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Crown Castle (Crown Castle) Piotroski F-Score

: 4 (As of Today)
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The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Crown Castle has an F-score of 4 indicating the company's financial situation is typical for a stable company.

The historical rank and industry rank for Crown Castle's Piotroski F-Score or its related term are showing as below:

CCI' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 6   Max: 8
Current: 4

During the past 13 years, the highest Piotroski F-Score of Crown Castle was 8. The lowest was 4. And the median was 6.


Crown Castle Piotroski F-Score Historical Data

The historical data trend for Crown Castle's Piotroski F-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Crown Castle Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 6.00 5.00 8.00 7.00 6.00

Crown Castle Quarterly Data
Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 7.00 7.00 6.00 6.00 4.00

Competitive Comparison

For the REIT - Specialty subindustry, Crown Castle's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Crown Castle Piotroski F-Score Distribution

For the REITs industry and Real Estate sector, Crown Castle's Piotroski F-Score distribution charts can be found below:

* The bar in red indicates where Crown Castle's Piotroski F-Score falls into.


How is the Piotroski F-Score calculated?

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Mar24) TTM:Last Year (Mar23) TTM:
Net Income was 455 + 265 + 363 + 311 = $1,394 Mil.
Cash Flow from Operations was 1119 + 533 + 868 + 599 = $3,119 Mil.
Revenue was 1867 + 1667 + 1674 + 1641 = $6,849 Mil.
Gross Profit was 1345 + 1181 + 1221 + 1177 = $4,924 Mil.
Average Total Assets from the begining of this year (Mar23)
to the end of this year (Mar24) was
(39054 + 39042 + 38699 + 38527 + 38231) / 5 = $38710.6 Mil.
Total Assets at the begining of this year (Mar23) was $39,054 Mil.
Long-Term Debt & Capital Lease Obligation was $27,957 Mil.
Total Current Assets was $977 Mil.
Total Current Liabilities was $2,336 Mil.
Net Income was 421 + 419 + 414 + 418 = $1,672 Mil.

Revenue was 1734 + 1746 + 1764 + 1773 = $7,017 Mil.
Gross Profit was 1220 + 1222 + 1244 + 1254 = $4,940 Mil.
Average Total Assets from the begining of last year (Mar22)
to the end of last year (Mar23) was
(39051 + 39013 + 38861 + 38921 + 39054) / 5 = $38980 Mil.
Total Assets at the begining of last year (Mar22) was $39,051 Mil.
Long-Term Debt & Capital Lease Obligation was $27,369 Mil.
Total Current Assets was $1,325 Mil.
Total Current Liabilities was $2,535 Mil.

*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.

Profitability

Question 1. Return on Assets (ROA)

Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Crown Castle's current Net Income (TTM) was 1,394. ==> Positive ==> Score 1.

Question 2. Cash Flow Return on Assets (CFROA)

Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.

Score 1 if positive, 0 if negative.

Crown Castle's current Cash Flow from Operations (TTM) was 3,119. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Mar23)
=1394/39054
=0.03569417

ROA (Last Year)=Net Income/Total Assets (Mar22)
=1672/39051
=0.0428158

Crown Castle's return on assets of this year was 0.03569417. Crown Castle's return on assets of last year was 0.0428158. ==> Last year is higher ==> Score 0.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Crown Castle's current Net Income (TTM) was 1,394. Crown Castle's current Cash Flow from Operations (TTM) was 3,119. ==> 3,119 > 1,394 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Mar24)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar23 to Mar24
=27957/38710.6
=0.72220529

Gearing (Last Year: Mar23)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar22 to Mar23
=27369/38980
=0.7021293

Crown Castle's gearing of this year was 0.72220529. Crown Castle's gearing of last year was 0.7021293. ==> Last year is lower than this year ==> Score 0.

Question 6. Change in Working Capital (Liquidity)

Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.

Score 1 if this year's current ratio is higher, 0 if it's lower

Current Ratio (This Year: Mar24)=Total Current Assets/Total Current Liabilities
=977/2336
=0.4182363

Current Ratio (Last Year: Mar23)=Total Current Assets/Total Current Liabilities
=1325/2535
=0.52268245

Crown Castle's current ratio of this year was 0.4182363. Crown Castle's current ratio of last year was 0.52268245. ==> Last year's current ratio is higher ==> Score 0.

Question 7. Change in Shares in Issue

Compare the number of shares in issue this year, to the number in issue last year.

Score 0 if there is larger number of shares in issue this year, 1 otherwise.

Crown Castle's number of shares in issue this year was 435. Crown Castle's number of shares in issue last year was 434. ==> There is larger number of shares in issue this year. ==> Score 0.

Efficiency

Question 8. Change in Gross Margin

Compare this year's gross margin (Gross Profit divided by sales) to last year's.

Score 1 if this year's gross margin is higher, 0 if it's lower.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=4924/6849
=0.71893707

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=4940/7017
=0.70400456

Crown Castle's gross margin of this year was 0.71893707. Crown Castle's gross margin of last year was 0.70400456. ==> This year's gross margin is higher. ==> Score 1.

Question 9. Change in asset turnover

Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.

Score 1 if this year's asset turnover ratio is higher, 0 if it's lower

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Mar23)
=6849/39054
=0.17537256

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar22)
=7017/39051
=0.1796881

Crown Castle's asset turnover of this year was 0.17537256. Crown Castle's asset turnover of last year was 0.1796881. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+0+1+0+0+0+1+0
=4

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Crown Castle has an F-score of 4 indicating the company's financial situation is typical for a stable company.

Crown Castle  (NYSE:CCI) Piotroski F-Score Explanation

The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.

He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.

What he found was something that exceeded his most optimistic expectations.

Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.

Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).

Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.


Crown Castle Piotroski F-Score Related Terms

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Crown Castle (Crown Castle) Business Description

Traded in Other Exchanges
Address
8020 Katy Freeway, Houston, TX, USA, 77024-1908
Crown Castle International owns and leases roughly 40,000 cell towers in the United States. It also owns more than 85,000 route miles of fiber. It leases space on its towers to wireless service providers, which install equipment on the towers to support their wireless networks. The company's fiber is primarily leased by wireless service providers to set up small-cell network infrastructure and by enterprises for their internal connection needs. Crown Castle's towers and fiber are predominantly located in the largest U.S. cities. The company has a very concentrated customer base, with more than 70% of its revenue coming from the big three U.S. mobile carriers. Crown Castle operates as a real estate investment trust.
Executives
Robert Sean Collins officer: Vice President and Controller 8020 KATY FREEWAY, HOUSTON TX 77024
Maria M Pope director C/O PORTLAND GENERAL ELECTRIC CO., 121 SW SALMON ST, PORTLAND OR 97204
Kevin T Kabat director UNUM GROUP, 1 FOUNTAIN SQUARE, CHATTANOOGA TN 37402
Kevin A Stephens director 1220 AUGUSTA DRIVE, SUITE 600, HOUSTON TX 77057
Laura B Nichol officer: EVP - Business Support 8020 KATY FREEWAY, HOUSTON TX 77024
Christopher Levendos officer: EVP & COO - Fiber 8020 KATY FREEWAY, HOUSTON TX 77024
Adams Edward B Jr officer: EVP and General Counsel 8020 KATY FREEWAY, HOUSTON TX 77024
Matthew Iii Thornton director 3610 HACKS CROSS ROAD, MEMPHIS TN 38125
Michael Joseph Kavanagh officer: SVP & Chief Commercial Officer 8020 KATY FREEWAY, HOUSTON TX 77024
Catherine Piche officer: EVP & COO-Towers 8020 KATY FREEWAY, HOUSTON TX 77024
Daniel K Schlanger officer: SVP & Chief Financial Officer 8020 KATY FREEWAY, HOUSTON TX 77024
J Landis Martin director TIMET CORP, 1999 BROADWAY SUITE 4300, DENVER CO 80202
Kenneth Jay Simon officer: SVP and General Counsel 8020 KATY FREEWAY, HOUSTON TX 77024
James D Young officer: SVP & Chief Operating Officer 510 BERING DRIVE, SUITE 500, HOUSTON TX 77057
Tammy Jones director MONOGRAM RESIDENTIAL TRUST,INC., 5800 GRANITE PARKWAY, SUITE 1000, PLANO TX 75024