Latest Ratios: P/E Ratio 75.1x · EV/EBITDA 22.7x · ROE N/A. (1997–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $33.4B | $38.8B | $39.4B | $50.0B | $58.9B | $90.6B | $67.7B | $59.4B | $45.1B | $42.5B | $29.6B |
| Enterprise Value | $62.7B | $68.1B | $68.9B | $78.7B | $86.7B | $117.3B | $92.8B | $83.2B | $61.5B | $58.4B | $41.2B |
| P/E Ratio → | 75.10 | 87.13 | — | 33.29 | 35.14 | 82.51 | 67.74 | 79.41 | 88.32 | 138.76 | 91.34 |
| P/S Ratio | 7.84 | 9.11 | 6.00 | 7.16 | 8.43 | 14.29 | 11.58 | 10.31 | 8.40 | 10.00 | 7.54 |
| P/B Ratio | — | — | — | 7.83 | 7.90 | 10.97 | 7.15 | 5.66 | 3.90 | 3.45 | 3.91 |
| P/FCF | 11.63 | 13.51 | 22.89 | 29.37 | 37.54 | 60.48 | 47.28 | 92.70 | 59.24 | 52.13 | 32.56 |
| P/OCF | 10.93 | 12.70 | 13.38 | 15.99 | 20.45 | 33.22 | 22.15 | 22.02 | 18.02 | 20.81 | 16.60 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 15.97 | 10.49 | 11.27 | 12.41 | 18.50 | 15.90 | 14.43 | 11.45 | 13.72 | 10.50 |
| EV / EBITDA | 22.66 | 24.61 | — | 19.09 | 20.98 | 32.18 | 26.75 | 26.56 | 21.13 | 26.44 | 20.01 |
| EV / EBIT | 30.17 | 32.79 | — | 33.50 | 36.66 | 64.78 | 53.30 | 53.89 | 48.76 | 60.69 | 47.44 |
| EV / FCF | — | 23.70 | 40.03 | 46.24 | 55.28 | 78.31 | 64.88 | 129.72 | 80.80 | 71.54 | 45.34 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 66.1% | 66.1% | 71.9% | 71.6% | 70.4% | 68.6% | 66.3% | 65.5% | 65.7% | 63.7% | 63.2% |
| Operating Margin | 48.7% | 48.7% | -44.7% | 33.9% | 34.7% | 31.6% | 31.9% | 27.1% | 25.8% | 22.7% | 24.2% |
| Net Profit Margin | 10.4% | 10.4% | -59.4% | 21.5% | 24.0% | 17.3% | 18.1% | 14.9% | 11.6% | 8.6% | 9.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | — | — | -124.9% | 21.7% | 21.3% | 12.4% | 10.6% | 7.8% | 5.2% | 3.7% | 4.9% |
| ROA | 1.4% | 1.4% | -11.0% | 3.9% | 4.3% | 2.8% | 2.7% | 2.4% | 1.9% | 1.3% | 1.6% |
| ROIC | 5.5% | 5.5% | -6.8% | 5.1% | 5.2% | 4.3% | 4.1% | 3.8% | 3.7% | 3.1% | 3.7% |
| ROCE | 7.2% | 7.2% | -8.8% | 6.6% | 6.6% | 5.4% | 5.1% | 4.6% | 4.4% | 3.7% | 4.4% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | — | — | — | 4.52 | 3.75 | 3.27 | 2.69 | 2.28 | 1.44 | 1.31 | 1.61 |
| Debt / EBITDA | 10.68 | 10.68 | — | 6.99 | 6.77 | 7.41 | 7.32 | 7.64 | 5.73 | 7.32 | 5.91 |
| Net Debt / Equity | — | — | — | 4.50 | 3.73 | 3.24 | 2.66 | 2.26 | 1.42 | 1.28 | 1.54 |
| Net Debt / EBITDA | 10.58 | 10.58 | — | 6.96 | 6.73 | 7.33 | 7.26 | 7.58 | 5.64 | 7.18 | 5.64 |
| Debt / FCF | — | 10.19 | 17.14 | 16.87 | 17.73 | 17.84 | 17.60 | 37.03 | 21.56 | 19.42 | 12.77 |
| Interest Coverage | 2.17 | 2.17 | -3.31 | 2.86 | 3.51 | 2.87 | — | 2.26 | 1.96 | 1.63 | 1.69 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.26 | 0.26 | 0.50 | 0.40 | 0.45 | 0.62 | 0.56 | 0.63 | 0.82 | 0.88 | 1.38 |
| Quick Ratio | 0.26 | 0.26 | 0.50 | 0.40 | 0.45 | 0.62 | 0.56 | 0.63 | 0.82 | 0.88 | 1.38 |
| Cash Ratio | 0.06 | 0.06 | 0.05 | 0.04 | 0.06 | 0.14 | 0.12 | 0.10 | 0.18 | 0.24 | 0.59 |
| Asset Turnover | — | 0.14 | 0.20 | 0.18 | 0.18 | 0.16 | 0.15 | 0.15 | 0.16 | 0.13 | 0.17 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 6.2% | 5.4% | 6.9% | 5.4% | 4.4% | 2.6% | 3.1% | 3.2% | 4.0% | 3.5% | 4.3% |
| Payout Ratio | 468.5% | 468.5% | — | 181.3% | 155.3% | 216.5% | 199.3% | 222.3% | 286.5% | 412.3% | 359.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.3% | 1.1% | — | 3.0% | 2.8% | 1.2% | 1.5% | 1.3% | 1.1% | 0.7% | 1.1% |
| FCF Yield | 8.6% | 7.4% | 4.4% | 3.4% | 2.7% | 1.7% | 2.1% | 1.1% | 1.7% | 1.9% | 3.1% |
| Buyback Yield | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% | 0.1% |
| Total Shareholder Yield | 6.3% | 5.4% | 7.0% | 5.5% | 4.5% | 2.7% | 3.2% | 3.3% | 4.0% | 3.6% | 4.4% |
| Shares Outstanding | — | $437M | $434M | $434M | $434M | $434M | $425M | $418M | $415M | $383M | $341M |
Dividend coverage and leverage
As reported in recent financial statements, the company's P/FFO multiples have turned negative in recent quarters, reflecting the extreme volatility in earnings and the significant impact of non-cash charges on the REIT's ability to maintain a stable valuation benchmark compared to its historical averages.
The shift to negative P/FFO multiples suggests that traditional valuation metrics are currently failing to capture the underlying economic reality of the business. Investors should monitor whether the current market pricing reflects a permanent impairment of the fiber segment or merely a temporary accounting distortion caused by recent asset write-downs.
Based on the provided quarterly data, NOI margins have experienced significant degradation, falling from historical levels near 75% to a low of 42.1% in 2025Q4, which indicates that the company's property-level profitability is struggling to withstand the current environment of reduced carrier capital expenditure.
The sharp decline in NOI margins suggests that the fixed-cost structure of the tower and fiber portfolio is no longer providing the operating leverage previously expected. This contraction may indicate that the company is incurring higher maintenance costs to retain tenants, which warrants further investigation into the long-term viability of the current fiber-heavy strategy.
According to the company's reported earnings metrics, the FFO payout ratio reached 146.4% in 2026Q1, which implies that the current dividend distribution is not supported by recurring cash flow and may necessitate a strategic re-evaluation of the company's capital allocation policy to preserve liquidity.
A payout ratio consistently exceeding 100% suggests that the dividend is being funded through debt or asset divestitures rather than organic operational growth. Investors should monitor the board's commitment to the current dividend level, as the current trajectory appears unsustainable without a material improvement in core FFO generation.
As indicated by the latest financial filings, the company's balance sheet has weakened significantly, with negative shareholder equity and a reliance on debt that limits financial flexibility in a high-interest-rate environment, as evidenced by the interest coverage ratio dropping to 1.92x in 2026Q1.
The combination of negative equity and declining interest coverage suggests a vulnerable balance sheet that may struggle to refinance upcoming debt maturities on favorable terms. This leverage profile appears to be a primary risk factor that could force management to prioritize debt reduction over future infrastructure investment.
Financial analysts frequently misapply the standard P/E ratio to Crown Castle, which obscures the company's true performance because it fails to account for the massive non-cash depreciation charges inherent in a capital-intensive REIT model that relies heavily on physical infrastructure assets.
Using P/E instead of P/FFO or P/AFFO ignores the reality that depreciation is a non-cash expense that does not reflect the actual maintenance requirements of the tower and fiber network. Investors should instead focus on AFFO, which provides a more accurate representation of the cash available for distribution after accounting for necessary capital expenditures.
Includes 30+ ratios · 29 years · Updated daily
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Quick answers to the most common questions about buying CCI stock.
Crown Castle Inc.'s current P/E ratio is 75.1x. The historical average is 76.5x. This places it at the 36th percentile of its historical range.
Crown Castle Inc.'s current EV/EBITDA is 22.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 21.3x.
Based on historical data, Crown Castle Inc. is trading at a P/E of 75.1x. This is at the 36th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Crown Castle Inc.'s current dividend yield is 6.21% with a payout ratio of 468.5%.
Crown Castle Inc. has 66.1% gross margin and 48.7% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Crown Castle Inc.'s Debt/EBITDA ratio is 10.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.