Crown Castle - Public Comps and Valuation Multiples

Crown Castle Overview

About Crown Castle

Crown Castle owns and leases roughly 40,000 cell towers in the United States. It leases space on its towers to wireless service providers, which install equipment to support their wireless networks. The company has a very concentrated customer base, with about 75% of its revenue from the Big Three US mobile carriers: Verizon, T-Mobile, and AT&T. Crown has announced plans to divest its fiber business, which is expected to be finalized in 2026. After that, it will be a stand-alone tower operator. Crown Castle operates as a real estate investment trust.

Founded

1995

HQ

Employees

3.9K+

Website

crowncastle.com

Sectors

Buildings & Property
Data Centers
Telecom Infrastructure

Financials

LTM Revenue $4.7B

LTM EBITDA $3.1B

EV

$71.9B

Valuation Multiples

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Crown Castle Financials

As of September 2025, Crown Castle reported last 12-month revenue of $4.7B and EBITDA of $3.1B.

In the same period, Crown Castle generated $3.5B in LTM gross profit and -$556M in net income.

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Crown Castle P&L

In the most recent fiscal year, Crown Castle reported revenue of $6.6B and EBITDA of -$1.2B.

Crown Castle expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$4.7B	XXX	$6.6B	XXX	XXX	XXX
Gross Profit	$3.5B	XXX	$4.7B	XXX	XXX	XXX
Gross Margin	74%	XXX	72%	XXX	XXX	XXX
EBITDA	$3.1B	XXX	-$1.2B	XXX	XXX	XXX
EBITDA Margin	66%	XXX	-19%	XXX	XXX	XXX
EBIT	$1.0B	XXX	$2.3B	XXX	XXX	XXX
EBIT Margin	22%	XXX	35%	XXX	XXX	XXX
Net Profit	-$556M	XXX	-$3.9B	XXX	XXX	XXX
Net Margin	-12%	XXX	-59%	XXX	XXX	XXX
Net Debt	XXX	XXX	$24.0B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Crown Castle including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $4.7B. EBITDA for the last twelve months was $3.1B. In the most recent fiscal year, Crown Castle achieved $6.6B in revenue and -$1.2B in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$4.7B	Analyst estimates available to subscribers	$6.6B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	$3.5B	Analyst estimates available to subscribers	$4.7B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	73.8% gross margin	Analyst estimates available to subscribers	71.9% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$3.1B	Analyst estimates available to subscribers	-$1.2B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	65.6% EBITDA margin	Analyst estimates available to subscribers	-18.9% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$1.0B	Analyst estimates available to subscribers	$2.3B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	21.8% EBIT margin	Analyst estimates available to subscribers	34.7% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	-$556M	Analyst estimates available to subscribers	-$3.9B	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	-11.8% net profit margin	Analyst estimates available to subscribers	-59.4% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$24.0B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Crown Castle

This financial data table provides comprehensive performance metrics for Crown Castle, a company based in United States of America. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Crown Castle generated $4.7B in revenue over the last twelve months.
The company achieved $3.1B in EBITDA over the last twelve months.
Gross profit for the last twelve months was $3.5B.
Net income over the last twelve months reached -$556M.

Fiscal Year Performance

In the most recent fiscal year, Crown Castle reported $6.6B in total revenue.
Fiscal year EBITDA was -$1.2B.
The company maintained a gross profit margin of 71.9% in the most recent fiscal year.
EBITDA margin for the fiscal year was -18.9%.
Net profit margin reached -59.4% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Crown Castle. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Crown Castle Stock Performance

Crown Castle has current market cap of $42.4B, and EV of $71.9B.

Market Cap Evolution

Crown Castle Stock Data

As of October 17, 2025, Crown Castle's stock price is $97.

See Crown Castle trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$71.9B	$42.4B	XXX	XXX	XXX	XXX	$-1.27

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Crown Castle Valuation Multiples

Crown Castle's trades at 11.0x EV/Revenue multiple, and -58.0x EV/EBITDA.

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Crown Castle Financial Valuation Multiples

As of October 17, 2025, Crown Castle has market cap of $42.4B and EV of $71.9B.

Equity research analysts estimate Crown Castle's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Crown Castle has a P/E ratio of -76.3x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$42.4B	XXX	$42.4B	XXX	XXX	XXX
EV (current)	$71.9B	XXX	$71.9B	XXX	XXX	XXX
EV/Revenue	15.3x	XXX	11.0x	XXX	XXX	XXX
EV/EBITDA	23.3x	XXX	-58.0x	XXX	XXX	XXX
EV/EBIT	70.1x	XXX	31.6x	XXX	XXX	XXX
EV/Gross Profit	20.7x	XXX	n/a	XXX	XXX	XXX
P/E	-76.3x	XXX	-10.9x	XXX	XXX	XXX
EV/FCF	36.3x	XXX	41.8x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Crown Castle Margins & Growth Rates

Crown Castle's last 12 month revenue growth is -8%

Crown Castle's revenue per employee in the last FY averaged $1.7M, while opex per employee averaged $0.6M for the same period.

Crown Castle's rule of 40 is 50% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Crown Castle's rule of X is 45% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Crown Castle Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	-8%	XXX	-19%	XXX	XXX	XXX
EBITDA Margin	66%	XXX	-19%	XXX	XXX	XXX
EBITDA Growth	-5%	XXX	-17%	XXX	XXX	XXX
Rule of 40	50%	XXX	-27%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	45%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$1.7M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.6M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	37%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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