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Operates a global network of data centers where companies house servers and interconnect with cloud providers and each other.
Operates a global network of data centers where companies house servers and interconnect with cloud providers and each other.
Charges recurring monthly fees for space, power and cooling and for cross-connects that link customers inside its buildings, usually on multi-year contracts. It builds large campuses for cloud giants through xScale ventures with outside investors, and as a REIT passes on most of its income.
Moat: wide (network effects, installed base, switching costs). A dense ecosystem of interconnected customers in each data center makes moving away costly and self-reinforcing.
Headquarters: Redwood City, California, United States · Founded: 1998 · Employees: 13,716
Size Equinix (EQIX) is a United States Real Estate company (Real Estate Investment Trusts) with a market value of $100B, the 123rd largest of 3,117 United States companies the cockpit tracks. Shares closed at $1,013 on 6 Nov 2026.
Performance Over six months the shares fell 5.1%, against -1.0% for the median peer and -1.1% for the United States market (cap-weighted) — 6th lowest of 14 in its peer set.
Growth Revenue grew 11.1% over the last twelve months (peer median +9.0%); the operating margin is 15.3% (peer median 40.9%).
Valuation It trades at 53.2× forward earnings against a peer median of 35.8× (4th most expensive of 15).
Backlog Backlog (remaining performance obligations) was $15.9B at 30 Sep 2026, up 25% on a year earlier — 1.6 years of trailing revenue. Backlog detail →
Credit Equinix has 22 bonds outstanding ($15.8B), rated BBB+ by the agencies and trading like BBB at a weighted spread of 113 bp.
Short interest Short interest is 1.6% of the free float (15 Oct 2026).
Next results Next results expected around 17 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $10.1B | $9.22B | $8.75B | $8.19B | $7.26B |
| Revenue growth | — | +5% | +7% | +13% | — |
| Gross profit | $3.75B | $2.70B | $2.33B | $3.48B | $3.09B |
| EBITDA | $3.88B | $2.35B | $2.94B | $3.33B | $3.15B |
| Net income | $1.65B | $1.35B | $815M | $969M | $704M |
| Free cash flow | -$1.66B | -$400M | $183M | $436M | $685M |
| Capital expenditure | $5.83B | $4.31B | $3.07B | $2.78B | $2.28B |
| Total debt | $26.4B | $22.7B | $19.0B | $17.5B | $16.5B |
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 | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Equinix EQIX | $100B | -5% | +11% | 15% | 53.2× | n/a |
| Digital Realty DLR | $65.9B | -10% | +21% | 20% | 65.9× | n/a |
| Iron Mountain IRM | $31.7B | -17% | +17% | 21% | 39.2× | n/a |
| Nextdc NXT.AX | $5.47B | -30% | +16% | -7% | n/a | n/a |
| GDS 9698.HK | $4.22B | -52% | +13% | 17% | 36.8× | n/a |
| Keppel DC REIT AJBU.SI | $4.67B | -6% | +30% | 77% | 18.0× | n/a |
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 | EQIX | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +0.1% | +9.1% | 4th lowest of 15 |
| 6-month return | -5.1% | -1.0% | 6th lowest of 14 |
| Distance from 52-week high | -9.9% | -9.4% | 8th highest of 15 |
| Revenue growth (TTM) | +11.1% | +9.0% | 7th highest of 15 |
| Operating margin | 15.3% | 40.9% | 3rd lowest of 15 |
| Forward P/E | 53.2× | 35.8× | 4th most expensive of 15 |
| Bond spread | 113 bp | 84 bp | 4th widest of 14 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Equinix EQIX | United States | $100B | -5% | +11% | 15% | 53.2× | n/a | n/a |
| American Tower AMT | United States | $87.6B | +8% | +5% | 44% | 27.8× | n/a | n/a |
| Prologis PLD | United States | $123B | -11% | +7% | 38% | 39.0× | n/a | n/a |
| Simon Property SPG | United States | $73.9B | +14% | +15% | 47% | 32.3× | n/a | n/a |
| Digital Realty DLR | United States | $65.9B | -10% | +21% | 20% | 65.9× | n/a | n/a |
| Public Storage PSA | United States | $63.1B | +10% | +5% | 44% | 35.6× | n/a | n/a |
| Realty Income O | United States | $56.1B | -4% | +11% | 46% | 36.0× | n/a | n/a |
| Welltower WELL | United States | $180B | +15% | +39% | 7% | 83.9× | n/a | n/a |
| Equity Residential VMRK | United States | $50.7B | n/a | +4% | 29% | 39.1× | n/a | n/a |
| Ventas VTR | United States | $47.9B | +2% | +22% | 15% | 106.4× | n/a | n/a |
| Goodman GMG.AX | Australia | $39.6B | -11% | +17% | 52% | 19.4× | n/a | n/a |
| Crown Castle CCI | United States | $37.7B | -1% | -16% | 48% | 31.6× | n/a | n/a |
| Extra Space Storage EXR | United States | $33.2B | +12% | +4% | 29% | 33.2× | n/a | n/a |
| Iron Mountain IRM | United States | $31.7B | -17% | +17% | 21% | 39.2× | n/a | n/a |
| Vici Properties VICI | United States | $27.3B | -13% | +5% | 77% | 8.4× | n/a | n/a |
Equinix has 22 bonds outstanding with $15.8B face value. The agencies rate it BBB+; its bonds trade like BBB. Weighted yield 5.33%, a spread of 113 bp over government bonds.
Equinix reported $15.9B of remaining performance obligations at 30 Sep 2026, up 25% from a year earlier and up 6% from the previous quarter. That is 1.6 years of trailing revenue already under contract. Book-to-bill last quarter: 1.35.