DLR
Digital Realty Trust, Inc.
DLR's fundamentals are mixed, but it looks expensive: trading at 77x earnings, above its usual 51x. Analysts expect strong earnings growth.
DLR Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| N/A | |
| N/A |
DLR's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for real estate companies like DLR.
DLR PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 33x | $78.56 | -57% |
| Fair | 51x | $121 | -34% |
| Forward | 69x | $183 | — |
| Current | 77x | $183 | — |
| Expensive | 100x | $236 | +29% |
Historical ranges are pointers, not guarantees.
DLR's PE is in its expensive range at 77x. If earnings grow as analysts expect, today's price would be 69x next year's earnings, in its fair range.
DLR Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Strong growth | |
| Growth | |
| Improving | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for DLR, with profitability improving.
DLR Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.64 | +11% |
| Q3 2026 | $2.37 | -39% |
| Q2 2026 | $2.04 | -46% |
| Q1 2026 | $3.77 | +256% |
| Q4 2025 | $3.58 | +122% |
| Q3 2025 | $3.86 | +219% |
| Q2 2025 | $3.80 | +10% |
| Q1 2025 | $1.06 | -71% |
| Q4 2024 | $1.61 | -46% |
DLR's earnings per share have fallen from their peak: $2.37 over the past year, against $5.94 in late 2021.
DLR Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.9B | +21% |
| Q2 2026 | $1.9B | +29% |
| Q1 2026 | $1.6B | +16% |
| Q4 2025 | $1.6B | +14% |
| Q3 2025 | $1.6B | +10% |
| Q2 2025 | $1.5B | +10% |
| Q1 2025 | $1.4B | +5.7% |
| Q4 2024 | $1.4B | +4.8% |
DLR's revenue has grown year over year for nine quarters in a row: $1.9B last quarter, up 21% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 16% | +7.1 points |
| Q2 2026 | 24% | +10 points |
| Q1 2026 | 16% | +2.5 points |
| Q4 2025 | 6.9% | -3.2 points |
| Q3 2025 | 8.8% | -3 points |
| Q2 2025 | 14% | +13 points |
| Q1 2025 | 14% | +2.7 points |
| Q4 2024 | 10% | +0.3 points |
DLR's operating margin was 16% last quarter, up 7.1 points from the same quarter a year ago.
DLR Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$420.5M | -164% |
| Q2 2026 | $1.1B | +66% |
| Q1 2026 | $532.4M | +33% |
| Q4 2025 | $719M | -6.6% |
| Q3 2025 | $652.9M | +15% |
| Q2 2025 | $641.2M | +12% |
| Q1 2025 | $399.1M | +13% |
| Q4 2024 | $769.5M | +66% |
DLR's free cash flow was $1.9B over the past year, down 23% from the year before. Free cash flow isn't a meaningful measure for real estate companies like DLR.
DLR Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +5% | +18.3M shares |
| 1 year | +8.8% | +30.6M shares |
| 3 years | +22% | +68.5M shares |
| 5 years | +45% | +117M shares |
| Available history | +81% | +170M shares |
DLR has 380M diluted shares, up 8.8% from a year ago.
DLR Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 5.9x | High |
| Q2 2026 | 5.6x | High |
| Q1 2026 | 5.8x | High |
| Q4 2025 | 5.9x | High |
| Q3 2025 | 5.9x | High |
| Q2 2025 | 5.9x | High |
| Q1 2025 | 6.4x | High |
| Q4 2024 | 5.7x | High |
DLR's net debt is about 5.9 years of its operating earnings (EBITDA), about the same as a year ago. Net leverage isn't a meaningful measure for real estate companies like DLR.
DLR Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 50.9 | Neutral |
| Stochastic | 35.7 | Neutral |
DLR's weekly RSI is 51 (neutral) and its Stochastic is 36 (neutral).
DLR PE vs Real Estate Sector
| Metric | DLR | Sector median | Relative |
|---|---|---|---|
| PE | 77x | 24x | 224% above |
| PE % | 67 | 23 | 44 pts above |
DLR is trading at 77x earnings, a 224% premium to the Real Estate sector's median of 24x.
DLR Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $177.8 | 3.2% above |
| 20 week MA | $183.4 | 0.1% above |
| 50 week MA | $179.9 | 2% above |
| 100 week MA | $173.4 | 5.8% above |
| 200 week MA | $153.8 | 19% above |
DLR is in an uptrend: it's above all five of its weekly moving averages, and 19% above its 200-week average.
DLR Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $118.2 | $137.4 | +16% |
| 2021 | $137.4 | $169.8 | +24% |
| 2022 | $169.8 | $100.9 | -41% |
| 2023 | $100.9 | $134.6 | +33% |
| 2024 | $134.6 | $178.1 | +32% |
| 2025 | $178.1 | $155.0 | -13% |
| 2026 YTD | $155.0 | $183.5 | +18% |
DLR has finished higher in four of the last six years. It's up 18% so far in 2026.