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Digital Realty Trust, Inc.

DLR Real Estate Reit Specialty

Digital Realty Trust, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $6.1 billion, up 10.0% from fiscal 2024.

Revenue
+20.6%
EPS
+194.1%
Free cash flow
−46.8%
Total debt
+6.96%

Quarter to September 2026, against a year earlier

176.45 1.78 +1.02%
Market cap
$66.1B
P/E
70.2×
Fwd P/E
64.4×
Dividend yield
2.78%
F-score
6/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Digital Realty Trust, Inc. (DLR) valuation and DCF model

What the price implies · reverse DCF

At $176.45 the price implies FFO a share growing 6.3% a year for ten years.

FFO a share grew −2.5% a year over the last ten years, −4.9% over the last five. The price asks for 8.8 points a year more than its ten-year rate. The industry’s median company is priced for 4.1%.

In December 2017 the price assumed 2.0% a year; Digital Realty Trust, Inc. went on to grow FFO a share −3.5% a year to FY2025.

FFO a share is worked out from Digital Realty Trust, Inc.’s 10-Ks and 10-Qs: net income, plus the depreciation of its property and impairments, less gains on property sales.

Price implies
6.3%
Last 5 years, reported
−4.9%
Last 10 years, reported
−2.5%
Industry median implies
4.1%

The headline discounts the last twelve months’ FFO a share at 9.0% for ten years and grows it 2.5% a year after that, the same for every company, so the figure compares across the market (how a reverse DCF works).

The other way round · DCF
The price needs
6.3% a year for ten years
$176.45
today’s price
Its base case
−2.5% a year for five years, then −1.5%
$94.29
46.6% below today’s price

Both are growth in FFO a share, discounted at 9.0%, with 2.5% a year after year ten.

Base case on its own ten-year record Digital Realty Trust, Inc.’s own growth, carried forward

Its assumptions

Powerpack lets you start from a scenario and type over any of them.

The base case’s inputs, which Powerpack lets you change
1 · FFO a share
the four quarters to September 2026, from the 10-Q and 10-K filings

Yearly growth in FFO a share. It usually slows as the company matures.

Today’s price implies FFO a share growing 6.3% a year for ten years.

2 · Rates

Cost of equity is the yearly return shareholders require, typically 8–11%. Terminal growth is growth forever after year 10, usually near long-run inflation, 2–3%.

3 · Per share

The model is a share’s own: no debt to take off and no shares to divide among.

Advanced inputs

Against Digital Realty Trust, Inc.’s own cost of capital: risk-free 4.3% + beta 1.00 × equity premium 4.5% = 8.8% cost of equity; weighted, 8.8%.

Use 8.8%
Base case value per share $94.29 ten years discounted, and what follows
Current price $176.45 market price per share
Below today’s price 46.6% downside at the base case’s assumptions

How we got there$48.47 10 years of FFO+$45.82 terminal value=$94.29 per share

Valuation against its own history

Today’s multiple against its 5- and 10-year averages and the industry median (Reit Specialty).

Multiple Current 5Y avg 10Y avg vs 10Y avg Industry median vs industry 10Y range
P/E 70.16× 68.85× 74.60× 6% below 27.75× 153% above
P/FCF 19.57× 13.30× 15.60× 25% above 19.50× 0% above
P/B 2.34× 2.25× 2.32× 1% above 1.96× 20% above
EV/EBITDA 37.42× 28.06× 25.20× 48% above 17.39× 115% above
EV/Sales 11.85× 11.15× 11.61× 2% above 8.49× 40% above
P/FFO 20.96× 22.13× 18.86× 11% above — —
P/E P/FCF P/B EV/EBITDA EV/Sales P/FFO
40.17×65.73×91.29×116.85×10Y avg 74.60×2017201820192020202120222023202420252026

DLR trades at 70.16× P/E, against a 10-year average of 74.60× (range 29.78×–123.46×). That is cheaper than 56% of the last 9 year-end readings; re-rating to the average implies $187.60 per share.

Every growth rate on this page is the business’s — its cash flow, FFO or dividend — never its share price’s. A discounted-cash-flow model is only as good as its assumptions. Figures from the 10-K and 10-Q filings. Not investment advice.