EQIX
Equinix · Real Estate · Data Center REITs
$1,055.20
52w 720.62 – 1,128.68
20y monthly, adjusted
Mkt cap
$104.1B
P/E
77.9
P/FCF
—
FCF yield
-0.4%
ROE
9.5%
Shldr yield
1.8%
div 1.8% + bb 0.0%
Historical multiple lens
At its own median P/OCF of 18.5× across 18 years, EQIX would trade near $732/share (25th–75th percentile: $460–$882); it trades at 26.6× 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
+8.3%
Rev 5y
+9.0%
Rev 10y
+13.0%
EPS 5y
+26.9%
EPS 10y
+15.7%
FCF 5y
—
FCF 10y
—
Fundamentals
Fiscal 2008–2025, 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 |
|---|---|---|---|---|---|---|
| Q2'26 | $2.6B | +16.4% | $479.0M | +30.2% | 4.83 | $1.1B |
| Q1'26 | $2.4B | +9.8% | $415.0M | +21.0% | 4.20 | $717.0M |
| Q4'25 * | $2.4B | +7.0% | $265.0M | — | 2.70 | $1.1B |
| Q3'25 | $2.3B | +5.2% | $374.0M | +25.9% | 3.81 | $1.0B |
| Q2'25 | $2.3B | +4.5% | $368.0M | +22.3% | 3.75 | $944.0M |
| Q1'25 | $2.2B | +4.6% | $343.0M | +48.5% | 3.50 | $809.0M |
| Q4'24 * | $2.3B | +20.1% | −$14.0M | −106.2% | -0.19 | $981.0M |
| Q3'24 | $2.2B | +6.8% | $297.0M | +7.6% | 3.10 | $758.0M |
| Q2'24 | $2.2B | +6.9% | $301.0M | +45.4% | 3.16 | $912.0M |
| Q1'24 | $2.1B | −4.4% | $231.0M | −10.8% | 2.43 | $598.0M |
| Q4'23 * | $1.9B | +0.7% | $227.0M | +75.4% | 2.40 | $999.0M |
| Q3'23 | $2.1B | +12.0% | $276.0M | +30.3% | 2.93 | $785.0M |
| Q2'23 | $2.0B | +11.1% | $207.0M | −4.3% | 2.21 | $741.0M |
Track record
Compound annual growth by period. For debt and share count, negative is the good direction.
| Series | 3y | 5y | 10y | 15y |
|---|---|---|---|---|
| Revenue | +8.3% | +9.0% | +13.0% | +14.6% |
| Operating cash flow | +9.7% | +11.1% | +15.9% | +16.6% |
| Free cash flow | +60.9% | +17.1% | +20.1% | −4.3% |
| EPS (diluted) | +21.5% | +26.9% | +15.7% | +20.7% |
| Equity | +7.2% | +5.9% | +17.8% | +14.5% |
| LT debt | +9.4% | +8.1% | +15.9% | — |
| Diluted shares | +2.2% | +2.1% | +5.3% | +5.4% |
| Stock price | +12.7% | +6.6% | +13.2% | +19.9% |
$100, 3 years ago
$143vs $176 in SPY
12.7% vs 20.7%/yr
$100, 5 years ago
$138vs $181 in SPY
6.6% vs 12.6%/yr
$100, 10 years ago
$346vs $412 in SPY
13.2% vs 15.2%/yr
$100, 15 years ago
$1,526vs $813 in SPY
19.9% vs 15.0%/yr
Quality & capital discipline
Cash-based returns and how management deploys capital
Cash ROIC
27.6%
OCF ÷ (equity + debt)
OCF / EV yield
3.8%
MC vs 10× OCF
2.69
≤1 = priced under 10× OCF
Debt / FCF
—
SBC / FCF
—
Owner earnings
−$898.0M
OCF − capex − SBC
OE yield
-0.9%
Share count 5y
+5.2%
per year; negative = buybacks
Capital intensity
255.9%
net PP&E ÷ revenue
Sales efficiency
$2.82
new PP&E per $1 new revenue, 5y
Checklist
13 of 22 checks pass · 59%. Checks with structurally missing inputs are excluded.
Growth & Consistency
5/6
- pass
Revenue growth
9.0% · 5y CAGR ≥ 5%
- pass
EPS growth
26.9% · 5y CAGR ≥ 5%
- na
FCF growth
— · 5y CAGR ≥ 5%
- pass
Revenue rises consistently
9 of 9 · up in ≥ 7 of last 10 years
- fail
FCF consistently positive
5 of 10 · positive in ≥ 8 of last 10 years
- pass
Profitable every year
10 of 10 · net income > 0 in ≥ 8 of last 10
- pass
Cash flow keeps up with sales
11.1% vs 9.0% · OCF CAGR ≥ 0.9× revenue CAGR
Profitability
4/6
- pass
Net margin
14.6% · ≥ 8%
- pass
Operating margin
20.0% · ≥ 10%
- na
Gross margin stable or rising
— · no drop > 2 pts over 3y
- fail
Return on equity
9.5% · ≥ 12%
- pass
Cash ROIC
27.6% · ≥ 12%
- fail
FCF margin
-4.3% · ≥ 5%
- pass
Earnings back their cash
OCF $3.9B vs NI $1.4B · 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
$14.2B · equity > 0 and grew over ~5y
- fail
Interest burden
29% · interest ≤ 15% of operating income
Capital Allocation
0/2
- fail
Share count flat or shrinking
5.2% · ≤ +0.5%/yr over ~5y
- na
Stock comp restrained
— · SBC ≤ 15% of FCF
- na
Distributions funded by FCF
— · dividends + buybacks ≤ 100% of FCF
- fail
Repurchases are a habit
0 of 10 · buybacks in ≥ 5 of last 10 years
Valuation Discipline
0/3
- fail
FCF yield
-0.4% · ≥ 3%
- fail
Earnings multiple
77.9 · P/E ≤ 25
- na
Price asks less than history delivered
— · implied FCF growth ≤ historical FCF CAGR
- fail
Shareholder yield
1.8% · dividends + buybacks ≥ 2% of market cap
Red flags
Mechanical checks — a flag is a question to investigate, not a verdict
Negative free cash flow
Operating cash flow did not cover capital expenditures in the latest fiscal year.
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 | 9,217 | — | 1,848 | 1,350 | 13.76 | 3,911 | 4,311 | -400 | 1,856 | — | 498 | 1,727 | — | 14,156 | 98 |
| 2024 | 8,748 | — | 1,328 | 815 | 8.50 | 3,249 | 3,066 | 183 | 1,643 | — | 462 | 3,081 | 15,334 | 13,528 | 96 |
| 2023 | 8,188 | — | 1,443 | 969 | 10.31 | 3,217 | 2,781 | 436 | 1,375 | — | 407 | 2,096 | 13,841 | 12,489 | 94 |
| 2022 | 7,263 | — | 1,200 | 705 | 7.67 | 2,963 | 2,278 | 685 | 1,152 | — | 404 | 1,906 | 12,881 | 11,506 | 92 |
| 2021 | 6,636 | — | 1,108 | 500 | 5.53 | 2,547 | 2,752 | -204 | 1,043 | — | 364 | 1,536 | 11,722 | 10,882 | 90 |
| 2020 | 5,999 | — | 1,053 | 370 | 4.18 | 2,310 | 2,283 | 27 | 948 | — | 295 | 1,605 | 10,634 | 10,634 | 88 |
| 2019 | 5,562 | — | 1,170 | 507 | 5.99 | 1,993 | 2,080 | -87 | 836 | — | 237 | 1,870 | 10,401 | 8,841 | 85 |
| 2018 | 5,072 | — | 977 | 365 | 4.56 | 1,815 | 2,096 | -281 | 739 | — | 181 | 606 | 9,891 | 7,219 | 80 |
| 2017 | 4,368 | — | 809 | 233 | 3.00 | 1,439 | 1,379 | 61 | 621 | — | 176 | 1,413 | 8,470 | 6,850 | 78 |
| 2016 | 3,612 | — | 619 | 127 | 1.79 | 1,019 | 1,113 | -94 | 499 | 0 | 156 | 748 | 5,310 | 4,366 | 71 |
| 2015 | 2,726 | — | 567 | 188 | 3.21 | 895 | 868 | 27 | 521 | 0 | 132 | 2,229 | 5,246 | 2,745 | 58 |
| 2014 | 2,444 | — | 509 | -260 | -4.96 | 689 | 660 | 29 | 83 | 298 | 118 | 611 | 3,504 | 2,270 | 52 |
| 2013 | 2,153 | — | 461 | 95 | 1.89 | 605 | 572 | 32 | — | 49 | 103 | 262 | 3,273 | 2,459 | 50 |
| 2012 | 1,887 | — | 393 | 140 | 2.83 | 632 | 1,099 | -467 | — | 13 | 83 | 252 | 2,450 | 2,313 | 52 |
| 2011 | 1,566 | — | 306 | 95 | 1.74 | 587 | 28 | 559 | — | 87 | 72 | 279 | 2,697 | 1,936 | 48 |
| 2010 | 1,196 | — | 194 | 37 | 0.82 | 393 | 15 | 378 | — | — | 67 | 443 | — | 1,864 | 45 |
| 2009 | 883 | — | 181 | 69 | 1.75 | 355 | — | 355 | — | — | 53 | 346 | — | 1,182 | 40 |
| 2008 | 705 | — | 73 | 108 | 2.79 | 268 | — | 268 | — | — | 55 | 220 | — | 917 | 42 |
Some concepts are structurally absent for certain industries (banks report no gross profit or capex). Missing ≠ zero.