Real Estate · Data Center REITs · US stock · price as of 22 Oct 2026
Key indicators
Price
$952.62
52-week range
$720.62 – $1,128.68
Market cap
$94.4B
P/E (trailing)
61.2×
EV / EBITDA
26.1×
Free-cash-flow yield
4.2%
Dividend yield
2.1%
Revenue (last 12 months)
$9.8B
Revenue growth (3y a year)
8.3%
Operating margin
21.8%
Return on invested capital
5.7%
Net debt / EBITDA
4.4×
Fair value
Fair value (average of valid models)$1,021.92 middle half of models $923 – $962
Versus priceFair+7% to fair value
P/B multiple
$885.43
P/S multiple
$958.20
P/FFO multiple
$961.57
P/AFFO multiple
$923.11
Dividend discount, stable
$1,381.27
Model uncertainty
Medium
X-Ray Score
51/ 100 · Medium confidence · ahead of 48% of sector peers
Valuation36
Growth55
Profitability58
Financial health55
Dividends54
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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%.
StocksXray gives Equinix Inc an X-Ray Score of 51 out of 100 (medium confidence), ahead of 48% of the S&P 500 stocks in its sector. Its strongest lens is profitability (58) and its weakest is valuation (36).
Our fair value (the average of the valid models) is $1,021.92 (range $923.11 to $961.57). At $952.62 the stock trades 7% below that value, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Equinix Inc (EQIX)
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
$768.43
$606.09
$760.06
$907.90
$754.65
$952.62
Market cap
$69.5B
$55.7B
$71.5B
$87.0B
$74.0B
$94.4B
P/E
139.0×
79.0×
73.7×
106.8×
54.8×
61.2×
EV / revenue
12.0×
9.2×
10.3×
11.4×
9.7×
11.4×
EV / EBITDA
28.8×
22.7×
25.6×
29.9×
22.8×
26.1×
Price / free cash flow
–
81.2×
163.9×
475.4×
–
24.0×
Free-cash-flow yield
−0.3%
1.2%
0.6%
0.2%
−0.5%
4.2%
Price / book
6.4×
4.8×
5.7×
6.4×
5.2×
6.6×
Dividend yield
1.49%
2.05%
1.91%
1.88%
2.49%
2.12%
Fundamentals checklist ● 2 Good · ● 9 Average · ● 3 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−5.9%Good
Risk models
Altman Z score1.6×Average
Piotroski F-Score6 of 9Average
Growth
EPS growth (3y)21.5%Good
Revenue growth (3y)8.3%Average
Growth consistency90%Bad
Balance sheet
Current ratio1.1×Average
Net debt / EBITDA4.4×Average
Interest cover3.8×Average
Valuation
Fair value vs price1.1×Average
EBIT / EV yield1.9%Bad
Profitability
Return on invested capital5.7%Average
Operating margin21.8%Bad
Gross profitability12.3%Average
XStocksXray
Equinix Inc (EQIX)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
6,636
7,263
8,188
8,748
9,217
9,805
Gross profit
3,163
3,512
3,960
4,281
4,709
5,049
Operating income
1,108
1,200
1,443
1,328
1,848
2,138
Net income
500
705
969
815
1,350
1,533
Diluted EPS ($)
5.53
7.67
10.31
8.50
13.76
15.56
Free cash flow
-204
685
436
183
-400
3,942
Gross margin
47.7%
48.4%
48.4%
48.9%
51.1%
51.5%
Operating margin
16.7%
16.5%
17.6%
15.2%
20.0%
21.8%
Net margin
7.5%
9.7%
11.8%
9.3%
14.6%
15.6%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
27,919
30,311
32,651
35,085
40,141
41,076
Cash
1,536
1,906
2,096
3,081
1,727
979
Total debt
11,722
12,881
14,839
16,533
18,209
19,873
Equity
10,882
11,506
12,489
13,528
14,156
14,382
Dividend per share ($)
11.48
12.40
14.49
17.04
18.76
19.70
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.
