Crown Castle vs Public Storage
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The short version
- Public Storage is the larger business, with $4.8B of revenue in fiscal 2025 against $4.3B for Crown Castle.
- Public Storage grew revenue faster (2.7%, against −4.4%).
- Public Storage earned a higher return on the capital invested in it (11.0%, against 8.8%).
- Investors pay more for each dollar of Crown Castle’s earnings: a P/E of 43.6x against 29.6x for Public Storage.
| Latest fiscal year | CCI · FY25 | PSA · FY25 |
|---|---|---|
| Size | ||
| Market cap | $37.3B | $54.7B |
| Revenue | $4.3B | $4.8B |
| Free cash flow | — | — |
| Net income | $444M | $1.8B |
| Growth | ||
| Revenue growth | −4.4% | 2.7% |
| 5-year growth | −6.1% | 10.6% |
| Share count change | 0.7% | −0.1% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 48.7% | — |
| Net margin | 10.4% | 37.0% |
| FCF margin | — | — |
| Return on capital | 8.8% | 11.0% |
| Return on equity | — | 18.8% |
| Balance sheet | ||
| Net debt | $24.2B | $9.9B |
| Net debt / EBITDA | 8.8x | 3.1x |
| Dividends and buybacks | $2.1B | $0.0M |
| Valuation & quality | ||
| P/E | 43.6x | 29.6x |
| Piotroski F-score | 5 | — |
Revenue
FY16
CCI $3.9B
PSA $2.6B
FY17
CCI $4.3B
PSA $2.7B
FY18
CCI $5.4B
PSA $2.8B
FY19
CCI $5.8B
PSA $2.9B
FY20
CCI $5.8B
PSA $2.9B
FY21
CCI $6.3B
PSA $3.4B
FY22
CCI $7.0B
PSA $4.2B
FY23
CCI $4.7B
PSA $4.5B
FY24
CCI $4.5B
PSA $4.7B
FY25
CCI $4.3B
PSA $4.8B
CCI
PSA
Operating margin
FY16
CCI 24.2%
PSA 53.7%
FY17
CCI 22.7%
PSA 53.3%
FY18
CCI 25.8%
PSA —
FY19
CCI 27.1%
PSA —
FY20
CCI 31.9%
PSA —
FY21
CCI 31.6%
PSA —
FY22
CCI 34.7%
PSA —
FY23
CCI 44.3%
PSA —
FY24
CCI 47.5%
PSA —
FY25
CCI 48.7%
PSA —
CCI
PSA
Free cash flow
FY16
CCI —
PSA —
FY17
CCI —
PSA —
FY18
CCI —
PSA —
FY19
CCI —
PSA —
FY20
CCI —
PSA —
FY21
CCI —
PSA —
FY22
CCI —
PSA —
FY23
CCI —
PSA —
FY24
CCI —
PSA —
FY25
CCI —
PSA —
CCI
PSA
Return on capital
FY16
CCI 5.0%
PSA —
FY17
CCI 4.2%
PSA 14.5%
FY18
CCI 5.0%
PSA —
FY19
CCI 5.5%
PSA —
FY20
CCI 6.4%
PSA —
FY21
CCI 6.9%
PSA 15.2%
FY22
CCI 8.3%
PSA 27.8%
FY23
CCI 7.1%
PSA 13.5%
FY24
CCI 7.9%
PSA 12.6%
FY25
CCI 8.8%
PSA 11.0%
CCI
PSA
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.