A Business at a Glance
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CROWN CASTLE INC.
CCI
$32.9B
Mkt Cap
$74.90
+0.44%
CROWN CASTLE INC. (CCI) has a current P/E ratio of 74.2, compared to its historical median P/E of 62.8. The stock is currently considered Fair based on its historical valuation range.
CROWN CASTLE INC. (CCI) has a 5-year average return on invested capital (ROIC) of 7.0%. This is below average and may indicate limited pricing power.
CROWN CASTLE INC. (CCI) has a market capitalization of $32.7B. It is classified as a large-cap stock.
Yes, CROWN CASTLE INC. (CCI) pays a dividend with a trailing twelve-month yield of 5.70%. The company also returns capital through share buybacks, with a buyback yield of 0.08%.
Based on historical P/E analysis, CROWN CASTLE INC. (CCI) appears fair. The current P/E of 74.2 is 18% above its historical median of 62.8. The estimated fair value CAGR (P/E method) is 9.7%.
CROWN CASTLE INC. (CCI) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
CROWN CASTLE INC. (CCI) reported annual revenue of $4.3 billion in its most recent fiscal year, based on SEC EDGAR filings.
Crown Castle owns, operates, and leases shared communications infrastructure across the U.S., comprising more than 40,000 towers and other structures, approximately 105,000 small cell nodes, and approximately 90,000 route miles of fiber. The company's core business generates recurring site rental revenues through long-term tenant contracts with wireless carriers, primarily T-Mobile, AT&T, and Verizon Wireless, which collectively account for approximately 90% of site rental revenues. Crown Castle operates as a REIT, distributing at least 90% of taxable income to shareholders while maintaining a low-cost, asset-light operating model where incremental tenants on existing towers generate significant incremental cash flows. The company's towers are geographically dispersed, with approximately 56% located in the 50 largest U.S. basic trading areas and 71% in the 100 largest, and approximately 40% of adjusted site rental gross margin derives from company-owned land while 60% comes from leased land with an average remaining life of approximately 35 years. Site rental revenues represented 95% of 2025 net revenues, with tenant contracts featuring initial terms of five to 15 years, multiple five-year renewal periods exercisable by tenants, and contractual escalations, resulting in historically high retention rates of approximately 98%. The company also offers ancillary site development services including pre-construction site acquisition, architectural and engineering, and zoning and permitting support.
【Standalone tower focus ahead】 Management is executing a transformative transition to become a pure-play U.S. tower operator following the anticipated June 2026 close of the sale of its small cell and fiber businesses to Zayo and EQT for $8.5 billion. The company expects 3.5% organic growth in 2026 to mark the low point, with confidence in acceleration in 2027 and beyond driven by upcoming spectrum auctions, including 800 megahertz beginning in 2027 and the Upper C-band auction in 2027, which should drive carrier network densification and new tower demand. Management is investing in operational efficiency through a $65 million annualized cost reduction program and increased capital expenditures for land acquisitions under towers and technology investments to enhance systems and processes. Following the transaction close, the company plans to allocate approximately $1 billion to share repurchases and approximately $7 billion to debt repayment while maintaining an investment-grade rating and target leverage of 6.0 to 6.5 times, positioning the business to deliver attractive shareholder returns through a combination of dividend growth and capital appreciation.
| Metric | Target | Period |
|---|---|---|
| Site rental revenues | approximately $3.9 billion | FY2026 |
| Adjusted EBITDA | approximately $2.7 billion | FY2026 |
| AFFO | approximately $1.9 billion | FY2026 |
| AFFO (12 months following transaction close) | $2.1 billion at the midpoint | 12 months following anticipated June 30, 2026 close |
| Organic growth (excluding DISH impact) | 3.5% | FY2026 |
| Discretionary CapEx | $200 million or $160 million, net of $40 million of prepaid rent received | FY2026 |
| Annualized cost reduction | $65 million | 2026 and beyond |
| Share repurchases (post-transaction) | approximately $1 billion | Following June 30, 2026 close |
| Debt repayment (post-transaction) | approximately $7 billion | Following June 30, 2026 close |
Site rental revenues (FY2026): “At the midpoint of the range for full- year 2026, we expect site rental revenues of approximately $3.9 billion”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q1 FY2025 Earnings Call, Q4 FY2024 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 4.2B | 4.3B | 4.5B | 4.7B | 7.0B | 6.3B |
| Net Income | 1.1B | 444M | -3.9B | 1.5B | 1.7B | 1.1B |
| EPS | $2.43 | $1.01 | $-8.98 | $3.46 | $3.86 | $2.53 |
| Free Cash Flow | 2.7B | 2.9B | 2.8B | 2.9B | 1.6B | 1.6B |
| ROIC | 8.8% | 7.6% | 7.1% | 6.5% | 7.4% | 6.2% |
| Gross Margin | - | 53.9% | 52.7% | 49.9% | 55.5% | 52.6% |
| Debt/Equity | 0.00 | -18.44 | -230.98 | 4.32 | 3.88 | 3.27 |
| Dividends/Share | $4.27 | $4.75 | $6.26 | $6.26 | $5.98 | $5.46 |
| Operating Income | 2.0B | 2.1B | 2.1B | 2.1B | 2.4B | 2.0B |
| Operating Margin | 47.9% | 48.7% | 47.5% | 44.3% | 34.7% | 31.6% |
| ROE | 0.0% | -50.2% | -124.9% | 21.7% | 21.3% | 12.4% |
| Shares Outstanding | 436M | 440M | 435M | 434M | 434M | 433M |
CROWN CASTLE INC. passes 4 of 9 quality checks, suggesting mixed fundamentals.
CROWN CASTLE INC. trades at 74.2x trailing earnings, compared to its 15-year median P/E of 62.8x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 11.4x vs a median of 34.2x. The company's 5-year average ROIC is 7.0% with a gross margin of 52.9%. Total shareholder yield (dividends) is 5.8%. At current prices, the estimated annualized return to fair value is +14.9%.
CROWN CASTLE INC. (CCI) has a net profit margin of 10.4%. This is a healthy margin.
CROWN CASTLE INC. (CCI) generated $2.9 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
CROWN CASTLE INC. (CCI) reported earnings per share (EPS) of $1.01 in its most recent fiscal year.
CROWN CASTLE INC. (CCI) has a return on equity (ROE) of -50.2%. A negative ROE may indicate losses or negative equity.
CROWN CASTLE INC. (CCI) has a 5-year average gross margin of 52.9%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 19 years of financial data for CROWN CASTLE INC. (CCI), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
CROWN CASTLE INC. (CCI) has a book value per share of $-3.72, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management is executing a transformative transition to become a pure-play U.S. tower operator following the anticipated June 2026 close of the sale of its small cell and fiber businesses to Zayo and EQT for $8.5 billion. The company expects 3.5% organic growth in 2026 to mark the low point, with confidence in acceleration in 2027 and beyond driven by upcoming spectrum auctions, including 800 megahertz beginning in 2027 and the Upper C-band auction in 2027, which should drive carrier network densification and new tower demand. Management is investing in operational efficiency through a $65 million annualized cost reduction program and increased capital expenditures for land acquisitions under towers and technology investments to enhance systems and processes. Following the transaction close, the company plans to allocate approximately $1 billion to share repurchases and approximately $7 billion to debt repayment while maintaining an investment-grade rating and target leverage of 6.0 to 6.5 times, positioning the business to deliver attractive shareholder returns through a combination of dividend growth and capital appreciation.
Based on recent SEC filings and earnings calls, CROWN CASTLE INC. (CCI) has provided the following forward guidance: Site rental revenues: approximately $3.9 billion (FY2026); Adjusted EBITDA: approximately $2.7 billion (FY2026); AFFO: approximately $1.9 billion (FY2026); AFFO (12 months following transaction close): $2.1 billion at the midpoint (12 months following anticipated June 30, 2026 close); Organic growth (excluding DISH impact): 3.5% (FY2026), plus 4 additional metrics.
Adjusted EBITDA (FY2026): “At the midpoint of the range for full- year 2026, we expect site rental revenues of approximately $3.9 billion, adjusted EBITDA of approximately $2.7 billion and AFFO of approximately $1.9 billion”
AFFO (FY2026): “At the midpoint of the range for full- year 2026, we expect site rental revenues of approximately $3.9 billion, adjusted EBITDA of approximately $2.7 billion and AFFO of approximately $1.9 billion”
AFFO (12 months following transaction close) (12 months following anticipated June 30, 2026 close): “Our full- year 2026 outlook positions us well to meet our unchanged range for AFFO for the 12 months following the anticipated close of the transaction of $2.1 billion at the midpoint”
Organic growth (excluding DISH impact) (FY2026): “When excluding DISH revenues from prior year site rental billing, our full-year outlook includes 3.5% organic growth, excluding the impact of Sprint cancellations and DISH terminations”
Discretionary CapEx (FY2026): “Lastly, our outlook for discretionary CapEx remains unchanged at $200 million or $160 million, net of $40 million of prepaid rent received”
Annualized cost reduction (2026 and beyond): “In the first quarter, we successfully executed a restructuring of our tower and corporate organizations, resulting in an anticipated $65 million reduction to annualized run- rate cost”
Share repurchases (post-transaction) (Following June 30, 2026 close): “Following the close of the transaction, we plan to allocate approximately $1 billion to share repurchases and approximately $7 billion to repay debt”