Crown Castle vs Vici Properties
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The short version
- Crown Castle is the larger business, with $4.3B of revenue in fiscal 2025 against $4.0B for Vici Properties.
- Vici Properties grew revenue faster (4.1%, against −4.4%).
- Crown Castle earned a higher return on the capital invested in it (8.8%, against 8.2%).
- Investors pay more for each dollar of Crown Castle’s earnings: a P/E of 43.6x against 9.2x for Vici Properties.
| Latest fiscal year | CCI · FY25 | VICI · FY25 |
|---|---|---|
| Size | ||
| Market cap | $37.3B | $25.9B |
| Revenue | $4.3B | $4.0B |
| Free cash flow | — | $2.5B |
| Net income | $444M | $2.8B |
| Growth | ||
| Revenue growth | −4.4% | 4.1% |
| 5-year growth | −6.1% | 26.7% |
| Share count change | 0.7% | 1.4% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 48.7% | — |
| Net margin | 10.4% | 69.3% |
| FCF margin | — | 62.6% |
| Return on capital | 8.8% | 8.2% |
| Return on equity | — | 10.2% |
| Balance sheet | ||
| Net debt | $24.2B | $17.0B |
| Net debt / EBITDA | 8.8x | 4.6x |
| Dividends and buybacks | $2.1B | $1.9B |
| Valuation & quality | ||
| P/E | 43.6x | 9.2x |
| Piotroski F-score | 5 | — |
Revenue
FY16
CCI $3.9B
VICI —
FY17
CCI $4.3B
VICI —
FY18
CCI $5.4B
VICI $898M
FY19
CCI $5.8B
VICI $895M
FY20
CCI $5.8B
VICI $1.2B
FY21
CCI $6.3B
VICI $1.5B
FY22
CCI $7.0B
VICI $2.6B
FY23
CCI $4.7B
VICI $3.6B
FY24
CCI $4.5B
VICI $3.8B
FY25
CCI $4.3B
VICI $4.0B
CCI
VICI
Operating margin
FY16
CCI 24.2%
VICI —
FY17
CCI 22.7%
VICI —
FY18
CCI 25.8%
VICI 15.6%
FY19
CCI 27.1%
VICI 5.8%
FY20
CCI 31.9%
VICI 26.2%
FY21
CCI 31.6%
VICI —
FY22
CCI 34.7%
VICI —
FY23
CCI 44.3%
VICI —
FY24
CCI 47.5%
VICI —
FY25
CCI 48.7%
VICI —
CCI
VICI
Free cash flow
FY16
CCI —
VICI —
FY17
CCI —
VICI —
FY18
CCI —
VICI $503M
FY19
CCI —
VICI $679M
FY20
CCI —
VICI $881M
FY21
CCI —
VICI $894M
FY22
CCI —
VICI $1.9B
FY23
CCI —
VICI $2.2B
FY24
CCI —
VICI $2.4B
FY25
CCI —
VICI $2.5B
CCI
VICI
Return on capital
FY16
CCI 5.0%
VICI —
FY17
CCI 4.2%
VICI —
FY18
CCI 5.0%
VICI —
FY19
CCI 5.5%
VICI 0.5%
FY20
CCI 6.4%
VICI 2.3%
FY21
CCI 6.9%
VICI 8.7%
FY22
CCI 8.3%
VICI 6.3%
FY23
CCI 7.1%
VICI 8.6%
FY24
CCI 7.9%
VICI 8.3%
FY25
CCI 8.8%
VICI 8.2%
CCI
VICI
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.