NYSE · Real Estate

Crown Castle Inc.

CCI · REIT - Specialty

$76.72

▲ 0.42 (0.56%)

Cached · 10 min

Overall Grade

Defensive

Enterprising

Profitability

N/A⤢

Fin. Health

F⤢

Years to Pay Off Debt 197.9 yrs

Working Capital vs Long-Term Debt -$25.0B

Working Capital -$3.5B

Valuation

D⤢

Price-to-Book N/A (neg. equity)

Cash Flow

B⤢

Free Cash Flow $452M

CapEx % of Net Income 37.7%

Owner Earnings $380M

Financial Health

Years to Pay Off Debt 197.9 yrs

Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.

Working Capital vs Long-Term Debt -$25.0B

Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.

Working Capital -$3.5B

Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.

Cash Flow

Free Cash Flow $452M

Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.

CapEx % of Net Income 37.7%

Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.

Owner Earnings $380M

Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.

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

About Crown Castle Inc.

Crown Castle Inc. 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 incorporated in 1994 and is based in Houston, United States.

Metric Explanations

What each dimension measures and where the thresholds come from.

Market Data

Market Cap $33.5B

Enterprise Value $54.9B

P/E (TTM) 31.32

Dividend Yield 5.57%

Exchange NYSE

Key Margins

Gross Profit N/A

Operating Margin N/A

Net Margin N/A

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 $76.72.

The business passes only 1 of 6 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.

Showing Key Metrics

Income Highlights

Metric	Q2 2026	Q4 2025	Q4 2024
Gross Profit %	N/A•	73.9%•	N/A
Operating Margin %	N/A•	49.2%•	N/A
Net Income %	N/A•	27.5%•	N/A
Diluted EPS	0.22▼	0.67•	N/A

Balance Sheet Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Total Assets	$31.4B	$31.5B	N/A
Total Debt	$29.9B▲	$29.6B•	N/A
Working Capital	-$3.5B▼	-$3.3B•	N/A
Years to Pay Debt	197.87	100.56	N/A

Cash Flow Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Free Cash Flow	$452M▼	$811M•	N/A
Owner Earnings	$380M	$523M	N/A
CapEx % of Net Income	37.7%	20.1%	N/A

Income Statement

	2026	2025	2024
Tax Effect Of Unusual Items		-43
Tax Rate For Calcs		0
Normalized EBITDA		693,000
Total Unusual Items		-4,000
Total Unusual Items Excluding Goodwill		-4,000
Net Income From Continuing Operation Net Minority Interest		277,000
Reconciled Depreciation		170,000
Reconciled Cost Of Revenue		280,000
EBITDA		689,000
EBIT		519,000
Net Interest Income		-243,000
Interest Expense		239,000
Interest Income		3,000
Normalized Income		280,957
Net Income From Continuing And Discontinued Operation		294,000
Total Expenses		544,000
Rent Expense Supplemental		251,000
Total Operating Income As Reported		523,000
Diluted Average Shares	434,000	437,000
Basic Average Shares	433,000	435,000
Diluted EPS	0	0
Basic EPS	0	0
Diluted NI Availto Com Stockholders		294,000
Net Income Common Stockholders		294,000
Net Income		294,000
Net Income Including Noncontrolling Interests		294,000
Net Income Discontinuous Operations		17,000
Net Income Continuous Operations		277,000
Tax Provision		3,000
Pretax Income		280,000
Other Income Expense		-4,000	-5,110,000
Other Non Operating Income Expenses		0	-23,000
Special Income Charges		-4,000
Write Off		4,000
Restructuring And Mergern Acquisition		0
Net Non Operating Interest Income Expense		-243,000
Total Other Finance Cost		7,000
Interest Expense Non Operating		239,000
Interest Income Non Operating		3,000
Operating Income		527,000
Operating Expense		264,000
Depreciation Amortization Depletion Income Statement		170,000
Depreciation And Amortization In Income Statement		170,000
Selling General And Administration		94,000
Gross Profit		791,000
Cost Of Revenue		280,000
Total Revenue		1,071,000
Operating Revenue		1,071,000

Balance Sheet

	2026	2025	2024
Ordinary Shares Number	436,367	435,479
Share Issued	436,367	435,479
Net Debt	24,627,000	24,238,000
Total Debt	29,879,000	29,566,000
Tangible Book Value	-7,864,000	-7,623,000
Invested Capital	22,762,000	22,702,000
Working Capital	-3,451,000	-3,335,000
Net Tangible Assets	-7,864,000	-7,623,000
Capital Lease Obligations	5,197,000	5,229,000
Common Stock Equity	-1,920,000	-1,635,000
Total Capitalization	19,614,000	19,919,000
Total Equity Gross Minority Interest	-1,920,000	-1,635,000
Stockholders Equity	-1,920,000	-1,635,000
Gains Losses Not Affecting Retained Earnings	-5,000	-5,000
Other Equity Adjustments	-5,000	-5,000
Retained Earnings	-20,476,000	-20,161,000
Additional Paid In Capital	18,557,000	18,527,000
Capital Stock	4,000	4,000
Common Stock	4,000	4,000
Total Liabilities Net Minority Interest	33,311,000	33,153,000
Total Non Current Liabilities Net Minority Interest	28,606,000	28,674,000
Other Non Current Liabilities	611,000	9,000
Liabilities Heldfor Sale Non Current	1,522,000	1,552,000
Non Current Deferred Liabilities		276,000	320,000
Non Current Deferred Revenue		245,000	289,000
Non Current Deferred Taxes Liabilities		31,000	31,000
Long Term Debt And Capital Lease Obligation	26,473,000	26,515,000
Long Term Capital Lease Obligation	4,939,000	4,961,000
Long Term Debt	21,534,000	21,554,000
Long Term Provisions		322,000	301,000
Current Liabilities	4,705,000	4,479,000
Current Deferred Liabilities	194,000	192,000
Current Deferred Revenue	194,000	192,000
Current Debt And Capital Lease Obligation	3,406,000	3,051,000
Current Capital Lease Obligation	258,000	268,000
Current Debt	3,148,000	2,783,000
Other Current Borrowings	3,148,000	2,783,000
Payables And Accrued Expenses	349,000	474,000
Current Accrued Expenses	283,000	403,000
Interest Payable	156,000	235,000
Payables	66,000	71,000
Accounts Payable	66,000	71,000
Total Assets	31,391,000	31,518,000
Total Non Current Assets	30,137,000	30,374,000
Other Non Current Assets	10,263,000	10,352,000
Non Current Accounts Receivable	2,273,000	2,288,000
Goodwill And Other Intangible Assets	5,944,000	5,988,000
Other Intangible Assets	817,000	861,000
Goodwill	5,127,000	5,127,000
Net PPE	11,657,000	11,746,000
Accumulated Depreciation	-10,961,000	-10,841,000
Gross PPE	22,618,000	22,587,000
Construction In Progress		134,000	118,000
Other Properties	22,618,000	19,127,000
Machinery Furniture Equipment		511,000	622,000
Buildings And Improvements		182,000	182,000
Land And Improvements		2,633,000	2,534,000
Current Assets	1,254,000	1,144,000
Other Current Assets	18,000	23,000
Assets Held For Sale Current	567,000	434,000
Restricted Cash	167,000	170,000
Prepaid Assets	80,000	79,000
Receivables	367,000	339,000
Accounts Receivable	367,000	339,000
Allowance For Doubtful Accounts Receivable		-9,000	-9,000
Gross Accounts Receivable		348,000	302,000
Cash Cash Equivalents And Short Term Investments	55,000	99,000
Cash And Cash Equivalents	55,000	99,000

Cash Flow

	2026	2025	2024
Free Cash Flow	452,000	811,000
Repurchase Of Capital Stock	-25,000	0
Repayment Of Debt	-992,000	-284,000
Issuance Of Debt	1,350,000	-305,000
Capital Expenditure	-57,000	-59,000
Interest Paid Supplemental Data	318,000		156,000
Income Tax Paid Supplemental Data			4,000
End Cash Position	325,000	308,000
Beginning Cash Position	308,000	255,000
Changes In Cash	17,000	53,000
Financing Cash Flow	-179,000	-464,000
Cash Flow From Continuing Financing Activities	-179,000	-464,000
Cash Dividends Paid	-473,000	-465,000
Common Stock Dividend Paid	-473,000	-465,000
Net Common Stock Issuance	-25,000	0
Common Stock Payments	-25,000	0
Net Issuance Payments Of Debt	319,000	1,000
Net Short Term Debt Issuance	-39,000
Net Long Term Debt Issuance	358,000	-589,000
Long Term Debt Payments	-992,000	-284,000
Long Term Debt Issuance	1,350,000	-305,000
Investing Cash Flow	-313,000	-353,000
Cash From Discontinued Investing Activities	-256,000	-293,000
Cash Flow From Continuing Investing Activities	-57,000	-60,000
Net Other Investing Changes		-1,000	3,000
Capital Expenditure Reported	-57,000	-59,000
Operating Cash Flow	509,000	870,000
Cash From Discontinued Operating Activities	213,000	288,000
Cash Flow From Continuing Operating Activities	296,000	582,000
Change In Working Capital	-126,000	106,000
Change In Other Current Liabilities	-48,000	-13,000
Change In Other Current Assets	12,000	44,000
Change In Payables And Accrued Expense	-78,000	77,000
Change In Accrued Expense	-79,000	75,000
Change In Interest Payable	-79,000	75,000
Change In Payable	1,000	2,000	-9,000
Change In Account Payable	1,000	2,000
Change In Receivables	-12,000	-2,000
Other Non Cash Items	353,000	270,000
Stock Based Compensation	18,000	18,000
Asset Impairment Charge	3,000	4,000
Deferred Tax	1,000	-1,000
Deferred Income Tax	1,000	-1,000
Depreciation Amortization Depletion	172,000	170,000
Depreciation And Amortization	172,000	170,000
Depreciation	172,000	170,000
Net Income From Continuing Operations	-125,000	15,000

📊 Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.

Quarterly Health Checks

3 Graham/Buffett criteria that are valid and reliable on quarterly data

❌ Financial Condition

Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.

0.27x current ratio

vs ≥ 2.0x

✅ Free Cash Flow

Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.

$452M

vs Positive

Operating Cash Flow

$509M

Latest quarter · Buffett's cash reality check

ROIC

nan%

Based on latest annual operating income

Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.

Market Cap / Net Assets

⚠ Negative Net Assets

Net Assets: -$1.9B

⚠ Negative Net Assets — total liabilities exceed total assets on paper. This is common in companies that aggressively return capital via buybacks and dividends (Apple, McDonald's, Domino's). It does not indicate insolvency if the business generates strong, consistent free cash flow. Focus on FCF and earnings power rather than balance sheet book value for these companies.

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

0.10%

Low — management has little skin in the game

Share Buybacks (Latest Year)

$23M

Management is returning capital to shareholders via buybacks

Debt Trend YoY

+1.1% YoY

Debt is roughly stable

Leadership Team

Christian Hillabrant

CEO, President & Director

Age 59

Pay: $2,007,765

Sunit Patel

Executive VP & CFO

Age 63

Pay: $1,407,317

Catherine Piche

Executive VP & COO of Towers

Age 53

Pay: $1,360,250

Robert Sean Collins

Principal Accounting Officer, Vice President & Controller

Age 58

Fiona McKone

Vice President of Communications & Marketing

Top Institutional Holders

Institution	% Owned	Shares
Blackrock Inc.	10.76%	46,955,280
Cohen & Steers Inc.	9.25%	40,364,357
Vanguard Portfolio Management LLC	8.54%	37,293,267
Vanguard Capital Management LLC	6.49%	28,329,966
State Street Corporation	5.23%	22,811,761
Wellington Management Group, LLP	4.30%	18,779,160
Lazard Asset Management LLC	3.08%	13,463,182
Geode Capital Management, LLC	3.06%	13,363,077

⚠️ Current ratio below 1 — liquidity risk

Risk Analysis

Beta (Market Risk)

0.97

Low volatility — more stable than the market

Short Interest

3.3% of float

Low short interest — market is not heavily bearish

Current Ratio

0.52x

Weak liquidity — current liabilities exceed current assets

52-Week Price Range

Low: $73.52 Current: $76.72 High: $107.89

Currently at 9% of 52-week range