A Business at a Glance
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EQUINIX INC
EQIX
$106.4B
Mkt Cap
$1,084.24
+4.90%
EQUINIX INC (EQIX) has a current P/E ratio of 78.8, compared to its historical median P/E of 75.2. The stock is currently considered Fair based on its historical valuation range.
EQUINIX INC (EQIX) has a 5-year average return on invested capital (ROIC) of 5.1%. This is below average and may indicate limited pricing power.
EQUINIX INC (EQIX) has a market capitalization of $106.9B. It is classified as a large-cap stock.
Yes, EQUINIX INC (EQIX) pays a dividend with a trailing twelve-month yield of 1.78%.
Based on historical P/E analysis, EQUINIX INC (EQIX) appears fair. The current P/E of 78.8 is 5% above its historical median of 75.2. The estimated fair value CAGR (P/E method) is 15.9%.
EQUINIX INC (EQIX) operates in the Real Estate Investment Trusts industry, within the Real Estate sector.
EQUINIX INC (EQIX) reported annual revenue of $9.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
Equinix is a global digital infrastructure company operating as a real estate investment trust (REIT) that provides colocation, interconnection, and hybrid cloud services through a portfolio of 280 data centers across 77 markets in 36 countries. The company operates two primary data center platforms: IBX (International Business Exchange) carrier-neutral colocation facilities serving enterprises, cloud providers, and network service providers, and xScale data centers designed for hyperscale cloud and AI workloads through joint venture partnerships. Equinix's business model is built on recurring revenue from space and power consumption, supplemented by non-recurring fees from large lease transactions, with over 10,500 customers including 2,000+ network service providers and leading cloud-on-ramp market share. The company's competitive advantage stems from its scaled global footprint, hybrid architecture positioning, curated ecosystem of over 500,000 interconnections, and strategic positioning in the AI infrastructure buildout, enabling customers to achieve low-latency, secure connectivity across distributed digital ecosystems. Unit economics are characterized by high-margin recurring revenue streams with mid-20% unlevered cash-on-cash returns on expansion investments, while the business benefits from network effects as customer adjacency drives incremental demand and pricing power in major metropolitan markets.
【AI-driven infrastructure acceleration】 Management expects continued strong momentum driven by AI adoption and distributed infrastructure requirements, with monthly recurring revenue (MRR) growth anticipated at 8%-11% in 2026 reflecting robust bookings conversion and pre-sales activity. The company is executing a "Build Bolder" strategy to accelerate capacity expansion across major metros, with confidence in achieving mid-20% cash-on-cash returns on investments while maintaining disciplined pricing commensurate with strong demand dynamics. Capital expenditure is expected to reach approximately $4.1 billion in 2026 to support growth, with management targeting improved Adjusted EBITDA margins of approximately 51% through operating leverage while absorbing expansion-related costs. The xScale joint venture platform is expected to contribute meaningfully to non-recurring revenue over the next several years as the company executes its hyperscale customer strategy, with management noting a healthy leasing pipeline and confidence in the ability to raise capital efficiently across multiple markets to fund growth.
| Metric | Target | Period |
|---|---|---|
| Total Revenue Growth | 10%-11% | FY2026 |
| Monthly Recurring Revenue (MRR) Growth | 8%-10% | FY2026 |
| Adjusted EBITDA Margin | approximately 51% | FY2026 |
| AFFO Per Share Growth | 9%-11% | FY2026 |
| Capital Expenditures | $4.1 billion | FY2026 |
| Cash Dividend Per Share | 10% increase | FY2026 |
Total Revenue Growth (FY2026): “For the full year, we're raising total revenue guidance by $21 million based on our Q1 outperformance, improving expected total revenue growth range by 100 basis points to 10%-11%.”
Monthly Recurring Revenue (MRR) Growth (FY2026): “We expect our monthly recurring revenues to grow 8%-10%, driven by strong 2025 bookings performance, including pre-sales momentum.”
Adjusted EBITDA Margin (FY2026): “We expect 2026 Adjusted EBITDA margins to be approximately 51%, an expected 200 basis point improvement over 2025, reflecting anticipated revenue growth and focused expense management.”
AFFO Per Share Growth (FY2026): “This corresponds to a similar 100 basis point improvement in our expected AFFO per share growth range to 9%-11%.”
Capital Expenditures (FY2026): “Excluding xScale and land acquisitions, we now expect total capital expenditures to approximate the top end of our prior range at $4.1 billion, including $280 million-$300 million of recurring spend and approximately $3.8 billion of non-recurring spend.”
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 | 9.4B | 9.2B | 8.7B | 8.2B | 7.3B | 6.6B |
| Net Income | 1.4B | 1.4B | 815M | 969M | 705M | 500M |
| EPS | $14.48 | $13.76 | $8.50 | $10.31 | $7.67 | $5.53 |
| Free Cash Flow | -998M | -400M | 183M | 436M | 685M | -204M |
| ROIC | 5.6% | 7.4% | 4.2% | 5.0% | 4.5% | 4.3% |
| Gross Margin | - | 28.8% | 26.0% | 25.8% | 24.4% | 22.7% |
| Debt/Equity | 1.40 | 0.50 | 1.33 | 1.31 | 1.26 | 1.21 |
| Dividends/Share | $19.34 | $18.76 | $17.04 | $14.49 | $12.40 | $11.48 |
| Operating Income | 2.0B | 1.8B | 1.3B | 1.4B | 1.2B | 1.1B |
| Operating Margin | 20.8% | 20.0% | 15.2% | 17.6% | 16.5% | 16.7% |
| ROE | 9.9% | 9.8% | 6.3% | 8.1% | 6.3% | 4.6% |
| Shares Outstanding | 99M | 98M | 96M | 94M | 92M | 90M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 2.4B | 2.7B | 3.6B | 4.4B | 5.1B | 5.6B | 6.0B | 6.6B | 7.3B | 8.2B | 8.7B | 9.2B | 9.4B |
| Gross Margin | 31.3% | 33.3% | 26.4% | 25.9% | 24.4% | 26.4% | 25.0% | 22.7% | 24.4% | 25.8% | 26.0% | 28.8% | 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 | 438M | 493M | 695M | 746M | 827M | 935M | 1.1B | 1.3B | 1.5B | 1.7B | 1.8B | 1.8B | 1.8B |
| EBIT | 509M | 567M | 619M | 809M | 977M | 1.2B | 1.1B | 1.1B | 1.2B | 1.4B | 1.3B | 1.8B | 2.0B |
| Op. Margin | 20.8% | 20.8% | 17.1% | 18.5% | 19.3% | 21.0% | 17.6% | 16.7% | 16.5% | 17.6% | 15.2% | 20.0% | 20.8% |
| Net Income | -260M | 188M | 127M | 233M | 365M | 507M | 370M | 500M | 705M | 969M | 815M | 1.4B | 1.4B |
| Net Margin | -10.6% | 6.9% | 3.5% | 5.3% | 7.2% | 9.1% | 6.2% | 7.5% | 9.7% | 11.8% | 9.3% | 14.6% | 15.1% |
| Non-Recurring | 0 | 0 | 41M | 0 | 6.0M | 44M | 1.3M | 11M | -4.0M | 5.0M | 49M | 102M | 29M |
| Returns on Capital | |||||||||||||
| ROIC | 6.3% | 9.6% | 6.0% | 5.8% | 5.4% | 4.8% | 3.9% | 4.3% | 4.5% | 5.0% | 4.2% | 7.4% | 5.6% |
| ROE | -11.0% | 7.5% | 3.6% | 4.2% | 5.2% | 6.3% | 3.8% | 4.6% | 6.3% | 8.1% | 6.3% | 9.8% | 9.9% |
| ROA | -3.4% | 2.1% | 1.1% | 1.5% | 1.9% | 2.3% | 1.5% | 1.8% | 2.4% | 3.1% | 2.4% | 3.6% | 3.5% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 689M | 895M | 1.0B | 1.4B | 1.8B | 2.0B | 2.3B | 2.5B | 3.0B | 3.2B | 3.2B | 3.9B | 3.8B |
| Free Cash Flow | 29M | 27M | -94M | 61M | -281M | -87M | 27M | -204M | 685M | 436M | 183M | -400M | -998M |
| Owner Earnings | 90M | 237M | 27M | 221M | 407M | 471M | 592M | 527M | 822M | 965M | 778M | 1.4B | 1.2B |
| CapEx | 660M | 868M | 1.1B | 1.4B | 2.1B | 2.1B | 2.3B | 2.8B | 2.3B | 2.8B | 3.1B | 4.3B | 4.8B |
| Maint. CapEx | 482M | 526M | 837M | 1.0B | 1.2B | 1.3B | 1.4B | 1.7B | 1.7B | 1.8B | 2.0B | 2.0B | 2.1B |
| Growth CapEx | 179M | 343M | 276M | 336M | 869M | 795M | 859M | 1.1B | 541M | 936M | 1.1B | 2.3B | 2.7B |
| D&A | 482M | 526M | 837M | 1.0B | 1.2B | 1.3B | 1.4B | 1.7B | 1.7B | 1.8B | 2.0B | 2.0B | 2.1B |
| CapEx/OCF | 95.8% | 97.0% | 109.2% | 95.8% | 115.5% | 104.4% | 98.8% | 108.0% | 76.9% | 86.4% | 94.4% | 110.2% | 126.1% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 83M | 521M | 499M | 621M | 739M | 836M | 948M | 1.0B | 1.2B | 1.4B | 1.6B | 1.9B | 1.9B |
| Dividend Yield | 1.1% | 4.3% | 2.5% | 2.2% | 2.6% | 2.3% | 1.7% | 1.7% | 2.0% | 2.1% | 2.1% | 2.3% | 1.8% |
| Share Buybacks | 298M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | 3.2% | 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 | 118M | 132M | 156M | 176M | 181M | 237M | 295M | 364M | 404M | 407M | 462M | 498M | 513M |
| Debt Repayment | 153M | 715M | 1.5B | 2.3B | 447M | 73M | 112M | 99M | 0 | 0 | 23M | 0 | 0 |
| Balance Sheet | |||||||||||||
| Net Debt | 2.4B | 3.2B | 4.6B | 7.0B | 9.3B | 10.1B | 10.6B | 11.6B | 12.5B | 14.2B | 14.4B | 3.8B | 16.9B |
| Cash & Equiv. | 611M | 2.2B | 748M | 1.4B | 606M | 1.9B | 1.6B | 1.5B | 1.9B | 2.1B | 3.1B | 1.7B | 3.1B |
| Long-Term Debt | 3.5B | 5.2B | 5.3B | 8.5B | 9.9B | 10.4B | 10.6B | 11.7B | 12.9B | 13.8B | 15.3B | 4.3B | 19.8B |
| Debt/Equity | 1.54 | 1.96 | 1.22 | 1.24 | 1.37 | 1.35 | 1.15 | 1.21 | 1.26 | 1.31 | 1.33 | 0.50 | 1.40 |
| Interest Coverage | 1.9 | 1.9 | 1.6 | 1.7 | 1.9 | 2.4 | 2.6 | 3.3 | 3.4 | 3.6 | 2.9 | 3.5 | 16.4 |
| Equity | 2.3B | 2.7B | 4.4B | 6.8B | 7.2B | 8.8B | 10.6B | 10.9B | 11.5B | 12.5B | 13.5B | 14.2B | 14.3B |
| Total Assets | 7.8B | 10.4B | 12.6B | 18.7B | 20.2B | 24.0B | 27.0B | 27.9B | 30.3B | 32.7B | 35.1B | 40.1B | 40.9B |
| Total Liabilities | 5.5B | 7.6B | 8.2B | 11.8B | 13.0B | 15.1B | 16.4B | 17.0B | 18.8B | 20.1B | 21.5B | 26.0B | 26.6B |
| Intangibles | 148M | 225M | 719M | 2.4B | 2.3B | 2.1B | 2.2B | 1.9B | 1.9B | 1.7B | 1.4B | 1.3B | 1.3B |
| Retained Earnings | -296M | -108M | 19M | 253M | 890M | 1.4B | 1.8B | 2.3B | 3.0B | 3.9B | 4.7B | 6.1B | 6.5B |
| Working Capital | 847M | 1.6B | 439M | 1.0B | 611K | 715M | 584M | 1.4B | 1.5B | 406M | 2.1B | 1.2B | 808M |
| Current Assets | 1.5B | 3.3B | 1.5B | 2.2B | 1.5B | 2.9B | 2.6B | 3.0B | 3.3B | 3.6B | 5.4B | 5.1B | 5.3B |
| Current Liabilities | 644M | 1.7B | 1.0B | 1.2B | 1.5B | 2.2B | 2.0B | 1.6B | 1.8B | 3.2B | 3.3B | 3.9B | 4.5B |
| Per Share Data | |||||||||||||
| EPS | -4.96 | 3.21 | 1.79 | 3.00 | 4.56 | 5.99 | 4.18 | 5.53 | 7.67 | 10.31 | 8.50 | 13.76 | 14.48 |
| Owner EPS | 1.71 | 4.05 | 0.38 | 2.85 | 5.08 | 5.56 | 6.69 | 5.83 | 8.94 | 10.27 | 8.11 | 13.89 | 12.11 |
| Book Value | 43.38 | 46.93 | 61.63 | 88.20 | 90.10 | 104.36 | 120.21 | 120.31 | 125.18 | 132.88 | 141.09 | 144.29 | 144.98 |
| Cash Flow/Share | 13.17 | 15.30 | 14.39 | 18.53 | 22.66 | 23.52 | 26.11 | 28.16 | 32.24 | 34.23 | 33.89 | 39.86 | 35.83 |
| Dividends/Share | 1.59 | 8.91 | 7.00 | 8.00 | 9.12 | 9.84 | 10.64 | 11.48 | 12.40 | 14.49 | 17.04 | 18.76 | 19.34 |
| Shares Out. | 52.3M | 58.5M | 70.8M | 77.7M | 80.1M | 84.7M | 88.5M | 90.5M | 91.9M | 94.0M | 95.9M | 98.1M | 98.6M |
| Valuation | |||||||||||||
| P/E Ratio | N/A | 76.8 | 165.4 | 129.3 | 67.5 | 86.5 | 153.4 | 139.0 | 79.5 | 75.2 | 107.8 | 55.2 | 74.9 |
| P/FCF | 320.2 | 540.2 | N/A | 498.0 | N/A | N/A | N/A | N/A | 81.8 | 167.2 | 480.2 | N/A | N/A |
| EV/EBIT | 23.0 | 31.0 | 41.3 | 45.9 | 34.7 | 44.9 | 62.6 | 72.1 | 45.5 | 50.7 | 65.3 | 39.9 | 63.0 |
| Price/Book | 4.1 | 5.3 | 4.8 | 4.4 | 3.4 | 5.0 | 5.3 | 6.4 | 4.9 | 5.8 | 6.5 | 5.3 | 7.5 |
| Price/Sales | 3.2 | 4.4 | 5.6 | 6.4 | 5.6 | 6.7 | 9.2 | 9.5 | 7.9 | 8.0 | 8.8 | 8.7 | 11.3 |
| FCF Yield | 0.3% | 0.2% | -0.4% | 0.2% | -1.1% | -0.2% | 0.0% | -0.3% | 1.2% | 0.6% | 0.2% | -0.5% | -0.9% |
| Market Cap | 9.4B | 14.4B | 21.0B | 30.1B | 24.7B | 43.9B | 56.7B | 69.5B | 56.0B | 72.9B | 87.9B | 74.5B | 106.9B |
| Avg. Price | 150.25 | 205.57 | 284.21 | 361.60 | 356.52 | 437.27 | 622.16 | 696.28 | 622.80 | 701.22 | 802.92 | 813.73 | 1,084.24 |
| Year-End Price | 178.79 | 246.61 | 296.14 | 388.05 | 307.80 | 518.26 | 641.23 | 768.73 | 609.67 | 775.76 | 916.53 | 759.16 | 1,084.24 |
EQUINIX INC passes 4 of 9 quality checks, suggesting mixed fundamentals.
EQUINIX INC trades at 78.8x trailing earnings, compared to its 15-year median P/E of 75.2x, suggesting it is currently Fair relative to its historical range. The company's 5-year average ROIC is 5.1% with a gross margin of 25.6%. Total shareholder yield (dividends) is 1.8%. At current prices, the estimated annualized return to fair value is +63.4%.
EQUINIX INC (EQIX) has a net profit margin of 14.6%. This is a healthy margin.
EQUINIX INC (EQIX) generated $-400 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
EQUINIX INC (EQIX) has a debt-to-equity ratio of 0.50. This indicates a conservatively financed balance sheet.
EQUINIX INC (EQIX) reported earnings per share (EPS) of $13.76 in its most recent fiscal year.
EQUINIX INC (EQIX) has a return on equity (ROE) of 9.8%. This indicates moderate shareholder returns.
EQUINIX INC (EQIX) has a 5-year average gross margin of 25.6%. This lower margin is typical of capital-intensive or commodity businesses.
The Ledger Terminal provides 18 years of financial data for EQUINIX INC (EQIX), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
EQUINIX INC (EQIX) has a book value per share of $144.29, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued strong momentum driven by AI adoption and distributed infrastructure requirements, with monthly recurring revenue (MRR) growth anticipated at 8%-11% in 2026 reflecting robust bookings conversion and pre-sales activity. The company is executing a "Build Bolder" strategy to accelerate capacity expansion across major metros, with confidence in achieving mid-20% cash-on-cash returns on investments while maintaining disciplined pricing commensurate with strong demand dynamics. Capital expenditure is expected to reach approximately $4.1 billion in 2026 to support growth, with management targeting improved Adjusted EBITDA margins of approximately 51% through operating leverage while absorbing expansion-related costs. The xScale joint venture platform is expected to contribute meaningfully to non-recurring revenue over the next several years as the company executes its hyperscale customer strategy, with management noting a healthy leasing pipeline and confidence in the ability to raise capital efficiently across multiple markets to fund growth.
Based on recent SEC filings and earnings calls, EQUINIX INC (EQIX) has provided the following forward guidance: Total Revenue Growth: 10%-11% (FY2026); Monthly Recurring Revenue (MRR) Growth: 8%-10% (FY2026); Adjusted EBITDA Margin: approximately 51% (FY2026); AFFO Per Share Growth: 9%-11% (FY2026); Capital Expenditures: $4.1 billion (FY2026), plus 1 additional metric.
Cash Dividend Per Share (FY2026): “we expect our quarterly cash dividend to increase by 10% over 2025 on a per-share basis.”