EQIX
EQUINIX INC
Next earnings Jul 28, 2026 · consensus $4.66 EPS, $2.62B rev
Last earnings +1.2% on 2026-04-29
$1,002.02
▼ -7.66%$1,002.02▲ +30.53%
over 1Y
L $718.60H $1,115.94
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-7.7%
1W-7.9%
1M-6.5%
3M+0.7%
YTD+32.5%
1Y+30.5%
Hold
Conviction
Horizon
Long (>12mo)
Street · 39 analysts
Buy
Wide-moat data-center REIT riding the AI buildout, but a full price and capex outrunning cash flow make it a hold here.
Revenue $9.22B · FY2025
The read
Middling fundamentals and a rich price (~48% above fair value) leave little margin of safety — a wait-and-see.
Equinix is a genuinely high-quality, wide-moat business. The MD&A describes a vendor-neutral platform of 280 data centers across 77 markets with 500,000+ interconnections — a network effect where each new tenant makes the campus more valuable to the next. The numbers corroborate durability: revenue is a steady $9.22B (+5.4%), operating cash flow grew +20.4% to $3.91B, cabinet utilization runs 73–79% with MRR per cabinet rising (Americas $2,694). Crucially, as a REIT the 79x GAAP P/E overstates how expensive this is: D&A of $2.05B depresses reported EPS, so the cleaner lens is ~27x operating cash flow — premium, but not absurd for an infrastructure compounder.
The forward story is real. The 10-K details 52 active development projects delivering 55,000+ retail cabinets plus 100+ MW of xScale capacity through 2028, ~$6.5B of committed construction capex, and land secured for ~1 GW — all aimed squarely at AI and cloud demand. A meaningful overhang also cleared: on Nov 19, 2025 the SEC concluded its investigation (stemming from the 2024 short-seller accounting allegations) with no enforcement action recommended, removing a tail risk that had hung over the stock.
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jun 19, 2026, 2:27 PM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Financials · annual, by fiscal year
| Line item | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | $6.64B | $7.26B | $8.19B | $8.75B | $9.22B |
| Gross profit | — | — | — | — | — |
| Operating income | $1.11B | $1.20B | $1.44B | $1.33B | $1.85B |
| Net income | $500M | $705M | $969M | $815M | $1.35B |
| Diluted EPS | $5.53 | $7.67 | $10.31 | $8.50 | $13.76 |
| Net margin | 7.5% | 9.7% | 11.8% | 9.3% | 14.6% |
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$114B
EV / EBITDA29.2
EV / Sales12.3
EV / FCF—
P / FCF—
PEG (trailing)1.11
Earnings yield1.4%
FCF yield-0.4%
Quality & risk
ROIC (est.)4.7%
Free cash flow-$400M
Total debt$16.6B
Net cash-$14.9B
Altman Z-Score2.91 grey
Piotroski F-Score5/8
Capital returns
Buyback yield0.0%
Dividend yield (est.)1.9%
Shareholder yield1.9%
Shares Δ YoY+0.9%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- 8-K Shareholder vote2026-05-15
Annual meeting vote results filed (Item 5.07); routine governance outcomes
- 8-K Officer / director change2026-05-11
Officer/director change disclosed (Item 5.02); leadership transition
- 8-K Other event2026-05-07
Other-events disclosure (Item 8.01), likely financing/dividend or business update
- 8-K Earnings results2026-04-29
Q1 2026: first quarter after record FY2025, revenue/profit growth continuing
- 10-Q Quarterly report2026-04-29
Q1 2026: first quarter after record FY2025, revenue/profit growth continuing
- DEF 14A Proxy statement2026-04-02
2026 proxy: director elections, executive comp, say-on-pay up for vote
- 8-K Officer / director change2026-03-10
Officer change plus Reg FD disclosure (Items 5.02, 7.01)
- 8-K Other event2026-03-05
Other-events disclosure (Item 8.01); no operational change signaled
- 10-K Annual report2026-02-11
FY2025: net income +66%, EPS +62%; SEC investigation closed, no enforcement
Recent filings
all on EDGAR ↗4Period ending 2026-06-082026-06-08open ↗144Filing2026-06-08open ↗144Filing2026-06-05open ↗4Period ending 2026-06-012026-06-03open ↗4Period ending 2026-06-012026-06-03open ↗4Period ending 2026-06-012026-06-03open ↗4Period ending 2026-06-012026-06-03open ↗144Filing2026-06-02open ↗144Filing2026-06-02open ↗144Filing2026-06-02open ↗144Filing2026-06-02open ↗4Period ending 2026-05-222026-05-26open ↗
Frequently asked
- Is EQUINIX INC (EQIX) a buy?
- EQIX currently carries a Hold rating with 3/5 conviction, derived from its latest SEC filings. Wide-moat data-center REIT riding the AI buildout, but a full price and capex outrunning cash flow make it a hold here.
- What is EQIX's fair value?
- A Modified-Graham model based on EQIX's SEC fundamentals estimates a fair value of about $522.88. It is an estimate from reported earnings, not a price target.
- Is EQIX overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, EQIX currently appears overvalued relative to its SEC-grounded earnings power.
- What is EQUINIX INC's quality score?
- EQIX scores 64.1402216251383/100 (grade C+) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0001101239, latest 10-Q filed 2026-04-29) · EODHD · Proprietary analysis · as of 6/19/2026, 6:27:28 PM.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.