Latest Ratios: P/E Ratio 48.5x · EV/EBITDA 32.0x · ROE 5.5%. (2003–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $61.0B | $54.4B | $58.8B | $41.6B | $29.9B | $50.1B | $36.6B | $25.1B | $22.0B | $19.9B | $14.8B |
| Enterprise Value | $81.8B | $75.1B | $72.9B | $58.9B | $47.8B | $64.9B | $51.3B | $36.0B | $33.0B | $28.6B | $20.6B |
| P/E Ratio → | 48.52 | 43.22 | 110.14 | 44.86 | 90.33 | 29.78 | 139.51 | 50.95 | 88.06 | 115.05 | 44.66 |
| P/S Ratio | 9.99 | 8.90 | 10.58 | 7.59 | 6.37 | 11.31 | 9.38 | 7.82 | 7.23 | 8.10 | 6.91 |
| P/B Ratio | 2.46 | 2.19 | 2.54 | 1.98 | 1.52 | 2.70 | 1.98 | 2.36 | 2.03 | 1.79 | 2.88 |
| P/FCF | 25.31 | 22.55 | — | — | — | — | — | 2314.39 | 1888.60 | — | 107.33 |
| P/OCF | 25.31 | 22.55 | 26.00 | 25.44 | 18.00 | 29.43 | 21.46 | 16.57 | 15.90 | 19.47 | 16.23 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 12.29 | 13.13 | 10.76 | 10.19 | 14.66 | 13.14 | 11.21 | 10.83 | 11.62 | 9.63 |
| EV / EBITDA | 32.03 | 29.42 | 32.51 | 26.56 | 22.05 | 29.77 | 26.66 | 20.47 | 19.00 | 22.08 | 17.24 |
| EV / EBIT | 124.18 | 44.38 | 66.55 | 40.27 | 67.23 | 30.70 | 69.90 | 37.32 | 49.64 | 54.65 | 30.20 |
| EV / FCF | — | 31.14 | — | — | — | — | — | 3320.59 | 2829.83 | — | 149.58 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 55.4% | 55.4% | 54.7% | 52.6% | 57.0% | 59.8% | 61.2% | 62.8% | 64.0% | 63.6% | 64.4% |
| Operating Margin | 10.8% | 10.8% | 8.5% | 9.6% | 12.6% | 15.7% | 14.3% | 18.5% | 18.0% | 18.4% | 23.2% |
| Net Profit Margin | 21.4% | 21.4% | 10.8% | 17.3% | 8.0% | 38.6% | 9.1% | 18.1% | 10.9% | 10.1% | 19.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 5.5% | 5.5% | 2.7% | 4.7% | 2.0% | 9.2% | 2.4% | 5.4% | 3.0% | 3.1% | 8.8% |
| ROA | 2.8% | 2.8% | 1.3% | 2.2% | 1.0% | 4.7% | 1.2% | 2.5% | 1.5% | 1.5% | 3.6% |
| ROIC | 1.2% | 1.2% | 0.9% | 1.0% | 1.2% | 1.6% | 1.5% | 2.1% | 2.0% | 2.2% | 3.5% |
| ROCE | 1.5% | 1.5% | 1.2% | 1.4% | 1.7% | 2.1% | 2.0% | 2.8% | 2.7% | 2.9% | 4.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.97 | 0.97 | 0.78 | 0.90 | 0.92 | 0.81 | 0.80 | 1.03 | 1.02 | 0.78 | 1.14 |
| Debt / EBITDA | 9.47 | 9.47 | 8.03 | 8.55 | 8.33 | 6.86 | 7.68 | 6.25 | 6.39 | 6.68 | 4.88 |
| Net Debt / Equity | — | 0.83 | 0.61 | 0.83 | 0.91 | 0.80 | 0.79 | 1.02 | 1.01 | 0.78 | 1.14 |
| Net Debt / EBITDA | 8.12 | 8.12 | 6.30 | 7.81 | 8.27 | 6.80 | 7.62 | 6.20 | 6.32 | 6.68 | 4.87 |
| Debt / FCF | — | 8.59 | — | — | — | — | — | 1006.21 | 941.23 | — | 42.25 |
| Interest Coverage | 3.87 | 3.87 | 2.42 | 3.34 | 2.38 | 7.19 | 2.20 | 2.73 | 2.07 | 2.02 | 2.83 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 4.50 | 4.50 | 1.11 | 0.70 | 0.23 | 0.31 | 0.31 | 0.48 | 0.14 | 0.25 | 0.24 |
| Quick Ratio | 4.50 | 4.50 | 1.11 | 0.70 | 0.23 | 0.31 | 0.31 | 0.48 | 0.14 | 0.25 | 0.24 |
| Cash Ratio | 3.01 | 3.01 | 0.84 | 0.34 | 0.03 | 0.05 | 0.05 | 0.07 | 0.04 | 0.00 | 0.01 |
| Asset Turnover | — | 0.12 | 0.12 | 0.12 | 0.11 | 0.12 | 0.11 | 0.14 | 0.13 | 0.11 | 0.18 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.8% | 3.2% | 2.8% | 3.7% | 4.9% | 2.8% | 3.2% | 3.7% | 3.9% | 3.2% | 3.5% |
| Payout Ratio | 132.1% | 132.1% | 271.1% | 160.3% | 384.1% | 80.7% | 326.3% | 159.0% | 256.4% | 260.4% | 122.4% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.1% | 2.3% | 0.9% | 2.2% | 1.1% | 3.4% | 0.7% | 2.0% | 1.1% | 0.9% | 2.2% |
| FCF Yield | 4.0% | 4.4% | — | — | — | — | — | 0.0% | 0.1% | — | 0.9% |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.9% | 1.9% |
| Total Shareholder Yield | 2.8% | 3.2% | 2.8% | 3.7% | 4.9% | 2.8% | 3.2% | 3.7% | 3.9% | 4.2% | 5.5% |
| Shares Outstanding | — | $352M | $332M | $309M | $298M | $283M | $263M | $209M | $207M | $175M | $151M |
Negative AFFO dividend coverage
Based on reported figures, DLR's P/FFO multiple of 71.89 in 2026Q1 suggests a significant valuation premium that appears disconnected from the company's recent erratic earnings performance and the persistent challenges in generating positive adjusted cash flow across the majority of the last ten quarters.
The elevated P/FFO multiple implies that the market is pricing in substantial future growth, likely tied to AI-driven demand for data center capacity. However, investors should monitor whether this valuation is sustainable given the company's historical difficulty in maintaining consistent FFO growth and the potential for further multiple compression if development yields fail to outpace rising capital costs.
According to the provided quarterly data, the FFO payout ratio reached 128.4% in 2026Q1, which, when combined with consistently negative AFFO figures over the last ten quarters, suggests that current dividend distributions are not being supported by recurring organic cash flow generated from the existing portfolio.
The reliance on external capital to fund both development pipelines and dividend payments indicates a structural vulnerability in the company's payout policy. Investors should interpret these payout metrics as a signal that the dividend may be at risk of adjustment unless the firm can achieve a sustained turnaround in its recurring cash flow generation.
As reported in financial statements, the debt-to-equity ratio of 0.76 in 2026Q1, while showing slight improvement from 2025Q4, continues to reflect a high reliance on leverage that appears to constrain the company's ability to navigate the capital-intensive requirements of its current data center development pipeline.
The interest coverage ratio of 2.64 in 2026Q1 highlights the sensitivity of the balance sheet to interest rate fluctuations, particularly given the firm's ongoing need for external financing. This leverage profile warrants further investigation into the company's debt maturity schedule and its ability to maintain investment-grade credit ratings under current market conditions.
Based on the provided financial data, the most commonly misapplied metric for Digital Realty is the standard P/E ratio, which obscures the company's true operational performance by failing to account for the massive non-cash depreciation charges inherent in data center real estate ownership.
Using P/E for a REIT like DLR is deeply misleading because it treats depreciation as a cash expense, thereby artificially depressing earnings and inflating the valuation multiple. Analysts should instead prioritize FFO or AFFO, which adjust for these non-cash items to provide a more accurate reflection of the company's ability to generate distributable cash flow.
Includes 30+ ratios · 23 years · Updated daily
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Quick answers to the most common questions about buying DLR stock.
Digital Realty Trust, Inc.'s current P/E ratio is 48.5x. The historical average is 71.9x. This places it at the 32th percentile of its historical range.
Digital Realty Trust, Inc.'s current EV/EBITDA is 32.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.4x.
Digital Realty Trust, Inc.'s return on equity (ROE) is 5.5%. The historical average is 5.1%.
Based on historical data, Digital Realty Trust, Inc. is trading at a P/E of 48.5x. This is at the 32th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Digital Realty Trust, Inc.'s current dividend yield is 2.83% with a payout ratio of 132.1%.
Digital Realty Trust, Inc. has 55.4% gross margin and 10.8% operating margin. Operating margin between 10-20% is typical for established companies.
Digital Realty Trust, Inc.'s Debt/EBITDA ratio is 9.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.