Equinix Inc (EQIX)
Real Estate · Data Center REITs · US stock · S&P 500 component
$952.62
▼ -42.38 (4.26%)
Fair valueFair
$1,022 +7.3% to fair value
$511fair band $870–$1,239$1,533
Day's range
$931.21 – $990.35
52-week range
$720.62 – $1,128.68
About Equinix Inc
Data centres where companies place servers and connect their networks to one another are the core of Equinix. Its customers include cloud and content providers, network operators, financial firms and enterprises, which rent space, power and cooling and link directly to a dense ecosystem of partners inside its facilities. As a real estate investment trust, it holds buildings across many regions of the world.
Revenue comes mainly from recurring rental of space and power, along with fees for cross-connects that link customers inside each site. Over the last twelve months it was $9.8 billion, growing at 8.3% a year across the last three years. The operating margin is 21.8%, and the business earns a profit of 6% on the capital invested in it. It has net debt of 4.4 times EBITDA. The company pays a dividend with a yield of 2.1%. On the site's X-Ray Score it receives 51 out of 100.
Price chart
52-wk range $720.62 – $1,128.68Volume 819,268Daily, split-adjusted
Vitals
Market cap$94.4B
52-week range$720.62 – $1,128.68
Volume (last day)819,268
P/E (TTM)61.2
EBIT / EV yield1.9%
Free-cash-flow yield–
Dividend yield2.1%
Revenue (TTM)$9.8B
Net income (TTM)$1.5B
Operating margin21.8%
Return on capital5.7%
Debt incl. leases$21.2B
Cash & securities$2.2B
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
$1,022middle half of models $923 – $962
Fair
+7.3% to fair value
Average of the 5 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 $953
Undervalued < $870Fair $870 – $1,239Overvalued > $1,239
P/B multiple
$885
P/S multiple
$958
P/FFO multiple
$962
P/AFFO multiple
$923
Dividend discount, stable
$1,381
Dividend discount, multi-stage · not used
$2,532
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
Average 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
36/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield1.9%
Fair value vs price1.1×
Growth
Fair
55/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)8.3%
EPS growth (3y)21.5%
Growth consistency90%
Profitability
Fair
58/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital5.7%
Operating margin21.8%
Gross profitability12.3%
Financial health
Fair
55/100
Balance sheet is in typical shape for its sector.
See the numbers →
Piotroski F-Score6 / 9
Net debt / EBITDA4.4×
Interest cover3.8×
Dividends
Fair
54/100
Dividend is typical for its sector.
See the numbers →
Dividend yield2.1%
Dividend growth17.2%
Quarterly results: last 6 quarters
+4.6%
Mar '25
+4.5%
Jun '25
+5.2%
Sep '25
+7.0%
Dec '25
+9.8%
Mar '26
+16.4%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $2.6B, diluted EPS $4.83.
SWOT analysis: Equinix Inc
Strengthsinside the company
- Earnings per share have compounded at 21.5% a year over three years.
Weaknessesinside the company
- Return on invested capital is only 5.7% (median 7.7% for sector peers), so the business earns little above its cost of capital.
- Net debt is 4.4x EBITDA, above the 3x level that lenders usually watch.
- Altman Z-score of 1.6 is in the zone linked with financial distress in past studies.
Opportunitiesvaluation and setting
- No specific opportunity is visible in our valuation, sector or growth data.
Threatsvaluation and setting
- Heavy debt makes profits sensitive to interest rates and refinancing conditions.
- Trades at 61.6x earnings, 93% 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 EQIX 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, AMT 53, SPG 42, DLR 37, PSA 52.
| Metric | EQIX | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 51 | 51 | 51 |
| Valuation | 36 | 53 | 53 |
| Growth | 55 | 56 | 56 |
| Profitability | 58 | 50 | 50 |
| Financial health | 55 | 54 | 54 |
| Dividends | 54 | 47 | 47 |
Sector leaders: highest X-Ray Score in Real Estate
EQIX ranks #15 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 EQIX
Each factor is rated by where EQIX 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: 4 Good · 10 Average · 6 Bad of 20
Growth: 1 · 2 · 0
Profitability: 1 · 2 · 2
Financial strength: 0 · 4 · 0
Valuation: 0 · 0 · 4
Cash flow: 2 · 1 · 0
Efficiency: 0 · 1 · 0
| Factor | EQIX | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +8.3% | Average beats 60% | +6.8% | – | – |
| Revenue growth, last year | +5.4% | Average beats 57% | +5.1% | +9.5% | ▼ Worse |
| EPS growth, 3 years a year | +21.5% | Good beats 75% | −1.9% | – | – |
| Profitability | |||||
| Gross margin | 51.5% | Average beats 56% | 47.1% | 48.4% | ≈ In line |
| Operating margin | 21.8% | Bad beats 31% | 34.3% | 16.7% | ▲ Better |
| Net margin | 15.6% | Bad beats 33% | 21.5% | 9.7% | ▲ Better |
| Return on invested capital | 5.7% | Average beats 35% | 7.5% | – | – |
| Return on equity | 10.7% | Good beats 71% | 7.3% | 6.1% | ▲ Better |
| Financial strength | |||||
| Net debt / EBITDA | 4.4x | Average beats 58% | 4.6x | 3.8x | ▼ Worse |
| Interest cover | 3.8x | Average beats 60% | 3.4x | 3.4x | ≈ In line |
| Current ratio | 1.13 | Average beats 42% | 1.22 | 1.63 | ▼ Worse |
| Piotroski F-score | 6 / 9 | Average beats 47% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 61.6x | Bad beats 16% | 32.1x | 85.3x | ▲ Better |
| Price / book | 6.6x | Bad beats 10% | 2.6x | 6.1x | ≈ In line |
| Price / sales | 9.6x | Bad beats 16% | 7.0x | 9.2x | ≈ In line |
| EV / EBITDA | 26.4x | Bad beats 6% | 18.6x | 26.9x | ≈ In line |
| Cash flow | |||||
| Free cash flow margin | 40.2% | Average beats 40% | 44.6% | 2.1% | ▲ Better |
| Cash from operations / net income | 2.57 | Good beats 70% | 1.91 | 3.99 | ▼ Worse |
| Accruals (lower is better) | −5.9% | Good beats 91% | −3.7% | – | – |
| Efficiency | |||||
| Days sales outstanding | 47 days | Average beats 58% | 53 days | 40 days | ▼ Worse |
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 · ● 9 Average · ● 3 BadCash quality
Earnings backed by cashGood
Risk models
Altman Z''Average
Piotroski F-ScoreAverage
Growth
EPS growth (3y)Good
Revenue growth (3y)Average
Growth consistencyBad
Balance sheet
Current ratioAverage
Net debt / EBITDAAverage
Interest coverAverage
Valuation
Fair value vs priceAverage
EBIT / EV yieldBad
Profitability
Return on invested capitalAverage
Operating marginBad
Gross profitabilityAverage
Each check is graded against the company's sector, not a fixed number. Checklist score 55/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $6.6B | $7.3B | $8.2B | $8.7B | $9.2B |
| Operating income | $1.1B | $1.2B | $1.4B | $1.3B | $1.8B |
| Net income | $500M | $705M | $969M | $815M | $1.4B |
| Operating cash flow | $2.5B | $3.0B | $3.2B | $3.2B | $3.9B |
| Operating margin | 16.7% | 16.5% | 17.6% | 15.2% | 20.0% |
| Free cash flow | −$204M | $685M | $436M | $183M | −$400M |
| Diluted EPS | $5.53 | $7.67 | $10.31 | $8.50 | $13.76 |
Fiscal years, from SEC filings.
Technical summary
Daily
Strongly bearish
3 bullish · 1 neutral · 12 bearish
Weekly
Bearish
4 bullish · 1 neutral · 7 bearish
Monthly
Bullish
5 bullish · 1 neutral · 2 bearish
Moving averages (daily)
| SMA 10 | 996.7 | Bearish |
| EMA 10 | 991.2 | Bearish |
| SMA 20 | 1,008.2 | Bearish |
| EMA 20 | 1,004.5 | Bearish |
| SMA 50 | 1,032.6 | Bearish |
| EMA 50 | 1,021.5 | Bearish |
| SMA 100 | 1,039.2 | Bearish |
| EMA 100 | 1,022.5 | Bearish |
| SMA 200 | 998.0 | Bearish |
| EMA 200 | 988.9 | Bearish |
Oscillators (daily)
| RSI (14) | 33.99 | Neutral |
| MACD (12, 26) | -14.90 | Bearish |
| Momentum (12) | -9.05 | Bearish |
| Stochastic %K (14) | 17.68 | Bullish |
| Williams %R (14) | -82.32 | Bullish |
| CCI (20) | -199.5 | Bullish |
Pivot points (classic, last session)
S3 866.6 | S2 898.9 | S1 925.8 | Pivot 958.1 | R1 984.9 | R2 1,017.2 | R3 1,044.1 |
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
20.17 USD
Yield on today's price
2.12%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 5.1600 | |
| 5.1600 | |
| 5.1600 | |
| 4.6900 | |
| 4.6900 | |
| 4.6900 | |
| 4.6900 | |
| 4.2600 | |
| 4.2600 | |
| 4.2600 | |
| 4.2600 | |
| 4.2600 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold EQIX
| ETF | Share of the fund |
|---|---|
| DTCR Global X Data Center & Digital Infrast... | 12.21% |
| ICF iShares Cohen & Steers REIT | 7.35% |
| XLRE The Real Estate Select Sector SPDR | 7.06% |
| USRT iShares Core U.S. REIT | 6.01% |
| REET iShares Global REIT | 5.36% |
| VNQ Vanguard Real Estate | 5.23% |
| DFAR DFA Investment Dimensions Group Inc. | 5.09% |
| DFGR Dimensional Gloabl Real Estate | 4.92% |
The eight funds with the largest weight in EQIX 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.
EQIX SEC filings
8-KSEC EDGAR
Other events
424B5SEC EDGAR
424B5
8-KSEC EDGAR
Entered a material agreement
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Director or officer change
8-KSEC EDGAR
Shareholder vote results
8-KSEC EDGAR
Director or officer change
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.