XStocksXray

Research report · 16 October 2026

Crown Castle Inc. (CCI)

Real Estate · Telecom Tower REITs · US stock · price as of 16 Oct 2026

Key indicators

Price	$82.26
52-week range	$65.32 – $95.58
Market cap	$35.7B
P/E (trailing)	41.6×
EV / EBITDA	19.9×
Free-cash-flow yield	6.7%
Dividend yield	5.2%
Revenue (last 12 months)	$4.2B
Revenue growth (3y a year)	−15.2%
Operating margin	47.7%
Return on invested capital	12.8%
Net debt / EBITDA	6.5×

Fair value

Fair value is not shown for this company.

X-Ray Score

50/ 100 · High confidence · ahead of 55% of sector peers

Valuation73

Growth18

Profitability80

Financial health22

Dividends41

Five-year price chart navy: price · brown: 200-day average · blue band: fair value range

Executive summary

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.

StocksXray gives Crown Castle Inc. an X-Ray Score of 50 out of 100 (high confidence), ahead of 55% of the S&P 500 stocks in its sector. Its strongest lens is profitability (80) and its weakest is growth (18).

XStocksXray

Crown Castle Inc. (CCI)

Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months

	FY2021	FY2022	FY2023	FY2024	FY2025	Now
Price	$164.14	$110.68	$99.34	$83.06	$85.52	$82.26
Market cap	$71.2B	$48.0B	$43.1B	$36.0B	$37.4B	$35.7B
P/E	64.9×	28.7×	28.7×	–	84.7×	41.6×
EV / revenue	14.4×	10.0×	13.9×	13.5×	14.4×	12.7×
EV / EBITDA	25.1×	16.8×	22.9×	21.0×	22.3×	19.9×
Price / free cash flow	45.7×	30.6×	15.0×	13.0×	13.0×	14.8×
Free-cash-flow yield	2.2%	3.3%	6.7%	7.7%	7.7%	6.7%
Price / book	8.6×	6.4×	6.8×	–	–	–
Dividend yield	3.33%	5.40%	6.30%	7.54%	5.55%	5.17%

Fundamentals checklist ● 5 Good · ● 2 Average · ● 8 Bad · each check graded against the sector

Cash quality

Earnings backed by cash−8.2%Good

Free-cash-flow yield6.7%Good

Risk models

Altman Z score-3.2×Bad

Piotroski F-Score5 of 9Bad

Growth

EPS growth (3y)−36.0%Bad

Free-cash-flow growth (3y)22.4%Average

Revenue growth (3y)−15.2%Bad

Growth consistency10%Bad

Balance sheet

Current ratio0.5×Bad

Net debt / EBITDA6.5×Bad

Interest cover2.1×Bad

Valuation

EBIT / EV yield3.7%Average

Profitability

Return on invested capital12.8%Good

Operating margin47.7%Good

Gross profitability18.9%Good

Red flags

Negative equity — Book equity is negative

XStocksXray

Crown Castle Inc. (CCI)

Financials US$ millions, from SEC filings; last column is the last twelve months

Income statement	FY21	FY22	FY23	FY24	FY25	LTM
Revenue	6,340	6,986	4,734	4,460	4,264	4,161
Gross profit	4,387	4,962	2,799	2,654	4,151	4,057
Operating income	2,001	2,425	2,097	2,118	2,075	1,983
Net income	1,096	1,675	1,502	-3,903	444	862
Diluted EPS ($)	2.53	3.86	3.46	-8.98	1.01	1.98
Free cash flow	1,560	1,568	2,883	2,767	2,875	2,406
Gross margin	69.2%	71.0%	59.1%	59.5%	97.3%	97.5%
Operating margin	31.6%	34.7%	44.3%	47.5%	48.7%	47.7%
Net margin	17.3%	24.0%	31.7%	−87.5%	10.4%	20.7%
Balance sheet	FY21	FY22	FY23	FY24	FY25	LTM
Total assets	39,040	38,921	38,527	32,736	31,518	21,512
Cash	292	156	105	100	99	1,042
Total debt	20,629	21,729	22,921	24,054	24,337	18,239
Equity	8,258	7,449	6,381	-133	-1,635	-3,270
Dividend per share ($)	5.46	5.98	6.26	6.26	4.75	4.25

Revenue and net income US$ billions: navy revenue, teal net income

Margins blue gross, teal operating, brown net

Latest quarters

	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Revenue ($M)	1,061	1,060	1,072	1,071	1,010	1,008
Growth vs a year earlier	−4.8%	−4.2%	−4.3%	−4.3%	−4.8%	−4.9%
Net income ($M)	-464	291	323	294	151	94
Diluted EPS ($)	-1.07	0.67	0.74	–	0.34	0.22

XStocksXray

Crown Castle Inc. (CCI)

Peers in Telecom Tower REITs

Company	X-Ray
CCI · Crown Castle Inc.	50
SBAC · Sba Communications Corp	56
AMT · American Tower Corp	49

Market Compass outlook for Real Estate: Unfavourable (20/100). It blends regime history, macro sensitivity, momentum and valuation.

Returns

1 week	+3.3%
1 month	+11.6%
3 months	+6.7%
6 months	−4.8%
1 year	−11.8%
3 years	+2.3%
5 years	−37.9%

Technical summary

DailyBullish12 bullish · 0 neutral · 4 bearish

WeeklyBullish7 bullish · 1 neutral · 4 bearish

MonthlyBearish2 bullish · 1 neutral · 5 bearish

50-day / 200-day average	$73.25 / $80.51
52-week low / high	$65.32 / $95.58
Classic pivot, support and resistance	S2 77.94 · S1 80.10 · P – · R1 83.84 · R2 85.42

Recent dividends

Ex-dividend date	Amount per share
15 Sep 2026	$1.0630
15 Jun 2026	$1.0630
13 Mar 2026	$1.0630
15 Dec 2025	$1.0630
15 Sep 2025	$1.0630
13 Jun 2025	$1.0630

XStocksXray

Crown Castle Inc. (CCI)

Strengths

Return on invested capital of 12.8% is ahead of 85% of its sector peers.
Operating margin of 47.7% is ahead of 85% of its sector peers.
Free-cash-flow yield of 6.7% is ahead of 94% of its sector peers.

Risks and weak spots

Altman Z score is weak against Real Estate peers (-3.2×).
Piotroski F-Score is weak against Real Estate peers (5 of 9).
EPS growth (3y) is weak against Real Estate peers (−36.0%).
Revenue growth (3y) is weak against Real Estate peers (−15.2%).
Growth consistency is weak against Real Estate peers (10%).
Current ratio is weak against Real Estate peers (0.5×).
Net debt / EBITDA is weak against Real Estate peers (6.5×).
Interest cover is weak against Real Estate peers (2.1×).

Latest SEC filings

Date	Form	Items
14 Sep 2026	8-K	5.02,7.01,9.01
5 Aug 2026	8-K	7.01,9.01
5 Aug 2026	10-Q
22 Jul 2026	8-K	2.02,7.01,9.01
20 May 2026	8-K	5.07
20 May 2026	8-K	7.01,9.01
7 May 2026	10-Q
1 May 2026	8-K	1.01,1.02,2.03,9.01

How to read this report

Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.