Crown Castle Inc. (CCI)
Real Estate · Telecom Tower REITs · US stock · S&P 500 component
$78.83
▲ +0.18 (0.23%)
Fair valueFair
$79 +0.4% to fair value
$40fair band $67–$96$119
Day's range
$76.29 – $80.40
52-week range
$65.32 – $100.50
Red flags⚠ Negative equity⚠ Negative equity⚠ Negative equity⚠ Negative equity⚠ Negative equity
About Crown Castle Inc.
Crown Castle owns and operates communications infrastructure in the United States, including cell towers, small cells and fiber networks. It leases space on this infrastructure to wireless carriers and other customers that need to transmit signals and data. Revenue comes mainly from long-term lease agreements with a small number of large carriers, so the activity and financial health of those customers are important to its results.
Revenue of $4.2 billion was recorded for the latest twelve months; sales fell 15.2% a year over the past three years. Crown Castle Inc. converts that into an operating margin of 47.7%. Return on invested capital comes to 13%. Net debt to EBITDA is 6.5 times. A dividend is paid, with a yield of 5.4%, and the X-Ray Score is 46 out of 100.
Price chart
52-wk range $65.32 – $100.50Volume 6,211,449Daily, split-adjusted
Vitals
Market cap$34.2B
52-week range$65.32 – $100.50
Volume (last day)6,211,449
P/E (TTM)39.9
EBIT / EV yield3.9%
Free-cash-flow yield7.0%
Dividend yield5.4%
Revenue (TTM)$4.2B
Net income (TTM)$862M
Operating margin47.7%
Return on capital12.8%
Debt incl. leases$18.2B
Cash & securities$1.0B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$79middle half of models $77 – $81
Fair
+0.4% to fair value
Average of the 3 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $79
Undervalued < $67Fair $67 – $96Overvalued > $96
P/S multiple
$83
P/FFO multiple
$79
P/AFFO multiple
$76
Dividend discount, stable · not used
$168
Dividend discount, multi-stage · not used
$217
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Average business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Real Estate peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Fair
54/100
Priced about in line with its sector.
See the numbers →
EBIT / EV yield3.9%
Free-cash-flow yield7.0%
Fair value vs price1.0×
Growth
Weak
18/100
Growing slower than most of its sector.
See the numbers →
Revenue growth (3y)-15.2%
EPS growth (3y)-36.0%
Growth consistency10%
Profitability
Strong
80/100
Earns high returns on the capital it uses.
See the numbers →
Return on invested capital12.8%
Operating margin47.7%
Gross profitability18.9%
Financial health
Weak
22/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score5 / 9
Net debt / EBITDA6.5×
Interest cover2.1×
Dividends
Weak
42/100
Dividend is modest or less certain than peers.
See the numbers →
Dividend yield5.4%
Dividends vs free cash flow77%
Dividend growth-7.2%
Quarterly results: last 6 quarters
-4.8%
Mar '25
-4.2%
Jun '25
-4.3%
Sep '25
-4.3%
Dec '25
-4.8%
Mar '26
-4.9%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $1.0B, diluted EPS $0.22.
Compare with peers
SBAC Sba Communications Cor...56 AMT American Tower Corp53Other Telecom Tower REITs companies by X-Ray Score.
SWOT analysis: Crown Castle Inc.
Strengthsinside the company
- Return on invested capital is 12.8%, against a median of 7.3% for sector peers.
- Operating margin of 47.7% is well above the 32.5% median of sector peers, a sign of pricing power or lower costs.
- Free cash flow equals 7.0% of the market value, which funds dividends, buybacks or debt paydown.
Weaknessesinside the company
- Revenue has fallen 15.2% a year over three years while sector peers grew 7.1%.
- Earnings per share have declined 36.0% a year over three years.
- Net debt is 6.5x EBITDA, above the 3x level that lenders usually watch.
- Operating profit covers interest only 2.1x.
Opportunitiesvaluation and setting
- No specific opportunity is visible in our valuation, sector or growth data.
Threatsvaluation and setting
- Heavy debt makes profits sensitive to interest rates and refinancing conditions.
- Our Market Compass rates the backdrop for Real Estate as unfavourable.
- Our checks raised: Negative equity; Negative equity.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare CCI with peers and sector
Medians of 28 Real Estate peers and of 28 Real Estate stocks in our universe.
Largest peers (X-Ray Score): WELL 48, PLD 43, EQIX 51, AMT 53, SPG 42, DLR 37.
| Metric | CCI | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 46 | 52 | 52 |
| Valuation | 54 | 52 | 52 |
| Growth | 18 | 56 | 56 |
| Profitability | 80 | 50 | 50 |
| Financial health | 22 | 56 | 56 |
| Dividends | 42 | 48 | 48 |
Sector leaders: highest X-Ray Score in Real Estate
CCI ranks #22 of 29 in Real Estate by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for CCI
Each factor is rated by where CCI stands among the 29 Real Estate stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 9 Good · 3 Average · 8 Bad of 20
Growth: 0 · 0 · 3
Profitability: 3 · 1 · 0
Financial strength: 0 · 0 · 4
Valuation: 1 · 2 · 1
Cash flow: 4 · 0 · 0
Efficiency: 1 · 0 · 0
| Factor | CCI | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | −15.2% | Bad beats 2% | +6.8% | – | – |
| Revenue growth, last year | −4.4% | Bad beats 2% | +5.1% | −4.4% | ≈ In line |
| EPS growth, 3 years a year | −36.0% | Bad beats 17% | −1.9% | – | – |
| Profitability | |||||
| Gross margin | 97.5% | Good beats 99% | 47.1% | 69.2% | ▲ Better |
| Operating margin | 47.7% | Good beats 85% | 34.3% | 44.3% | ≈ In line |
| Net margin | 20.7% | Average beats 43% | 21.5% | 17.3% | ▲ Better |
| Return on invested capital | 12.8% | Good beats 85% | 7.5% | – | – |
| Financial strength | |||||
| Net debt / EBITDA | 6.5x | Bad beats 14% | 4.6x | 7.9x | ▲ Better |
| Interest cover | 2.1x | Bad beats 15% | 3.4x | 2.4x | ≈ In line |
| Current ratio | 0.52 | Bad beats 5% | 1.22 | 0.45 | ≈ In line |
| Piotroski F-score | 5 / 9 | Bad beats 28% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 39.7x | Average beats 34% | 32.1x | 58.9x | ▲ Better |
| Price / sales | 8.2x | Bad beats 33% | 7.0x | 9.1x | ≈ In line |
| EV / EBITDA | 19.3x | Average beats 40% | 18.6x | 22.8x | ▲ Better |
| Free cash flow yield | 7.0% | Good beats 81% | 4.1% | 5.8% | ▲ Better |
| Cash flow | |||||
| Free cash flow margin | 57.8% | Good beats 84% | 44.6% | 60.9% | ≈ In line |
| Cash from operations / net income | 3.04 | Good beats 77% | 1.91 | 2.31 | ▲ Better |
| Free cash flow growth, 3 years a year | +22.4% | Good beats 69% | +11.7% | – | – |
| Accruals (lower is better) | −8.2% | Good beats 98% | −3.7% | – | – |
| Efficiency | |||||
| Days sales outstanding | 16 days | Good beats 89% | 53 days | 31 days | ▲ Better |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 5 Good · ● 2 Average · ● 9 BadCash quality
Earnings backed by cashGood
Free-cash-flow yieldGood
Risk models
Altman Z''Bad
Piotroski F-ScoreBad
Growth
EPS growth (3y)Bad
Free-cash-flow growth (3y)Average
Revenue growth (3y)Bad
Growth consistencyBad
Balance sheet
Current ratioBad
Net debt / EBITDABad
Interest coverBad
Valuation
Fair value vs priceBad
EBIT / EV yieldAverage
Profitability
Return on invested capitalGood
Operating marginGood
Gross profitabilityGood
Each check is graded against the company's sector, not a fixed number. Checklist score 51/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $6.3B | $7.0B | $4.7B | $4.5B | $4.3B |
| Operating income | $2.0B | $2.4B | $2.1B | $2.1B | $2.1B |
| Net income | $1.1B | $1.7B | $1.5B | −$3.9B | $444M |
| Operating cash flow | $2.8B | $2.9B | $3.1B | $2.9B | $3.1B |
| Operating margin | 31.6% | 34.7% | 44.3% | 47.5% | 48.7% |
| Free cash flow | $1.6B | $1.6B | $2.9B | $2.8B | $2.9B |
| Diluted EPS | $2.53 | $3.86 | $3.46 | $-8.98 | $1.01 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bullish
9 bullish · 4 neutral · 3 bearish
Weekly
Neutral
5 bullish · 1 neutral · 6 bearish
Monthly
Strongly bearish
0 bullish · 1 neutral · 7 bearish
Moving averages (daily)
| SMA 10 | 80.15 | Bearish |
| EMA 10 | 78.43 | Bullish |
| SMA 20 | 73.83 | Bullish |
| EMA 20 | 76.23 | Bullish |
| SMA 50 | 73.80 | Bullish |
| EMA 50 | 74.98 | Bullish |
| SMA 100 | 76.60 | Bullish |
| EMA 100 | 76.54 | Bullish |
| SMA 200 | 80.41 | Bearish |
| EMA 200 | 79.77 | Bearish |
Oscillators (daily)
| RSI (14) | 60.15 | Neutral |
| MACD (12, 26) | 2.33 | Bullish |
| Momentum (12) | 15.45 | Bullish |
| Stochastic %K (14) | 75.31 | Neutral |
| Williams %R (14) | -24.69 | Neutral |
| CCI (20) | 50.44 | Neutral |
Pivot points (classic, last session)
S3 72.50 | S2 74.40 | S1 76.61 | Pivot 78.51 | R1 80.72 | R2 82.62 | R3 84.83 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
4.25 USD
Yield on today's price
5.39%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 1.0630 | |
| 1.0630 | |
| 1.0630 | |
| 1.0630 | |
| 1.0630 | |
| 1.0630 | |
| 1.5650 | |
| 1.5650 | |
| 1.5650 | |
| 1.5650 | |
| 1.5650 | |
| 1.5650 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold CCI
| ETF | Share of the fund |
|---|---|
| DTCR Global X Data Center & Digital Infrast... | 7.07% |
| XLRE The Real Estate Select Sector SPDR | 3.42% |
| ICF iShares Cohen & Steers REIT | 3.28% |
| SCHH Schwab U.S. REIT | 2.82% |
| DFAR DFA Investment Dimensions Group Inc. | 2.45% |
| IYR iShares U.S. Real Estate | 2.44% |
| SPHD Invesco S&P 500 High Dividend Low Vola... | 2.39% |
| VNQ Vanguard Real Estate | 1.73% |
The eight funds with the largest weight in CCI among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
CCI SEC filings
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
8-KSEC EDGAR
Director or officer change; Regulation FD disclosure
8-KSEC EDGAR
Regulation FD disclosure
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
8-KSEC EDGAR
Shareholder vote results
8-KSEC EDGAR
Regulation FD disclosure
10-QSEC EDGAR
Quarterly report
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.