# Crown Castle (CCI.US)

Canonical: https://gigainvestors.com/s/CCI

Analysis as of: 2026-10-16T07:27:17.601Z. Financial observations: FY1998–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: $80.00 per share; close as of 2026-10-15.

Estimated value: low $27.00 per share, central $30.42 per share, high $34.98 per share. Buy at or below the central value $30.42 per share. Valuation as of 2026-10-16T07:27:17.601Z; scenarios are not confidence intervals.

Expected annual return: 5.5% at the stated quote. About 5.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 4 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 1

- Operating margin variation: 0.96×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.23×

- FY2018: 0.26×

- FY2019: 0.27×

- FY2020: 0.32×

- FY2021: 0.32×

- FY2022: 0.35×

- FY2023: 0.34×

- FY2024: -0.45×

- FY2025: 0.49×

- LTM to Jun 2026: 0.48×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 7.7%

- ROIC, second-lowest year: 5.0%

- Typical minus recent gross margin: 3.0 pp

- Typical gross margin (annual median): 66.2%

- Recent gross margin (lower of latest and 3-year median): 63.2%

- Years with nonpositive capital: 0

- Capital spending / revenue: 19.9%

- ROIC including acquisitions, ten-year median: 3.1%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 5.0%

- FY2018: 7.5%

- FY2019: 6.3%

- FY2020: 7.4%

- FY2021: 7.9%

- FY2022: 9.5%

- FY2023: 9.3%

- FY2024: -9.6%

- FY2025: 9.1%

- LTM to Jun 2026: 14.1%

### economics: pass

- Owner earnings / net income, 5-yr: 3.66×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $3.0B

- Net income, five-year total: $814M

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.6 pp

- Working capital / revenue, change between three-year averages: -4.9 pp

- Working capital / revenue, final three-year average: 5.2%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.38×

- FY2022: 1.24×

- FY2023: 1.22×

- FY2024: 0.87×

- FY2025: 2.14×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 6.8% vs 9.1%

- Per-share earnings: 1.05 to 1.02 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.7%

- Ordinary dilution, 5-year annual growth: 0.6%

- Market cap gain: $7.4B

- Cumulative retained earnings: -$17B

- Diluted shares, 10-year annual growth: 2.7%

- Diluted shares, 5-year annual growth: 0.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -0.4%

- Per-share value change: -$0.03

- Per-share value, starting three-year median: $1.05

- Per-share value, ending three-year median: $1.02

- Buybacks concentrated in cheaper years (correlation): 0.19

- Average buyback yield: 0.1%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $6.7B

- Cumulative net income, 10 years: $4.1B

- ROIC, first three-year median: 6.8%

- ROIC, last three-year median: 9.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.05

- FY2017: $0.96

- FY2018: $1.50

- FY2019: $2.06

- FY2020: $2.48

- FY2021: $2.53

- FY2022: $3.86

- FY2023: $3.46

- FY2024: -$8.99

- FY2025: $1.02

### accounting: pass

- Sloan accruals: -8.3%

- Receivables to sales index (DSRI): 0.80×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 2.4%

- Earnings backed by cash: Yes

- Operating cash / earnings: 6.89×

- Accounting red flags: 0

Chart: Sloan accruals; fiscal year observations.

- FY2016: -6.3%

- FY2017: -5.2%

- FY2018: -5.7%

- FY2019: -4.8%

- FY2020: -5.2%

- FY2021: -4.2%

- FY2022: -3.1%

- FY2023: -4.2%

- FY2024: -20.9%

- FY2025: -8.3%

## Holders

## Price story

Down 62% since Dec 2021 · "However, revenue is projected to shrink by 9.1% per year in that same period." (finance.yahoo.com, Oct 2025) · sales -2.4%

Story as of 2026-10-16T09:58:28.543Z; price observation 2026-10-15.

Price needs cash profits to grow 13.7% a year for ten years

- 2025-07-23: Crown Castle raises annual site rental revenue forecast on healthy leasing activity ([finance.yahoo.com](https://finance.yahoo.com/news/crown-castle-raises-annual-rental-211646898.html))

- 2025-10-23: Crown Castle's Q3 AFFO Beats, Revenues Fall Y/Y, '25 View Raised ([finance.yahoo.com](https://finance.yahoo.com/news/crown-castles-q3-affo-beats-121200618.html))

- 2025-12-01: American Tower, Crown Castle downgraded as EchoStar disputes cloud tower leasing ([finance.yahoo.com](https://finance.yahoo.com/news/american-tower-crown-castle-downgraded-161659007.html))

- 2026-04-22: Crown Castle reiterates 2026 outlook with ~$1B buyback plan and $65M annualized cost reduction ([seekingalpha.com](https://seekingalpha.com/news/4578366-crown-castle-reiterates-2026-outlook-with-1b-buyback-plan-and-65m-annualized-cost-reduction?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-05-04: Crown Castle Closes $8.5B Divestiture, Raises 2026 AFFO View ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/crown-castle-closes-8-5b-142400112.html))

- 2026-07-23: Crown Castle Q2 AFFO Beats Estimates on Lower Interest Expense ([finance.yahoo.com](https://finance.yahoo.com/real-estate/articles/crown-castle-q2-affo-beats-173700850.html))

### Sales · FY2025–2026

sales -2.4%; source https://www.sec.gov/Archives/edgar/data/1051470/000105147026000016/cci-20251231.htm; observed 2026-02-23.

- FY2017: $4.3B 

- FY2018: $5.4B 

- FY2019: $5.8B 

- FY2020: $5.8B 

- FY2021: $6.3B 

- FY2022: $7.0B 

- FY2023: $7.0B 

- FY2024: $6.6B 

- FY2025: $4.3B 

- FY2026: $4.2B 

### Gross margin · FY2026

gross margin 63.2%; source https://www.sec.gov/Archives/edgar/data/1051470/000105147026000016/cci-20251231.htm; observed 2026-02-23.

- FY2017: 63.7% 

- FY2018: 65.7% 

- FY2019: 65.5% 

- FY2020: 66.3% 

- FY2021: 68.6% 

- FY2022: 70.4% 

- FY2023: 71.6% 

- FY2024: 71.9% 

- FY2025: 66.1% 

- FY2026: 63.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in property rentals; annual sales are USD 4.3 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1051470/000105147026000016/cci-20251231.htm (filed 2026-02-23); FY2025: revenue 4265000000; grossProfit 2818000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CCI.US: Crown Castle owns, operates and leases approximately 40,000 cell towers across the U.S. This nationwide portfolio serves as the foundation of wireless connectivity that provides cities and communities access to essential data, technology and wireless service " bringing information, ideas, innovations and the connectivity of modern life to help people and businesses thrive. Crown Castle Inc. was established in 1994 and was incorporated in Delaware.

### Why customers stay

Margins ranged from 66.1% to 71.9% during 2023–25; it earns 7.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2023: grossProfit / revenue = 71.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2024: grossProfit / revenue = 71.9%.

- Source: https://www.sec.gov/Archives/edgar/data/1051470/000105147026000016/cci-20251231.htm (filed 2026-02-23); FY2025: grossProfit / revenue = 66.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); 10-year return on capital observations [[2017,0.04970717538122682],[2018,0.07498079339868197],[2019,0.06302653936566176],[2020,0.07442086239058515],[2021,0.07893958222380022],[2022,0.09544083745403566],[2023,0.09312896582987068],[2024,-0.09577535693653545],[2025,0.09093736225626982],[2026,0.14123903488223377]]; median 0.07696018781124109. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 23 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2016: growth capex 0; upkeep 873883000; owner earnings 592090000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2017: growth capex 0; upkeep 1228071000; owner earnings 378929000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2018: growth capex 214000000; upkeep 1527000000; owner earnings 622000000. Growth capex / owner earnings = 0.3440514469453376.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2019: growth capex 487000000; upkeep 1572000000; owner earnings 860000000. Growth capex / owner earnings = 0.5662790697674419.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2020: growth capex 16000000; upkeep 1608000000; owner earnings 1056000000. Growth capex / owner earnings = 0.015151515151515152.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2021: growth capex 0; upkeep 1229000000; owner earnings 1511000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2022: growth capex 0; upkeep 1310000000; owner earnings 2072000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2023: growth capex 0; upkeep 1424000000; owner earnings 1832000000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1051470/000105147026000016/cci-20251231.htm (filed 2026-02-23); FY2025: growth capex 0; upkeep 182000000; owner earnings 952000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); Dividend observations: [[2016,1283146000],[2017,1538640000],[2018,1895000000],[2019,2025000000],[2020,2190000000],[2021,2373000000],[2022,2602000000],[2023,2723000000],[2024,2729000000],[2025,2080000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1051470/000105147026000016/cci-20251231.htm (filed 2026-02-23); FY2025: cash repurchases 23000000 USD.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CCI.US SharesStats.PercentInsiders = 0.099 percentage points; cache date 2026-10-16.

### What could break it

"If we fail to retain rights to our communications infrastructure" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/1051470/000105147026000016/cci-20251231.htm (filed 2026-02-23); If we fail to retain rights to our communications infrastructure

### What the price says

The price assumes cash profits grow 13.7% yearly over ten years; actual growth was 1.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); Ten-year compound average after fade. Initial solved rate 0.18495707106101278. Price 80; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.8117624872029743 → FY2025 2.1784897025171626. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $90.99 per share

- 2016-11: $83.46 per share

- 2016-12: $86.77 per share

- 2017-01: $87.83 per share

- 2017-02: $93.53 per share

- 2017-03: $94.45 per share

- 2017-04: $94.60 per share

- 2017-05: $101.65 per share

- 2017-06: $100.18 per share

- 2017-07: $100.58 per share

- 2017-08: $108.44 per share

- 2017-09: $99.98 per share

- 2017-10: $107.08 per share

- 2017-11: $113.00 per share

- 2017-12: $111.01 per share

- 2018-01: $112.77 per share

- 2018-02: $110.06 per share

- 2018-03: $109.61 per share

- 2018-04: $100.87 per share

- 2018-05: $104.15 per share

- 2018-06: $107.82 per share

- 2018-07: $110.83 per share

- 2018-08: $114.03 per share

- 2018-09: $111.33 per share

- 2018-10: $108.74 per share

- 2018-11: $114.90 per share

- 2018-12: $108.63 per share

- 2019-01: $117.06 per share

- 2019-02: $118.75 per share

- 2019-03: $128.00 per share

- 2019-04: $125.78 per share

- 2019-05: $130.01 per share

- 2019-06: $130.35 per share

- 2019-07: $133.26 per share

- 2019-08: $145.17 per share

- 2019-09: $139.01 per share

- 2019-10: $138.79 per share

- 2019-11: $133.66 per share

- 2019-12: $142.15 per share

- 2020-01: $149.84 per share

- 2020-02: $143.29 per share

- 2020-03: $144.40 per share

- 2020-04: $159.43 per share

- 2020-05: $172.16 per share

- 2020-06: $167.35 per share

- 2020-07: $170.21 per share

- 2020-08: $163.25 per share

- 2020-09: $166.50 per share

- 2020-10: $156.20 per share

- 2020-11: $167.57 per share

- 2020-12: $159.19 per share

- 2021-01: $159.26 per share

- 2021-02: $155.75 per share

- 2021-03: $172.13 per share

- 2021-04: $189.06 per share

- 2021-05: $189.50 per share

- 2021-06: $195.10 per share

- 2021-07: $193.09 per share

- 2021-08: $194.69 per share

- 2021-09: $173.32 per share

- 2021-10: $180.30 per share

- 2021-11: $181.65 per share

- 2021-12: $208.74 per share

- 2022-01: $182.51 per share

- 2022-02: $166.59 per share

- 2022-03: $184.60 per share

- 2022-04: $185.21 per share

- 2022-05: $189.65 per share

- 2022-06: $168.38 per share

- 2022-07: $180.66 per share

- 2022-08: $170.83 per share

- 2022-09: $144.55 per share

- 2022-10: $133.26 per share

- 2022-11: $141.43 per share

- 2022-12: $135.64 per share

- 2023-01: $148.11 per share

- 2023-02: $130.75 per share

- 2023-03: $133.84 per share

- 2023-04: $123.09 per share

- 2023-05: $113.21 per share

- 2023-06: $113.94 per share

- 2023-07: $108.29 per share

- 2023-08: $100.50 per share

- 2023-09: $92.03 per share

- 2023-10: $92.98 per share

- 2023-11: $117.28 per share

- 2023-12: $115.19 per share

- 2024-01: $108.25 per share

- 2024-02: $109.94 per share

- 2024-03: $105.83 per share

- 2024-04: $93.78 per share

- 2024-05: $102.50 per share

- 2024-06: $97.70 per share

- 2024-07: $110.08 per share

- 2024-08: $112.02 per share

- 2024-09: $118.63 per share

- 2024-10: $107.49 per share

- 2024-11: $106.25 per share

- 2024-12: $90.76 per share

- 2025-01: $89.28 per share

- 2025-02: $94.10 per share

- 2025-03: $104.23 per share

- 2025-04: $105.76 per share

- 2025-05: $100.35 per share

- 2025-06: $102.73 per share

- 2025-07: $105.09 per share

- 2025-08: $99.14 per share

- 2025-09: $96.49 per share

- 2025-10: $90.22 per share

- 2025-11: $91.28 per share

- 2025-12: $88.87 per share

- 2026-01: $86.81 per share

- 2026-02: $89.54 per share

- 2026-03: $81.31 per share

- 2026-04: $88.78 per share

- 2026-05: $91.50 per share

- 2026-06: $75.73 per share

- 2026-07: $76.30 per share

- 2026-08: $76.14 per share

- 2026-09: $66.65 per share

- 2026-10: $80.00 per share

## Annual estimated value (USD per share)

- FY2016: low $20.41 per share, central $23.03 per share, high $26.51 per share

- FY2017: low $17.75 per share, central $20.11 per share, high $23.26 per share

- FY2018: low $20.38 per share, central $23.14 per share, high $26.80 per share

- FY2019: low $22.68 per share, central $25.78 per share, high $29.91 per share

- FY2020: low $22.68 per share, central $25.77 per share, high $29.89 per share

- FY2021: low $24.21 per share, central $27.49 per share, high $31.87 per share

- FY2022: low $31.85 per share, central $36.24 per share, high $42.08 per share

- FY2023: low $41.90 per share, central $47.68 per share, high $55.37 per share

- FY2024: low $39.42 per share, central $44.86 per share, high $52.09 per share

- FY2025: low $25.84 per share, central $29.35 per share, high $34.02 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:32:57.141Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1051470/000105147026000016/cci-20251231.htm); period 2025-12-31, filed 2026-02-23.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.