EQIX
EQUINIX INCNasdaqValuation snapshot
Above bull casePrice is above even the bull case.
Price as of Aug 17, 2026 · Valuation Aug 16, 2026
What drives EQIX's base case?
base-case thesisAfter two slow years — 4.0% growth in 2024 and 5.4% in 2025 — Equinix reaccelerated sharply, with the latest quarter up 16% and new orders up 23%, prompting the largest guidance raise in the company's history. Management now targets 10–13% annual revenue growth through 2029, and this case starts at the low end of that and fades a point a year as the revenue base gets larger and power availability limits how fast new capacity can come online. Profitability keeps improving modestly, helped by high-margin interconnection revenue and better use of existing buildings, though depreciation from the doubled construction budget eats into the gain. Because that construction budget of $5–7 billion a year sits against roughly $10 billion of sales, most of the profit goes back into the ground rather than to shareholders.
What shapes the assumptions
Management's raised outlook of 10–13% annual revenue growth through 2029
guided total revenue growth
Raises revenue growth
Record 9.7 thousand net interconnection additions in the latest quarter
interconnection revenue mix
Raises operating margin
Capex plan of $5–7 billion a year, double the prior $3–4 billion
capital expenditure versus depreciation
Raises reinvestment
REIT status shields most U.S. income while foreign profits stay taxed
effective tax rate (10.9% in H1 2025)
Lowers tax rate
Contracts carry inflation-linked price escalators
monthly recurring revenue per cabinet
Informs terminal growth
Each driver links a business metric to the forecast assumption it shapes — the basis for this case, not investment advice.
Why the gap?
The market is pricing this as if revenue grows 60.5% a year. Over the last 5 years it grew 9.1% a year — so the price assumes far more than it has delivered.
What else could explain it?›
- How confident is this estimate?
- Robustness 54.0/10 (Moderate) — some of any gap is our own uncertainty rather than disagreement.
- What would change the answer?
- Which assumption this valuation swings on, and by how much.
Many combinations of assumptions reproduce the same price. These are ways to read what the market might be expecting, not the market's actual view. How this is worked out
Research & assumptions
Inspect the valuation thesis, cases, risks, evidence, and model inputs.
View details
Research & assumptions
Inspect the valuation thesis, cases, risks, evidence, and model inputs.
Three independently researched cases generated automatically from published financials. Every assumption is justified and cited; the discount rate is computed from researched market inputs.
Base inputs from financials
source period →Base revenue (TTM)
$9.8B
Diluted shares
99,136,000
Net cash
$428M
Bear
medium confidence$88.38
IV / share
-92.0% vs $1,102.10
- Explicit cash flows
- $22.14
- Terminal value
- $61.92
- Net cash
- $4.32
- Intrinsic value / share
- $88.38
70.1% of the value rests on the terminal value — high dependency. A small change to terminal growth moves the valuation a lot — see terminal growth below.
bear revenue growth (avg 6%) runs well above the trailing -12% trend
Revenue growth8.0% → 6.5% → 5.5% → 4.5% → 4.0%medium
How derived: Starting from the fact that Equinix grew only 4.0% in 2024 and 5.4% in 2025 before the 2026 AI-driven acceleration to 16% in Q2 2026, this case assumes the current booking surge is a one-to-two-year pull-forward and growth reverts toward the mid-single-digit pace of 2024–2025 as power/transformer bottlenecks delay deliveries, churn normalizes and FX tailwinds fade.
Why this confidence: Two full reported years (2024, 2025) of mid-single-digit growth anchor the low end ↑, Contracted, recurring colocation revenue makes step-downs gradual and predictable ↑, Directly contradicted by current management guidance of 10–13% through 2029 ↓, Five-year horizon on a demand cycle whose durability is untested ↓
Evidence for
- Equinix's reported revenue growth decelerated to 4.0% in 2024 and 5.4% in 2025, well below the 10%+ pace of 2016–2018, showing the base business is structurally mid-single-digit absent the AI surge.[EQIX FY2025 Form 10-K]· primary
- Roughly 30–50% of the announced 2026 US data-center pipeline is at risk of delay or cancellation, with transformer lead times stretched to as much as five years and utilities queuing new interconnection requests past 2028–2029 — a direct brake on revenue-generating capacity delivery.[Omdia / Manufacturing Dive: the great data center delay]· secondary
Evidence against
- Q2 2026 total revenue grew 16% year over year with annualized gross bookings up 23% — the second-highest volume on record — and a third consecutive quarter of double-digit monthly recurring revenue growth, which argues demand is broad rather than a one-off.[EQIX Q2 2026 press release]· primary
- Management raised its multi-year outlook to 10–13% annual revenue growth through 2029, calling the demand backdrop 'broad-based and durable'.[EQIX Q2 2026 earnings call transcript]· primary
Operating margin22.5%medium
How derived: Starting from Equinix's FY2025 operating margin of roughly 20% (quarterly range 17.4%–21.9%) and the H1 2026 improvement to about 24.5%, this case holds margin only modestly above the FY2025 level because the guided $5–7 billion annual capex wave converts into depreciation faster than the associated revenue ramps, while power and construction cost inflation is only partly recoverable in price.
Why this confidence: Eight quarters of reported margin data bracket the assumed level ↑, Depreciation path is largely mechanical off disclosed capex guidance ↑, Reported margin has swung from 4.6% to 25.3% in eight quarters, so point estimates are fragile ↓, Power-cost pass-through terms vary by market and are not disclosed line-by-line ↓
Evidence for
- Reported quarterly operating margin was as low as 4.6% in Q4 2024 and 17.4% in Q4 2025, showing Equinix's margin is volatile and depreciation/impairment-sensitive rather than a smooth upward line.[EQIX FY2025 Form 10-K]· primary
- Equinix doubled its planned annual capital expenditure range to $5–7 billion from $3–4 billion, which mechanically raises future depreciation charged against operating income.[EQIX Q2 2026 earnings call transcript]· primary
Evidence against
- Equinix guided FY2026 adjusted EBITDA margin to approximately 51%, about 200 basis points better than 2025, evidencing real operating leverage in the cost base.[EQIX 2026 outlook press release]· primary
- Q2 2026 reported operating margin reached 25.3%, the highest of the last eight quarters.[EQIX Q2 2026 Form 10-Q]· primary
Tax rate15.0%medium
How derived: Starting from Equinix's own disclosed effective tax rates of 14.9% in H1 2024 and 10.9% in H1 2025, this case assumes the rate returns to and slightly exceeds the upper end of that recent range as a growing share of profit is earned in foreign jurisdictions and taxable REIT subsidiaries subject to the 15% global minimum tax.
Why this confidence: Company-disclosed effective rates for two recent comparable periods ↑, REIT election is a durable, legally defined structure ↑, Rate moved 400 basis points year over year, so it is volatile with jurisdictional mix ↓, Future Pillar Two adoption and rate changes across many countries are unknowable five years out ↓
Evidence for
- Equinix's own filings show an effective tax rate of 14.9% for the six months ended June 30, 2024, demonstrating the rate can sit at this level.[EQIX Form 10-Q]· primary
- Equinix discloses that its foreign operations are subject to local income taxes regardless of REIT status, and Pillar Two imposes a 15% minimum effective rate per jurisdiction on large multinational groups.[EQIX FY2025 Form 10-K]· primary
Evidence against
- As a REIT since 2015, Equinix deducts dividends paid from taxable income of its qualified REIT subsidiaries, generally eliminating U.S. federal income tax and holding the consolidated rate structurally low — 10.9% in H1 2025.[EQIX FY2025 Form 10-K, REIT status]· primary
- Equinix's most recent 10-K indicates the risk of the Pillar Two framework to its financial statements has diminished.[EQIX FY2025 10-K coverage]· secondary
Reinvestment rate75.0%medium
How derived: Starting from management's guidance of $5–6 billion of 2026 capex rising to $5–7 billion annually thereafter against roughly $10 billion of revenue and about $2 billion of annual depreciation, this case assumes Equinix keeps spending on already-committed builds even as growth slows, so net new investment absorbs about three-quarters of after-tax operating profit.
Why this confidence: Explicit multi-year capex range disclosed by management ↑, Data-center capital intensity is structurally high and well documented across the industry ↑, Split between maintenance and expansion capex is not disclosed ↓, Depreciation offset must be estimated from EBITDA-to-operating-income gap rather than a disclosed forecast ↓
Evidence for
- Equinix doubled its annual capital expenditure plan to $5–7 billion from $3–4 billion, a commitment made against a revenue base of only about $10 billion.[EQIX Q2 2026 earnings call transcript]· primary
- Data-center construction inputs are inflating — copper hit a record $6 per pound in January 2026 and each megawatt of capacity needs roughly 27 tons of it — raising the dollars required per unit of new capacity.[JLL 2026 Global Data Center Outlook]· secondary
Evidence against
- Much of Equinix's capex is discretionary expansion capital that management can throttle; the prior plan was only $3–4 billion annually, showing the spend level is a choice tied to demand.[EQIX Q2 2026 earnings call transcript]· primary
- Equinix guides FY2026 AFFO per share growth of 10–12%, indicating the capex program is still funded while per-share cash earnings rise.[EQIX Q2 2026 press release]· primary
Terminal growth2.0%medium
How derived: Starting from the fact that Equinix's pre-AI growth had already slowed to 4.0–5.4% a year, this case assumes that by the terminal year pricing power is limited to roughly the rate of general inflation as legacy retail colocation commoditizes and cheap wholesale AI capacity competes away escalators.
Why this confidence: Anchored below the 4.7% long-term Treasury yield, a standard economic ceiling ↑, Contract escalators in colocation leases typically track inflation, supporting the level ↑, Terminal assumptions are unobservable and dominate the valuation ↓
Evidence for
- Equinix's reported revenue growth of 4.0% in 2024 and 5.4% in 2025 shows the mature base business already grows only modestly faster than nominal GDP.[EQIX FY2025 Form 10-K]· primary
Evidence against
- Record net interconnection additions of 9.7 thousand in Q2 2026 point to a network-effect moat that could support pricing above inflation indefinitely.[EQIX Q2 2026 press release]· primary
Base
medium confidence$182.73
IV / share
-83.4% vs $1,102.10
- Explicit cash flows
- $42.16
- Terminal value
- $136.25
- Net cash
- $4.32
- Intrinsic value / share
- $182.73
74.6% of the value rests on the terminal value — high dependency. A small change to terminal growth moves the valuation a lot — see terminal growth below.
base revenue growth (avg 9%) runs well above the trailing -12% trend
Revenue growth11.0% → 10.0% → 9.0% → 8.0% → 7.0%high
How derived: Starting from management's raised FY2026 guidance of 11–12% growth and its stated 10–13% annual revenue growth outlook through 2029, this case begins at the low end of guidance and fades roughly one point a year thereafter, because the law of large numbers on a $10 billion base and finite power availability make double-digit growth harder to sustain beyond the guided window.
Why this confidence: Explicit, recently raised multi-year revenue guidance from management ↑, Corroborated by reported bookings (+23%) and MRR (+11%) leading indicators ↑, Recurring contracted revenue model makes near-term revenue highly visible ↑, Years four and five extend beyond management's stated 2029 outlook window ↓
Evidence for
- Equinix raised full-year 2026 revenue guidance by $100 million to 11–12% growth and lifted its through-2029 outlook to 10–13% annual revenue growth — the largest single guidance raise in company history.[EQIX Q2 2026 press release]· primary
- Annualized gross bookings grew 23% year over year in Q2 2026, the second-highest volume on record, and monthly recurring revenue growth accelerated to 11% on a normalized constant-currency basis for a third straight double-digit quarter.[EQIX Q2 2026 results]· primary
Evidence against
- Reported growth was only 4.0% in 2024 and 5.4% in 2025, so 10%+ growth would be a sharp break from the immediately preceding trend.[EQIX FY2025 Form 10-K]· primary
- Gartner projects 40% of AI data centers will be power-constrained by 2027 and grid-capacity approval timelines in major US and European markets now run 24–36 months, limiting how fast booked demand converts to billed revenue.[JLL 2026 Global Data Center Outlook]· secondary
Operating margin27.0%medium
How derived: Starting from the reported H1 2026 operating margin of about 24.5% (23.6% in Q1, 25.3% in Q2) and management's guided ~51% adjusted EBITDA margin representing roughly 200 basis points of expansion, this case adds modest further leverage from high-margin interconnection and utilization gains on existing footprint, partially offset by depreciation from the larger capex program.
Why this confidence: Anchored to disclosed EBITDA-margin guidance plus two quarters of reported operating margin ↑, Interconnection mix shift toward higher-margin revenue is measurable and disclosed ↑, Reported operating margin has been volatile quarter to quarter (4.6% to 25.3%) ↓, Future depreciation on unbuilt capacity must be estimated, not read off a disclosure ↓
Evidence for
- Equinix guided FY2026 adjusted EBITDA to $5.21–5.27 billion, an approximately 51% margin and roughly 200 basis points of expansion over 2025.[EQIX 2026 outlook press release]· primary
- Reported operating margin improved from 20.6% in Q1 2025 to 25.3% in Q2 2026, and the company added a record 9.7 thousand net interconnections — a high-incremental-margin revenue stream.[EQIX Q2 2026 press release]· primary
Evidence against
- Operating margin fell to 17.4% in Q4 2025 and 4.6% in Q4 2024, showing seasonal and one-off charges regularly compress the reported margin.[EQIX FY2025 Form 10-K]· primary
- Doubling annual capex to $5–7 billion will materially increase depreciation, which sits between adjusted EBITDA and operating income.[EQIX Q2 2026 earnings call transcript]· primary
Tax rate12.0%high
How derived: Starting from Equinix's own disclosed effective tax rates of 10.9% and 14.9% for the first halves of 2025 and 2024, this case takes a rate near the middle of that observed band, reflecting that REIT status shields most U.S. income while foreign operations and taxable REIT subsidiaries remain fully taxed.
Why this confidence: Directly disclosed effective rates for two recent comparable periods ↑, REIT election is a stable structural feature, not a discretionary estimate ↑, Jurisdictional mix shifts move the rate by several points year to year ↓
Evidence for
- Equinix disclosed effective tax rates of 10.9% and 14.9% for the six months ended June 30, 2025 and 2024 respectively, bracketing the assumed 12%.[EQIX Form 10-Q]· primary
- Equinix has been taxed as a REIT since its 2015 taxable year and deducts dividends paid, which generally eliminates U.S. federal income tax on qualified REIT subsidiary income.[EQIX FY2025 Form 10-K]· primary
Evidence against
- Foreign operations are subject to local income taxes regardless of REIT status, and international expansion could push the blended rate above the recent range.[EQIX FY2025 Form 10-K, income taxes]· primary
Reinvestment rate65.0%high
How derived: Starting from management's guidance of $5–6 billion of 2026 capex rising to $5–7 billion a year, and netting off roughly $2 billion of annual depreciation implied by the gap between the ~51% adjusted EBITDA margin and the ~25% operating margin, this case assumes about two-thirds of after-tax operating profit is plowed back into new capacity to support the guided 10–13% growth.
Why this confidence: Explicit dollar capex guidance for 2026 and for the multi-year plan ↑, Corroborated by three separate 2026 debt raisings funding the build ↑, Depreciation offset is inferred from the EBITDA-to-operating-income gap rather than disclosed directly ↓
Evidence for
- Equinix plans to invest $5–7 billion annually in capital expenditure, double the prior $3–4 billion range, explicitly to serve accelerating AI demand.[EQIX Q2 2026 earnings call transcript]· primary
- Equinix funded the program with heavy debt issuance in 2026 — $1.5 billion of notes in March, C$1.25 billion in May and $3.0 billion in August — confirming the spend is real and ongoing.[Equinix closes $1.5 billion senior notes offering]· primary
Evidence against
- Guided FY2026 AFFO per share growth of 10–12% indicates the reinvestment is being absorbed while per-share cash earnings still rise, implying a less punitive effective reinvestment burden.[EQIX Q2 2026 press release]· primary
Terminal growth2.5%medium
How derived: Starting from the observation that Equinix's contracts carry inflation-linked escalators and that its interconnection franchise adds a small real growth kicker, this case sets terminal growth modestly above expected long-run inflation but well below the 4.7% risk-free rate, since no business can compound faster than the economy forever.
Why this confidence: Constrained below the observable 4.7% long-term Treasury yield ↑, Consistent with inflation-linked lease escalators typical of colocation contracts ↑, Perpetuity assumptions cannot be validated against any disclosure ↓
Evidence for
- Equinix's interconnection franchise added a record 9.7 thousand net connections in Q2 2026, a network effect that supports pricing at or slightly above inflation in perpetuity.[EQIX Q2 2026 press release]· primary
Evidence against
- Equinix's own reported growth of 4.0% in 2024 and 5.4% in 2025 came with heavy reinvestment, showing that even mid-single-digit growth is capital-hungry and hard to sustain costlessly forever.[EQIX FY2025 Form 10-K]· primary
Bull
low confidence$321.40
IV / share
-70.8% vs $1,102.10
- Explicit cash flows
- $67.77
- Terminal value
- $249.32
- Net cash
- $4.32
- Intrinsic value / share
- $321.40
77.6% of the value rests on the terminal value — high dependency. A small change to terminal growth moves the valuation a lot — see terminal growth below.
bull revenue growth (avg 11%) runs well above the trailing -12% trend
Revenue growth13.0% → 12.5% → 11.5% → 10.5% → 9.0%medium
How derived: Starting from the top of management's raised 10–13% through-2029 revenue outlook and the 16% growth already posted in Q2 2026 on 23% bookings growth, this case assumes the record backlog converts on schedule and the doubled $5–7 billion capex program adds enough capacity to hold growth near the high end before a gentle fade.
Why this confidence: Top of an explicitly guided multi-year range, not an extrapolation beyond management's own view ↑, Supported by reported bookings and MRR acceleration ↑, Requires the best sustained organic growth run in a decade ↓, Depends on power and equipment supply that is documented as constrained industry-wide ↓
Evidence for
- Q2 2026 revenue grew 16% year over year with annualized gross bookings up 23%, the second-highest on record, and management said the demand backdrop is 'broad-based and durable' and 'a stronger market than we expected a year ago'.[EQIX Q2 2026 earnings call transcript]· primary
- Hyperscalers including Alphabet, Amazon, Meta and Microsoft plan more than $650 billion of combined AI capital spending in 2026, a demand pool that spills into third-party interconnection and colocation.[JLL 2026 Global Data Center Outlook]· secondary
Evidence against
- Only about 5 of the roughly 16 gigawatts of US data-center capacity announced for 2026 is under active construction, and 30–50% of the pipeline is at risk of delay or cancellation — a hard physical ceiling on how fast revenue can scale.[Omdia / Manufacturing Dive: the great data center delay]· secondary
- Equinix grew only 4.0% in 2024 and 5.4% in 2025, so sustaining 12%+ for five straight years would be its best multi-year run since the 2016–2018 acquisition period.[EQIX FY2025 Form 10-K]· primary
Operating margin31.0%low
How derived: Starting from the 25.3% operating margin reported in Q2 2026 and the roughly 200 basis points of adjusted EBITDA margin expansion management guided for the year, this case extends that pace of leverage for several more years, since incremental interconnection and utilization revenue carries very high contribution margin and fixed power/site costs are spread over a much larger revenue base.
Why this confidence: Recent five-quarter margin trajectory supports the direction of travel ↑, Level assumed is well above anything Equinix has reported in its history ↓, Requires depreciation to grow slower than revenue despite a doubled capex plan ↓, Company guides on adjusted EBITDA and AFFO, not operating margin, so the target is inferred ↓
Evidence for
- Operating margin climbed from 20.6% in Q1 2025 to 25.3% in Q2 2026 — roughly 470 basis points in five quarters — showing the leverage is already materializing.[EQIX Q2 2026 Form 10-Q]· primary
- Management guided adjusted EBITDA margin to approximately 51% for 2026, about 200 basis points above 2025, and delivered 18% AFFO per share growth in Q2 against 16% revenue growth — profit growing faster than sales.[EQIX Q2 2026 press release]· primary
Evidence against
- Equinix has never sustained an operating margin near 31%; the FY2025 average was about 20% and Q4 2024 was just 4.6%.[EQIX FY2025 Form 10-K]· primary
- Doubling annual capex to $5–7 billion loads future depreciation onto the income statement, working directly against operating-margin expansion.[EQIX Q2 2026 earnings call transcript]· primary
Tax rate10.0%medium
How derived: Starting from the 10.9% effective rate Equinix disclosed for the first half of 2025 — the low end of its recent two-year range — this case assumes the REIT structure keeps sheltering a growing share of U.S. income while the company's most recent 10-K indicates the Pillar Two risk to its financial statements has diminished.
Why this confidence: Matches the most recent disclosed effective rate almost exactly ↑, REIT dividends-paid deduction is a durable structural shield ↑, Assumes the low end of a range that moved 400 basis points in one year ↓, Global minimum-tax adoption over five years is outside company control ↓
Evidence for
- Equinix disclosed a 10.9% effective tax rate for the six months ended June 30, 2025, down from 14.9% a year earlier.[EQIX Form 10-Q]· primary
- Equinix's most recent 10-K indicates the risk posed by the Pillar Two framework to its financial statements has diminished.[EQIX FY2025 10-K coverage]· secondary
Evidence against
- The same disclosure shows the rate was 14.9% only a year earlier, and foreign operations remain subject to local income taxes regardless of REIT status.[EQIX FY2025 Form 10-K, income taxes]· primary
Reinvestment rate55.0%low
How derived: Starting from the same disclosed $5–7 billion annual capex plan, this case assumes each dollar of capacity earns back faster — evidenced by 18% AFFO per share growth outpacing 16% revenue growth in Q2 2026 — so the capex program stays flat in dollars while after-tax profit compounds, letting reinvestment fall to roughly half of operating cash earnings.
Why this confidence: Anchored to a disclosed dollar capex range rather than a free-form estimate ↑, Assumes capital efficiency improves materially with no company disclosure of returns on new capacity ↓, Contradicted by heavy 2026 debt issuance funding the build ↓, Depreciation offset is inferred from the EBITDA-to-operating-income gap ↓
Evidence for
- Q2 2026 AFFO per share grew 18% against 16% revenue growth, showing cash returns compounding faster than the top line despite the elevated build programme.[EQIX Q2 2026 press release]· primary
- The capex plan is bounded at $5–7 billion annually rather than scaling with revenue, so a rising revenue base mechanically lowers the reinvestment burden over time.[EQIX Q2 2026 earnings call transcript]· primary
Evidence against
- Equinix just doubled its capex range from $3–4 billion to $5–7 billion, and construction input costs are rising — copper reached a record $6 per pound in January 2026 — so capital intensity is going up, not down.[JLL 2026 Global Data Center Outlook]· secondary
- Equinix raised roughly $6 billion of senior notes across March, May and August 2026 at coupons of 3.95%–5.80%, indicating the build is being funded by external capital rather than internal cash generation.[Equinix closes $1.5 billion senior notes offering]· primary
Terminal growth3.0%low
How derived: Starting from the interconnection network effect evidenced by a record 9.7 thousand net additions in Q2 2026, this case allows terminal growth slightly above general inflation on the view that Equinix's exchange business behaves like critical digital infrastructure with durable real pricing power, while still capping it far below the 4.7% risk-free rate.
Why this confidence: Still capped well below the observable 4.7% long-term Treasury yield ↑, Assumes a perpetual real-pricing premium that recent reported growth does not demonstrate ↓, Perpetuity assumptions are unverifiable and heavily influence the outcome ↓
Evidence for
- Equinix added a record 9.7 thousand net interconnections in Q2 2026, deepening a network effect that is hard for competitors to replicate and supports above-inflation pricing.[EQIX Q2 2026 press release]· primary
Evidence against
- Equinix's growth had already slowed to 4.0% in 2024 and 5.4% in 2025 before AI demand arrived, evidence that the mature base does not naturally compound above nominal GDP.[EQIX FY2025 Form 10-K]· primary
Valuation robustness
reliability of the estimate, not a stock rating54 / 100 · Moderate
Formula v1.0.0. Higher means a more reliable estimate — not a recommendation.
Quality checks
Automated model-risk flags — warnings, not recommendations.
- 75% of the intrinsic value rests on the terminal value — a small change to terminal growth moves the valuation a lot.→ terminal growth
Per-share economics
Business growth after changes in the diluted share count.
| Period | Revenue growth | FCF/share | FCF/share growth | Shares | Share growth |
|---|---|---|---|---|---|
| Q3 2024 | 6.8% | 0.36 | -80.1% | 95.73M | 1.7% |
| Q1 2025 | 4.6% | 0.6 | 152.6% | 97.89M | 2.9% |
| Q2 2025 | 4.5% | -0.46 | -116.5% | 98.05M | 3.0% |
| Q3 2025 | 5.2% | -1.24 | -449.9% | 98.17M | 2.6% |
| Q1 2026 | 9.8% | -5.46 | -1005.8% | 98.73M | 0.9% |
| Q2 2026 | 16.4% | — | — | 99.14M | 1.1% |
Valuation history every run
History builds as the valuation is recalculated — this is the first recorded run.
Market inputs researched
The 10-year Treasury note yield finished 14 August 2026 at approximately 4.68–4.70%, near a 19-month high, and is used directly as the nominal risk-free rate for a USD-denominated DCF.
The published five-year monthly beta for Equinix is 0.97, consistent with a large-cap REIT whose contracted recurring revenue dampens cyclicality even as AI exposure raises sensitivity; it is used unadjusted.
Damodaran's implied (forward-looking) equity risk premium over the US Treasury bond rate was 4.23% at the start of 2026, and that implied figure is used rather than a historical average because it reflects current index prices and expected cash flows.
Equinix common stock last traded at $1,102.10 at the 4:00 PM ET close on 14 August 2026, the most recent session before this analysis date.
Equinix's most recent primary-market borrowing — $850 million of 5.000% notes due 2029, $850 million of subsidiary 5.250% notes due 2031, $650 million of 5.500% notes due 2033 and $650 million of 5.800% notes due 2036, issued 6 August 2026 — implies a principal-weighted marginal pre-tax cost of debt of about 5.35%.
Generated 8/16/2026, 10:38:31 AM · pipeline v1.1.0