Crown Castle Inc. (CCI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-121.1%

-$18.30

vs $86.94 price

Levered DCF

-$2.99

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

-0.1

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	87.13×	-10.11×	33.29×	35.05×	82.18×	67.45×	78.97×	88.32×
P/B	-23.64×	-296.16×	7.83×	7.88×	10.92×	7.12×	5.64×	3.88×
P/S	9.06×	6×	7.16×	8.41×	14.22×	11.53×	10.26×	8.35×
EV / EBITDA	24.55×	-55.51×	19.18×	21.26×	33.83×	27.62×	26.6×	21.98×
Gross margin	66.1%	71.9%	71.6%	70.4%	68.6%	66.3%	65.5%	65.7%
Operating margin	48.7%	-44.7%	33.9%	34.7%	31.6%	31.9%	27.1%	25.8%
Net margin	10.4%	-59.4%	21.5%	24.0%	17.3%	18.1%	14.9%	11.6%
Current ratio	0.26×	0.5×	0.4×	0.45×	0.62×	0.56×	0.63×	0.82×
Debt / equity	-18.08×	-222.65×	4.52×	3.75×	3.27×	2.69×	2.28×	1.44×
Interest coverage	2.17×	-3.26×	2.89×	3.6×	3.17×	0×	2.28×	2.15×
Dividend yield	5.4%	6.9%	5.4%	4.4%	2.6%	3.3%	3.4%	4.2%
Payout ratio	468.5%	-69.9%	181.3%	155.3%	216.5%	207.4%	235.5%	304.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-27.2%	2934.6%	23.5%	22.5%	13.3%	11.2%	8.2%	5.4%
Return on invested capital	6.8%	-9.3%	6.3%	6.4%	5.3%	4.9%	4.1%	4.3%
Return on assets	1.4%	-11.9%	3.9%	4.3%	2.8%	2.7%	2.2%	1.9%
Free cash flow yield	7.4%	4.4%	3.4%	2.7%	1.7%	2.1%	1.1%	1.7%
Earnings yield	1.1%	-9.9%	3.0%	2.9%	1.2%	1.6%	1.5%	1.4%
Enterprise value	$68B	$68.9B	$78.7B	$86.5B	$116.9B	$92.5B	$82.9B	$61.3B
Net debt / EBITDA	10.58×	-23.77×	7×	6.83×	7.73×	7.52×	7.62×	5.88×
Cash conversion cycle (days)	11	-2	-15	-4	-8	-16	-24	-28