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Owns wireless towers, small cells and fiber in the United States, leasing infrastructure to mobile carriers.
Owns wireless towers, small cells and fiber in the United States, leasing infrastructure to mobile carriers.
Leases space on its towers to the three big US carriers under long contracts with built-in annual increases; adding another tenant to an existing tower costs little, so that is where the profit comes from. It agreed in 2025 to sell its fiber and small-cell businesses, to focus on towers.
Moat: wide (installed base, switching costs, regulatory licence). Owning permitted, zoned tower and fiber infrastructure that carriers co-locate on is slow and costly to replicate.
Headquarters: Houston, Texas, United States · Founded: 1994 · Employees: 4,000
Size Crown Castle (CCI) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $37.7B, the 309th largest of 3,117 United States companies the cockpit tracks. Shares closed at $88.60 on 6 Nov 2026.
Performance Over six months the shares fell 1.0%, against -1.2% for the median peer and -1.1% for the United States market (cap-weighted) — 10th highest of 20 in its peer set.
Growth Revenue fell 15.6% over the last twelve months (peer median +5.0%); the operating margin is 47.8% (peer median 33.3%).
Valuation It trades at 31.6× forward earnings against a peer median of 32.7× (10th cheapest of 21).
Backlog Backlog (remaining performance obligations) was $364M at 30 Sep 2026, down 10% on a year earlier — 0.1 years of trailing revenue. Backlog detail →
Credit Crown Castle has 23 bonds outstanding ($16.3B), rated BBB by the agencies and trading like BBB at a weighted spread of 93 bp.
Short interest Short interest is 2.3% of the free float (15 Oct 2026).
Next results Next results expected around 27 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $4.08B | $4.26B | $4.46B | $6.98B | $6.99B |
| Revenue growth | — | -4% | -36% | 0% | — |
| Gross profit | $2.32B | $2.48B | $2.64B | $3.28B | $3.24B |
| EBITDA | $2.65B | $2.78B | $2.94B | $4.24B | $4.17B |
| Net income | $822M | $444M | -$3.90B | $1.50B | $1.68B |
| Free cash flow | $1.88B | $2.88B | $2.77B | $1.70B | $1.57B |
| Capital expenditure | $241M | $182M | $176M | $1.42B | $1.31B |
| Total debt | $22.9B | $29.6B | $29.4B | $28.8B | $28.0B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Crown Castle CCI | $37.7B | -1% | -16% | 48% | 31.6× | n/a |
| American Tower AMT | $87.6B | +8% | +5% | 44% | 27.8× | n/a |
| SBA Communications SBAC | $19.8B | -13% | +2% | 53% | 23.8× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CCI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +28.6% | +8.9% | highest of 21 |
| 6-month return | -1.0% | -1.2% | 10th highest of 20 |
| Distance from 52-week high | -5.7% | -11.2% | 6th highest of 21 |
| Revenue growth (TTM) | -15.6% | +5.0% | lowest of 21 |
| Operating margin | 47.8% | 33.3% | 6th highest of 21 |
| Forward P/E | 31.6× | 32.7× | 10th cheapest of 21 |
| Bond spread | 93 bp | 93 bp | 10th widest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Crown Castle CCI | United States | $37.7B | -1% | -16% | 48% | 31.6× | n/a | n/a |
| Goodman GMG.AX | Australia | $39.6B | -11% | +17% | 52% | 19.4× | n/a | n/a |
| Extra Space Storage EXR | United States | $33.2B | +12% | +4% | 29% | 33.2× | n/a | n/a |
| Iron Mountain IRM | United States | $31.7B | -17% | +17% | 21% | 39.2× | n/a | n/a |
| Ventas VTR | United States | $47.9B | +2% | +22% | 15% | 106.4× | n/a | n/a |
| Equity Residential VMRK | United States | $50.7B | n/a | +4% | 29% | 39.1× | n/a | n/a |
| Vici Properties VICI | United States | $27.3B | -13% | +5% | 77% | 8.4× | n/a | n/a |
| Realty Income O | United States | $56.1B | -4% | +11% | 46% | 36.0× | n/a | n/a |
| Public Storage PSA | United States | $63.1B | +10% | +5% | 44% | 35.6× | n/a | n/a |
| Digital Realty DLR | United States | $65.9B | -10% | +21% | 20% | 65.9× | n/a | n/a |
| SBA Communications SBAC | United States | $19.8B | -13% | +2% | 53% | 23.8× | n/a | n/a |
| Simon Property SPG | United States | $73.9B | +14% | +15% | 47% | 32.3× | n/a | n/a |
| Essex Property Trust ESS | United States | $17.5B | +4% | +5% | 30% | 43.9× | n/a | n/a |
| Kimco Realty KIM | United States | $17.0B | +10% | +3% | 35% | 29.3× | n/a | n/a |
| Host Hotels & Resorts HST | United States | $16.9B | +15% | +5% | 14% | 23.2× | n/a | n/a |
| SEGRO SGRO.L | United Kingdom | $16.6B | +33% | +7% | 69% | 23.8× | n/a | n/a |
| American Tower AMT | United States | $87.6B | +8% | +5% | 44% | 27.8× | n/a | n/a |
| Lamar Advertising LAMR | United States | $15.8B | -1% | +4% | 32% | 25.0× | n/a | n/a |
| Invitation Homes INVH | United States | $15.6B | -5% | +5% | 25% | 35.2× | n/a | n/a |
| Weyerhaeuser WY | United States | $15.1B | -10% | -1% | 6% | 86.1× | n/a | n/a |
| W. P. Carey WPC | United States | $15.0B | -12% | +9% | 52% | 21.6× | n/a | n/a |
Crown Castle has 23 bonds outstanding with $16.3B face value. The agencies rate it BBB; its bonds trade like BBB. Weighted yield 5.65%, a spread of 93 bp over government bonds.
Crown Castle reported $364M of remaining performance obligations at 30 Sep 2026, down 10% from a year earlier and down 26% from the previous quarter. That is 0.1 years of trailing revenue already under contract. Book-to-bill last quarter: 0.87.