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EQIX
Equinix, Inc. · Real Estate
$1,092.19
+4.17% this month
VERSUS
⟷
COMPARE
DLR
Digital Realty Trust, Inc. · Real Estate
$188.15
+1.00% this month
Scoreboard verdict
Across AI score, momentum, valuation, upside, operating margin
EQIX
5
DLR
0
Comparison scoreboard
EQIX LEADS 5/5AI Score
EQIX ✓50.1
DLR 40.5
1Y Return
EQIX ✓+23.17%
DLR +6.87%
Fwd P/E
EQIX ✓54.93
DLR 148.17
Target Up.
EQIX ✓+13.38%
DLR +10.69%
Op. Margin
EQIX ✓24.34%
DLR 13.45%
Metrics last refreshed: 6/20/2026
Quick take
EQIX vs DLR Stock Comparison: AI Score, Valuation, Performance and Upside
Equinix and Digital Realty are the two largest global data center REITs, both benefiting from AI infrastructure demand and cloud adoption. Equinix specializes in network-dense interconnection colocation hubs; Digital Realty focuses more on hyperscale large-footprint leases to cloud providers. Both are experiencing record demand but from different customer types with different economic characteristics.
EQIX vs DLR is network-dense interconnection colocation leadership (Equinix) versus hyperscale large-footprint data center leasing leadership (Digital Realty) — Equinix's interconnection moat is more unique and defensible; Digital Realty's AI hyperscale leasing pipeline reflects the strongest near-term demand tailwind.
Live analysis · updated 6/20/2026
EQIX holds the edge across 5 of 5 key metrics in this comparison. EQIX leads on both 1-year return (+23.17%) and forward P/E (54.93x vs 148.17x for DLR), a relatively favorable combination of momentum and valuation. EQIX leads on both revenue growth (12.10%) and operating margin (24.34%), suggesting a stronger fundamental setup on both dimensions. Analyst consensus implies similar upside for both: +13.38% for EQIX and +10.69% for DLR.
Normalized 1Y performance
EQIX
DLR
Recent returns
EQIX
DLR
Analyst price targets & sentiment
EQIX
Price target range
analyst mean$1,197.11
current price$1,092.19
+13.4% upside to analyst mean
DLR
Price target range
analyst mean$198.44
current price$188.15
+10.7% upside to analyst mean
Who should consider this stock?
EQIX may suit investors who:
- →prefer the world's largest colocation and interconnection REIT with network-dense hubs that are uniquely difficult to replicate
- →value Equinix Fabric interconnection as the premier cloud on-ramp connecting enterprises directly to AWS, Azure, and GCP
- →want global data center REIT exposure with the deepest interconnection network moat and 70+ metro presence
- →are comfortable with premium REIT valuation (35–40x FFO) reflecting interconnection uniqueness and global footprint breadth
DLR may suit investors who:
- →prefer a hyperscale-focused data center REIT with record AI infrastructure pre-leasing from cloud providers
- →value Digital Realty's large-footprint hyperscale facilities as the primary beneficiary of cloud provider GPU data center buildout
- →want data center REIT exposure at a lower valuation relative to Equinix with more direct hyperscale AI infrastructure demand
- →are comfortable with hyperscale customer concentration and interconnection density below Equinix's network ecosystem depth
Performance & AI score
| Metric | EQIX | DLR |
|---|---|---|
| AI score | 50.1 | 40.5 |
| AI rank | #469 | #1044 |
| Latest close | $1,092.19 | $188.15 |
| 1M return | +4.17% | +1.00% |
| 6M return | +46.04% | +26.79% |
| 1Y return | +23.17% | +6.87% |
$10,000 invested — hypothetical growth (dividends reinvested)
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | EQIX | DLR |
|---|---|---|
| 1Y ago | $12.32K (+23.2%) started 2025-06-18 | $10.65K (+6.5%) started 2025-06-18 |
| 5Y ago | $15.32K (+53.2%) started 2021-06-21 | $15.99K (+59.9%) started 2021-06-21 |
| 10Y ago | $41.21K (+312.1%) started 2016-06-20 | $35.78K (+257.8%) started 2016-06-20 |
Hypothetical — past performance does not guarantee future results.
Valuation & upside potential
| Metric | EQIX | DLR |
|---|---|---|
| Market cap | $104.13B | $62.62B |
| Trailing P/E | 72.97 | 46.57 |
| Forward P/E | 54.93 | 148.17 |
| Price/Sales | N/A | N/A |
| EV/Revenue | 13.24 | 13.77 |
| Analyst target | $1,197.11 | $198.44 |
| Target upside | +13.38% | +10.69% |
Growth, profitability & risk
| Metric | EQIX | DLR |
|---|---|---|
| Revenue growth | 12.10% | 11.10% |
| Earnings growth | 20.00% | 62.20% |
| EPS growth | +20.00% | +62.20% |
| FCF margin | +28.61% | +33.09% |
| Operating margin | 24.34% | 13.45% |
| Profit margin | 14.93% | 23.96% |
| ROIC proxy | 10.06% | 5.83% |
| Return on equity | 10.06% | 5.83% |
| Dividend yield | 1.87% | 2.72% |
| Beta | 0.97 | 0.97 |
| Debt/equity | 162.96 | 78.08 |
| Current ratio | 1.18 | 1.83 |
| Quick ratio | 0.55 | 1.79 |
Drawdown & downside risk
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
1Y risk snapshot
EQIX max drawdown19.90%
DLR max drawdown17.83%
EQIX max wkly drop15.94%
DLR max wkly drop7.67%
5Y risk snapshot
EQIX max drawdown41.77%
DLR max drawdown48.52%
EQIX max wkly drop15.94%
DLR max wkly drop12.32%
10Y risk snapshot
EQIX max drawdown41.77%
DLR max drawdown48.52%
EQIX max wkly drop18.45%
DLR max wkly drop15.91%
Performance metrics by period
| Period | Metric | EQIX | DLR |
|---|---|---|---|
| 1Y | Growth | +23.15% | +6.54% |
| CAGR | +23.19% | +6.55% | |
| Sharpe ratio | 0.76 | 0.20 | |
| Max drawdown | 19.90% | 17.83% | |
| Max daily drop | 9.56% | 3.98% | |
| Max wkly drop | 15.94% | 7.67% | |
| 5Y | Growth | +42.48% | +38.37% |
| CAGR | +7.35% | +6.72% | |
| Sharpe ratio | 0.23 | 0.21 | |
| Max drawdown | 41.77% | 48.52% | |
| Max daily drop | 9.56% | 8.73% | |
| Max wkly drop | 15.94% | 12.32% | |
| 10Y | Growth | +244.62% | +149.86% |
| CAGR | +13.18% | +9.60% | |
| Sharpe ratio | 0.43 | 0.31 | |
| Max drawdown | 41.77% | 48.52% | |
| Max daily drop | 12.66% | 10.97% | |
| Max wkly drop | 18.45% | 15.91% |
Business comparison
| Category | EQIX | DLR |
|---|---|---|
| Company | Equinix, Inc. | Digital Realty Trust, Inc. |
| Sector | Real Estate | Real Estate |
| Industry | N/A | N/A |
| Core business | Equinix is the world's largest data center colocation and interconnection company, operating 260+ data centers in 70+ metros globally. Unlike hyperscale data centers, Equinix specializes in network-dense interconnection hubs where hundreds of networks, cloud providers (AWS, Azure, GCP all present), and enterprise customers co-locate for low-latency data exchange. Its Equinix Fabric interconnection platform enables direct, private connectivity between enterprises and cloud providers. Equinix's unique value is in the interconnection density of its facilities — not just hosting servers. | Digital Realty is a large data center REIT focused on both retail colocation (PlatformDIGITAL) and hyperscale data center facilities leased to cloud providers and large enterprises under long-term leases. Its ServiceFabric interconnection platform competes with Equinix Fabric. Digital Realty operates 300+ data centers across 50+ metros globally. AI infrastructure demand has driven record pre-leasing at Digital Realty as hyperscalers seek large-scale data center capacity for GPU clusters. |
| Investor focus | Investors track same-store revenue growth, interconnection revenue growth (the highest-margin Equinix revenue line), new data center cabinet deployment and AFFO per share, and xScale hyperscale data center joint ventures for AI workload hosting. | Investors track pre-leasing activity (a forward indicator of demand), same-store NOI growth, hyperscale customer bookings, AI infrastructure lease signings, and AFFO per share growth. |
EQIX strengths
- →Network-dense interconnection hubs are nearly impossible to replicate — moving networks from an Equinix facility requires reconnecting hundreds of bilateral peering relationships simultaneously
- →Cloud on-ramps for AWS, Azure, and GCP are inside Equinix facilities — the logical connection point between enterprise IT and public cloud is Equinix
- →Global footprint across 70+ metros provides multinational enterprises a consistent platform for hybrid IT infrastructure globally
DLR strengths
- →Record hyperscale pre-leasing driven by AI infrastructure demand from cloud providers building GPU-dense AI training facilities
- →PlatformDIGITAL's hybrid colocation-to-hyperscale interconnected platform serves both enterprise colocation and hyperscale deployment needs
- →Global data center footprint competing with Equinix for multinational enterprise IT deployments with ServiceFabric interconnection
Risks to watch — EQIX
- →Power availability is the primary constraint on new data center builds — Equinix competes with hyperscalers for limited power capacity in dense metro areas
- →xScale hyperscale JV strategy is Equinix's attempt to participate in AI-driven hyperscale demand — execution quality and returns are being watched
- →Premium REIT valuation (35–40x FFO) requires consistent revenue and AFFO growth — any slowdown creates multiple compression risk
Risks to watch — DLR
- →Hyperscale customer concentration means a slowdown in cloud provider CapEx spending directly impacts Digital Realty leasing velocity
- →Interconnection density and network ecosystem depth is not as strong as Equinix's — Equinix has larger network peering presence in most metros
- →Power constraints affect all data center REITs — securing power agreements for new AI data center capacity is the primary operational bottleneck
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