Latest Ratios: P/E Ratio 71.4x · EV/EBITDA 24.9x · 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 | $64.4B | $54.4B | $58.8B | $41.6B | $29.9B | $50.1B | $36.6B | $25.1B | $22.0B | $19.9B | $14.8B |
| Enterprise Value | $85.2B | $75.1B | $72.9B | $58.9B | $47.8B | $64.9B | $51.3B | $36.0B | $33.0B | $28.6B | $20.6B |
| P/E Ratio → | 71.41 | 43.22 | 110.14 | 44.86 | 90.33 | 29.78 | 139.51 | 50.95 | 88.06 | 115.05 | 44.66 |
| P/S Ratio | 8.98 | 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 | 26.72 | 22.55 | — | — | — | — | — | 2314.39 | 1888.60 | — | 107.33 |
| P/OCF | 26.72 | 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 | 24.92 | 29.42 | 32.51 | 26.56 | 22.05 | 29.77 | 26.66 | 20.47 | 19.00 | 22.08 | 17.24 |
| EV / EBIT | 129.36 | 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 | 1.4% | 2.3% | 0.9% | 2.2% | 1.1% | 3.4% | 0.7% | 2.0% | 1.1% | 0.9% | 2.2% |
| FCF Yield | 3.7% | 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 |
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 71.4x. The historical average is 71.9x. This places it at the 50th percentile of its historical range.
Digital Realty Trust, Inc.'s current EV/EBITDA is 24.9x. 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 71.4x. This is at the 50th 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 2.82% 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.
Key Metrics
Top Statement Risk
Volatile FFO and leverage funding
Metrics are mathematically derived from official filings.
Premium Multiple Lacks FFO Anchor
Based on DLR's reported figures, the stock trades at 48.8x trailing earnings and 79.6x the latest quarterly P/FFO, a premium that rests heavily on expectations for AI-driven growth rather than on the recent FFO run-rate, which has been erratic.
The P/FFO multiple has hovered between roughly 67x and 82x across the ten quarters shown, indicating the market has consistently priced DLR well above what trailing FFO per share would justify. Because the TTM P/FFO and P/AFFO fields are unpopulated, the implied cap rate cannot be cleanly derived, so valuation conclusions must lean on the ratio history rather than a verified enterprise-value yield. Investors should monitor whether FFO stabilizes near the 1.5 to 1.9 range seen in recent quarters, as the current premium requires a sustained step-up in per-share cash earnings to be defended.
Operating Margin Erodes Beneath Headline Net Margin
As reported in financial statements, NOI margin has swung from roughly 55% in 2025Q3 to negative readings in 2026Q1 and 2025Q4, while the latest quarter printed 55.5%, leaving profitability difficult to read from quarter to quarter.
The erratic NOI margin pattern suggests that quarterly reported property economics are being distorted by timing items, reclassifications, or development-related cost allocations rather than reflecting stable tenant economics. Net margin of 21.4% sitting well above operating margin of 10.8% points to non-operating contributions that may not recur, which warrants caution when extrapolating headline earnings. Until NOI margin settles into a consistent band, the durability of DLR's property-level profitability should be treated as unproven.
Payout Coverage Swings Between Quarters
Based on reported quarterly figures, the FFO payout ratio ranged from 1.7% to 153.5% over the period, with AFFO payout reaching 0.13 per share in 2026Q2, suggesting dividend coverage has been inconsistent rather than structurally secure.
The extreme dispersion in FFO payout ratios, including readings above 100% in 2025Q1 and 2026Q1, indicates that the dividend has at times been funded beyond quarterly distributable cash flow. The 2.8% dividend yield appears modest, but the absence of a clean AFFO series across most quarters limits confidence in a durable safety margin. Investors should monitor whether the payout normalizes below roughly 80% on a trailing basis before treating the distribution as well covered.
Deleveraging Trend Offset by Development Funding
According to reported figures, debt-to-equity has eased from 0.97 in 2025Q4 to 0.68 in 2026Q3, and interest coverage rose to 3.17x, yet total debt of $20.7B and an expanding asset base continue to rely on external capital markets.
The reduction in the debt-to-equity ratio and improvement in interest coverage suggest a meaningful balance sheet stabilization following recent capital raises. However, the growth in total assets from $43.6B to $56.5B over the period indicates that leverage is structurally tied to development spend, so the apparent improvement may reverse if new projects require additional borrowing. Gross-asset leverage, rather than book-equity ratios, is the more appropriate lens, and the unavailable debt-to-gross-assets and fixed-rate exposure data prevents a full maturity and rate-sensitivity assessment.
P/E and D/E Misread the Asset Base
Standard P/E of 48.8x and book-value debt-to-equity fail to capture depreciation-heavy earnings and off-balance-sheet development commitments, so debt-to-gross-assets and P/FFO should be used instead for an accurate picture of DLR's leverage and valuation.
Applying P/E to a REIT is distorted by large non-cash depreciation charges, which depress GAAP earnings and inflate the multiple; the gap between net income and FFO illustrates this clearly. Debt-to-equity using book equity can also misstate leverage because equity has been shrinking relative to asset values and development obligations sit partly outside reported debt. The more defensible approach is to use P/FFO or P/AFFO for valuation and debt-to-gross-assets with committed development spend included for leverage.