Equinix, Inc.EQIX
NasdaqGS•Real Estate•REIT - Specialty
Equinix, Inc. shortens the path to boundless connectivity anywhere in the world. Its digital infrastructure, data center footprint and interconnected ecosystems empower innovations that enhance our work, life and planet. Equinix connects economies, countries, organizations and communities, delivering seamless digital experiences and cutting-edge AI quickly, efficiently and everywhere. Equinix, Inc. was established on June 22, 1998 and is based in Redwood City, United States.
Equinix, Inc. (EQIX) reported trailing twelve months revenue of $9.44B as of March 2026, a 6.7% increase year-over-year. Quarterly revenue reached $2.44B, reflecting continued top-line momentum.
Equinix, Inc. generated $1.42B in TTM net income, with quarterly EBITDA of $1.12B. The operating margin expanded from 20.6% to 23.6%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (23.6%) and net margin (17.0%) indicates moderate non-operating costs. Net margin has improved from 15.4% a year ago, signaling stronger bottom-line efficiency.
EQIX trades at a P/E of 66.7x (a premium multiple) and a P/S of 10.1x. The price-to-book ratio of 6.6x indicates a significant premium over book value.
The company reported negative free cash flow of $-539.00M, indicating cash consumption over the period. The balance sheet shows $40.90B in total assets with $19.79B in long-term debt against $14.29B in stockholders equity for a debt-to-equity ratio of 1.4. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~18.5%, suggesting durable pricing power and cost discipline.
ROE is positive at ~7.9% on average, adequate but below the threshold typically associated with wide moats.
Only 3 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 ~11.6% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~20.9% — no sign of cost or pricing stress.
Free cash flow has been negative in 5 of the last 8 quarters — earnings are not translating to cash.
Debt-to-equity has risen 21.0% recently — increasing financial risk even if the current ratio is manageable.
Revenue is stable or growing over recent quarters — demand appears durable.
The last 4 consecutive quarters had negative FCF — the company is burning cash and may need external funding.
Shares outstanding rose 3.7% — mild dilution. Compare to earnings growth to assess net per-share impact.
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