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Friday 6 November 2026 Export EQIX’s income statement to Excel — free account

Equinix, Inc.

EQIX Real Estate Reit Specialty

Equinix, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $9.2 billion, up 5.36% from fiscal 2024.

Revenue
+11.0%
EPS
+29.6%
Free cash flow
+37.7%
Total debt
+24.4%

Quarter to September 2026, against a year earlier

1,018.08 20.73 +2.08%
Market cap
$98.7B
P/E
59.9×
Fwd P/E
56.0×
Dividend yield
2.01%
F-score
5/9
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

Equinix, Inc. (EQIX) valuation and DCF model

What the price implies · reverse DCF

At $1,018.08 the price implies FFO a share growing 12.1% a year for ten years.

FFO a share grew 8.8% a year over the last ten years, 8.5% over the last five. The price asks for close to its ten-year rate. The industry’s median company is priced for 4.1%.

In December 2017 the price assumed 12.8% a year; Equinix, Inc. went on to grow FFO a share 8.5% a year to FY2025.

Q3 2026’s FFO a share is the $8.64 Equinix, Inc. reported, in its results release. Ours, from its filings, came out 21.6% higher. It reported AFFO of $11.64 a share for Q3 2026.

Price implies
12.1%
Last 5 years, reported
8.5%
Last 10 years, reported
8.8%
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
12.1% a year for ten years
$1,018.08
today’s price
Its base case
8.8% a year for five years, then 5.3%
$704.98
30.8% 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 Equinix, 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 12.1% 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 Equinix, Inc.’s own cost of capital: risk-free 4.3% + beta 0.97 × equity premium 4.5% = 8.7% cost of equity; weighted, 8.7%.

Use 8.7%
Base case value per share $704.98 ten years discounted, and what follows
Current price $1,018.08 market price per share
Below today’s price 30.8% downside at the base case’s assumptions

How we got there$294.98 10 years of FFO+$410.00 terminal value=$704.98 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 59.86× 77.96× 103.20× 42% below 27.75× 116% above
P/FCF — 501.93× 735.40× — 19.50× —
P/B 6.81× 6.02× 5.74× 19% above 1.96× 248% above
EV/EBITDA 26.55× 26.51× 25.73× 3% above 17.39× 53% above
EV/Sales 11.78× 10.88× 10.77× 9% above 8.49× 39% above
P/FFO 32.55× 32.36× 32.46× 0% above — —
P/E P/FCF P/B EV/EBITDA EV/Sales P/FFO
18.06×22.39×26.72×31.05×10Y avg 25.73×2017201820192020202120222023202420252026

EQIX trades at 26.55× EV/EBITDA, against a 10-year average of 25.73× (range 17.28×–31.63×). That is dearer than 56% of the last 9 year-end readings; re-rating to the average implies $980.75 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.