Loading…
Owns and operates data centers globally where companies house servers and connect to cloud and network providers.
Owns and operates data centers globally where companies house servers and connect to cloud and network providers.
Leases space and power capacity in its data centers, with large cloud providers renting whole buildings on multi-year leases and smaller companies renting racks at higher prices per unit, plus fees for direct connections between customers. As a REIT it funds growth with debt, equity and partners' capital, including joint ventures and funds.
Moat: narrow (installed base, switching costs, scale). Large global data-center footprint and existing customer interconnections create switching costs, though a less dense ecosystem than Equinix.
Headquarters: Austin, Texas, United States · Founded: 2004 · Employees: 4,282
Size Digital Realty (DLR) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $65.9B, the 201st largest of 3,117 United States companies the cockpit tracks. Shares closed at $174.20 on 6 Nov 2026.
Performance Over six months the shares fell 10.2%, against +3.2% for the median peer and -1.1% for the United States market (cap-weighted) — 6th lowest of 19 in its peer set.
Growth Revenue grew 21.3% over the last twelve months (peer median +5.3%); the operating margin is 19.9% (peer median 38.2%).
Valuation It trades at 2.39× book value against a peer median of 2.62× (8th cheapest of 17).
Price implies The share price implies a return on equity of about 19.2%; Digital Realty delivers 3.6%, so the price asks more than the business earns today.
Credit Digital Realty has 4 bonds outstanding ($3.45B), rated BBB+ by the agencies and trading like BBB at a weighted spread of 69 bp.
Short interest Short interest is 2.1% of the free float (15 Oct 2026).
Next results Next results expected around 18 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $7.17B | $6.11B | $5.55B | $5.48B | $4.69B |
| Revenue growth | — | +10% | +1% | +17% | — |
| Gross profit | $2.09B | $1.49B | $1.26B | $1.18B | $1.10B |
| EBITDA | $3.47B | $2.82B | $2.53B | $2.42B | $2.24B |
| Net income | $927M | $1.31B | $602M | $949M | $378M |
| Free cash flow | -$1.47B | -$769M | -$570M | -$1.89B | -$984M |
| Capital expenditure | $4.17B | $3.18B | $2.83B | $3.53B | $2.64B |
| Total debt | $20.7B | $21.4B | $19.6B | $20.8B | $18.4B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Digital Realty DLR | $65.9B | -10% | +21% | 4% | 2.39× | 19.2% |
| Equinix EQIX | $100B | -5% | +11% | 26% | 7.03× | n/a |
| Iron Mountain IRM | $31.7B | -17% | +17% | n/a | n/a | n/a |
| Nextdc NXT.AX | $5.47B | -30% | +16% | 2% | 1.30× | 15.5% |
| Keppel DC REIT AJBU.SI | $4.67B | -6% | +30% | 11% | 1.26× | 6.8% |
| GDS 9698.HK | $4.22B | -52% | +13% | 13% | 1.01× | 16.8% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | DLR | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.1% | +9.2% | 3rd lowest of 20 |
| 6-month return | -10.2% | +3.2% | 6th lowest of 19 |
| Return on equity | 3.6% | 8.0% | 4th lowest of 17 |
| Price / book | 2.39× | 2.62× | 8th cheapest of 17 |
| Trailing P/E | 73.1× | 30.8× | 3rd most expensive of 19 |
| ROE the price implies | 19.2% | 20.9% | 6th least demanding of 16 |
| ROE delivered | 3.6% | 8.0% | 4th lowest of 17 |
| Bond spread | 69 bp | 85 bp | 2nd tightest of 19 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Digital Realty DLR | United States | $65.9B | -10% | +21% | 4% | 2.39× | 19.2% | 3.6% |
| Public Storage PSA | United States | $63.1B | +10% | +5% | 16% | 6.45× | 43.1% | 16.0% |
| Simon Property SPG | United States | $73.9B | +14% | +15% | 135% | 16.82× | 143.3% | 135.4% |
| Realty Income O | United States | $56.1B | -4% | +11% | 3% | 1.42× | 10.3% | 3.5% |
| Equity Residential VMRK | United States | $50.7B | n/a | +4% | 8% | 2.34× | 16.0% | 8.1% |
| American Tower AMT | United States | $87.6B | +8% | +5% | 89% | 24.92× | 155.2% | 88.7% |
| Ventas VTR | United States | $47.9B | +2% | +22% | 2% | 2.97× | 20.2% | 1.9% |
| Equinix EQIX | United States | $100B | -5% | +11% | 26% | 7.03× | n/a | 25.8% |
| Goodman GMG.AX | Australia | $39.6B | -11% | +17% | 12% | 2.28× | 26.9% | 11.5% |
| Crown Castle CCI | United States | $37.7B | -1% | -16% | n/a | n/a | n/a | n/a |
| Prologis PLD | United States | $123B | -11% | +7% | 8% | 2.16× | 20.9% | 7.9% |
| Extra Space Storage EXR | United States | $33.2B | +12% | +4% | 8% | 2.59× | 21.8% | 7.8% |
| Iron Mountain IRM | United States | $31.7B | -17% | +17% | n/a | n/a | n/a | n/a |
| Vici Properties VICI | United States | $27.3B | -13% | +5% | 8% | 0.94× | 7.9% | 8.3% |
| Welltower WELL | United States | $180B | +15% | +39% | 4% | 3.69× | 24.4% | 3.8% |
| SBA Communications SBAC | United States | $19.8B | -13% | +2% | n/a | n/a | n/a | n/a |
| Essex Property Trust ESS | United States | $17.5B | +4% | +5% | 6% | 3.30× | 20.8% | 6.4% |
| Kimco Realty KIM | United States | $17.0B | +10% | +3% | 7% | 1.67× | 13.9% | 7.2% |
| Host Hotels & Resorts HST | United States | $16.9B | +15% | +5% | 16% | 2.64× | 22.6% | 15.8% |
| SEGRO SGRO.L | United Kingdom | $16.6B | +33% | +7% | 2% | 1.03× | 14.8% | 2.5% |
Digital Realty has 4 bonds outstanding with $3.45B face value. The agencies rate it BBB+; its bonds trade like BBB. Weighted yield 5.10%, a spread of 69 bp over government bonds.