Digital Realty Trust Inc (DLR) is overvalued and Equinix Inc (EQIX) is overvalued.
Both trade above our estimate of their intrinsic value. DLR is the closer of the two: -113%, against -129% for EQIX.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 9.4% (average of 3 methods) values the shares at $87.26; the price of $185.65 is 113% above that value, and 75% of that value comes from beyond year five.
Leak Score 23/100 on 8 of 12 signals
Discounting its cash flows at 9.9% (average of 2 methods) values the shares at $463.18; the price of $1059.26 is 129% above that value.
Leak Score 45/100 on 9 of 12 signals
| Metric | DLR | EQIX |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $185.65 | $1059.26 |
| Intrinsic value | $87.26 | $463.18 |
| Margin of safety | -113% | -129% |
| Leak Score | 23/100 (8/12) | 45/100 (9/12) |
| Market cap | $68.9B | $104.5B |
| Revenue growth, 5 years | 9.4% | 9.0% |
| Operating margin | 19.1% | 9.2% |
| Net margin | 11.1% | 15.6% |
| Return on equity | 3.2% | 10.8% |
| Debt to equity | 0.72 | 1.62 |
| P/E | 90.3x | 68.2x |
| Forward P/E | 71.6x | 56.2x |
| P/B | 2.6x | 7.3x |
| Dividend yield | 2.6% | 1.9% |