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EQIX

NASDAQ · USD
Equinix, Inc.
Real Estate · REIT - Specialty
CEO Adaire Rita Fox-Martin Employees 13,716 R&D / revenue 0.0%
Last price
$985.98−1.03%last session
Market cap
$97.3B
P/E (TTM)
63.2x
From 52w high
−12.6%
From 52w low
+36.8%
1-year return
+22.0%
RSI 14 · vs SMA200
38.6 · −1.3%
IS score
70.2/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)

One year, rebased to 100

EQIX   SPY   XLRE (sector ETF) · weekly closes
90100110120130140Jan 26Apr 26Jul 26Oct 26EQIX 122SPY 116XLRE 101

Score DNA

Each bar is a 0-100 score within the scored universe
58
Profitability
64
Growth
31
Value
91
Momentum
80
Risk (safety)
69
Quality
38
Balance sheet
75
Earnings quality

Flags

Strengths
✓ Congress buying
Warnings
▲ Share count rising
Observations
Moat model: Narrow, Switching CostsPiotroski 6 / 9Altman Z 3.0Beta 0.973 of 4 smart-money sources active

Smart-money strip

Each disclosure source on its own window. Filings coinciding is not coordination.
INSForm 4 · 180 days
Insider open-market buys
0
15 open-market sales, $16.9M
Form 144 notices (12m): 61, $66.6M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
2
Last disclosed purchase 2026-08-07
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+72
162 new holders, 74 closed
1,367 filers hold 99.4% · 569 added, 426 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+192
1,376 funds adding shares
1,184 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
49.0%
20-day avg 53.8%, 50-day avg 54.7%
Latest 4.8 pp under its 20-day average · a flow, not short interest

Key financials · FY2025

USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.
Income statement
Revenue$9.3B
Revenue growth YoY+5.9%
Gross margin51.3%
Operating income$1.8B
Operating margin20.0%
Net income$1.4B
Net margin14.6%
EPS (diluted)$13.76
Cash flow
Operating cash flow$3.9B
Capital expenditure$4.3B
Free cash flow−$400.0M
FCF conversion (FCF / OCF)-10.2%
Stock-based compensation$498.0M
FCF less SBC−$898.0M
Buybacks$0
Dividends$1.9B
Balance sheet & returns
Cash & short-term investments$3.2B
Total debt$18.9B
Net debt$15.7B
Shareholders' equity$14.2B
Goodwill & intangibles$7.3B
Debt / equity1.62
ROE (TTM)10.8%
ROIC (TTM)4.9%
Operating margin by fiscal year
16.7%FY202116.5%FY202217.6%FY202315.2%FY202420.0%FY2025
Revenue $6.6B (FY2021) to $9.3B (FY2025), a 8.7% CAGR.

Valuation

P/E (TTM)63.2x
EV / EBITDA26.6x
Price / sales9.90x
Price / FCF71.0x
FCF yield1.41%
Buyback yield0.00%
SBC / revenue5.4%
Price / book6.76x
Forward P/E FY202657.3x
Forward P/E FY202751.9x
Forward P/E FY202847.2x
Forward multiples divide today's price by Street EPS estimates. Street mean target $1,257.50 across 12 analysts last quarter is theirs, not ours.

EQIX vs industry median

28 companies in REIT - Specialty
Gross margin 51.6% 64.8% Operating margin 21.8% 33.7% Net margin 15.6% 25.8% ROIC 4.9% 5.2%
EQIX (TTM)Industry median Asset turnover 0.24 vs industry 0.13 · financial leverage 2.86

Earnings delivery

Next report 2026-10-28 · consensus EPS $4.13
83%
beat rate, 10 of 12 quarters
+4.3%
median EPS surprise
9
longest beat streak
+5+1+3+5+4+188+8+8+6-27-2+2
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-25 to 2026-07-29. Bars cap at ±60%.

Peers

Market-cap band, not the industry cohort above
CompanyMkt capP/EROENet marginRev growth12m return
EQIX Equinix, Inc. $97.3B63.2x10.8%15.6%+5.9% +22.0%
AMT American Tower Corporation $86.3B25.4x90.9%31.6%+6.7% −3.2%
DLR Digital Realty Trust, Inc. $65.3B81.1x3.2%23.6%+18.7% +2.0%
CCI Crown Castle Inc. $35.9B33.3x-46.2%30.5%−23.2% −15.1%
IRM Iron Mountain Incorporated $33.5B80.4x-40.9%5.0%+17.4% +9.9%
SBAC SBA Communications Corporati $19.8B20.1x-20.7%27.8%+5.4% —
LAMR Lamar Advertising Company $15.2B27.3x58.5%26.1%+4.4% —
WY Weyerhaeuser Company $14.1B29.7x5.0%8.7%−1.9% —
12-month window: SPY +15.9%, sector ETF XLRE +0.9%. Past returns describe history only.

Recent 8-K filings

2026-08-06Other Events; Exhibits
2026-07-29Material Agreement; Termination of Agreement; Financial Obligation; Exhibits
2026-07-29Earnings Release; Exhibits
2026-07-14Officer/Director Change; Exhibits
2026-05-15Shareholder Vote; Exhibits
2026-05-07Other Events; Exhibits

Context

Shares outstanding98,671,686
Free float99.6%
Institutional ownership99.4%
Beta0.97
Dividend yield2.05%
Last dividend$5.16 on 2026-08-19
50 / 200-day average$1,039.91 / $999.37
Large-cap Real Estate median P/E26.2x

Full factsheet

The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).

Read it in the browser Download (PDF)

All fundamentals · 140 measures in 13 categories

Percentile = where EQIX sits among 17 scored companies in REIT - Specialty (0 = lowest value, 100 = highest). It is a position, not a grade.
ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)

Valuation

MeasureEQIXIndustry medianIndustry percentileSector median
P/E (TTM) 63.5x 26.5x
77th		 24.1x
PEG (P/E ÷ 3-yr EPS CAGR) 2.93 1.79
75th		 1.55
Price / sales 9.9x 6.9x
100th		 3.7x
Price / book 6.8x 2.1x
69th		 1.3x
Price / tangible book 14.2x 1.6x
100th		 1.6x
Price / free cash flow 29.9x 21.4x
86th		 15.1x
Price / operating cash flow 24.7x 16.8x
81st		 12.3x
Enterprise value $118.4B $19.0B
94th		 $7.5B
EV / sales 12.1x 11.8x
69th		 9.4x
EV / EBITDA 26.4x 18.4x
100th		 15.7x
EV / EBIT 51.4x 29.3x
62nd		 27.2x
EV / free cash flow 36.4x 33.2x
64th		 29.4x
Earnings yield 1.6% 3.3%
38th		 3.2%
FCF yield 3.3% 4.6%
25th		 5.6%
Operating cash flow yield 4.1% 5.9%
19th		 7.9%
Graham number (per share) $224.67 $34.74
100th		 $22.48

Profitability (TTM)

MeasureEQIXIndustry medianIndustry percentileSector median
Gross margin 51.6% 34.9%
62nd		 51.4%
EBITDA margin 45.7% 53.5%
40th		 54.9%
Operating margin 21.8% 24.0%
38th		 29.0%
EBIT margin 23.4% 20.6%
56th		 31.7%
Net margin 15.6% 15.6%
50th		 12.2%
NOPAT margin 19.5% 19.5%
50th		 25.5%
FCF margin 33.1% 28.0%
69th		 21.8%
Operating cash flow margin 40.1% 34.6%
69th		 33.4%
R&D / revenue 0.0% 0.0%
0th		 0.0%
SG&A / revenue 28.4% 7.9%
100th		 6.6%
Stock comp / revenue 5.4% 1.5%
100th		 1.2%
Effective tax rate 10.3% 2.4%
62nd		 1.9%

Returns on capital

MeasureEQIXIndustry medianIndustry percentileSector median
ROE (on average equity) 10.8% 5.5%
58th		 5.3%
ROA 3.8% 3.8%
50th		 1.6%
ROIC 5.4% 5.4%
50th		 3.7%
ROCE 6.2% 6.2%
50th		 4.4%
Return on tangible assets 5.8% 5.8%
50th		 3.8%
Cash ROIC (OCF / invested capital) 11.1% 6.8%
75th		 5.7%
Gross profitability (GP / assets) 12.3% 7.6%
75th		 5.3%
ROIC, 3-yr average 3.9% 4.6%
44th		 2.4%
ROIC, 5-yr average 3.7% 3.9%
36th		 2.6%
ROE, 5-yr average 7.8% 7.9%
45th		 4.4%
Incremental ROIC 56.9% 4.6%
69th		 6.5%

Growth

MeasureEQIXIndustry medianIndustry percentileSector median
Revenue growth (TTM YoY) 9.9% 7.6%
56th		 8.4%
Revenue growth (QoQ) 7.4% 2.5%
62nd		 2.2%
Revenue CAGR, 3 yr 8.3% 3.9%
75th		 5.8%
Revenue CAGR, 5 yr 9.2% 7.4%
60th		 9.5%
Gross profit CAGR, 3 yr 10.5% -3.9%
92nd		 -0.8%
Operating income CAGR, 3 yr 17.1% 5.5%
80th		 3.0%
Net income growth (TTM YoY) 54.2% 46.5%
58th		 21.3%
Net income CAGR, 3 yr 23.9% 12.3%
82nd		 8.5%
EPS growth (TTM YoY) 52.5% 45.7%
58th		 17.6%
EPS CAGR, 3 yr 21.6% 13.2%
73rd		 5.7%
EPS CAGR, 5 yr 32.4% 7.8%
91st		 5.6%
FCF growth (TTM YoY) —
FCF CAGR, 3 yr 93.5% 2.5%
100th		 5.6%
Operating cash flow CAGR, 3 yr 9.6% 8.0%
69th		 3.7%
Book value CAGR, 3 yr 4.2% -2.9%
67th		 -2.0%
Dividend CAGR, 3 yr 1.8% -0.1%
69th		 -1.2%
Sustainable growth rate -3.0% -1.3%
33rd		 -1.4%

Margin history & stability

MeasureEQIXIndustry medianIndustry percentileSector median
Gross margin, 3-yr average 50.2% 59.3%
25th		 59.1%
Operating margin, 3-yr average 18.8% 29.4%
25th		 28.6%
Net margin, 3-yr average 13.0% 13.0%
50th		 12.3%
FCF margin, 3-yr average 12.6% 24.6%
31st		 27.4%
Revenue stability (0-1) 1.00 0.76
94th		 0.82
Earnings stability (0-1) 0.92 0.36
94th		 0.36
Margin stability (0-1) 0.97 0.75
88th		 0.83

Liquidity (latest quarter)

MeasureEQIXIndustry medianIndustry percentileSector median
Cash & short-term investments $2.2B $319.0M
100th		 $141.2M
Net cash (− = net debt) −$21.1B −$4.9B
12th		 −$3.3B
Working capital $502.0M $17.8M
81st		 $19.5M
Current ratio 1.13 1.13
50th		 1.02
Quick ratio 1.13 1.13
50th		 1.02
Cash ratio (cash + ST investments / current liabilities) 0.58 0.58
50th		 0.36
Defensive interval (days) 433 days 673 days
18th		 554 days

Leverage & solvency (latest quarter)

MeasureEQIXIndustry medianIndustry percentileSector median
Total debt $23.4B $5.4B
88th		 $3.5B
Debt / equity 1.62 1.13
62nd		 1.33
Net debt / equity 1.47 1.08
54th		 1.26
Debt / assets 56.9% 58.2%
44th		 51.3%
Debt / capital 61.9% 51.3%
62nd		 57.1%
Debt / EBITDA 5.20 6.98
19th		 6.47
Net debt / EBITDA 4.70 6.15
12th		 6.15
Interest coverage (EBIT / interest) 4.0x 2.4x
88th		 1.5x
Cash interest coverage 6.8x 2.0x
88th		 2.1x
Debt payback (years of OCF) 5.9 yrs 10.6 yrs
12th		 8.9 yrs
Liabilities / assets 65.0% 62.0%
56th		 60.0%
IS credit model rating BBB+ — —
Implied credit spread (bps) 225 650
0th		 650

Efficiency

MeasureEQIXIndustry medianIndustry percentileSector median
Asset turnover 0.25 0.17
62nd		 0.12
Fixed asset turnover 0.37 0.39
31st		 0.90
Inventory turnover —
Receivables turnover 8.2 8.2
50th		 7.6
Days sales outstanding 44 days 26 days
60th		 37 days
Days inventory outstanding —
Days payables outstanding 95 days 23 days
88th		 53 days
Cash conversion cycle (days) −51 days −3 days
12th		 −6 days
Capex / revenue 7.0% 7.0%
50th		 4.4%
Capex / depreciation 0.31 0.45
31st		 0.32
Operating expense ratio 27.8% 23.2%
64th		 30.9%

Cash flow & earnings quality

MeasureEQIXIndustry medianIndustry percentileSector median
Operating cash flow / net income 2.57 1.61
77th		 1.83
FCF / net income 2.12 1.12
85th		 1.43
FCF / operating cash flow 82.6% 81.8%
56th		 82.5%
Capex / operating cash flow 17.4% 18.2%
44th		 17.9%
Accruals ratio -6.0% -2.8%
0th		 -3.1%
Sloan accruals ratio -10.0% -3.8%
6th		 -3.3%
Earnings quality score (0-1) 0.75 0.88
15th		 1.00

Dividends & buybacks

MeasureEQIXIndustry medianIndustry percentileSector median
Dividend yield 2.0% 4.4%
6th		 5.2%
Dividend per share (TTM) $20.17 $3.20
100th		 $1.21
Payout ratio (dividends / net income) 127.7% 114.9%
62nd		 110.2%
Dividends / FCF 60.1% 111.5%
8th		 79.1%
Dividend growth (YoY) 10.4% -0.0%
80th		 2.3%
Buyback yield 0.0% 0.4%
6th		 0.1%
Shareholder yield (dividends + buybacks) 2.0% 4.7%
6th		 5.9%
Share count change (YoY) 1.1% 1.1%
50th		 0.5%
Buybacks, last 5 years $0 $42.7M
0th		 $15.9M

Scores & forensic checks

MeasureEQIXIndustry medianIndustry percentileSector median
IS score 70 43
100th		 43
IS profitability 58 57
56th		 44
IS growth 64 62
62nd		 58
IS value 31 50
6th		 53
IS momentum 91 80
94th		 77
IS risk (safety) 80 15
100th		 15
IS quality 69 65
69th		 59
IS balance sheet 38 36
56th		 35
IS earnings quality 75 76
44th		 72
IS cash flow 84 68
100th		 61
Piotroski F-score (0-9) 6 6
44th		 6
Altman Z-score 3.0 1.1
100th		 0.8
Beneish M-score −2.63 −2.63
50th		 −2.71
Ohlson O-score −7.77 −6.76
25th		 −6.91
IS credit score 63 33
100th		 34

Per share

MeasureEQIXIndustry medianIndustry percentileSector median
EPS, diluted (TTM) $15.46 $2.21
100th		 $0.78
Book value per share $145.07 $13.10
100th		 $15.91
Tangible book per share $73.57 $13.11
100th		 $16.11
Revenue per share $99.13 $9.59
100th		 $6.28
FCF per share $32.84 $1.67
100th		 $1.49
Operating cash flow per share $39.76 $3.04
100th		 $1.95
Cash per share $22.43 $0.73
100th		 $0.95

Size (TTM)

MeasureEQIXIndustry medianIndustry percentileSector median
Market cap $97.3B $11.4B
100th		 $2.5B
Revenue $9.8B $2.3B
94th		 $956.7M
EBITDA $4.5B $1.2B
94th		 $399.5M
Net income $1.5B $472.0M
94th		 $109.6M
Free cash flow $3.3B $264.1M
94th		 $157.8M
Total assets $41.1B $11.7B
88th		 $6.6B
Shareholders' equity $14.4B $693.3M
94th		 $1.8B
Employees 13,716 1,844
94th		 307

Insider transactions, last 6 months

Form 4 · most recent 12
DateInsiderTypeSharesPriceValueOwned after
2026-09-04Paladin Michael Shane
Chief Customer & Rev Officer
 Open-market sale 307$1,035.01$317,7482,450
2026-09-02Paladin Michael Shane
Chief Customer & Rev Officer
 Open-market sale 53$1,008.02$53,4252,907
2026-09-02Paladin Michael Shane
Chief Customer & Rev Officer
 Open-market sale 150$1,018.43$152,7642,757
2026-09-01Paladin Michael Shane
Chief Customer & Rev Officer
 Option exercise 510——2,960
2026-09-01Paladin Michael Shane
Chief Customer & Rev Officer
 Option exercise 510——510
2026-08-20Pletcher Kurt
Chief Legal Officer
 Open-market sale 135$1,075.50$145,1924,077
2026-08-18Paisley Christopher B
Director
 Open-market sale 125$1,103.58$137,94813,734
2026-08-03Paisley Christopher B
Director
 Open-market sale 4,000$1,019.28$4.1M13,859
2026-06-08Morandi Brandi Galvin
Chief People Officer
 Open-market sale 3,726$1,076.36$4.0M6,132
2026-05-22Abdel Raouf
EVP, Global Operations
 Open-market sale 2,040$1,083.47$2.2M5,728
2026-05-21Paisley Christopher B
Director
 Option exercise 302——17,859
2026-05-21Paisley Christopher B
Director
 Option exercise 302——0

Shares acquired vs disposed, by month

acquired disposed · all Form 4 types
MarAprMayJunAugSep

By transaction type, 6 months

TypeDirectionFilingsSharesValue
Award / grantAcquired81,928—
GiftDisposed1112—
Open-market saleDisposed1515,885$16.9M
Option exerciseAcquired72,143—
Option exerciseDisposed72,143—
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.

Form 144 notices

12 months: 61 notices · 70,490 shares · $66.6M
FiledFilerShares proposedEst. proceeds
2026-09-04Shane Paladin307$317,748
2026-09-02Michael Shane Paladin203$208,601
2026-09-02Miller Simon566$563,349
2026-08-20Kurt E Pletcher135$145,192
A Form 144 is notice of a proposed sale, not a confirmed one.

Congress trades

12 months: House 4 trades (2 purchases) · Senate 0 (0 purchases)
TradedMemberChamberTypeAmountDisclosed
2026-08-07Michael RulliHousePurchase$1,001 - $15,0002026-09-03
2026-08-07Michael A. RulliHousePurchase$1,001 - $15,0002026-09-03
2026-01-29Ro KhannaHouseSale$1,001 - $15,0002026-02-10
2026-01-13Ro KhannaHouseSale$1,001 - $15,0002026-02-10
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.

Largest 13F holders

Quarter to 2026-06-30, the latest most managers have filed
ManagerSharesValue% of shares out
BlackRock, Inc.11,444,924$11.9B11.60%
VANGUARD CAPITAL MANAGEMENT LLC6,444,422$6.7B6.53%
VANGUARD PORTFOLIO MANAGEMENT LLC6,102,138$6.4B6.18%
STATE STREET CORP6,026,104$6.3B6.11%
FMR LLC2,874,355$3.0B2.91%
GEODE CAPITAL MANAGEMENT, LLC2,547,307$2.6B2.58%
COHEN & STEERS, INC.2,191,196$2.3B2.22%
PRINCIPAL FINANCIAL GROUP INC1,902,047$2.0B1.93%
JPMORGAN CHASE & CO1,568,670$1.7B1.59%
PRICE T ROWE ASSOCIATES INC /MD/1,450,234$1.5B1.47%
DIMENSIONAL FUND ADVISORS LP1,219,466$1.3B1.24%
NORGES BANK1,203,073$1.3B1.22%
APG Asset Management US Inc.1,194,365$1.2B1.21%
Legal & General Group Plc1,133,223$1.2B1.15%
CANADA PENSION PLAN INVESTMENT BOARD1,116,340$1.2B1.13%

Institutional ownership by quarter

2023-092026-0699.4%
% of shares held by 13F filers
2023-092026-061,367
Number of 13F filers holding

Holder changes by quarter

QuarterHoldersOwnershipNewIncreasedReducedClosed
2026-06-301,36799.4%16256942674
2026-03-311,29595.0%20949742087
2025-12-311,19295.5%150399485103
2025-09-301,17694.1%109435451117
2025-06-301,19994.4%10551340196
2025-03-311,20795.4%13146842291
2024-12-311,18594.6%15945640092
2024-09-301,14493.6%13449736263
2024-06-301,08791.8%102451386123
2024-03-311,12892.6%11547737493
2023-12-311,12091.7%20141634167
2023-09-301,00390.9%9139135359

Schedule 13D / 13G filers

FiledFormFiler% of classShares
2026-04-29SCHEDULE 13GVanguard Portfolio Management6.1%6,015,928
2026-04-29SCHEDULE 13GVanguard Capital Management7.5%7,426,880
2026-03-26SCHEDULE 13G/AThe Vanguard Group0.0%0
Required above 5% of a class; 13G is the passive form.

ETFs with the largest holding

ETFWeight in fundHolding value
VGSNX5.65%$3.8B
VGSLX5.65%$3.8B
VNQ5.65%$3.8B
VITSX0.14%$3.2B
VTSAX0.14%$3.2B
VSMPX0.14%$3.2B

Share structure

Shares outstanding98,671,686
Float98,290,813
Free float99.6%

Income statement

Fiscal years, USD
FY2021FY2022FY2023FY2024FY2025
Revenue$6.6B$7.3B$8.2B$8.7B$9.3B
Cost of revenue$3.5B$3.8B$4.2B$4.5B$4.5B
Gross profit$3.2B$3.5B$4.0B$4.3B$4.8B
R&D$0$0$0$0$0
SG&A$2.0B$2.3B$2.5B$2.7B$2.7B
Operating income$1.1B$1.2B$1.4B$1.3B$1.8B
EBITDA$2.6B$2.9B$3.4B$3.4B$4.1B
Pretax income$609.0M$829.0M$1.1B$975.0M$1.5B
Income tax$109.2M$124.0M$155.0M$161.0M$160.0M
Net income$500.2M$704.3M$969.2M$815.0M$1.4B
EPS, diluted$5.53$7.67$10.31$8.50$13.76
Diluted shares90.4M91.8M94.0M95.8M98.1M

Balance sheet

FY2021FY2022FY2023FY2024FY2025
Cash & short-term investments$1.5B$1.9B$2.1B$3.6B$3.2B
Receivables$934.5M$1.1B$1.3B$1.4B$1.0B
Inventory$0$0$0$0$0
Total current assets$3.0B$3.3B$3.6B$5.4B$5.1B
PP&E, net$16.7B$18.1B$20.1B$20.7B$25.0B
Goodwill & intangibles$7.3B$7.6B$7.4B$6.9B$7.3B
Total assets$27.9B$30.3B$32.7B$35.1B$40.1B
Accounts payable$84.1M$116.0M$162.0M$133.0M$127.0M
Total current liabilities$1.6B$1.8B$3.2B$3.3B$3.9B
Long-term debt$11.6B$12.8B$12.7B$14.0B$17.6B
Total liabilities$17.0B$18.8B$20.1B$21.5B$26.0B
Shareholders' equity$10.9B$11.5B$12.5B$13.6B$14.2B

Cash flow statement

Outflows are negative
FY2021FY2022FY2023FY2024FY2025
Net income$499.7M$704.6M$969.2M$814.0M$1.3B
Depreciation & amortization$1.7B$1.7B$1.8B$2.0B$2.1B
Stock-based compensation$363.8M$404.0M$407.5M$462.0M$498.0M
Change in working capital−$132.7M$26.5M−$75.3M−$340.0M−$101.0M
Operating cash flow$2.5B$3.0B$3.2B$3.2B$3.9B
Capital expenditure−$2.8B−$2.3B−$2.8B−$3.1B−$4.3B
Free cash flow−$204.3M$685.2M$435.6M$183.0M−$400.0M
Investing cash flow−$3.0B−$3.4B−$3.2B−$3.9B−$6.5B
Net debt issued / repaid$1.0B$1.1B$747.0M$1.6B$3.0B
Buybacks$0$0$0$0$0
Dividends paid−$1.0B−$1.2B−$1.4B−$1.6B−$1.9B

Ratio history

Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end
FY2021FY2022FY2023FY2024FY2025
Gross margin47.7%48.3%48.4%48.9%51.2%
Operating margin16.7%16.5%17.6%15.2%20.0%
Net margin7.5%9.7%11.8%9.3%14.6%
FCF margin-3.1%9.4%5.5%2.1%16.1%
ROE4.6%6.3%8.1%6.3%9.8%
ROIC3.7%3.9%4.5%3.8%4.9%
ROA1.8%2.4%3.1%2.4%3.6%
Debt / equity1.381.431.401.401.61
Interest coverage2.8x3.3x3.8x3.1x3.9x
Current ratio1.841.801.131.631.32
Revenue growth+10.6%+9.5%+12.7%+6.8%+5.6%
EPS growth+33.7%+37.8%+34.8%−17.8%+63.1%
P/E at year end141.5x81.0x75.4x109.5x55.8x
EV / EBITDA at year end32.4x24.5x26.2x30.4x22.7x
FCF yield at year end-0.29%1.20%0.61%0.20%1.97%
Dividend payout208.5%163.5%141.8%201.6%137.5%

Revenue by segment

FY2021FY2022FY2023FY2024FY2025
Recurring Revenues———$8.2B$8.7B
Co-Location$4.6B$5.1B$5.8B——
Interconnection$1.2B$1.3B$1.4B——
Non-Recurring Revenues$415.1M$391.8M$443.4M$564.0M$478.0M
Managed Infrastructure$380.9M$415.5M$451.7M——
Other$35.9M$104.9M$132.7M——

Revenue by region · FY2025

Americas$4.1B · 45%
EMEA$3.1B · 34%
Asia Pacific$2.0B · 21%

Street estimates by fiscal year

Next report 2026-10-28 · consensus EPS $4.13 · these are analysts' numbers, not ours
Fiscal yearRevenue (mean)Revenue rangeEPS (mean)EPS rangeAnalystsP/E on mean EPS
2026$10.3B$10.2B – $10.3B$17.21$17.05 – $17.981257.3x
2027$11.4B$11.2B – $11.6B$18.99$18.06 – $19.521351.9x
2028$12.7B$12.0B – $13.3B$20.91$18.52 – $24.671447.2x

Reported vs expected, every quarter on file

ReportedEPS expectedEPS actualEPS surpriseRevenue expectedRevenue actualRevenue surprise
2026-07-29$4.73$4.83+2.1%$2.6B$2.6B+1.4%
2026-04-29$4.30$4.22−1.9%$2.5B$2.4B−2.8%
2026-02-11$3.71$2.70−27.2%$2.5B$2.4B−1.6%
2025-10-29$9.26$9.83+6.2%$2.5B$2.3B−5.8%
2025-07-30$9.19$9.91+7.8%$2.3B$2.3B−0.1%
2025-04-30$8.96$9.67+7.9%$2.3B$2.2B−1.5%
2025-02-12$2.75$7.92+188.0%$2.3B$2.3B−0.6%
2024-10-30$8.70$9.05+4.0%$2.3B$2.2B−3.7%
2024-08-07$8.82$9.22+4.5%$2.2B$2.2B−0.0%
2024-05-08$8.58$8.86+3.3%$2.1B$2.1B−0.6%
2024-02-14$7.25$7.30+0.7%$2.1B$2.1B−0.2%
2023-10-25$7.79$8.19+5.1%$2.1B$2.1B+0.2%
2023-08-02$7.51$8.04+7.1%$2.0B$2.0B−0.0%
2023-05-03$7.92$8.59+8.5%$2.0B$2.0B+0.9%
2023-02-15$6.82$7.09+4.0%$1.9B$1.9B+0.3%
2022-11-02$7.19$7.73+7.5%$1.8B$1.8B+0.2%
2022-07-27$7.30$7.58+3.8%$1.8B$1.8B−0.0%
2022-04-27$7.19$7.16−0.4%$1.7B$1.7B−0.7%
2022-02-16$6.27$6.22−0.8%$1.7B$1.7B+0.6%
2021-11-03$6.69$6.94+3.7%$1.7B$1.7B−0.3%
2021-07-28$6.72$7.01+4.3%$1.7B$1.7B−1.3%
2021-04-28$6.63$6.98+5.3%$1.6B$1.6B−0.0%
2021-02-10$5.65$5.76+1.9%$2.3B$1.6B−31.7%
2020-10-28$6.03$6.48+7.5%$3.5B$1.5B−56.0%

Off-exchange (dark pool) volume, weekly

FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)
0.706-151.006-220.906-290.607-060.607-130.807-200.907-270.808-030.508-100.708-170.808-240.808-31
Week ofNotionalSharesTrades
2026-08-31$793.0M771,84637,761
2026-08-24$750.7M707,75235,064
2026-08-17$727.3M673,69641,801
2026-08-10$467.3M438,97129,820
2026-08-03$798.2M764,19632,351
2026-07-27$894.9M861,50540,986

Short-sale share of off-exchange volume

daily 20-day average
07-2310-1549.0%
DateShort shareShort volumeTotal volume
2026-10-1549.0%128,281261,839
2026-10-1448.3%72,630150,354
2026-10-1348.2%64,451133,814
2026-10-1257.4%67,882118,350
2026-10-0962.8%79,472126,558
2026-10-0857.9%125,841217,488
2026-10-0765.7%97,966149,049
2026-10-0644.9%68,603152,669
2026-10-0564.1%92,788144,864
2026-10-0258.5%65,487111,998
A daily flow measure from FINRA, not short interest.

Seasonality

Average return by calendar month
+1.7Jan-0.8Feb+4.6Mar+4.9Apr+2.1May-0.1Jun+2.3Jul+1.3Aug-0.7Sep+1.3Oct+1.2Nov+3.0Dec
MonthAvg returnUp yearsYears
Jan+1.7%70%20
Feb−0.8%30%20
Mar+4.6%76%21
Apr+4.9%75%20
May+2.1%70%20
Jun−0.1%50%20
Jul+2.3%65%20
Aug+1.3%60%20
Sep−0.7%50%20
Oct+1.3%55%20
Nov+1.2%50%20
Dec+3.0%65%20
History, not a forecast.

Indicators

as of 2026-10-16
RSI 1438.6
MFI31.7
ADX17.9
Stochastic %K / %D23.5 / 29.3
Williams %R-73.4
CCI-154
TSI / signal-10.4 / -6.7
Chaikin money flow-0.06
ATR$26.94
Bollinger width7.5%
Volume vs 20-day avg1.51x
SupertrendDown

Moving averages and bands

level (price vs level)
SMA 20$1,022.15 (−3.5%)
SMA 50$1,037.76 (−5.0%)
SMA 200$999.11 (−1.3%)
EMA 21$1,018.69 (−3.2%)
EMA 50$1,029.80 (−4.3%)
EMA 200$994.06 (−0.8%)
Bollinger upper$1,060.22 (−7.0%)
Bollinger lower$984.07 (+0.2%)
Parabolic SAR$1,034.11 (−4.7%)
Open the live chart, 110+ indicators

About Equinix, Inc.

Equinix, Inc. shortens the path to boundless connectivity anywhere in the world. Its digital infrastructure, data center footprint and interconnected ecosystems empower innovations that enhance our work, life and planet. Equinix connects economies, countries, organizations and communities, delivering seamless digital experiences and cutting-edge AI quickly, efficiently and everywhere. Equinix, Inc. was established on June 22, 1998 and is based in Redwood City, United States.

https://www.equinix.com

Key executives

NameTitlePayBorn
Adaire Rita Fox-MartinPresident, Chief Executive Officer & Director$1.2M1964
Charles J. MeyersExecutive Chairman$735,7241966
Olivier C. LeonettiChief Financial Officer$715,0571965
Keith D. TaylorSpecial Advisor$714,4981962
Brandi Galvin MorandiChief People Officer$629,8701973
Raouf F. AbdelExecutive Vice President of Global Operations$605,5231968
Michael Shane PaladinExecutive VP & Chief Customer and Revenue Officer$589,5601978
Katrina RymillSVP Corporate Finance & Sustainability——

Executive pay, latest proxy

ExecutiveYearSalaryStock awardsIncentiveTotal
Adaire Fox-Martin Chief Executive Officer & President2025$1.0M$21.4M$43$22.7M
Keith Taylor Chief Financial Officer2025$680,000$9.5M$713$10.2M
Shane Paladin Chief Customer & Revenue Officer2025$320,717$7.1M$568$7.7M
Raouf Abdel EVP, Global Operations2025$572,923$6.6M$767$7.2M
Jon Lin Chief Business Officer2025$620,615$6.2M$622$6.9M

Employees

8k20188k201910k202011k202112k202213k202314k202414k2025

Dividends

Ex-dateAmountPaid
2026-08-19$5.162026-09-16
2026-05-20$5.162026-06-17
2026-02-25$5.162026-03-18
2025-11-19$4.692025-12-17
2025-08-20$4.692025-09-17
2025-05-21$4.692025-06-18
2025-02-26$4.692025-03-19
2024-11-13$4.262024-12-11

Moat model

Narrow · Switching Costs · 2026-06-30
Cost advantage45
Intangibles47
Switching costs86
Network effect70
Efficient scale75
Our component scores (0-100) and overall 64.0; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17

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