Upside case
Bull case
$359+302.4%
CCI would need investors to value it at roughly 173x earnings — about 130x more generous than today's 43x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewBuyUpdated May 1, 2026
Crown Castle Inc. (CCI) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
46
analysts
24 bullish · 0 bearish · 46 covering CCI
Strong Buy
1
Buy
23
Hold
22
Sell
0
Strong Sell
0
Consensus Target
$105
+18.3% vs today
Scenario Range
— – $359
Model bear to bull value window
Coverage
46
Published analyst ratings
Valuation Context
43.0x
Forward P/E · Market cap $38.9B
CCI price targets
Three scenarios for where CCI stock could go
Current
~$89
Confidence
40 / 100
Updated
May 1, 2026
Where we are now
Current · $89
Base
$92
Bull
$359
Market caseClosest to today
Base case
$92+3.7%
This is close to how the market is already pricing CCI — at roughly 45x forward earnings. No dramatic re-rating needed, just steady execution on the core business.
Stress case
Bear case
—
The bear case reflects a scenario where earnings shortfalls or multiple compression combine to materially reduce the stock from its current level.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Crown Castle Inc.
CCI · NYSEReal EstateREIT - SpecialtyDecember year-end
Crown Castle is a real estate investment trust that owns and operates a nationwide portfolio of wireless communications infrastructure — primarily cell towers and fiber networks. It generates revenue by leasing space on its towers to wireless carriers and other tenants, with tower leasing contributing roughly 80% of revenue and fiber solutions making up the remainder. The company's competitive advantage lies in its massive scale and strategic location of assets — it owns over 40,000 towers and 80,000 route miles of fiber in major U.S. markets, creating significant barriers to entry.
Market Cap
$38.9B
Revenue TTM
$4.2B
Net Income TTM
$1.1B
Net Margin
25.1%
CCI Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
67%Exceptional
12 quarters tracked
Revenue Beat Rate
92%Exceptional
vs consensus estimates
Avg EPS Surprise
+8.8%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 3 of 4Q3 2025
EPS
$1.02/$1.00
Revenue
$1.1B/$1.1B
Q4 2025
EPS
$1.12/$1.04
Revenue
$1.1B/$1.1B
Q1 2026
EPS
$1.12/$0.58
Revenue
$1.1B/$1.1B
Q2 2026
EPS
$0.34/$0.38
Revenue
$1.0B/$995M
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $1.02/$1.00 | +2.0% | $1.1B/$1.1B | +0.6% |
| Q4 2025 | $1.12/$1.04 | +7.7% | $1.1B/$1.1B | +1.2% |
| Q1 2026 | $1.12/$0.58 | +93.4% | $1.1B/$1.1B | +1.1% |
| Q2 2026 | $0.34/$0.38 | -9.7% | $1.0B/$995M | +1.5% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$3.5B
-18.0% YoY
FY2
$2.8B
-18.0% YoY
EPS Outlook
FY1
$1.45
-40.2% YoY
FY2
$1.06
-27.0% YoY
Trailing FCF (TTM)$2.7B
FCF Margin: 64.7%
Next Earnings
—
Expected EPS
—
Expected Revenue
—
CCI beat EPS estimates in 3 of 4 tracked quarters. A strong delivery record supports forward estimate credibility.
CCI Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2024
Total disclosed revenue $6.6B
Product Mix
Latest annual revenue by segment or product family
Towers
67.9%
-5.8% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
Segment breakdown not available for this company.
Towers is the largest disclosed segment at 67.9% of FY 2024 revenue, down 5.8% YoY.
CCI Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Overvalued
Fair value est. $72 — implies -19.4% from today's price.
Premium to Fair Value
19.4%
above fair value
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
CCI
87.4x
vs
S&P 500
25.1x
+248% premium
vs Real Estate Trailing P/E
CCI
87.4x
vs
Real Estate
24.1x
+262% premium
vs CCI 5Y Avg P/E
Today
87.4x
vs
5Y Average
59.5x
+47% premium
Forward PE
43.0x
S&P 500
19.1x
+125%
Real Estate
26.4x
+63%
5Y Avg
—
—
Trailing PE
87.4x
S&P 500
25.1x
+248%
Real Estate
24.1x
+262%
5Y Avg
59.5x
+47%
PEG Ratio
—
S&P 500
1.72x
—
Real Estate
1.25x
—
5Y Avg
—
—
EV/EBITDA
24.6x
S&P 500
15.2x
+62%
Real Estate
16.7x
+48%
5Y Avg
24.2x
+2%
Price/FCF
13.5x
S&P 500
21.1x
-36%
Real Estate
15.4x
-12%
5Y Avg
32.8x
-59%
Price/Sales
9.1x
S&P 500
3.1x
+192%
Real Estate
3.0x
+206%
5Y Avg
9.0x
+1%
Dividend Yield
5.34%
S&P 500
1.87%
+186%
Real Estate
4.66%
+15%
5Y Avg
4.95%
+8%
| Metric | CCI | S&P 500 | Real Estate | 5Y Avg CCI |
|---|---|---|---|---|
| Forward PE | 43.0x | 19.1x+125% | 26.4x+63% | — |
| Trailing PE | 87.4x | 25.1x+248% | 24.1x+262% | 59.5x+47% |
| PEG Ratio | — | 1.72x | 1.25x | — |
| EV/EBITDA | 24.6x | 15.2x+62% | 16.7x+48% | 24.2x |
| Price/FCF | 13.5x | 21.1x-36% | 15.4x-12% | 32.8x-59% |
| Price/Sales | 9.1x | 3.1x+192% | 3.0x+206% | 9.0x |
| Dividend Yield | 5.34% | 1.87% | 4.66% | 4.95% |
CCI trades above S&P 500 benchmarks on 4 of 5 measured multiples — commands a broad premium across most valuation dimensions.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolCCI Financial Health
Verdict
Exceptional
CCI pays 5.4% total shareholder yield with 48.0% operating margin. Leverage is structural for REITs — debt capacity matters more than absolute ratio.
Property Operations
Revenue, margins, and distribution coverage
Revenue (TTM)
Trailing-twelve-month sales base
$4.2B
Revenue Growth
TTM vs prior year
-22.9%
Gross Margin
Gross profit as a share of revenue
65.7%
Operating Margin
Operating income divided by revenue
48.0%
Net Margin
Net income divided by revenue
25.1%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$2.42
Operating Margin
NOI-equivalent margin — key for REIT property economics
48.0%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
5.5%
ROA
Return on assets, trailing twelve months
3.4%
Cash & Equivalents
Liquid assets on the balance sheet
$269M
Net Debt
Total debt minus cash
$29.3B
Leverage (Net Debt / FCF)
REITs carry structural leverage — higher ratios are expected
10.7× FCF
Asset-heavy model means debt/FCF above 10× is common and not a distress signal.
ROE
Return on equity, trailing twelve months
—
Shareholder Returns
How capital is returned to owners
Total shareholder yield
5.4%
Dividend
5.3%
Buyback
0.1%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$23M
Dividend / Share
Annualized trailing dividend per share
$4.76
Payout Ratio
Share of earnings distributed as dividends
468.5%
Shares Outstanding
Declining as buybacks retire shares
436M
All figures from the trailing twelve months. REITs carry structural leverage — debt/FCF ratios above 10× are normal and do not indicate distress.
Open full ratios pageCCI Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 11, 2026
High Risk
Debt Structure Risk
CCI’s debt‑to‑equity ratio stands at 5.60, far above industry norms, and its current ratio is only 0.54, indicating limited short‑term liquidity. This heavy leverage could constrain refinancing options and increase default risk if cash flows falter.
High Risk
Revenue Concentration Risk
Roughly 75% of CCI’s revenue comes from the "Big Three" U.S. mobile carriers. Any economic downturn, contract renegotiation, or consolidation among these carriers could sharply reduce leasing demand and compress margins.
Medium
Interest Rate Risk
Rising rates raise CCI’s refinancing costs, potentially eroding earnings. The company’s debt maturity profile makes it vulnerable to rate hikes, especially given its high leverage.
Medium
Asset Sale Risk
The planned sale of the fiber business for about $8 billion would recover only 40% of the $20 billion initial investment, representing a significant financial loss and impacting capital structure.
Medium
Growth Deceleration Risk
Tower leasing growth is slowing as 5G deployments mature. Slower expansion could limit revenue growth and reduce the company’s ability to attract new tenants.
Medium
Shareholder Activism Risk
Recent activist campaigns have disrupted operations, incurred costs, and diverted management focus. Persistent activism could lead to strategic changes that may not align with long‑term shareholder value.
Lower
Insider Selling Risk
In the past three months, insiders have sold more shares than they purchased, potentially signaling management’s lack of confidence in the company’s prospects.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why CCI Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 11, 2026
Focused Tower‑Only Strategy
Crown Castle is divesting its fiber and small‑cell assets to concentrate on its core U.S. tower business, creating a leaner, more focused company that is expected to boost investor confidence.
Projected AFFO & EBITDA Upside
Analysts anticipate higher adjusted funds from operations and adjusted EBITDA driven by increased revenues, operational efficiencies, and lower expenses, alongside planned debt reduction and a share buyback program.
Attractive Dividend Yield
CCI offers a strong annualized dividend with a notable yield, making it appealing to income‑focused investors.
5G‑Driven Leasing Growth
The nationwide rollout of 5G is expected to sustain leasing growth as carriers deploy additional equipment on existing towers.
Institutional Investor Confidence
A significant portion of CCI’s shares are held by institutional investors, and recent changes in holdings indicate growing interest and confidence in the company’s long‑term prospects.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
CCI Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$89.10
52W Range Position
33%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$75.96
+17.3% from the low
52-Week High
$115.76
-23.0% from the high
1 Month
+2.92%
3 Month
+13.69%
YTD
+0.5%
1 Year
-16.7%
3Y CAGR
-9.1%
5Y CAGR
-13.4%
10Y CAGR
+0.1%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
CCI vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
43.0x
vs 28.2x median
+52% above peer median
Revenue Growth
-18.0%
vs +3.6% median
-604% below peer median
Net Margin
25.1%
vs 26.6% median
-6% below peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
CCI CCI Crown Castle Inc. | $38.9B | 43.0x | -18.0% | 25.1% | Buy | +18.3% |
AMT AMT American Tower Corporation | $83.0B | 27.2x | +3.6% | 26.6% | Buy | +21.5% |
SBA SBAC SBA Communications Corporation | $23.1B | 29.2x | +3.0% | 35.7% | Buy | +5.9% |
UNI UNIT Uniti Group Inc. | $2.7B | — | +52.5% | 56.8% | Hold | -4.3% |
LUM LUMN Lumen Technologies, Inc. | $9.5B | — | -8.5% | -14.3% | Hold | -23.3% |
CCO CCOI Cogent Communications Holdings, Inc. | $905M | — | +4.5% | -17.9% | Hold | +52.3% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
CCI Dividend and Capital Return
CCI returns 5.4% total yield, led by a 5.34% dividend.
Dividend SustainableFCF Stretched
Total Shareholder Yield
5.4%
Dividend + buyback return per year
Buyback Yield
0.1%
Dividend Yield
5.34%
Payout Ratio
4.7%
How CCI Splits Its Return
Div 5.34%
Dividend 5.34%Buybacks 0.1%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$4.76
Growth Streak
Consecutive years of dividend increases
0Y
3Y Div CAGR
-7.3%
5Y Div CAGR
-0.7%
Ex-Dividend Date
—
Payment Cadence
Quarterly
4 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$23M
Estimated Shares Retired
258.1K
Approx. Share Reduction
0.1%
Shares Outstanding
Current diluted share count from the screening snapshot
436M
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2026 | $1.06 | — | — | — |
| 2025 | $4.75 | -24.1% | 0.1% | 5.4% |
| 2024 | $6.26 | 0.0% | 0.1% | 7.0% |
| 2023 | $6.26 | +4.8% | 0.1% | 5.5% |
| 2022 | $5.97 | +9.4% | 0.1% | 4.5% |
FAQ
7 questionsCCI Investor Questions
Common questions answered from live analyst data and company financials.
01Is Crown Castle Inc. (CCI) stock a buy or sell in 2026?
Crown Castle Inc. (CCI) is rated Buy by Wall Street analysts as of 2026. Of 46 analysts covering the stock, 24 rate it Buy or Strong Buy, 22 rate it Hold, and 0 rate it Sell or Strong Sell. The consensus 12-month price target is $105, implying +18.3% from the current price of $89.
02What is the CCI stock price target for 2026?
The Wall Street consensus price target for CCI is $105 based on 46 analyst estimates. The high-end target is $127 (+42.5% from today), and the low-end target is $91 (+2.1%). The base case model target is $92.
03Is Crown Castle Inc. (CCI) stock overvalued in 2026?
CCI trades at 43.0x times forward earnings. The stock trades at a notable premium to the broad market, which is typical for businesses with strong free cash flow and above-average growth expectations. Based on current multiples versus the peer group, the relative model signals overvalued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for Crown Castle Inc. (CCI) stock in 2026?
The primary risks for CCI in 2026 are: (1) Debt Structure Risk — CCI’s debt‑to‑equity ratio stands at 5. (2) Revenue Concentration Risk — Roughly 75% of CCI’s revenue comes from the "Big Three" U. (3) Interest Rate Risk — Rising rates raise CCI’s refinancing costs, potentially eroding earnings. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Crown Castle Inc.'s revenue and earnings forecast?
Analyst consensus estimates CCI will report consensus revenue of $3.5B (-18.0% year-over-year) and EPS of $1.45 (-40.2% year-over-year) for the upcoming fiscal year. The following year, analysts project $2.8B in revenue.
06When does Crown Castle Inc. (CCI) report its next earnings?
A confirmed upcoming earnings date for CCI is not yet available. Check the Earnings section above for the most recent quarterly report dates and forward estimates.
07How much free cash flow does Crown Castle Inc. generate?
Crown Castle Inc. (CCI) generated $2.7B in free cash flow over the trailing twelve months — a free cash flow margin of 64.7%. CCI returns capital to shareholders through dividends (5.3% yield) and share repurchases ($23M TTM).