American Tower vs Crown Castle
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The short version
- American Tower is the larger business, with $10.6B of revenue in fiscal 2025 against $4.3B for Crown Castle, about 2.5 times as much.
- American Tower grew revenue faster (5.1%, against −4.4%).
- Crown Castle kept more of each dollar of sales as operating profit (48.7% operating margin, against 45.5%).
- Investors pay more for each dollar of Crown Castle’s earnings: a P/E of 43.6x against 26.0x for American Tower.
| Latest fiscal year | AMT · FY25 | CCI · FY25 |
|---|---|---|
| Size | ||
| Market cap | $88.1B | $37.3B |
| Revenue | $10.6B | $4.3B |
| Free cash flow | $3.8B | — |
| Net income | $2.6B | $444M |
| Growth | ||
| Revenue growth | 5.1% | −4.4% |
| 5-year growth | 5.8% | −6.1% |
| Share count change | 0.1% | 0.7% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 45.5% | 48.7% |
| Net margin | 24.7% | 10.4% |
| FCF margin | 35.5% | — |
| Return on capital | 9.3% | 8.8% |
| Return on equity | 74.7% | — |
| Balance sheet | ||
| Net debt | $35.7B | $24.2B |
| Net debt / EBITDA | 5.2x | 8.8x |
| Dividends and buybacks | $3.5B | $2.1B |
| Valuation & quality | ||
| P/E | 26.0x | 43.6x |
| Piotroski F-score | 5 | 5 |
Revenue
FY16
AMT $5.8B
CCI $3.9B
FY17
AMT $6.7B
CCI $4.3B
FY18
AMT $7.4B
CCI $5.4B
FY19
AMT $7.6B
CCI $5.8B
FY20
AMT $8.0B
CCI $5.8B
FY21
AMT $9.4B
CCI $6.3B
FY22
AMT $9.6B
CCI $7.0B
FY23
AMT $10.0B
CCI $4.7B
FY24
AMT $10.1B
CCI $4.5B
FY25
AMT $10.6B
CCI $4.3B
AMT
CCI
Operating margin
FY16
AMT 32.0%
CCI 24.2%
FY17
AMT 30.0%
CCI 22.7%
FY18
AMT 25.6%
CCI 25.8%
FY19
AMT 35.5%
CCI 27.1%
FY20
AMT 35.9%
CCI 31.9%
FY21
AMT 33.5%
CCI 31.6%
FY22
AMT 28.4%
CCI 34.7%
FY23
AMT 31.2%
CCI 44.3%
FY24
AMT 44.6%
CCI 47.5%
FY25
AMT 45.5%
CCI 48.7%
AMT
CCI
Free cash flow
FY16
AMT $2.0B
CCI —
FY17
AMT $2.1B
CCI —
FY18
AMT $2.8B
CCI —
FY19
AMT $2.8B
CCI —
FY20
AMT $2.8B
CCI —
FY21
AMT $3.4B
CCI —
FY22
AMT $1.8B
CCI —
FY23
AMT $2.9B
CCI —
FY24
AMT $3.7B
CCI —
FY25
AMT $3.8B
CCI —
AMT
CCI
Return on capital
FY16
AMT 6.6%
CCI 5.0%
FY17
AMT 7.7%
CCI 4.2%
FY18
AMT 7.3%
CCI 5.0%
FY19
AMT 10.0%
CCI 5.5%
FY20
AMT 8.9%
CCI 6.4%
FY21
AMT 6.9%
CCI 6.9%
FY22
AMT 5.2%
CCI 8.3%
FY23
AMT 6.0%
CCI 7.1%
FY24
AMT 8.8%
CCI 7.9%
FY25
AMT 9.3%
CCI 8.8%
AMT
CCI
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.