Equinix (EQIX)
Real Estate · $105B market cap · SEC CIK 0001101239
fundamentals score out of 100
Next reports on Oct 27, 2026, with analysts expecting $4.33 in earnings per share.
The case for EQIX
- Revenue growing 9.6% year over year.
- Earnings per share up 52.1%.
- Pays a modest 2.1% dividend.
The case against
- Very expensive at 68.5× earnings. Years of growth are already in the price.
- Burned $400M of free cash in FY2025.
- Priced at 10.7× sales with revenue growing only 9.6%.
- Dividend takes 128% 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 | 16 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 72 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 42 |
| Momentumhow the price has behaved lately | 68 |
| Stabilityhow violently it moves, what it owes and what it pays you | 54 |
- Each factor except momentum is half fixed thresholds, half rank among the 31 Real Estate companies.
Key numbers
| Price / earnings | 68.5× |
|---|---|
| Price / book | 7.15× |
| Price / sales | 10.7× |
| Revenue growth (YoY) | +9.6% |
| EPS growth (YoY) | +52.1% |
| Gross margin | 51% |
| Operating margin | 22% |
| Net margin | 16% |
| Return on equity | 11% |
| Debt / equity | 1.53× |
| Current ratio | 1.13 |
| Dividend yield | 2.14% |
| Beta | 0.98 |
| 52-week range | $720.62 – $1,129 |
| Position in that range | 83% of the way up |
| 3-month return | -3.2% |
| 1-year return | +33.6% |
Five years of financials, as filed
Pulled from Equinix's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $9.2B | $8.7B | $8.2B | $7.3B | $6.6B |
| Operating income | $1.8B | $1.3B | $1.4B | $1.2B | $1.1B |
| Net income | $1.4B | $815M | $969M | $705M | $500M |
| Operating cash flow | $3.9B | $3.2B | $3.2B | $3.0B | $2.5B |
| Capital expenditure | $4.3B | $3.1B | $2.8B | $2.3B | $2.8B |
| Total assets | $40.1B | $35.1B | $32.7B | $30.3B | $27.9B |
| Total liabilities | $26.0B | $21.5B | $20.1B | $18.8B | $17.0B |
| Shareholder equity | $14.2B | $13.5B | $12.5B | $11.5B | $10.9B |
| Cash | $1.7B | $3.1B | $2.1B | $1.9B | $1.5B |
| Long-term debt | — | $15.3B | $13.8B | $12.9B | $11.7B |
| Free cash flow | -$400M | $183M | $436M | $685M | -$204M |
| Operating margin | 20.0% | 15.2% | 17.6% | 16.5% | 16.7% |
| Net margin | 14.6% | 9.3% | 11.8% | 9.7% | 7.5% |
| Diluted shares | 98.1M | 95.8M | 94.0M | 91.8M | 90.4M |
Share count is up 8.5% over 4 years. Mild issuance.
What Equinix says it does
Overview: Enabling Innovation for the Digital World Equinix (Nasdaq: EQIX) is the world's digital infrastructure company, shortening the path to boundless connectivity anywhere in the world to enable the innovations that enrich our work, life and planet. Equinix combines a global footprint of International Business Exchange TM (IBX ® ) and xScale TM data centers in the Americas, Asia-Pacific, and Europe, the Middle East and Africa ("EMEA") regions, infrastructure and interconnection offerings, and digital ecosystems required to serve a large and diverse set of customers around the world. Equinix was incorporated on June 22, 1998 as a Delaware corporation and operates as a REIT for federal income tax purposes. Since our inception, Equinix has been a network-neutral, multi-tenant data center ("MTDC") provider, where competing networks could connect and share data traffic to help scale the rapid growth of the early internet. The…
Risk factors EQIX lists in its 10-K
- Risks Related to the Macro Environment
- Geopolitical events and political tensions contribute to an already complex landscape, and could have a negative effect on our global business operations
- The current uncertain economic environment, including challenges related to power and supply chains, could impact our business and the businesses of our customers
- Our business could be harmed by increased costs to procure power, prolonged power outages, shortages or capacity constraints
- The level of insurance coverage that we purchase may prove to be inadequate
- If we are unable to recruit or retain key qualified personnel, our business could be harmed
- The failure to obtain favorable terms when we renew our IBX data center leases, or the failure to renew such leases, could harm our business and results of operations
- We depend on a number of third parties to provide internet connectivity to our IBX data centers; if connectivity is interrupted or terminated, our results of operations and cash flow could be materially and adversely affected
- The use of high-power density equipment may limit our ability to fully utilize the space in our older IBX data centers
- The development and use of artificial intelligence in the workplace presents risks and challenges that may adversely impact our business and operating results
- Risks Related to our Offerings and Customers
- Our offerings have a long sales cycle that may harm our revenue and results of operations
- We may not be able to compete successfully against current and future competitors
- If we cannot continue to develop, acquire, market and provide new offerings or enhancements to existing offerings that meet customer requirements and differentiate us from our competitors, our results of operations could suffer