Digital Realty Trust, Inc.DLR
NYSE•Real Estate•REIT - Specialty
Digital Realty Trust, Inc. owns, acquires, develops, and operates data centers through its operating partnership subsidiary, Digital Realty Trust, L.P. The company is focused on providing data center, colocation, and interconnection solutions for domestic and international customers across a variety of industry verticals ranging from cloud and information technology services, communications and social networking to financial services, manufacturing, energy, healthcare, and consumer products. As of March 31, 2026, the company's 309 data centers, including 89 data centers held as investments in unconsolidated entities, contain applications and operations critical to the day-to-day operations of technology industry and corporate enterprise data center customers. Digital Realty's portfolio is comprised of approximately 3.0 gigawatts of IT capacity, as well as approximately 6.3 gigawatts of buildable IT capacity under active development and held for future development, located throughout North America, Europe, South America, Asia, Australia, and Africa. Digital Realty Trust, Inc. was established and incorporated on March 09, 2004 in Maryland and is based in Austin, Texas.
Digital Realty Trust, Inc. (DLR) reported trailing twelve months revenue of $6.34B as of March 2026, a 12.6% increase year-over-year. Quarterly revenue reached $1.64B, reflecting continued top-line momentum.
Digital Realty Trust, Inc. generated $1.38B in TTM net income, with quarterly EBITDA of $767.32M. The operating margin expanded from 13.9% to 16.4%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (16.4%) and net margin (11.0%) indicates moderate non-operating costs. Net margin has improved from 7.8% a year ago, signaling stronger bottom-line efficiency.
DLR trades at a P/E of 43.9x (a premium multiple) and a P/S of 9.5x. The price-to-book ratio of 2.6x reflects a moderate premium to book value.
The company reported negative free cash flow of $-337.62M, indicating cash consumption over the period. The balance sheet shows $48.86B in total assets with no in long-term debt against $23.37B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~10.3%, suggesting durable pricing power and cost discipline.
ROE is positive at ~4.5% on average, adequate but below the threshold typically associated with wide moats.
Only 1 of the last 8 quarters had positive FCF — the business may require external capital to sustain operations.
TTM revenue has grown consistently (7 of 7 quarters up), with ~16.1% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~11.6% — no sign of cost or pricing stress.
Free cash flow has been negative in 7 of the last 8 quarters — earnings are not translating to cash.
Limited debt-to-equity data available.
Revenue is stable or growing over recent quarters — demand appears durable.
The last 5 consecutive quarters had negative FCF — the company is burning cash and may need external funding.
Shares outstanding increased 8.0% — significant dilution, likely from stock compensation or capital raises.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation