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Equinix Inc.
EQIXReal EstateGenerated Aug 19, 2026, 10:32 PM UTC
EQIX (Equinix Inc.) analytical snapshot. Revenue grew +5.4% YoY to $9.22B. 5-year revenue CAGR +6.8%; 10y CAGR +11.0%. Net margin at 14.65% (expanding ▲). Market cap $106.28B at $1077.08 per share. Trailing P/E 78.28, P/S 11.53, P/B 7.39. EV/Operating income ≈ 67.73 (EV $125.17B). Risk: Elevated. Macro: Risk-on · Supportive. Composite analytical score -4 (data confidence 83%). Descriptive analytics from public filings — not investment advice.
Market cap
$106.28B
98.67M shares
Price
$1077.08
NMS
P/E (ttm)
78.28
Revenue (FY)
$9.22B
YoY +5.4%
Net margin
14.65%
▲ 4.95pp
Free cash flow
-$400.0M
-4.34% margin
Risk level
Elevated
Free SEC analysis
— computed from SEC filings, free to readFree previewRegulatory Analyst
Filings & Ownership
Regulatory Analyst
score -5Stable
80% conf
Latest quarterly report (10-Q) filed Jul 29, 2026. 11 recent 8-K material-event filings in the index. Recent insider Form 4s: 0 buy vs 48 sell transactions — net selling $8.6M.
- Latest quarterly report (10-Q) filed Jul 29, 2026.
- 11 recent 8-K material-event filings in the index.
- Recent insider Form 4s: 0 buy vs 48 sell transactions — net selling $8.6M.
- ~10,000+ recent 13F-HR filings reference Equinix Inc.; broad institutional reporting.
- Recent filers include Westchester Capital Management, LLC, DigitalBridge Group, Inc. (DBRG, DBRG-PH, DBRG-PI, DBRG-PJ), DigitalBridge Group, Inc. (DBRG, DBRG-PH, DBRG-PI, DBRG-PJ).
- 5 recent 13D activist/beneficial-ownership filings — potential catalyst.
- 15 recent 13G passive institutional ownership notices.
Latest 10-K
—
Latest 10-Q
Jul 29, 2026
8-K (recent)
11
Insider net
-$8.6M
0B/48S
13F filers
10k+
Activist 13D
5
Recent 13F institutional filers (SEC EDGAR full-text)
| Filer | Form | Filed |
|---|---|---|
| Westchester Capital Management, LLC | 13F-HR | Aug 14, 2013 |
| DigitalBridge Group, Inc. (DBRG, DBRG-PH, DBRG-PI, DBRG-PJ) | 13F-HR | May 13, 2022 |
| DigitalBridge Group, Inc. (DBRG, DBRG-PH, DBRG-PI, DBRG-PJ) | 13F-HR | May 13, 2022 |
| COATUE MANAGEMENT LLC | 13F-HR | Aug 14, 2026 |
| COATUE MANAGEMENT LLC | 13F-HR | May 15, 2026 |
Recent insider Form 4 activity
| Insider | Date | Net | Buys/Sells |
|---|---|---|---|
| PAISLEY CHRISTOPHER B | Aug 18, 2026 | -$137.9K | 0/1 |
| PAISLEY CHRISTOPHER B | Aug 3, 2026 | -$4.1M | 0/1 |
| MORANDI BRANDI GALVIN | Jun 8, 2026 | -$4.0M | 0/1 |
| Pletcher Kurt | Jun 3, 2026 | -$84.0K | 0/15 |
| Lin Jonathan | Jun 3, 2026 | -$159.3K | 0/15 |
| Abdel Raouf | Jun 3, 2026 | -$167.8K | 0/15 |
Recent 8-K material events
| Date | Form | Description |
|---|---|---|
| Aug 6, 2026 | 8-K | FORM 8-K |
| Jul 29, 2026 | 8-K | 8-K |
| Jul 29, 2026 | 8-K | 8-K |
| Jul 14, 2026 | 8-K | 8-K |
| May 15, 2026 | 8-K | 8-K |
| May 11, 2026 | 8-K | 8-K |
| May 7, 2026 | 8-K | FORM 8-K |
| Apr 29, 2026 | 8-K | 8-K |
Insider Form 4 sentiment (transactions)
Buys: 0
Sells: 48
Buys
Sells
Free previewSEC Filing Analyst
SEC Filing Deep-Analysis
SEC Filing Analyst
score -72Deteriorating
66% conf
5 risk signal(s), 1 positive signal(s) detected from XBRL filing diff analysis. Free cash flow declined despite stable or rising capex, indicating the cash burn is operational rather than investment-driven. This is a structural concern — cost reduction or asset sales may be needed to restore FCF.
- Free cash flow deteriorating: FCF declined +318.6% YoY (from $183.0M to $-400.0M). With OCF at $3.91B and capex at $4.31B, cash generation capacity is weakening — monitor for dividend/buyback sustainability.
- NEW: Going concern doubt in latest filing: The term "going concern" "substantial doubt" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 5 filing(s).
- Material weakness in internal controls: The term "material weakness" "internal control" appears in 3 recent filing(s) (vs 8 in the prior period). This risk language is ongoing.
- NEW: Substantial doubt about ability to continue in latest filing: The term "substantial doubt" "ability to continue" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 5 filing(s).
- Restatement of financial statements: The term "restatement of" "previously issued" appears in 5 recent filing(s) (vs 1 in the prior period). This risk language is ongoing.
- Operating cash flow exceeds net income: OCF is 2.90x net income, indicating high earnings quality — cash conversion is strong and accruals are not inflating reported profits.
- Endogenous analysis: Free cash flow declined despite stable or rising capex, indicating the cash burn is operational rather than investment-driven. This is a structural concern — cost reduction or asset sales may be needed to restore FCF.
- Endogenous analysis: The combination of explicit "going concern" language in the filing with deteriorating cash flow or rising leverage is a severe warning signal — the company's own auditors have flagged doubt about the ability to continue as a going concern.
- 6 new XBRL disclosure(s) in latest filing — expanding reporting scope.
- 20 disclosure(s) dropped from prior year — reduced reporting granularity.
- 2 new risk-language term(s) detected in filing text: Going concern doubt, Substantial doubt about ability to continue.
- Ongoing high-severity risk language: Material weakness in internal controls, Restatement of financial statements.
Revenue
$9.22B
+5.4% YoY
Gross profit
$733.4M
-2.4% YoY
Operating income
$1.85B
+39.2% YoY
Net income
$1.35B
+65.6% YoY
Operating cash flow
$3.91B
+20.4% YoY
Capex
$4.31B
+40.6% YoY
Total assets
$40.14B
+14.4% YoY
Total liabilities
$25.96B
+20.6% YoY
Filing quality score
80/100
6 new disclosures
SEC XBRL metric changes (latest annual vs prior)
| Metric | Prior year | Latest year | Change | % Change |
|---|---|---|---|---|
| Revenue | $8.75B | $9.22B | $469.0M | +5.4% |
| Gross profit | $751.8M | $733.4M | $-18.4M | -2.4% |
| Operating income | $1.33B | $1.85B | $520.0M | +39.2% |
| Net income | $815.0M | $1.35B | $535.0M | +65.6% |
| Operating cash flow | $3.25B | $3.91B | $662.0M | +20.4% |
| Capex | $3.07B | $4.31B | $1.25B | +40.6% |
| Total assets | $35.09B | $40.14B | $5.06B | +14.4% |
| Total liabilities | $21.53B | $25.96B | $4.43B | +20.6% |
| Long-term debt | $13.84B | $15.33B | $1.49B | +10.8% |
| Cash & equivalents | $3.08B | $1.73B | $-1.35B | -43.9% |
| Stockholders equity | $13.53B | $14.16B | $628.0M | +4.6% |
| Accounts receivable | $949.0M | $1.00B | $52.0M | +5.5% |
| Interest expense | $356.3M | $402.0M | $45.7M | +12.8% |
XBRL disclosure changes (new vs dropped concepts)
| Type | Concepts |
|---|---|
| Added | AvailableForSaleSecuritiesDebtSecurities, OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToNoncontrollingInterest, PurchaseObligationFutureMinimumPaymentsRemainderOfFiscalYear, RepaymentsOfOtherDebt, SegmentExpenditureAdditionToLongLivedAssets, VariableInterestEntityEntityMaximumLossExposureAmount |
| Removed | AccountsPayableCurrent, AccountsReceivableGrossCurrent, AccruedIncomeTaxesCurrent, AccruedIncomeTaxesNoncurrent, AccruedUtilitiesCurrent, AllowanceForDoubtfulAccountsReceivableWriteOffs, AmortizationOfFinancingCostsAndDiscounts, AmortizationOfIntangibleAssets, AssetRetirementObligation, AssetRetirementObligationAccretionExpense |
Risk language in filing text (EDGAR full-text search)
| Term | Severity | Recent | Prior | Status |
|---|---|---|---|---|
| Going concern doubt | high | 5 | 0 | NEW |
| Material weakness in internal controls | high | 3 | 8 | Ongoing |
| Substantial doubt about ability to continue | high | 5 | 0 | NEW |
| Restatement of financial statements | high | 5 | 1 | Ongoing |
| Impairment charge | medium | 5 | 11 | Ongoing |
| Restructuring | medium | 5 | 18 | Ongoing |
| Off-balance sheet arrangements | medium | 5 | 9 | Ongoing |
| Related party transactions | low | 5 | 8 | Ongoing |
Filing signal breakdown
Red flags: 5
Positive: 1
Watch: 0
Red flags
Positive
Watch
Free previewFundamentals Analyst
Fundamentals
Fundamentals Analyst
score 20Improving
80% conf
Revenue grew +5.4% YoY to $9.22B. 5-year revenue CAGR +6.8%; 10y CAGR +11.0%. Net margin at 14.65% (expanding ▲).
- Revenue grew +5.4% YoY to $9.22B.
- 5-year revenue CAGR +6.8%; 10y CAGR +11.0%.
- Net margin at 14.65% (expanding ▲).
- Return on equity 9.54%, ROA 3.36%, ROIC 13.05%.
- Gross margin 0.00%, operating margin 20.05%.
- Free cash flow margin -4.34% (-$400.0M).
- Net income up ▲ +65.6% YoY.
- Debt/equity 1.38, current ratio 1.13, net debt $18.89B.
- Asset turnover 0.22 — capital efficiency.
Revenue (FY)
$9.22B
YoY +5.4%
Net margin
14.65%
▲ 4.95pp
ROE
9.54%
ROA 3.36%
ROIC
13.05%
EPS (diluted)
$13.76
FY2025
Free cash flow
-$400.0M
-4.34% margin
Debt / equity
1.38
Cash $979.0M
Current ratio
1.13
Equity $14.38B
Annual fundamentals — up to 10 years (SEC 10-K, US-GAAP)
| FY | Revenue | Rev YoY | Gross% | Op% | Net% | FCF | ROE% |
|---|---|---|---|---|---|---|---|
| 2024 | $8.75B | +6.8% | 0.00 | 15.18 | 9.32 | $183.0M | 6.02 |
| 2025 | $9.22B | +5.4% | 0.00 | 20.05 | 14.65 | -$400.0M | 9.54 |
Quarterly revenue trend (last 6 quarters, SEC 10-Q)
| Quarter end | Revenue | YoY | QoQ | Net margin |
|---|---|---|---|---|
| Mar 31, 2018 | $1.22B | +28.1% | — | 5.17% |
| Jun 30, 2018 | $1.26B | +18.3% | +3.8% | 5.36% |
| Sep 30, 2018 | $1.28B | +11.4% | +1.7% | 9.72% |
| Mar 31, 2019 | $1.36B | +12.1% | +6.2% | 8.66% |
| Jun 30, 2019 | $1.38B | +9.7% | +1.6% | 10.36% |
| Sep 30, 2019 | $1.40B | +8.8% | +0.9% | 8.65% |
Sources:SEC EDGAR — Company Facts (XBRL)
+8 more years of history, charts & full breakdown Pro
Pro analysis — preview
— score, signals & key metrics shown; full reasoning lockedValuation
Valuation Analyst
score -20Deteriorating
95% conf
Market cap $106.28B at $1077.08 per share. Trailing P/E 78.28, P/S 11.53, P/B 7.39. EV/Operating income ≈ 67.73 (EV $125.17B).
- Market cap $106.28B at $1077.08 per share.
Market cap
$106.28B
98.67M shares
P/E (ttm)
78.28
P/S
11.53
P/B
7.39
EV
$125.17B
Intrinsic (DCF)
—
ProFull breakdown & reasoning locked
Price & Technicals
Technical Analyst
score 65Improving
85% conf
Price $1077.08 — uptrend (above 200-DMA); 1-month momentum positive. RSI(14) 67.23.
- Price $1077.08 — uptrend (above 200-DMA); 1-month momentum positive.
Price
$1077.08
NMS
RSI(14)
67.23
50-DMA
$1052.63
200-DMA
$945.87
Volatility (ann.)
24.08%
52w range
$720.62–$1128.68
-4.6% from high
ProFull breakdown & reasoning locked
Macro & Rates
Macro Analyst
score 30Improving
80% conf
Risk-on · Supportive. Real GDP growth 1.50% (quarterly, as of Apr 1, 2026). CPI inflation +3.3% YoY. Fed funds rate 3.63%, 10Y Treasury 4.71%.
- Market regime: Risk-on · Supportive.
GDP growth
1.50%
CPI (YoY)
+3.3%
Fed funds
3.63%
10Y yield
4.71%
10Y−2Y
0.46pp
Unemployment
4.10%
ProFull breakdown & reasoning locked
Risk Scorecard
Risk Analyst
score -20Deteriorating
90% conf
Composite risk Elevated. Leverage debt/equity 1.38 (moderate). Liquidity current ratio 1.13 (adequate).
- Composite risk: Elevated.
Risk level
Elevated
Debt / equity
1.38
Current ratio
1.13
Margin stdev
5.53pp
Cash / assets
2.38%
Liab / assets
64.95%
ProFull breakdown & reasoning locked
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3 sections free · 4 Pro previews · composite -4
Macro exposure
Rate-sensitive · High sensitivityMacro regime: Risk-on · Supportive. Equinix Inc. is a rate-sensitive name (high macro sensitivity) — a supportive backdrop, though defensives lag risk-on tapes.
Macro regime
Risk-on · Supportive
Yield curve
Normal
VIX
15.84
Fed funds
3.63%
CPI YoY
+3.3%
Analytical read
deterministic previewRevenue grew **+5.4%** YoY to $9.22B..
Risk
Elevated
Macro regime
Risk-on · Supportive
Macro exposure
Neutral
Descriptive analytics from public filings and macro data — not investment advice.
Peer comparison
Rate-sensitive groupHow EQIX stacks up against tracked peers with similar macro sensitivity — by analytical score and macro exposure.
| Company | Score | Macro |
|---|---|---|
| Allstate Corp. ALL | 30 | Neutral |
| Visa Inc. V | 24 | Neutral |
| CME Group Inc. CME | 22 | Neutral |
| Capital One Financial COF | 21 | Neutral |
| Charles Schwab Corp. SCHW | 19 | Neutral |
| American Express Co. AXP | 16 | Neutral |
| Simon Property Group SPG | 15 | Neutral |
| Digital Realty Trust DLR | 13 | Neutral |
| Mastercard Inc. MA | 11 | Neutral |
| U.S. Bancorp USB | 10 | Neutral |
| Travelers Cos. TRV | 10 | Neutral |
| Chubb Ltd. CB | 8 | Neutral |
| MetLife Inc. MET | 7 | Neutral |
| JPMorgan Chase & Co. JPM | 7 | Neutral |
| Welltower Inc. WELL | 6 | Neutral |
| Dominion Energy D | 4 | Neutral |
| Bank of America Corp. BAC | 3 | Neutral |
| Moody's Corp. MCO | 2 | Neutral |
| PNC Financial Services PNC | 2 | Neutral |
| BlackRock Inc. BLK | 1 | Neutral |
| American Tower Corp. AMT | 0 | Neutral |
| American Electric Power AEP | 0 | Neutral |
| Bank of New York Mellon BK | 0 | Neutral |
| Marsh & McLennan MMC | 0 | Neutral |
| Wells Fargo & Co. WFC | 0 | Neutral |
| Truist Financial TFC | -1 | Neutral |
| American Water Works AWK | -2 | Neutral |
| Equinix Inc. EQIX● you | -4 | Neutral |
| Goldman Sachs Group GS | -4 | Neutral |
| Prologis Inc. PLD | -5 | Neutral |
| Xcel Energy XEL | -5 | Neutral |
| Public Storage PSA | -5 | Neutral |
| Citigroup Inc. C | -5 | Neutral |
| Realty Income Corp. O | -6 | Neutral |
| Equity Residential EQR | -10 | Neutral |
| NextEra Energy NEE | -13 | Neutral |
| Southern Company SO | -14 | Neutral |
| Morgan Stanley MS | -14 | Neutral |
| Duke Energy Corp. DUK | -16 | Neutral |
| Exelon Corp. EXC | -17 | Neutral |
| S&P Global SPGI | -19 | Neutral |
| American International Group AIG | -20 | Neutral |
| Crown Castle Inc. CCI | -21 | Neutral |