DLR
DIGITAL REALTY TRUST, INC.
Real Estate • CIK: 0001297996
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Market Cap
$61.61B
P/E (TTM)
46.1x
Rev Growth (TTM)
+12.6%
Net Margin (TTM)
21.1%
FCF Yield (TTM)
4.1%
FCF Margin (TTM)
40.1%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$2.5B
Q1 '26
$532M-26%
Q4 '25
$719M+10%
FCF Margin
TTM40.1%
Q1 '2632.6%-26%
Sector: 0.0%Top 25%
OCF Margin40.1%
OCF/NI1.90x
CapEx Coverage–
FCF Yield4.1%
FCF Growth (2Y)+14%
Cash Conversion Cycle
41 days
DSO: 41+DIO: –−DPO: –
Capital Allocation & Returns
Balanced
Total Shareholder YieldEst.
Est.2.8%
Div Yield2.8%
+Est. Buyback0.8%
Balancing returns with reinvestment
Dividend & Payout Metrics
Dividend Yield (TTM)2.8%
FCF Payout Ratio68.8%
Free Cash Flow (TTM)$2.5B
Capital Return / FCF68.8%
Est. Dividends Paid (TTM)$1.8B
Estimated: Buyback data estimated from FCF. Actual repurchase data not available for this company.
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
—
P25MedianP75
(med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
—
Asset Turnover
0.13x
8Q: 0.13x
Leverage (1+D/E)
1.00x
D/E: 0.00x
Asset & CapEx Efficiency
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $6.3B | $1.6B↑0.0% | $1.6B↑3.6% | $1.6B↑5.6% | $1.5B↑6.1% | $1.4B↓2.0% | $1.4B↑0.3% | $1.4B↑5.5% | $1.4B |
Operating Income | $730.5M | $267.8M↑137.8% | $112.6M↓18.6% | $138.4M↓34.6% | $211.7M↑7.5% | $196.9M↑36.4% | $144.3M↓14.2% | $168.3M↑1601.7% | $9.9M |
Net Income | $1.3B | $169.1M↑91.1% | $88.5M↑53.5% | $57.6M↓94.4% | $1.0B↑924.1% | $99.8M↓44.4% | $179.4M↑337.4% | $41.0M↓41.4% | $70.0M |
Operating Cash Flow | $2.5B | $532.4M↓25.9% | $719.0M↑10.1% | $652.9M↑1.8% | $641.2M↑60.7% | $399.1M↓48.1% | $769.5M↑35.8% | $566.5M↓1.2% | $573.2M |
Free Cash Flow | $2.5B | $532.4M↓25.9% | $719.0M↑10.1% | $652.9M↑1.8% | $641.2M↑60.7% | $399.1M↓48.1% | $769.5M↑35.8% | $566.5M↓1.2% | $573.2M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
46.1x
Volatile
8Q: 539.2x-32018%
Valuation Lenses
Earnings
46.1x
vs – sector
Cash Flow
23.0x
EV/FCF vs –
Growth-Adj
0.2xPEG
Undervalued for growth
Quality-Adj
–P/E per %ROIC
ROIC: –
Shareholder Returns
Dividend
2.8%
Buyback
–
Total Yield
2.8%
Market Cap$61.61B
EV$58.43B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
60/100
High Quality
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Above Avg
5.9%
8Q:–
Return on Invested Capital (ROIC)
–
8Q:–
vs Sector:0.1%
Earnings Quality
Cash Conversion
1.90x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin–
Capital Efficiency
Invested Capital Turnover–
Working Capital
Cash Conversion Cycle41 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
69/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
12.6%
OpInc Growth YoY
36.0%
EPS Growth YoY
230.3%
FCF 3Y CAGR
13.7%
Growth Quality Analysis
✓Sustainability Index: 7.5/10 - Highly sustainable growth
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
—
Operating
—
Net
21.1%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+19.1 pts
FCF: 40.1% | Net: 21.1%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $2.44B
Interest Coverage
–
+Net cash position: $2.44B
Leverage Metrics
Debt-to-Equity
0.00x
Balance sheet risk & solvency analysis