Digital Realty Trust, Inc. (DLR) Financial Ratios
23 years of historical data (2003–2025) · Real Estate · REIT - Office
EV/EBITDA
↓
34.59
↑+23% vs avg
5yr avg: 28.06
30Y Low12.0·High32.5
P/FCF
28.02
↑+24% vs avg
5yr avg: 22.55
30Y Low9.6·High107.3
P/B Ratio
↓
2.78
↑+27% vs avg
5yr avg: 2.19
30Y Low0.8·High2.9
ROE
↓
5.5%
↓+13% vs avg
5yr avg: 4.8%
30Y Low2%·High11%
Debt/EBITDA
↑
9.47
+15% vs avg
5yr avg: 8.25
30Y Low4.6·High10.8
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
DLR Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Digital Realty Trust, Inc. trades at 54.9x earnings, 14% below its 5-year average of 63.7x, sitting at the 41st percentile of its historical range. Compared to the Real Estate sector median P/E of 24.1x, the stock trades at a premium of 128%. On a free-cash-flow basis, the stock trades at 28.0x P/FCF, 24% above the 5-year average of 22.5x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $67.6B | $54.4B | $58.8B | $41.6B | $29.9B | $50.1B | $36.6B | $25.1B | $22.0B | $19.9B | $14.8B |
| Enterprise Value | $88.3B | $75.1B | $72.9B | $58.9B | $47.8B | $64.9B | $51.3B | $36.0B | $33.0B | $28.6B | $20.6B |
| P/E Ratio → | 54.94 | 43.22 | 110.14 | 44.86 | 90.33 | 29.78 | 139.51 | 50.95 | 88.06 | 115.05 | 44.66 |
| P/S Ratio | 11.06 | 8.90 | 10.58 | 7.59 | 6.37 | 11.31 | 9.38 | 7.82 | 7.23 | 8.10 | 6.91 |
| P/B Ratio | 2.78 | 2.19 | 2.54 | 1.98 | 1.52 | 2.70 | 1.98 | 2.36 | 2.03 | 1.79 | 2.88 |
| P/FCF | 28.02 | 22.55 | — | — | — | — | — | 2314.39 | 1888.60 | — | 107.33 |
| P/OCF | 28.02 | 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
DLR EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Digital Realty Trust, Inc.'s enterprise value stands at 34.6x EBITDA, 23% above its 5-year average of 28.1x. The Real Estate sector median is 16.7x, placing the stock at a 108% premium on an enterprise-value basis.
| 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 | 34.59 | 29.42 | 32.51 | 26.56 | 22.05 | 29.77 | 26.66 | 20.47 | 19.00 | 22.08 | 17.24 |
| EV / EBIT | 134.12 | 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 |
DLR Profitability
Margins and return-on-capital ratios measuring operating efficiency
Digital Realty Trust, Inc. earns an operating margin of 10.8%, below the Real Estate sector average of 26.0%. Operating margins have expanded from 9.6% to 10.8% over the past 3 years, signaling improving operational efficiency. ROE of 5.5% is modest. ROIC of 1.2% represents below-average returns on invested capital.
Margins
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% |
Return on Capital
| 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% |
DLR Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Digital Realty Trust, Inc. carries a Debt/EBITDA ratio of 9.5x, which is highly leveraged (21% above the sector average of 7.9x). Net debt stands at $20.7B ($24.2B total debt minus $3.5B cash). Interest coverage of 3.9x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| 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 |
DLR Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Digital Realty Trust, Inc.'s current ratio of 4.50x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has improved from 0.70x to 4.50x over the past 3 years.
| 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 | — | — | — | — | — | — | — | — | — | — | — |
DLR Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Digital Realty Trust, Inc. returns 2.5% to shareholders annually primarily through dividends. The payout ratio exceeds 100% at 132.1%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 1.8% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
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 | 2.5% | 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% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 1.8% | 2.3% | 0.9% | 2.2% | 1.1% | 3.4% | 0.7% | 2.0% | 1.1% | 0.9% | 2.2% |
| FCF Yield | 3.6% | 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 | 2.5% | 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 |
Peer Comparison
Compare DLR with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 DLRYou | $68B | 54.9 | 34.6 | 28.0 | 55.4% | 10.8% | 5.5% | 1.2% | 9.5 |
 EQIX | $106B | 78.4 | 32.5 | — | 51.3% | 20.0% | 9.7% | 4.3% | 5.8 |
 IRM | $39B | 268.8 | 23.9 | — | 25.7% | 20.4% | — | 6.2% | 7.8 |
 AMT | $83B | 33.0 | 18.2 | 21.9 | 73.7% | 45.8% | 25.3% | 6.9% | 6.5 |
 CCI | $39B | 87.4 | 24.6 | 13.5 | 66.1% | 48.7% | — | 5.5% | 10.7 |
 SBAC | $23B | 22.2 | 20.5 | 21.6 | 41.6% | 48.7% | — | 10.0% | 8.3 |
 UNIT | $3B | 2.4 | 11.1 | — | 36.9% | 21.2% | 343.0% | 5.2% | 8.8 |
 NVDA | $4.8T | 40.1 | 35.9 | 49.4 | 71.1% | 60.4% | 101.5% | 81.8% | 0.1 |
 CSCO | $373B | 37.0 | 26.9 | 28.1 | 64.9% | 20.8% | 22.1% | 13.0% | 2.0 |
 DELL | $72B | — | 11.3 | — | 20.0% | 7.2% | — | 33.0% | 3.9 |
 HPE | $40B | -673.5 | 12.9 | 63.7 | 28.8% | 4.8% | 0.2% | 3.5% | 5.1 |
| Real Estate Median | — | 24.1 | 16.7 | 15.4 | 52.1% | 26.0% | 3.5% | 3.0% | 7.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonDLR — Frequently Asked Questions
Quick answers to the most common questions about buying DLR stock.
What is Digital Realty Trust, Inc.'s P/E ratio?
Digital Realty Trust, Inc.'s current P/E ratio is 54.9x. The historical average is 71.9x. This places it at the 41th percentile of its historical range.
What is Digital Realty Trust, Inc.'s EV/EBITDA?
Digital Realty Trust, Inc.'s current EV/EBITDA is 34.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 19.4x.
What is Digital Realty Trust, Inc.'s ROE?
Digital Realty Trust, Inc.'s return on equity (ROE) is 5.5%. The historical average is 5.1%.
Is DLR stock overvalued?
Based on historical data, Digital Realty Trust, Inc. is trading at a P/E of 54.9x. This is at the 41th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Digital Realty Trust, Inc.'s dividend yield?
Digital Realty Trust, Inc.'s current dividend yield is 2.50% with a payout ratio of 132.1%.
What are Digital Realty Trust, Inc.'s profit margins?
Digital Realty Trust, Inc. has 55.4% gross margin and 10.8% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does Digital Realty Trust, Inc. have?
Digital Realty Trust, Inc.'s Debt/EBITDA ratio is 9.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.