SweetValueLab
Write for us

Crown Castle — REIT card

CCI
TowersMarket cap $37.3B4-quarter TTM
Close · Oct 26, 202687.47P/E 36.6 · EV yield 4.4%
P/Cash FFO16.4×Cash FFO/sh 5.33
Yield · spread to 10y4.9%−0.14 pt vs. the bond
+18% above 5y medianP/Cash FFO vs. its own five years
10-year Treasury · Oct 26, 20265.00%2-year 4.68%
Board median yield4.2%trailing dividends ÷ last close
Yield spread to the 10-year−0.79 ptREITs yield less than the bond: paying for growth
Board median P/Cash FFO16.4×five-year median 16.7× · −2%
Lights on1 of 3prices Oct 26, 2026 · TTM through Sep 30, 2026

Where it has traded

quarter-end P/Cash FFO · 20 quarters · Dec 31, 2021 → Sep 30, 2026
10×16×21×27×32×2021202220232024202520262021-12-31 · 29.5× (close 208.74 · Cash FFO/sh 7.08)2022-03-31 · 24.5× (close 184.60 · Cash FFO/sh 7.55)2022-06-30 · 21.6× (close 168.38 · Cash FFO/sh 7.81)2022-09-30 · 17.7× (close 144.55 · Cash FFO/sh 8.17)2022-12-31 · 16.2× (close 135.64 · Cash FFO/sh 8.35)2023-03-31 · 16.1× (close 133.84 · Cash FFO/sh 8.29)2023-06-30 · 13.5× (close 113.94 · Cash FFO/sh 8.46)2023-09-30 · 11.3× (close 92.03 · Cash FFO/sh 8.15)2023-12-31 · 14.3× (close 115.19 · Cash FFO/sh 8.06)2024-03-31 · 13.5× (close 105.83 · Cash FFO/sh 7.83)2024-06-30 · 13.4× (close 97.70 · Cash FFO/sh 7.28)2024-09-30 · 16.2× (close 118.63 · Cash FFO/sh 7.34)2024-12-31 · 12.5× (close 90.76 · Cash FFO/sh 7.24)2025-03-31 · 14.7× (close 104.23 · Cash FFO/sh 7.09)2025-06-30 · 14.3× (close 102.73 · Cash FFO/sh 7.16)2025-09-30 · 13.5× (close 96.49 · Cash FFO/sh 7.14)2025-12-31 · 12.6× (close 88.87 · Cash FFO/sh 7.08)2026-03-31 · 12.0× (close 81.31 · Cash FFO/sh 6.79)2026-06-30 · 12.8× (close 75.73 · Cash FFO/sh 5.93)2026-09-30 · 12.5× (close 66.65 · Cash FFO/sh 5.33)p75 16×med 14×p25 13×now 16.4×
Five-year median 13.9×, middle half 12.7–16.2×, range 11.3–29.5×. Now 16.4×: +18% above its own median, higher than 80% of those quarters.Each quarter priced at its own trailing Cash FFO per share · the band is the 25th–75th percentile

Where the cash goes

TTM through Sep 30, 2026 · $B
01234Revenue: 4.1 $B4.1RevenueProperty & operating: −1.5 $B−1.5Property &operatingEBITDA: 2.6 $B2.6EBITDAInterest: −0.9 $B−0.9InterestD&A: −0.7 $B−0.7D&ANet income: 1.0 $B1.0NetincomeAdd back D&A: 0.7 $B0.7Add backD&ANon- cash: 0.5 $B0.5Non-cashCash FFO: 2.3 $B2.3CashFFODividends: −1.8 $B−1.8DividendsRetained: 0.5 $B0.5Retained
Cash FFO 2.27B = net income 1.03B + depreciation 0.69B + 0.54B other non-cash items · dividends 1.81B · retained 0.46B

Against its type

CCI (blue) vs. the other Towers REITs on the board (2), grey
P/Cash FFO16.4× vs. 14.3×
Dividend yield4.9% vs. 3.2%
Cash FFO payout80% vs. 46%
Net debt / EBITDA8.7× vs. 7.1×
Interest cover3.0× vs. 5.1×
EBITDA margin64% vs. 64%

Type averages are the plain mean of the other REITs of the same property type with a usable window.

Quarter by quarter

8 quarters · Dec 31, 2024 → Sep 30, 2026 · a gap is a dropped quarter
Revenue, $B0.99
Cash FFO / share, quarter1.15
EBITDA margin65%
Interest cover3.6×