CCI
CROWN CASTLE INC.
Real Estate • CIK: 0001051470
Loading...
Market Cap
$38.66B
P/E (TTM)
87.1x
Rev Growth (TTM)
-4.4%
Net Margin (TTM)
10.4%
FCF Yield (TTM)
7.4%
FCF Margin (TTM)
67.4%
What Changed
10-Q Q3 2025 vs 10-Q Q2 2025
Management Tonemixed→confident
Fiber Business Accounting Classificationongoing operations (Fiber Business consolidated in...→discontinued operations — $231M disposal loss recorded;...
SBC/Revenue1.70% ($18M quarterly SBC)→5.13% ($55M quarterly SBC)
Non-Recurring ItemsRestructuring charges: $8M (employee headcount) + $7M...→$0 restructuring charges; $231M loss on disposal of...
Near-Term Debt Maturity Exposure$2,456M due through Dec 31, 2025 (nearest: July 2025...→$1,972M due through Sept 30, 2026 (July 2025 notes...
DISH Termination impact: $220M FY2026 headwind confirmed in Jan 2026 — monitor...·SBC/Revenue ratio: Q3 spike to 5.13% ($55M) should normalize — confirm Q4 2025...·Fiber Business sale close timeline: H1 2026 expected — track whether EQT/Zayo...
Filing Intelligence
6.0/10
10-Q filed Nov 6, 2025 • Q3 2025
Executive Summary
The company is undergoing a significant strategic shift with the sale of its small cells and fiber solutions businesses, which are classified as discontinued operations.. Site rental revenues and...
Key Concerns
- ●Loss on disposal of discontinued operations ($231M) indicates potential asset impairments or write-downs.
- ●Significant increase in income from discontinued operations, driven by cessation of depreciation on assets held for sale, warrants careful...
- ●Contingent liabilities from lawsuits and proceedings, though management believes they will not have a material adverse effect.
Cash Flow Health
Free Cash Flow8/8 positive
TTM$2.9B
Q4 '25
$811M+21%
Q3 '25
$671M-15%
FCF Margin
TTM67.4%
Q4 '2575.7%+21%
Sector: 0.2%Top 10%
OCF Margin71.7%
OCF/NI6.89x
CapEx Coverage16.8x
FCF Yield7.4%
FCF Growth (2Y)+16%
Cash Conversion Cycle
-215 days
DSO: 14+DIO: 0−DPO: 229
Capital Allocation & Returns
Shareholder Friendly
Total Shareholder YieldTTM
TTM5.3%
Div Yield5.3%
Strong capital returns to shareholders
Dividend & Payout Metrics
Dividend Yield (TTM)5.3%
FCF Payout Ratio71.9%
Free Cash Flow (TTM)$2.9B
Stock Repurchases (TTM)$-23.0M
Capital Return / FCF71.5%
Est. Dividends Paid (TTM)$2.1B
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
–
P25MedianP75
(med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
–
Asset Turnover
0.13x
8Q: 0.13x
Leverage (1+D/E)
–
Asset & CapEx Efficiency
Fixed Asset Turn
0.57x
8Q:0.34x
+49.5%
CapEx/Depreciation
0.26x
Depreciation Rate Trend
⚠ Declining -3.0%
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $4.3B | $1.1B↓0.1% | $1.1B↑1.1% | $1.1B↓0.1% | $1.1B↓5.2% | $1.1B↓0.1% | $1.1B↑1.2% | $1.1B↓0.6% | $1.1B |
Operating Income | $2.1B | $523.0M↓0.4% | $525.0M↑3.8% | $506.0M↓2.9% | $521.0M↓8.6% | $570.0M↑7.1% | $532.0M↑7.5% | $495.0M↓4.8% | $520.0M |
Net Income | $444.0M | $294.0M↓9.0% | $323.0M↑11.0% | $291.0M↑162.7% | $-464.0M↑90.3% | $-4.8B↓1673.6% | $303.0M↑20.7% | $251.0M↓19.3% | $311.0M |
Operating Cash Flow | $3.1B | $870.0M↑21.8% | $714.0M↓14.2% | $832.0M↑29.8% | $641.0M↓26.9% | $877.0M↑25.5% | $699.0M↓9.0% | $768.0M↑28.2% | $599.0M |
Free Cash Flow | $2.9B | $811.0M↑20.9% | $671.0M↓15.3% | $792.0M↑31.8% | $601.0M↓27.2% | $825.0M↑24.8% | $661.0M↑50.6% | $439.0M↓20.5% | $552.0M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
87.1x
Volatile
8Q: 138.8x-3683%
Valuation Lenses
Earnings
87.1x
vs – sector
Cash Flow
21.8x
EV/FCF vs –
Growth-Adj
–PEG
N/A
Quality-Adj
–P/E per %ROIC
ROIC: –
Shareholder Returns
Dividend
5.3%
Buyback
–
Total Yield
5.3%
Market Cap$38.66B
EV$62.68B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
100/100
Exceptional
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)
–
8Q:–
Return on Invested Capital (ROIC)
–
8Q:–
vs Sector:0.1%
Earnings Quality
Cash Conversion
6.89x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin–
Capital Efficiency
Invested Capital Turnover–
Working Capital
Cash Conversion Cycle-215 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
53/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
-4.4%
OpInc Growth YoY
-8.2%
EPS Growth YoY
N/A
FCF 3Y CAGR
15.6%
Growth Quality Analysis
✓Efficient Growth: Free cash flow growing faster than revenue
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
—
Operating
—
Net
10.4%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+57.0 pts
FCF: 67.4% | Net: 10.4%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Net Debt / EBITDA
–Net Debt: $24.03B
Interest Coverage
–
Balance sheet risk & solvency analysis