Latest Ratios: P/E Ratio 75.4x · EV/EBITDA 31.5x · 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 | $102.4B | $75.2B | $90.4B | $75.7B | $60.2B | $76.5B | $63.1B | $49.4B | $28.3B | $35.1B | $25.3B |
| Enterprise Value | $123.4B | $96.2B | $106.2B | $91.1B | $74.7B | $89.9B | $75.5B | $60.8B | $39.0B | $43.8B | $31.3B |
| P/E Ratio → | 75.41 | 55.68 | 110.93 | 78.12 | 85.40 | 152.95 | 170.86 | 97.45 | 77.32 | 151.07 | 199.67 |
| P/S Ratio | 11.06 | 8.12 | 10.33 | 9.25 | 8.28 | 11.52 | 10.53 | 8.89 | 5.57 | 8.04 | 7.01 |
| P/B Ratio | 7.18 | 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 | 26.18 | 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 | 31.52 | 24.57 | 31.84 | 27.70 | 25.44 | 32.53 | 30.47 | 24.79 | 17.69 | 23.66 | 21.51 |
| EV / EBIT | 66.77 | 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 |
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 75.4x. The historical average is 98.7x. This places it at the 29th percentile of its historical range.
Equinix, Inc.'s current EV/EBITDA is 31.5x. 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 75.4x. 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 1.82% 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.
Key Metrics
Top Statement Risk
Negative AFFO trend
Metrics are mathematically derived from official filings.
Premium Multiple Reflects AI Demand
Equinix trades at 145x trailing FFO, a significant premium to Digital Realty's 54x P/E, as reported in the latest filings, suggesting investors are pricing in sustained AI-driven growth.
The implied cap rate, derived from NOI and enterprise value, is approximately 3.4%, well below typical data center transaction cap rates, indicating that the market is paying a premium for Equinix's platform and growth prospects. This valuation appears justified if FFO growth continues at the recent 19.5% pace, but any slowdown could trigger multiple compression.
NOI Margin Expansion Signals Pricing Power
NOI margin improved to 53.1% in 2026Q2 from 48.7% a year earlier, as per the income statement, indicating strong operating leverage and pricing power in a tight data center market.
The 430 basis point year-over-year margin expansion suggests that Equinix is successfully passing through higher costs and benefiting from increased utilization. This organic profitability improvement is a key driver of FFO growth, which accelerated to 19.5% year-over-year, and appears sustainable given the ongoing demand from cloud and AI workloads.
Payout Ratio Masks AFFO Deficit
FFO payout ratio of 49.2% in 2026Q2 appears conservative, but AFFO turned negative at -$2.22 per share, as reported in the cash flow statement, indicating dividends are not covered by distributable cash flow.
While the FFO payout ratio suggests a healthy dividend, the negative AFFO reveals that maintenance capex and other adjustments are consuming all of FFO and more. This implies that Equinix is funding its dividend through external sources, which may not be sustainable in the long term. Investors should monitor whether AFFO turns positive as the current capex cycle matures.
Leverage Creeps Higher Amid Expansion
Debt-to-equity rose to 1.62 in 2026Q2 from 1.40 a year earlier, as per the balance sheet, while interest coverage improved to 4.46x, indicating manageable but increasing leverage.
The increase in leverage is a direct result of the aggressive expansion program, with total debt up 30% year-over-year. However, interest coverage remains adequate at 4.46x, and the majority of debt is likely fixed-rate, given the low interest rate environment. The key risk is refinancing risk if rates rise, but current coverage provides a cushion.
Occupancy and G&A Efficiency Solid
Occupancy remains high in the mid-90s, and G&A as a percentage of revenue is stable, as per the latest earnings release, indicating efficient operations and strong demand for Equinix's data centers.
Equinix's global platform and interconnection ecosystem provide a competitive moat, with high switching costs for customers. The company's focus on key metros and its ability to cross-sell services support occupancy and pricing power. However, geographic concentration in certain markets could expose it to regional supply increases, which warrants monitoring.
P/E Misleads Due to Depreciation
Standard P/E of 75.77 is distorted by non-cash depreciation, as reported in the income statement, making FFO and AFFO more relevant for REIT valuation.
For REITs, depreciation is a non-cash charge that does not reflect the economic value of real estate assets, which often appreciate. Therefore, P/E understates earnings power. Investors should use P/FFO and P/AFFO, but note that AFFO is negative, which may indicate that even FFO overstates distributable cash flow. A more accurate measure would be cash available for distribution (CAD) after all maintenance capex.