# Equinix, Inc. Common Stock REIT (EQIX) — Stock CV

Equinix, Inc. is a $101B real estate company. Revenue grew 9.6% over the last year, and it keeps 16¢ of every dollar of sales as profit. It trades at 66.0× earnings — near the lowest of its own history.

> Equinix is one of the leading providers of cloud- and carrier-neutral data centers, offering colocation and interconnection services to hyperscalers and businesses. Equinix operates 270 properties in 77 metropolitan areas across 36 countries, serving over 10,000 customers.

## Identity

- **Ticker**: EQIX
- **Sector**: Real Estate
- **Industry**: Real Estate Investment Trusts
- **Headquarters**: REDWOOD CITY, CA
- **Employees**: 13 716
- **Website**: https://www.equinix.com
- **Market cap**: $101B
- **Last price**: $1 026.06
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $9.80B
- **Net income**: $1.53B
- **Free cash flow**: -$1.46B
- **P/E**: 66.0
- **Revenue growth (YoY)**: 9.6%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 35 |
| Growth | 82 |
| Profitability | 64 |
| Health | 33 |
| Quality | 65 |
| Moat | 43 |

## Qualifications (beginner checklist) — 6 of 11 passed

- [x] Revenue growing — +9.6% YoY
- [x] Profitable — $1.53B TTM
- [x] Profit growing — +21.5% YoY
- [ ] Generates cash — -$1.46B TTM
- [ ] Debt under control — current ratio 1.13
- [x] Established company — $101B market cap
- [ ] Not printing shares — +11.0% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — Altman Z 0.2 — distress
- [x] Pays a dividend — yield 1.93%
- [ ] Valuation not extreme — P/E 66.0

## Experience (career milestones)

- **FY2025** — Best year on record: $1.35B net income
- **Dec 7, 2021** — Equinix announced its acquisition of Main One, a West African data center and connectivity…
- **2020** — Equinix completed the acquisition of 13 Bell Canada data centers
- **2018** — Equinix purchased the Dallas Infomart building, where it had already been operating four data centers
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $1B: $3.61B in first reported year
- **2016** — Equinix announced a deal to acquire 29 data centers in 15 markets from Verizon
- **2015** — Equinix said it would purchase the British company TelecityGroup, the largest acquisition in the…
- **2014** — Equinix increased its Latin American presence when it acquired ALOG Datacenters of Brazil S.A., the…
- **2012** — Also in 2012, it acquired Hong Kong-based data center provider Asia-Tone
- **2010** — The company purchased Switch and Data Facilities Company, Inc., a U.S
- **2002** — Equinix merged with I-STT, the Internet infrastructure service subsidiary of Singapore Technologies Telemedia
- **1998** — Equinix, Inc., was founded in 1998 by Al Avery and Jay Adelson, who were two facilities managers at Digital…

## Strengths

- High gross margin (51.5%)
- Interest covered 5.5× by operating earnings

## Watch-outs

- Negative free cash flow (-$1.5B)
- Altman Z-Score 0.22 — elevated financial-distress risk

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $6.64B | $500M | -$204M |
| FY2022 | $7.26B | $704M | $685M |
| FY2023 | $8.19B | $969M | $436M |
| FY2024 | $8.75B | $815M | $183M |
| FY2025 | $9.22B | $1.35B | -$400M |

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