EQIX

EQUINIX INC

Real Estate • CIK: 0001101239

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Market Cap
$75.00B
P/E (TTM)
55.6x
Rev Growth (TTM)
+5.4%
Net Margin (TTM)
14.6%
FCF Yield (TTM)
-0.5%
FCF Margin (TTM)
-4.3%

Filing Intelligence

5.0/10
10-K filed Feb 11, 2026 • FY

Executive Summary

Revenue quality is high, with over 90% recurring revenue and strong contribution from existing customers.. The company is experiencing accelerating growth, indicated by a 27% increase in Annualized...

Key Concerns

  • ●Revenue recognition identified as a critical audit matter
  • ●Significant purchase commitments of $8.411 billion present substantial future capital expenditure requirements.
  • ●Involvement in multiple legal proceedings, including tax audits and shareholder lawsuits, with uncertain outcomes.

Key Strengths

  • ●Revenue quality is high, with over 90% recurring revenue and strong contribution from existing customers.
  • ●The company is experiencing accelerating growth, indicated by a 27% increase in Annualized Gross Bookings, driven by global expansion and...
  • ●Operating cash flow generation remains strong, with a significant increase year-over-year, supporting substantial investments in growth...
View Full Quarterly Insights →

LATEST EARNINGS

•
Q4 FY2025
•
about 2 months ago
•View source
Revenue
$2.42B
+7.0%
Net Income
$264.00M
—
EPS
$2.69
+2021.4%
Gross
50.5%↑ +3.4%
Operating
17.4%↑ +12.9%
Net
11.0%↑ +11.6%
  • •Full-year revenues increased 5% to $9.217 billion on an as-reported basis, or 6% on a normalized and constant currency basis.
  • •Operating income increased 39% to $1.848 billion, driven by strong underlying performance and lower impairment charges.
  • •Net income attributable to common stockholders increased 66% to $1.350 billion, with diluted EPS up 62% to $13.76.
  • •Adjusted EBITDA grew 11% to $4.530 billion, with an adjusted EBITDA margin of 49%.
View Full Earnings →

Cash Flow Health

Free Cash Flow3/8 positive
TTM$-400M
Q4 '25
$-292M-139%
Q3 '25
$-122M-171%
FCF Margin
TTM-4.3%
Q4 '25-12.1%-129%
Sector: 0.2%Below Avg
OCF Margin42.4%
OCF/NI2.90x
CapEx Coverage0.9x
FCF Yield-0.5%
FCF Growth (2Y)–
Cash Conversion Cycle
43 days
DSO: 43+DIO: 0−DPO: 0
View Insights from Latest Filing →View Full Cash Flow Statement →

Capital Allocation & Returns

Balanced
Total Shareholder YieldEst.
Est.2.4%
Div Yield2.4%

Balancing returns with reinvestment

Dividend & Payout Metrics
Dividend Yield (TTM)2.4%
Free Cash Flow (TTM)$-400.0M
Capital Return / FCF-464.0%
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
0.24x
8Q: 0.25x
Leverage (1+D/E)
1.09x
D/E: 0.09x
Asset & CapEx Efficiency
Fixed Asset Turn
0.44x
8Q:0.46x
-4.0%
CapEx/Depreciation
2.10x
Asset-based ROIC formula
Full Analysis

QUARTERLY TRENDS

Last 8 quarters + TTM

MetricTTMQ4 2025Q3 2025Q2 2025Q1 2025Q4 2024Q3 2024Q2 2024Q1 2024
Revenue
$9.2B
$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↑1.5%
$2.1B
Operating Income
$1.8B
$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↑19.8%
$364.0M
Net Income
$1.4B
$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↑30.3%
$231.0M
Operating Cash Flow
$3.9B
$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↑52.5%
$598.0M
Free Cash Flow
$-400.0M
$-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↑342.2%
$-109.0M
Total Equity
N/A
Income StatementCash Flow StatementBalance Sheet

Valuation Analysis

Fair Value
Price-to-EarningsTTM
55.6x
Volatile
8Q: 235.2x+36920%
Valuation Lenses
Earnings
55.6x
vs – sector
Cash Flow
-182.9x
EV/FCF vs –
Growth-Adj
0.9xPEG
Undervalued for growth
Quality-Adj
–P/E per %ROIC
ROIC: –
Shareholder Returns
Dividend
2.4%
Buyback
–
Total Yield
2.4%
Market Cap$75.00B
EV$73.18B
Multi-angle valuation analysis with sector context

Business Quality & Moat

Overall Quality Score
70/100
High Quality

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

Returns on Capital

Return on Equity (ROE)Top 25%
9.6%
8Q:–
Return on Invested Capital (ROIC)
–
8Q:–
vs Sector:0.1%

Earnings Quality

Cash Conversion

2.90x

OCF / Net Income ✓

FCF Consistency

–

Positive quarters

Competitive Moat Indicators

Pricing Power

Gross Margin–

Capital Efficiency

Invested Capital Turnover–

Working Capital

Cash Conversion Cycle43 days

Growth Quality & Momentum

Moderate Growth
Growth Quality Score
55/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%

Growth Rates

Revenue Growth YoY
5.4%
OpInc Growth YoY
309.7%
EPS Growth YoY
61.8%
FCF 3Y CAGR
N/A

Margin Quality & Sustainability

Low Quality
Profitability Cascade
Gross
—
Operating
—
Net
14.6%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
-19.0 pts
FCF: -4.3% | Net: 14.6%
FCF margin lags net margin by 19.0 pts

Quality = stability + cash conversion + low dilution

Balance Sheet & Solvency

Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $1.93B
Interest Coverage
–
+Net cash position: $1.93B
Balance sheet risk & solvency analysis

Research

All research