DLR
Digital Realty · Real Estate · Data Center REITs
$180.16
52w 146.23 – 208.14
20y monthly, adjusted
Mkt cap
$63.3B
P/E
48.0
P/FCF
26.0
FCF yield
3.8%
ROE
5.7%
Shldr yield
2.8%
div 2.8% + bb 0.0%
What today's price assumes
At $63.3B, the market is pricing in 11.3% annual free-cash-flow growth for the next decade (10% discount rate, 2.5% terminal growth). Over the last ten years, FCF actually grew 11.7% per year — expectations are roughly in line with history.
Simple DCF per-share range: $105 · $184 · $230 (4% / base / optimistic growth). An estimate, not a target.
Historical multiple lens
At its own median P/OCF of 17.4× across 17 years, DLR would trade near $119/share (25th–75th percentile: $90–$136); it trades at 26.2× today.
Assumes the historical multiple regime persists — re-ratings can be permanent.
Growth record
Compound annual growth rates from as-filed 10-K data, split-adjusted
Rev 3y
+9.2%
Rev 5y
+9.4%
Rev 10y
+13.2%
EPS 5y
+421.6%
EPS 10y
+12.0%
FCF 5y
+7.2%
FCF 10y
+11.7%
Fundamentals
Fiscal 2009–2025, from SEC filings
Revenue
Net income
Free cash flow
Diluted shares (lower is better)
Margins
Capital returned (dividends + buybacks)
Cash vs long-term debt
Quarterly
Discrete quarters from 10-Q filings; Q4 derived as fiscal year minus Q1–Q3. OCF is unwound from the year-to-date figures 10-Qs report. Compare to the same quarter a year ago — most businesses are seasonal.
Revenue by quarter
Net income by quarter
| Quarter | Revenue | YoY | Net income | YoY | EPS | OCF |
|---|---|---|---|---|---|---|
| Q1'26 | $1.6B | +16.2% | $179.3M | +63.0% | 0.46 | $532.4M |
| Q4'25 * | $1.6B | +13.8% | $98.6M | −48.0% | 0.22 | $719.0M |
| Q3'25 | $1.6B | +10.2% | $67.8M | +32.5% | 0.15 | $652.9M |
| Q2'25 | $1.5B | +10.1% | $1.0B | +1186.7% | 2.94 | $641.2M |
| Q1'25 | $1.4B | +5.7% | $110.0M | −60.9% | 0.27 | $399.1M |
| Q4'24 * | $1.4B | +4.8% | $189.6M | +569.6% | 0.50 | $769.5M |
| Q3'24 | $1.4B | +2.1% | $51.2M | −93.0% | 0.09 | $566.5M |
| Q2'24 | $1.4B | −0.7% | $80.2M | −32.1% | 0.20 | $573.2M |
| Q1'24 | $1.3B | −0.6% | $281.5M | +309.6% | 0.82 | $352.3M |
| Q4'23 * | $1.4B | +11.1% | $28.3M | +625.7% | 0.03 | $462.3M |
| Q3'23 | $1.4B | +17.6% | $733.6M | +209.4% | 2.31 | $358.4M |
| Q2'23 | $1.4B | +19.9% | $118.2M | +86.3% | 0.34 | $464.4M |
| Q1'23 | $1.3B | +18.8% | $68.7M | −6.2% | 0.20 | $349.7M |
Track record
Compound annual growth by period. For debt and share count, negative is the good direction.
| Series | 3y | 5y | 10y | 15y |
|---|---|---|---|---|
| Revenue | +9.2% | +9.4% | +13.2% | +13.9% |
| Operating cash flow | +13.3% | +7.2% | +11.7% | +13.5% |
| Free cash flow | +13.3% | +7.2% | +11.7% | +13.5% |
| EPS (diluted) | +47.7% | +421.6% | +12.0% | +14.0% |
| Equity | +9.2% | +5.3% | +17.7% | +17.8% |
| LT debt | — | — | — | — |
| Diluted shares | +5.3% | +4.2% | +6.4% | +7.6% |
| Stock price | +16.3% | +6.1% | +10.4% | +11.5% |
$100, 3 years ago
$158vs $192 in SPY
16.3% vs 24.4%/yr
$100, 5 years ago
$134vs $181 in SPY
6.1% vs 12.6%/yr
$100, 10 years ago
$269vs $428 in SPY
10.4% vs 15.6%/yr
$100, 15 years ago
$515vs $803 in SPY
11.5% vs 14.9%/yr
Quality & capital discipline
Cash-based returns and how management deploys capital
Cash ROIC
10.5%
OCF ÷ (equity + debt)
OCF / EV yield
4.1%
MC vs 10× OCF
2.60
≤1 = priced under 10× OCF
Debt / FCF
—
SBC / FCF
—
Owner earnings
$2.4B
OCF − capex − SBC
OE yield
3.8%
Share count 5y
+7.8%
per year; negative = buybacks
Capital intensity
—
net PP&E ÷ revenue
Sales efficiency
—
new PP&E per $1 new revenue, 5y
Growth engine (5y): reinvested 19.3% of operating cash flow at an incremental return of 37.8% — an organically fundable growth rate of about 7.3% per year (growth ≈ reinvestment rate × incremental ROIC).
Checklist
18 of 25 checks pass · 72%. Checks with structurally missing inputs are excluded.
Growth & Consistency
6/7
- pass
Revenue growth
9.4% · 5y CAGR ≥ 5%
- pass
EPS growth
421.6% · 5y CAGR ≥ 5%
- pass
FCF growth
7.2% · 5y CAGR ≥ 5%
- pass
Revenue rises consistently
9 of 9 · up in ≥ 7 of last 10 years
- pass
FCF consistently positive
10 of 10 · positive in ≥ 8 of last 10 years
- pass
Profitable every year
10 of 10 · net income > 0 in ≥ 8 of last 10
- fail
Cash flow keeps up with sales
7.2% vs 9.4% · OCF CAGR ≥ 0.9× revenue CAGR
Profitability
4/6
- pass
Net margin
21.4% · ≥ 8%
- pass
Operating margin
10.8% · ≥ 10%
- na
Gross margin stable or rising
— · no drop > 2 pts over 3y
- fail
Return on equity
5.7% · ≥ 12%
- fail
Cash ROIC
10.5% · ≥ 12%
- pass
FCF margin
39.5% · ≥ 5%
- pass
Earnings back their cash
OCF $2.4B vs NI $1.3B · OCF ≥ net income (latest FY)
Balance Sheet
4/5
- pass
Debt payable from cash flow
no debt · LT debt ≤ 3× FCF
- pass
Cash cushion
— · cash ≥ 50% of LT debt
- pass
Leverage
— · LT debt ≤ 1.5× equity
- pass
Equity positive and compounding
$22.9B · equity > 0 and grew over ~5y
- fail
Interest burden
67% · interest ≤ 15% of operating income
Capital Allocation
1/3
- fail
Share count flat or shrinking
7.8% · ≤ +0.5%/yr over ~5y
- na
Stock comp restrained
— · SBC ≤ 15% of FCF
- pass
Distributions funded by FCF
72% · dividends + buybacks ≤ 100% of FCF
- fail
Repurchases are a habit
0 of 10 · buybacks in ≥ 5 of last 10 years
Valuation Discipline
3/4
- pass
FCF yield
3.8% · ≥ 3%
- fail
Earnings multiple
48.0 · P/E ≤ 25
- pass
Price asks less than history delivered
11.3% vs 11.7% · implied FCF growth ≤ historical FCF CAGR
- pass
Shareholder yield
2.8% · dividends + buybacks ≥ 2% of market cap
Red flags
Mechanical checks — a flag is a question to investigate, not a verdict
Shareholder dilution
Diluted share count has grown by more than 2% per year over ~5 years.
Financial data
As filed in 10-Ks; per-share figures split-adjusted. $ in millions.
| FY | Revenue | Gross profit | Op income | Net income | EPS | OCF | CapEx | FCF | Dividends | Buybacks | SBC | Cash | LT debt | Equity | Shares |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 6,113 | — | 658 | 1,309 | 3.58 | 2,412 | — | 2,412 | 1,728 | — | — | 3,452 | — | 22,926 | 348 |
| 2024 | 5,555 | — | 472 | 602 | 1.61 | 2,261 | — | 2,261 | 1,633 | — | — | 3,871 | — | 21,340 | 332 |
| 2023 | 5,477 | — | 524 | 949 | 2.88 | 1,635 | — | 1,635 | 1,521 | — | — | 1,625 | — | 19,118 | 309 |
| 2022 | 4,692 | — | 590 | 378 | 1.11 | 1,659 | — | 1,659 | 1,451 | — | — | 142 | — | 17,583 | 298 |
| 2021 | 4,428 | — | 694 | 1,709 | 5.94 | 1,702 | — | 1,702 | 1,379 | — | — | 143 | — | 18,005 | 283 |
| 2020 | 3,904 | — | 558 | 356 | 0.00 | 1,707 | — | 1,707 | 1,163 | — | — | 109 | — | 17,718 | 283 |
| 2019 | 3,209 | — | 594 | 580 | 1.74 | 1,514 | — | 1,514 | 922 | — | — | 90 | — | 9,879 | 283 |
| 2018 | 3,046 | — | 550 | 331 | 0.89 | 1,385 | — | 1,385 | 849 | — | — | 127 | — | 9,859 | 279 |
| 2017 | 2,458 | — | 451 | 248 | 0.73 | 1,023 | — | 1,023 | 646 | — | — | 0 | — | 10,349 | 236 |
| 2016 | 2,142 | — | 497 | 426 | 1.63 | 911 | — | 911 | 522 | — | — | 11 | — | 5,096 | 204 |
| 2015 | 1,763 | — | 402 | 297 | 1.15 | 797 | — | 797 | 469 | — | — | 57 | — | 4,500 | 188 |
| 2014 | 1,616 | — | 259 | 200 | 0.73 | 656 | — | 656 | 442 | — | — | 35 | — | 3,878 | 181 |
| 2013 | 1,482 | — | 382 | 314 | 1.57 | 656 | — | 656 | 401 | — | — | 50 | — | 3,611 | 173 |
| 2012 | 1,279 | — | 366 | 210 | 1.09 | 543 | — | 543 | 334 | — | — | 52 | — | 3,468 | 157 |
| 2011 | 1,063 | — | 304 | 156 | 0.98 | 401 | — | 401 | 261 | — | — | 41 | 2,940 | 2,523 | 134 |
| 2010 | 865 | — | 242 | 102 | 0.50 | 359 | — | 359 | 172 | — | — | 12 | 2,807 | 1,963 | 116 |
| 2009 | 637 | — | 178 | 88 | 0.45 | 284 | — | 284 | 110 | — | — | 72 | 1,784 | 1,635 | 104 |
Some concepts are structurally absent for certain industries (banks report no gross profit or capex). Missing ≠ zero.