Latest Ratios: P/E Ratio 74.3x · EV/EBITDA 31.1x · ROE 9.7%. (1999–2025 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 | $100.9B | $75.2B | $90.4B | $75.7B | $60.2B | $76.5B | $63.1B | $49.4B | $28.3B | $35.1B | $25.3B |
| Enterprise Value | $121.9B | $96.2B | $106.2B | $91.1B | $74.7B | $89.9B | $75.5B | $60.8B | $39.0B | $43.8B | $31.3B |
| P/E Ratio → | 74.34 | 55.68 | 110.93 | 78.12 | 85.40 | 152.95 | 170.86 | 97.45 | 77.32 | 151.07 | 199.67 |
| P/S Ratio | 10.89 | 8.12 | 10.33 | 9.25 | 8.28 | 11.52 | 10.53 | 8.89 | 5.57 | 8.04 | 7.01 |
| P/B Ratio | 7.08 | 5.30 | 6.67 | 6.05 | 5.23 | 7.03 | 5.94 | 5.59 | 3.92 | 5.13 | 5.80 |
| P/FCF | — | — | 493.74 | 173.82 | 87.79 | — | 2310.98 | — | — | 580.76 | — |
| P/OCF | 25.80 | 19.22 | 27.81 | 23.54 | 20.30 | 30.02 | 27.34 | 24.80 | 15.57 | 24.42 | 24.83 |
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 | — | 10.39 | 12.14 | 11.12 | 10.29 | 13.55 | 12.58 | 10.94 | 7.69 | 10.03 | 8.67 |
| EV / EBITDA | 31.14 | 24.57 | 31.84 | 27.70 | 25.44 | 32.53 | 30.47 | 24.79 | 17.69 | 23.66 | 21.51 |
| EV / EBIT | 65.95 | 47.94 | 74.19 | 59.68 | 63.05 | 95.16 | 81.78 | 51.90 | 40.86 | 57.23 | 56.74 |
| EV / FCF | — | — | 580.52 | 209.08 | 109.04 | — | 2761.84 | — | — | 724.01 | — |
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 | 51.3% | 51.3% | 48.9% | 48.4% | 48.4% | 47.7% | 48.7% | 49.5% | 48.6% | 49.8% | 49.6% |
| Operating Margin | 20.0% | 20.0% | 15.2% | 17.6% | 16.5% | 16.7% | 17.6% | 21.0% | 19.3% | 18.5% | 17.1% |
| Net Profit Margin | 14.6% | 14.6% | 9.3% | 11.8% | 9.7% | 7.5% | 6.2% | 9.1% | 7.2% | 5.3% | 3.5% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 9.7% | 9.7% | 6.3% | 8.1% | 6.3% | 4.6% | 3.8% | 6.3% | 5.2% | 4.2% | 3.6% |
| ROA | 3.6% | 3.6% | 2.4% | 3.1% | 2.4% | 1.8% | 1.5% | 2.3% | 1.9% | 1.5% | 1.1% |
| ROIC | 4.3% | 4.3% | 3.5% | 4.0% | 3.6% | 3.5% | 3.7% | 4.6% | 4.4% | 4.7% | 5.3% |
| ROCE | 5.4% | 5.4% | 4.3% | 5.0% | 4.4% | 4.3% | 4.5% | 5.8% | 5.4% | 5.6% | 6.1% |
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 | 1.60 | 1.60 | 1.40 | 1.39 | 1.43 | 1.38 | 1.31 | 1.50 | 1.57 | 1.47 | 1.55 |
| Debt / EBITDA | 5.81 | 5.81 | 5.68 | 5.31 | 5.61 | 5.42 | 5.62 | 5.41 | 5.14 | 5.44 | 4.64 |
| Net Debt / Equity | — | 1.48 | 1.17 | 1.23 | 1.27 | 1.24 | 1.16 | 1.29 | 1.49 | 1.27 | 1.38 |
| Net Debt / EBITDA | 5.37 | 5.37 | 4.76 | 4.67 | 4.96 | 4.87 | 4.97 | 4.65 | 4.86 | 4.68 | 4.13 |
| Debt / FCF | — | — | 86.78 | 35.26 | 21.25 | — | 450.86 | — | — | 143.25 | — |
| Interest Coverage | 3.53 | 3.53 | 3.13 | 3.80 | 3.33 | 2.81 | 2.27 | 2.44 | 1.83 | 1.60 | 1.41 |
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 | 1.32 | 1.32 | 1.63 | 1.13 | 1.80 | 1.84 | 1.29 | 1.33 | 1.00 | 1.81 | 1.43 |
| Quick Ratio | 1.32 | 1.32 | 1.63 | 1.13 | 1.80 | 1.84 | 1.29 | 1.33 | 1.00 | 1.81 | 1.43 |
| Cash Ratio | 0.83 | 0.83 | 1.08 | 0.66 | 1.04 | 0.96 | 0.79 | 0.87 | 0.40 | 1.16 | 0.73 |
| Asset Turnover | — | 0.23 | 0.25 | 0.25 | 0.24 | 0.24 | 0.22 | 0.23 | 0.25 | 0.23 | 0.29 |
| 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 | 1.8% | 2.5% | 1.8% | 1.8% | 1.9% | 1.4% | 1.5% | 1.7% | 2.6% | 1.8% | 2.0% |
| Payout Ratio | 137.5% | 137.5% | 201.6% | 141.8% | 163.5% | 208.5% | 256.4% | 164.8% | 202.2% | 266.8% | 393.9% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.3% | 1.8% | 0.9% | 1.3% | 1.2% | 0.7% | 0.6% | 1.0% | 1.3% | 0.7% | 0.5% |
| FCF Yield | — | — | 0.2% | 0.6% | 1.1% | — | 0.0% | — | — | 0.2% | — |
| Buyback Yield | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Total Shareholder Yield | 1.8% | 2.5% | 1.8% | 1.8% | 1.9% | 1.4% | 1.5% | 1.7% | 2.6% | 1.8% | 2.0% |
| Shares Outstanding | — | $98M | $96M | $94M | $92M | $90M | $88M | $85M | $80M | $78M | $71M |
Capital Expenditure Intensity
As reported in financial statements, Equinix trades at a P/FFO multiple consistently exceeding 140x, a valuation premium that suggests investors are pricing the company as a high-growth technology platform rather than a traditional REIT, despite the lack of clear AFFO-based valuation benchmarks in the current data.
The elevated P/FFO multiple indicates that the market assigns significant value to the company's interconnection moat rather than its underlying real estate assets. Investors should monitor whether this valuation remains sustainable if the growth in interconnection counts fails to offset the heavy capital expenditure requirements inherent in the IBX model.
Based on the provided quarterly data, Equinix maintained a robust NOI margin of 51.5% in 2026Q1, which suggests that the company has successfully navigated utility cost volatility and maintained property-level profitability despite the ongoing need for high-density power configurations across its global data center footprint.
The stability of these margins appears to validate the company's focus on high-margin interconnection services over lower-margin wholesale colocation. However, investors should remain cautious, as any shift toward hyperscale-heavy leasing could potentially dilute these margins and pressure the company's ability to generate organic FFO growth.
According to recent quarterly filings, the company's FFO payout ratio remains in the 50-55% range, yet the frequent occurrence of negative AFFO, such as the -$3.01 per share reported in 2026Q1, indicates a structural disconnect between accounting earnings and the actual cash available for dividend distributions.
The reliance on FFO to justify dividend payments may obscure the reality that recurring capital expenditures often exceed cash flow from operations. This suggests that the dividend is currently supported by external financing rather than organic cash generation, warranting further investigation into the long-term sustainability of the payout.
As indicated by the company's financial data, the debt-to-equity ratio has steadily climbed from 1.39 in 2023Q4 to 1.63 in 2026Q1, reflecting a consistent reliance on debt-funded capital allocation to maintain its competitive infrastructure edge in an increasingly capital-intensive global digital environment.
While the interest coverage ratio remains above 3.5x, the upward trend in leverage suggests that the company's balance sheet is becoming increasingly sensitive to interest rate fluctuations. Investors should monitor whether this debt trajectory limits future flexibility to fund necessary retrofitting of older facilities for high-density AI workloads.
Based on an analysis of standard metrics, the P/E ratio is the most commonly misapplied metric for Equinix, as it fails to account for the massive non-cash depreciation charges inherent in data center ownership, which artificially suppresses net income and obscures the company's true economic performance.
Using P/E to evaluate this REIT leads to a fundamentally flawed valuation, as it ignores the capital-intensive nature of the business. Analysts should instead prioritize FFO and AFFO, which provide a more accurate reflection of cash flow generation by adjusting for non-cash expenses and recurring maintenance capital expenditures.
Includes 30+ ratios · 27 years · Updated daily
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Quick answers to the most common questions about buying EQIX stock.
Equinix, Inc.'s current P/E ratio is 74.3x. The historical average is 98.7x. This places it at the 29th percentile of its historical range.
Equinix, Inc.'s current EV/EBITDA is 31.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 23.8x.
Equinix, Inc.'s return on equity (ROE) is 9.7%. The historical average is -4.4%.
Based on historical data, Equinix, Inc. is trading at a P/E of 74.3x. This is at the 29th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Equinix, Inc.'s current dividend yield is 1.85% with a payout ratio of 137.5%.
Equinix, Inc. has 51.3% gross margin and 20.0% operating margin. Operating margin between 10-20% is typical for established companies.
Equinix, Inc.'s Debt/EBITDA ratio is 5.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.