Crown Castle (CCI)
NYSE:CCI
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Crown Castle
(NYSE:CCI)
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Rating:55Neutral
Price Target:
$88.00
▼(-0.80% Downside)
Action:ReiteratedDate:04/23/26
The score is primarily held back by balance-sheet fragility (negative equity and high leverage) and a weak revenue trajectory, despite strong free cash flow. Technical indicators are neutral-to-slightly constructive, while valuation is a meaningful headwind due to the very high P/E even with a solid dividend yield. The earnings call adds moderate support from maintained guidance, cost savings, and planned deleveraging, tempered by DISH-related uncertainty and transition execution risk.
Positive Factors
Robust FCF
Sustained free cash flow near net income (~94% of net income) provides durable internal funding for dividends, maintenance capex, and deleveraging. Strong FCF supports financial flexibility through cycles and underpins the REIT payout model and planned debt reduction over the medium term.
Negative Factors
High Leverage
Very large debt and negative equity create long-term financial fragility, constraining strategic flexibility. High gross leverage elevates refinancing and interest-rate risk, limits capacity for opportunistic investments, and makes execution of growth or transition plans more sensitive to cash flow volatility.
Read all positive and negative factors
Positive Factors
Negative Factors
Robust FCF
Sustained free cash flow near net income (~94% of net income) provides durable internal funding for dividends, maintenance capex, and deleveraging. Strong FCF supports financial flexibility through cycles and underpins the REIT payout model and planned debt reduction over the medium term.
Read all positive factors
Crown Castle (CCI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$37.68B
Dividend Yield5.44%
Average Volume (3M)2.90M
Price to Earnings (P/E)58.7
Beta (1Y)0.06
Revenue Growth-29.63%
EPS GrowthN/A
CountryUS
Employees1,500
SectorReal Estate
Sector Strength53
IndustryREIT - Specialty
Share Statistics
EPS (TTM)0.34
Shares Outstanding436,367,340
10 Day Avg. Volume2,793,641
30 Day Avg. Volume2,900,204
Financial Highlights & Ratios
PEG Ratio-0.78
Price to Book (P/B)-23.64
Price to Sales (P/S)9.06
P/FCF Ratio13.45
Enterprise Value/Market Cap1.65
Enterprise Value/Revenue14.77
Enterprise Value/Gross Profit22.47
Enterprise Value/Ebitda22.96
Forecast
1Y Price Target
$97.69Price Target Upside10.13% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering14
EPS Forecast (FY)2.13
Revenue Forecast (FY)$4.06B
Crown Castle Business Overview & Revenue Model
Company Description
Crown Castle owns, operates and leases more than 40,000 cell towers and approximately 80,000 route miles of fiber supporting small cells and fiber solutions across every major U.S. market. This nationwide portfolio of communications infrastructure...
How the Company Makes Money
Crown Castle primarily makes money by leasing space on its communications infrastructure to wireless carriers and other network operators under long-term contracts. The core revenue stream is recurring “site rental” revenue from its tower portfoli...
Crown Castle Key Performance Indicators (KPIs)
Any
Revenue by Segment
Breaks down revenue across different business segments, revealing where the company is generating the most sales and potential areas for growth or concern.
Breaks down revenue across different business segments, revealing where the company is generating the most sales and potential areas for growth or concern.
Data provided by:
The Fly
The FlyCrown Castle Earnings Call Summary
Earnings Call Date:Apr 22, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 22, 2026
Earnings Call Sentiment Positive
The call contained a mix of positive operational and financial developments — reiteration of full-year guidance, solid organic growth (3.1%–3.6% depending on exclusions), a $65 million annualized cost savings from restructuring, planned $1B buybacks and $7B debt paydown from the anticipated sale, and a clear strategic focus on land ownership and systems investment to drive margins. Offsetting these positives are significant near-term headwinds tied to the DISH contract default ($49M revenue impact in the quarter) and related legal uncertainty that could take a year or more to resolve, additional one-time revenue offsets (Sprint cancellations and $26M straight-line revenue decrease), and transition risks from separating the small cell and fiber businesses. On balance, the company maintained its guidance, has defined capital allocation to deleverage and return capital, and announced tangible cost savings — while the DISH dispute and transition timing present meaningful risks. Overall the highlights moderately outweigh the lowlights given maintained guidance, solid organic growth, and concrete deleveraging and cost-saving plans, though investors should continue to monitor DISH litigation outcomes and near-term seasonality of costs.Positive Updates
Guidance Reiterated and Stable Full-Year Outlook
Management reiterated full-year 2026 guidance and kept the outlook unchanged despite portfolio separations and DISH issues. At the midpoint they expect site rental revenues of ~ $3.9 billion, adjusted EBITDA of ~ $2.7 billion and AFFO of ~ $1.9 billion.
Negative Updates
DISH Contract Default and Revenue Impact
DISH defaulted on contractual payment obligations, prompting Crown Castle to terminate the agreement and pursue litigation. DISH terminations reduced site rental revenues by $49 million in the quarter and created material legal and timing uncertainty (management expects legal resolution could take at least a year).
Read all updates
Q1-2026 Updates
Positive
Negative
Guidance Reiterated and Stable Full-Year Outlook
Management reiterated full-year 2026 guidance and kept the outlook unchanged despite portfolio separations and DISH issues. At the midpoint they expect site rental revenues of ~ $3.9 billion, adjusted EBITDA of ~ $2.7 billion and AFFO of ~ $1.9 billion.
Read all positive updates
Company Guidance
Crown Castle reiterated its full‑year 2026 outlook (excluding the small‑cell/fiber businesses as discontinued and assuming the sale closes June 30) with site rental revenues of about $3.9 billion, adjusted EBITDA of about $2.7 billion and AFFO of about $1.9 billion at the midpoint; the company expects ~3.5% organic growth for the year when excluding DISH prior‑year site rental billing and (like Q1) excluding Sprint cancellations and DISH terminations. In Q1 organic growth was 3.1% ($30 million) excluding Sprint/DISH impacts (3.3% if DISH is excluded from prior year), while Q1 site rental revenue was reduced by ~$5 million of Sprint cancellations, ~$49 million of DISH terminations and a ~$26 million decrease in non‑cash straight‑line revenue/amortization of prepaid rent. Management implemented a restructuring expected to cut annualized run‑rate costs by ~$65 million, guided discretionary CapEx at $200 million ($160 million net of $40 million prepaid rent received), noted timing‑driven lower R&M/sustaining CapEx and modestly lower interest expense in the quarter, and said it ended Q1 with significant liquidity. Assuming the transaction close, the company plans to allocate roughly $1 billion to share repurchases and $7 billion to debt repayment to target leverage of 6.0–6.5x, and it reiterated AFFO guidance for the 12 months following close of about $2.1 billion at the midpoint.Crown Castle Financial Statement Overview
Summary
Income Statement
56
Neutral
Balance Sheet
22
Negative
Cash Flow
68
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 4.21B | 4.26B | 6.57B | 6.98B | 6.99B | 6.34B |
| Gross Profit | 2.77B | 2.82B | 4.72B | 5.00B | 4.92B | 4.35B |
| EBITDA | 2.71B | 2.77B | -1.24B | 4.10B | 4.07B | 3.46B |
| Net Income | 1.06B | 444.00M | -3.90B | 1.50B | 1.68B | 1.10B |
Balance Sheet | ||||||
| Total Assets | 31.39B | 31.52B | 32.74B | 38.53B | 38.92B | 39.04B |
| Cash, Cash Equivalents and Short-Term Investments | 55.00M | 269.00M | 119.00M | 105.00M | 156.00M | 292.00M |
| Total Debt | 24.68B | 29.57B | 29.61B | 28.81B | 27.96B | 27.01B |
| Total Liabilities | 33.31B | 33.15B | 32.87B | 32.15B | 31.47B | 30.78B |
| Stockholders Equity | -1.92B | -1.64B | -133.00M | 6.38B | 7.45B | 8.26B |
Cash Flow | ||||||
| Free Cash Flow | 2.73B | 2.88B | 1.72B | 1.70B | 1.57B | 1.50B |
| Operating Cash Flow | 2.92B | 3.06B | 2.94B | 3.13B | 2.88B | 2.73B |
| Investing Cash Flow | -1.22B | -1.16B | -1.22B | -1.52B | -1.35B | -1.33B |
| Financing Cash Flow | -1.66B | -1.89B | -1.71B | -1.65B | -1.67B | -1.31B |
Crown Castle Technical Analysis
Positive
88.71
Price Trends
85.19
Positive
85.87
Positive
90.75
Negative
Market Momentum
0.74
Negative
60.97
Neutral
83.26
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CCI, the sentiment is Positive. The current price of 88.71 is above the 20-day moving average (MA) of 83.34, above the 50-day MA of 85.19, and below the 200-day MA of 90.75, indicating a neutral trend. The MACD of 0.74 indicates Negative momentum. The RSI at 60.97 is Neutral, neither overbought nor oversold. The STOCH value of 83.26 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CCI.
Crown Castle Risk Analysis
Crown Castle disclosed 30 risk factors in its most recent earnings report. Crown Castle reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Crown Castle Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $109.35B | 55.55 | 9.59% | 2.47% | 5.36% | 60.77% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
63 Neutral | $83.11B | 32.56 | 68.13% | 3.76% | -1.48% | 11.94% | |
63 Neutral | $23.28B | 19.68 | -21.40% | 2.31% | 5.06% | 41.27% | |
59 Neutral | $2.86B | 1.02 | -132.88% | ― | 91.49% | 845.94% | |
58 Neutral | $34.52B | 169.47 | -17.37% | 3.98% | 12.23% | -20.43% | |
55 Neutral | $37.68B | 58.69 | -65.88% | 5.44% | -29.63% | ― |
* Real Estate Sector Average
CCI
Crown Castle
83.44
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-15.75%
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Crown Castle Corporate Events
Business Operations and StrategyFinancial DisclosuresM&A Transactions
Crown Castle Posts Q1 Results, Affirms 2026 Outlook
Positive
Apr 22, 2026
On April 22, 2026, Crown Castle reported first-quarter 2026 results showing site rental revenues of $961 million, down 4.9% year over year, and adjusted EBITDA of $675 million, down 7%, while AFFO fell 7% to $446 million and AFFO per share decline...
Business Operations and StrategyExecutive/Board ChangesDividends
Crown Castle Aligns Executive Incentives and Declares Dividend
Positive
Feb 25, 2026
On February 25, 2026, Crown Castle’s board approved a 2026 EMT Annual Incentive Plan that ties executive management cash bonuses, including those of President and CEO Christian H. Hillabrant, to specified corporate financial performance goal...
Business Operations and StrategyDividendsFinancial DisclosuresM&A Transactions
Crown Castle Launches Major Restructuring and Cost-Saving Plan
Negative
Feb 4, 2026
On February 4, 2026, Crown Castle launched a restructuring plan to streamline its towers and corporate operations, cutting roughly 20% of its headcount in continuing operations and targeting about $65 million in annualized operating cost savings a...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.