Digital Realty (DLR)
Real Estate · $69.1B market cap · SEC CIK 0001297996
fundamentals score out of 100
Next reports on Oct 22, 2026, with analysts expecting $0.55 in earnings per share.
The case for DLR
- Revenue growing 17.4% year over year.
- Pays a 3.6% dividend while you wait.
- Gross margin of 59% absorbs cost shocks.
The case against
- Very expensive at 86.4× earnings. Years of growth are already in the price.
- Earnings per share down 44.3%.
- Return on equity of only 3%.
- Current liabilities exceed current assets (ratio 0.74).
- Dividend takes 222% of earnings, leaving little cushion.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Real Estate companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 24 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 38 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 38 |
| Momentumhow the price has behaved lately | 56 |
| Stabilityhow violently it moves, what it owes and what it pays you | 73 |
- Each factor except momentum is half fixed thresholds, half rank among the 31 Real Estate companies.
Key numbers
| Price / earnings | 86.4× |
|---|---|
| Price / book | 2.34× |
| Price / sales | 10.2× |
| Revenue growth (YoY) | +17.4% |
| EPS growth (YoY) | -44.3% |
| Gross margin | 59% |
| Operating margin | 14% |
| Net margin | 12% |
| Return on equity | 3% |
| Debt / equity | 0.68× |
| Current ratio | 0.74 |
| Dividend yield | 3.58% |
| Beta | 1.01 |
| 52-week range | $146.23 – $208.14 |
| Position in that range | 64% of the way up |
| 3-month return | -1.0% |
| 1-year return | +8.3% |
Five years of financials, as filed
Pulled from Digital Realty's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $6.1B | $5.6B | $5.5B | $4.7B | $4.4B |
| Operating income | $658M | $472M | $524M | $590M | $694M |
| Net income | $1.3B | $588M | $950M | $380M | $1.7B |
| Operating cash flow | $2.4B | $2.3B | $1.6B | $1.7B | $1.7B |
| Total assets | $49.4B | $45.3B | $44.1B | $41.5B | $36.4B |
| Total liabilities | $24.6B | $22.1B | $23.1B | $21.9B | $17.8B |
| Shareholder equity | $22.9B | $21.3B | $19.1B | $17.6B | $18.0B |
| Cash | $3.5B | $3.9B | $1.6B | $142M | $143M |
| Operating margin | 10.8% | 8.5% | 9.6% | 12.6% | 15.7% |
| Net margin | 21.5% | 10.6% | 17.4% | 8.1% | 39.5% |
| Diluted shares | 348M | 332M | 309M | 298M | 283M |
Share count is up 22.8% over 4 years. Your slice has been diluted.
What Digital Realty says it does
_530051"> ITEM 1. BUSINESS The Company Digital Realty Trust, Inc., through its controlling interest in Digital Realty Trust, L.P. and the subsidiaries of the Operating Partnership, is a leading global provider of data center, colocation and interconnection solutions for customers across a variety of industry verticals. The Parent operates as a REIT for U.S. federal income tax purposes. The Operating Partnership is the entity through which the Parent conducts its business of owning, acquiring, developing and operating data centers. The Parent was incorporated in the state of Maryland on March 9, 2004. The Operating Partnership was organized as a limited partnership in the state of Maryland on July 21, 2004. As of December 31, 2025, our portfolio included 310 data centers (including 89 data centers held as investments in unconsolidated entities), of which 118 are located in the United States, 113 are located in Europe, 36 are located in…
Risk factors DLR lists in its 10-K
- We completed the following significant activities in 2025 as described in the Notes to the Consolidated Financial Statements
- Total Rental Property Operating and Maintenance (Excluding Utilities)
- Equity in Earnings (Loss) of Unconsolidated Entities
- Gain (loss) on Debt Extinguishment and Modifications
- Consolidated Land Held and Development Construction in Progress
- Effective Interest Rate as of December 31, 2025
- Comparison of Year Ended December 31, 2025 to Year Ended December 31, 2024
- Reconciliation of Net Income Available to Common Stockholders to Funds From Operations (FFO)
- (in thousands, except per share and unit data)
- GAAP Net Income Available to Common Stockholders
- Consolidated Financial Statements of Digital Realty Trust, Inc
- Consolidated Financial Statements of Digital Realty Trust, L.P
- Management’s Report on Internal Control over Financial Reporting
- Internal Control—Integrated Framework (2013)