EQIX
Equinix, Inc.
EQIX's fundamentals are strong and it looks cheap: trading at 64x earnings, below its usual 90x. Analysts expect earnings growth.
EQIX Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| N/A | |
| N/A |
EQIX's revenue and profitability are currently healthy. Free cash flow and net leverage aren't meaningful measures for real estate companies like EQIX.
EQIX PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 56x | $1,073 | — |
| Current | 64x | $1,073 | — |
| Cheap | 76x | $1,263 | +18% |
| Fair | 90x | $1,493 | +39% |
| Expensive | 140x | $2,339 | +118% |
Historical ranges are pointers, not guarantees.
EQIX's PE is in its cheap range at 64x. If earnings grow as analysts expect, today's price would be 56x next year's earnings.
EQIX Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for EQIX, with profitability holding steady.
EQIX Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $19.02 | +14% |
| Q3 2026 | $16.66 | +53% |
| Q2 2026 | $15.54 | +53% |
| Q1 2026 | $14.46 | +51% |
| Q4 2025 | $13.76 | +62% |
| Q3 2025 | $10.87 | -2% |
| Q2 2025 | $10.16 | -7% |
| Q1 2025 | $9.57 | -4% |
| Q4 2024 | $8.50 | -18% |
EQIX earned $16.66 per share over the past year, up 53% from the year before.
EQIX Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $2.6B | +11% |
| Q2 2026 | $2.6B | +16% |
| Q1 2026 | $2.4B | +9.8% |
| Q4 2025 | $2.4B | +7% |
| Q3 2025 | $2.3B | +5.2% |
| Q2 2025 | $2.3B | +4.5% |
| Q1 2025 | $2.2B | +4.6% |
| Q4 2024 | $2.3B | +7.1% |
EQIX's revenue has grown year over year every quarter since late 2020: $2.6B last quarter, up 11% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 23% | +2.9 points |
| Q2 2026 | 25% | +3.4 points |
| Q1 2026 | 24% | +3 points |
| Q4 2025 | 17% | +13 points |
| Q3 2025 | 20% | +1.2 points |
| Q2 2025 | 22% | +1.7 points |
| Q1 2025 | 21% | +3.5 points |
| Q4 2024 | 4.6% | -12 points |
EQIX's operating margin was 23% last quarter, up 2.9 points from the same quarter a year ago.
EQIX Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | -$315M | -$193M |
| Q2 2026 | -$511M | -$466M |
| Q1 2026 | -$539M | -1014% |
| Q4 2025 | -$292M | -$286M |
| Q3 2025 | -$122M | -459% |
| Q2 2025 | -$45M | -117% |
| Q1 2025 | $59M | +$168M |
| Q4 2024 | -$6M | -300% |
EQIX's free cash flow was −$1.7B over the past year, against −$114M the year before. Free cash flow isn't a meaningful measure for real estate companies like EQIX.
EQIX Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.1% | +141K shares |
| 1 year | +1.1% | +1.1M shares |
| 3 years | +5.4% | +5.1M shares |
| 5 years | +9.7% | +8.8M shares |
| Available history | +17% | +14.6M shares |
EQIX has 99M diluted shares, up 1.1% from a year ago.
EQIX Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 4.6x | High |
| Q2 2026 | 4.4x | High |
| Q1 2026 | 4.5x | High |
| Q4 2025 | -0.1x | Net Cash |
| Q3 2025 | 4.3x | High |
| Q2 2025 | 4.2x | High |
| Q1 2025 | 3.8x | Elevated |
| Q4 2024 | 3.7x | Elevated |
EQIX's net debt is about 4.6 years of its operating earnings (EBITDA), up from 4.3 years a year ago. Net leverage isn't a meaningful measure for real estate companies like EQIX.
EQIX Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 57.0 | Neutral |
| Stochastic | 57.2 | Neutral |
EQIX's weekly RSI is 57 (neutral) and its Stochastic is 57 (neutral).
EQIX PE vs Real Estate Sector
| Metric | EQIX | Sector median | Relative |
|---|---|---|---|
| PE | 64x | 24x | 169% above |
| PE % | 1 | 23 | 22 pts below |
EQIX is trading at 64x earnings, a 169% premium to the Real Estate sector's median of 24x.
EQIX Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $1,012.5 | 6% above |
| 20 week MA | $1,031.3 | 4% above |
| 50 week MA | $981.3 | 9.3% above |
| 100 week MA | $909.7 | 18% above |
| 200 week MA | $850.0 | 26% above |
EQIX is in an uptrend: it's above all five of its weekly moving averages, and 26% above its 200-week average.
EQIX Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $582.5 | $705.9 | +21% |
| 2021 | $705.9 | $818.8 | +16% |
| 2022 | $818.8 | $657.7 | -20% |
| 2023 | $657.7 | $805.4 | +22% |
| 2024 | $805.4 | $942.7 | +17% |
| 2025 | $942.7 | $763.3 | -19% |
| 2026 YTD | $763.3 | $1,072.8 | +41% |
EQIX has finished higher in four of the last six years. It's up 41% so far in 2026.