NASDAQ · Real Estate

Equinix, Inc.

EQIX · REIT - Specialty

$1,081.94

▼ -3.76 (-0.35%)

Data cached · refreshes every 10 min

Mr. Market is currently offering Equinix, Inc. at $1,081.94.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

Overall Grade

Defensive

Enterprising

Profitability A

Gross Profit Margin 51.1%

Operating Margin 21.3%

Net Income Margin 14.6%

Fin. Health D

Years to Pay Off Debt 16.8 yrs

Working Capital vs Long-Term Debt -$16.4B

Working Capital $1.2B

Valuation F

Margin of Safety 0.0%

Price-to-Book 7.54x

Cash Flow F

Free Cash Flow -$400M

CapEx % of Net Income 319.3%

Owner Earnings $7.7B

4/7

Graham Score

Enterprising

Defensive — Graham's strict criteria (P/B, P/E, dividends, stability) · Enterprising — Profitability & cash flow focused, accepts higher valuations for quality

Market Data

Market Cap $106.7B

Enterprise Value $129.0B

P/E (TTM) 74.98

Dividend Yield 1.77%

Exchange NASDAQ

Key Margins

Gross Profit 51.1%

Operating Margin 21.3%

Net Margin 14.6%

Company Info

Sector Real Estate

Industry REIT - Specialty

Employees 13716

Country United States

Visit website

📖

Full Graham Analysis

Mr. Market is currently offering Equinix, Inc. at $1,081.94.

The business passes 4 of 7 of Graham's defensive criteria — adequate but not exceptional.

At $1,081.94, the stock trades at a 413% premium to its Graham Number of $210.80. Graham would consider this price speculative.

There is no margin of safety at the current price. Graham would advise patience and waiting for a better entry point.

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign..

Conclusion: This stock is better suited for Graham's Enterprising investor — one willing to devote time and skill to security selection.

About Equinix, Inc.

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 incorporated in Delaware.

Showing Key Metrics

Income Highlights

Metric	2025	2024	2023	2022	2021
Gross Profit %	51.1% ▲	48.9%	48.4%	48.4%	N/A
Operating Margin %	21.3% ▲	18.6%	17.7%	16.9%	N/A
Net Income %	14.6% ▲	9.3%	11.8%	9.7%	N/A
Diluted EPS	13.76 ▲	8.50	10.31	7.67	N/A

Balance Sheet Highlights

Metric	2025	2024	2023	2022	2021
Total Assets	$40.1B	$35.1B	$32.7B	$30.3B	N/A
Total Debt	$22.7B ↑	$19.0B	$17.5B	$16.5B	N/A
Working Capital	$1.2B ▼	$2.1B	$406M	$1.5B	N/A
Years to Pay Debt	16.83	23.27	18.01	23.36	N/A

Cash Flow Highlights

Metric	2025	2024	2023	2022	2021
Free Cash Flow	-$400M ▼	$183M	$436M	$685M	N/A
Owner Earnings	$7.7B	$5.9B	$5.6B	$4.7B	N/A
CapEx % of Net Income	319.3%	376.2%	287.0%	323.1%	N/A

Income Statement

	2025	2024	2023	2022	2021
Tax Effect Of Unusual Items	-12,402	-51,480	-1,103	-3,889
Tax Rate For Calcs	0	0	0	0
Normalized EBITDA	4,218,000	3,755,000	3,378,000	2,948,000
Total Unusual Items	-117,000	-312,000	-8,000	-26,000
Total Unusual Items Excluding Goodwill	-117,000	-312,000	-8,000	-26,000
Net Income From Continuing Operation Net Minority Interest	1,350,000	815,000	969,000	705,000
Reconciled Depreciation	2,066,000	2,011,000	1,844,000	1,737,000
Reconciled Cost Of Revenue	4,508,000	4,467,000	4,228,000	3,751,000
EBITDA	4,101,000	3,443,000	3,370,000	2,922,000
EBIT	2,035,000	1,432,000	1,526,000	1,185,000
Net Interest Income	-334,000	-320,000	-308,000	-320,000
Interest Expense	527,000	457,000	402,000	356,000
Interest Income	193,000	137,000	94,000	36,000
Normalized Income	1,454,598	1,075,520	975,897	727,111
Net Income From Continuing And Discontinued Operation	1,350,000	815,000	969,000	705,000
Total Expenses	7,251,000	7,124,000	6,737,000	6,037,000
Total Operating Income As Reported	1,848,000	1,328,000	1,443,000	1,200,000
Diluted Average Shares	98,123	95,827	94,009	91,828
Basic Average Shares	97,883	95,457	93,615	91,569
Diluted EPS	0	0	0	0
Basic EPS	0	0	0	0
Diluted NI Availto Com Stockholders	1,350,000	815,000	969,000	705,000
Net Income Common Stockholders	1,350,000	815,000	969,000	705,000
Net Income	1,350,000	815,000	969,000	705,000
Minority Interests	2,000	1,000	0	0
Net Income Including Noncontrolling Interests	1,348,000	814,000	969,000	705,000
Net Income Continuous Operations	1,348,000	814,000	969,000	705,000
Tax Provision	160,000	161,000	155,000	124,000
Pretax Income	1,508,000	975,000	1,124,000	829,000
Other Income Expense	-124,000	-329,000	-19,000	-77,000
Other Non Operating Income Expenses	-7,000	-17,000	-11,000	-51,000
Special Income Charges	-117,000	-312,000	-8,000	-26,000
Gain On Sale Of Ppe	1,000	18,000	5,000	-4,000
Other Special Charges	-1,000	16,000	35	-327
Write Off	68,000	233,000	0
Impairment Of Capital Assets		233,000	0	0	0
Restructuring And Mergern Acquisition	51,000	81,000	13,000	22,000
Net Non Operating Interest Income Expense	-334,000	-320,000	-308,000	-320,000
Interest Expense Non Operating	527,000	457,000	402,000	356,000
Interest Income Non Operating	193,000	137,000	94,000	36,000
Operating Income	1,966,000	1,624,000	1,451,000	1,226,000
Operating Expense	2,743,000	2,657,000	2,509,000	2,286,000
Selling General And Administration	2,743,000	2,657,000	2,509,000	2,286,000
Selling And Marketing Expense	903,000	891,000	855,000	787,000
General And Administrative Expense	1,840,000	1,766,000	1,654,000	1,499,000
Other Gand A	1,840,000	1,766,000	1,654,000	1,499,000
Gross Profit	4,709,000	4,281,000	3,960,000	3,512,000
Cost Of Revenue	4,508,000	4,467,000	4,228,000	3,751,000
Total Revenue	9,217,000	8,748,000	8,188,000	7,263,000
Operating Revenue	9,217,000	8,748,000	8,188,000	7,263,000

Balance Sheet

	2025	2024	2023	2022	2021
Treasury Shares Number	62	103	151	193
Ordinary Shares Number	98,226	97,287	94,479	92,621
Share Issued	98,288	97,390	94,630	92,814
Net Debt	17,185,000	12,130,000	11,635,000	10,855,673
Total Debt	22,726,000	18,961,000	17,454,000	16,469,554
Tangible Book Value	6,856,000	6,607,000	5,047,000	3,954,100
Invested Capital	33,068,000	28,739,000	26,220,000	24,268,060
Working Capital	1,232,000	2,098,000	406,000	1,466,957
Net Tangible Assets	6,856,000	6,607,000	5,047,000	3,954,100
Capital Lease Obligations	3,814,000	3,750,000	3,723,000	3,707,460
Common Stock Equity	14,156,000	13,528,000	12,489,000	11,505,966
Total Capitalization	31,752,000	27,535,000	25,214,000	24,258,213
Total Equity Gross Minority Interest	14,178,000	13,552,000	12,514,000	11,505,832
Minority Interest	22,000	24,000	25,000	-134
Stockholders Equity	14,156,000	13,528,000	12,489,000	11,505,966
Gains Losses Not Affecting Retained Earnings	-1,359,000	-1,735,000	-1,290,000	-1,389,446
Other Equity Adjustments	-1,359,000	-1,735,000	-1,290,000	-1,389,446
Treasury Stock	24,000	39,000	56,000	71,966
Retained Earnings	-6,103,000	-5,593,000	-4,761,000	-4,352,732
Additional Paid In Capital	21,642,000	20,895,000	18,596,000	17,320,017
Capital Stock	0	0	0	93
Common Stock	0	0	0	93
Total Liabilities Net Minority Interest	25,963,000	21,533,000	20,137,000	18,804,910
Total Non Current Liabilities Net Minority Interest	22,070,000	18,184,000	16,975,000	16,966,612
Other Non Current Liabilities	47,000	62,000	64,000	65,592
Derivative Product Liabilities	113,000	46,000	8,000	8,820
Tradeand Other Payables Non Current	61,000	55,000	68,000	70,252
Non Current Deferred Liabilities	537,000	489,000	548,000	543,691
Non Current Deferred Revenue	170,000	150,000	154,000	160,332
Non Current Deferred Taxes Liabilities	367,000	339,000	394,000	383,359
Long Term Debt And Capital Lease Obligation	21,087,000	17,424,000	16,179,000	16,168,749
Long Term Capital Lease Obligation	3,491,000	3,417,000	3,454,000	3,416,502
Long Term Debt	17,596,000	14,007,000	12,725,000	12,752,247
Long Term Provisions	225,000	108,000	108,000	109,508
Current Liabilities	3,893,000	3,349,000	3,162,000	1,838,298
Other Current Liabilities	170,000	76,000	143,000	82,401
Current Deferred Liabilities	149,000	139,000	141,000	147,986
Current Deferred Revenue	149,000	139,000	141,000	147,986
Current Debt And Capital Lease Obligation	1,639,000	1,537,000	1,275,000	300,805
Current Capital Lease Obligation	323,000	333,000	269,000	290,958
Current Debt	1,316,000	1,204,000	1,006,000	9,847
Other Current Borrowings	1,316,000	1,204,000	1,006,000	9,847
Pensionand Other Post Retirement Benefit Plans Current	473,000	421,000	438,000	413,135
Current Provisions	3,000	1,000	5,000	8,657
Payables And Accrued Expenses	1,459,000	1,175,000	1,160,000	885,314
Current Accrued Expenses	1,079,000	830,000	824,000	625,683
Interest Payable	176,000	96,000	90,000	85,052
Payables	380,000	345,000	336,000	259,631
Dividends Payable	18,000	16,000	13,000	12,302
Total Tax Payable	235,000	196,000	161,000	131,376
Income Tax Payable	114,000	109,000
Accounts Payable	127,000	133,000	162,000	115,953
Total Assets	40,141,000	35,085,000	32,651,000	30,310,742
Total Non Current Assets	35,016,000	29,638,000	29,083,000	27,005,487
Other Non Current Assets	73,000	31,000	35,000	35,969
Non Current Prepaid Assets	895,000	231,000	194,000	130,730
Non Current Deferred Assets	747,000	602,000	595,000	506,989
Non Current Deferred Taxes Assets	100,000	48,000	62,000	44,628
Non Current Note Receivables	328,000	258,000	0
Non Current Accounts Receivable	126,000	113,000	86,000	55,405
Financial Assets	20,000	295,000	213,000	298,899
Investments And Advances	551,000	519,000	468,000	348,145
Long Term Equity Investment	551,000	519,000	468,000	348,145
Goodwill And Other Intangible Assets	7,300,000	6,921,000	7,442,000	7,551,866
Other Intangible Assets	1,316,000	1,417,000	1,705,000	1,897,649
Goodwill	5,984,000	5,504,000	5,737,000	5,654,217
Net PPE	24,976,000	20,668,000	20,050,000	18,077,484
Accumulated Depreciation	-13,388,000	-11,474,000	-10,601,000	-9,332,957
Gross PPE	38,364,000	32,142,000	30,651,000	27,410,441
Leases	2,210,000	1,980,000	2,045,000	1,991,060
Construction In Progress	2,827,000	2,204,000	1,918,000	1,195,042
Other Properties	16,928,000	14,682,000	14,373,000	13,377,189
Machinery Furniture Equipment	2,472,000	2,149,000	1,936,000	1,580,485
Buildings And Improvements	11,170,000	9,475,000	8,972,000	8,013,672
Land And Improvements	2,757,000	1,652,000	1,407,000	1,252,993
Current Assets	5,125,000	5,447,000	3,568,000	3,305,255
Other Current Assets	106,000	72,000	25,000	12,832
Hedging Assets Current	235,000	296,000	44,000	105,693
Assets Held For Sale Current			0	84,316	276,195
Restricted Cash			500	1,700	12,188
Prepaid Assets	134,000	91,000	100,000	79,191
Receivables	1,423,000	1,380,000	1,303,000	1,115,102
Other Receivables	138,000	208,000	132,000	137,556
Taxes Receivable	284,000	223,000	167,000	122,166
Accounts Receivable	1,001,000	949,000	1,004,000	855,380
Allowance For Doubtful Accounts Receivable	-16,000	-19,000	-17,000	-12,225
Gross Accounts Receivable	1,017,000	968,000	1,021,000	867,605
Cash Cash Equivalents And Short Term Investments	3,227,000	3,608,000	2,096,000	1,906,421
Other Short Term Investments	1,500,000	527,000	0		0
Cash And Cash Equivalents	1,727,000	3,081,000	2,096,000	1,906,421
Cash Equivalents	1,359,000	2,516,000	1,604,000	764,628
Cash Financial	368,000	565,000	492,000	1,141,793

Cash Flow

	2025	2024	2023	2022	2021
Free Cash Flow	-400,000	183,000	436,000	685,000
Repayment Of Debt	-1,355,000	-1,140,000	-149,000	-722,000
Issuance Of Debt	4,311,000	2,768,000	902,000	1,871,000
Issuance Of Capital Stock	99,000	1,673,000	734,000	796,000
Capital Expenditure	-4,311,000	-3,066,000	-2,781,000	-2,278,000
Interest Paid Supplemental Data	448,000	486,000	445,000	412,000
Income Tax Paid Supplemental Data	207,000	185,000	153,000	140,000
End Cash Position	1,824,000	3,082,000	2,096,000	1,908,000
Beginning Cash Position	3,082,000	2,096,000	1,908,000	1,549,000
Effect Of Exchange Rate Changes	43,000	-49,000	-16,000	-98,000
Changes In Cash	-1,301,000	1,035,000	204,000	457,000
Financing Cash Flow	1,272,000	1,723,000	211,000	857,000
Cash Flow From Continuing Financing Activities	1,272,000	1,723,000	211,000	857,000
Net Other Financing Charges	-22,000	-26,000	12,000	-18,000
Proceeds From Stock Option Exercised			87,000	82,000
Cash Dividends Paid	-1,856,000	-1,643,000	-1,375,000	-1,152,000
Common Stock Dividend Paid	-1,856,000	-1,643,000	-1,375,000	-1,152,000
Net Common Stock Issuance	99,000	1,673,000	734,000	796,000
Common Stock Issuance	99,000	1,673,000	734,000	796,000
Net Issuance Payments Of Debt	2,956,000	1,628,000	753,000	1,149,000
Net Long Term Debt Issuance	2,956,000	1,628,000	753,000	1,149,000
Long Term Debt Payments	-1,355,000	-1,140,000	-149,000	-722,000
Long Term Debt Issuance	4,311,000	2,768,000	902,000	1,871,000
Investing Cash Flow	-6,484,000	-3,937,000	-3,224,000	-3,363,000
Cash Flow From Continuing Investing Activities	-6,484,000	-3,937,000	-3,224,000	-3,363,000
Net Other Investing Changes	35,000	73,000	77,000	250,000
Dividends Received Cfi	59,000	11,000	0	0
Net Investment Purchase And Sale	-962,000	-520,000	0	22,000
Sale Of Investment	1,005,000	0	0	22,000
Purchase Of Investment	-1,967,000	-520,000	0	0
Net Investment Properties Purchase And Sale	-994,000	-337,000	-384,000	-248,000
Purchase Of Investment Properties	-994,000	-337,000	-384,000	-248,000
Net Business Purchase And Sale	-311,000	-98,000	-136,000	-1,109,000
Purchase Of Business	-311,000	-98,000	-136,000	-1,109,000
Net PPE Purchase And Sale	-4,311,000	-3,066,000	-2,781,000	-2,278,000
Purchase Of PPE	-4,311,000	-3,066,000	-2,781,000	-2,278,000
Operating Cash Flow	3,911,000	3,249,000	3,217,000	2,963,000
Cash Flow From Continuing Operating Activities	3,911,000	3,249,000	3,217,000	2,963,000
Change In Working Capital	-101,000	-340,000	-77,000	25,000
Change In Other Working Capital	-91,000	-459,000	-99,000	-8,000
Change In Other Current Liabilities	-156,000	-153,000	-128,000	-24,000
Change In Other Current Assets	161,000	150,000	139,000	97,000
Change In Payables And Accrued Expense	25,000	95,000	161,000	114,000
Change In Payable	25,000	95,000	161,000
Change In Account Payable	25,000	95,000	161,000
Change In Receivables	-40,000	27,000	-150,000	-154,000
Changes In Account Receivables	-40,000	27,000	-150,000	-154,000
Other Non Cash Items	33,000	87,000	79,000	81,000
Stock Based Compensation	498,000	462,000	407,000	404,000
Provisionand Write Offof Assets		21,000	14,835	7,000	10,016
Asset Impairment Charge	68,000	233,000	0	0
Depreciation Amortization Depletion	2,066,000	2,011,000	1,844,000	1,737,000
Depreciation And Amortization	2,066,000	2,011,000	1,844,000	1,737,000
Amortization Cash Flow		208,000	209,063	205,000	205,484
Amortization Of Intangibles		208,000	209,063	205,000	205,484
Depreciation	2,066,000	2,011,000	1,844,000	1,532,000
Operating Gains Losses	-1,000	-18,000	-5,000	4,000
Net Income From Continuing Operations	1,348,000	814,000	969,000	705,000

These metrics estimate what Equinix, Inc. is worth based on its fundamentals — independent of what the market currently prices it at. Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles. EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.

Graham's Fair Value

$210.80

Margin of Safety

Market Cap ÷ Company Value

2.24

P/B Ratio

7.54

Warren's Owner Earnings

$7.7B

Latest fiscal year

Graham's 7 Criteria

Defensive Investor Checklist

4/7 — Enterprising Investor

✅ Adequate Size

$9.2B

vs > $1.5B revenue

❌ Strong Financial Condition

1.32x

vs Current Ratio > 2.0x

✅ Earnings Stability

No loss years (4 yrs data)

vs No negative EPS years

✅ Dividend Record

1.77%

vs Uninterrupted dividends

✅ Earnings Growth

+79.4% EPS growth

vs > 33% EPS growth

❌ Moderate P/E Ratio

75.0x

vs P/E ≤ 15.0x

❌ Moderate Price-to-Book

7.54x P/B (P/E×P/B: 565.2)

vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5

Net Current Asset Value

$-211.29

Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.

"Buy at two-thirds of net current assets." — Graham

Earnings Power Value

$221.49

Per share, no-growth floor. Compare to current price.

Cash Flow Analysis

Metric	2025	2024	2023	2022	2021
Capital Expenditure % of Net Income	319.3%	376.2%	287.0%	323.1%	N/A
Repurchase of Capital Stock	N/A	N/A	N/A	N/A	N/A
Free Cash Flow	-$400M ▼	$183M ▼	$436M ▼	$685M •	N/A •
Warren's Owner Earnings	$7.7B	$5.9B	$5.6B	$4.7B	N/A

Peers & Industry

No auto-detected peers for REIT - Specialty. You can manually compare EQIX against any stock using the Compare tool.

"The management of a business is its most important single factor — more important than market position, patents, or financial structure."

— Benjamin Graham

Capital Allocation & Alignment

Insider Ownership

0.27%

Low — management has little skin in the game

Return on Equity (ROE)

9.5%

Adequate — returns are moderate

Return on Assets (ROA)

3.4%

Fair — average asset utilization

Debt Trend YoY

+19.9% YoY

Debt is growing — management is leveraging up

Leadership Team

Charles John Meyers

Executive Chairman

Age 59

Adaire Rita Fox-Martin

President, CEO & Director

Age 61

Pay: $1,237,934

0.092% of net income

Raouf Abdel

Executive Vice President of Global Operations

Age 57

Pay: $605,523

0.045% of net income

Olivier Leonetti

Chief Financial Officer

Age 60

Top Institutional Holders

Institution	% Owned	Shares
Vanguard Group Inc	13.59%	13,398,906
Blackrock Inc.	10.95%	10,797,392
State Street Corporation	6.30%	6,212,192
FMR, LLC	2.85%	2,814,005
Cohen & Steers Inc.	2.65%	2,609,011
Geode Capital Management, LLC	2.60%	2,567,830
JPMORGAN CHASE & CO	2.22%	2,193,256
Principal Financial Group, Inc.	1.98%	1,952,854

Risk Analysis

Beta (Market Risk)

1.00

Low volatility — more stable than the market

Short Interest

2.1% of float

Low short interest — market is not heavily bearish

Debt-to-Equity

1.63x

Moderate leverage

Current Ratio

1.18x

Adequate liquidity

52-Week Price Range

Low: $710.52 Current: $1,081.94 High: $1,128.68

Currently at 89% of 52-week range

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