.0%	9.0%	2.1%	34.1%	41.0%	96.7%	-14.4%	43.8%	22.3%	9.5%	49.3%	2.3%	39.6%	50.0%	47.6%	70.7%	25.1%	42.5%	27.1%	27.15%
FCF	11.3%	0.1%	5.9%	2.9%	-0.8%	9.2%	1.4%	2.8%	13.0%	5.1%	18.6%	15.4%	1.2%	2.1%	-12.9%	-9.6%	-11.3%	-8.9%	-3.6%	-9.5%	-9.50%
EBITDA	5.8%	8.0%	8.5%	10.1%	9.9%	8.9%	10.7%	10.0%	9.5%	9.3%	6.9%	5.4%	3.2%	0.7%	0.2%	-0.6%	-0.2%	2.5%	16.2%	16.1%	16.12%
Op. Income	13.4%	20.5%	23.5%	25.9%	22.6%	18.4%	18.3%	13.0%	10.0%	6.8%	-0.2%	9.7%	20.5%	33.2%	55.4%	41.5%	25.7%	12.9%	-5.9%	-6.1%	-6.06%
OCF Growth	snapshot only																				-7.18%
Asset Growth	snapshot only																				1.38%
Debt Growth	snapshot only																				-2.77%
Shares Change	snapshot only																				-1.88%
Dividend Growth	snapshot only																				12.23%

Growth (CAGR)

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Revenue 3Y	6.8%	7.2%	7.4%	7.8%	8.1%	8.6%	9.3%	9.7%	9.9%	9.7%	9.2%	8.4%	7.0%	5.8%	5.1%	4.1%	3.5%	3.1%	2.2%	2.0%	2.01%
Revenue 5Y	6.1%	6.7%	7.2%	7.5%	7.9%	8.4%	8.8%	8.8%	8.7%	8.3%	7.8%	7.2%	6.6%	6.0%	5.9%	5.7%	5.9%	6.2%	6.2%	6.2%	6.18%
EPS 3Y	1.1%	—	73.3%	1.2%	41.6%	46.3%	48.6%	—	—	—	1.8%	58.9%	25.4%	34.0%	47.8%	23.6%	35.9%	28.8%	32.8%	41.0%	40.98%
EPS 5Y	—	26.4%	28.3%	51.9%	61.0%	34.8%	37.1%	32.9%	76.9%	—	62.1%	69.4%	33.1%	39.8%	40.1%	—	—	—	1.2%	49.8%	49.75%
Net Income 3Y	1.1%	—	71.1%	1.2%	39.3%	43.8%	46.4%	—	—	—	1.8%	58.5%	24.1%	32.5%	46.7%	23.0%	35.3%	28.2%	31.7%	39.6%	39.61%
Net Income 5Y	—	23.6%	25.5%	48.7%	57.4%	32.1%	34.8%	30.8%	75.0%	—	60.3%	67.7%	31.4%	38.0%	38.5%	—	—	—	1.1%	48.8%	48.82%
EBITDA 3Y	6.9%	7.2%	6.8%	7.4%	7.8%	7.8%	8.5%	8.3%	8.4%	8.7%	8.7%	8.5%	7.5%	6.2%	5.8%	4.9%	4.1%	4.1%	7.6%	6.8%	6.76%
EBITDA 5Y	6.7%	7.3%	7.2%	7.5%	7.4%	7.5%	8.1%	8.0%	8.0%	8.0%	7.6%	7.5%	7.2%	6.7%	6.5%	5.9%	5.6%	5.8%	8.4%	8.1%	8.07%
Gross Profit 3Y	7.6%	7.9%	7.8%	8.1%	8.1%	8.3%	8.8%	8.8%	9.1%	9.4%	9.3%	9.1%	8.0%	6.8%	6.1%	5.0%	4.2%	3.8%	-2.7%	-2.9%	-2.87%
Gross Profit 5Y	6.9%	7.4%	7.7%	8.0%	8.2%	8.4%	8.8%	8.8%	8.9%	8.8%	8.4%	8.1%	7.5%	6.9%	6.6%	6.1%	5.9%	6.0%	2.4%	2.5%	2.48%
Op. Income 3Y	12.4%	13.5%	12.9%	14.3%	15.0%	15.3%	16.6%	16.1%	15.2%	15.1%	13.4%	16.0%	17.6%	19.0%	22.4%	20.6%	18.5%	17.1%	13.5%	13.4%	13.38%
Op. Income 5Y	18.7%	15.7%	15.1%	15.7%	14.4%	14.7%	15.1%	14.2%	13.9%	13.1%	11.2%	13.1%	15.0%	16.8%	19.7%	19.4%	18.3%	18.0%	16.4%	15.7%	15.69%
FCF 3Y	14.9%	12.7%	14.6%	12.3%	11.6%	11.8%	8.8%	6.9%	7.7%	4.7%	8.4%	6.9%	4.3%	5.4%	1.6%	2.3%	0.5%	-0.7%	-0.1%	-1.9%	-1.91%
FCF 5Y	13.7%	12.3%	12.4%	11.2%	10.4%	10.7%	9.8%	9.6%	11.2%	10.4%	12.6%	10.9%	9.7%	8.4%	5.9%	5.0%	2.3%	1.4%	1.3%	-0.0%	-0.03%
OCF 3Y	11.7%	9.9%	11.8%	10.1%	10.3%	11.0%	9.3%	7.8%	9.0%	6.9%	11.1%	10.5%	7.8%	8.7%	3.9%	3.9%	1.8%	0.0%	0.1%	-1.5%	-1.53%
OCF 5Y	10.3%	9.6%	10.3%	9.6%	9.3%	9.9%	9.4%	9.6%	11.0%	10.4%	12.6%	11.3%	10.1%	9.0%	6.3%	5.2%	3.2%	2.5%	2.8%	1.9%	1.89%
Assets 3Y	7.8%	7.8%	10.8%	10.8%	10.8%	10.8%	2.7%	2.7%	2.7%	2.7%	3.6%	3.6%	3.6%	3.6%	5.2%	5.2%	5.2%	5.2%	3.0%	3.0%	3.03%
Assets 5Y	4.3%	4.3%	5.9%	5.9%	5.9%	5.9%	7.7%	7.7%	7.7%	7.7%	7.1%	7.1%	7.1%	7.1%	3.2%	3.2%	3.2%	3.2%	4.8%	4.8%	4.80%
Equity 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Book Value 3Y	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Dividend 3Y	8.3%	8.4%	8.2%	8.4%	8.5%	8.5%	8.2%	7.5%	8.1%	8.1%	7.7%	6.1%	6.6%	6.1%	5.5%	4.9%	4.9%	4.8%	5.0%	4.9%	4.94%

Growth Quality

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Revenue Stability	0.99	0.99	0.98	0.97	0.97	0.96	0.94	0.94	0.96	0.97	0.96	0.94	0.93	0.91	0.89	0.86	0.86	0.85	0.82	0.81	0.808
Earnings Stability	0.48	0.13	0.21	0.43	0.61	0.53	0.55	0.63	0.79	0.82	0.80	0.87	0.82	0.87	0.88	0.93	0.92	0.97	0.97	0.93	0.928
Margin Stability	0.98	0.98	0.99	0.99	0.99	0.99	0.98	0.99	0.99	0.99	0.98	0.98	0.98	0.98	0.98	0.98	0.98	0.98	0.92	0.92	0.923
Rev. Growth Consistency	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	0.00	0.00	0.00	0.00	0.50	0.50	0.50	0.50	0.500
Earn. Growth Consistency	0.50	0.50	0.50	1.00	1.00	1.00	1.00	0.00	1.00	1.00	1.00	0.50	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.00	1.000
FCF Positive Streak	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Earnings Persistence	0.20	0.20	0.50	0.50	0.50	0.50	0.50	0.94	0.83	0.91	0.96	0.81	1.00	0.85	0.80	0.81	0.50	0.90	0.84	0.90	0.901
Earnings Smoothness	—	—	0.00	0.00	0.73	0.68	0.36	0.84	0.64	0.80	0.92	0.61	0.99	0.68	0.60	0.62	0.48	0.78	0.66	0.78	0.780
ROE Trend	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Gross Margin Trend	0.00	-0.00	-0.00	-0.01	-0.01	-0.02	-0.02	-0.02	-0.01	0.01	0.02	0.03	0.03	0.03	0.02	0.01	-0.00	-0.01	-0.13	-0.13	-0.135
FCF Margin Trend	0.06	0.01	0.01	-0.02	-0.05	-0.04	-0.06	-0.06	-0.02	-0.02	0.04	0.04	0.02	0.02	-0.02	-0.01	-0.05	-0.05	-0.06	-0.08	-0.084
Sustainable Growth Rate	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Internal Growth Rate	0.4%	0.6%	—	1.8%	0.8%	1.2%	1.5%	0.5%	1.7%	1.4%	1.3%	1.7%	1.1%	2.7%	3.1%	3.6%	4.1%	3.8%	5.3%	4.8%	4.79%

Cash Flow Quality

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
OCF/Net Income	4.35	3.85	5.01	2.73	3.43	3.18	2.79	3.49	2.79	2.83	3.08	2.75	2.85	2.13	1.78	1.64	1.46	1.51	1.23	1.22	1.224
FCF/OCF	0.90	0.89	0.89	0.88	0.86	0.85	0.83	0.83	0.83	0.83	0.82	0.82	0.82	0.81	0.83	0.84	0.83	0.83	0.83	0.82	0.818
FCF/Net Income	snapshot only																				1.000
OCF/EBITDA	snapshot only																				0.599
CapEx/Revenue	5.4%	5.5%	5.8%	6.2%	6.9%	7.5%	8.1%	8.4%	8.7%	8.8%	10.1%	10.5%	10.1%	10.2%	8.5%	8.1%	8.2%	7.8%	8.0%	8.0%	7.95%
CapEx/Depreciation	snapshot only																				0.582
Accruals Ratio	-0.10	-0.09	-0.10	-0.08	-0.09	-0.09	-0.08	-0.09	-0.09	-0.09	-0.10	-0.09	-0.09	-0.07	-0.05	-0.05	-0.04	-0.04	-0.02	-0.02	-0.020
Sloan Accruals	snapshot only																				-0.148
Cash Flow Adequacy	snapshot only																				1.732
Earnings Quality Score	snapshot only																				1.000

Dividends & Buybacks

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Dividend Yield	0.7%	0.7%	0.6%	0.8%	0.8%	1.0%	1.1%	1.2%	1.4%	1.7%	1.4%	1.7%	1.9%	1.6%	2.0%	1.9%	1.8%	2.2%	2.3%	2.7%	2.30%
Dividend/Share	$2.07	$2.17	$2.29	$2.44	$2.56	$2.68	$2.81	$2.96	$3.12	$3.26	$3.41	$3.54	$3.69	$3.80	$3.92	$4.05	$4.20	$4.32	$4.49	$4.64	$4.72
Payout Ratio	85.6%	82.2%	1.1%	61.0%	78.9%	72.0%	66.5%	86.6%	66.8%	71.6%	73.7%	69.2%	77.3%	59.9%	56.6%	53.7%	51.5%	54.4%	45.5%	48.3%	48.34%
FCF Payout Ratio	21.8%	23.9%	24.0%	25.4%	26.8%	26.6%	28.6%	30.0%	28.7%	30.6%	29.1%	30.9%	33.2%	34.7%	38.3%	39.0%	42.6%	43.2%	44.9%	48.3%	48.31%
Total Payout Ratio	3.9%	3.4%	3.5%	2.5%	3.2%	2.5%	1.6%	86.6%	66.9%	82.6%	93.8%	1.1%	1.4%	95.8%	83.3%	65.2%	66.4%	87.2%	92.7%	97.2%	97.25%
Div. Increase Streak	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1	1
Chowder Number	0.24	0.23	0.23	0.23	0.22	0.22	0.22	0.22	0.23	0.23	0.22	0.20	0.19	0.17	0.17	0.16	0.16	0.16	0.15	0.15	0.149
Buyback Yield	2.5%	2.2%	1.4%	2.4%	2.6%	2.5%	1.5%	0.0%	0.0%	0.3%	0.4%	0.9%	1.5%	1.0%	0.9%	0.4%	0.5%	1.4%	2.4%	2.7%	2.73%
Net Buyback Yield	2.5%	2.2%	1.4%	2.4%	2.6%	2.5%	1.5%	-0.0%	-0.0%	0.2%	0.4%	0.9%	1.5%	1.0%	0.9%	0.4%	0.5%	1.4%	2.4%	2.7%	2.70%
Total Shareholder Return	3.2%	2.9%	2.1%	3.1%	3.4%	3.5%	2.5%	1.2%	1.4%	1.9%	1.7%	2.6%	3.4%	2.6%	2.9%	2.3%	2.3%	3.6%	4.7%	5.4%	5.40%

DuPont Factors

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Tax Burden (NI/EBT)	0.84	0.85	0.94	0.85	0.93	0.91	0.88	0.85	0.93	0.92	0.91	0.96	0.93	0.91	0.97	0.95	0.90	0.89	0.85	0.84	0.835
Interest Burden (EBT/EBIT)	0.44	0.44	0.31	0.60	0.42	0.48	0.54	0.44	0.54	0.52	0.51	0.48	0.42	0.54	0.51	0.56	0.64	0.62	0.73	0.72	0.722
EBIT Margin	0.33	0.35	0.35	0.36	0.37	0.36	0.37	0.37	0.37	0.38	0.40	0.44	0.49	0.53	0.57	0.57	0.56	0.56	0.61	0.59	0.591
Asset Turnover	0.23	0.24	0.24	0.25	0.26	0.27	0.26	0.26	0.27	0.27	0.26	0.26	0.26	0.26	0.25	0.25	0.25	0.26	0.24	0.25	0.248
Equity Multiplier	-2.23	-2.23	-1.88	-1.88	-1.88	-1.88	-1.93	-1.93	-1.93	-1.93	-1.99	-1.99	-1.99	-1.99	-2.10	-2.10	-2.10	-2.10	-2.31	-2.31	-2.308

Per Share

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
EPS (Diluted TTM)	$2.42	$2.64	$2.15	$4.00	$3.25	$3.72	$4.22	$3.42	$4.67	$4.55	$4.62	$5.11	$4.78	$6.35	$6.93	$7.54	$8.15	$7.95	$9.88	$9.59	$9.59
Book Value/Share	$-43.35	$-43.24	$-47.72	$-48.23	$-48.32	$-48.31	$-48.27	$-48.29	$-48.46	$-48.46	$-47.62	$-47.61	$-48.02	$-47.91	$-47.27	$-47.25	$-47.40	$-47.39	$-45.51	$-45.74	$-44.91
Tangible Book/Share	$-71.70	$-71.53	$-73.03	$-73.82	$-73.95	$-73.95	$-73.68	$-73.70	$-73.96	$-73.95	$-70.24	$-70.22	$-70.83	$-70.67	$-69.36	$-69.34	$-69.56	$-69.54	$-72.53	$-72.90	$-72.90
Revenue/Share	$19.61	$20.16	$20.85	$21.72	$22.46	$23.25	$24.09	$24.61	$24.94	$25.00	$24.97	$24.80	$24.85	$24.66	$24.79	$24.84	$25.27	$25.87	$26.40	$26.90	$26.97
FCF/Share	$9.48	$9.06	$9.54	$9.58	$9.57	$10.10	$9.80	$9.87	$10.87	$10.66	$11.70	$11.46	$11.12	$10.98	$10.24	$10.40	$9.85	$10.01	$10.00	$9.60	$9.62
OCF/Share	$10.53	$10.17	$10.75	$10.93	$11.12	$11.85	$11.76	$11.94	$13.03	$12.86	$14.22	$14.06	$13.62	$13.50	$12.35	$12.41	$11.91	$12.03	$12.11	$11.74	$11.77
Cash/Share	$2.77	$2.77	$3.32	$3.36	$3.37	$3.37	$1.33	$1.33	$1.33	$1.33	$1.93	$1.93	$1.95	$1.94	$4.11	$4.11	$4.12	$4.12	$4.12	$4.14	$3.10
EBITDA/Share	$12.99	$13.35	$13.67	$14.16	$14.53	$14.83	$15.33	$15.62	$15.98	$16.28	$16.50	$16.57	$16.68	$16.55	$16.60	$16.54	$16.63	$16.97	$19.56	$19.58	$19.58
Debt/Share	$120.63	$120.34	$131.16	$132.57	$132.81	$132.80	$138.81	$138.84	$139.33	$139.32	$133.20	$133.16	$134.32	$134.02	$145.75	$145.70	$146.17	$146.12	$143.64	$144.37	$144.37
Net Debt/Share	$117.86	$117.58	$127.83	$129.21	$129.45	$129.43	$137.48	$137.51	$138.00	$137.99	$131.27	$131.23	$132.37	$132.08	$141.64	$141.59	$142.04	$142.00	$139.52	$140.23	$140.23

Academic Models

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Altman Z-Score	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	0.403
Altman Z-Prime	snapshot only																				-0.531
Piotroski F-Score	7	7	8	7	8	8	7	7	8	8	7	7	7	5	7	7	6	7	7	7	7
Beneish M-Score	-3.21	-3.18	-2.67	-2.55	-2.59	-2.62	-2.21	-2.26	-2.22	-2.21	-3.23	-3.19	-3.17	-3.07	-2.38	-2.33	-2.31	-2.33	-0.13	-0.95	-0.948
Ohlson O-Score	snapshot only																				-4.065
Net-Net WC	snapshot only																				$-143.69
EVA	snapshot only																				$137443575.76

Credit

Metric	Q2'21	Q3'21	Q4'21	Q1'22	Q2'22	Q3'22	Q4'22	Q1'23	Q2'23	Q3'23	Q4'23	Q1'24	Q2'24	Q3'24	Q4'24	Q1'25	Q2'25	Q3'25	Q4'25	Q1'26	Current
Credit Rating	snapshot only																				B-
Credit Score	20.00	20.00	20.00	20.00	20.00	20.00	20.00	20.00	20.00	20.00	20.00	20.00	20.00	20.00	20.00	20.00	20.00	20.00	20.00	20.00	20.000
Credit Grade	snapshot only																				16
Credit Trend	snapshot only																				0.000
Implied Spread (bps)	snapshot only																				900.000
Industry Credit Rank	snapshot only																				36
Sector Credit Rank	snapshot only																				32

SBAC NASDAQ

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Financial Rating

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Valuation

DuPont Decomposition (5-Factor)

Graham-Dodd Adjusted Valuation

Profitability Trends

Leverage & Solvency Trends

Efficiency & Working Capital Trends

Growth Trends (YoY %)

Earnings Stability

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Executive Compensation

C-Suite Compensation

CEO Pay Ratio

C-Suite Pay Equality (Gini)

CEO Compensation Mix

Workforce & Productivity

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