Equinix is one of the leading providers of cloud- and carrier-neutral data centers, offering colocation and interconnection services to hyperscalers and businesses. Equinix operates 270 properties in 77 metropolitan areas across 36 countries, serving over 10,000 customers.
It is a $101B real estate company. Revenue grew 9.6% over the last year, and it keeps 16¢ of every dollar of sales as profit. It trades at 66.0× earnings — near the lowest of its own history.
- Website
- equinix.com
- Location
- Redwood City, CA
- Employees
- 13 716
- Sector
- Real Estate
- Founded
- 1998
Skills
Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.
Strong growth; Valuation, Health and Moat lag behind.
Valuation35
- P/E vs own history2th pct · 25/25
- FCF yield-1.4% · 0/25
- P/S10.3x · 5/25
- EV/EBITDA27.6x · 5/25
Growth82
- Revenue CAGR8.6% · 12/25
- Net income CAGR28.2% · 25/25
- EPS CAGR ~5Y26.9% · 25/25
- Fwd implied growth19.4% · 20/25
Profitability64
- ROIC12.4% · 12/25
- ROE10.8% · 12/25
- Net margin15.6% · 20/25
- Operating margin21.8% · 20/25
Health33
- Altman Z0.22 · 3/25
- Current ratio1.13 · 12/25
- Interest coverage5.5x · 18/25
- Net cash / debtn/a · 0/25
Quality65
- Piotroski F5/9 · 15/25
- Beneish M-2.87 · 25/25
- FCF conversion-95% · 0/25
- Margin stabilityσ 2.1% · 25/25
Moat43
- ROIC >12% years3/10 yrs · 6/25
- Median gross margin48.8% · 20/25
- FCF-positive years5/10 yrs · 5/25
- Worst-year net marginworst 3.5% · 12/25
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- FY2025FinancialBest year on record$1.35B net income
- Dec 7, 2021AcquisitionEquinix announced its acquisition of Main One, a West African data center and connectivity…
- 2020AcquisitionEquinix completed the acquisition of 13 Bell Canada data centers
- 2018AcquisitionEquinix purchased the Dallas Infomart building, where it had already been operating four data centers
- FY2016FinancialProfitable every year on record10 consecutive profitable years in our data
- FY2016FinancialRevenue already above $1B$3.61B in first reported year
- 2016AcquisitionEquinix announced a deal to acquire 29 data centers in 15 markets from Verizon
- 2015AcquisitionEquinix said it would purchase the British company TelecityGroup, the largest acquisition in the…
- 2014AcquisitionEquinix increased its Latin American presence when it acquired ALOG Datacenters of Brazil S.A., the…
- 2012AcquisitionAlso in 2012, it acquired Hong Kong-based data center provider Asia-Tone
- 2010AcquisitionThe company purchased Switch and Data Facilities Company, Inc., a U.S
- 2002AcquisitionEquinix merged with I-STT, the Internet infrastructure service subsidiary of Singapore Technologies Telemedia
- 1998FoundedEquinix, Inc., was founded in 1998 by Al Avery and Jay Adelson, who were two facilities managers at Digital…
Achievements
Verifiable track record, straight from the reported numbers.
Strengths & watch-outs
What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.
Strengths
- High gross margin (51.5%)
- Interest covered 5.5× by operating earnings
Watch-outs
- Negative free cash flow (-$1.5B)
- Altman Z-Score 0.22 — elevated financial-distress risk
Qualifications
The basics a company should meet before you research it further. Each check uses the reported numbers.
- Revenue growing — the company sells more than a year ago+9.6% YoY
- Profitable — makes more than it spends$1.53B TTM
- Profit growing — earnings are higher than last year+21.5% YoY
- Generates cash — cash left after running and investing-$1.46B TTM
- Debt under control — could handle its obligationscurrent ratio 1.13
- Established company — not a micro-cap — lower blow-up risk$101B market cap
- Not printing shares — share count not ballooning — you keep your slice+11.0% shares over ~5y
- Proven track record — years of profitability behind it10/10 profitable years
- Financially stable — balance sheet not near distressAltman Z 0.2 — distress
- Pays a dividend — returns cash to shareholdersyield 1.93%
- Valuation not extreme — price not wildly above earningsP/E 66.0
Peer comparisonEquinix, Inc. vs 6 largest real estate peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| EQIX this company | $101.2B | 66.0 | +9.6% | 15.6% | Strained |
| WELL Welltower Inc. | $162.5B | 108.1 | +37.6% | 12.1% | Strained |
| PLD Prologis, Inc. | $123.1B | 29.8 | +7.3% | 45.8% | Strained |
| AMT American Tower Corporation | $84.5B | 25.0 | +14.2% | 31.1% | Strained |
| DLR Digital Realty Trust, Inc. | $66.6B | 83.0 | +17.4% | 11.8% | Strained |
| SPG Simon Property Group, Inc. | $64.7B | 14.0 | +15.0% | 66.5% | Strained |
| PSA Public Storage | $54.1B | 26.5 | +3.0% | 41.8% | Strained |
Head-to-head: EQIX vs WELL · EQIX vs PLD · EQIX vs AMT
References
What covering analysts publish about the company — information only, not a recommendation.
Appendix · Financial records
The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/EQIX
Want the live picture — intraday moves, valuation history and full analysis?
Deeper analysis of EQIX on PreMarketPriceFigures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $1 026.06 · market cap $101B.