EQIX Real Estate

Equinix, Inc.

$1,014.40+2.08%

Price as of close on Nov 3, 2026 · Financials updated Oct 8, 2026

Basics

Sector: Real Estate
Industry: REIT - Specialty
Country: United States
Market cap: 100.1B USD
Enterprise value: 114.9B USD
Full-time employees: 13,716

Overall health

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings
Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 0.97 vs a peer median of 0.75), though less than the overall market and more debt relative to equity (1.38× vs a peer median of 0.80×)higher risk: bigger price swings (beta 0.97 vs peers 0.75) and more debt vs equity (1.38× vs peers 0.80×)

Ranks #412 of 632 real estate companies (bottom 35%)

See how it ranks against its peers

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.
Equinix reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.
Returning more cash than it generates. Paid out $4.9B vs $219M of free cash flow over the 3 fiscal years to 2025.
Equinix returned $4.9B to shareholders over three years, 2226% of the free cash flow it produced. That gap has to be covered by cash reserves or new debt, which can't last indefinitely.
Operating margin at a 6-year high. 20% in 2025, the best of the last 6 years.
Equinix kept 20% of revenue as operating profit in 2025, its highest in the 6 years of filings we have.
Profits growing faster than sales. Since 2022: revenue +27%, operating profit +54%.
Since 2022, Equinix's revenue grew 27% while operating profit grew 54%: each extra dollar of sales is adding more profit.

StockQuotient Score

44/ 100

Oct 5 43 → Nov 4 44 (+1)

Valuation

Is the price right?

16/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why

Weaker than most peers on:

▼ FCF yield
▼ Earnings yield
▼ EBITDA yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield1.5%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score -0.79Sector median: 0.0535 · MAD: 0.0484

EBITDA yield3.7%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.83Sector median: 0.0536 · MAD: 0.0204

Free cash flow yield-0.9%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingNegative (a loss or cash outflow), so it counts as zero whatever the share price20% base weight · Z-score -1.46Sector median: 0.0650 · MAD: 0.0444

Other data (not scored)

Book yield14.4%

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 1.1277 · MAD: 0.5490

Growth

Is it growing?

73/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: ▲ Stronger

12-month revenue up 3.9%

Why

Stronger than most peers on:

▲ EPS growth
▲ Revenue growth
▲ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth53.0%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.35Sector median: 0.1117 · MAD: 0.3101

3-year revenue growth8.3%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score 0.60Sector median: 0.0378 · MAD: 0.0744

Revenue growth9.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.72Sector median: 0.0297 · MAD: 0.0927

Profitability

Does it earn well?

62/100

Moderate

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Stronger than most peers on:

▲ ROA
▲ ROIC

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin21.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.22Sector median: 0.2683 · MAD: 0.2257

Return on assets3.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 1.20Sector median: 0.0211 · MAD: 0.0134

Return on invested capital5.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score 0.85Sector median: 0.0341 · MAD: 0.0197

Other data (not scored)

Gross margin51.5%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.5380 · MAD: 0.2259

Return on equity10.7%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.0521 · MAD: 0.0465

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ Debt / equity
▼ Beta

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.97

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.68Sector median: 0.7490 · MAD: 0.3270

Current ratio1.13×

SEC filings · latest balance sheetReported value33% base weight · Z-score -0.09Sector median: 1.1950 · MAD: 0.7210

Debt / equity1.38×

SEC filings · latest balance sheetReported value33% base weight · Z-score -1.48Sector median: 0.8040 · MAD: 0.3893

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Equinix

Is Equinix getting weaker?: Its latest SEC filing (Jul 29, 2026) showed no major changes. Its overall score is unchanged at 44/100 since Oct 28, 2026.
How is Equinix valued vs its peers?: Priced higher than most peers relative to what it earns. Valuation scores 16/100 against 762 real estate peers. Free cash flow yield -0.9% vs a peer median of 6.5% (weaker than 100% of peers).Free cash flow yield -0.9% vs peers 6.5% (weaker than 100% of peers).
Is Equinix growing?: Yes, faster than most of its peers. Growth scores 73/100 against 762 real estate peers. Earnings per share growth 53.0% vs a peer median of 11.2% (stronger than 78% of peers).Earnings per share growth 53.0% vs peers 11.2% (stronger than 78% of peers).
How profitable is Equinix?: More profitable than most of its peers. Profitability scores 62/100 against 762 real estate peers. Return on assets 3.7% vs a peer median of 2.1% (stronger than 81% of peers).Return on assets 3.7% vs peers 2.1% (stronger than 81% of peers).
How risky is Equinix?: Higher risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Debt / equity 1.38× vs a peer median of 0.80× (weaker than 77% of peers).Debt / equity 1.38× vs peers 0.80× (weaker than 77% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Jul 29, 2026 · compared with the quarter ended Mar 31, 2026

No major changes

	Previous quarter	Latest quarter	Change
Revenue (12 months)	9.4B USD	9.8B USD	+3.9%
Net income (12 months)	1.4B USD	1.5B USD	+7.8%
Operating margin	20.8%	21.8%	+1.0 pts
Free cash flow (12 months)	−998.0M USD	−875.0M USD	−12.3%
Debt	19.8B USD	19.9B USD	+0.4%
Cash	1.4B USD	979.0M USD	−28.1%
Shares outstanding	98.6M	98.7M	+0.0%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Real Estate · 124 companies

Valuations in Real Estate are within their usual range since 2016.

30% of months since 2016 were valued lower than now.
15% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +4% and earnings +25% (medians): earnings grew faster than prices.
Median price-to-sales is +112% vs the whole market, against a usual +154%.

2016Shaded: most expensive fifth of its range2026

Shown for Real Estate: too few REIT - Specialty companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025	Change
Gross margin	47.7%	48.4%	48.4%	48.9%	51.1%	▲ 2.2 pts
Operating margin	16.7%	16.5%	17.6%	15.2%	20.0%	▲ 4.9 pts
Net margin	7.5%	9.7%	11.8%	9.3%	14.6%	▲ 5.3 pts
Return on assets (ROA)	1.8%	2.3%	3.0%	2.3%	3.4%	▲ 1.0 pts
Return on equity (ROE)	4.6%	6.1%	7.8%	6.0%	9.5%	▲ 3.5 pts
Free cash flow margin	-3.1%	9.4%	5.3%	2.1%	-4.3%	▼ 6.4 pts
Current ratio	1.84×	1.80×	1.13×	1.63×	1.32×	▼ 19%
Debt to equity	1.08×	1.12×	1.11×	1.13×	0.09×	▼ 92%
Interest coverage	3.30×	3.37×	3.59×	2.91×	3.51×	▲ 21%

EQIX price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: its shares are priced higher than most peers relative to what it earnspriced higher than peers for its earnings

Drawback: higher risk than most peers: its share price swings more than most peers’ (beta 0.97 vs a peer median of 0.75), though less than the overall market and more debt relative to equity (1.38× vs a peer median of 0.80×)higher risk: bigger price swings (beta 0.97 vs peers 0.75) and more debt vs equity (1.38× vs peers 0.80×)

Ranks #412 of 632 real estate companies (bottom 35%)

See how it ranks against its peers

Worth knowing

Profitable, but burning cash. Reports a profit, but free cash flow is negative.

Equinix reports a profit but its free cash flow is negative: it spent more on investment and running the business than it brought in. That's common for companies building capacity, but it means the profit isn't yet turning into cash.

Returning more cash than it generates. Paid out $4.9B vs $219M of free cash flow over the 3 fiscal years to 2025.

Equinix returned $4.9B to shareholders over three years, 2226% of the free cash flow it produced. That gap has to be covered by cash reserves or new debt, which can't last indefinitely.

Operating margin at a 6-year high. 20% in 2025, the best of the last 6 years.

Equinix kept 20% of revenue as operating profit in 2025, its highest in the 6 years of filings we have.

Profits growing faster than sales. Since 2022: revenue +27%, operating profit +54%.

Since 2022, Equinix's revenue grew 27% while operating profit grew 54%: each extra dollar of sales is adding more profit.

Questions investors ask about Equinix

Is Equinix getting weaker?

Its latest SEC filing (Jul 29, 2026) showed no major changes. Its overall score is unchanged at 44/100 since Oct 28, 2026.

How is Equinix valued vs its peers?

Priced higher than most peers relative to what it earns. Valuation scores 16/100 against 762 real estate peers. Free cash flow yield -0.9% vs a peer median of 6.5% (weaker than 100% of peers).Free cash flow yield -0.9% vs peers 6.5% (weaker than 100% of peers).

Is Equinix growing?

Yes, faster than most of its peers. Growth scores 73/100 against 762 real estate peers. Earnings per share growth 53.0% vs a peer median of 11.2% (stronger than 78% of peers).Earnings per share growth 53.0% vs peers 11.2% (stronger than 78% of peers).

How profitable is Equinix?

More profitable than most of its peers. Profitability scores 62/100 against 762 real estate peers. Return on assets 3.7% vs a peer median of 2.1% (stronger than 81% of peers).Return on assets 3.7% vs peers 2.1% (stronger than 81% of peers).

How risky is Equinix?

Higher risk relative to 762 real estate peers, judged on debt, liquidity and share-price swings. Debt / equity 1.38× vs a peer median of 0.80× (weaker than 77% of peers).Debt / equity 1.38× vs peers 0.80× (weaker than 77% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

9.4B USD

9.8B USD

+3.9%

Net income (12 months)

1.4B USD

1.5B USD

+7.8%

Operating margin

20.8%

21.8%

+1.0 pts

Free cash flow (12 months)

−998.0M USD

−875.0M USD

−12.3%

Debt

19.8B USD

19.9B USD

+0.4%

Cash

1.4B USD

979.0M USD

−28.1%

Shares outstanding

98.6M

98.7M

+0.0%

Key ratios

FY 2021

FY 2022

FY 2023

FY 2024

FY 2025

Change

Gross margin

47.7%

48.4%

48.9%

51.1%

▲ 2.2 pts

Operating margin

16.7%

16.5%

17.6%

15.2%

20.0%

▲ 4.9 pts

Net margin

7.5%

9.7%

11.8%

9.3%

14.6%

▲ 5.3 pts

Return on assets (ROA)

1.8%

2.3%

3.0%

2.3%

3.4%

▲ 1.0 pts

Return on equity (ROE)

4.6%

6.1%

7.8%

6.0%

9.5%

▲ 3.5 pts

Free cash flow margin

-3.1%

9.4%

5.3%

2.1%

-4.3%

▼ 6.4 pts

Current ratio

1.84×

1.80×

1.13×

1.63×

1.32×

▼ 19%

Debt to equity

1.08×

1.12×

1.11×

1.13×

0.09×

▼ 92%

Interest coverage

3.30×

3.37×

3.59×

2.91×

3.51×

▲ 21%