Equinix (EQIX) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Equinix

NasdaqGS•Real Estate•REIT - Specialty

$1,013.70-22.97(-0.02%)Market closed

Market Cap

$98.16B

P/E

59.6x

P/S

9.8x

P/B

6.8x

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.

How this company scores

AverageMetricSide Score: 53/100

Strongest: Growth (22/25); weakest: Cash & Earnings Quality (1/25).

Profitability20/25

Growth22/25

Balance Sheet & Red Flags10/25

Cash & Earnings Quality1/25

Strengths

Strong marginsRising earningsProfit converts from growthConsistent growth

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 59.6x5y range 56.0x – 152.6x

Currently near its 20-quarter median.

P/S · 9.8x5y range 7.3x – 11.5x

Currently near its 20-quarter median.

P/B · 6.8x5y range 4.6x – 7.4x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

High Risk

Earnings Quality

Red Flag

Free cash flow has been negative in 7 of the last 8 quarters — earnings are not translating to cash.

Leverage Risk

Watch

Debt-to-equity has risen 28.4% recently — increasing financial risk even if the current ratio is manageable.

Price & Volume

Market Cap $98.16B

Metrics at a Glance

as of September 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $10.06B
Q. Revenue: $2.57B
TTM EBITDA: $4.44B
TTM Op. Income: $2.26B
Q. Op. Income: $600.00M
TTM Net Income: $1.65B
Q. Net Income: $489.00M
EPS: $4.95
Shares Out.: $98.79M

$10.06B in TTM revenue grew 11.1% YoY, reaching $2.57B last quarter. TTM EBITDA of $4.44B and TTM operating income of $2.26B show growth is flowing through to the bottom line. TTM net income of $1.65B means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 51.1%
EBITDA Margin: 44.5%
Op. Margin: 23.3%
Net Margin: 19.0%

Op. margin of 23.3% is up 2.9% YoY — cost efficiency is improving. Net margin at 19.0% and gross margin of 51.1% show how much of each revenue dollar survives to profit. Over the past year, operating margin is up 14% — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 59.6x
P/S Ratio: 9.8x
P/B Ratio: 6.8x

At 59.6x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 9.8x and P/B of 6.8x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is down 17% — an improving trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $44.45B
Cash: $2.36B
Long-Term Debt: $22.84B
Book Value: $14.53B
D/E Ratio: 1.6
Debt/EBITDA: 20.0

With $44.45B in assets and $22.84B in long-term debt, D/E is 1.6and book value is $14.53B — moderate leverage. Over the past year, debt/equity is up 28% — a weakening trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $1.24B
TTM Free Cash Flow: $-1.66B
FCF Margin: -16.5%
FCF / Net Income: -1.0

TTM FCF of $-1.66B on $1.24B in operating cash flow. The FCF / Net Income ratio of -1.0x means the business consumes cash — it is not yet self-funding. Across the last 8 quarters, free cash flow has fallen for 6 consecutive quarters — a weakening trend.