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Equinix — REIT card

EQIX
Data centersMarket cap $97.7B4-quarter TTM
Close · Oct 16, 2026985.98P/E 63.5 · EV yield 3.6%
P/Cash FFO22.3×Cash FFO/sh 44.27
Yield · spread to 10y2.0%−3.04 pt vs. the bond
−5% below 5y medianP/Cash FFO vs. its own five years
10-year Treasury · Oct 16, 20265.09%2-year 4.74%
Board median yield4.4%trailing dividends ÷ last close
Yield spread to the 10-year−0.71 ptREITs yield less than the bond: paying for growth
Board median P/Cash FFO15.6×five-year median 16.7× · −7%
Lights on0 of 3prices Oct 16, 2026 · TTM through Jun 30, 2026

Where it has traded

quarter-end P/Cash FFO · 20 quarters · Sep 30, 2021 → Jun 30, 2026
16×20×24×28×32×2021202220232024202520262021-09-30 · 27.8× (close 790.13 · Cash FFO/sh 28.46)2021-12-31 · 28.6× (close 845.84 · Cash FFO/sh 29.53)2022-03-31 · 25.0× (close 741.62 · Cash FFO/sh 29.69)2022-06-30 · 21.6× (close 657.02 · Cash FFO/sh 30.39)2022-09-30 · 18.2× (close 568.84 · Cash FFO/sh 31.20)2022-12-31 · 20.7× (close 655.03 · Cash FFO/sh 31.66)2023-03-31 · 21.9× (close 721.04 · Cash FFO/sh 32.97)2023-06-30 · 23.7× (close 783.94 · Cash FFO/sh 33.11)2023-09-30 · 21.4× (close 726.26 · Cash FFO/sh 33.98)2023-12-31 · 23.2× (close 805.39 · Cash FFO/sh 34.77)2024-03-31 · 23.6× (close 825.33 · Cash FFO/sh 35.04)2024-06-30 · 20.8× (close 756.60 · Cash FFO/sh 36.44)2024-09-30 · 27.5× (close 887.63 · Cash FFO/sh 32.33)2024-12-31 · 29.3× (close 942.89 · Cash FFO/sh 32.22)2025-03-31 · 25.1× (close 815.35 · Cash FFO/sh 32.55)2025-06-30 · 23.8× (close 795.47 · Cash FFO/sh 33.44)2025-09-30 · 20.0× (close 783.24 · Cash FFO/sh 39.18)2025-12-31 · 18.8× (close 766.16 · Cash FFO/sh 40.78)2026-03-31 · 23.2× (close 980.24 · Cash FFO/sh 42.31)2026-06-30 · 23.5× (close 1042.39 · Cash FFO/sh 44.27)p75 25×med 23×p25 21×now 22.3×
Five-year median 23.4×, middle half 21.2–25.0×, range 18.2–29.3×. Now 22.3×: −5% below its own median, higher than 40% of those quarters.Each quarter priced at its own trailing Cash FFO per share · the band is the 25th–75th percentile

Where the cash goes

TTM through Jun 30, 2026 · $B
0246810Revenue: 9.8 $B9.8RevenueProperty & operating: −5.5 $B−5.5Property &operatingEBITDA: 4.3 $B4.3EBITDAInterest: −0.6 $B−0.6InterestD&A: −2.2 $B−2.2D&ANet income: 1.5 $B1.5NetincomeAdd back D&A: 2.2 $B2.2Add backD&ANon- cash: 0.7 $B0.7Non-cashCash FFO: 4.4 $B4.4CashFFODividends: −2.0 $B−2.0DividendsRetained: 2.4 $B2.4Retained
Cash FFO 4.39B = net income 1.53B + depreciation 2.19B + 0.67B other non-cash items · dividends 2.00B · retained 2.39B

Against its type

EQIX (blue) vs. the other Data centers REITs on the board (2), grey
P/Cash FFO22.3× vs. 22.2×
Dividend yield2.0% vs. 2.9%
Cash FFO payout46% vs. 65%
Net debt / EBITDA5.2× vs. 6.5×
Interest cover7.5× vs. 4.9×
EBITDA margin44% vs. 40%

Type averages are the plain mean of the other REITs of the same property type with a usable window.

Quarter by quarter

8 quarters · Sep 30, 2024 → Jun 30, 2026 · a gap is a dropped quarter
Revenue, $B2.63
Cash FFO / share, quarter12.44
EBITDA margin47%
Interest cover8.1×