The firm's financial flexibility appears constrained by a debt-to-equity ratio of 0.97 as of 2025Q4, alongside a concerning drop in net PPE to $1.1B in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 |
|---|
| Total Assets | 48.86B | 49.41B | 45.28B | 44.11B | 41.48B | 36.37B | 36.08B | 23.07B | 23.77B | 21.4B | 12.19B | 11.42B | 9.53B | 9.63B | 8.82B | 6.1B | 5.33B | 3.75B | 3.28B | 2.81B | 2.19B | 1.53B | 1.01B | 479.7M |
| Asset Growth % | 36.79% | 9.11% | 2.65% | 6.34% | 14.07% | 0.81% | 56.39% | -2.94% | 11.04% | 75.55% | 6.8% | 19.83% | -1.04% | 9.16% | 44.61% | 14.43% | 42.31% | 14.19% | 16.74% | 28.51% | 42.97% | 50.91% | 111.23% | - |
| Real Estate & Other Assets | 1.86B | 2.54B | 25.23B | 25.28B | 24.73B | 21.67B | 21.38B | 14.89B | 15.55B | 14.24B | 9.51B | 9.12B | 8.63B | 8.8B | 7.92B | 304.59M | 178.36M | 73.83M | 67.03M | -2.34B | -1.78B | -1.19B | -787.41M | -394.23M |
| PP&E (Net) | 1.11B | 26.43B | 1.18B | 1.41B | 1.35B | 1.41B | 1.39B | 628.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.22B | 4.57B | 3.15B | 2.74B | 2.34B | 1.78B | 1.19B | 787.41M | 394.23M |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 3.86B | 5.16B | 5.13B | 3.38B | 1.11B | 814.42M | 711.61M | 625.25M | 426.32M | 429.07M | 282.07M | 432.6M | 309.28M | 278.33M | 268.62M | 378.03M | 272.12M | 263.96M | 212.4M | 74.79M | 53.55M | 18.52M | 7.61M | 11.49M |
| Cash & Equivalents | 2.43B | 3.45B | 3.87B | 1.63B | 141.77M | 142.7M | 108.5M | 89.82M | 126.7M | 51K | 10.53M | 57.05M | 41.32M | 56.81M | 56.28M | 40.63M | 11.72M | 72.32M | 73.33M | 31.35M | 22.26M | 10.93M | 4.56M | 5.17M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 0 | 349.83M | -642.46M | -145.92M | -601.59M | -547.38M | 0 | 229.93M | 0 | 152.67M | 67.61M | 198.15M | 138.53M | 374.95M | 44.05M | 0 | 190.07M | 145.55M | 99.96M | -74.79M | -53.55M | -18.52M | -7.61M | -11.49M |
| Intangible Assets | 2.05B | 2.13B | 2.18B | 2.5B | 3.09B | 2.74B | 3.12B | 2.27B | 3.26B | 3.18B | 1.54B | 1.42B | 495.57M | 541.72M | 560.26M | 262.61M | 294.52M | 250.08M | 253.74M | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 23.46B | 24.56B | 22.11B | 23.12B | 21.86B | 17.85B | 17.59B | 12.42B | 12.89B | 10.3B | 7.06B | 6.88B | 5.61B | 5.98B | 5.32B | 3.52B | 3.27B | 2.11B | 1.72B | 1.69B | 1.34B | 880.23M | 584.23M | 328.3M |
| Total Debt | 19.22B | 24.18B | 18.01B | 18.97B | 18.07B | 14.96B | 14.77B | 10.99B | 11.1B | 8.65B | 5.84B | 5.9B | 4.67B | 4.96B | 4.28B | 2.94B | 2.81B | 1.78B | 1.4B | 1.37B | 1.12B | 930.07M | 519.5M | 297.87M |
| Net Debt | 16.79B | 20.73B | 14.14B | 17.34B | 17.93B | 14.82B | 14.66B | 10.9B | 10.97B | 8.65B | 5.83B | 5.84B | 4.64B | 4.91B | 4.22B | 2.9B | 2.8B | 1.71B | 1.32B | 1.34B | 1.1B | 919.14M | 514.94M | 292.69M |
| Long-Term Debt | 17.29B | 20B | 15.1B | 15.61B | 14.45B | 13.05B | 12.77B | 9.89B | 9.45B | 8.1B | 5.64B | 4.94B | 4.15B | 4.24B | 3.55B | 2.67B | 2.81B | 1.78B | 1.4B | 1.37B | 977.19M | 749.07M | 475.5M | 253.43M |
| Short-Term Borrowings | 707.96M | 1.15B | 1.61B | 1.81B | 2.15B | 398.17M | 531.9M | 234.1M | 1.65B | 550.95M | 199.21M | 960.27M | 525.95M | 724.67M | 723.73M | 275.11M | 0 | 0 | 0 | 0 | 145.45M | 181M | 44M | 44.44M |
| Capital Lease Obligations | 6.83B | 3.03B | 1.29B | 1.54B | 1.47B | 1.51B | 1.47B | 871.63M | 0 | 0 | 0 | 101.11M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 3.86B | 1.15B | 4.63B | 4.81B | 4.75B | 2.62B | 2.28B | 1.3B | 3.03B | 1.74B | 1.17B | 1.7B | 1.25B | 1.49B | 1.46B | 665.69M | 288.84M | 188.23M | 197.27M | 0 | 0 | 0 | 0 | 0 |
| Accounts Payable | 2.42B | 2.6B | 2.06B | 2.17B | 1.87B | 1.54B | 1.42B | 831.07M | 1.16B | 980.22M | 824.88M | 608.34M | 605.92M | 662.69M | 646.43M | 315.13M | 237.63M | 151.23M | 171.18M | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 733.97M | 0 | 539.8M | 401.87M | 369.65M | 336.58M | 371.66M | 208.72M | 209.31M | 199.76M | 144.19M | 126.92M | 115.02M | 0 | 154.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 0 | -742.46M | 0 | 0 | 0 | 0 | 371.66M | 208.72M | 409.42M | 467.36M | 250.01M | 239.46M | 212.71M | 253.23M | 302.4M | 187.36M | 179.03M | 137.58M | 123.63M | -1.37B | -977.19M | -749.07M | -475.5M | -253.43M |
| Total Equity | 25.4B | 24.85B | 23.18B | 21B | 19.62B | 18.52B | 18.49B | 10.65B | 10.87B | 11.1B | 5.13B | 4.54B | 3.91B | 3.65B | 3.5B | 2.58B | 2.05B | 1.63B | 1.56B | 1.12B | 848.19M | 648.94M | 174.2M | 151.4M |
| Equity Growth % | 35.55% | 7.21% | 10.38% | 7% | 5.93% | 0.19% | 73.61% | -2.06% | -2.07% | 116.34% | 13.13% | 15.9% | 7.34% | 4.23% | 35.57% | 25.59% | 25.68% | 4.59% | 39.34% | 32.26% | 30.7% | 272.54% | 15.06% | - |
| Shareholders Equity | 23.37B | 22.93B | 21.34B | 19.12B | 17.58B | 18B | 17.72B | 9.88B | 9.86B | 10.35B | 5.1B | 4.5B | 3.88B | 3.61B | 3.47B | 2.52B | 1.96B | 1.56B | 1.49B | 1.04B | 709.77M | 386.5M | 173.2M | 147.95M |
| Minority Interest | 2.03B | 1.92B | 1.84B | 1.88B | 2.04B | 519.21M | 770.65M | 770.25M | 1.02B | 754.27M | 36.28M | 36.37M | 35.98M | 36M | 30.08M | 57.49M | 92.14M | 75.81M | 70.27M | 77.91M | 138.42M | 262.44M | 997K | 3.44M |
| Common Stock | 3.46M | 3.41M | 3.34M | 3.09M | 2.89M | 2.82M | 2.79M | 2.07M | 2.05M | 2.04M | 1.58M | 1.46M | 1.35M | 1.28M | 1.25M | 1.06M | 909K | 766K | 732K | 654K | 542K | 274K | 214K | 0 |
| Additional Paid-in Capital | 30.09B | 29.35B | 28.08B | 24.4B | 22.14B | 21.08B | 20.63B | 11.58B | 11.36B | 11.26B | 5.76B | 4.66B | 3.97B | 3.69B | 3.56B | 2.5B | 1.85B | 1.16B | 1.04B | 814.11M | 597.33M | 252.56M | 182.41M | 0 |
| Retained Earnings | -6.95B | -6.69B | 0 | -5.26B | -4.7B | -3.63B | -4B | -3.05B | -2.63B | -2.06B | -1.55B | -1.35B | -1.1B | -785.22M | -656.1M | -488.69M | -348.15M | -231.87M | -161.44M | -103.09M | -52.09M | -27.78M | -9.52M | 0 |
| Preferred Stock | 731.69M | 731.69M | 731.69M | 731.69M | 731.69M | 731.69M | 950.94M | 1.43B | 1.25B | 1.25B | 1.01B | 1.29B | 1.05B | 694.83M | 572.71M | 569.78M | 502.34M | 662.34M | 662.45M | 328.87M | 159.8M | 159.8M | 0 | 0 |
| Return on Assets (ROA) | 2.82% | 2.76% | 1.35% | 2.22% | 0.97% | 4.72% | 1.21% | 2.48% | 1.47% | 1.48% | 3.61% | 1.95% | 2.09% | 3.41% | 2.82% | 2.73% | 2.25% | 2.5% | 2.22% | 0.9% | 0.72% | 1.27% | 0.61% | 3.47% |
| Return on Equity (ROE) | 5.51% | 5.45% | 2.73% | 4.67% | 1.98% | 9.24% | 2.45% | 5.39% | 3.01% | 3.06% | 8.82% | 4.84% | 5.3% | 8.8% | 6.92% | 6.74% | 5.55% | 5.48% | 5.04% | 2.29% | 1.78% | 3.91% | 2.8% | 10.99% |
| Debt / Assets | 39.33% | 48.94% | 39.77% | 43% | 43.55% | 41.13% | 40.95% | 47.66% | 46.71% | 40.41% | 47.89% | 51.67% | 49.05% | 51.54% | 48.51% | 48.21% | 52.67% | 47.65% | 42.56% | 48.68% | 51.35% | 60.82% | 51.27% | 62.09% |
| Debt / Equity | 0.76x | 0.97x | 0.78x | 0.90x | 0.92x | 0.81x | 0.80x | 1.03x | 1.02x | 0.78x | 1.14x | 1.30x | 1.19x | 1.36x | 1.22x | 1.14x | 1.37x | 1.09x | 0.89x | 1.22x | 1.32x | 1.43x | 2.98x | 1.97x |
| Net Debt / EBITDA | 5.81x | 8.12x | 6.30x | 7.81x | 8.27x | 6.80x | 7.62x | 6.20x | 6.32x | 6.68x | 4.87x | 6.01x | 5.82x | 5.72x | 5.64x | 4.78x | 5.61x | 4.56x | 4.40x | 6.30x | 7.00x | 7.55x | 10.73x | 8.18x |
| Book Value per Share | 71.89 | 70.67 | 69.90 | 67.93 | 65.86 | 65.40 | 70.43 | 50.84 | 52.61 | 63.49 | 34.06 | 32.67 | 29.29 | 28.46 | 30.16 | 26.02 | 23.89 | 21.23 | 22.19 | 17.93 | 23.47 | 26.79 | 8.39 | 7.57 |
Excessive leverage and liquidity
According to the provided balance sheet data, Digital Realty's debt-to-equity ratio reached 0.97 in 2025Q4, reflecting a significant reliance on leverage that appears to constrain the company's ability to navigate the capital-intensive requirements of its current data center development pipeline without further external financing.
The persistent elevation of the debt-to-equity ratio suggests that the company is operating with limited cushion to absorb potential valuation declines in its property portfolio. Investors should monitor whether this leverage profile forces management to prioritize asset recycling over organic growth to maintain investment-grade credit metrics.
As reported in the financial statements, the company's cash reserves fluctuated significantly, dropping to $2.4B in 2026Q1 from a peak of $3.9B in 2024Q4, which indicates a tightening liquidity position as the firm continues to fund massive development projects amidst volatile operating cash flow.
The rapid depletion of cash reserves relative to the scale of the development pipeline suggests that the company may face liquidity pressure if capital market conditions tighten. This reliance on external funding to bridge the gap between development costs and operational cash flow warrants further investigation into the sustainability of the current dividend policy.
Based on the reported figures, equity growth has remained largely stagnant over the last ten quarters, with the balance sheet showing $23.4B in 2026Q1 compared to $19.1B in 2023Q4, suggesting that retained earnings are insufficient to drive meaningful book value appreciation for shareholders.
The lack of robust equity growth implies that the company is struggling to generate meaningful internal capital, forcing a reliance on secondary issuances or debt to fund expansion. This trend suggests that shareholders may face continued dilution or limited growth in net asset value if the company cannot improve its return on invested capital.
As indicated by the quarterly balance sheet, the net property, plant, and equipment (PPE) figure plummeted to $1.1B in 2026Q1 from $26.4B in 2025Q4, which may suggest aggressive accounting adjustments or significant asset impairment that warrants immediate scrutiny from institutional investors.
The extreme volatility in reported net PPE suggests that the company's asset base may be subject to significant revaluations or accounting shifts that mask the true underlying value of the portfolio. This discrepancy appears to be a non-obvious risk that could indicate deeper issues with the long-term recoverability of the company's massive capital investments.
Quick answers to the most common questions about buying DLR stock.
As of 2025, Digital Realty Trust, Inc. (DLR) had total assets of $49.41B including $5.16B in current assets.
Digital Realty Trust, Inc. (DLR) carries total debt of $24.18B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Digital Realty Trust, Inc. (DLR) has total shareholders' equity (book value) of $22.93B ($70.67 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Digital Realty Trust, Inc. (DLR) reported a current ratio of 4.50x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.