Tearsheet
Investment Highlights Market Valuation Price Chart Return vs. Risk About EQIX Interactive Breakdown Better Bets vs. EQIX Latest Trefis Analyses Trade Ideas Recent Active Movers More From Trefis Peer Financials Peer Growth & Margins Peer Valuation Peer Returns Peer Analyses FDIC Bank Data Financials Segment Financials Price Behavior Short Interest Earnings Returns History SEC Filings Insider Activity Industry Resource Links External Quote Links

Equinix (EQIX)

Market Price (11/5/2025): $831.0 | Market Cap: $81.4 Bil
Sector: Real Estate | Industry: Data Center REITs

Equinix (EQIX)

Market Price (11/5/2025): $831.0
Market Cap: $81.4 Bil
Sector: Real Estate
Industry: Data Center REITs

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 41%, CFO LTM is 3.7 Bil		 Weak multi-year price returns
2Y Excs Rtn is -44%, 3Y Excs Rtn is -19%		 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 48x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 22x, P/EPrice/Earnings or Price/(Net Income) is 76x
1 Attractive yield
Dividend Yield is 2.2%		  Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.3%
2 Low stock price volatility
Vol 12M is 28%		  
0 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 41%, CFO LTM is 3.7 Bil
1 Attractive yield
Dividend Yield is 2.2%
2 Low stock price volatility
Vol 12M is 28%
3 Weak multi-year price returns
2Y Excs Rtn is -44%, 3Y Excs Rtn is -19%
4 Expensive valuation multiples
P/EBITPrice/EBIT or Price/(Operating Income) ratio is 48x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 22x, P/EPrice/Earnings or Price/(Net Income) is 76x
5 Not cash flow generative
FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -1.3%

Market Valuation & Key Metrics

EQIXS&P 500
REVENUE GROWTHFAIR
Rev LTM ($ Bil)9.1
Rev Chg Q5.2%6.6%
Rev Chg LTM5.4%5.6%
Rev Chg 3Y Avg8.5%5.3%
PROFITABILITYGOOD
Op Inc LTM ($ Bil)1.9
CFO LTM ($ Bil)3.7
Net Inc LTM ($ Bil)1.1
Op Mgn LTM20.6%18.8%
CFO/Rev LTM41.4%20.3%
Net Inc Mgn11.8%12.8%
VALUATIONVERY HIGH
P/S9.03.2
P/CFO21.715.3
P/FCF-714.220.3
P/E76.023.7

AI Generated Analysis | Feedback

null

EQIX Stock

               
           
Factor Drivers of Stock Movement
The -4.7% change in EQIX stock from 5/6/2025 to 11/4/2025 was primarily driven by a -17.1% change in the company's P/E Multiple.

506202511042025Change
Stock Price ($)870.69829.91-4.68%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)8846.009058.002.40%
Net Income Margin (%)10.48%11.82%12.83%
P/E Multiple91.5975.93-17.10%
Shares Outstanding (Mil)97.5197.98-0.48%
Cumulative Contribution-4.69%

LTM = Last Twelve Months as of date shown
The -5.9% change in EQIX stock from 11/4/2024 to 11/4/2025 was primarily driven by a -4.7% change in the company's P/E Multiple.

1104202411042025Change
Stock Price ($)882.33829.91-5.94%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)8597.009058.005.36%
Net Income Margin (%)12.28%11.82%-3.74%
P/E Multiple79.7175.93-4.74%
Shares Outstanding (Mil)95.3997.98-2.71%
Cumulative Contribution-6.01%

LTM = Last Twelve Months as of date shown
The 43.5% change in EQIX stock from 11/5/2022 to 11/4/2025 was primarily driven by a 27.6% change in the company's Total Revenues ($ Mil).

1105202211042025Change
Stock Price ($)578.23829.9143.52%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)7098.649058.0027.60%
Net Income Margin (%)9.84%11.82%20.10%
P/E Multiple76.0375.93-0.14%
Shares Outstanding (Mil)91.9097.98-6.62%
Cumulative Contribution42.90%

LTM = Last Twelve Months as of date shown
Why The Stock Moved

AI Generated Analysis | Feedback

null

Show more

Return vs. Risk

Price Returns Compared

 202020212022202320242025Total [1]
Returns
EQIX Return24%20%-21%25%19%-11%60%
Peers Return16%44%-9%34%30%10%193%
S&P 500 Return16%27%-19%24%23%15%112%

Monthly Win Rates [3]
EQIX Win Rate67%75%25%67%67%40% 
Peers Win Rate54%69%46%69%65%52% 
S&P 500 Win Rate58%75%42%67%75%70% 

Max Drawdowns [4]
EQIX Max Drawdown-16%-16%-39%0%-14%-21% 
Peers Max Drawdown-17%-8%-27%-6%-6%-17% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 

[1] Cumulative total returns since the beginning of 2020
[2] Peers: COR, DLR, IRM, EQIX. See EQIX Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 11/4/2025 (YTD)

How Low Can It Go

Unique KeyEventEQIXS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-42.8%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven74.7%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven502 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-25.4%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven34.1%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven16 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-31.2%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven45.4%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven149 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-69.9%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven232.0%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven1160 days1480 days

Compare to COR, DLR, IRM, EQIX


In The Past

Equinix's stock fell -42.8% during the 2022 Inflation Shock from a high on 9/3/2021. A -42.8% loss requires a 74.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth over time.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Equinix (EQIX)

AI Generated Analysis | Feedback

Public Storage for the internet's servers

A stock exchange for digital business connections

American Tower for data centers

AI Generated Analysis | Feedback

  • Colocation Services: Equinix provides physical space, power, cooling, and security within its global data centers for customers to house their own IT infrastructure.
  • Interconnection Services (e.g., Equinix Fabric): These services facilitate direct, private, and high-speed connections between customers, network providers, cloud services, and partners within Equinix data centers.
  • Bare Metal-as-a-Service (Equinix Metal): Equinix offers dedicated physical infrastructure that can be deployed and managed programmatically, combining the control of bare metal with the agility of the cloud.
  • Virtual Network Services (Equinix Network Edge): This service enables customers to deploy and manage virtual network functions like routers, firewalls, and SD-WAN devices on demand without purchasing or housing physical hardware.

AI Generated Analysis | Feedback

Equinix (EQIX) primarily sells its data center, colocation, and interconnection services to other companies (B2B) rather than individuals. Its major customers are large enterprises, cloud service providers, and network service providers that leverage Equinix's global platform for their digital infrastructure needs.

Here are some of the major customer companies that utilize Equinix's services:

  • Amazon Web Services (AMZN)
  • Microsoft Azure (MSFT)
  • Google Cloud (GOOGL)
  • AT&T (T)
  • Verizon (VZ)
  • Lumen Technologies (LUMN)
  • Netflix (NFLX)
  • Adobe (ADBE)
  • Salesforce (CRM)

AI Generated Analysis | Feedback

null

AI Generated Analysis | Feedback

null

AI Generated Analysis | Feedback

null

AI Generated Analysis | Feedback

null

AI Generated Analysis | Feedback

null

AI Generated Analysis | Feedback

null

Better Bets than Equinix (EQIX)

 EQIXBetter Performance than EQIX
MetricValueIndustry (Data Center REITs)
Rev Chg LTM5.4%DLR (7.7%)
Rev Chg 3Y Avg8.5%DLR (9.1%)
Op Mgn LTM20.6%
CFO/Rev LTM41.4%DLR (41.6%)
FCF/Rev LTM-1.3%DLR (41.6%)
Total Yield3.5%
 EQIXBetter Performance than EQIX
MetricValueAll Other Sectors
Rev Chg LTM5.4%NVDA (71.6%), AAPL (6.0%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%)
Rev Chg 3Y Avg8.5%NVDA (92.0%), MSFT (13.2%), GOOGL (11.0%), AMZN (11.3%), AVGO (24.0%)
Op Mgn LTM20.6%NVDA (58.1%), AAPL (31.9%), MSFT (46.3%), GOOGL (32.2%), AVGO (39.0%)
CFO/Rev LTM41.4%NVDA (46.6%), MSFT (50.0%), AVGO (42.4%), META (56.8%), V (60.4%)
FCF/Rev LTM-1.3%NVDA (43.6%), AAPL (23.5%), MSFT (26.6%), GOOGL (19.1%), AMZN (2.0%)
Total Yield3.5%GOOGL (4.0%), META (4.0%), BRK-B (6.4%), JPM (6.6%), V (3.8%)
 Best Bets In Real Estate Sector
 EQIXCTRE WPC ADC NNN OHI O EPRT GLPI EPR FCPT
What You Pay           
P/E75.931.039.841.618.923.655.424.416.518.922.7
P/EBIT47.627.021.024.812.816.124.717.110.811.515.4
What You Get           
Rev Chg Q5.2%55.3%8.5%18.7%4.6%12.9%4.2%23.7%3.2%4.3%11.0%
Rev Chg LTM5.4%29.7%5.6%14.7%4.8%13.7%15.6%24.2%4.4%4.2%8.3%
Rev Chg 3Y Avg8.5%14.1%5.6%19.5%6.1%6.3%24.7%24.2%7.4%3.9%9.5%
FCF/Rev 3Y Avg1.9%88.4%84.4%73.1%73.6%71.6%71.0%69.3%65.4%63.9%61.3%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 9.6%, alpha of 3.1%, and sharpe of 0.44

Latest Trefis Analyses

Trade Ideas

Select past ideas related to EQIX. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
MPW_10312025_Short_Squeeze10312025MPWMedical Properties TrustSpecialShort Squeeze PotentialShort Squeeze Potential
Has potential for a short squeeze. High short interest, rising short interest and high debt.		-1.5%-1.5%-1.5%
EQIX_2292020_Quality_Momentum_RoomToRun_10%02292020EQIXEquinixQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run		38.4%14.9%-14.6%
Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
MPW_10312025_Short_Squeeze10312025MPWMedical Properties TrustSpecialShort Squeeze PotentialShort Squeeze Potential
Has potential for a short squeeze. High short interest, rising short interest and high debt.		-1.5%-1.5%-1.5%
EQIX_2292020_Quality_Momentum_RoomToRun_10%02292020EQIXEquinixQualityQ | Momentum | UpsideQuality Stocks with Momentum and Upside
Buying quality stocks with strong momentum but still having room to run		38.4%14.9%-14.6%

Recent Active Movers

1 Week Top Gainers

Ticker

1 Week Top Losers

Ticker

1 Month Top Gainers

Ticker

1 Month Top Losers

Ticker

Recent Active Movers

1 Week Top Gainers

Ticker

1 Week Top Losers

Ticker

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons for Equinix

Financials

EQIXCORDLRIRMMedian
NameEquinix Cencora Digital .Iron Mou. 
Mkt Price829.91344.53168.27103.32256.40
Mkt Cap81.366.857.430.562.1
Rev LTM9,058316,6545,9146,4437,751
Op Inc LTM1,8643,7138741,2641,564
FCF LTM-1141,1422,463-1,057514
FCF 3Y Avg1482,5882,015-5081,081
CFO LTM3,7481,7422,4631,2572,102
CFO 3Y Avg3,3313,1012,0151,1552,558

Growth & Margins

EQIXCORDLRIRMMedian
NameEquinix Cencora Digital .Iron Mou. 
Rev Chg LTM5.4%11.6%7.7%10.7%9.2%
Rev Chg 3Y Avg8.5%10.3%9.1%10.1%9.6%
Rev Chg Q5.2%8.7%10.2%11.6%9.4%
QoQ Delta Rev Chg LTM1.3%2.1%2.5%2.8%2.3%
Op Mgn LTM20.6%1.2%14.8%19.6%17.2%
Op Mgn 3Y Avg18.8%1.1%13.8%20.1%16.3%
QoQ Delta Op Mgn LTM0.3%0.0%0.2%-0.2%0.1%
CFO/Rev LTM41.4%0.6%41.6%19.5%30.4%
CFO/Rev 3Y Avg38.9%1.1%35.9%19.8%27.9%
FCF/Rev LTM-1.3%0.4%41.6%-16.4%-0.4%
FCF/Rev 3Y Avg1.9%0.9%35.9%-8.2%1.4%

Valuation

EQIXCORDLRIRMMedian
NameEquinix Cencora Digital .Iron Mou. 
Mkt Cap81.366.857.430.562.1
P/S9.00.29.74.76.9
P/EBIT47.622.830.633.732.1
P/E75.935.241.0738.158.5
P/CFO21.738.323.324.323.8
Total Yield3.5%3.5%2.4%2.9%3.2%
Dividend Yield2.2%0.6%0.0%2.8%1.4%
FCF Yield 3Y Avg0.2%5.9%4.1%-1.8%2.2%
D/E0.30.10.30.60.3
Net D/E0.20.10.30.60.3

Returns

EQIXCORDLRIRMMedian
NameEquinix Cencora Digital .Iron Mou. 
1M Rtn6.6%13.8%-4.6%-1.4%2.6%
3M Rtn6.5%18.1%-1.6%9.0%7.8%
6M Rtn-4.7%18.9%2.4%8.3%5.4%
12M Rtn-5.9%48.5%-2.3%-12.9%-4.1%
3Y Rtn43.5%120.1%93.3%132.8%106.7%
1M Excs Rtn4.6%12.4%-5.4%-3.3%0.6%
3M Excs Rtn0.6%14.9%-6.7%9.0%4.8%
6M Excs Rtn-25.5%-1.8%-18.4%-12.5%-15.4%
12M Excs Rtn-25.9%33.6%-21.5%-32.5%-23.7%
3Y Excs Rtn-19.2%49.8%11.0%56.0%30.4%

Financials

$ Mil | FY: 12/312025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q32023Q22023Q12022Q4
Period End9/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/20236/30/20233/31/202312/31/2022
Filing Date10/29/20257/30/20254/30/20252/12/202510/30/20248/7/20245/8/20242/16/202410/27/20238/4/20235/5/20232/17/2023
Key Financials Quarterly            
Total Revenue2,3162,2562,2252,2612,2012,1592,1272,1102,0612,0191,9981,871
Net Income374368343-14297301231227276207259129
EPS3.823.763.52-0.143.113.172.442.412.942.212.781.39
Key Financials TTM            
Total Revenue TTM9,0588,9438,8468,7488,5978,4578,3178,1887,9497,7287,5277,263
Net Income TTM1,0719949278151,0561,035941969871807817705
Growth Rates Quarterly            
Total Revenue Growth5.2%4.5%4.6%7.2%6.8%6.9%6.5%12.8%12.0%11.1%15.2%9.6%
Net Income Growth25.9%22.3%48.5%-106.2%7.6%45.4%-10.8%75.4%30.3%-4.3%75.6%5.0%
Margins Quarterly            
Net Income Margin16.1%16.3%15.4%-0.6%13.5%13.9%10.9%10.8%13.4%10.3%13.0%6.9%
Cash & Debt            
Total Cash2,9314,5323,6733,6083,2271,9931,5272,0962,3572,3422,6431,906
Total Debt20,98221,85119,65018,96119,18817,97517,27717,45417,38117,17817,01316,470
Net Debt / (Cash)18,05117,31915,97715,35315,96115,98215,75015,35815,02414,83614,37114,563
Cash Flows Quarterly            
FCF from Operations1,014944809981758912598999785741692760
Cash Flows TTM            
FCF from Operations TTM3,7483,4923,4603,2493,2673,2943,1233,2172,9783,0133,0742,963
Returns to Shareholders Quarterly            
Dividends467460468413413405412403325321326288
Share Repurchases-0-0-0-0-0-0-0-0-0-0-0-0
Return on Invested Capital (ROIC) Quarterly            
ROIC4.8%4.9%4.7%4.7%4.2%4.4%3.7%3.6%4.5%3.6%4.2%2.8%
Return on Invested Capital (ROIC) TTM            
ROIC TTM4.4%4.2%4.1%3.9%3.8%4.0%3.8%3.8%3.7%3.6%3.7%3.4%

Segment Financials

Revenue by Segment

$ Mil20242023202220212020
Colocation5,7655,0834,6424,2594,022
Interconnection1,3951,2681,1621,023894
Managed infrastructure452416381337293
Non-recurring revenues443392415341324
Other133105363830
Total8,1887,2636,6365,9995,562


Price Behavior

EQIX Betas & Captures as of 10/31/2025

 1M2M3M6M1Y3Y
Beta0.130.370.460.420.720.86
Up Beta1.531.441.290.750.680.84
Down Beta0.21-0.070.160.300.850.78
Up Capture31%55%44%14%44%70%
Bmk +ve Days14273774145425
Stock +ve Days15273767136398
Down Capture-92%9%19%40%82%98%
Bmk -ve Days9172853106327
Stock -ve Days8172860115353

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Short Interest

Short Interest: As Of Date10152025
Short Interest: Shares Quantity1,724,274
Short Interest: % Change Since 9302025-8.5%
Average Daily Volume434,155
Days-to-Cover Short Interest3.97
Basic Shares Quantity97,982,000
Short % of Basic Shares1.8%

Returns Analyses

SEC Filings

Expand for More

Report DateFiling DateFiling
93020251029202510-Q 9/30/2025
6302025730202510-Q 6/30/2025
3312025430202510-Q 3/31/2025
12312024212202510-K 12/31/2024
93020241030202410-Q 9/30/2024
6302024807202410-Q 6/30/2024
3312024508202410-Q 3/31/2024
12312023216202410-K 12/31/2023
93020231027202310-Q 9/30/2023
6302023804202310-Q 6/30/2023
3312023505202310-Q 3/31/2023
12312022217202310-K 12/31/2022
93020221104202210-Q 9/30/2022
6302022729202210-Q 6/30/2022
3312022429202210-Q 3/31/2022
12312021218202210-K 12/31/2021

Insider Activity

Expand for More

 OwnerTitleFiling DateActionPriceSharesTransacted
Value		Value of
Held Shares		Form
0Abdel RaoufEVP, Global Operations9112025Sell771.11404311,5274,918,051Form
1PAISLEY CHRISTOPHER B 8192025Sell781.507558,61213,935,708Form
2Abdel RaoufEVP, Global Operations5232025Sell870.001,3161,144,9205,719,380Form
3PAISLEY CHRISTOPHER B 5192025Sell869.4110086,94115,274,664Form
4Pletcher KurtChief Legal Officer5082025Sell877.70127111,4681,616,723Form

External Quote Links


Prefer one of these to Trefis? Tell us why.