A Business at a Glance
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DIGITAL REALTY TRUST, INC.
DLR
$70.5B
Mkt Cap
$199.08
+11.01%
DIGITAL REALTY TRUST, INC. (DLR) has a current P/E ratio of 55.6, compared to its historical median P/E of 43.9. The stock is currently considered Fair based on its historical valuation range.
DIGITAL REALTY TRUST, INC. (DLR) has a 5-year average return on invested capital (ROIC) of 2.6%. This is below average and may indicate limited pricing power.
DIGITAL REALTY TRUST, INC. (DLR) has a market capitalization of $69.5B. It is classified as a large-cap stock.
Yes, DIGITAL REALTY TRUST, INC. (DLR) pays a dividend with a trailing twelve-month yield of 2.52%.
Based on historical P/E analysis, DIGITAL REALTY TRUST, INC. (DLR) appears fair. The current P/E of 55.6 is 27% above its historical median of 43.9. The estimated fair value CAGR (P/E method) is 7.2%.
DIGITAL REALTY TRUST, INC. (DLR) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
DIGITAL REALTY TRUST, INC. (DLR) reported annual revenue of $6.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
Digital Realty Trust is a leading global provider of data center, colocation, and interconnection solutions operating through a REIT structure with a portfolio of 310 data centers (including 89 held as investments in unconsolidated entities) spanning 55+ metros across 6 continents, with approximately 57.6 million rentable square feet and ~2.9 GW of in-place IT capacity. The company earns revenue through a diversified product suite delivered via PlatformDIGITAL®, including colocation services (ranging from single cabinets to multi-megawatt deployments), interconnection and connectivity solutions (ServiceFabric® offering 305+ cloud on-ramps), Powered Base Building® for customers building their own infrastructure, and Critical Facilities Management® services, with customers spanning cloud service providers, enterprises, IT service firms, social media companies, content providers, and financial services. The business model is characterized by long-term lease contracts (typically 2–5 years for smaller deployments), high occupancy levels (84.7% leased as of December 31, 2025), strong renewal spreads (6.7% cash basis for full year 2025), and modest customer churn, supported by the strategic location of facilities at major telecommunications aggregation points and the formation of densely connected data communities that are difficult to replicate. Digital Realty's competitive moat derives from its global scale, network density, interconnection infrastructure, and presence in tier-one metropolitan areas with high concentrations of connected end-users and technology companies, combined with significant land and power capacity (over 3,500 MW of additional developable capacity including over 1,000 MW in Northern Virginia) that enables it to serve large-scale customer deployments while maintaining connectivity to core cloud and connectivity networks. The company maintains a geographically diversified footprint with 118 data centers in the United States, 113 in Europe, 36 in Latin America, 16 in Africa, 18 in Asia, 6 in Australia, and 3 in Canada, and has expanded through strategic acquisitions including a majority stake in Teraco, South Africa's largest data center platform, and recent market entries in Milan, Sofia, and Cyberjaya.
【Strong AI-driven demand momentum】 Management expects continued robust demand for data center infrastructure driven by artificial intelligence workloads, cloud adoption, and enterprise digital transformation, with inference expected to scale significantly in 2026 and AI-specific services growing faster than overall cloud demand as generative and inference workloads become embedded in business processes. The company is positioned to benefit from constrained supply across global markets due to power availability, zoning restrictions, and NIMBYism, which management believes will support rational pricing and sustained demand growth, with expectations for demand to increase 2.5–3x over the next five years. Digital Realty is executing disciplined capital allocation while maintaining significant dry powder and private capital partnerships to fund hyperscale development, with a 6 GW development pipeline (61% pre-leased at 11.4% average expected yield) and plans to continue recycling capital through $500 million–$1 billion of dispositions and JV capital in 2026. Management remains focused on extending its runway for long-term growth through organic capacity expansion in tier-one markets, strategic land acquisitions adjacent to connected campuses, and leveraging its comprehensive funding model to support customers' sizable and growing data center infrastructure requirements.
| Metric | Target | Period |
|---|---|---|
| Core FFO per share | $8.00–$8.10 | FY2026 |
| Core FFO per share growth | 9% at midpoint | FY2026 |
| Cash renewal spreads | 6.5%–8.5% | FY2026 |
| Tower-based occupancy improvement | 50–100 basis points | FY2026 |
| Same-Capital Cash NOI growth | 4%–5% | FY2026 |
| Dispositions and JV capital | $500 million–$1 billion | FY2026 |
Core FFO per share (FY2026): “We are raising our 2026 Core FFO per share guidance range by $0.10 - $8-$8.10 per share, principally reflecting better than expected execution across our data center portfolio early in the year.”
Core FFO per share growth (FY2026): “The midpoint of the updated guide represents 9% growth over 2025, reflecting the underlying strength in our 0-1 MW+ interconnection business, balanced by the continued ramp in our investment spending that is geared towards supporting our hyperscale customers and extending our runway for growth.”
Cash renewal spreads (FY2026): “We also expect cash renewal spreads of 6.5%-8.5%, up 50 basis points from last quarter.”
Tower-based occupancy improvement (FY2026): “Tower-based occupancy is still expected to improve by 50 basis points-100 basis points from year-end 2025.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 6.3B | 6.1B | 5.6B | 5.5B | 4.7B | 4.4B |
| Net Income | 1.3B | 1.3B | 562M | 908M | 337M | 1.7B |
| EPS | $3.91 | $3.58 | $1,668.76 | $2.88 | $1.11 | $5.94 |
| Free Cash Flow | 0 | 2.4B | 2.3B | 1.6B | 1.7B | 1.7B |
| ROIC | 1.9% | 2.8% | 2.1% | 2.3% | 2.5% | 3.2% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 0.69 | 0.19 | 0.18 | 0.14 | 0.28 | 0.12 |
| Dividends/Share | $5.02 | $4.88 | $4,851.66 | $4.82 | $4.78 | $4.87 |
| Operating Income | 731M | 658M | 472M | 524M | 590M | 694M |
| Operating Margin | 11.5% | 10.8% | 8.5% | 9.6% | 12.6% | 15.7% |
| ROE | 5.7% | 5.7% | 2.8% | 4.9% | 1.9% | 9.4% |
| Shares Outstanding | 349M | 354M | 0M | 315M | 304M | 283M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 1.6B | 1.8B | 2.1B | 2.5B | 3.0B | 3.2B | 3.9B | 4.4B | 4.7B | 5.5B | 5.6B | 6.1B | 6.3B |
| Gross Margin | 4.7% | 5.3% | 4.4% | 4.2% | 4.6% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 93M | 106M | 153M | 161M | 164M | 211M | 351M | 401M | 422M | 449M | 480M | 565M | 597M |
| EBIT | 259M | 402M | 497M | 451M | 550M | 594M | 558M | 694M | 590M | 524M | 472M | 658M | 731M |
| Op. Margin | 16.0% | 22.8% | 23.2% | 18.4% | 18.0% | 18.5% | 14.3% | 15.7% | 12.6% | 9.6% | 8.5% | 10.8% | 11.5% |
| Net Income | 133M | 217M | 332M | 173M | 250M | 493M | 263M | 1.7B | 337M | 908M | 562M | 1.3B | 1.3B |
| Net Margin | 8.2% | 12.3% | 15.5% | 7.0% | 8.2% | 15.4% | 6.7% | 38.0% | 7.2% | 16.6% | 10.1% | 20.7% | 21.1% |
| Non-Recurring | 19M | 170M | 170M | 43M | 83M | 268M | 317M | 1.4B | 180M | 1.0B | 787M | 1.1B | 1.1B |
| Returns on Capital | |||||||||||||
| ROIC | 4.6% | 5.3% | 6.9% | 4.7% | 4.6% | 4.9% | 2.9% | 3.2% | 2.5% | 2.3% | 2.1% | 2.8% | 1.9% |
| ROE | 3.5% | 5.2% | 6.9% | 2.2% | 2.5% | 5.0% | 1.9% | 9.4% | 1.9% | 4.9% | 2.8% | 5.7% | 5.7% |
| ROA | 1.4% | 2.1% | 2.8% | 1.0% | 1.1% | 2.1% | 0.9% | 4.6% | 0.9% | 2.1% | 1.3% | 2.7% | 2.7% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 656M | 797M | 911M | 1.0B | 1.4B | 1.5B | 1.7B | 1.7B | 1.7B | 1.6B | 2.3B | 2.4B | 2.5B |
| Free Cash Flow | 632M | 698M | 38M | 608M | 975M | 1.5B | 1.7B | 1.7B | 1.7B | 1.6B | 2.3B | 2.4B | 0 |
| Owner Earnings | 112M | 222M | 212M | 181M | 193M | 350M | 332M | 199M | 81M | -60M | 490M | 517M | 568M |
| CapEx | 24M | 99M | 873M | 416M | 411M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Maint. CapEx | 539M | 571M | 699M | 842M | 1.2B | 1.2B | 1.4B | 1.5B | 1.6B | 1.7B | 1.8B | 1.9B | 2.0B |
| Growth CapEx | 0 | 0 | 174M | 0 | 0 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0 |
| D&A | 539M | 571M | 699M | 842M | 1.2B | 1.2B | 1.4B | 1.5B | 1.6B | 1.7B | 1.8B | 1.9B | 2.0B |
| CapEx/OCF | 3.7% | 12.4% | 95.8% | 40.6% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 442M | 469M | 522M | 646M | 849M | 922M | 1.2B | 1.4B | 1.5B | 1.5B | 1.6B | 1.7B | 1.8B |
| Dividend Yield | 8.5% | 7.2% | 5.2% | 4.4% | 4.8% | 4.6% | 3.8% | 3.8% | 4.3% | 4.6% | 3304.2% | 3.0% | 2.5% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 5.4M | 4.7M | 0 | 0 | 5.1M | 0 | 8.6M | 17M | 170K | 171K | 155K | 165K | 26M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 | 1.9B | 2.9B | 991M | 1.0B | 112M | 2.1B | 2.5B | 2.5B |
| Balance Sheet | |||||||||||||
| Net Debt | 2.8B | 3.7B | 665M | 2.3B | 1.0B | 2.8B | 3.4B | 2.1B | 4.8B | 1.1B | -25M | 936M | 13.6B |
| Cash & Equiv. | 35M | 57M | 11M | 51K | 127M | 90M | 109M | 143M | 142M | 1.6B | 3.9B | 3.5B | 2.4B |
| Long-Term Debt | 16M | 18M | 676M | 2.3B | 1.2B | 2.9B | 3.6B | 1.8B | 2.8B | 869M | 2.2B | 3.5B | 39M |
| Debt/Equity | 0.72 | 0.82 | 0.13 | 0.22 | 0.12 | 0.29 | 0.20 | 0.12 | 0.28 | 0.14 | 0.18 | 0.19 | 0.69 |
| Interest Coverage | 1.4 | 2.0 | 2.1 | 1.7 | 1.7 | 1.7 | 1.7 | 2.4 | 2.0 | 1.2 | 1.0 | 1.5 | 1.6 |
| Equity | 3.9B | 4.5B | 5.1B | 10.3B | 9.9B | 9.9B | 17.7B | 18.0B | 17.6B | 19.1B | 21.3B | 22.9B | 23.4B |
| Total Assets | 9.5B | 11.4B | 12.2B | 21.4B | 23.8B | 23.1B | 36.1B | 36.4B | 41.5B | 44.1B | 45.3B | 49.4B | 48.9B |
| Total Liabilities | 5.6B | 6.9B | 7.1B | 10.3B | 12.9B | 12.4B | 17.6B | 17.8B | 21.9B | 23.1B | 22.1B | 24.6B | 23.5B |
| Intangibles | 228M | N/A | N/A | N/A | N/A | N/A | N/A | 0 | 0 | 0 | 1.9B | 1.8B | 1.7B |
| Retained Earnings | -1.1B | -1.4B | -1.5B | -2.1B | -2.6B | -3.0B | -4.0B | -3.6B | -4.7B | -5.3B | -6.3B | -6.7B | -6.9B |
| Working Capital | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Current Liabilities | 606M | 608M | 825M | 980M | 1.2B | 1.0B | 1.4B | 1.5B | 1.9B | 2.2B | 2.1B | 2.6B | 2.4B |
| Per Share Data | |||||||||||||
| EPS | 0.99 | 1.56 | 2.20 | 0.99 | 1.21 | 2.35 | 1.00 | 5.94 | 1.11 | 2.88 | 1,668.76 | 3.58 | 3.91 |
| Owner EPS | 0.84 | 1.59 | 1.40 | 1.03 | 0.94 | 1.67 | 1.26 | 0.70 | 0.27 | -0.19 | 1,454.16 | 1.46 | 1.63 |
| Book Value | 28.93 | 32.31 | 33.76 | 59.17 | 47.73 | 47.09 | 67.28 | 63.60 | 57.92 | 60.63 | 63,392.90 | 64.73 | 66.97 |
| Cash Flow/Share | 4.89 | 5.72 | 6.04 | 5.85 | 6.71 | 7.22 | 6.48 | 6.01 | 5.47 | 5.18 | 6,717.85 | 6.81 | 9.42 |
| Dividends/Share | 3.29 | 3.36 | 3.46 | 3.70 | 4.11 | 4.39 | 4.42 | 4.87 | 4.78 | 4.82 | 4,851.66 | 4.88 | 5.02 |
| Shares Out. | 134.1M | 139.3M | 150.9M | 174.9M | 206.6M | 209.8M | 263.3M | 283.1M | 303.6M | 315.3M | 0.3M | 354.2M | 348.9M |
| Valuation | |||||||||||||
| P/E Ratio | 45.2 | 34.4 | 32.0 | 87.2 | 68.8 | 40.9 | 116.6 | 25.5 | 80.8 | 44.5 | 107.3 | 43.3 | 50.9 |
| P/FCF | 9.5 | 10.7 | 279.8 | 24.9 | 17.7 | 13.3 | 18.0 | 25.2 | 16.4 | 24.7 | 0.0 | 22.8 | N/A |
| EV/EBIT | 37.5 | 30.0 | 32.6 | 51.2 | N/A | 49.2 | 77.1 | 80.6 | 50.7 | 77.2 | 115.6 | 74.9 | 113.7 |
| Price/Book | 1.5 | 1.7 | 2.1 | 1.5 | 1.6 | 2.0 | 1.7 | 2.4 | 1.5 | 2.1 | 2.8 | 2.4 | 3.0 |
| Price/Sales | 3.2 | 3.7 | 4.7 | 6.0 | 5.8 | 6.2 | 7.8 | 8.2 | 7.3 | 6.0 | 9.2 | 9.4 | 11.0 |
| FCF Yield | 10.5% | 9.3% | 0.4% | 4.0% | 5.7% | 7.5% | 5.6% | 4.0% | 6.1% | 4.0% | 3.8% | 4.4% | N/A |
| Market Cap | 6.0B | 7.5B | 10.6B | 15.1B | 17.2B | 20.2B | 30.7B | 42.9B | 27.2B | 40.4B | 60.3B | 54.9B | 69.5B |
| Avg. Price | 38.76 | 46.46 | 66.44 | 84.08 | 85.04 | 94.80 | 115.86 | 128.99 | 112.27 | 104.85 | 146.83 | 162.75 | 199.08 |
| Year-End Price | 44.79 | 53.72 | 70.36 | 86.35 | 83.29 | 96.21 | 116.58 | 151.57 | 89.67 | 128.04 | 172.81 | 155.01 | 199.08 |
DIGITAL REALTY TRUST, INC. passes 3 of 9 quality checks, indicating weak fundamentals.
DIGITAL REALTY TRUST, INC. trades at 55.6x trailing earnings, compared to its 15-year median P/E of 43.9x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 29.2x vs a median of 18.0x. The company's 5-year average ROIC is 2.6%. Total shareholder yield (dividends) is 2.5%. At current prices, the estimated annualized return to fair value is -2.0%.
DIGITAL REALTY TRUST, INC. (DLR) has a net profit margin of 20.7%. This is a strong margin indicating high profitability.
DIGITAL REALTY TRUST, INC. (DLR) generated $2.4 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
DIGITAL REALTY TRUST, INC. (DLR) has a debt-to-equity ratio of 0.19. This indicates a conservatively financed balance sheet.
DIGITAL REALTY TRUST, INC. (DLR) reported earnings per share (EPS) of $3.58 in its most recent fiscal year.
DIGITAL REALTY TRUST, INC. (DLR) has a return on equity (ROE) of 5.7%. This indicates moderate shareholder returns.
The Ledger Terminal provides 17 years of financial data for DIGITAL REALTY TRUST, INC. (DLR), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
DIGITAL REALTY TRUST, INC. (DLR) has a book value per share of $64.73, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued robust demand for data center infrastructure driven by artificial intelligence workloads, cloud adoption, and enterprise digital transformation, with inference expected to scale significantly in 2026 and AI-specific services growing faster than overall cloud demand as generative and inference workloads become embedded in business processes. The company is positioned to benefit from constrained supply across global markets due to power availability, zoning restrictions, and NIMBYism, which management believes will support rational pricing and sustained demand growth, with expectations for demand to increase 2.5–3x over the next five years. Digital Realty is executing disciplined capital allocation while maintaining significant dry powder and private capital partnerships to fund hyperscale development, with a 6 GW development pipeline (61% pre-leased at 11.4% average expected yield) and plans to continue recycling capital through $500 million–$1 billion of dispositions and JV capital in 2026. Management remains focused on extending its runway for long-term growth through organic capacity expansion in tier-one markets, strategic land acquisitions adjacent to connected campuses, and leveraging its comprehensive funding model to support customers' sizable and growing data center infrastructure requirements.
Based on recent SEC filings and earnings calls, DIGITAL REALTY TRUST, INC. (DLR) has provided the following forward guidance: Core FFO per share: $8.00–$8.10 (FY2026); Core FFO per share growth: 9% at midpoint (FY2026); Cash renewal spreads: 6.5%–8.5% (FY2026); Tower-based occupancy improvement: 50–100 basis points (FY2026); Same-Capital Cash NOI growth: 4%–5% (FY2026), plus 1 additional metric.
Same-Capital Cash NOI growth (FY2026): “Same-Capital Cash NOI growth of 4%-5% on a constant currency basis.”
Dispositions and JV capital (FY2026): “We also continue to expect to recycle capital with $500 million-$1 billion of dispositions in JV capital slated for later this year.”