DLR
DIGITAL REALTY TRUST, INC.
Real Estate • CIK: 0001297996
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Market Cap
$58.30B
P/E (TTM)
42.8x
Rev Growth (TTM)
+7.7%
Net Margin (TTM)
23.0%
FCF Yield (TTM)
4.2%
FCF Margin (TTM)
41.6%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$2.5B
Q3 '25
$653M+2%
Q2 '25
$641M+61%
FCF Margin
TTM41.6%
Q3 '2541.4%-4%
Sector: 32.2%Above Avg
OCF Margin41.6%
OCF/NI1.81x
CapEx Coverage–
FCF Yield4.2%
FCF Growth (2Y)+14%
Cash Conversion Cycle
40 days
DSO: 40+DIO: –−DPO: –
Capital Allocation & Returns
Balanced
Total Shareholder YieldEst.
Est.3.0%
Div Yield3.0%
+Est. Buyback0.8%
Balancing returns with reinvestment
Dividend & Payout Metrics
Dividend Yield (TTM)3.0%
FCF Payout Ratio70.2%
Free Cash Flow (TTM)$2.5B
Capital Return / FCF70.2%
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
3.0%
Stable
+0.5% YoY+1.5%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
11.3%
8Q: 9.4%
Asset Turnover
0.13x
8Q: 0.13x
Leverage (1+D/E)
1.00x
D/E: 0.00x
DuPont: 1.4% ≈ 3.0% ROIC
Asset & CapEx Efficiency
Invested Cap Turn
0.51x
8Q:0.50x
Flat
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $5.9B | $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↓2.8% | $1.4B |
Operating Income | $690.2M | $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↑11.4% | $134.0M |
Net Income | $1.4B | $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↑1396.6% | $18.1M |
Operating Cash Flow | $2.5B | $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↓23.8% | $462.3M |
Free Cash Flow | $2.5B | $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↓23.8% | $462.3M |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
42.8x
Volatile
8Q: 584.4x-154417%
Valuation Lenses
Earnings
42.8x
vs – sector
Cash Flow
21.4x
EV/FCF vs –
Growth-Adj
0.2xPEG
Undervalued for growth
Quality-Adj
14.1P/E per %ROIC
ROIC: 3.0%
Shareholder Returns
Dividend
3.0%
Buyback
–
Total Yield
3.0%
Market Cap$58.30B
EV–
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
68/100
High Quality
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Above Avg
6.2%
8Q:–
Return on Invested Capital (ROIC)Top 25%
3.0%
8Q:–
Flat
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 11.3%
Asset Turnover: 0.13x
Earnings Quality
Cash Conversion
1.81x
OCF / Net Income ✓
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin–
Capital Efficiency
Invested Capital Turnover0.51x
Working Capital
Cash Conversion Cycle40 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
65/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
7.7%
OpInc Growth YoY
-17.7%
EPS Growth YoY
245.5%
FCF 3Y CAGR
14.2%
Growth Quality Analysis
✓Efficient Growth: Free cash flow growing faster than revenue
Margin Quality & Sustainability
Low Quality
Profitability Cascade
Gross
—
Operating
11.7%
Below Avg in sector
Net
23.0%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
+18.7 pts
FCF: 41.6% | Net: 23.0%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Fortress
Net Debt / EBITDA
Net Cash
(0.0x)Net Cash: $3.31B
Interest Coverage
–
+Net cash position: $3.31B
Leverage Metrics
Debt-to-Equity
0.00x
Balance sheet risk & solvency analysis