— Know what they know.
/
Not Investment Advice

CCI

NYSE · USD
Crown Castle Inc.
Real Estate · REIT - Specialty
CEO Christian H. Hillabrant Employees 4,000 R&D / revenue 0.0%
Last price
$82.26+2.83%last session
Market cap
$35.9B
P/E (TTM)
33.3x
From 52w high
−18.1%
From 52w low
+25.9%
1-year return
−15.1%
RSI 14 · vs SMA200
72.8 · +0.0%
IS score
48.7/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

CCI   SPY   XLRE (sector ETF) · weekly closes
708090100110120Jan 26Apr 26Jul 26Oct 26SPY 116XLRE 101CCI 85

Score DNA

Each bar is a 0-100 score within the scored universe
63
Profitability
49
Growth
42
Value
71
Momentum
0
Risk (safety)
70
Quality
18
Balance sheet
84
Earnings quality

Flags

Strengths
✓ FCF yield 5%+✓ Insider buying✓ Congress buying
Warnings
▲ Altman distress zone
Observations
Moat model: Weak, Efficient ScalePiotroski 6 / 9Altman Z -0.1Beta 0.974 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
1
$0.07M bought
Form 144 notices (12m): 5, $4.6M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
4
Last disclosed purchase 2026-09-25
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
−15
103 new holders, 107 closed
939 filers hold 99.1% · 339 added, 385 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+114
993 funds adding shares
879 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
51.1%
20-day avg 39.4%, 50-day avg 36.0%
Latest 11.7 pp over its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$4.3B
Revenue growth YoY−35.1%
Gross margin66.1%
Operating income$2.1B
Operating margin48.7%
Net income$444.0M
Net margin10.4%
EPS (diluted)$1.02
Cash flow
Operating cash flow$3.1B
Capital expenditure$182.0M
Free cash flow$2.9B
FCF conversion (FCF / OCF)94.0%
Stock-based compensation$73.0M
FCF less SBC$2.8B
Buybacks$23.0M
Dividends$2.1B
Balance sheet & returns
Cash & short-term investments$269.0M
Total debt$24.3B
Net debt$24.1B
Shareholders' equity−$1.6B
Goodwill & intangibles$6.0B
Debt / equity-7.16
ROE (TTM)-51.7%
ROIC (TTM)9.5%
Operating margin by fiscal year
31.6%FY202134.7%FY202233.9%FY2023-53.4%FY202448.7%FY2025
Revenue $6.3B (FY2021) to $4.3B (FY2025), a -9.4% CAGR.

Valuation

P/E (TTM)33.3x
EV / EBITDA21.5x
Price / sales8.64x
Price / FCF14.9x
FCF yield6.69%
Buyback yield0.06%
SBC / revenue2.0%
Price / bookn/m
Forward P/E FY202642.8x
Forward P/E FY202729.2x
Forward P/E FY202827.9x
Forward multiples divide today's price by Street EPS estimates. Street mean target $84.50 across 2 analysts last quarter is theirs, not ours.

CCI vs industry median

28 companies in REIT - Specialty
Gross margin 63.2% 64.8% Operating margin 47.7% 33.7% Net margin 25.8% 25.8% ROIC 9.5% 5.2%
CCI (TTM)Industry median Asset turnover 0.19 vs industry 0.13 · financial leverage -6.58

Earnings delivery

Next report 2026-10-21 · consensus EPS $0.68
67%
beat rate, 8 of 12 quarters
+1.8%
median EPS surprise
4
longest beat streak
-1+2+1-2+2-1+8+2+8+93-10+77
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-18 to 2026-07-22. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
CCI Crown Castle Inc. $35.9B33.3x-51.7%25.8%−35.1% −15.1%
IRM Iron Mountain Incorporated $33.5B80.4x-40.9%5.0%+17.4% +9.9%
SBAC SBA Communications Corporati $19.8B20.1x-20.7%27.8%+5.4% −4.7%
DLR Digital Realty Trust, Inc. $65.3B81.1x3.2%23.6%+18.7% +2.0%
LAMR Lamar Advertising Company $15.2B27.3x58.5%26.1%+4.4% +33.3%
AMT American Tower Corporation $86.3B25.4x90.9%31.6%+6.7% —
WY Weyerhaeuser Company $14.1B29.7x5.0%8.7%−1.9% —
EQIX Equinix, Inc. $97.3B63.2x10.8%18.2%+9.9% —
12-month window: SPY +15.9%, sector ETF XLRE +0.9%. Past returns describe history only.

Recent 8-K filings

2026-09-14Officer/Director Change; Regulation FD; Exhibits
2026-08-05Regulation FD; Exhibits
2026-07-22Earnings Release; Regulation FD; Exhibits
2026-05-20Shareholder Vote
2026-05-20Regulation FD; Exhibits
2026-05-01Acquisition/Disposition; Earnings Release; Officer/Director Change; Regulation FD; Exhibits

Context

Shares outstanding437,000,000
Free float97.3%
Institutional ownership99.1%
Beta0.97
Dividend yield5.17%
Last dividend$1.06 on 2026-09-15
50 / 200-day average$73.67 / $82.42
Large-cap Real Estate median P/E26.2x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Weak).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where CCI sits among 17 scored companies in REIT - Specialty (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureCCIIndustry medianIndustry percentileSector median
P/E (TTM) 33.4x 26.5x
69th		 24.1x
PEG (P/E ÷ 3-yr EPS CAGR) —
Price / sales 8.6x 6.9x
88th		 3.7x
Price / book —
Price / tangible book —
Price / free cash flow 14.9x 21.4x
0th		 15.1x
Price / operating cash flow 13.7x 16.8x
19th		 12.3x
Enterprise value $58.3B $19.0B
81st		 $7.5B
EV / sales 14.0x 11.8x
100th		 9.4x
EV / EBITDA 21.5x 18.4x
69th		 15.7x
EV / EBIT 28.7x 29.3x
38th		 27.2x
EV / free cash flow 24.2x 33.2x
0th		 29.4x
Earnings yield 3.0% 3.3%
44th		 3.2%
FCF yield 6.7% 4.6%
100th		 5.6%
Operating cash flow yield 7.3% 5.9%
81st		 7.9%
Graham number (per share) —

Profitability (TTM)

MeasureCCIIndustry medianIndustry percentileSector median
Gross margin 63.2% 34.9%
75th		 51.4%
EBITDA margin 65.2% 53.5%
80th		 54.9%
Operating margin 47.7% 24.0%
75th		 29.0%
EBIT margin 48.9% 20.6%
75th		 31.7%
Net margin 25.8% 15.6%
62nd		 12.2%
NOPAT margin 47.4% 19.5%
81st		 25.5%
FCF margin 57.8% 28.0%
100th		 21.8%
Operating cash flow margin 63.0% 34.6%
94th		 33.4%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 9.1% 7.9%
62nd		 6.6%
Stock comp / revenue 1.6% 1.5%
56th		 1.2%
Effective tax rate 0.7% 2.4%
25th		 1.9%

Returns on capital

MeasureCCIIndustry medianIndustry percentileSector median
ROE (on average equity) —
ROA 4.0% 3.8%
56th		 1.6%
ROIC 10.3% 5.4%
81st		 3.7%
ROCE 11.2% 6.2%
88th		 4.4%
Return on tangible assets 7.7% 5.8%
75th		 3.8%
Cash ROIC (OCF / invested capital) 13.7% 6.8%
94th		 5.7%
Gross profitability (GP / assets) 12.2% 7.6%
69th		 5.3%
ROIC, 3-yr average -0.9% 4.6%
0th		 2.4%
ROIC, 5-yr average —
ROE, 5-yr average —
Incremental ROIC -81.7% 4.6%
31st		 6.5%

Growth

MeasureCCIIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) -23.2% 7.6%
0th		 8.4%
Revenue growth (QoQ) -0.2% 2.5%
31st		 2.2%
Revenue CAGR, 3 yr -16.5% 3.9%
0th		 5.8%
Revenue CAGR, 5 yr -7.2% 7.4%
0th		 9.5%
Gross profit CAGR, 3 yr -19.6% -3.9%
15th		 -0.8%
Operating income CAGR, 3 yr -7.5% 5.5%
33rd		 3.0%
Net income growth (TTM YoY) —
Net income CAGR, 3 yr -14.3% 12.3%
0th		 8.5%
EPS growth (TTM YoY) —
EPS CAGR, 3 yr -14.3% 13.2%
0th		 5.7%
EPS CAGR, 5 yr 0.2% 7.8%
27th		 5.6%
FCF growth (TTM YoY) 0.4% 5.1%
38th		 3.0%
FCF CAGR, 3 yr 9.8% 2.5%
67th		 5.6%
Operating cash flow CAGR, 3 yr -7.0% 8.0%
25th		 3.7%
Book value CAGR, 3 yr —
Dividend CAGR, 3 yr -9.6% -0.1%
6th		 -1.2%
Sustainable growth rate —

Margin history & stability

MeasureCCIIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 69.8% 59.3%
62nd		 59.1%
Operating margin, 3-yr average 10.4% 29.4%
6th		 28.6%
Net margin, 3-yr average -12.8% 13.0%
0th		 12.3%
FCF margin, 3-yr average 42.5% 24.6%
88th		 27.4%
Revenue stability (0-1) 0.50 0.76
31st		 0.82
Earnings stability (0-1) 0.17 0.36
31st		 0.36
Margin stability (0-1) 0.94 0.75
75th		 0.83

Liquidity (latest quarter)

MeasureCCIIndustry medianIndustry percentileSector median
Cash & short-term investments $1.0B $319.0M
81st		 $141.2M
Net cash (− = net debt) −$22.4B −$4.9B
6th		 −$3.3B
Working capital −$1.7B $17.8M
12th		 $19.5M
Current ratio 0.50 1.13
14th		 1.02
Quick ratio 0.43 1.13
14th		 1.02
Cash ratio (cash + ST investments / current liabilities) 0.32 0.58
36th		 0.36
Defensive interval (days) 693 days 673 days
55th		 554 days

Leverage & solvency (latest quarter)

MeasureCCIIndustry medianIndustry percentileSector median
Total debt $23.4B $5.4B
94th		 $3.5B
Debt / equity —
Net debt / equity —
Debt / assets 108.8% 58.2%
94th		 51.3%
Debt / capital —
Debt / EBITDA 8.62 6.98
75th		 6.47
Net debt / EBITDA 8.24 6.15
75th		 6.15
Interest coverage (EBIT / interest) 2.2x 2.4x
44th		 1.5x
Cash interest coverage 2.8x 2.0x
62nd		 2.1x
Debt payback (years of OCF) 8.9 yrs 10.6 yrs
38th		 8.9 yrs
Liabilities / assets 115.2% 62.0%
94th		 60.0%
IS credit model rating CCC — —
Implied credit spread (bps) 1,200 650
81st		 650

Efficiency

MeasureCCIIndustry medianIndustry percentileSector median
Asset turnover 0.16 0.17
44th		 0.12
Fixed asset turnover 0.36 0.39
15th		 0.90
Inventory turnover 14.8 9.5
86th		 10.0
Receivables turnover 29.8 8.2
92nd		 7.6
Days sales outstanding 12 days 26 days
27th		 37 days
Days inventory outstanding 25 days 38 days
14th		 21 days
Days payables outstanding 16 days 23 days
31st		 53 days
Cash conversion cycle (days) 20 days −3 days
62nd		 −6 days
Capex / revenue 5.2% 7.0%
38th		 4.4%
Capex / depreciation 0.32 0.45
38th		 0.32
Operating expense ratio 17.2% 23.2%
36th		 30.9%

Cash flow & earnings quality

MeasureCCIIndustry medianIndustry percentileSector median
Operating cash flow / net income 2.44 1.61
69th		 1.83
FCF / net income 2.24 1.12
92nd		 1.43
FCF / operating cash flow 91.7% 81.8%
88th		 82.5%
Capex / operating cash flow 8.3% 18.2%
12th		 17.9%
Accruals ratio -5.8% -2.8%
12th		 -3.1%
Sloan accruals ratio 1.5% -3.8%
88th		 -3.3%
Earnings quality score (0-1) 0.75 0.88
15th		 1.00

Dividends & buybacks

MeasureCCIIndustry medianIndustry percentileSector median
Dividend yield 5.2% 4.4%
62nd		 5.2%
Dividend per share (TTM) $4.25 $3.20
69th		 $1.21
Payout ratio (dividends / net income) 172.9% 114.9%
77th		 110.2%
Dividends / FCF 77.3% 111.5%
23rd		 79.1%
Dividend growth (YoY) -25.5% -0.0%
7th		 2.3%
Buyback yield 2.8% 0.4%
69th		 0.1%
Shareholder yield (dividends + buybacks) 8.0% 4.7%
75th		 5.9%
Share count change (YoY) -0.7% 1.1%
12th		 0.5%
Buybacks, last 5 years $1.1B $42.7M
88th		 $15.9M

Scores & forensic checks

MeasureCCIIndustry medianIndustry percentileSector median
IS score 49 43
56th		 43
IS profitability 63 57
62nd		 44
IS growth 49 62
19th		 58
IS value 42 50
25th		 53
IS momentum 71 80
38th		 77
IS risk (safety) 0 15
0th		 15
IS quality 70 65
81st		 59
IS balance sheet 18 36
25th		 35
IS earnings quality 84 76
75th		 72
IS cash flow 75 68
88th		 61
Piotroski F-score (0-9) 6 6
44th		 6
Altman Z-score −0.1 1.1
0th		 0.8
Beneish M-score −2.26 −2.63
69th		 −2.71
Ohlson O-score −6.35 −6.76
75th		 −6.91
IS credit score 18 33
12th		 34

Per share

MeasureCCIIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $2.48 $2.21
56th		 $0.78
Book value per share −$7.53 $13.10
6th		 $15.91
Tangible book per share −$21.18 $13.11
25th		 $16.11
Revenue per share $9.59 $9.59
50th		 $6.28
FCF per share $5.54 $1.67
75th		 $1.49
Operating cash flow per share $6.05 $3.04
69th		 $1.95
Cash per share $2.40 $0.73
62nd		 $0.95

Size (TTM)

MeasureCCIIndustry medianIndustry percentileSector median
Market cap $35.9B $11.4B
81st		 $2.5B
Revenue $4.2B $2.3B
69th		 $956.7M
EBITDA $2.7B $1.2B
81st		 $399.5M
Net income $1.1B $472.0M
88th		 $109.6M
Free cash flow $2.4B $264.1M
88th		 $157.8M
Total assets $21.5B $11.7B
75th		 $6.6B
Shareholders' equity −$3.3B $693.3M
6th		 $1.8B
Employees 1,500 1,844
44th		 307

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-15Hillabrant Christian H
Director, President and CEO
 Option exercise 24,466——24,466
2026-09-15Hillabrant Christian H
Director, President and CEO
 Option exercise 7,340——31,806
2026-09-15Hillabrant Christian H
Director, President and CEO
 Tax withholding 12,160$74.17$901,90719,646
2026-09-15Hillabrant Christian H
Director, President and CEO
 Option exercise 24,466——48,932
2026-09-15Hillabrant Christian H
Director, President and CEO
 Option exercise 7,340——14,680
2026-08-07Collins Robert Sean
Vice President and Controller
 Open-market sale 1,500$75.89$113,8355,113
2026-05-20Hinson Kristoffer L
EVP and CCO
 Award / grant 11,083——11,083
2026-05-11Hinson Kristoffer L
EVP and CCO
 — 7,185——0
2026-05-05Stephens Kevin A
Director
 Open-market buy 820$90.24$73,99723,934
2026-05-01Adams Edward B Jr
EVP and General Counsel
 Award / grant 14,490——39,673
2026-05-01Adams Edward B Jr
EVP and General Counsel
 Tax withholding 5,702$88.78$506,22433,971
2026-05-01Piche Catherine
EVP & COO-Towers
 Award / grant 5,031——22,691

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
AprMayAugSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired431,742—
Open-market buyAcquired1820$73,997
Open-market saleDisposed11,500$113,835
Option exerciseAcquired231,806—
Option exerciseDisposed231,806—
Tax withholdingDisposed420,373$1.6M
—Disposed27,185—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 5 notices · 48,558 shares · $4.6M
FiledFilerShares proposedEst. proceeds
2026-05-26Levendos Christopher10,960$1.0M
2026-02-25Adams Edward B Jr4,650$401,464
2026-02-06Levendos Christopher1,883$150,094
2025-10-28Levendos Christopher1,065$100,094
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 17 trades (3 purchases) · Senate 3 (1 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-09-25Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2026-09-11Ro KhannaHousePurchase$1,001 - $15,0002026-10-09
2026-08-18Gilbert CisnerosHouseSale$1,001 - $15,0002026-09-11
2026-08-06Michael RulliHouseSale$1,001 - $15,0002026-08-10
2026-06-25Sheldon WhitehouseSenateSale$1,001 - $15,0002026-07-08
2026-06-25Sheldon WhitehouseSenateSale (Full)$1,001 - $15,0002026-07-07
2026-03-27Alan ArmstrongSenatePurchase$1,001 - $15,0002026-07-20
2024-05-10Sheldon WhitehouseSenatePurchase$1,001 - $15,0002024-06-06
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.43,921,220$3.3B10.05%
COHEN & STEERS, INC.39,084,710$3.0B8.94%
VANGUARD PORTFOLIO MANAGEMENT LLC37,896,257$2.9B8.67%
VANGUARD CAPITAL MANAGEMENT LLC28,507,917$2.2B6.52%
STATE STREET CORP23,023,394$1.7B5.27%
WELLINGTON MANAGEMENT GROUP LLP17,325,403$1.3B3.96%
GEODE CAPITAL MANAGEMENT, LLC13,605,224$1.0B3.11%
DIMENSIONAL FUND ADVISORS LP6,373,473$482.7M1.46%
CHARLES SCHWAB INVESTMENT MANAGEMENT INC6,333,222$479.6M1.45%
Sixth Street Partners Management Company, L.P.6,333,222$479.6M1.45%
Legal & General Group Plc6,033,243$456.9M1.38%
NORGES BANK5,830,200$441.5M1.33%
DEUTSCHE BANK AG\5,667,865$429.2M1.30%
Daiwa Securities Group Inc.4,622,887$350.1M1.06%
BANK OF AMERICA CORP /DE/4,605,558$348.8M1.05%

Institutional ownership by quarter

2023-092026-0699.1%
% of shares held by 13F filers
2023-092026-06939
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-3093999.1%103339385107
2026-03-3195496.9%86361392142
2025-12-311,02797.8%133315449138
2025-09-301,06095.6%106391415100
2025-06-301,07295.0%111433387129
2025-03-311,10497.2%142407416129
2024-12-311,11093.5%159329496169
2024-09-301,14494.1%12043745081
2024-06-301,11492.0%97402482155
2024-03-311,18991.9%114481452135
2023-12-311,22790.9%232361529127
2023-09-301,14090.7%110458444169

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-05-15SCHEDULE 13G/ACohen & Steers Ireland Limited0.0%40,175
2026-04-29SCHEDULE 13GVanguard Capital Management7.5%32,868,398
2026-03-26SCHEDULE 13G/AThe Vanguard Group0.0%0
2026-02-09SCHEDULE 13GSTATE STREET CORPORATION5.1%22,241,227
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VGSLX1.65%$1.1B
VGSNX1.65%$1.1B
VNQ1.65%$1.1B
VITSX0.04%$901.1M
VTI0.04%$901.1M
VSMPX0.04%$901.1M

Share structure

Shares outstanding437,000,000
Float425,024,440
Free float97.3%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$6.3B$7.0B$7.0B$6.6B$4.3B
Cost of revenue$2.0B$2.1B$2.0B$1.8B$1.4B
Gross profit$4.3B$4.9B$5.0B$4.7B$2.8B
R&D$0$0$0$0$0
SG&A$680.0M$750.0M$759.0M$706.0M$383.0M
Operating income$2.0B$2.4B$2.4B−$2.9B$2.1B
EBITDA$3.5B$4.1B$4.1B−$1.2B$2.8B
Pretax income$1.2B$1.7B$1.5B−$3.9B$1.1B
Income tax$21.0M$16.0M$26.0M$24.0M$16.0M
Net income$1.1B$1.7B$1.5B−$3.9B$444.0M
EPS, diluted$2.53$3.86$3.46$-8.98$1.02
Diluted shares434.0M434.0M434.0M434.0M437.0M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$292.0M$156.0M$105.0M$119.0M$269.0M
Receivables$635.0M$720.0M$597.0M$654.0M$339.0M
Inventory$0$0$0$0$0
Total current assets$1.3B$1.2B$1.0B$1.1B$1.1B
PP&E, net$22.0B$21.9B$21.9B$21.3B$11.7B
Goodwill & intangibles$14.1B$13.7B$13.3B$7.9B$6.0B
Total assets$39.0B$38.9B$38.5B$32.7B$31.5B
Accounts payable$246.0M$236.0M$252.0M$192.0M$71.0M
Total current liabilities$2.0B$2.7B$2.6B$2.2B$4.5B
Long-term debt$20.6B$20.9B$22.1B$23.5B$21.6B
Total liabilities$30.8B$31.5B$32.1B$32.9B$33.2B
Shareholders' equity$8.3B$7.4B$6.4B−$133.0M−$1.6B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$1.2B$1.7B$1.5B−$3.9B$444.0M
Depreciation & amortization$1.6B$1.7B$1.8B$1.7B$690.0M
Stock-based compensation$129.0M$156.0M$157.0M$131.0M$73.0M
Change in working capital−$346.0M−$747.0M−$371.0M−$200.0M−$33.0M
Operating cash flow$2.7B$2.9B$3.1B$2.9B$3.1B
Capital expenditure−$1.2B−$1.3B−$1.4B−$1.2B−$182.0M
Free cash flow$1.5B$1.6B$1.7B$1.7B$2.9B
Investing cash flow−$1.3B−$1.4B−$1.5B−$1.2B−$1.2B
Net debt issued / repaid$1.2B$1.0B$1.1B$1.1B$217.0M
Buybacks−$70.0M−$65.0M−$30.0M−$33.0M−$23.0M
Dividends paid−$2.4B−$2.6B−$2.7B−$2.7B−$2.1B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin68.6%70.4%71.6%73.4%66.1%
Operating margin31.6%34.7%33.9%-53.4%48.7%
Net margin17.3%24.0%21.5%-70.7%10.4%
FCF margin23.6%22.4%24.4%31.2%67.4%
ROE12.4%21.3%21.7%-124.9%-50.2%
ROIC5.6%6.8%6.6%-7.9%7.4%
ROA2.8%4.3%3.9%-11.0%1.4%
Debt / equity3.273.754.52-222.65-18.08
Interest coverage11.5x3.5x2.9xn/m2.2x
Current ratio0.620.450.400.500.26
Revenue growth+8.6%+10.2%−0.1%−20.9%−22.8%
EPS growth+3.5%+52.8%−10.4%−360.0%+111.3%
P/E at year end67.6x29.8x29.9xn/m87.5x
EV / EBITDA at year end29.2x19.1x17.9xn/m24.6x
FCF yield at year end2.02%3.14%3.80%4.59%7.40%
Dividend payout216.5%155.3%181.4%—468.5%

Revenue by segment

FY2021FY2022FY2023FY2024
Towers$4.4B$5.0B$4.7B$4.5B
Fiber$1.9B$2.0B$2.2B$2.1B

Street estimates by fiscal year

Next report 2026-10-21 · consensus EPS $0.68 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$4.0B$4.0B – $4.0B$1.92$1.90 – $1.93742.8x
2027$4.1B$4.0B – $4.1B$2.82$2.65 – $2.881029.2x
2028$4.2B$4.0B – $4.4B$2.95$2.13 – $3.791327.9x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-22$0.39$0.69+76.7%$995.1M$1.0B+1.3%
2026-04-22$0.38$0.34−9.7%$994.8M$1.0B+1.5%
2026-02-04$0.58$1.12+93.4%$1.1B$1.1B+1.1%
2025-10-22$1.04$1.12+7.7%$1.1B$1.1B+1.2%
2025-07-23$1.00$1.02+2.0%$1.1B$1.1B+0.6%
2025-04-30$1.02$1.10+7.8%$1.0B$1.1B+2.0%
2025-03-13$1.82$1.80−1.1%$1.6B$1.6B+0.7%
2024-10-16$1.80$1.84+2.2%$1.6B$1.7B+1.1%
2024-07-17$1.65$1.62−1.8%$1.6B$1.6B+0.7%
2024-04-17$1.71$1.72+0.6%$1.6B$1.6B+0.9%
2024-01-24$1.79$1.82+1.7%$1.7B$1.7B+0.8%
2023-10-18$1.78$1.77−0.6%$1.7B$1.7B−0.8%
2023-07-19$1.99$2.05+3.0%$1.9B$1.9B+0.5%
2023-04-19$1.94$1.91−1.5%$1.8B$1.8B+0.7%
2023-01-25$1.83$1.85+1.1%$1.7B$1.8B+1.1%
2022-10-19$1.83$1.85+1.1%$1.7B$1.7B+0.7%
2022-07-20$1.79$1.80+0.6%$1.7B$1.7B+1.2%
2022-04-20$1.80$1.87+3.9%$1.7B$1.7B+2.8%
2022-01-26$1.71$1.77+3.5%$1.6B$1.7B+1.4%
2021-10-20$1.72$1.77+2.9%$1.6B$1.6B+0.1%
2021-07-21$1.66$1.71+3.0%$1.6B$1.6B−2.1%
2021-04-21$1.61$1.71+6.2%$1.5B$1.5B−0.6%
2021-01-27$1.65$2.33+41.2%$2.0B$1.5B−23.9%
2020-10-21$1.55$1.56+0.6%$1.9B$1.5B−20.3%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.406-150.606-220.406-290.407-060.307-130.507-200.607-270.708-030.208-100.208-170.208-240.308-31
Week ofNotionalSharesTrades
2026-08-31$283.4M3,738,99675,043
2026-08-24$194.1M2,559,53355,221
2026-08-17$188.3M2,509,43356,753
2026-08-10$232.6M3,112,59763,692
2026-08-03$701.3M9,368,561106,385
2026-07-27$596.6M7,814,153110,191

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1551.1%
DateShort shareShort volumeTotal volume
2026-10-1551.1%812,1011,590,673
2026-10-1454.8%764,2791,395,585
2026-10-1356.3%960,6451,706,301
2026-10-1258.8%1,621,2682,759,163
2026-10-0950.7%2,797,6455,522,794
2026-10-0843.9%387,449882,302
2026-10-0724.0%379,2571,578,241
2026-10-0658.5%598,9201,024,170
2026-10-0539.7%500,3001,259,699
2026-10-0237.8%394,4651,043,069
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+0.9Jan-0.9Feb+2.8Mar+3.0Apr+1.1May+0.6Jun+2.0Jul+0.1Aug-0.9Sep-1.6Oct+2.1Nov+2.7Dec
MonthAvg returnUp yearsYears
Jan+0.9%60%20
Feb−0.9%35%20
Mar+2.8%57%21
Apr+3.0%50%20
May+1.1%60%20
Jun+0.6%45%20
Jul+2.0%65%20
Aug+0.1%45%20
Sep−0.9%50%20
Oct−1.6%45%20
Nov+2.1%65%20
Dec+2.7%50%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1472.8
MFI66.4
ADX40.0
Stochastic %K / %D87.9 / 86.9
Williams %R-5.6
CCI130
TSI / signal23.5 / -4.2
Chaikin money flow0.17
ATR$2.60
Bollinger width31.8%
Volume vs 20-day avg1.75x
SupertrendUp

Moving averages and bands

level (price vs level)
SMA 20$72.01 (+14.2%)
SMA 50$73.62 (+11.7%)
SMA 200$82.23 (+0.0%)
EMA 21$74.41 (+10.5%)
EMA 50$74.45 (+10.5%)
EMA 200$81.25 (+1.2%)
Bollinger upper$83.47 (−1.4%)
Bollinger lower$60.56 (+35.8%)
Parabolic SAR$68.95 (+19.3%)
Open the live chart, 110+ indicators

About Crown Castle Inc.

Crown Castle Inc. specializes in critical digital infrastructure across the United States. The company actively manages, operates, and leases an expansive network, featuring over 40,000 cellular communication towers and approximately 80,000 miles of fiber optic cable. This comprehensive infrastructure underpins both small cell deployments and various advanced fiber solutions, spanning every significant U.S. metropolitan area. Through these vital connections, Crown Castle links communities and urban centers to essential data, cutting-edge technology, and indispensable wireless services, thereby delivering crucial information, innovative concepts, and communication capabilities to individuals and enterprises alike. More information can be found at www.crowncastle.com.

https://www.crowncastle.com

Key executives

NameTitlePayBorn
Christian H. HillabrantChief Executive Officer, President & Director$2.0M1966
Sunit S. PatelExecutive Vice President & Chief Financial Officer$1.4M1962
Catherine PicheAdvisor$1.4M1971
Edward Adams Jr.Executive Vice President & General Counsel$1.3M1969
Fiona McKoneVice President of Communications & Marketing——
Hamilton WestVice President of Corporate Finance & Treasurer——
Kris HinsonExecutive VP & Chief Commercial Officer——
Kristoffer HinsonExecutive VP & Chief Commercial Officer—1983

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Steven J. Moskowitz Former President & CEO (through March 23, 2025)2025$225,000$12.5M$492,397$18.2M
Christian H. Hillabrant President & CEO2025$269,231$12.1M$823,522$14.2M
Daniel K. Schlanger EVP & CTRO2025$640,000$9.9M$890,624$12.0M
Sunit S. Patel EVP & CFO2025$456,731$7.7M$655,291$9.1M
Christopher D. Levendos EVP & COO—Fiber2025$600,000$5.4M$834,960$6.9M
Edward B. Adams, Jr. EVP & General Counsel2025$515,000$4.4M$716,674$5.7M

Employees

5k20185k20195k20205k20215k20225k20234k20244k2025

Dividends

Ex-dateAmountPaid
2026-09-15$1.0622026-09-30
2026-06-15$1.0622026-06-30
2026-03-13$1.0622026-03-31
2025-12-15$1.0622025-12-31
2025-09-15$1.0622025-09-30
2025-06-13$1.0622025-06-30
2025-03-14$1.5652025-03-31
2024-12-13$1.5652024-12-31

Moat model

Weak · Efficient Scale · 2026-06-30
Cost advantage56
Intangibles39
Switching costs21
Network effect30
Efficient scale63
Our component scores (0-100) and overall 40.2; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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