EQIX
EQUINIX INC
Real Estate • CIK: 0001101239
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Market Cap
$96.16B
P/E (TTM)
67.6x
Rev Growth (TTM)
+6.7%
Net Margin (TTM)
15.1%
FCF Yield (TTM)
-1.0%
FCF Margin (TTM)
-10.6%
Cash Flow Health
Free Cash Flow3/8 positive
TTM$-998M
Q1 '26
$-539M-85%
Q4 '25
$-292M-139%
FCF Margin
TTM-10.6%
Q1 '26-22.1%-83%
Sector: 0.2%Below Avg
OCF Margin40.5%
OCF/NI2.69x
CapEx Coverage0.8x
FCF Yield-1.0%
FCF Growth (2Y)–
Cash Conversion Cycle
42 days
DSO: 42+DIO: 0−DPO: 0
Capital Allocation & Returns
Growth Focused
Total Shareholder YieldEst.
Est.2.0%
Div Yield2.0%
Prioritizing reinvestment over distributions
Dividend & Payout Metrics
Dividend Yield (TTM)2.0%
Free Cash Flow (TTM)$-998.0M
Capital Return / FCF-191.1%
Est. Dividends Paid (TTM)$1.9B
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
0.24x
8Q: 0.25x
Leverage (1+D/E)
1.13x
D/E: 0.13x
Asset & CapEx Efficiency
Fixed Asset Turn
0.43x
8Q:0.45x
-5.7%
CapEx/Depreciation
2.28x
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 | $9.4B | $2.4B↑1.0% | $2.4B↑4.5% | $2.3B↑2.7% | $2.3B↑1.4% | $2.2B↓1.6% | $2.3B↑2.7% | $2.2B↑1.9% | $2.2B |
Operating Income | $2.0B | $577.0M↑36.7% | $422.0M↓11.0% | $474.0M↓4.0% | $494.0M↑7.9% | $458.0M↑344.7% | $103.0M↓75.8% | $425.0M↓2.5% | $436.0M |
Net Income | $1.4B | $415.0M↑56.6% | $265.0M↓29.1% | $374.0M↑1.6% | $368.0M↑7.3% | $343.0M↑2550.0% | $-14.0M↓104.7% | $297.0M↓1.3% | $301.0M |
Operating Cash Flow | $3.8B | $717.0M↓37.3% | $1.1B↑12.8% | $1.0B↑7.4% | $944.0M↑16.7% | $809.0M↓17.5% | $981.0M↑29.4% | $758.0M↓16.9% | $912.0M |
Free Cash Flow | $-998.0M | $-539.0M↓84.6% | $-292.0M↓139.3% | $-122.0M↓171.1% | $-45.0M↓176.3% | $59.0M↑1083.3% | $-6.0M↓117.6% | $34.0M↓87.1% | $264.0M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
67.6x
Volatile
8Q: 232.0x+167579%
Valuation Lenses
Earnings
67.6x
vs – sector
Cash Flow
-94.8x
EV/FCF vs –
Growth-Adj
1.3xPEG
Fair for growth
Quality-Adj
–P/E per %ROIC
ROIC: –
Shareholder Returns
Dividend
2.0%
Buyback
–
Total Yield
2.0%
Market Cap$96.16B
EV$94.57B
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
72/100
High Quality
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Top 25%
10.1%
8Q:–
Return on Invested Capital (ROIC)
–
8Q:–
vs Sector:0.1%
Earnings Quality
Cash Conversion
2.69x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin–
Capital Efficiency
Invested Capital Turnover–
Working Capital
Cash Conversion Cycle42 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
57/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
6.7%
OpInc Growth YoY
26.0%
EPS Growth YoY
50.5%
FCF 3Y CAGR
N/A
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
—
Operating
—
Net
15.1%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
-25.6 pts
FCF: -10.6% | Net: 15.1%
FCF margin lags net margin by 25.6 pts
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $1.23B
Interest Coverage
–
+Net cash position: $1.23B
Leverage Metrics
Debt-to-Equity
0.13x
Balance sheet risk & solvency analysis