Digital Realty vs Equinix
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The short version
- Equinix is the larger business, with $9.2B of revenue in fiscal 2025 against $6.1B for Digital Realty, about 1.5 times as much.
- Digital Realty grew revenue faster (10.0%, against 5.4%).
- Equinix kept more of each dollar of sales as operating profit (20.1% operating margin, against 10.8%).
- Equinix turned more of its sales into free cash flow (−4.3% FCF margin, against −12.6%).
- Investors pay more for each dollar of Equinix’s earnings: a P/E of 61.5x against 45.6x for Digital Realty.
| Latest fiscal year | DLR · FY25 | EQIX · FY25 |
|---|---|---|
| Size | ||
| Market cap | $60.9B | $94.6B |
| Revenue | $6.1B | $9.2B |
| Free cash flow | −$769M | −$400M |
| Net income | $1.3B | $1.4B |
| Growth | ||
| Revenue growth | 10.0% | 5.4% |
| 5-year growth | 9.4% | 9.0% |
| Share count change | 4.9% | 2.4% |
| Profitability | ||
| Gross margin | — | 51.1% |
| Operating margin | 10.8% | 20.1% |
| Net margin | 21.4% | 14.7% |
| FCF margin | −12.6% | −4.3% |
| Return on capital | — | 5.6% |
| Return on equity | 5.9% | 9.8% |
| Balance sheet | ||
| Net debt | — | $17.3B |
| Net debt / EBITDA | — | 4.5x |
| Dividends and buybacks | $1.7B | $1.9B |
| Valuation & quality | ||
| P/E | 45.6x | 61.5x |
| Piotroski F-score | — | 5 |
Revenue
FY16
DLR $2.1B
EQIX $3.6B
FY17
DLR $2.5B
EQIX $4.4B
FY18
DLR $3.0B
EQIX $5.1B
FY19
DLR $3.2B
EQIX $5.6B
FY20
DLR $3.9B
EQIX $6.0B
FY21
DLR $4.4B
EQIX $6.6B
FY22
DLR $4.7B
EQIX $7.3B
FY23
DLR $5.5B
EQIX $8.2B
FY24
DLR $5.6B
EQIX $8.7B
FY25
DLR $6.1B
EQIX $9.2B
DLR
EQIX
Operating margin
FY16
DLR 23.2%
EQIX 17.1%
FY17
DLR 18.4%
EQIX 18.5%
FY18
DLR 18.1%
EQIX 19.3%
FY19
DLR 18.5%
EQIX 21.0%
FY20
DLR 14.3%
EQIX 17.6%
FY21
DLR 15.7%
EQIX 16.7%
FY22
DLR 12.6%
EQIX 16.5%
FY23
DLR 9.6%
EQIX 17.6%
FY24
DLR 8.5%
EQIX 15.2%
FY25
DLR 10.8%
EQIX 20.1%
DLR
EQIX
Free cash flow
FY16
DLR $153M
EQIX −$94.0M
FY17
DLR −$127M
EQIX $60.5M
FY18
DLR $60.2M
EQIX −$281M
FY19
DLR $76.9M
EQIX −$86.8M
FY20
DLR −$358M
EQIX $27.3M
FY21
DLR −$819M
EQIX −$204M
FY22
DLR −$984M
EQIX $685M
FY23
DLR −$1.9B
EQIX $436M
FY24
DLR −$570M
EQIX $183M
FY25
DLR −$769M
EQIX −$400M
DLR
EQIX
Return on capital
FY16
DLR —
EQIX 6.0%
FY17
DLR —
EQIX 5.8%
FY18
DLR —
EQIX 5.4%
FY19
DLR —
EQIX 4.8%
FY20
DLR —
EQIX 3.7%
FY21
DLR —
EQIX 4.1%
FY22
DLR —
EQIX 4.3%
FY23
DLR —
EQIX 4.9%
FY24
DLR —
EQIX 4.1%
FY25
DLR —
EQIX 5.6%
DLR
EQIX
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.