# Digital Realty Trust, Inc. (DLR) — Stock CV

Digital Realty Trust, Inc. is a $66.6B real estate company. Revenue grew 17.4% over the last year, it keeps 12¢ of every dollar of sales as profit, and its net debt equals ~5.7 years of free cash flow. It trades at 83.0× earnings — in the most expensive third of its own history.

> Digital Realty is one of the leading providers of cloud- and carrier-neutral data centers, offering colocation and interconnection services to hyperscalers and large businesses. Digital Realty operates 300 properties in 57 metropolitan areas across 31 countries, serving 5,000 customers.

## Identity

- **Ticker**: DLR
- **Sector**: Real Estate
- **Industry**: Real Estate Investment Trusts
- **Headquarters**: AUSTIN, TX
- **Employees**: 4 282
- **Website**: https://www.digitalrealty.com
- **Market cap**: $66.6B
- **Last price**: $179.47
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $6.77B
- **Net income**: $799M
- **Free cash flow**: $2.97B
- **Net debt**: $16.8B
- **P/E**: 83.0
- **Revenue growth (YoY)**: 17.4%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 34 |
| Growth | 57 |
| Profitability | 42 |
| Health | 24 |
| Quality | 65 |
| Moat | 24 |

## Qualifications (beginner checklist) — 7 of 11 passed

- [x] Revenue growing — +17.4% YoY
- [x] Profitable — $799M TTM
- [x] Profit growing — +43.7% YoY
- [x] Generates cash — $2.97B TTM
- [ ] Debt under control — ~5.7y of cash flow to repay
- [x] Established company — $66.6B market cap
- [ ] Not printing shares — +28.6% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — Altman Z 0.1 — distress
- [x] Pays a dividend — yield 2.67%
- [ ] Valuation not extreme — P/E 83.0

## Experience (career milestones)

- **2026** — The company opened its first data center in Barcelona, Spain, broke ground on a data center in Paris,…
- **2022** — The company announced a 55% stake acquisition in Teraco Data Centres
- **FY2021** — Best year on record: $1.71B net income
- **2019** — Digital Realty announced the acquisition of European data center provider Interxion for $8.4…
- **2018** — The company acquired Ascenty for $1.8 billion
- **2017** — The company completed the acquisition of DuPont Fabros Technology
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $1B: $2.14B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2015** — The company acquired Telx for $1.886 billion
- **2010** — The company acquired three data centers in Massachusetts and Connecticut for $375 million
- **2006** — The company acquired a property in Phoenix, Arizona, for $175 million
- **Nov 4, 2004** — The company became a public company via an initial public offering
- **2004** — The company was formed in 2004 by GI Partners, which contributed 21 data centers that it acquired through bankruptcy…

## Strengths

- High gross margin (59.5%)
- Revenue growing 17.4% year over year
- Strong cash conversion — FCF is 43.8% of revenue

## Watch-outs

- Altman Z-Score 0.11 — elevated financial-distress risk
- Net debt equals ~5.7 years of free cash flow

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $4.43B | $1.71B | $1.70B |
| FY2022 | $4.69B | $378M | $1.66B |
| FY2023 | $5.48B | $949M | $1.63B |
| FY2024 | $5.55B | $602M | $2.26B |
| FY2025 | $6.11B | $1.31B | $2.41B |

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Source: https://stockcv.com/DLR — derived from company filings; may be delayed or incomplete. Information, not investment advice.