Question 1

What is Crown Castle's P/B ratio?

Accepted Answer

Crown Castle (CCI) P/B ratio is 7.8× as of March 13, 2025. The ratio is calculated by dividing market capitalisation by book value of equity, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/B ratio calculated?

Accepted Answer

P/B = Market Capitalisation ÷ Book Value of Equity (most recent quarterly shareholders' equity), or equivalently Share Price ÷ Book Value Per Share. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/B ratio?

Accepted Answer

The price-to-book (P/B) ratio compares a company's market capitalisation to its book value of equity (total shareholders' equity) on the most recent quarterly balance sheet. It is calculated as market cap ÷ book value of equity (equivalent to share price ÷ book value per share). A P/B below 1× implies the market values the business below its accounting net worth; values well above 1× reflect intangible assets, brand value, or a high return on equity.

Question 4

What is a good P/B ratio for Crown Castle?

Accepted Answer

A "good" P/B depends on the business model. Banks, insurers, and other capital-heavy financials typically trade near 1×; asset-light technology and consumer-brand companies can sustainably trade at 5×+ because much of their value is intangible. P/B is most informative when paired with return on equity (ROE). For Crown Castle specifically, the relevant sector benchmark is the current sector median of 2.0×.

Question 5

Is Crown Castle's P/B ratio high or low?

Accepted Answer

Crown Castle's P/B ratio of 7.8× is below its own 5-year average of 8.3× and above the sector median of 2.0×. That places the current reading at the 50th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Crown Castle's historical P/B ratio range?

Accepted Answer

In the available daily series, Crown Castle (CCI) P/B ratio has ranged from a low of 0.2× in 2002 to a high of 11.7× in 2006. The 5-year average is 8.3× and the 5-year median is 8.0×.

Question 7

What was Crown Castle's P/B ratio in 2023?

Accepted Answer

Crown Castle (CCI) P/B ratio at the end of 2023 was 7.8×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month book value figure available at that date.

Question 8

Why does Crown Castle's P/B ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (book value). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$38.7B	-$1.64B	—	—	Dec 31, 2025
2024	$39.4B	-$133M	—	—	Dec 31, 2024
2023	$50B	$6.38B	7.8×	-0.0×	Dec 31, 2023
2022	$58.7B	$7.45B	7.9×	-3.0×	Dec 31, 2022
2021	$90.2B	$8.26B	10.9×	+3.7×	Dec 31, 2021
2020	$68.6B	$9.46B	7.3×	+1.6×	Dec 31, 2020
2019	$59.1B	$10.5B	5.6×	+1.7×	Dec 31, 2019
2018	$45.1B	$11.6B	3.9×	+0.2×	Dec 31, 2018
2017	$45.1B	$12.3B	3.7×	-0.4×	Dec 31, 2017
2016	$30.6B	$7.56B	4.0×	-0.0×	Dec 31, 2016
2015	$28.8B	$7.09B	4.1×	+0.2×	Dec 31, 2015
2014	$26.2B	$6.72B	3.9×	+0.6×	Dec 31, 2014
2013	$22.7B	$6.93B	3.3×	-3.7×	Dec 31, 2013
2012	$20.6B	$2.94B	7.0×	+2.3×	Dec 31, 2012
2011	$12.6B	$2.69B	4.7×	-0.5×	Dec 31, 2011
2010	$12.6B	$2.45B	5.1×	+1.3×	Dec 31, 2010
2009	$11.2B	$2.94B	3.8×	+2.0×	Dec 31, 2009
2008	$5.02B	$2.72B	1.8×	-1.8×	Dec 31, 2008
2007	$11.6B	$3.17B	3.7×	-8.0×	Dec 31, 2007
2006	$8.83B	$756M	11.7×	+6.8×	Dec 31, 2006
2005	$5.75B	$1.18B	4.9×	+2.9×	Dec 31, 2005
2004	$3.71B	$1.85B	2.0×	+0.7×	Dec 31, 2004
2003	$2.41B	$1.79B	1.3×	+1.0×	Dec 31, 2003
2002	$807M	$2.21B	0.4×	—	Dec 31, 2002


UDR (UDR)	3.4×
Welltower (WELL)	3.2×
Ventas (VTR)	3.0×
Digital Realty Trust (DLR)	2.7×
Mid-America Apartment Communities (MAA)	2.6×
Camden Property Trust (CPT)	2.5×
CoStar Group (CSGP)	2.1×
Regency Centers (REG)	2.1×
Extra Space Storage (EXR)	2.1×
AvalonBay Communities (AVB)	2.0×
Host Hotels & Resorts (HST)	1.9×
STAG Industrial (STAG)	1.9×
Weyerhaeuser (WY)	1.9×
NNN REIT (NNN)	1.8×
Invitation Homes (INVH)	1.7×
BXP (BXP)	1.6×
Healthpeak Properties (DOC)	1.5×
Kimco Realty (KIM)	1.5×
Agree Realty (ADC)	1.4×
Realty Income (O)	1.4×
VICI Properties (VICI)	1.0×
Apartment Investment and Management (AIV)	0.8×
Medical Properties Trust (MPT)	0.6×
Alexandria Real Estate Equities (ARE)	0.6×
Arbor Realty Trust (ABR)	0.5×

P/B Ratio for Crown Castle (CCI) 2002-2026

P/B Ratio daily chart for Crown Castle (CCI)

Historical P/B Ratio for Crown Castle (CCI) from 2002 to 2025

About P/B Ratio at Crown Castle (CCI)

Crown Castle P/B Ratio by Year

Crown Castle P/B Ratio 2023: 7.8×

Crown Castle P/B Ratio 2022: 7.9×

Crown Castle P/B Ratio 2021: 10.9×

Crown Castle P/B Ratio 2020: 7.3×

Crown Castle P/B Ratio 2019: 5.6×

Sector peers by P/B Ratio — chart

Sector peers by P/B Ratio — table

Frequently asked questions

Crown Castle (CCI) Key Financials