Equinix, Inc. (EQIX) is a publicly traded company in the Real Estate — REIT - Specialty industry listed on NASDAQ. This overview shows the latest price, key valuation ratios, profitability metrics and financial-health indicators used by fundamental investors.
Equinix, Inc. shortens the path to boundless connectivity anywhere in the world. Its digital infrastructure, data center footprint and interconnected ecosystems empower innovations that enhance our work, life and planet. Equinix connects economies, countries, organizations and communities, delivering seamless digital experiences and cutting-edge AI quickly, efficiently and everywhere. Equinix, Inc. was established on June 22, 1998 and is based in Redwood City, United States.
Is Equinix, Inc. stock overvalued or undervalued in 2026?
As of October 5, 2026, Equinix, Inc. (EQIX) trades at 65.8× earnings (P/E), according to Kaplio. Kaplio's verdict: expensive. At its 10-year average P/FFO (23.6×) $825 (-20 %).
Kaplio overview: Equinix, Inc.
Market cap $101B · 52 weeks $726 – $1,116 (9 % below the high) · P/E 65.8× · 2027 expected P/E 54.5× · Dividend 2.0 % · 9 years rising · Next earnings November 4, 2026 · expected EPS $4.14 · Price as of Oct 5 · accounts published Jul 29.
- Valuation: P/FFO 29.4× (expensive).
- Business: FFO/dividend 1.8× (solid).
- Balance sheet: Net debt/EBITDA 5.2× (solid).
- Earnings: 5 of 8 (no verdict).
What would it be worth at its usual multiples?
At its 10-year average P/FFO (23.6×) $825 (-20 %). Implied price from applying the reference multiples to today's earnings (or book value, or FFO) per share. Not a fair value: it is where the stock would trade at its usual multiples.
What matters in REITs: 4 of 5 pass
- P/FFO 29.4×, fails.
- Dividend coverage (FFO/div) 1.8×, passes.
- Debt / Assets 56.6 %, passes, near the threshold.
- Net debt / EBITDA 5.2×, passes.
- FFO Payout (proxy) 47.5 %, passes.
- FFO / Share $34.90, info.
Against its peers (reference peers) — Equinix, Inc.: P/B 7.0×; Div. yield 2.0 %; EV/EBITDA 23.6×; $101B. American Tower Corporation (P/B 20.3×; Div. yield 4.4 %; EV/EBITDA 16.9×; $75.6B), Digital Realty Trust, Inc. (P/B 2.3×; Div. yield 2.7 %; EV/EBITDA 20.6×; $66.1B), Crown Castle Inc. (P/B —; Div. yield 6.4 %; EV/EBITDA 18.9×; $29.0B).
Expensive or cheap against its last ten fiscal years?
Precio / FFO (aprox.) at each close: today 29.4× · median 24.4× · minimum 15.5× · maximum 29.8× · cheap below 22.5× · expensive above 27.2×. It has been cheaper than today 90% of the time over its last ten fiscal years.
Dividend
solid · Yield 1.97 % ($18.96 per share in 2025) · Years raising it 9 · 5-year growth +12 % a year · Free cash flow coverage FFO payout 48 % · With $1,000 invested today you'd collect $19.70 a year ($1.64 a month).
Kaplio's reading: Equinix, Inc.
Updated on September 25, 2026 · accounts published on July 29, 2026
Reading of September 25, 2026: A solid, well-financed REIT
Equinix trades at 29.9× its fiscal 2025 FFO, above the 15× to 20× range healthy for a REIT, with the dividend covered 1.8× and net debt at 5.2× EBITDA.
- Is Equinix expensive or cheap? It trades at 29.9× fiscal 2025 FFO, roughly 50 % above the 20× top of the healthy REIT range.
- How is the business doing? The operating margin is 22 % over the last 12 months against an 18 % average for 2014 to 2025, with revenue up 5.9 %.
- How strong is the balance sheet? Debt is 57 % of assets in fiscal 2025, inside the 60 % sector ceiling, with net debt at 5.2× EBITDA.
- What to expect from the next earnings? Next results on November 4, 2026: consensus of $4.14 per share, with 39 of 53 analysts on buy.
- Does FFO cover the dividend, and at what multiple does it trade? FFO covered the dividend 1.8× in fiscal 2025 and the payout took 48 % of operating cash, at a price of 29.9× FFO.
Is Equinix expensive or cheap?
Price to FFO is the first number to check in a REIT, and at 29.9× fiscal 2025 FFO Equinix sits roughly 50 % above the 20× top of the range considered healthy. Price to book of 7.1× over the last 12 months says the same: investors pay seven times accounting equity for a 22 % operating margin. EV/EBITDA of 27.7× and a free cash flow yield of 1.6 %, both over the last 12 months, leave no cushion. The stock is up 33 % in 12 months and trades 7 % below its 52-week high of $1,115.94, far from the $726.09 low.
How is the business doing?
Growth is moderate: revenue rose 5.9 % over the last 12 months. Profitability is doing more work than volume. The operating margin of 22 % over the last 12 months compares with 20 % in fiscal 2025 and an average of 18 % across the twelve fiscal years from 2014 to 2025, so current profitability sits clearly above its own decade average. FFO per share of $34.90 in fiscal 2025 is the number worth tracking from here, because that is what pays the dividend and what the market is capitalising.
How strong is the balance sheet?
Leverage is high in absolute terms and ordinary for the sector. Debt to equity of 1.6 over the last 12 months looks heavy against an industrial company, which is why the sector is judged on debt over assets instead. That ratio was 57 % in fiscal 2025, inside the 60 % ceiling normally treated as healthy, though with little margin left. Net debt of 5.2× EBITDA in fiscal 2025 clears the 6× limit and sits right on the 5× line that counts as excellent. The balance sheet is sound, and close to fully used.
What to expect from the next earnings?
Equinix reports again on November 4, 2026, and the consensus calls for EPS of $4.14 for the quarter. The company has beaten EPS estimates in five of the last eight quarters, most recently on July 29, 2026, with $4.83 against $4.73 expected, a 2.1 % beat. Expectations are frozen: the 2026 EPS consensus has moved from $17.21 to $17.24 over the last 10 days across 11 analysts, and revenue estimates are just as flat. Of the 53 analysts covering the company, 39 say buy, 12 hold and 1 sell.
Does FFO cover the dividend, and at what multiple does it trade?
In a REIT, EPS and the P/E mislead, because property depreciation is a large accounting charge that consumes no cash and buries reported profit. FFO strips it out, which is why the sector is judged on FFO cover rather than earnings. Fiscal 2025 FFO covered the dividend 1.8×, comfortably above the 1.1× treated as the safety line, and the payout took 48 % of operating cash flow against an 80 % comfort limit. Nine consecutive fiscal years of dividend increases through 2025 support that. The cover is comfortable; paying 29.9× FFO for a 1.9 % yield is the harder part.
How this was prepared: the data comes from companies' official filings, collected by a professional provider, and from Kaplio's analysis engine (trailing-12-month ratios, 10 years of history and sector medians computed across US-listed companies). The text is written from that data alone, every figure is checked against it before publication, and it is reviewed when the company reports results. This is not investment advice.
Investor methods verdict
Would Peter Lynch approve Equinix today?
The Lynch Method would not approve Equinix today: it fails its quality rules. Business quality: 22 out of 100 (price not included). Lynch classifies it as a fast grower. Kaplio assessment with data from the week of 2026-10-05; not investment advice.
Profitability
| Return on Equity | 9.54% |
| Return on Invested Capital | 4.36% |
| Return on Assets | 3.36% |
| Gross Margin | 51.60% |
| Operating Margin | 21.76% |
| Net Margin | 15.60% |
Financial Health
| Debt / Equity | 1.62 |
| Current Ratio | 1.13 |
| Piotroski F-Score | 5 |
| Altman Z-Score | 1.94 |
Price Performance
| 1 month | -1.21% |
| 3 months | +0.74% |
| Year-to-date | +33.58% |
| 1 year | +29.58% |
| 3 years | +41.43% |
| 5 years | +33.52% |
Dividend History
Paid in the last 12 months: $20.1700 per share in 4 payments.
| Date | Amount |
|---|---|
| 2026-08-19 | $5.1600 |
| 2026-05-20 | $5.1600 |
| 2026-02-25 | $5.1600 |
| 2025-11-19 | $4.6900 |
| 2025-08-20 | $4.6900 |
| 2025-05-21 | $4.6900 |
| 2025-02-26 | $4.6900 |
| 2024-11-13 | $4.2600 |
| 2024-08-21 | $4.2600 |
| 2024-05-21 | $4.2600 |
Amounts adjusted for stock splits.
Related companies: AMT · CCI · DLR · O · PLD · PSA · SPG
Explore sector: Real Estate · REIT - Specialty
More sections of EQIX: Financials · Valuation · Statistics · Estimates · Technical · Ownership · News · Events
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