CCI
Crown Castle Inc.$90.11
Sell
Target $32.27
Report: Mar 10, 2026Real Estate • REIT - Specialty • Turnaround CandidateSnapshot
Decision-first overview with recommendation, valuation anchor, and current setup.
Company Overview
Research Snapshot
Price History
Pelican View
Current$90.11-64.2%
Rec: SellConviction: High
Entry Target
N/A
N/A
Fair Value
$32.27
(64% below current)
Stop Loss
N/A
N/A
Position Size
None
Time Horizon
N/A
Key Metrics
Live Snapshot
Market Data
52 Week High$115.76
52 Week Low$75.96
Avg. 3 Month Volume3.38M
Efficiency
LTM Gross Margin74.1%
LTM EBITDA Margin49.8%
LTM EBIT Margin33.6%
LTM Operating Margin48.7%
LTM ROA1.4%
LTM ROE-30.8%
LTM ROIC2.8%
LTM ROCE5.1%
Capital Structure
Market Cap (MM)$35.5B
Enterprise Value (MM)$64.8B
Shares Outstanding435.00M
Total Debt (MM)$29.57B
Cash & Equivalents (MM)$269.00M
LTM Net Debt (MM)$29.30B
LTM Net Debt/EBITDA13.8x
Growth
TTM Rev. Growth-35.1%
Last 3-Yr Rev. CAGR-15.2%
Last 3-Yr EBITDA CAGR-19.7%
Last 3-Yr EPS CAGR-35.9%
Valuation
Street Target Price$106.50
LTM EV/Revenue15.2x
LTM EV/Gross Profit20.5x
LTM EV/EBIT45.2x
LTM EV/EBITDA30.5x
LTM P/E79.9x
LTM EV/FCF22.5x
LTM P/FCF12.3x
LTM P/TB1.4x
LTM P/B-21.7x
Dividend Yield5.8%
Payout Ratio466.1%
Executive SummarySituation: Current price is $90.11 versus fair value $32.27 (-64.2% expected return), and valuation confidence is partial. Debate: Bull case depends on Closing of the $8.5B Fiber and Small Cell Sale. Bear case centers on Existential Liquidity and Solvency Risk. Conclusion: Recommendation is Sell with no position, pending a materially better risk/reward setup.
Bull Case
Successful $8.5B fiber sale enables $7B debt repayment and $1B in buybacks; 5G densification drives 4-5% organic tower growth; workforce reduction yields $65M in annual savings.
Bear Case
DISH Network default triggers $220M in churn and removes 5% of rental revenue; net leverage of 10.6x remains dangerously high post-divestiture; negative equity base provides no margin of safety for shareholders.
Key Catalysts
Near-Term (0-6 months)Impact: Critical
Closing of the $8.5B Fiber and Small Cell Sale. This is the primary mechanism for deleveraging and transitioning to a pure-play tower model....
Mid-Term (6-18 months)Impact: High
DISH Network Litigation Outcome. Crown Castle is pursuing a $3.5B+ claim against DISH following its default. A successful recovery would pro...
Long-Term (18+ months)Impact: Moderate
Crown Castle is at a critical juncture following the February 2026 disclosure of a $220M DISH-related churn headwind and the acceleration of...
Primary Risks
Concern: High
Existential Liquidity and Solvency Risk. The company is in a race against time to close the fiber sale before high leverage (10.6x) or a cov...
Concern: High
Tenant Concentration and Churn Risk. 90% of revenue is derived from three carriers. The loss of DISH rental revenue ($220M) highlights the v...
Concern: Medium
The governance environment is defined by a high-stakes outcome tree: 1. Status Quo: Management executes the fiber sale and deleverages to 6....
Recent Activity
2026-02-05SEC Filing (8-K)
-8.99%Crown Castle reports 2025 results and provides 2026 outlook, announcing workforce reduction and cost savings.
2025-03-14SEC Filing (8-K)
+8.55%Crown Castle agrees to sell Fiber segment to EQT and Zayo for $8.5B, updates capital allocation framework.
2023-10-19SEC Filing (8-K)
-5.54%Crown Castle reported Q3 2023 results and provided full year 2024 outlook with 5% consolidated organic revenue growth excluding Sprint Cancellations.
2023-07-20SEC Filing (8-K)
-5.29%Crown Castle reported Q2 2023 results and updated full year 2023 outlook due to lower tower activity expectations.
Valuation Table
7.0/10Decision Grade
Scenario Range
$0
Bear
$31
Base
$48
Bull
$90