CCI Real Estate

Crown Castle Inc.

$86.58-0.52%

Price as of close on Nov 3, 2026 · Financials updated Oct 6, 2026

Basics

Sector: Real Estate
Industry: REIT - Specialty
Country: United States
Market cap: 37.8B USD
Enterprise value: 52.2B USD
Full-time employees: 1,500

Overall health

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 0.96 vs a peer median of 0.75), though less than the overall market and less short-term liquidity (current ratio 0.52 vs a peer median of 1.20)higher risk: bigger price swings (beta 0.96 vs peers 0.75) and less liquidity (current ratio 0.52 vs peers 1.20)
About average: growth

Ranks #401 of 632 real estate companies (bottom 37%)

See how it ranks against its peers

Worth knowing

Negative shareholders' equity. Liabilities exceed assets on the balance sheet.
Crown Castle's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.
Earnings turned from a loss to a profit. Profit per share this year after a loss last year.
Crown Castle made a profit per share in its latest year after a loss the year before.
Operating margin at a 6-year high. 49% in 2025, the best of the last 6 years.
Crown Castle kept 49% of revenue as operating profit in 2025, its highest in the 6 years of filings we have.
Annual revenue fell three years running. Fiscal-year revenue down each year from 2022 to 2025.
Crown Castle's fiscal-year revenue declined in each of the three years to 2025.

StockQuotient Score

45/ 100

Oct 5 49 → Nov 4 45 (-4)

Valuation

Is the price right?

34/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Share count down 2.5%

Valuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ Earnings yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield2.3%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -0.62Sector median: 0.0535 · MAD: 0.0484

EBITDA yield4.9%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.20Sector median: 0.0536 · MAD: 0.0204

Free cash flow yield6.5%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 0.01Sector median: 0.0650 · MAD: 0.0444

Other data (not scored)

Book yield-8.9%

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 1.1277 · MAD: 0.5490

Growth

Is it growing?

53/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Mixed versus peers:

▲ EPS growth
▼ 3-yr revenue
▼ Revenue growth

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growthUnavailable

Earnings per share turned from a loss to a profit33% base weight · Z-score 3.90Sector median: 0.1117 · MAD: 0.3101

3-year revenue growth-16.5%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score -2.73Sector median: 0.0378 · MAD: 0.0744

Revenue growth-4.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.81Sector median: 0.0297 · MAD: 0.0927

Profitability

Does it earn well?

91/100

Strong

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ ROIC
▲ ROA
▲ Operating margin

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin47.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.92Sector median: 0.2683 · MAD: 0.2257

Return on assets4.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.41Sector median: 0.0211 · MAD: 0.0134

Return on invested capital11.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 3.97Sector median: 0.0341 · MAD: 0.0197

Other data (not scored)

Gross margin97.5%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.5380 · MAD: 0.2259

Return on equityUnavailable

Missing · left out of the scoreInformational · 0% composite weightSector median: 0.0521 · MAD: 0.0465

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

Debt down 26%

Why

Weaker than most peers on:

▼ Debt / equity
▼ Current ratio
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.96

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.65Sector median: 0.7490 · MAD: 0.3270

Current ratio0.52×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.93Sector median: 1.1950 · MAD: 0.7210

Debt / equityUnavailable

Shareholders' equity is negative, so debt/equity counts as among the highest in its peer group33% base weight · Z-score -10.12Sector median: 0.8040 · MAD: 0.3893

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Crown Castle

Is Crown Castle getting weaker?: Its latest SEC filing (Aug 5, 2026) got stronger: share count down 2.5%; debt down 26%. Its overall score is unchanged at 45/100 since Oct 28, 2026.
How is Crown Castle valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 34/100 against 762 real estate peers. Earnings yield 2.3% vs a peer median of 5.3% (weaker than 68% of peers).Earnings yield 2.3% vs peers 5.3% (weaker than 68% of peers).
Is Crown Castle growing?: At about the same pace as its peers. Growth scores 53/100 against 762 real estate peers. 3-year revenue growth -16.5% vs a peer median of 3.8% (weaker than 87% of peers).3-year revenue growth -16.5% vs peers 3.8% (weaker than 87% of peers).
How profitable is Crown Castle?: More profitable than most of its peers. Profitability scores 91/100 against 762 real estate peers. Return on invested capital 11.2% vs a peer median of 3.4% (stronger than 91% of peers).Return on invested capital 11.2% vs peers 3.4% (stronger than 91% of peers).
How risky is Crown Castle?: Higher risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Current ratio 0.52× vs a peer median of 1.20× (weaker than 77% of peers).Current ratio 0.52× vs peers 1.20× (weaker than 77% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 5, 2026 · compared with the quarter ended Mar 31, 2026

Got stronger

Share count down 2.5%
Debt down 26%

	Previous quarter	Latest quarter	Change
Revenue (12 months)	4.2B USD	4.2B USD	−1.2%
Net income (12 months)	1.1B USD	862.0M USD	−18.6%
Operating margin	47.9%	47.7%	−0.3 pts
Free cash flow (12 months)	2.7B USD	2.4B USD	−11.7%
Debt	24.7B USD	18.2B USD	−26.1%
Cash	55.0M USD	1.0B USD	+1794.5%
Shares outstanding	436.5M	425.5M	−2.5%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Real Estate · 124 companies

Valuations in Real Estate are within their usual range since 2016.

30% of months since 2016 were valued lower than now.
15% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +4% and earnings +25% (medians): earnings grew faster than prices.
Median price-to-sales is +112% vs the whole market, against a usual +154%.

2016Shaded: most expensive fifth of its range2026

Shown for Real Estate: too few REIT - Specialty companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	69.2%	71.0%	59.1%	59.5%	97.3%	▲ 38 pts
Operating margin	31.6%	34.7%	44.3%	47.5%	48.7%	▲ 1.2 pts
Net margin	17.3%	24.0%	31.7%	-87.5%	10.4%	▲ 98 pts
Return on assets (ROA)	2.8%	4.3%	3.9%	-11.9%	1.4%	▲ 13 pts
Return on equity (ROE)	13.3%	22.5%	23.5%	—	—	—
Free cash flow margin	24.6%	22.4%	60.9%	62.0%	67.4%	▲ 5.4 pts
Current ratio	0.62×	0.45×	0.40×	0.50×	0.26×	▼ 49%
Debt to equity	2.50×	2.92×	3.59×	—	—	—
Interest coverage	3.05×	3.47×	2.47×	2.27×	2.13×	▼ 6.1%

CCI price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 0.96 vs a peer median of 0.75), though less than the overall market and less short-term liquidity (current ratio 0.52 vs a peer median of 1.20)higher risk: bigger price swings (beta 0.96 vs peers 0.75) and less liquidity (current ratio 0.52 vs peers 1.20)

About average: growth

Ranks #401 of 632 real estate companies (bottom 37%)

See how it ranks against its peers

Worth knowing

Negative shareholders' equity. Liabilities exceed assets on the balance sheet.

Crown Castle's liabilities exceed its assets on the balance sheet. Large share buybacks can cause this in healthy companies, but so can accumulated losses; either way, debt-based ratios need care.

Earnings turned from a loss to a profit. Profit per share this year after a loss last year.

Crown Castle made a profit per share in its latest year after a loss the year before.

Operating margin at a 6-year high. 49% in 2025, the best of the last 6 years.

Crown Castle kept 49% of revenue as operating profit in 2025, its highest in the 6 years of filings we have.

Annual revenue fell three years running. Fiscal-year revenue down each year from 2022 to 2025.

Crown Castle's fiscal-year revenue declined in each of the three years to 2025.

Questions investors ask about Crown Castle

Is Crown Castle getting weaker?

Its latest SEC filing (Aug 5, 2026) got stronger: share count down 2.5%; debt down 26%. Its overall score is unchanged at 45/100 since Oct 28, 2026.

How is Crown Castle valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 34/100 against 762 real estate peers. Earnings yield 2.3% vs a peer median of 5.3% (weaker than 68% of peers).Earnings yield 2.3% vs peers 5.3% (weaker than 68% of peers).

Is Crown Castle growing?

At about the same pace as its peers. Growth scores 53/100 against 762 real estate peers. 3-year revenue growth -16.5% vs a peer median of 3.8% (weaker than 87% of peers).3-year revenue growth -16.5% vs peers 3.8% (weaker than 87% of peers).

How profitable is Crown Castle?

More profitable than most of its peers. Profitability scores 91/100 against 762 real estate peers. Return on invested capital 11.2% vs a peer median of 3.4% (stronger than 91% of peers).Return on invested capital 11.2% vs peers 3.4% (stronger than 91% of peers).

How risky is Crown Castle?

Higher risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Current ratio 0.52× vs a peer median of 1.20× (weaker than 77% of peers).Current ratio 0.52× vs peers 1.20× (weaker than 77% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

4.2B USD

4.2B USD

−1.2%

Net income (12 months)

1.1B USD

862.0M USD

−18.6%

Operating margin

47.9%

47.7%

−0.3 pts

Free cash flow (12 months)

2.7B USD

2.4B USD

−11.7%

Debt

24.7B USD

18.2B USD

−26.1%

Cash

55.0M USD

1.0B USD

+1794.5%

Shares outstanding

436.5M

425.5M

−2.5%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

69.2%

71.0%

59.1%

59.5%

97.3%

▲ 38 pts

Operating margin

31.6%

34.7%

44.3%

47.5%

48.7%

▲ 1.2 pts

Net margin

17.3%

24.0%

31.7%

-87.5%

10.4%

▲ 98 pts

Return on assets (ROA)

2.8%

4.3%

3.9%

-11.9%

1.4%

▲ 13 pts

Return on equity (ROE)

13.3%

22.5%

23.5%

—

Free cash flow margin

24.6%

22.4%

60.9%

62.0%

67.4%

▲ 5.4 pts

Current ratio

0.62×

0.45×

0.40×

0.50×

0.26×

▼ 49%

Debt to equity

2.50×

2.92×

3.59×

—

Interest coverage

3.05×

3.47×

2.47×

2.27×

2.13×

▼ 6.1%