NASDAQ · Real Estate

Equinix, Inc.

EQIX · REIT - Specialty

$1,092.19

▲ 3.67 (0.34%)

Cached · 10 min

Overall Grade

Defensive

Enterprising

Profitability

A⤢

Gross Profit Margin 51.5%

Operating Margin 23.4%

Net Income Margin 17.0%

Fin. Health

D⤢

Years to Pay Off Debt 56.2 yrs

Working Capital vs Long-Term Debt -$16.9B

Working Capital $808M

Valuation

F⤢

Margin of Safety 0.0%

Price-to-Book 7.53x

Cash Flow

F⤢

Free Cash Flow -$539M

CapEx % of Net Income 302.7%

Owner Earnings $2.2B

Profitability

Gross Profit Margin 51.5%

Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.

Operating Margin 23.4%

Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.

Net Income Margin 17.0%

Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.

Financial Health

Years to Pay Off Debt 56.2 yrs

Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.

Working Capital vs Long-Term Debt -$16.9B

Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.

Working Capital $808M

Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.

Cash Flow

Free Cash Flow -$539M

Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.

CapEx % of Net Income 302.7%

Capital expenditure as a share of net income. Low CapEx signals a capital-light business that doesn't need heavy reinvestment to sustain earnings — Buffett's ideal. High CapEx is structurally necessary in manufacturing, airlines, telecoms, and semiconductors. For these industries, a high reading reflects the business model, not poor management.

Owner Earnings $2.2B

Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.

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

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 is based in Redwood City, United States.

Market Data

Market Cap $107.7B

Enterprise Value $130.0B

P/E (TTM) 75.58

Dividend Yield 1.77%

Exchange NASDAQ

Key Margins

Gross Profit 51.5%

Operating Margin 23.4%

Net Margin 17.0%

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 $1,092.19.

The business passes only 3 of 7 of Graham's defensive criteria — well below his required standard.

At $1,092.19, the stock trades at a 833% premium to its Graham Number of $117.05. 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: By Graham's standards, this stock is speculative at its current price. The intelligent investor would look elsewhere or wait.

Showing Key Metrics

Income Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Gross Profit %	51.5%▲	50.5%•	N/A
Operating Margin %	23.4%▲	21.0%•	N/A
Net Income %	17.0%▲	11.0%•	N/A
Diluted EPS	4.20▲	2.69•	N/A

Balance Sheet Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Total Assets	$40.9B	$40.1B	N/A
Total Debt	$23.3B▲	$22.7B•	N/A
Working Capital	$808M▼	$1.2B•	N/A
Years to Pay Debt	56.23	85.76	N/A

Cash Flow Highlights

Metric	Q1 2026	Q4 2025	Q4 2024
Free Cash Flow	-$539M▼	-$292M•	N/A
Owner Earnings	$2.2B	$2.3B	N/A
CapEx % of Net Income	302.7%	541.9%	N/A

Income Statement

	2026	2025	2024
Tax Effect Of Unusual Items	476	-13,077
Tax Rate For Calcs	0	0
Normalized EBITDA	1,159,000	1,090,000
Total Unusual Items	4,000	-85,000
Total Unusual Items Excluding Goodwill	4,000	-85,000
Net Income From Continuing Operation Net Minority Interest	415,000	265,000
Reconciled Depreciation	544,000	551,000
Reconciled Cost Of Revenue	1,186,000	1,198,000
EBITDA	1,163,000	1,005,000
EBIT	619,000	454,000
Net Interest Income	-107,000	-101,000
Interest Expense	148,000	142,000
Interest Income	41,000	41,000
Normalized Income	411,476	336,923
Net Income From Continuing And Discontinued Operation	415,000	265,000
Total Expenses	1,871,000	1,913,000
Total Operating Income As Reported	577,000	422,000
Diluted Average Shares	98,727	98,378
Basic Average Shares	98,392	98,200
Diluted EPS	0	0
Basic EPS	0	0
Diluted NI Availto Com Stockholders	415,000	265,000
Net Income Common Stockholders	415,000	265,000
Net Income	415,000	265,000
Minority Interests	0	1,000
Net Income Including Noncontrolling Interests	415,000	264,000
Net Income Continuous Operations	415,000	264,000
Tax Provision	56,000	48,000
Pretax Income	471,000	312,000
Other Income Expense	5,000	-94,000
Other Non Operating Income Expenses	1,000	-9,000	-11,000
Special Income Charges	4,000	-85,000
Gain On Sale Of Ppe	20,000	0
Other Special Charges		0	15,000
Write Off	2,000	63,000
Impairment Of Capital Assets
Restructuring And Mergern Acquisition	14,000	22,000
Net Non Operating Interest Income Expense	-107,000	-101,000
Interest Expense Non Operating	148,000	142,000
Interest Income Non Operating	41,000	41,000
Operating Income	573,000	507,000
Operating Expense	685,000	715,000
Selling General And Administration	685,000	715,000
Selling And Marketing Expense	241,000	234,000
General And Administrative Expense	444,000	481,000
Other Gand A	444,000	481,000
Gross Profit	1,258,000	1,222,000
Cost Of Revenue	1,186,000	1,198,000
Total Revenue	2,444,000	2,420,000
Operating Revenue	2,444,000	2,420,000

Balance Sheet

	2026	2025	2024
Treasury Shares Number	62	62
Ordinary Shares Number	98,623	98,226
Share Issued	98,685	98,288
Net Debt	18,258,000	17,185,000
Total Debt	23,336,000	22,726,000
Tangible Book Value	7,109,000	6,856,000
Invested Capital	33,918,000	33,068,000
Working Capital	808,000	1,232,000
Net Tangible Assets	7,109,000	6,856,000
Capital Lease Obligations	3,716,000	3,814,000
Common Stock Equity	14,298,000	14,156,000
Total Capitalization	32,026,000	31,752,000
Total Equity Gross Minority Interest	14,320,000	14,178,000
Minority Interest	22,000	22,000
Stockholders Equity	14,298,000	14,156,000
Gains Losses Not Affecting Retained Earnings	-1,343,000	-1,359,000
Other Equity Adjustments	-1,343,000	-1,359,000
Treasury Stock	24,000	24,000
Retained Earnings	-6,193,000	-6,103,000
Additional Paid In Capital	21,858,000	21,642,000
Total Liabilities Net Minority Interest	26,578,000	25,963,000
Total Non Current Liabilities Net Minority Interest	22,040,000	22,070,000
Other Non Current Liabilities	930,000	47,000
Derivative Product Liabilities		113,000	46,000
Tradeand Other Payables Non Current		61,000	55,000
Non Current Deferred Liabilities		537,000	489,000
Non Current Deferred Revenue		170,000	150,000
Non Current Deferred Taxes Liabilities		367,000	339,000
Long Term Debt And Capital Lease Obligation	21,110,000	21,087,000
Long Term Capital Lease Obligation	3,382,000	3,491,000
Long Term Debt	17,728,000	17,596,000
Long Term Provisions		225,000	108,000
Current Liabilities	4,538,000	3,893,000
Other Current Liabilities	288,000	170,000
Current Deferred Liabilities		149,000	139,000
Current Deferred Revenue		149,000	139,000
Current Debt And Capital Lease Obligation	2,226,000	1,639,000
Current Capital Lease Obligation	334,000	323,000
Current Debt	1,892,000	1,316,000
Other Current Borrowings	1,892,000	1,316,000
Pensionand Other Post Retirement Benefit Plans Current		473,000	421,000
Current Provisions		3,000	1,000
Payables And Accrued Expenses	2,024,000	1,459,000
Current Accrued Expenses	703,000	1,079,000
Interest Payable		176,000	96,000
Payables	1,321,000	380,000
Dividends Payable		18,000	16,000
Total Tax Payable		235,000	196,000
Income Tax Payable		114,000	109,000
Accounts Payable	1,321,000	127,000
Total Assets	40,898,000	40,141,000
Total Non Current Assets	35,552,000	35,016,000
Other Non Current Assets	2,849,000	73,000
Non Current Prepaid Assets		895,000	231,000
Non Current Deferred Assets		747,000	602,000
Non Current Deferred Taxes Assets		100,000	48,000
Non Current Note Receivables		328,000	258,000
Non Current Accounts Receivable		126,000	113,000
Financial Assets		20,000	295,000
Investments And Advances		551,000	519,000
Long Term Equity Investment		551,000	519,000
Goodwill And Other Intangible Assets	7,189,000	7,300,000
Other Intangible Assets	1,258,000	1,316,000
Goodwill	5,931,000	5,984,000
Net PPE	25,514,000	24,976,000
Accumulated Depreciation		-13,388,000	-11,474,000
Gross PPE	25,514,000	38,364,000
Leases		2,210,000	1,980,000
Construction In Progress		2,827,000	2,204,000
Other Properties	25,514,000	16,928,000
Machinery Furniture Equipment		2,472,000	2,149,000
Buildings And Improvements		11,170,000	9,475,000
Land And Improvements		2,757,000	1,652,000
Current Assets	5,346,000	5,125,000
Other Current Assets	1,184,000	106,000
Hedging Assets Current		235,000	296,000
Prepaid Assets		134,000	91,000
Receivables	1,108,000	1,423,000
Other Receivables		138,000	208,000
Taxes Receivable		284,000	223,000
Accounts Receivable	1,108,000	1,001,000
Allowance For Doubtful Accounts Receivable	-13,000	-16,000
Gross Accounts Receivable	1,121,000	1,017,000
Cash Cash Equivalents And Short Term Investments	3,054,000	3,227,000
Other Short Term Investments	1,692,000	1,500,000
Cash And Cash Equivalents	1,362,000	1,727,000
Cash Equivalents		1,359,000	2,516,000
Cash Financial		368,000	565,000

Cash Flow

	2026	2025	2024
Free Cash Flow	-539,000	-292,000
Repayment Of Debt	-715,000	-44,000
Issuance Of Debt	1,492,000	1,745,000
Issuance Of Capital Stock	0	0
Capital Expenditure	-1,256,000	-1,436,000
End Cash Position	1,425,000	1,824,000
Beginning Cash Position	1,824,000	2,165,000
Effect Of Exchange Rate Changes	-6,000	0
Changes In Cash	-393,000	-341,000
Financing Cash Flow	349,000	1,225,000
Cash Flow From Continuing Financing Activities	349,000	1,225,000
Net Other Financing Charges	42,000	-15,000
Proceeds From Stock Option Exercised	49,000	0
Cash Dividends Paid	-519,000	-461,000
Common Stock Dividend Paid	-519,000	-461,000
Net Common Stock Issuance	0	0
Common Stock Issuance	0	0
Net Issuance Payments Of Debt	777,000	1,701,000
Net Long Term Debt Issuance	777,000	1,701,000
Long Term Debt Payments	-715,000	-44,000
Long Term Debt Issuance	1,492,000	1,745,000
Investing Cash Flow	-1,459,000	-2,710,000
Cash Flow From Continuing Investing Activities	-1,459,000	-2,710,000
Net Other Investing Changes	255,000	2,000
Dividends Received Cfi	0	42,000
Net Investment Purchase And Sale	-189,000	-586,000
Sale Of Investment	595,000	235,000
Purchase Of Investment	-784,000	-821,000
Net Investment Properties Purchase And Sale	-123,000	-603,000
Purchase Of Investment Properties	-123,000	-603,000
Net Business Purchase And Sale	-146,000	-129,000
Purchase Of Business	-146,000	-129,000
Net PPE Purchase And Sale	-1,256,000	-1,436,000
Purchase Of PPE	-1,256,000	-1,436,000
Operating Cash Flow	717,000	1,144,000
Cash Flow From Continuing Operating Activities	717,000	1,144,000
Change In Working Capital	-349,000	126,000
Change In Other Working Capital	-187,000	-84,000
Change In Other Current Liabilities	-35,000	-43,000
Change In Other Current Assets	41,000	39,000
Change In Payables And Accrued Expense	-62,000	74,000
Change In Payable	-62,000	74,000
Change In Account Payable	-62,000	74,000
Change In Receivables	-106,000	140,000
Changes In Account Receivables	-106,000	140,000
Other Non Cash Items	-3,000	12,000
Stock Based Compensation	128,000	128,000
Provisionand Write Offof Assets			-7,000
Asset Impairment Charge	2,000	63,000
Depreciation Amortization Depletion	544,000	551,000
Depreciation And Amortization	544,000	551,000
Amortization Cash Flow			53,000
Amortization Of Intangibles			53,000
Depreciation		551,000	445,000
Operating Gains Losses	-20,000	0	15,000
Net Income From Continuing Operations	415,000	264,000

📊 Quarterly mode — Graham Fair Value & 7 Criteria require annual data. Switch to Annual for full analysis.

Quarter vs Same Quarter Last Year

YoY strips seasonality

Revenue Growth (YoY)

Prior year: $2.2B ▲ $2.4B +9.8%

Revenue growth vs same quarter last year strips seasonality. Consistent double-digit growth is a Buffett hallmark.

Gross Margin

Prior year: 51.3% ▲ 51.5% +0.2pp

Buffett: consistent gross margin above 40% signals durable pricing power and competitive moat.

Operating Margin

Prior year: 25.8% ▲ 23.4% -2.3pp

Graham: operating margin reflects true business economics before financing. Trend matters as much as level.

Net Margin

Prior year: 15.4% ▲ 17.0% +1.6pp

Net margin can be distorted by one-time items, tax timing, or interest costs — compare to operating margin for signal quality.

Quarterly Health Checks

3 Graham/Buffett criteria that are valid and reliable on quarterly data

✅ Adequate Size

Graham required scale for resilience. Quarterly revenue × 4 gives an annualised proxy.

$2.4B/qtr (≈$9.8B ann.)

vs > $1.5B annualised revenue

❌ Financial Condition

Current assets vs current liabilities — a real-time liquidity snapshot. Valid and reliable on quarterly data.

1.18x current ratio

vs ≥ 2.0x

❌ Free Cash Flow

Buffett's most important single metric. A positive FCF quarter means the business generated real cash for owners after maintaining its asset base.

-$539M

vs Positive

Operating Cash Flow

$717M

Latest quarter · Buffett's cash reality check

ROIC

1.2%

Based on latest annual operating income

Return on Invested Capital — Buffett's preferred measure for asset-light businesses. ROIC > 15% consistently signals a durable competitive advantage (moat). More meaningful than P/B for software, pharma, and consumer brand companies where most value is intangible and off-balance-sheet.

Market Cap / Net Assets

7.5x

Net Assets: $14.3B

⚠️ Revenue grew vs prior year but operating margin contracted. Possible explanations: deliberate investment in growth (hiring, marketing, R&D), input cost inflation, or pricing pressure from competition. Buffett distinguishes between spending that builds moat vs. spending that doesn't.

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)

2.9%

Weak — poor returns on equity

Return on Assets (ROA)

1.0%

Poor — assets are not generating adequate returns

Debt Trend YoY

+2.7% YoY

Debt is roughly stable

Leadership Team

Charles John Meyers

Executive Chairman

Age 59

Adaire Rita Fox-Martin

President, CEO & Director

Age 61

Pay: $1,237,934

0.298% of net income

Raouf Abdel

Executive Vice President of Global Operations

Age 57

Pay: $605,523

0.146% of net income

Olivier Leonetti

Chief Financial Officer

Age 60

Ryan Burke

Vice President of Investor Relations

Top Institutional Holders

Institution	% Owned	Shares
Blackrock Inc.	11.29%	11,131,568
Vanguard Capital Management LLC	6.48%	6,387,320
State Street Corporation	6.16%	6,078,396
Vanguard Portfolio Management LLC	6.09%	6,004,091
Cohen & Steers Inc.	2.87%	2,831,410
FMR, LLC	2.86%	2,818,574
Geode Capital Management, LLC	2.51%	2,478,954
Principal Financial Group, Inc.	2.01%	1,980,497

Risk Analysis

Beta (Market Risk)

0.97

Low volatility — more stable than the market

Short Interest

2.3% 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: $1,092.19 High: $1,128.68

Currently at 91% of 52-week range

Equinix, Inc.

Metric Explanations

Full Graham Analysis

Income Highlights

Balance Sheet Highlights

Cash Flow Highlights

Quarter vs Same Quarter Last Year

Quarterly Health Checks

Operating Cash Flow

ROIC

Market Cap / Net Assets

Peers & Industry

Capital Allocation & Alignment

Leadership Team

Top Institutional Holders

Risk Analysis