# Equinix (EQIX.US)

Canonical: https://gigainvestors.com/s/EQIX

Analysis as of: 2026-10-16T07:28:19.731Z. Financial observations: FY2000–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $996.26 per share; close as of 2026-10-15.

Estimated value: low $124.83 per share, central $142.74 per share, high $162.67 per share. Buy at or below the central value $142.74 per share. Valuation as of 2026-10-16T07:28:19.731Z; scenarios are not confidence intervals.

Expected annual return: 3.9% at the stated quote. About 3.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.11×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.19×

- FY2018: 0.19×

- FY2019: 0.21×

- FY2020: 0.18×

- FY2021: 0.17×

- FY2022: 0.17×

- FY2023: 0.18×

- FY2024: 0.15×

- FY2025: 0.20×

- LTM to Jun 2026: 0.22×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 5.6%

- ROIC, second-lowest year: 4.8%

- Typical minus recent gross margin: -2.5 pp

- Typical gross margin (annual median): 48.8%

- Recent gross margin (lower of latest and 3-year median): 51.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 37.7%

- ROIC including acquisitions, ten-year median: 2.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 5.9%

- FY2018: 6.3%

- FY2019: 5.5%

- FY2020: 4.3%

- FY2021: 4.8%

- FY2022: 5.0%

- FY2023: 5.6%

- FY2024: 5.1%

- FY2025: 6.0%

- LTM to Jun 2026: 6.5%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.77×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $3.3B

- Net income, five-year total: $4.3B

- Return on incremental invested capital: 12.1%

- Working capital / revenue, annual change: 0.6 pp

- Working capital / revenue, change between three-year averages: 6.8 pp

- Working capital / revenue, final three-year average: 10.7%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 1.00×

- FY2025: 0.26×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 6.0% vs 5.6%

- Per-share earnings: 3.00 to 10.31 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 5.3%

- Ordinary dilution, 5-year annual growth: 2.1%

- Market cap gain: $50B

- Cumulative retained earnings: -$4.2B

- Diluted shares, 10-year annual growth: 5.3%

- Diluted shares, 5-year annual growth: 2.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 16.7%

- Per-share value change: $7.30

- Per-share value, starting three-year median: $3.00

- Per-share value, ending three-year median: $10.31

- Average buyback yield: 2.6%

- Buyback history: 1 years

- Debt-funded buybacks: No

- Acquisition spending: $7.3B

- Cumulative net income, 10 years: $5.9B

- ROIC, first three-year median: 6.0%

- ROIC, last three-year median: 5.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.79

- FY2017: $3.00

- FY2018: $4.56

- FY2019: $5.99

- FY2020: $4.18

- FY2021: $5.53

- FY2022: $7.67

- FY2023: $10.31

- FY2024: $8.50

- FY2025: $13.76

### accounting: pass

- Sloan accruals: -6.4%

- Receivables to sales index (DSRI): 1.00×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 12.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.90×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.52×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.1%

- FY2017: -6.5%

- FY2018: -7.2%

- FY2019: -6.2%

- FY2020: -7.2%

- FY2021: -7.3%

- FY2022: -7.5%

- FY2023: -7.3%

- FY2024: -6.9%

- FY2025: -6.4%

## Holders

- [Christopher Davis](https://gigainvestors.com/DAV): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 28.6% a year for ten years · "Equinix Sees AI Driving Data Center Demand, Interconnection Growth" (finance.yahoo.com, Sep 2026) · sales +6.1%

Story as of 2026-10-16T09:58:42.432Z; price observation 2026-10-15.

Price needs cash profits to grow 28.6% a year for ten years

- 2025-04-30: Equinix raises annual revenue, FFO forecasts on robust demand ([finance.yahoo.com](https://finance.yahoo.com/news/equinix-raises-annual-revenue-ffo-205353879.html))

- 2025-05-01: Equinix (NasdaqGS:EQIX) Announces Financial Guidance Raise and Dividend Declarations ([finance.yahoo.com](https://finance.yahoo.com/news/equinix-nasdaqgs-eqix-announces-financial-173244900.html))

- 2025-06-26: Equinix shares fall as revenue, capital spending forecast disappoint investors ([finance.yahoo.com](https://finance.yahoo.com/news/equinix-shares-fall-revenue-capital-160946730.html))

- 2025-10-30: Equinix outlines plans to double capacity by 2029 as Q3 bookings surge 25% year-over-year ([seekingalpha.com](https://seekingalpha.com/news/4510980-equinix-outlines-plans-to-double-capacity-by-2029-as-q3-bookings-surge-25-percent-year-over?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2026-02-11: Equinix forecasts annual sales above estimates on AI data center demand ([finance.yahoo.com](https://finance.yahoo.com/news/equinix-forecasts-annual-sales-above-214018160.html))

- 2026-04-29: Equinix Reports First-Quarter Results and Raises Full-Year Financial Outlook ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/equinix-reports-first-quarter-results-200500233.html))

### Sales · FY2025–2026

sales +6.1%; source https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm; observed 2026-02-11.

- FY2017: $4.4B 

- FY2018: $5.1B 

- FY2019: $5.6B 

- FY2020: $6.0B 

- FY2021: $6.6B 

- FY2022: $7.3B 

- FY2023: $8.2B 

- FY2024: $8.7B 

- FY2025: $9.3B 

- FY2026: $9.8B 

### Gross margin · FY2026

gross margin 51.6%; source https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm; observed 2026-02-11.

- FY2017: 49.8% 

- FY2018: 48.6% 

- FY2019: 49.5% 

- FY2020: 48.7% 

- FY2021: 47.7% 

- FY2022: 48.4% 

- FY2023: 48.4% 

- FY2024: 48.9% 

- FY2025: 51.3% 

- FY2026: 51.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in property rentals; annual sales are USD 9.3 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm (filed 2026-02-11); FY2025: revenue 9260000000; grossProfit 4752000000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 48.4% to 51.3% during 2023–25; it earns 5.6% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2023: grossProfit / revenue = 48.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2024: grossProfit / revenue = 48.9%.

- Source: https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm (filed 2026-02-11); FY2025: grossProfit / revenue = 51.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); 10-year return on capital observations [[2017,0.05932022816869629],[2018,0.06292628541518386],[2019,0.055386573096863845],[2020,0.04319383469820416],[2021,0.04794821074797008],[2022,0.049987836674188886],[2023,0.056374454416966924],[2024,0.05148647457925808],[2025,0.05969880847974308],[2026,0.06481174193469134]]; median 0.055880513756915384. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 48% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm (filed 2026-02-11); Gross margin observations: [[2021,0.47669314480500974],[2022,0.48353975331487015],[2023,0.4836265543220093]]; range within 2 percentage points.

### Where the cash goes

Earns 12.1% on new investment; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2016: growth capex 276158000; upkeep 837207000; owner earnings 126800000. Growth capex / owner earnings = 2.1779022082018926.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2017: growth capex 336245000; upkeep 1042480000; owner earnings 232982000. Growth capex / owner earnings = 1.443223081611455.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2018: growth capex 868685000; upkeep 1227489000; owner earnings 365359000. Growth capex / owner earnings = 2.377620367912108.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2019: growth capex 794684000; upkeep 1284837000; owner earnings 507450000. Growth capex / owner earnings = 1.5660340920287714.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2020: growth capex 859135000; upkeep 1423369000; owner earnings 369777000. Growth capex / owner earnings = 2.323386797989058.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2021: growth capex 1095222000; upkeep 1656290000; owner earnings 500191000. Growth capex / owner earnings = 2.189607569908295.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2022: growth capex 541004000; upkeep 1737000000; owner earnings 704345000. Growth capex / owner earnings = 0.7680951806288112.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2023: growth capex 937018000; upkeep 1844000000; owner earnings 969178000. Growth capex / owner earnings = 0.9668172410021688.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); FY2024: growth capex 1057000000; upkeep 2009000000; owner earnings 815000000. Growth capex / owner earnings = 1.2969325153374234.

- Source: https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm (filed 2026-02-11); FY2025: growth capex 1243629042.49719; upkeep 3067370957.50281; owner earnings 348629042.49719. Growth capex / owner earnings = 3.567198629205465.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); Incremental return on capital 0.12096547414783894, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); Dividend observations: [[2016,499463000],[2017,621497000],[2018,738600000],[2019,836164000],[2020,947933000],[2021,1042909000],[2022,1151459000],[2023,1374168000],[2024,1643000000],[2025,1856000000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 0.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); EQIX.US SharesStats.PercentInsiders = 0.269 percentage points; cache date 2026-10-16.

### What could break it

"Our business may be adversely affected by physical risks related to climate change" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm (filed 2026-02-11); Our business may be adversely affected by physical risks related to climate change

### What the price says

The price assumes cash profits grow 28.6% yearly over ten years; actual growth was 1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); Ten-year compound average after fade. Initial solved rate 0.40671736956390214. Price 996.26; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 3.2107450028213327 → FY2025 3.5529798568856434. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $357.28 per share

- 2016-11: $338.76 per share

- 2016-12: $357.41 per share

- 2017-01: $384.98 per share

- 2017-02: $376.07 per share

- 2017-03: $400.37 per share

- 2017-04: $417.70 per share

- 2017-05: $441.01 per share

- 2017-06: $429.16 per share

- 2017-07: $450.73 per share

- 2017-08: $468.41 per share

- 2017-09: $446.30 per share

- 2017-10: $463.50 per share

- 2017-11: $464.49 per share

- 2017-12: $453.22 per share

- 2018-01: $455.19 per share

- 2018-02: $392.10 per share

- 2018-03: $418.14 per share

- 2018-04: $420.79 per share

- 2018-05: $396.85 per share

- 2018-06: $429.89 per share

- 2018-07: $439.28 per share

- 2018-08: $436.13 per share

- 2018-09: $432.89 per share

- 2018-10: $378.74 per share

- 2018-11: $385.28 per share

- 2018-12: $352.56 per share

- 2019-01: $394.00 per share

- 2019-02: $423.50 per share

- 2019-03: $453.16 per share

- 2019-04: $454.70 per share

- 2019-05: $485.79 per share

- 2019-06: $504.29 per share

- 2019-07: $502.10 per share

- 2019-08: $556.28 per share

- 2019-09: $576.80 per share

- 2019-10: $566.78 per share

- 2019-11: $566.85 per share

- 2019-12: $583.70 per share

- 2020-01: $589.73 per share

- 2020-02: $572.80 per share

- 2020-03: $624.57 per share

- 2020-04: $675.20 per share

- 2020-05: $697.63 per share

- 2020-06: $702.30 per share

- 2020-07: $785.48 per share

- 2020-08: $789.78 per share

- 2020-09: $760.13 per share

- 2020-10: $731.24 per share

- 2020-11: $697.79 per share

- 2020-12: $714.18 per share

- 2021-01: $739.96 per share

- 2021-02: $648.34 per share

- 2021-03: $679.59 per share

- 2021-04: $720.76 per share

- 2021-05: $736.72 per share

- 2021-06: $802.60 per share

- 2021-07: $820.41 per share

- 2021-08: $843.45 per share

- 2021-09: $790.13 per share

- 2021-10: $837.07 per share

- 2021-11: $812.20 per share

- 2021-12: $845.84 per share

- 2022-01: $724.90 per share

- 2022-02: $709.73 per share

- 2022-03: $741.62 per share

- 2022-04: $719.08 per share

- 2022-05: $687.09 per share

- 2022-06: $657.02 per share

- 2022-07: $703.74 per share

- 2022-08: $657.37 per share

- 2022-09: $568.84 per share

- 2022-10: $566.44 per share

- 2022-11: $690.65 per share

- 2022-12: $655.03 per share

- 2023-01: $738.13 per share

- 2023-02: $688.27 per share

- 2023-03: $721.04 per share

- 2023-04: $724.08 per share

- 2023-05: $745.55 per share

- 2023-06: $783.94 per share

- 2023-07: $809.92 per share

- 2023-08: $781.38 per share

- 2023-09: $726.26 per share

- 2023-10: $729.64 per share

- 2023-11: $815.01 per share

- 2023-12: $805.39 per share

- 2024-01: $829.77 per share

- 2024-02: $888.82 per share

- 2024-03: $825.33 per share

- 2024-04: $711.11 per share

- 2024-05: $762.98 per share

- 2024-06: $756.60 per share

- 2024-07: $790.24 per share

- 2024-08: $834.36 per share

- 2024-09: $887.63 per share

- 2024-10: $908.08 per share

- 2024-11: $981.48 per share

- 2024-12: $942.89 per share

- 2025-01: $913.66 per share

- 2025-02: $904.62 per share

- 2025-03: $815.35 per share

- 2025-04: $860.75 per share

- 2025-05: $888.82 per share

- 2025-06: $795.47 per share

- 2025-07: $785.17 per share

- 2025-08: $786.19 per share

- 2025-09: $783.24 per share

- 2025-10: $846.01 per share

- 2025-11: $753.31 per share

- 2025-12: $766.16 per share

- 2026-01: $820.93 per share

- 2026-02: $974.26 per share

- 2026-03: $980.24 per share

- 2026-04: $1,082.83 per share

- 2026-05: $1,068.04 per share

- 2026-06: $1,042.39 per share

- 2026-07: $1,019.28 per share

- 2026-08: $1,046.72 per share

- 2026-09: $1,011.58 per share

- 2026-10: $1,019.40 per share

## Annual estimated value (USD per share)

- FY2016: low $40.10 per share, central $53.17 per share, high $60.78 per share

- FY2017: low $51.14 per share, central $65.58 per share, high $73.99 per share

- FY2018: low $47.15 per share, central $58.00 per share, high $66.67 per share

- FY2019: low $81.91 per share, central $107.33 per share, high $122.40 per share

- FY2020: low $71.52 per share, central $91.84 per share, high $104.78 per share

- FY2021: low $82.80 per share, central $105.27 per share, high $120.61 per share

- FY2022: low $95.29 per share, central $121.06 per share, high $138.50 per share

- FY2023: low $121.35 per share, central $153.78 per share, high $176.41 per share

- FY2024: low $142.82 per share, central $176.91 per share, high $200.93 per share

- FY2025: low $129.81 per share, central $146.78 per share, high $165.67 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:34:01.456Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1101239/000110123926000032/eqix-20251231.htm); period 2025-12-31, filed 2026-02-11.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.