Equinix vs Prologis
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The short version
- Equinix is the larger business, with $9.2B of revenue in fiscal 2025 against $8.8B for Prologis.
- Prologis grew revenue faster (7.2%, against 5.4%).
- Prologis kept more of each dollar of sales as operating profit (49.6% operating margin, against 20.1%).
- Equinix earned a higher return on the capital invested in it (5.6%, against 4.6%).
- Investors pay more for each dollar of Equinix’s earnings: a P/E of 61.5x against 31.9x for Prologis.
| Latest fiscal year | EQIX · FY25 | PLD · FY25 |
|---|---|---|
| Size | ||
| Market cap | $94.6B | $121.1B |
| Revenue | $9.2B | $8.8B |
| Free cash flow | −$400M | — |
| Net income | $1.4B | $3.3B |
| Growth | ||
| Revenue growth | 5.4% | 7.2% |
| 5-year growth | 9.0% | 14.6% |
| Share count change | 2.4% | 0.3% |
| Profitability | ||
| Gross margin | 51.1% | — |
| Operating margin | 20.1% | 49.6% |
| Net margin | 14.7% | 37.9% |
| FCF margin | −4.3% | — |
| Return on capital | 5.6% | 4.6% |
| Return on equity | 9.8% | 6.2% |
| Balance sheet | ||
| Net debt | $17.3B | $33.9B |
| Net debt / EBITDA | 4.5x | 4.9x |
| Dividends and buybacks | $1.9B | $3.8B |
| Valuation & quality | ||
| P/E | 61.5x | 31.9x |
| Piotroski F-score | 5 | — |
Revenue
FY16
EQIX $3.6B
PLD $2.5B
FY17
EQIX $4.4B
PLD $2.6B
FY18
EQIX $5.1B
PLD $2.8B
FY19
EQIX $5.6B
PLD $3.3B
FY20
EQIX $6.0B
PLD $4.4B
FY21
EQIX $6.6B
PLD $4.8B
FY22
EQIX $7.3B
PLD $6.0B
FY23
EQIX $8.2B
PLD $8.0B
FY24
EQIX $8.7B
PLD $8.2B
FY25
EQIX $9.2B
PLD $8.8B
EQIX
PLD
Operating margin
FY16
EQIX 17.1%
PLD 26.4%
FY17
EQIX 18.5%
PLD 74.6%
FY18
EQIX 19.3%
PLD 60.2%
FY19
EQIX 21.0%
PLD 55.5%
FY20
EQIX 17.6%
PLD 47.7%
FY21
EQIX 16.7%
PLD 67.4%
FY22
EQIX 16.5%
PLD 58.1%
FY23
EQIX 17.6%
PLD 46.2%
FY24
EQIX 15.2%
PLD 53.8%
FY25
EQIX 20.1%
PLD 49.6%
EQIX
PLD
Free cash flow
FY16
EQIX −$94.0M
PLD —
FY17
EQIX $60.5M
PLD —
FY18
EQIX −$281M
PLD —
FY19
EQIX −$86.8M
PLD —
FY20
EQIX $27.3M
PLD —
FY21
EQIX −$204M
PLD —
FY22
EQIX $685M
PLD —
FY23
EQIX $436M
PLD —
FY24
EQIX $183M
PLD —
FY25
EQIX −$400M
PLD —
EQIX
PLD
Return on capital
FY16
EQIX 6.0%
PLD 2.2%
FY17
EQIX 5.8%
PLD 6.8%
FY18
EQIX 5.4%
PLD 5.1%
FY19
EQIX 4.8%
PLD 4.8%
FY20
EQIX 3.7%
PLD 4.4%
FY21
EQIX 4.1%
PLD 5.7%
FY22
EQIX 4.3%
PLD 4.9%
FY23
EQIX 4.9%
PLD 4.2%
FY24
EQIX 4.1%
PLD 4.9%
FY25
EQIX 5.6%
PLD 4.6%
EQIX
PLD
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.