Equinix, Inc. (EQIX) Financial Ratios
27 years of historical data (1999–2025) · Real Estate · REIT - Specialty
EV/EBITDA
↓
32.54
+15% vs avg
5yr avg: 28.41
30Y Low11.6·High36.9
P/FCF
↑
N/A
—
5yr avg: 251.78
30Y Low44.0·High173.8
P/B Ratio
↓
7.46
↑+23% vs avg
5yr avg: 6.06
30Y Low0.1·High7.0
ROE
↑
9.7%
↓+39% vs avg
5yr avg: 7.0%
30Y Low-65%·High15%
Debt/EBITDA
↑
5.81
+4% vs avg
5yr avg: 5.57
30Y Low3.7·High10.0
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
EQIX Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Equinix, Inc. trades at 78.4x earnings, 19% below its 5-year average of 96.6x, 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 225%.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $106.4B | $75.2B | $90.4B | $75.7B | $60.2B | $76.5B | $63.1B | $49.4B | $28.3B | $35.1B | $25.3B |
| Enterprise Value | $127.4B | $96.2B | $106.2B | $91.1B | $74.7B | $89.9B | $75.5B | $60.8B | $39.0B | $43.8B | $31.3B |
| P/E Ratio → | 78.38 | 55.68 | 110.93 | 78.12 | 85.40 | 152.95 | 170.86 | 97.45 | 77.32 | 151.07 | 199.67 |
| P/S Ratio | 11.49 | 8.12 | 10.33 | 9.25 | 8.28 | 11.52 | 10.53 | 8.89 | 5.57 | 8.04 | 7.01 |
| P/B Ratio | 7.46 | 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 | 27.20 | 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
EQIX EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Equinix, Inc.'s enterprise value stands at 32.5x EBITDA, 15% above its 5-year average of 28.4x. The Real Estate sector median is 16.7x, placing the stock at a 95% 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 | — | 10.39 | 12.14 | 11.12 | 10.29 | 13.55 | 12.58 | 10.94 | 7.69 | 10.03 | 8.67 |
| EV / EBITDA | 32.54 | 24.57 | 31.84 | 27.70 | 25.44 | 32.53 | 30.47 | 24.79 | 17.69 | 23.66 | 21.51 |
| EV / EBIT | 68.92 | 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 | — |
EQIX Profitability
Margins and return-on-capital ratios measuring operating efficiency
Equinix, Inc. earns an operating margin of 20.0%, below the Real Estate sector average of 26.0%. Operating margins have expanded from 17.6% to 20.0% over the past 3 years, signaling improving operational efficiency. ROE of 9.7% is modest. ROIC of 4.3% 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 | 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% |
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 | 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% |
EQIX Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Equinix, Inc. carries a Debt/EBITDA ratio of 5.8x, which is highly leveraged (26% below the sector average of 7.9x). Net debt stands at $21.0B ($22.7B total debt minus $1.7B cash). Interest coverage of 3.5x 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 | 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 |
EQIX Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.32x means Equinix, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity. The current ratio has improved from 1.13x to 1.32x 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 | 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 | — | — | — | — | — | — | — | — | — | — | — |
EQIX Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Equinix, Inc. returns 1.8% to shareholders annually primarily through dividends. The payout ratio exceeds 100% at 137.5%, meaning the company is paying out more than it earns — this level is unsustainable long-term without earnings recovery. The earnings yield of 1.3% (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 | 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% |
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 | 1.3% | 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 |
Peer Comparison
Compare EQIX 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 |
|---|---|---|---|---|---|---|---|---|---|
 EQIXYou | $106B | 78.4 | 32.5 | — | 51.3% | 20.0% | 9.7% | 4.3% | 5.8 |
 DLR | $68B | 54.9 | 34.6 | 28.0 | 55.4% | 10.8% | 5.5% | 1.2% | 9.5 |
 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 |
 IRM | $39B | 268.8 | 23.9 | — | 25.7% | 20.4% | — | 6.2% | 7.8 |
 UNIT | $3B | 2.4 | 11.1 | — | 36.9% | 21.2% | 343.0% | 5.2% | 8.8 |
 CSCO | $373B | 37.0 | 26.9 | 28.1 | 64.9% | 20.8% | 22.1% | 13.0% | 2.0 |
 NVDA | $4.8T | 40.1 | 35.9 | 49.4 | 71.1% | 60.4% | 101.5% | 81.8% | 0.1 |
 ANET | $214B | 61.9 | 54.1 | 50.4 | 64.1% | 42.8% | 31.4% | 32.8% | — |
 VRT | $131B | 100.0 | 60.1 | 69.2 | 34.4% | 18.5% | 41.8% | 28.1% | 1.5 |
| 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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Includes 30+ ratios · 27 years · Updated daily
Full EQIX Stock Analysis
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Start ComparisonEQIX — Frequently Asked Questions
Quick answers to the most common questions about buying EQIX stock.
What is Equinix, Inc.'s P/E ratio?
Equinix, Inc.'s current P/E ratio is 78.4x. The historical average is 98.7x. This places it at the 41th percentile of its historical range.
What is Equinix, Inc.'s EV/EBITDA?
Equinix, Inc.'s current EV/EBITDA is 32.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 23.8x.
What is Equinix, Inc.'s ROE?
Equinix, Inc.'s return on equity (ROE) is 9.7%. The historical average is -4.4%.
Is EQIX stock overvalued?
Based on historical data, Equinix, Inc. is trading at a P/E of 78.4x. 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 Equinix, Inc.'s dividend yield?
Equinix, Inc.'s current dividend yield is 1.75% with a payout ratio of 137.5%.
What are Equinix, Inc.'s profit margins?
Equinix, Inc. has 51.3% gross margin and 20.0% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does Equinix, Inc. have?
Equinix, Inc.'s Debt/EBITDA ratio is 5.8x, indicating high leverage. A ratio above 4x may signal elevated financial risk.