CCI vs SBAC: Crown Castle and SBA Communications compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Crown Castle is the larger company, worth $33.6B, about 1.7 times SBA Communications.
- Crown Castle grew revenue faster over the last year (-21.1% vs -23.5%).
- Crown Castle keeps more of each dollar of revenue as operating profit (976.9% vs 600.1%).
- On earnings, SBA Communications is the cheaper stock (19.7x vs 32.5x).
- SBA Communications's price assumes faster free cash flow growth: about 4% a year, against -2% for Crown Castle (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | CCI | SBAC |
|---|---|---|
| Market cap | $33.6B | $19.3B |
| Share price | $79.64 | $182.49 |
| Revenue (last fiscal year) | $215M | $244M |
| Free cash flow (last fiscal year) | $2.9B | $1.1B |
| Revenue growth, last year | -21.1% | -23.5% |
| Revenue growth per year, last 5 fiscal years | -23.3% | +4.5% |
| Operating margin | 976.9% | 600.1% |
| Net margin | 424.6% | 434.6% |
| Return on equity | — | — |
| P/E (trailing) | 32.5x | 19.7x |
| Price / free cash flow | 11.7x | 18.1x |
| EV / EBITDA | 24.0x | 23.5x |
| FCF growth the price implies | -2.1% | 3.7% |
| Dividend yield | 5.5% | 2.6% |
| Debt / equity | — | — |
| Fundamental grade | D | C |
| Superinvestors holding it | 2 | 6 |
| Insider purchases, last 12 months | 6 | 8 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Crown Castle
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $621M | $1.6B | 322.2% |
| 2022 | $697M | $1.6B | 347.9% |
| 2023 | $421M | $2.9B | 498.1% |
| 2024 | $192M | $2.8B | 1103.1% |
| 2025 | $215M | $2.9B | 965.1% |
SBA Communications
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $205M | $1.1B | 382.2% |
| 2022 | $297M | $1.1B | 311.7% |
| 2023 | $195M | $1.3B | 474.5% |
| 2024 | $153M | $1.1B | 939.2% |
| 2025 | $244M | $1.1B | 549.2% |
Where the revenue comes from
Crown Castle · by segments, 2024
Towers$192M91%
Fiber$18M9%
SBA Communications · by segments, 2025
Domestic Site Leasing$1.9B66%
International Site Leasing$705M25%
Site Development$244M9%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open CCI in InvestinglyQuestions
Which is bigger, Crown Castle or SBA Communications?
Crown Castle (CCI), at $33.6B against $19.3B.
Is CCI or SBAC cheaper?
By trailing P/E, SBA Communications (19.7x) is cheaper than Crown Castle (32.5x). A lower multiple can also mean the market expects less growth.
Which grows faster, CCI or SBAC?
Crown Castle: revenue grew -21.1% over the last year, against -23.5%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.