Real Estate · Data Center REITs · US stock · price as of 22 Oct 2026
Key indicators
Price
$170.94
52-week range
$146.23 – $208.14
Market cap
$60.4B
P/E (trailing)
43.2×
EV / EBITDA
21.6×
Free-cash-flow yield
4.2%
Dividend yield
2.9%
Revenue (last 12 months)
$6.3B
Revenue growth (3y a year)
9.2%
Operating margin
11.5%
Return on invested capital
2.6%
Net debt / EBITDA
–
Fair value
Fair value (average of valid models)$167.00 middle half of models $162 – $170
Versus priceFair−2% to fair value
P/B multiple
$174.93
P/S multiple
$161.98
P/FFO multiple
$168.93
P/AFFO multiple
$162.17
Model uncertainty
Medium
X-Ray Score
37/ 100 · Medium confidence · ahead of 0% of sector peers
Valuation8
Growth64
Profitability27
Financial health57
Dividends41
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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.
StocksXray gives Digital Realty Trust, Inc. an X-Ray Score of 37 out of 100 (medium confidence), ahead of 0% of the S&P 500 stocks in its sector. Its strongest lens is growth (64) and its weakest is valuation (8).
Our fair value (the average of the valid models) is $167.00 (range $162.12 to $170.43). At $170.94 the stock trades 2% above that value, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Digital Realty Trust, Inc. (DLR)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$150.24
$88.64
$124.05
$168.58
$151.61
$170.94
Market cap
$42.6B
$26.4B
$38.3B
$55.9B
$52.7B
$60.4B
P/E
25.3×
79.9×
43.1×
104.7×
42.3×
43.2×
EV / revenue
9.7×
5.7×
6.8×
9.4×
8.1×
9.2×
EV / EBITDA
19.7×
12.4×
16.8×
23.4×
19.5×
21.8×
Price / free cash flow
25.0×
15.9×
23.5×
24.7×
21.9×
23.7×
Free-cash-flow yield
4.0%
6.3%
4.3%
4.0%
4.6%
4.2%
Price / book
2.4×
1.5×
2.0×
2.6×
2.3×
2.6×
Dividend yield
–
–
–
–
–
2.85%
Fundamentals checklist ● 2 Good · ● 1 Average · ● 7 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−2.4%Bad
Risk models
Piotroski F-Score8 of 9Good
Growth
EPS growth (3y)47.7%Good
Revenue growth (3y)9.2%Average
Growth consistency80%Bad
Balance sheet
Interest cover1.6×Bad
Valuation
Fair value vs price1.0×Bad
EBIT / EV yield1.2%Bad
Profitability
Return on invested capital2.6%Bad
Operating margin11.5%Bad
XStocksXray
Digital Realty Trust, Inc. (DLR)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
4,428
4,692
5,477
5,555
6,113
6,340
Gross profit
–
–
–
–
–
–
Operating income
694
590
524
472
658
731
Net income
1,747
380
950
588
1,313
1,382
Diluted EPS ($)
5.94
1.11
2.88
1.61
3.58
3.96
Free cash flow
1,702
1,659
1,635
2,261
2,412
2,545
Gross margin
–
–
–
–
–
–
Operating margin
15.7%
12.6%
9.6%
8.5%
10.8%
11.5%
Net margin
39.5%
8.1%
17.4%
10.6%
21.5%
21.8%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
36,370
41,485
44,113
45,284
49,410
48,860
Cash
143
142
1,625
3,871
3,452
2,427
Total debt
–
–
–
–
–
–
Equity
18,005
17,583
19,118
21,340
22,926
23,369
Dividend per share ($)
–
–
–
–
–
–
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
