NYSE · Real Estate

Crown Castle Inc.

CCI · REIT - Specialty

$89.74

▲ 0.48 (0.54%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Crown Castle Inc. at $89.74.

The business passes only 2 of 7 of Graham's defensive criteria — well below his required standard.

Overall Grade

Defensive

Enterprising

Profitability B

Gross Profit Margin 74.1%

Operating Margin 48.9%

Net Income Margin 10.4%

Fin. Health F

Years to Pay Off Debt 66.6 yrs

Working Capital vs Long-Term Debt -$24.9B

Working Capital -$3.3B

Valuation A

Price-to-Book -23.95x

Cash Flow C

Free Cash Flow $2.9B

CapEx % of Net Income 41.0%

Owner Earnings $1.3B

2/7

Graham Score

Speculative

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $39.2B

Enterprise Value $68.7B

P/E (TTM) 37.86

Dividend Yield 4.76%

Exchange NYSE

Key Margins

Gross Profit 74.1%

Operating Margin 48.9%

Net Margin 10.4%

Company Info

Sector Real Estate

Industry REIT - Specialty

Employees 1500

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Crown Castle Inc. at $89.74.

The business passes only 2 of 7 of Graham's defensive criteria — well below his required standard.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

About Crown Castle Inc.

Crown Castle Inc. owns, operates and leases approximately 40,000 cell towers and approximately 90,000 route miles of fiber. It primarily supports small cells and fiber solutions across every major U.S. market. This nationwide portfolio of communications infrastructure connects cities and communities to essential data, technology and wireless service bringing information, ideas and innovations to the people and businesses that need them. Crown Castle Inc. was incorporated in 1994 in Delaware, USA.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	74.1% ▼	75.6%	73.3%	70.4%	N/A
Operating Margin %	48.9% ▼	49.3%	46.0%	34.8%	N/A
Net Income %	10.4% ▲	-87.5%	31.7%	24.0%	N/A
Diluted EPS	1.01 ▲	-8.98	3.46	3.86	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022
Total Assets	$31.5B	$32.7B	$38.5B	$38.9B
Total Debt	$29.6B ↑	$29.4B	$28.8B	$28.0B
Working Capital	-$3.3B ▼	-$1.1B	-$1.6B	-$1.5B
Years to Pay Debt	66.59	-7.53	19.18	16.69

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	$2.9B ▲	$2.8B	$2.9B	$1.6B	N/A
Owner Earnings	$1.3B	-$3.0B	$2.5B	$4.7B	N/A
CapEx % of Net Income	41.0%	N/A	16.2%	78.2%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-154	-1,215	-1,328	-341
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	2,761,000	2,897,000	2,948,000	4,107,000
Total Unusual Items	-11,000	-81,000	-83,000	-36,000
Total Unusual Items Excluding Goodwill	-11,000	-81,000	-83,000	-36,000
Net Income From Continuing Operation Net Minority Interest	1,103,000	1,162,000	1,237,000	1,675,000
Reconciled Depreciation	690,000	736,000	787,000	1,707,000
Reconciled Cost Of Revenue	1,105,000	1,090,000	1,265,000	2,068,000
EBITDA	2,750,000	2,816,000	2,865,000	4,071,000
EBIT	2,060,000	2,080,000	2,078,000	2,364,000
Net Interest Income	-959,000	-912,000	-834,000	-696,000
Interest Expense	941,000	900,000	820,000	673,000
Interest Income	13,000	20,000	15,000	3,000
Normalized Income	1,113,846	1,241,785	1,318,672	1,710,659
Net Income From Continuing And Discontinued Operation	444,000	-3,903,000	1,502,000	1,675,000
Total Expenses	2,178,000	2,261,000	2,554,000	4,553,000
Rent Expense Supplemental	992,000	983,000	961,000	1,602,000
Total Operating Income As Reported	2,075,000	2,118,000	2,097,000	2,425,000
Diluted Average Shares	437,000	434,000	434,000	434,000
Basic Average Shares	435,000	434,000	434,000	433,000
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	444,000	-3,903,000	1,502,000	1,675,000
Net Income Common Stockholders	444,000	-3,903,000	1,502,000	1,675,000
Net Income	444,000	-3,903,000	1,502,000	1,675,000
Net Income Including Noncontrolling Interests	444,000	-3,903,000	1,502,000	1,675,000
Net Income Discontinuous Operations	-659,000	-5,065,000	265,000	0
Net Income Continuous Operations	1,103,000	1,162,000	1,237,000	1,675,000
Tax Provision	16,000	18,000	21,000	16,000
Pretax Income	1,119,000	1,180,000	1,258,000	1,691,000
Other Income Expense	-8,000	-107,000	-88,000	-46,000
Other Non Operating Income Expenses	3,000	-26,000	-5,000	-10,000
Special Income Charges	-11,000	-81,000	-83,000	-36,000
Other Special Charges				28,000	145,000
Write Off	11,000	11,000	9,000	34,000
Impairment Of Capital Assets		4,958,000	0	0	21,000
Restructuring And Mergern Acquisition	0	70,000	74,000	2,000
Net Non Operating Interest Income Expense	-959,000	-912,000	-834,000	-696,000
Total Other Finance Cost	31,000	32,000	29,000	26,000
Interest Expense Non Operating	941,000	900,000	820,000	673,000
Interest Income Non Operating	13,000	20,000	15,000	3,000
Operating Income	2,086,000	2,199,000	2,180,000	2,433,000
Operating Expense	1,073,000	1,171,000	1,289,000	2,485,000
Other Operating Expenses				28,000	145,000
Depreciation Amortization Depletion Income Statement	690,000	736,000	787,000	1,707,000
Depreciation And Amortization In Income Statement	690,000	736,000	787,000	1,707,000
Selling General And Administration	383,000	435,000	502,000	750,000
Gross Profit	3,159,000	3,370,000	3,469,000	4,918,000
Cost Of Revenue	1,105,000	1,090,000	1,265,000	2,068,000
Total Revenue	4,264,000	4,460,000	4,734,000	6,986,000
Operating Revenue	4,264,000	4,460,000	4,734,000	6,986,000

Balance Sheet

	2025	2024	2023	2022
Ordinary Shares Number	435,479	434,598	433,689	433,000
Share Issued	435,479	434,598	433,689	433,000
Net Debt	24,238,000	23,954,000	22,816,000	21,573,000
Total Debt	29,566,000	29,380,000	28,814,000	27,960,000
Tangible Book Value	-7,623,000	-6,297,000	-6,883,000	-6,232,000
Invested Capital	22,702,000	23,921,000	29,302,000	29,178,000
Working Capital	-3,335,000	-1,087,000	-1,553,000	-1,514,000
Net Tangible Assets	-7,623,000	-6,297,000	-6,883,000	-6,232,000
Capital Lease Obligations	5,229,000	5,326,000	5,893,000	6,231,000
Common Stock Equity	-1,635,000	-133,000	6,381,000	7,449,000
Total Capitalization	19,919,000	23,318,000	28,467,000	28,359,000
Total Equity Gross Minority Interest	-1,635,000	-133,000	6,381,000	7,449,000
Stockholders Equity	-1,635,000	-133,000	6,381,000	7,449,000
Gains Losses Not Affecting Retained Earnings	-5,000	-5,000	-4,000	-5,000
Other Equity Adjustments	-5,000	-5,000	-4,000	-5,000
Retained Earnings	-20,161,000	-18,525,000	-11,889,000	-10,666,000
Additional Paid In Capital	18,527,000	18,393,000	18,270,000	18,116,000
Capital Stock	4,000	4,000	4,000	4,000
Common Stock	4,000	4,000	4,000	4,000
Total Liabilities Net Minority Interest	33,153,000	32,869,000	32,146,000	31,472,000
Total Non Current Liabilities Net Minority Interest	28,674,000	30,692,000	29,561,000	28,741,000
Other Non Current Liabilities	9,000	24,000	7,000	7,000
Liabilities Heldfor Sale Non Current	1,552,000	1,534,000
Non Current Deferred Liabilities	276,000	320,000	1,552,000	1,616,000
Non Current Deferred Revenue	245,000	289,000	1,310,000	1,337,000
Non Current Deferred Taxes Liabilities	31,000	31,000	26,000	18,000
Long Term Debt And Capital Lease Obligation	26,515,000	28,513,000	27,647,000	26,791,000
Long Term Capital Lease Obligation	4,961,000	5,062,000	5,561,000	5,881,000
Long Term Debt	21,554,000	23,451,000	22,086,000	20,910,000
Long Term Provisions	322,000	301,000	355,000	327,000
Current Liabilities	4,479,000	2,177,000	2,585,000	2,731,000
Other Current Liabilities	762,000	710,000
Current Deferred Liabilities	192,000	141,000	605,000	736,000
Current Deferred Revenue	192,000	141,000	605,000	736,000
Current Debt And Capital Lease Obligation	3,051,000	867,000	1,167,000	1,169,000
Current Capital Lease Obligation	268,000	264,000	332,000	350,000
Current Debt	2,783,000	603,000	835,000	819,000
Other Current Borrowings	2,783,000	603,000	835,000	819,000
Payables And Accrued Expenses	474,000	459,000	813,000	826,000
Current Accrued Expenses	403,000	411,000	561,000	590,000
Interest Payable	235,000	244,000	219,000	183,000
Payables	71,000	48,000	252,000	236,000
Accounts Payable	71,000	48,000	252,000	236,000
Total Assets	31,518,000	32,736,000	38,527,000	38,921,000
Total Non Current Assets	30,374,000	31,646,000	37,495,000	37,704,000
Other Non Current Assets	10,352,000	11,026,000	139,000	136,000
Non Current Accounts Receivable	2,288,000	2,279,000	2,239,000	1,954,000
Goodwill And Other Intangible Assets	5,988,000	6,164,000	13,264,000	13,681,000
Other Intangible Assets	861,000	1,037,000	3,179,000	3,596,000
Goodwill	5,127,000	5,127,000	10,085,000	10,085,000
Net PPE	11,746,000	12,177,000	21,853,000	21,933,000
Accumulated Depreciation	-10,841,000	-10,417,000	-14,279,000	-13,071,000
Gross PPE	22,587,000	22,594,000	36,132,000	35,004,000
Construction In Progress	134,000	118,000	1,134,000	913,000
Other Properties	19,127,000	19,138,000	32,347,000	30,879,000
Machinery Furniture Equipment	511,000	622,000	681,000	652,000
Buildings And Improvements	182,000	182,000	209,000	221,000
Land And Improvements	2,633,000	2,534,000	2,442,000	2,339,000
Current Assets	1,144,000	1,090,000	1,032,000	1,217,000
Other Current Assets	23,000	24,000	56,000	73,000
Assets Held For Sale Current	434,000	429,000
Restricted Cash	170,000	170,000	171,000	166,000
Prepaid Assets	79,000	74,000	103,000	102,000
Receivables	339,000	293,000	597,000	720,000
Accounts Receivable	339,000	293,000	597,000	720,000
Allowance For Doubtful Accounts Receivable	-9,000	-9,000	-19,000	-19,000
Gross Accounts Receivable	348,000	302,000	616,000	739,000
Cash Cash Equivalents And Short Term Investments	99,000	100,000	105,000	156,000
Cash And Cash Equivalents	99,000	100,000	105,000	156,000

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	2,875,000	2,767,000	2,883,000	1,568,000
Repurchase Of Capital Stock	-23,000	-33,000	-30,000	-65,000
Repayment Of Debt	-1,573,000	-1,519,000	-5,077,000	-4,203,000
Issuance Of Debt	1,200,000	1,244,000	7,456,000	4,243,000
Capital Expenditure	-182,000	-176,000	-243,000	-1,310,000
Interest Paid Supplemental Data		895,000	800,000	684,000	661,000
Income Tax Paid Supplemental Data		17,000	18,000	10,000	20,000
End Cash Position	308,000	295,000	281,000	327,000
Beginning Cash Position	295,000	281,000	327,000	466,000
Effect Of Exchange Rate Changes	0	-1,000	1,000	0
Changes In Cash	13,000	15,000	-47,000	-139,000
Financing Cash Flow	-1,886,000	-1,708,000	-1,654,000	-1,665,000
Cash Flow From Continuing Financing Activities	-1,886,000	-1,708,000	-1,654,000	-1,665,000
Net Other Financing Charges		-12,000	-39,000	-14,000	-42,000
Cash Dividends Paid	-2,080,000	-2,729,000	-2,723,000	-2,602,000
Common Stock Dividend Paid	-2,080,000	-2,729,000	-2,723,000	-2,602,000
Net Common Stock Issuance	-23,000	-33,000	-30,000	-65,000
Common Stock Payments	-23,000	-33,000	-30,000	-65,000
Net Issuance Payments Of Debt	217,000	1,066,000	1,138,000	1,016,000
Net Short Term Debt Issuance	590,000	1,341,000	-1,241,000	976,000
Short Term Debt Payments					-20,000
Short Term Debt Issuance					1,245,000
Net Long Term Debt Issuance	-373,000	-275,000	2,379,000	40,000
Long Term Debt Payments	-1,573,000	-1,519,000	-5,077,000	-4,203,000
Long Term Debt Issuance	1,200,000	1,244,000	7,456,000	4,243,000
Investing Cash Flow	-1,158,000	-1,220,000	-1,519,000	-1,352,000
Cash From Discontinued Investing Activities	-980,000	-1,045,000	-1,185,000
Cash Flow From Continuing Investing Activities	-178,000	-175,000	-334,000	-1,352,000
Net Other Investing Changes	4,000	9,000	5,000	-7,000
Net Business Purchase And Sale	0	-8,000	-96,000	-35,000
Purchase Of Business	0	-8,000	-96,000	-35,000
Capital Expenditure Reported	-182,000	-176,000	-243,000	-1,310,000
Operating Cash Flow	3,057,000	2,943,000	3,126,000	2,878,000
Cash From Discontinued Operating Activities	1,185,000	1,123,000	1,192,000	0
Cash Flow From Continuing Operating Activities	1,872,000	1,820,000	1,934,000	2,878,000
Change In Working Capital	-33,000	-242,000	-254,000	-747,000
Change In Other Current Liabilities	-55,000	-170,000	-182,000	-281,000
Change In Other Current Assets	11,000	-113,000	-251,000	-412,000
Change In Payables And Accrued Expense	8,000	6,000	27,000	-5,000
Change In Accrued Expense	-9,000	25,000	36,000	0
Change In Interest Payable	-9,000	25,000	36,000	0
Change In Payable	17,000	-19,000	-9,000	-5,000
Change In Account Payable	17,000	-19,000	-9,000	-5,000
Change In Receivables	3,000	35,000	152,000	-49,000
Other Non Cash Items	1,603,000	65,000	44,000	22,000
Stock Based Compensation	73,000	84,000	102,000	156,000
Provisionand Write Offof Assets			8,000	3,000	4,000
Asset Impairment Charge	11,000	11,000	9,000	34,000
Deferred Tax	0	4,000	9,000	3,000
Deferred Income Tax	0	4,000	9,000	3,000
Depreciation Amortization Depletion	690,000	736,000	787,000	1,707,000
Depreciation And Amortization	690,000	736,000	787,000	1,707,000
Depreciation	690,000	736,000	787,000	1,707,000
Operating Gains Losses				28,000	145,000
Net Income From Continuing Operations	-472,000	1,162,000	1,237,000	1,675,000

These metrics estimate what Crown Castle Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

N/A

Margin of Safety

—

Market Cap ÷ Company Value

-12.18

P/B Ratio

-23.95

Warren's Owner Earnings

$1.3B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

2/7 — Speculative Investor

✅ Adequate Size

$4.3B

vs > $1.5B revenue

❌ Strong Financial Condition

0.26x

vs Current Ratio > 2.0x

❌ Earnings Stability

1 loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

4.76%

vs Uninterrupted dividends

❌ Earnings Growth

-73.8% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

37.9x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

N/A (negative book value)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-73.35

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

N/A

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	41.0%	N/A	16.2%	78.2%	N/A
Repurchase of Capital Stock	-$23M	-$33M	-$30M	-$65M	N/A
Free Cash Flow	$2.9B ▲	$2.8B ▼	$2.9B ▲	$1.6B •	N/A •
Warren's Owner Earnings	$1.3B	-$3.0B	$2.5B	$4.7B	N/A

Peers & Industry

No auto-detected peers for REIT - Specialty. You can manually compare CCI against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.11%

Low — management has little skin in the game

Return on Assets (ROA)

1.4%

Poor — assets are not generating adequate returns

Share Buybacks (Latest Year)

$23M

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+0.6% YoY

Debt is roughly stable

Leadership Team

Christian Hillabrant

CEO, President & Director

Age 59

Pay: $2,007,765

0.452% of net income

Sunit Patel

Executive VP & CFO

Age 63

Pay: $1,407,317

0.317% of net income

Christopher Levendos

Executive VP & COO of Network

Age 56

Pay: $1,481,626

0.334% of net income

Catherine Piche

Executive VP & COO of Towers

Age 53

Pay: $1,360,250

0.306% of net income

Karen Rohrkemper

Senior Vice President of Implementation & Operations

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	15.99%	69,769,393
Blackrock Inc.	10.69%	46,650,849
Cohen & Steers Inc.	9.12%	39,790,292
State Street Corporation	5.10%	22,239,559
Wellington Management Group, LLP	3.21%	13,986,852
Geode Capital Management, LLC	2.99%	13,027,749
Lazard Asset Management LLC	2.67%	11,635,117
Morgan Stanley	2.33%	10,188,814

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

0.95

Low volatility — more stable than the market

Short Interest

2.9% of float

Low short interest — market is not heavily bearish

Current Ratio

0.27x

Weak liquidity — current liabilities exceed current assets

52-Week Price Range

Low: $75.96 Current: $89.74 High: $115.76

Currently at 35% of 52-week range

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