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Crown Castle Inc.

CCI Real Estate Reit Specialty

Crown Castle Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.3 billion, down 4.39% from fiscal 2024.

Revenue
−7.18%
EPS
−9.46%
Free cash flow
−78.1%
Total debt
−26.8%

Quarter to September 2026, against a year earlier

89.86 1.09 −1.20%
Market cap
$38.7B
P/E
47.8×
Fwd P/E
46.0×
Dividend yield
4.65%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
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Crown Castle Inc. (CCI) valuation and DCF model

What the price implies · reverse DCF

At $89.86 the price implies FFO a share growing 5.0% a year for ten years.

FFO a share grew −1.5% a year over the last ten years, −8.6% over the last five. The price asks for 6.6 points a year more than its ten-year rate. The industry’s median company is priced for 4.1%.

In December 2017 the price assumed 8.8% a year; Crown Castle Inc. went on to grow FFO a share −0.8% a year to FY2025.

FFO a share is worked out from Crown Castle Inc.’s 10-Ks and 10-Qs: net income, plus the depreciation of its property and impairments, less gains on property sales. It reported AFFO of $1.24 a share for Q3 2026.

Price implies
5.0%
Last 5 years, reported
−8.6%
Last 10 years, reported
−1.5%
Industry median implies
4.1%

The headline discounts the last twelve months’ FFO a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
5.0% a year for ten years
$89.86
today’s price
Its base case
−1.5% a year for five years, then −0.9%
$56.03
37.6% below today’s price

Both are growth in FFO a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Crown Castle Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · FFO a share
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in FFO a share. It usually slows as the company matures.

Today’s price implies FFO a share growing 5.0% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Crown Castle Inc.’s own cost of capital: risk-free 4.3% + beta 0.91 × equity premium 4.5% = 8.4% cost of equity; weighted, 8.4%.

Use 8.4%
Base case value per share $56.03 ten years discounted, and what follows
Current price $89.86 market price per share
Below today’s price 37.6% downside at the base case’s assumptions

How we got there$28.28 10 years of FFO+$27.75 terminal value=$56.03 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Reit Specialty).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 47.81× 56.45× 70.01× 32% below 27.75× 72% above
P/FCF 20.67× 20.82× 41.12× 50% below 19.50× 6% above
P/B — 7.93× 6.35× — 1.96× —
EV/EBITDA 20.93× 22.00× 23.63× 11% below 17.39× 20% above
EV/Sales 13.81× 12.96× 13.52× 2% above 8.49× 63% above
P/FFO 19.10× 17.41× 21.70× 12% below — —
P/E P/FCF P/B EV/EBITDA EV/Sales P/FFO
4.15×6.24×8.33×10.42×10Y avg 6.35×20162017201820192020202120222023

P/B has no reading today; its 10-year average is 6.35×.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.