DLR

DIGITAL REALTY TRUST, INC.

Real Estate • CIK: 0001297996

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Market Cap
$52.57B
P/E (TTM)
41.3x
Rev Growth (TTM)
+10.0%
Net Margin (TTM)
20.7%
FCF Yield (TTM)
4.6%
FCF Margin (TTM)
39.5%

Filing Intelligence

6.0/10
10-K filed Feb 13, 2026 • FY

Executive Summary

The company experienced significant growth in GAAP Net Income and FFO, largely driven by substantial gains from real estate asset dispositions.. Demand for data center space remains strong in key...

Key Concerns

  • ●Significant real estate impairments ($78.6M in 2025, $191.2M in 2024) suggest potential overvaluation of assets or issues with asset...
  • ●Increase in deferred rent receivables ($752.5M in 2025 from $644.6M in 2024) may indicate extended collection periods for lease payments.
  • ●The company has open commitments related to construction contracts totaling approximately $2.6 billion.

Key Strengths

  • ●The company experienced significant growth in GAAP Net Income and FFO, largely driven by substantial gains from real estate asset...
  • ●Demand for data center space remains strong in key markets, with management expecting positive rental rate increases on renewals.
  • ●Capital allocation is heavily focused on growth, with significant investments in active development and land held for future development.
View Full Quarterly Insights →

LATEST EARNINGS

•
Q4 2025
•
about 2 months ago
•View source
Revenue
$1.63B
+13.8%
Net Income
$96.11M
-48.2%
EPS
$0.24
-52.9%
Net
5.9%↓ -7.0%
  • •Reported FFO per share of $1.89 in 4Q25, compared to $1.61 in 4Q24, a significant increase.
  • •Reported Core FFO per share of $1.86 in 4Q25, compared to $1.73 in 4Q24.
  • •Signed total bookings during 4Q25 expected to generate $400 million of annualized GAAP rental revenue at 100% share.
  • •Rental rates on renewal leases increased 6.1% on a cash basis and 12.0% on a GAAP basis in 4Q25.
View Full Earnings →

Cash Flow Health

Free Cash Flow8/8 positive
TTM$2.4B
Q4 '25
$719M+10%
Q3 '25
$653M+2%
FCF Margin
TTM39.5%
Q4 '2544.0%+6%
Sector: 0.2%Top 25%
OCF Margin39.5%
OCF/NI1.90x
CapEx Coverage–
FCF Yield4.6%
FCF Growth (2Y)+13%
Cash Conversion Cycle
41 days
DSO: 41+DIO: –−DPO: –
View Insights from Latest Filing →View Full Cash Flow Statement →

Capital Allocation & Returns

Balanced
Total Shareholder YieldEst.
Est.3.3%
Div Yield3.3%
+
Est. Buyback0.8%

Balancing returns with reinvestment

Dividend & Payout Metrics
Dividend Yield (TTM)3.3%
FCF Payout Ratio71.7%
Free Cash Flow (TTM)$2.4B
Capital Return / FCF71.7%
Est. Dividends Paid (TTM)$1.7B
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
Full Analysis

QUARTERLY TRENDS

Last 8 quarters + TTM

MetricTTMQ4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024
Revenue
$6.1B
$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↑1.9%
$1.3B
Operating Income
$658.5M
$112.6M↓18.6%
$138.4M↓34.6%
$211.7M↑8.1%
$195.8M↑35.6%
$144.3M↓14.2%
$168.3M↑1601.7%
$9.9M↓93.4%
$149.4M
Net Income
$1.3B
$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↓74.2%
$271.3M
Operating Cash Flow
$2.4B
$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↑62.7%
$352.3M
Free Cash Flow
$2.4B
$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↑62.7%
$352.3M
Total Equity
N/A
Income StatementCash Flow StatementBalance Sheet

Valuation Analysis

Fair Value
Price-to-EarningsTTM
41.3x
Volatile
8Q: 548.2x+11577%
Valuation Lenses
Earnings
41.3x
vs – sector
Cash Flow
20.5x
EV/FCF vs –
Growth-Adj
0.3xPEG
Undervalued for growth
Quality-Adj
–P/E per %ROIC
ROIC: –
Shareholder Returns
Dividend
3.3%
Buyback
–
Total Yield
3.3%
Market Cap$52.57B
EV$49.36B
Multi-angle valuation analysis with sector context

Business Quality & Moat

Overall Quality Score
59/100
Average

Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)

Returns on Capital

Return on Equity (ROE)Above Avg
5.7%
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
67/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%

Growth Rates

Revenue Growth YoY
10.0%
OpInc Growth YoY
-22.0%
EPS Growth YoY
121.6%
FCF 3Y CAGR
13.3%

Growth Quality Analysis

✓Sustainability Index: 7.5/10 - Highly sustainable growth

Margin Quality & Sustainability

Low Quality
Profitability Cascade
Gross
—
Operating
—
Net
20.7%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+18.7 pts
FCF: 39.5% | Net: 20.7%

Quality = stability + cash conversion + low dilution

Balance Sheet & Solvency

Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $3.46B
Interest Coverage
–
+Net cash position: $3.46B
Balance sheet risk & solvency analysis

Research

All research