Digital Realty Trust, Inc. (DLR)
Real Estate · Data Center REITs · US stock · S&P 500 component
$170.94
▼ -5.37 (3.05%)
Fair valueFair
$167 −2.3% to fair value
$84fair band $142–$202$251
Day's range
$168.52 – $175.21
52-week range
$146.23 – $208.14
About Digital Realty Trust, Inc.
Digital Realty is a real estate investment trust that owns and operates data centres, the buildings that house servers, storage and network equipment. It leases space, power and cooling to cloud companies, technology firms, telecom carriers and enterprises, and offers interconnection services that link customers' networks to each other. Its facilities are spread across the Americas, Europe, Asia and Africa.
Rents and interconnection fees make up the bulk of the company's income. Revenue is $6.3 billion over the last twelve months, rising 9.2% a year across the last three years. The operating margin is 11.5%, and the business earns a profit of 3% on the capital invested in it. The dividend yield is 2.9%, and the data sheet carries no net debt figure for the company. On the site's X-Ray Score it receives 37 out of 100.
Price chart
52-wk range $146.23 – $208.14Volume 2,254,717Daily, split-adjusted
Vitals
Market cap$60.4B
52-week range$146.23 – $208.14
Volume (last day)2,254,717
P/E (TTM)43.2
EBIT / EV yield1.2%
Free-cash-flow yield–
Dividend yield2.9%
Revenue (TTM)$6.3B
Net income (TTM)$1.4B
Operating margin11.5%
Return on capital2.6%
Debt incl. leasesData missing
Cash & securities$2.4B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$167middle half of models $162 – $170
Fair
−2.3% to fair value
Average of the 4 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $171
Undervalued < $142Fair $142 – $202Overvalued > $202
P/B multiple
$175
P/S multiple
$162
P/FFO multiple
$169
P/AFFO multiple
$162
Dividend discount, stable · not used
$412
Dividend discount, multi-stage · not used
$630
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Real Estate peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
8/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield1.2%
Fair value vs price1.0×
Growth
Fair
64/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)9.2%
EPS growth (3y)47.7%
Growth consistency80%
Profitability
Weak
27/100
Earns lower returns on its capital than most peers.
See the numbers →
Return on invested capital2.6%
Operating margin11.5%
Financial health
Fair
57/100
Balance sheet is in typical shape for its sector.
See the numbers →
Piotroski F-Score8 / 9
Interest cover1.6×
Dividends
Weak
41/100
Dividend is modest or less certain than peers.
See the numbers →
Dividend yield2.9%
Dividend growth6.0%
Quarterly results: last 6 quarters
+4.8%
Dec '24
+5.7%
Mar '25
+10.1%
Jun '25
+10.2%
Sep '25
+13.8%
Dec '25
+16.2%
Mar '26
Revenue against the same quarter a year earlier. Latest quarter revenue $1.6B, diluted EPS $0.46.
SWOT analysis: Digital Realty Trust, Inc.
Strengthsinside the company
- Earnings per share have compounded at 47.7% a year over three years.
- Passes 8 of the 9 Piotroski tests, which points to improving profitability, funding and efficiency.
Weaknessesinside the company
- Return on invested capital is only 2.6% (median 7.7% for sector peers), so the business earns little above its cost of capital.
- Operating margin of 11.5% is thin against 36.0% for sector peers.
- Operating profit covers interest only 1.6x.
Opportunitiesvaluation and setting
- No specific opportunity is visible in our valuation, sector or growth data.
Threatsvaluation and setting
- Trades at 43.7x earnings, 37% above the 31.9x median of sector peers, so the price already assumes better results.
- Our Market Compass rates the backdrop for Real Estate as unfavourable.
- The price trend is down on the daily and weekly signals.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare DLR with peers and sector
Medians of 28 Real Estate peers and of 28 Real Estate stocks in our universe.
Largest peers (X-Ray Score): WELL 48, PLD 43, EQIX 51, AMT 53, SPG 42, PSA 52.
| Metric | DLR | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 37 | 52 | 52 |
| Valuation | 8 | 53 | 53 |
| Growth | 64 | 56 | 56 |
| Profitability | 27 | 53 | 53 |
| Financial health | 57 | 53 | 53 |
| Dividends | 41 | 48 | 48 |
Sector leaders: highest X-Ray Score in Real Estate
DLR ranks #29 of 29 in Real Estate by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for DLR
Each factor is rated by where DLR stands among the 29 Real Estate stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 3 Good · 6 Average · 7 Bad of 16
Growth: 2 · 1 · 0
Profitability: 0 · 2 · 2
Financial strength: 1 · 0 · 1
Valuation: 0 · 1 · 3
Cash flow: 0 · 2 · 1
| Factor | DLR | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +9.2% | Average beats 64% | +6.8% | – | – |
| Revenue growth, last year | +10.0% | Good beats 81% | +5.1% | +10.0% | ≈ In line |
| EPS growth, 3 years a year | +47.7% | Good beats 90% | −1.9% | – | – |
| Profitability | |||||
| Operating margin | 11.5% | Bad beats 10% | 34.3% | 10.8% | ≈ In line |
| Net margin | 21.8% | Average beats 53% | 21.5% | 17.4% | ▲ Better |
| Return on invested capital | 2.6% | Bad beats 6% | 7.5% | – | – |
| Return on equity | 5.9% | Average beats 37% | 7.3% | 5.0% | ≈ In line |
| Financial strength | |||||
| Interest cover | 1.6x | Bad beats 6% | 3.4x | 1.5x | ≈ In line |
| Piotroski F-score | 8 / 9 | Good beats 91% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 43.7x | Bad beats 23% | 32.1x | 43.8x | ≈ In line |
| Price / book | 2.6x | Average beats 48% | 2.6x | 2.3x | ≈ In line |
| Price / sales | 9.5x | Bad beats 19% | 7.0x | 8.8x | ≈ In line |
| EV / EBITDA | 22.2x | Bad beats 10% | 18.6x | – | – |
| Cash flow | |||||
| Free cash flow margin | 40.1% | Average beats 36% | 44.6% | 38.4% | ≈ In line |
| Cash from operations / net income | 1.84 | Average beats 48% | 1.91 | 1.84 | ≈ In line |
| Accruals (lower is better) | −2.4% | Bad beats 26% | −3.7% | – | – |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 2 Good · ● 1 Average · ● 7 BadCash quality
Earnings backed by cashBad
Risk models
Piotroski F-ScoreGood
Growth
EPS growth (3y)Good
Revenue growth (3y)Average
Growth consistencyBad
Balance sheet
Interest coverBad
Valuation
Fair value vs priceBad
EBIT / EV yieldBad
Profitability
Return on invested capitalBad
Operating marginBad
Each check is graded against the company's sector, not a fixed number. Checklist score 27/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $4.4B | $4.7B | $5.5B | $5.6B | $6.1B |
| Operating income | $694M | $590M | $524M | $472M | $658M |
| Net income | $1.7B | $380M | $950M | $588M | $1.3B |
| Operating cash flow | $1.7B | $1.7B | $1.6B | $2.3B | $2.4B |
| Operating margin | 15.7% | 12.6% | 9.6% | 8.5% | 10.8% |
| Free cash flow | – | – | – | – | – |
| Diluted EPS | $5.94 | $1.11 | $2.88 | $1.61 | $3.58 |
Fiscal years, from SEC filings.
Technical summary
Daily
Strongly bearish
1 bullish · 3 neutral · 12 bearish
Weekly
Bearish
3 bullish · 1 neutral · 8 bearish
Monthly
Bullish
5 bullish · 1 neutral · 2 bearish
Moving averages (daily)
| SMA 10 | 175.5 | Bearish |
| EMA 10 | 175.2 | Bearish |
| SMA 20 | 177.0 | Bearish |
| EMA 20 | 177.1 | Bearish |
| SMA 50 | 183.0 | Bearish |
| EMA 50 | 180.7 | Bearish |
| SMA 100 | 183.5 | Bearish |
| EMA 100 | 182.0 | Bearish |
| SMA 200 | 180.7 | Bearish |
| EMA 200 | 179.3 | Bearish |
Oscillators (daily)
| RSI (14) | 39.60 | Neutral |
| MACD (12, 26) | -2.47 | Bearish |
| Momentum (12) | -7.42 | Bearish |
| Stochastic %K (14) | 21.03 | Neutral |
| Williams %R (14) | -78.97 | Neutral |
| CCI (20) | -151.4 | Bullish |
Pivot points (classic, last session)
S3 161.2 | S2 164.9 | S1 167.9 | Pivot 171.6 | R1 174.6 | R2 178.2 | R3 181.3 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
4.88 USD
Yield on today's price
2.85%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 1.2200 | |
| 1.2200 | |
| 1.2200 | |
| 1.2200 | |
| 1.2200 | |
| 1.2200 | |
| 1.2200 | |
| 1.2200 | |
| 1.2200 | |
| 1.2200 | |
| 1.2200 | |
| 1.2200 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold DLR
| ETF | Share of the fund |
|---|---|
| DTCR Global X Data Center & Digital Infrast... | 10.90% |
| DFAR DFA Investment Dimensions Group Inc. | 4.59% |
| USRT iShares Core U.S. REIT | 4.56% |
| XLRE The Real Estate Select Sector SPDR | 4.53% |
| RWR SPDR Dow Jones REIT | 4.40% |
| IYR iShares U.S. Real Estate | 4.38% |
| ICF iShares Cohen & Steers REIT | 4.35% |
| SCHH Schwab U.S. REIT | 4.35% |
The eight funds with the largest weight in DLR among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
DLR SEC filings
8-KSEC EDGAR
Entered a material agreement
8-KSEC EDGAR
Regulation FD disclosure; Other events
8-KSEC EDGAR
Entered a material agreement; Regulation FD disclosure
8-KSEC EDGAR
Other events
8-KSEC EDGAR
Other events
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations; Regulation FD disclosure
8-KSEC EDGAR
Other events
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.