| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | — | — |
| Sell | — | 3 | 5 | 8 | 11 | 14 | 1 | 3 | 5 | — | 3 | 2 |
| total | individual payouts | |
|---|---|---|
| 2028 | ‡‡‡‡‡ |
|
| 2027 | ‡‡‡‡ |
|
| 2026 | 20.67 |
—
—
—
|
| 2025 | 18.76 |
—
—
—
—
|
| 2024 | 17.04 |
—
—
—
—
|
| 2023 | 14.49 |
—
—
—
—
|
| 2022 | 12.40 |
—
—
—
—
|
| 2021 | 11.48 |
—
—
—
—
|
| 2020 | 10.64 |
—
—
—
—
|
| 2019 | 9.84 |
—
—
—
—
|
| 2018 | 9.12 |
—
—
—
—
|
| 2017 | 8.00 |
—
—
—
—
|
| 2016 | 7.00 |
—
—
—
—
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 2,096.00 | 3,608.00 | 3,227.00 | 2,224.00 |
| Receivables | 1,004.00 | 949.00 | 1,001.00 | 1,256.00 |
| Inventory | — | — | — | — |
| Other | 468.00 | 890.00 | 897.00 | 842.00 |
| 3,568.00 | 5,447.00 | 5,125.00 | 4,322.00 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 1,187.00 | 1,193.00 | 1,350.00 | 1,263.00 |
| ST’ Debt | 8.00 | 5.00 | 17.00 | 9.00 |
| Other | 302.00 | 232.00 | 340.00 | 323.00 |
| 3,162.00 | 3,349.00 | 3,893.00 | 3,820.00 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Earnings | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 2,444.00 | 2,625.00 | — | — |
—
|
| ’25 | 2,225.00 | 2,256.00 | 2,316.00 | 2,420.00 |
9,217.00
|
| ’24 | 2,127.00 | 2,159.00 | 2,201.00 | 2,261.00 |
8,748.00
|
| ’23 | 1,998.00 | 2,019.00 | 2,061.00 | 2,110.00 |
8,188.00
|
| ’22 | 1,734.45 | 1,817.15 | 1,840.66 | 1,870.74 |
7,263.00
|
| ’21 | 1,596.06 | 1,657.92 | 1,675.18 | 1,706.38 |
6,635.54
|
| ’20 | 1,444.54 | 1,470.12 | 1,519.77 | 1,564.12 |
5,998.55
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 717.00 | 1,067.00 | — | — |
—
|
| ’25 | 809.00 | 944.00 | 1,014.00 | 1,144.00 |
3,911.00
|
| ’24 | 598.00 | 912.00 | 758.00 | 981.00 |
3,249.00
|
| ’23 | 692.00 | 741.00 | 785.00 | 999.00 |
3,217.00
|
| ’22 | 581.12 | 801.58 | 820.29 | 760.01 |
2,963.00
|
| ’21 | 391.16 | 599.20 | 664.75 | 892.11 |
2,547.21
|
| ’20 | 516.83 | 574.69 | 532.16 | 686.15 |
2,309.83
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (404.00) | (522.00) | — | — |
—
|
| ’25 | 42.00 | (127.00) | (414.00) | (895.00) |
(1,394.00)
|
| ’24 | (109.00) | 386.00 | (128.00) | (56.00) |
93.00
|
| ’23 | 234.00 | 63.00 | 60.00 | (228.00) |
129.00
|
| ’22 | 364.00 | 339.44 | 259.48 | (275.92) |
687.00
|
| ’21 | (226.18) | (126.93) | 53.75 | 101.80 |
(197.56)
|
| ’20 | 79.52 | 46.54 | (75.02) | 110.50 |
161.54
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 4.20 | 4.83 | — | — |
—
|
| ’25 | 3.50 | 3.75 | 3.81 | 2.69 |
13.76
|
| ’24 | 2.43 | 3.16 | 3.10 | (0.14) |
8.50
|
| ’23 | 2.77 | 2.21 | 2.93 | 2.40 |
10.31
|
| ’22 | 1.62 | 2.37 | 2.30 | 1.39 |
7.67
|
| ’21 | 1.74 | 0.76 | 1.68 | 1.36 |
5.53
|
| ’20 | 1.38 | 1.52 | 0.74 | 0.57 |
4.18
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 494.89 | 650.61 | 684.14 | 701.41 | — | — | — |
Low Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 847.71 | 824.86 | 994.03 | 964.73 | — | — | — |
High Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 12,097 | 13,151 | 13,606 | 13,716 | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.60 | 0.62 | 0.64 | 0.67 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 7,263.00 | 8,188.00 | 8,748.00 | 9,217.00 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 48.35% | 48.36% | 48.94% | 51.09% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 829.00 | 1,124.00 | 975.00 | 1,508.00 | ‡‡‡‡‡ | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 11.41% | 13.73% | 11.15% | 16.36% | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 705.00 | 969.00 | 814.00 | 1,348.00 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,755.00 | 1,844.00 | 2,011.00 | 2,066.00 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 79.32 | 87.46 | 91.64 | 94.16 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | 7.69 | 10.35 | 8.54 | 13.79 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 32.36 | 34.36 | 34.04 | 39.96 | ‡‡‡‡ | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (24.86) | (32.99) | (33.06) | (54.20) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 7.50 | 1.38 | 0.97 | (14.24) | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 125.65 | 133.41 | 141.71 | 144.59 | ‡‡‡‡‡ | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 91.57 | 93.62 | 95.46 | 97.88 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 86.15 | 78.38 | 109.89 | 55.52 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 8.35 | 9.27 | 10.29 | 8.14 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 5.27 | 6.08 | 6.65 | 5.30 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 10.14 | 10.82 | 11.72 | 9.93 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 107.23 | 687.08 | 1,102.10 | (65.69) | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2,963.00 | 3,217.00 | 3,249.00 | 3,911.00 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (2,276.00) | (3,088.00) | (3,156.00) | (5,305.00) | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 687.00 | 129.00 | 93.00 | (1,394.00) | ‡‡‡‡‡ | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 1,466.96 | 406.00 | 2,098.00 | 1,232.00 | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 14,905.79 | 14,856.00 | 16,098.00 | 19,800.00 | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 12,999.37 | 12,760.00 | 12,490.00 | 16,573.00 | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 11,505.83 | 12,489.00 | 13,527.00 | 14,153.00 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.42% | 3.08% | 2.41% | 3.59% | ‡‡‡‡‡ | — | — |
ROA
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.06% | 3.57% | 3.19% | 3.76% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 6.30% | 8.08% | 6.27% | 9.75% | ‡‡‡‡‡ | — | — |
ROE
|
Equinix (EQIX), the data center powerhouse fueling cloud and AI demand, boasts impressive revenue growth—from $3.61 billion in 2016 to a projected $12.16 billion by 2028—driven by interconnection hubs and hyperscale needs. Yet, beneath the hype, efficiency stalls: revenue per employee has flatlined despite a 127% headcount surge, and while gross margins hold steady at 48-49%, profitability masks deeper woes like erratic free cash flow (just $93 million in 2024 amid $3.16 billion capex) and ballooning debt up 142% to $16.1 billion.
Insider selling is rampant—with C-suite executives dumping millions in shares and zero buys—signaling caution amid sky-high valuations (PE 110x, EV/FCF 1,102x). ROIC lingers at 3-4%, and vulnerabilities loom from energy crunches, hyperscaler power plays, and economic dips that could amplify capex drags.
Analysts eye AI tailwinds for EPS jumps to $19+ by 2028, but this capital hog trades at a perfection premium with limited error margin. Is the growth worth the debt trap? Dive into the full analysis for the contrarian take on whether to trim or hold.
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